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's activity report 2022

Viciunai Baltic OÜ is part of the Viciunu Grupe UAB group, based on Lithuanian capital, which brings together 80 food production and distribution companies. Of these, 13 are food production companies and 17 are distribution companies. The main activity of Viciunai Baltic OÜ is the sale of chilled and frozen food products in Estonia and Finland. The range includes 18 product groups, the largest of which are fish products, vegetables, ice cream, juices and dough products. The company's most important brands are VICI, ESVA, Dujardin and Froneri.

In 2022, sales revenue was 28.2 million euros. Compared to the previous year, the growth was 5.5 million euros or 24%. The increase in sales was mainly due to two factors. Firstly, the increase in sales prices due to the general increase in input prices and secondly, increased volumes in the HORECA sector, as there was a decline in sales in the previous year due to the coronavirus pandemic.

Similar sales growth is not expected next year.

During the reporting year, investments were mainly made in transport vehicles. Next year, the renewal of the car fleet will continue, but on a smaller scale.

Net profit was 703 thousand euros. Compared to the previous year, the growth was 81 thousand euros or 13%.

At the end of the year, the number of employees was 51 (59 in 2021), the total salary was 1.3 million euros (1.2 million in 2021).

The board consists of four members and the CEO has been a member of the board since 2004.

The CEO was paid a salary of 64 thousand euros during the period (82 thousand euros in 2021). No salary was paid to the other board members during the reporting period.

Key financial ratios:

Financial ratios 2022 2021

Change in sales revenue (%) 24% 1.8%

Change in assets (%) 21.3% 13.6%

Net return on sales (%) = net profit / sales revenue 2.5% 2.7%

Return on equity (%) = net profit / equity 8.9% 8.6%

Inventory size (in days) = inventory / (goods, raw materials, and services/360) 24 33

Average cash receipt time (in days) = average claim against buyers / (sales revenue/360) 53 63

Urmas Karnö

Board member