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's activity report 2022

OÜ Kaiu LT was established in 1993 as a result of the division of the former Kaiu Agricultural Cooperative.

Traditional business activities continued in Kaiu LT OÜ also in 2022, where the main activity was directed towards milk production. During the reporting year, a total of 11,730 tons of milk were produced (2021: 11,129 tons), of which 11,306 tons (2021: 10,699 tons) were sold.

At the end of 2022, Kaiu LT OÜ had a total of 1,680 animals (2021: 1,599 animals), of which 834 were main herd animals (2021: 814 animals). There were 218 pregnant heifers at the end of the year (2021: 255) and 628 young animals (2021: 530).

In addition to milk production, grain cultivation was also carried out. Kaiu LT OÜ used a total of 2,122 ha of land in 2022. Of this, 1096 ha of land (2021: 1,096 ha) is owned and 1,026 ha of land is rented (2020: 1,026 ha). Grain was sown in 2022 on 1,086 hectares (2021: 928 ha). The grain yield is used as own consumption for animals and sold, and all the grown rapeseed is also sold.

In 2022, OÜ Kaiu LT's sales revenue was 6,391 thousand euros (2021: 4,194 thousand euros), growing by about 52% year-on-year (2021: grew by 13%).

83% of sales revenue was made up of milk sales (2021: 82%), of which 100% was sold in Estonia. OÜ Kaiu LT had a profit of 1,681 thousand euros in 2022 (2021: profit 318 thousand euros).

The operating profit for the reporting year was 1,833 thousand euros (2021: profit 472 thousand euros), growing by 288% year-on-year. The balance sheet total in 2022 was 11,692 thousand euros (2021: 11,234 thousand euros), the growth compared to the previous year was 4%.

Financial ratios: 2022.a. 2021.a.

(current assets-inventories-prepayments-biological assets)/short-term

Liquidity ratio 0.29 1.72 1. obligations

Interest coverage ratio (operating profit + interest income)/interest expense 12.06 3.07 2.

Return on equity net profit/equity 21.45% 5.17% 3.

Return on assets (net profit+financial expense)/assets 15.67% 4.21% 4.

In connection with production activities, OÜ Kaiu LT participates as a member in the Estonian Chamber of Agriculture and Commerce, the Estonian Breeders' Association, Rapla

Farmers' Union and Dairy Cluster MTÜ, a total of 2.8 thousand euros (2021: 2 thousand euros) was paid for membership fees in 2022.

During the reporting period, investments were made in machinery and equipment and buildings. Future investments are also aimed at renewing the machinery and equipment.

The average number of employees at OÜ Kaiu LT in 2022 was 38 employees (2021: 42 employees). The company's operating and senior management were paid in 2022.

year with social tax paid 79.8 thousand euros (2021: 68 thousand euros). The company's operating and senior management included three people at the end of the reporting period.

The company's labor costs together with social tax were 948 thousand euros in 2022, growing by about 16% year-on-year (2021: 818 thousand euros).

Market situation

The average milk price in Estonia was 0.46 euros per kilogram in 2022, which is quite high. Since the end of 2021, the milk price has started to increase significantly due to weather-related problems, high and rising production costs, and disruptions caused by Covid-19, as a result of which the growth in milk production was poorer than expected. According to Rabobank, these problems affected milk producers from all major production regions, including the seven largest dairy product exporters– New Zealand, Australia, European Union, USA, Uruguay, Brazil and

Argentina. The above reasons have further increased the global milk supply deficit and led to a rise in dairy product prices and significantly higher milk purchase prices in all major export regions.

The significant increase in market prices for major input costs, such as purchased feed (corn, soy, rapeseed cake), fertilizers, fuel and electricity, was already shown in the second half of 2021. Russia's attack on Ukraine, which began in February 2022, only exacerbated this problem, as Ukraine,

Russia and Belarus are the major producers and exporters of most of the above-mentioned products. Therefore, as long as Russia's aggression against Ukraine continues, there is uncertainty about the availability and price of the above-mentioned products.