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's activity report 2022

ACTIVITY REPORT

Company Overview

Joint Stock Company Torf was established in 1991 and since then our main activity has been the production of peat. As of the preparation of the annual report, the company employs 22 employees, to which approximately 8 more employees are added during the production season (April - September). The company's sales revenue in 2022 was 4,734,136.00 euros (in 2021, 3,801,660.00 euros).

Business Overview

The main activity - the production of milled peat, generated sales revenue in 2022 of 4,157,018.00 euros (in 2021, 3,794,006.00 euros), which accounted for 87.8% of the company's total sales revenue and increased by 9.6% compared to the previous year. The volume of production sold decreased by 36.8% compared to the previous year. The increase in sales revenue was therefore primarily due to the rise in sales prices. The decrease in sales volume was due to uneven distribution of sales, which increased the stock balance as of the balance sheet date, but due to the high demand for goods in the market, the goods are sold before the start of the new production period in April. The volume of production increased by 29.3%. This was facilitated by the very good weather conditions for the production period in 2022 (a long period of warm and dry weather) and certainly also by the continuous renewal of production technology and quality improvement and good teamwork, which has been strongly influenced by employee motivation at the management level and the creation of a good work and business environment as a whole.

We also continued to expand production areas to increase production volume - we built and arranged peat facilities, including production export routes.

The main activity provided work for an average of 24.56 employees (in 2021, 24.66). Adjusted for full-time, the average number of employees was 23.42 (in 2021, 22.92), which is shown in this report as a full number 23 (in 2021, 23).

Summary of Financial Results

The financial year ended with a profit of 2,344,675.00 euros (in 2021, 1,804,682.00 euros) from business activities. Profit increased by 30%, which was mainly due to the large increase in production volumes described above, conservative management and a strong team, and a motivated and clear vision of creating a sustainable organization and business environment at the management level.

Main financial ratios of Joint Stock Company Torf: 2022 2021

General level of solvency (current assets / short-term liabilities) 14.27 37.79

Debt and equity ratio (liabilities / equity) 4.39% 1.81%

Solidity ratio (equity / assets) 95.79% 98.23%

Operating profitability or sales revenue profitability (profit before taxation / sales revenue) 49.53% 47.47%

Return on equity or ROE (net profit / equity) 24.22% 24.39%

Investments in fixed assets In 2022, 1,088,454.00 euros (in 2021, 374,822.00 euros) were invested in the acquisition of tangible fixed assets. The investment is made up of new production technology acquired to increase growth and efficiency. Good financial results have enabled large annual investments and provide the opportunity for their future planning, which in turn provide great prerequisites for increasing or maintaining mining and sales volumes and thus for future good financial results.

Development directions in the next financial year In 2023, we will continue with the same action plans and development directions in our main activity, which is the production of peat. The activity is seasonal and depends on weather conditions during the production period, but the company has directed good financial results into investments, which in turn ensure sustainable and stable economic activity. The main goal for the next financial year is to maintain or increase production and sales volumes. One of the priorities of the management is to continue to increase production efficiency through the optimization of the production process. The company is still operating.

Reflecting the impact of the global economic crisis, economic downturn and epidemics in the financial year reports In 2022, a global economic crisis occurred, causing disruptions and financial difficulties in business and economic activity as a whole.

The situation in the economy as a whole is uncertain and rapidly changing, but nevertheless, the company's management considers it possible to give an assessment of the possible impact of the economic crisis on the company's financial indicators for the next period and the sustainability of the company as a whole when preparing the accounting annual report. The general economic crisis has not affected our company's economic activity in the reporting year and, in the opinion of the management, this crisis does not have a significant impact on the economic activity of the next period either. In the opinion of the management, there is no uncertainty about the continuity of the company's operations and economic activity, and the company is sustainable.