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's activity report 2022

Print Best OÜ is a domestic private capital-based manufacturing company, currently (2022) employing approximately 95 production and sales specialists.

A large part of the production, about 95%, is exported directly and through intermediaries to European Union countries.

Main clients are publishers and manufacturing companies.

Main production items are soft and hardcover books, various product catalogs, both staple and glue-bound magazines, atlases, etc.

Competition in target markets is becoming tighter and increasingly, the creation of added value plays a major role in addition to standard solutions, therefore Print Best OÜ sees future potential primarily in automation, product development, and continuous quality improvement. We consider smart production i.e., investment in digital development and software, as a key word.

With modern machinery and professional workers, we can provide our customers with quality, fast, and flexible service. The company's production operates 24/7.

Considering the general developments in the printing industry, the trend of OÜ Print Best has been high-tech devices and product groups with higher added value.

To increase efficiency, continuous investment is made in modern production equipment and efforts are made to increase the professionalism of employees through various training programs.

In 2022, the company invested approximately 3.2 million euros in equipment and digital production solutions.

In the second half of 2022, a new production building was completed along with a new warehouse, which added about 4000 m2 of production space. With the investments made (equipment, building), we have the opportunity to increase the volume of printing services from 10 million in turnover to about 40 million in turnover.

Print Best OÜ is geographically well located (in Central Estonia), where there are no very sharp social impacts (labor shortage, pressure for wage growth).

In the reporting year, the company incurred a financial cost of 155,442 EUR for the use of loan capital (the interest expense in 2021 was 67,901 EUR). A large part of the loan interest obligations raised by the company is linked to either the 3-month or 6-month Euribor. The company's management monitors the situation to reduce the company's risks associated with a possible future increase in Euribor. In the opinion of the Management Board, the impact of the Euribor increase is not yet substantial for the company, which would require a review of the investment strategy.

OÜ Print Best's sales revenue for 2022 was 15.0 million euros, resulting in an average monthly turnover of 1,253.4 thousand euros. Sales to the Swedish market increased by about 31.4%, to the Kingdom of the Netherlands by 151%,

to the Norwegian market by 86%, to France by 16%, to the German market by 45.6% and to the Estonian market by 12% compared to 2021. Sales revenue decreased to Finland by 17.9% and to the Kingdom of Denmark by 23.1%

The overall sales turnover of printed products increased by about 30.6% compared to the previous year 2021.

Printing paper and materials are mainly supplied by importers and direct deliveries from the manufacturer's factory.

There is no noticeable seasonality and cyclicality in the specifics of the printing industry.

The future course of both the Estonian and the rest of the world's economy is linked to Russia's military aggression and the direction the war takes. Current forecasts are surrounded by extensive uncertainty, as both raw material prices, which are very unstable, and the resolution of supply chain problems depend largely on the course of the war and Western sanctions against Russia.

The average number of employees in 2022 was 95 (90 in 2021), and labor costs were 2,401 thousand euros.