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's activity report 2022

General Information

AS Valjala Feed Mill's main activities are the production of complete feeds and supplementary feeds for agricultural animals and pig farming. In previous years, we also produced renewable energy from biogas, which we discontinued due to its unprofitability.

The main activity in the group as a whole was pork production. The production volume of pork was stable throughout the year. However, sales revenue can be very volatile in a short period of time as the world market price of pork can change very quickly due to the balance of supply and demand. This latter has been particularly influenced recently by various international trade sanctions, the spread of African Swine Fever, and the instability caused by the spread of the Covid-19 virus worldwide. In the reporting year, the price of meat was the lowest in 10 years, about 1.20 per kg. In the reporting year, we lost 60 euros per fattening pig.

We market the feeds and live pigs sold outside the group in Estonia.

By the time of submitting the report, we have submitted a company restructuring plan to the court to ensure the continued operation of the company, which was also confirmed by the court at the beginning of 2023.

Business overview In 2022, AS Valjala Feed Mill's group sales revenue was 8239 thousand euros. The larger volumes of sales revenue were made up of pig sales 29% and feed and feed material sales 65%. The Feed Mill produced 15,648 T of mixed feeds. Grain was dried in 2022.

during the harvest period 1,750 T.

As of the end of the financial year, the AS Valjala Feed Mill group owned 2 pig farms, currently raising a total of 2800 pigs.

The average purchase price of pork in 2022 in Estonia was below the annual average. The balance sheet volume at the end of the year was 12842 thousand euros.

The net loss for the reporting period was 727 thousand euros.

The goals for 2023 are to further streamline pork production.

Investments

The total investments of the AS Valjala Feed Mill group in 2022 were 83 thousand euros. Investments were made in the improvement of existing buildings and equipment and in transport vehicles. No large-scale investments were undertaken as the economic situation was uncertain and did not allow for larger investments.

Personnel

The average number of employees of the AS Valjala Feed Mill group in 2022 was 22 and the salary paid to employees was 262 thousand euros. The corresponding numbers for 2021 were 22 and 307 thousand euros. The board of AS Valjala Feed Mill consists of one member and the council of three members. The council members and the board member were paid a salary of 28 thousand kroons. The board member performs the duties of the CEO.

Goals for the next financial year In 2023, we plan to maintain the production volume in terms of complete feeds in the feed mill. No new products are foreseen in development.

In pig farming companies, we plan to continue to increase efficiency both in terms of labor and by improving production indicators.

Planned investments for 2023 are not.

Financial ratios for the financial year 2022 2021

Operating profit amount -7% -2 %

Net profitability -9% 6 %

Short-term liabilities coverage ratio 0.9 1.1

ROA -6% 5 %

Formulas used in calculating ratios: · Operating profit amount(%)=operating profit/sales revenue*100 · Net profitability(%)=net profit/sales revenue*100 · Short-term liabilities coverage ratio(times)=current assets/short-term liabilities · ROA(%)=net profit/total assets*100