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HARMET CONSTRUCTIONS OÜ's activity report 2022

Harmet Constructions LLC

Harmet Constructions LLC started operations on 16.01.2015.

The main activity of Harmet Constructions LLC is the design, production and erection of buildings from modular elements. Production takes place in factories located in Pirni Street and Paljassaare Lane in Tallinn.

Products are exported to Sweden, Norway and Finland.

In 2022, the turnover for the year increased 4 times compared to 2021 and was 20.17 million euros. The year ended with a zero result.

The profit of the projects suffered due to the increase in the price of materials caused by the war in Ukraine and the delays caused by the availability of many materials.

Inflation in 2022 raised the prices of all purchased goods and services, but the contractual prices with the customers were fixed by that time.

For 2023, we predict a record increase in turnover to 27 million EUR.

The main markets remain Norway and Sweden.

At the same time, it can be seen that many new projects have been abruptly halted and are waiting for currency exchange rates to stabilize.

Investments in 2022:

Major investments in 2022 were made in expanding production and developing new products.

In addition to the production premises located in Pirni and Paljassaare Lane, HCS also temporarily used premises in Keila, where it is also possible to produce modular elements. The office in Pirni Street was expanded.

In 2022, development activities for designing buildings with a higher fire class were completed and the corresponding certificate was obtained. This allows the production of higher apartment buildings and buildings, which significantly expands the customer base.

In 2022, the staff was increased both in production and in the office.

Investments in 2023: No major investments are planned for 2023.

Board

The company's board consists of 3 members, the board members were paid a total of 82.7 thousand euros in 2022.

The average number of employees during the reporting year was 93 people and the labor cost was a total of 3,105.1 thousand euros.

During the preparation period of the annual financial statements, no significant events occurred that are not reflected in the annual financial statements, but which significantly affect or may affect the results of the following financial years.