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's activity report 2022

The part of Bellus Furniture was established on July 8, 1997. The main activity of Bellus Furniture is the production of sofas, sofa beds and sofa sets (EMTAK 2008-31091).

In 2019, Bellus Furniture established a subsidiary Bellus UA LLC in the Republic of Ukraine. The subsidiary started production activities in 2020 and its main activity is the production of sofas, sofa beds and sofa sets.

Bellus Furniture has prepared a consolidated annual report for 2022, where the financial indicators of the subsidiary are consolidated with the parent company's indicators line by line.

The consolidated sales revenue for 2022 amounted to 18,074,432 euros, of which 81.28% was sales to other European Union countries, sales to Norway accounted for 1.97% and sales to Ukraine accounted for 2.14% of total sales revenue.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) for 2022 was 270,580 euros.

In 2022, 246,304 euros were invested in fixed assets.

The average number of employees in 2022 was 251. In 2022, a total of 2,838,963 euros was paid to employees as salaries.

No remuneration was paid to the members of the board for their membership and no compensation is paid to the members of the board in case of termination of their contract.

Due to the changes in the world economy caused by the war in Ukraine that started in 2022, the sales revenue target was not met. Disruptions in supply chains and a rapid increase in raw material prices made it difficult to achieve efficiency targets.

To maintain efficiency and competitiveness, the company closed the factory in Räpina in the last quarter of 2022. The decision affected 40 people.

The Räpina property is planned to be leased out long-term in the future.

Main goals and activities for 2023: - continue with current sales activities in the main focus markets in Scandinavia and Central Europe - increase production capacity and improve efficiency indicators.

Bellus Furniture financial ratios: 2022 2021

Working capital (current assets-short-term 2844909 2972471 liabilities)

Short-term liabilities coverage ratio 2.72 2.20 (current assets/short-term liabilities)

Debt ratio (total 0.24 0.31 liabilities/total assets)

Long-term loan obligation share (long-term 0.01 0.004 loan obligation/long-term loan obligation + equity)