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's activity report 2022

Introduction

Certex Eesti OÜ is a company that deals with the production and sale of lifting and load securing devices for both the local market and export. Despite increased competition in recent years, both turnover and profit have remained stable, and in 2022, Certex Eesti OÜ maintained its market position in key areas. The important sectors continue to be the sale of lifting and load securing devices to the local market, crane construction projects on the local market, and the production of textile lifting and load securing devices.

Revenues, expenses and profit In 2022, Certex Eesti OÜ's sales revenue amounted to 6,431 thousand EUR (in 2021, 6,255 thousand EUR). 77% of turnover, or 4,927 thousand EUR (in 2021, 77% or 4,798 thousand EUR), came from the sale of lifting and load securing devices to the Estonian market. 19% of turnover, or 1,222 thousand EUR (in 2021, 18% or 1,111 thousand EUR), came from the export of lifting and load securing devices to sister companies mainly in Latvia, Lithuania, Finland, Sweden, Norway, Denmark, Germany, Belgium and

the Netherlands. Local sales revenue increased by 2.69% (in 2021, it increased by 19.2%) and sales revenue from exports to sister companies increased by 10% (in 2021, it increased by 5.8%).

Therefore, it can be said that compared to 2021, we were able to maintain our market share in the local market considering the recovery from the general market situation caused by the Covid-19 virus. Certex Eesti OÜ's gross profit amounted to 2,795 thousand EUR (in 2021, 2,798 thousand EUR). The pre-tax profit for the reporting year amounted to 494 thousand EUR (in 2021, 445 thousand EUR).

Certain seasonality can be observed in the activities of Certex Eesti OÜ. Usually, the best results of the year are in the second quarter, due to the activation of the construction sector and other customer base during the same period. Sales results also depend on the realization of larger projects.

Main financial ratios 2022 2021 2020

Sales revenue (thousand EUR) 6431 6255 5273

Net profit (thousand EUR) 123 445 396

Net profitability 1.91% 7.11% 7.50%

Short-term obligations coverage ratio 2.98 3.76 3.76

ROA 5.97% 11.87% 12.60%

ROE 8.73% 15.98% 16.93%

Formulas used in calculating ratios: * Net profitability (%) = net profit / sales revenue * 100 * Short-term obligations coverage ratio (times) = current assets / short-term obligations * ROA (%) = net profit / total assets * 100 * ROE (%) = net profit / total equity * 100

Risk of changes in exchange rates and interest rates

Transactions with clients were predominantly in euros, so the currency risk is low.

Investments In 2022, Certex Eesti OÜ did not have significant investments.

Staff

The average number of employees at Certex Eesti OÜ during the financial year was 37 employees (in 2021, 40 employees). In 2022, the company's labor costs amounted to 1,585 thousand

EUR (in 2021, 1,587 thousand EUR). The remuneration paid to the members of the company's board amounted to 132 thousand EUR during the financial year (in 2021, 126 thousand EUR).

Other significant environmental influences

The decline in sales revenue caused by the coronavirus epidemic that began in 2020 was largely recovered in 2021 and maintained in 2022. However, we must continue to take into account the uncertainty caused by the Covid-19 virus to the economy as a whole, but as the situation is uncertain and rapidly changing, we do not consider it appropriate to give a quantitative assessment of the possible impact of the outbreak on the company in the coming years.

The results of the coming years may be affected by the sharply increased inflation and the Russia - Ukraine war that began in February 2022. There is no direct impact

on the activities of Certex Eesti OÜ, but there is an indirect impact mainly in the form of supply problems for our customer base. Again, as the situation is uncertain and rapidly changing, we do not consider it appropriate to give a quantitative assessment of the possible impact of the war on the company in the coming years.