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's activity report 2022

The main activity of AS Jiffy Products Estonia is mining, namely the production and processing of peat. The main product is milled peat, which is sold to producers of horticultural peat.

The parent company is Jiffy B.V., registered in the Kingdom of the Netherlands, which belongs to the Jiffy International group registered in the Kingdom of Norway.

AS.

The season for milled peat production, depending on the weather, starts in May and ends in September. We can also observe seasonality in sales: sales are significantly higher in early spring when the major plant cultivation season begins in Europe. This has been the case since the company's inception and we have adapted to it. We sell 97% of our production within the group and export 50% of our production.

We are satisfied with the production results of 2022. The weather conditions for production were good again. The production plan was fulfilled and even exceeded by 10%. We produced 600 thousand m3 of peat, which should provide a good basis for positive results in the next period. Sales revenue increased from 4.3 million to 4.8 million. One reason for the growth could be that there was no shortage of raw materials in the spring of 2022 as there was in the spring of 2021.

We invested a total of over 900 thousand euros in fixed assets, almost all of which went to renew production technology. Tractors, excavators, mills, carts, etc. All this must ensure us with working technology during the production season and contribute to increasing efficiency.

The number of employees decreased by 1 full-time position. The chief mechanic of the Pärnu department retired and we did not hire a new person for this position, as the amount of work done in our local workshop has now been minimized.

There were no major changes in our structure. The basic salary of employees increased by approximately 10% on average, keeping pace with the general increase.

Energy prices were high and many other inputs, for example in the form of services, also continued to rise in price. These changes also affect our cost price and may reduce profitability, but the weather is still the biggest influencer. A significant part of the company's turnover and purchases are in euros, so there is no exchange rate risk. The rise in interest rates is clearly visible today and this also negatively affects our results, as most of the new technology is leased.

Peat production is an environmentally impactful activity that causes changes in the nature of the region. According to the law, the company is obliged to fully clean up the quarries left from mining. Reclamation plans are drawn up in cooperation with local governments and environmental specialists. Today, the creation of conditions for re-swamping is mostly preferred. The first reclamation projects are being completed and based on these we can get the first indication of the sufficiency of our collected reclamation fund.

In the following years, the company will continue to modernize the technology used for production and purchase additional equipment, and we hope to also complete the drainage and facilities of the production areas that are still unfinished.

The main financial ratios are as follows:

Financial ratios 2022 2021

Net profit margin 0.155 0.20 (net profit/sales revenue)

Short-term debt coverage ratio (current assets/short-term liabilities) 7.482 9.00

Equity debt ratio 0.103 0.08 (liabilities/equity)

Operating profit margin 0.102 0.09 (operating profit/sales revenue)

Return on equity 0.055 0.067 (net profit/equity)

Return on total assets 0.050 0.062 (net profit/total assets)