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's activity report 2022

General

The main activity of Metos Aktsiaselts is the sale and maintenance of large kitchen equipment.

The target groups of the sales organization are the large kitchens of schools, kindergartens, hotels, nursing homes, restaurants, bars, canteens and cafes, as well as retail and wholesale traders.

The largest projects in 2021/2022 were the IKEA kitchen, the Ida-Viru Central Hospital kitchen, the Keila school kitchen and the Laagri State Gymnasium kitchen.

Partial sale of business

In the financial year 2020/2021, the sole shareholder of Metos Aktsiaselts, Metos Oy Ab, decided to transfer production from the Estonian factory to factories in Finland. In the financial year 2021/2022, the transaction was completed and as of January 2022, the sales and maintenance organization of Metos Aktsiaselts in Estonia will continue its operations. The income from the sale is reflected in other business income in the amount of 527.5 thousand euros (in the comparable period 1 724.0 thousand euros). The factory transfer also affected the sales revenue of the financial year 2021/2022 as the transfer of production lines began in the middle of the previous financial year. While the total sales revenue of Metos Aktsiaselts decreased by 13.6% in the financial year, the decline due to the factory transfer was 33.3%.

Revenues, expenses, profit

In the financial year 2020/2021, the sales revenue of Metos Aktsiaselts was 6,696.9 thousand euros (2020/2021: 7,752.3 thousand euros), decreasing by 13.6% (2020/2021: 10.6%) compared to the same period of the previous year. Sales revenue consisted of 80.5% (2020/2021: 85.3%) of equipment sales and 19.5% (2020/2021: 14.7%) of service sales.

Sales revenue consisted of sales to foreign countries 9.0% (2020/2021: 39.4%) and to Estonia 91.0% (2020/2021: 60.6%). The largest export countries were

Finland, Latvia and Lithuania. The net profit for the financial year 2021/2022 was 489.3 thousand euros. The profit for the same period of the previous year was 2,255.1 thousand euros.

Investments

Investments in fixed assets were made in the financial year totaling 5.3 thousand euros (2020/2021: 5.2 thousand euros). Investments in the amount of 3.0 thousand euros are planned for the financial year 2022/2023.

Development expenditures

No expenses were made for the development of new products in the financial year 2021/2022 (2020/2021: 80.0 thousand euros). No development expenditures are planned for the financial year 2022/2023.

Personnel

The average number of employees of Metos Aktsiaselts in the financial year was 34 employees (2020/2021: 62 employees). In 2021/2022, the company's labor costs amounted to 1,428.6 thousand euros (2020/2021: 1,997.6 thousand euros). The salaries of the members of the company's board, together with social taxes, amounted to 258.7 thousand euros in the financial year (2020/2021: 232.0 thousand euros). No remuneration was paid to the members of the council.

Contingent liabilities

As a rule, Metos Aktsiaselts provides a sales guarantee for the kitchen equipment sold for one year. In connection with some projects, a bank guarantee has also been issued for the warranty period, ensuring the fulfillment of the warranty obligations by Metos Aktsiaselts. As of 31.08.2022, bank guarantees were in force in the total amount of 18.8 thousand euros. As of 31.08.2021 in the total amount of 63.5 thousand euros.

Risks related to changes in exchange rates and interest rates

Since Metos Aktsiaselts mainly settles in euros, changes in the exchange rate do not pose a particular risk to the company. Also, the company did not take a loan in the financial year 2021/2022 and does not plan to do so in the next financial year, so possible changes in interest rates

do not affect Metos Aktsiaselts.

Impact and risks of COVID-19 The outbreak of the coronavirus COVID-19 virus that emerged at the beginning of 2020 did not have a significant impact on the activities of Metos Aktsiaselts in the financial year 2021/2022.

In the opinion of the board, there are no indications of a decrease in the value of the company's assets and there is no need for additional adjustments.