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's activity report 2022

Introduction

Sakret OÜ is one of the leading manufacturers of construction materials in Estonia with more than 15 years of experience in the construction sector, specializing in the production of dry and ready-to-use construction mixtures. Sakret OÜ has developed and owns more than 150 original high-value product recipes, ensuring a complete selection of construction materials from concrete, masonry mortars, plasters to complex systems, such as thermal insulation, tiling and self-leveling mixtures. All Sakret products and product systems meet the highest quality standards, have CE marking and are certified in competent institutions.

We are constantly working on the development of new products. Sakret's professional team has gathered expert-worthy experiences, won various awards in the Baltic countries for the production and development of innovative materials.

Sakret is a thought leader in the construction sector, being an active member of the Estonian Association of Construction Material Producers, the Estonian Chamber of Commerce and Industry, closely cooperating with the region's main educational institutions, developing educational materials for students and builders, certification programs for builders and architects.

Since the end of 2013, Sakret OÜ is solely owned by the Latvian company Sakret Holdings AS. The same group includes the following companies: Sakret SIA, Sakret LT UAB and Sakret Plus SIA. Sakret operates in 3 Baltic countries with 3 dry mix and 1 liquid mix factories, owns 4 laboratories for product testing and new product development.

Marketing

According to Statistics Estonia, the total value of production of Estonian construction companies was 1.2 billion euros. Building construction accounted for 760 million euros and civil engineering 429 million euros. Compared to the third quarter of 2021, the volume of building construction decreased by 9% and the volume of civil engineering works (roads, bridges, port facilities, pipelines, communication and power lines, sports fields, etc.) increased by 9%. The domestic construction market was mainly affected by the decrease in the volume of building construction. There were fewer repair and reconstruction works of buildings. The volume of new building construction remained at the level of the previous year. The increase in the volume of civil engineering was mainly due to repair and reconstruction works, as the volume of new civil engineering decreased. According to the construction register, 1632 dwellings were completed in the third quarter of 2022, which is 6% less than in the third quarter of 2021. Over a third of the completed dwellings were located in the municipalities around Tallinn, followed by Tallinn and Tartu city. Demand for new dwellings has decreased. A construction permit was issued for the construction of 1521 dwellings, which is 40% less than in the third quarter of 2021. There were 236 completed non-residential buildings with a useful area of 347,400 square meters - these were mainly new commercial spaces, educational and storage rooms. Year-on-year, both the useful area and the volume of completed non-residential buildings increased.

It is believed that 2023 will be more or less the same as last year. The general economy weakens significantly if the impact of Russia's aggression against Ukraine becomes more widespread. Real GDP growth is expected to slow to 0.5% in 2023, as domestic demand has weakened and the external environment has deteriorated, despite support from fiscal policy. However, there is strong support for insulating houses, which is crucial for reducing energy costs and CO2 footprint.

Revenues, expenses and profit/loss In 2022, Sakret OÜ's sales revenue amounted to 8,831 thousand euros. Sales of products produced at the Mäo factory accounted for 75% of sales revenue and sales of purchased goods - sanitary equipment and construction materials - 25%.

94% of Sakret OÜ's sales revenue came from sales in Estonia and 6% from exports.

Sakret OÜ ended the 2022 financial year with a profit of 321 thousand euros. Operating expenses were 8,451 thousand euros, of which the cost of sold production accounted for 77% or 5,296 thousand euros. Marketing costs accounted for 81% or 6,886 thousand euros and general administrative expenses 12% or 1,013 thousand euros. Despite the fact that