REGISTERED NUMBER: 04713781 (England and Wales)

Rima UK Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended

31st December 2025

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

8

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

to

30

DIRECTORS:

R Faganelli

A Monfardini

C Salvi

G Zonta

REGISTERED OFFICE:

Unit 2 Rash's Green Industrial Estate

Dereham

Norfolk

NR19 1JG

REGISTERED NUMBER:

04713781 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Suite 4

New Kings Court

Tollgate

Eastleigh

SO53 3LG

The directors present their strategic report of the company and the group for the year ended 31st December 2025.

Rima UK Limited is part of Gruppo Rima Holdings Srl (GRUPPO RIMA) a company incorporated in Italy and the group's ultimate parent company.

These accounts comprise the UK group consisting of Rima UK Ltd and its subsidiary Sirca SA which is based in Piatra Neamt, Romania.

The worldwide group's principal activity is the manufacturing and sale of agricultural and industrial components for OEM (Original Equipment Manufacturers) across diverse markets and machinery sectors.

REVIEW OF BUSINESS

RIMA UK Limited group 2025 financial performance show that revenue remained essentially flat (down a modest 0.7%).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks faced by the group during the year included:

Trade Tensions: Heightened tariffs and policy uncertainty are straining global supply chains, raising production costs, and delaying investment decisions.

Financial Volatility: Inflationary pressures and fragile fiscal conditions increase the risk of market instability, particularly in emerging economies.

Investment Hesitancy: Subdued foreign direct investment limits expansion opportunities and may slow down industrial modernisation.

Armed Conflicts: State-based armed conflicts are among the most pressing global risks in 2025 and 2026.

Supply Chain Disruptions: Wars and regional instability can disrupt logistics, increase energy costs, and reduce raw material availability.

The short term risks expected to be faced in 2026 include:

- Continued weakness in UK construction and machinery demand.

- Persistent high interest rates are limiting OEM order recovery.

- Competitive pricing pressure likely to remain elevated.

FINANCIAL KEY PERFORMANCE INDICATORS

In GBP

2025 (GBP)

2024 (GBP)

YoY Change (%)

Turnover

6,040,838

6,085,954

(0.7%)

Gross profit

1,531,352

1,641,762

(6.7%)

Gross profit %

25.4%

26.9%

(1.5%)

Operating profit

268,654

323,020

(16.8%)

Operating profit %

4.5%

5.3%

(0.8%)

Gross Profit & Margin Analysis

Gross profit contracted by 6.7%, moving from £1,641,762 in 2024 to £1,531,352 in 2025. Concurrently, gross margin compressed slightly from 26.9% to 25.4%.

Margin Compression Drivers

- Volume and Mix Effect: Modest top-line adjustments and shifting product mix slightly impacted the immediate absorption of fixed production and logistics overheads.

- Competitive Pricing Pressure: Competitors reacted aggressively to sector-wide demand softening, creating localised pricing headwinds that exerted pressure on unit contribution margins.

- Input Cost Stickiness: Raw material, logistics, and labour inputs remained relatively rigid, preventing costs from scaling down proportionally with minor volume shifts.

The slight gross margin erosion reflects a controlled margin squeeze where contribution margins tightened under competitive pressure. However, the impact was contained, preventing severe structural damage to the baseline gross profit pool.

Operating Profit & Cost Structure Analysis

In line with expectations of severe operational deleverage, operating profit fell by 16.8%, from £323,020 in 2024 to £268,654 in 2025. Operating margin similarly fell from 5.3% to 4.5%.

Key Drivers

- Disciplined Overhead Control: SG&A and fixed operating expenses were tightly managed, proving that the business operates efficiently at its baseline structural capacity without uncontrolled overhead bloat.

- Effective Cost-to-Revenue Alignment: Even with a stable-to-flat top line (£6.04m vs £6.09m), management successfully avoided the negative operating leverage trap through strict discretionary cost discipline.

- Resilient Bottom-Line Conversion: The ability to be profitable in the face of minor gross margin contraction demonstrates robust internal cost management.

Financial Interpretation

The 2025 performance highlights operational resilience. Rather than succumbing to cost inflation or margin collapse, RIMA UK successfully protected its operating profitability through rigorous overhead management and structural efficiency.

Strategic & Financial Outlook

Short-Term Risks

Persistent macroeconomic headwinds and high interest rates continuing to temper OEM order recovery in the UK machinery sector.

Elevated competitive pricing pressures requiring continued vigilance to protect market share.

Ongoing sensitivity to infrastructure project pacing and equipment fleet renewal cycles.

Macroeconomic & Geopolitical Pressures

The operating environment remains shadowed by persistent macroeconomic volatility within the UK economy, compounded by sluggish growth and fragile business confidence. Compounding these domestic pressures, international supply chains continue to absorb shocks from ongoing geopolitical conflicts and wars, which introduce severe unpredictability into global freight lanes and material availability. Furthermore, fluctuating energy markets and elevated petrol and fuel costs continue to drive up logistics overheads and component transit expenses, exerting an indirect cost-push squeeze across the entire supply chain that must be proactively managed to protect operating margins.

Short-Term Risks

- Persistent macroeconomic headwinds and structural instability in the UK economy continuing to temper OEM order recovery.

- Geopolitical tensions and global conflicts impacting international supply chain predictability and raw material lead times.

- Volatile energy and fuel pricing pressuring downstream logistics and transportation costs.

- Elevated competitive pricing pressures requiring ongoing commercial vigilance to defend market share.

Forward-Looking Priorities

- Protecting Unit Margins: Maintain strict commercial discipline against aggressive competitor discounting, leveraging Total Cost of Ownership (TCO) frameworks.

- Supply Chain Agility: Build resilience against external shocks and energy cost spikes by optimising logistics routes and dual-sourcing critical components.

- Preparing for Group Unification: Use this stable financial baseline (£6M+ revenue, steady operating profit) as a solid platform ahead of the upcoming 2027 brand policy standardisation across the RIMA group.

Investments & Strategic CAPEX

Sirca is currently executing a comprehensive investment phase targeting both industrial manufacturing capabilities and enterprise IT infrastructure. This strategic capital allocation is structured across three core pillars:

- Production & Industrial Process Optimisation: Conducting a rigorous review of manufacturing workflows to debottleneck operations, enhance shop-floor efficiency, and systematically increase total production output to support future demand scaling.

- Enterprise IT & Systems Integration: Advancing the full integration of Sirca's ERP architecture with Gruppo Rima, alongside the centralised deployment and standardisation of Microsoft Dynamics 365 Business Central across operations to ensure unified data visibility and streamlined administrative workflows.

- Environmental Sustainability: Investing in renewable energy infrastructure, including the installation of photovoltaic solar panels, to reduce the company's carbon footprint, improve energy independence, and align with broader corporate ESG objectives.

Conclusion:

GRUPPO RIMA's targeted strategic investments-encompassing industrial process optimization, enterprise ERP and Microsoft Business Central integration, and photovoltaic sustainability initiatives-position the Group for resilient, long-term growth. The recent acquisition and consolidation of RIMA UK's industrial facilities underscore our unwavering confidence in the UK market, securing a permanent operational footprint and a robust foundation for future expansion. By aligning our global manufacturing capabilities with localised market agility, The wider group remains well positioned to navigate macroeconomic headwinds and continue delivering high-value solutions to our OEM partners worldwide.

ON BEHALF OF THE BOARD:

C Salvi - Director

2nd October 2026

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

FUTURE DEVELOPMENTS

The group has implemented a plan to enhance production efficiency and cost competitiveness. The strategic priorities of the plan are:

- Margin Recovery Plan

- Review pricing strategy.

- Strengthen value-added services to justify premium pricing.

- Cost Structure Optimisation

- Identify semi-fixed costs that can be variabilised.

- Improve inventory and logistics efficiency.

- Market Diversification

- Reduce dependency on UK construction machinery.

- Expand into adjacent OEM sectors with more stable demand cycles.

GRUPPO RIMA's strategic investments and commitment to innovation position the group for sustainable growth. The acquisition of RIMA UK's facilities underscores confidence in the UK market and provides a solid foundation for future expansion. By aligning global reach with local strength, GRUPPO RIMA is well-placed to continue delivering value to OEM partners worldwide.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

R Faganelli

A Monfardini

C Salvi

G Zonta

FINANCIAL INSTRUMENTS

The group utilises various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations and bank loans. The main purpose of these is to support the group's day-to-day operations. The existence of these financial instruments exposes the group to a number of financial risks, as detailed below.

Cash flow risk

Interest bearing assets and liabilities are, where possible, held at a fixed rate to ensure certainly of cash flows.

Credit risk

The group's financial assets are bank balances and cash, trade and other debtors, including amounts owed by the ultimate parent undertaking. The amounts presented in the balance sheet are net of allowances for doubtful debts. The credit risk on liquid funds is limited because the counterparts are banks with high credit ratings. The group has no significant concentration of credit risk as the customer base is diverse and they run credit checks.

Liquidity risk

In order to maintain liquidity to ensure funds are available for ongoing operations and future developments, the group uses a mixture of long term and short term debt finance.

FOREIGN CURRENCY RISK

Each entity of the group has Euro bank accounts as well as those of local currency to mitigate currency fluctuations when trading overseas.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Salvi - Director

2nd October 2026

Opinion

We have audited the financial statements of Rima UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Suite 4

New Kings Court

Tollgate

Eastleigh

SO53 3LG

2nd October 2026

TURNOVER

5

6,040,838

6,085,954

Cost of sales

4,509,486

4,444,192

GROSS PROFIT

1,531,352

1,641,762

Administrative expenses

1,264,000

1,321,445

267,352

320,317

Other operating income

1,302

2,703

OPERATING PROFIT

7

268,654

323,020

Interest payable and similar expenses

8

44,124

46,441

PROFIT BEFORE TAXATION

224,530

276,579

Tax on profit

9

18,877

3,555

PROFIT FOR THE FINANCIAL YEAR

205,653

273,024

Profit attributable to:

Owners of the parent

205,366

272,218

Non-controlling interests

287

806

205,653

273,024

PROFIT FOR THE YEAR

205,653

273,024

OTHER COMPREHENSIVE INCOME

Foreign exchange on translation

310,080

(325,461

)

Revaluation reserve movement

-

138,500

Income tax relating to components of other comprehensive income

-

(22,159

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

310,080

(209,120

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

515,733

63,904

Total comprehensive income attributable to:

Owners of the parent

515,446

63,098

Non-controlling interests

287

806

515,733

63,904

FIXED ASSETS

Intangible assets

13

(477,463

)

(566,108

)

Tangible assets

14

4,769,633

4,618,755

Investments

15

-

-

Investment property

16

235,691

-

4,527,861

4,052,647

CURRENT ASSETS

Stocks

17

2,508,215

2,794,684

Debtors

18

898,348

809,517

Cash at bank and in hand

1,997,572

1,374,301

5,404,135

4,978,502

CREDITORS

Amounts falling due within one year

19

1,345,282

916,643

NET CURRENT ASSETS

4,058,853

4,061,859

TOTAL ASSETS LESS CURRENT LIABILITIES

8,586,714

8,114,506

CREDITORS

Amounts falling due after more than one year

20

(806,065

)

(932,232

)

PROVISIONS FOR LIABILITIES

24

(74,875

)

(76,505

)

NET ASSETS

7,705,774

7,105,769

CAPITAL AND RESERVES

Called up share capital

25

350,000

162,400

Revaluation reserve

26

200,917

200,917

Translation reserve

26

(713,695

)

(1,023,775

)

Retained earnings

26

7,865,293

7,763,255

SHAREHOLDERS' FUNDS

7,702,515

7,102,797

NON-CONTROLLING INTERESTS

3,259

2,972

TOTAL EQUITY

7,705,774

7,105,769

The financial statements were approved by the Board of Directors and authorised for issue on 2nd October 2026 and were signed on its behalf by:

C Salvi - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

247,961

24,516

Investments

15

81,661

81,661

Investment property

16

235,691

-

565,313

106,177

CURRENT ASSETS

Stocks

17

310,201

353,675

Debtors

18

213,088

151,176

Cash at bank and in hand

479,644

559,499

1,002,933

1,064,350

CREDITORS

Amounts falling due within one year

19

601,307

404,933

NET CURRENT ASSETS

401,626

659,417

TOTAL ASSETS LESS CURRENT LIABILITIES

966,939

765,594

CREDITORS

Amounts falling due after more than one year

20

-

(8,776

)

PROVISIONS FOR LIABILITIES

24

(3,403

)

(6,129

)

NET ASSETS

963,536

750,689

CAPITAL AND RESERVES

Called up share capital

25

350,000

162,400

Retained earnings

613,536

588,289

SHAREHOLDERS' FUNDS

963,536

750,689

Company's profit for the financial year

25,247

285,621

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd October 2026 and were signed on its behalf by:

C Salvi - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1st January 2024

162,400

7,743,461

84,576

Changes in equity

Dividends

-

(252,424

)

-

Total comprehensive income

-

272,218

116,341

Balance at 31st December 2024

162,400

7,763,255

200,917

Changes in equity

Issue of share capital

187,600

-

-

Total comprehensive income

-

205,366

(103,328

)

Transfer

-

(103,328

)

103,328

Balance at 31st December 2025

350,000

7,865,293

200,917

Translation

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1st January 2024

(698,314

)

7,292,123

2,166

7,294,289

Changes in equity

Dividends

-

(252,424

)

-

(252,424

)

Total comprehensive income

(325,461

)

63,098

806

63,904

Balance at 31st December 2024

(1,023,775

)

7,102,797

2,972

7,105,769

Changes in equity

Issue of share capital

-

187,600

-

187,600

Total comprehensive income

310,080

412,118

287

412,405

Balance at 31st December 2025

(713,695

)

7,702,515

3,259

7,705,774

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

162,400

555,092

717,492

Changes in equity

Dividends

-

(252,424

)

(252,424

)

Total comprehensive income

-

285,621

285,621

Balance at 31st December 2024

162,400

588,289

750,689

Changes in equity

Issue of share capital

187,600

-

187,600

Total comprehensive income

-

25,247

25,247

Balance at 31st December 2025

350,000

613,536

963,536

Cash flows from operating activities

Cash generated from operations

1

1,163,948

1,534,900

Interest paid

(44,124

)

(46,441

)

Tax paid

(1,802

)

(87,214

)

Net cash from operating activities

1,118,022

1,401,245

Cash flows from investing activities

Purchase of intangible fixed assets

(24,330

)

(2,168

)

Purchase of tangible fixed assets

(447,744

)

(1,328,750

)

Purchase of investment property

(235,691

)

-

Sale of tangible fixed assets

-

233,890

Net cash from investing activities

(707,765

)

(1,097,028

)

Cash flows from financing activities

New loans in year

259,397

830,233

Loan repayments in year

(233,983

)

(183,231

)

Share issue

187,600

-

Equity dividends paid

-

(252,424

)

Net cash from financing activities

213,014

394,578

Increase in cash and cash equivalents

623,271

698,795

Cash and cash equivalents at beginning of year

2

1,374,301

675,506

Cash and cash equivalents at end of year

2

1,997,572

1,374,301