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's activity report 2022

AS Maru Metall began operations in 2001. The company is part of the AS Maru group and is based on 100% Estonian capital.

The main activities of the company are the design and production of structural steel structures and the production of various carbon steel structures. AS Maru Metall owns 100% of the shares in the subsidiary MDSC Systems OÜ, established in 2015. The main activities of the subsidiary are the design and production of container solutions used in the military, rescue and industrial sectors. Maru Metall AS does not have any business activities registered abroad, but as of January 2023, the subsidiary has a registered company in the United States.

The production history of AS Maru Metall dates back to 1996, when the parent company AS Maru, which was transferred to AS Maru Metall in 2002, started production. Over the years, we have become one of the leading manufacturers of structural steel structures in Estonia. We operate according to the ISO 9001 quality management system and also, if necessary, according to the AQAP2110 standard that meets the requirements of the defense industry. The production instruction system for structural steel structures is certified according to the EN 1090-1 standard and meets the execution class up to EXC3. Maru

Metall AS has an environmental declaration (EPD) for its products with the aim of remaining a competitive exporter of steel structures and receiving feedback on the CO2 footprint of its production process. In addition to maintaining competitiveness, the analysis of the results of the environmental declaration provides a starting point for possible changes in order to make the company's production process have a lower CO2 footprint in the future.

In the spring of 2021, a large-scale contract was signed in cooperation with Maru Ehituse AS for the design, production, supply and construction of the steel frame of the new Enefit 280-2 retort building to be built by Enefit Power AS. The contract execution began in 2021 with design and continued in 2022 with production and construction. The contract ends in early 2024. The contract's steel structure volume is approximately over 6000 tons.

The first half of the year was filled with several large contracts, which were greatly affected by the full-scale war in Ukraine that began on February 24, 2022, as there was a shortage of raw materials and a very rapid price increase. After taking big risks and acting quickly, the company managed to do well economically.

The consolidated sales revenue of AS Maru Metall was 30.78 million euros, which increased by 100% in annual comparison. The net profit for the reporting year was 2,209,177 euros.

Exports and sales in the European Union accounted for 21% of total sales. The largest export and euro area destinations were Finland, Norway and Sweden. The largest area of activity was the sales revenue of metal structures 22.6 million euros, which grew by 110% in a year. The sales revenue of container solutions was 8.2 million euros, which increased by 100% in annual comparison.

In 2022, AS Maru Metall made consolidated investments in fixed assets totaling 293 thousand euros.

The main investments were related to machines. Planned investments for 2023 will be less than 200,000 euros.

As of the end of the reporting year, AS Maru Metall employed a total of 120 employees, of which 86 were in the parent company.

The goal for 2023 is to achieve a consolidated sales revenue of at least 20 million euros and to focus on increasing profitability. We will continue to work closely with various companies in the Maru group to increase export capacity and maintain market share in the domestic market.

Indicator 2022 2021

Net profit margin 7.18% 2.18%

Operating profit margin 7.31% 2.36%

Return on equity 50.49% 14.96%

Equity ratio 37.35% 32.78%

Short-term liabilities coverage ratio 1.48 0.68

Debt ratio 62.65% 67.22%

Net profit margin: net profit / sales revenue

Operating profit margin: operating profit / sales revenue

Return on equity: net profit / equity

Equity ratio: equity / total assets

Short-term liabilities coverage ratio: current assets / short-term liabilities

Debt ratio: liabilities / total assets (assets)