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's activity report 2022

Jõgeva Economic Cooperative was established in 1919. The purpose of the cooperative is to support and promote the economic interests of its members through joint economic activity. The cooperative operates in Jõgeva County and Ida-Viru County, with retail being the main activity. Jõgeva

The main activity of the Economic Cooperative does not involve significant environmental and social impacts.

As of 01.07.2022, a merger took place between Jõgeva Economic Cooperative as the merging cooperative and Põltsamaa Economic Cooperative as the merged cooperative, which came into effect on 12.08.2022 with the corresponding entry in the business register. The share of Põltsamaa Economic Cooperative's 354 members was replaced with the share of Jõgeva Economic Cooperative's members, no additional payments were made.

As of 31.12.2022, the cooperative had 3,844 members.

At the end of the reporting year, the cooperative had 25 stores, 3 catering establishments, and a hotel. The sales revenue for 2022 was 33,809,482 euros, an increase of 15.8% compared to the previous year. Retail sales of goods accounted for 98.5% of sales revenue.

The operating profit for 2022 was 610,250 euros, 47.4% less than the previous year. The decrease in operating profit in 2022 is mainly due to an increase in energy costs of 664,438 euros.

In 2022, 335,027 euros were invested in tangible fixed assets.

The average number of employees in 2022 was 223, labor costs were 3,957,633 euros. The average salary of the cooperative in 2022 was 1,143 euros (2021: 1,020 euros).

Board and council members were paid 181,739 euros in 2022.

Transactions with customers and suppliers are in euros. Therefore, there are no risks associated with changes in exchange rates during the financial year or the reporting period.

The cooperative has a long-term bank loan, the interest rate of which depends on Euribor. According to the management, the planned increase in interest expenses by 20,000 euros in 2023 compared to 2022 will not have a significant impact on the cooperative's financial results for 2023 as a whole.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 33,809 29,194

Sales revenue growth 15.8% 6.4%

Net profit (thousand euros) 578 1,490

Net profitability 1.7% 5.1%

Short-term liabilities coverage ratio 1.44 0.93

ROA 4.0% 11.2%

ROE 6.1% 18.0%

Formulas used in calculating ratios:

Sales revenue growth (%) = (sales revenue 2022-sales revenue 2021)/sales revenue 2021*100

Net profitability (%) = net profit/sales revenue*100

Short-term liabilities coverage ratio (times) = current assets/short-term liabilities

ROA (%) = net profit/ total assets * 100

ROE (%) = net profit/ total equity * 100

Jõgeva Economic Cooperative plans a sales revenue growth of 15% and an operating profit of 720,000 euros for 2023.

Toomas Vahur

Chairman of the Board