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's activity report 2022

Joint Stock Company Pinus is a subsidiary of AS Saaremaa Dairy. Its main activity is the wholesale and retail trade of perishable foodstuffs. The nomenclature of goods offered by AS Pinus is divided into three: 71.55% dairy products including cheeses (all major Estonian dairy producers with their products).

7.28% meat products (mainly Saaremaa Meat Industry products, also HKScan Estonia AS. 8.21% beverages, juices and 12.96% other foodstuffs.

AS Pinus has always focused on fast and quality service to its customers. In connection with this and the tightening requirements for the handling of perishable foodstuffs, we have built a modern cold storage in Tallinn, where we have been working since 02.06.2001. The built cold storage meets the requirements set by the European Union and has been approved by the Estonian Veterinary Service, which is confirmed by the Veterinary and

Food Board Director General's order of 31.05.2002, which assigned AS Pinus recognition number 1055. The vehicles owned and used by AS Pinus also meet these requirements.

Due to the change in the economic environment in 2020 (corona outbreak), the economic activity of AS Pinus in 2021 has been significantly more expensive, mainly due to the sharp increase in energy carriers in the second half of the year and the cost resulting from labor problems. At the same time, the revenue side has remained the same, as the increase in food prices has always occurred with a certain delay. The sharp increase in inputs has continued in 2022, but the final product has also become more expensive, which has significantly increased the revenue side. There is also a certain order in the wholesale food market, which is reflected in the appearance of new customers for AS Pinus and an increase in turnover. The military conflict that erupted in Ukraine in February 2022 will certainly have an economic impact on the food market, but mainly through the increase in raw material and final prices. However, such an impact is general and the efficiency of the companies themselves will be decisive.

AS Pinus sales revenue was 25,939,838 euros in 2022 and 21,151,233 euros in 2021

AS Pinus profit was 168,555 euros in 2022 and a loss of -119,434 euros in 2021 2022 2021

ROA% Net profit / total assets * 100 4.78% -3.78%

ROE% Net profit / equity * 100 87.08% -366.92%

Net profitability% Net profit / net sales * 100 0.65% -0.56%

Net profit growth% (net profit 2022-net profit 2021) / net profit 2021 * 100 241.13% 1239.51%

Turnover growth% (sales revenue 2022-sales revenue 2021) / sales revenue 2021 * 100 22.6% 1.83%

The average sales margin is 8.18%. AS Pinus forecasts a profit of 150,000 euros for 2023. The joint-stock company employed an average of 54 employees in 2022 and the total salary was 942,611 euros. The company is managed by a salaried executive director, who has been appointed by the board of the joint-stock company.