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's activity report 2022

OÜ Hummuli Agro is located in Valga County, Tõrva Parish. The main activities of OÜ Hummuli Agro are milk production and crop farming, the main purpose of the latter is the production of silage and grain for livestock farming.

General characterization of economic activity The year 2022 is characterized primarily by a complex geopolitical situation in Europe due to the Russia-Ukraine war. This increased food prices and, among other things, the price of raw milk, especially in the first half of the year. The rise in the price of raw milk positively affected the turnover of OÜ Hummuli Agro in 2022.

Unfortunately, the prices of inputs also increased, especially those of energy carriers, thus reducing the expected profitability of the company. The sales revenue of OÜ Hummuli Agro in 2022 was 7.07 million euros, which increased by 2.48 million euros compared to the previous year. In 2022, we sold 14,218 tons of milk. The commerciality was 98%. We received 38.5 kg of milk per cow per day. The sale of milk brought in 6.58 million euros, which is 2.28 million euros more than in 2021.

The number of cattle was 1831 animals by the end of the year, an increase of 105 animals compared to the previous year, including the number of cows was 946 animals at the end of the year.

The total production of beef was 86.2 tons, which is 3.1 tons more compared to the previous year. 326 animals were sold for meat during the year. The sale of beef is a side activity in dairy farms.

The company employed an average of 54 employees in 2022, with labor costs of 1.42 million euros.

The company's balance sheet volume as of the end of 2022 was 14.1 million euros, an increase of 1.03 million euros compared to 2021. The company's short-term and long-term obligations increased by 0.49 million euros.

Investments in 2022 were made in current investments in technology. Several construction and improvement works were also carried out on buildings. In general, Agrone Group companies have invested above the historical average level in recent years, and therefore the fixed assets are in good condition. As a result, there is no direct need to invest significantly in 2023, except for current improvements. A well-thought-out investment policy allows for better planning of investments over the years and to make larger capital investments in those years when the overall economy is in better shape and risks are smaller.

At the same time, there is no great pressure to invest in more complex years in terms of risks.

Sustainability of the company's business model

Hummuli Agro OÜ started the Green Program at the end of 2019. The first big step was to find out the largest component of its environmental impacts, the climate impact footprint, for which the most common international measure is the amount of greenhouse gas emissions from its economic activity, or the carbon footprint. For this purpose, a contract was signed with a recognized partner in the field for mapping carbon emissions in Hummuli Agro OÜ as a result of the continuation in the first half of 2020. To date, we have mapped the climate impact for the last 4 years and the company's management has a good understanding of where the main climate impacts of milk and grain production come from and what is their intensity per kg of production and what can be done to reduce it. If in 2019 the average climate impact intensity of Hummuli Agro OÜ per 1 kg of milk was 1.15 kg of GHG carbon equivalent, then by 2022 our average climate impact intensity per kg of milk production had fallen by -16% to 0.97 kg of GHG carbon equivalent. If we compare ourselves with other European producers with similar cattle keeping conditions, the average GHG intensity indicator for competitors is 1.26-1.50 kg of GHG per 1 kg of milk production. Against this background, we are a company with a smaller average climate impact compared to average European producers. The total climate impact of Hummuli Agro OÜ is 15,421 T of GHG carbon equivalent per year.

The main climate impacts of Hummuli Agro OÜ are related to climate impact scope no. 1 - emissions generated by its own production activities. The second important source of climate impacts is purchased goods and materials, i.e. scope 3. The last important part of climate impacts is

Scope 2 - purchased and used energy.

The company's management has drawn up a sustainable management development plan for the company for the next 5 years, the content of which is to make production more efficient from an environmental point of view and investments to reduce the environmental footprint. Most of the company's further climate impact reduction action plan is related to the following activities:

Scope 1 - own production activity - Replacement of fossil machine and car fuels with environmentally friendly fuels (biomethane or HVO fuels) and maximum replacement of tractors in the field with trucks - Reduction of machine activities in the field and pulling together the load, which are helped by better digital support systems - We use more precision farming methods and machines in crop farming