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's activity report 2022

In 2022, the main activity of OÜ Mangeni PM continued to be the production and realization of agricultural products (milk production).

In 2022, OÜ Mangeni PM's sales revenue was 10,398,100 euros, of which 95.3% was domestic sales in Estonia and 4.7% was sales to Lithuania. 89.4% of the company's turnover was made up of raw milk sales, 8.9% of animal sales, and 1.7% of other sales. The economic result was a profit of 2,435,380 euros.

In 2022, 6,475,063 euros were invested in fixed assets. As of the end of 2022, the company had 1876 dairy cows (1824 in 2021) and 1910 heifers (1685 in 2021). Investments in modern buildings and technology help ensure the production of quality agricultural products.

In 2022, cooperation continued with Olustvere Service and Rural Economy School. Young people from the mentioned vocational school can do their production practice in our company. The aim of the cooperation is to increase the interest of rural youth in agriculture.

OÜ Mangeni PM pays great attention to circular economy, environmental friendliness and environmental conservation in its agricultural activities. The OÜ Mangeni PM farm complex, which was fully completed in 2022, has been built with all environmental requirements and animal welfare in mind.

As a result, we are able to produce exceptionally high-quality milk. All buildings and facilities have been built to avoid any possible environmental pollution. A new feed kitchen and silos were built to ensure the preservation and as efficient use of feed as possible. Sand is used as bedding for the dairy animals at the Mangeni farm. The slurry removed from the barn is separated and the cleaned sand is reused as bedding.

The sand-cleaned slurry and manure are processed in the first agricultural biomethane station in the Baltic States, the production of which goes 100% for transport consumption. Biomethane is the only domestic renewable transport fuel. Additionally, a solar park was introduced as an energy source in the farm complex to reduce the amount of purchased electricity.

To ensure the sustainability of OÜ Mangeni PM and to mitigate risks, a contract was signed with the raw milk buyer at the end of 2022 regarding the sales price of the 2023 production.

The investments of OÜ Mangeni PM in fixed assets are financed by the entrepreneur of the consolidation group at a fixed interest rate. Customers and suppliers are settled in euros. Therefore, there have been no risks associated with changes in exchange rates and interest rates during the financial year or the reporting period.

The main goal for 2023 is to ensure the sustainability and continuous development of the company and to increase economic efficiency. In 2023, the planned sales revenue is 11.5 million euros, and the profit amount is 2.4 million euros.

Main financial ratios

Debt ratio (liabilities/assets) 2022 0.56 2021 0.54

Debt to equity ratio (liabilities/equity) 2022 1.26 2021 1.19

ROE (net profit/equity) 2022 22.18% 2021 7.22%

ROA (net profit/assets) 2022 9.80% 2021 3.30%

Short-term debt coverage ratio (current assets/short-term liabilities) 2022 0.54 2021 0.34