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's activity report 2022

Introduction

Kõljala POÜC started its operations on 01.04.1993 and was reorganized as of 01.09.1995 into Kõljala Agricultural Cooperative. In 2022, Kõljala POÜC continued to maintain the growth of traditional business volumes and secure the achieved market share. The main activity is the production and marketing of raw milk. In 2022, we continued more efficient production both in the fields and in the barns. Kõljala POÜC owns an 87.9% stake

in Valjala Agricultural Cooperative, with whom a small consolidation group is formed. According to the amendments to the Accounting Act that came into force on 01.01.2016, small consolidation groups are not required to submit a consolidated report.

Revenues, expenses and profit

Kõljala POÜC is one of the largest milk producers in Saaremaa. The main activity of the company is the production of raw milk and the search for opportunities for its marketing. In 2022, 8759 tons of milk were sold to Saaremaa Dairy Cooperative, i.e. 247 tons more than in 2021. The average selling price of milk in 2022 was 0.447 €/kg, in 2021 it was 0.30 €/kg. Milk sales accounted for 71.4% of sales revenue in 2022, 71.5% in 2021. In 2022,

we sold raw milk for 3916092 euros, rapeseed for 140925 euros, grain for 29426 euros, animals for 285007 euros. Kõljala POÜC's operating profit was 1521644 euros, net profit 1438704 euros. In 2022, 49.2% of sales revenue was spent on purchasing goods, raw materials, materials and services, labor costs accounted for 23.5% of sales revenue. In 2021, the corresponding figures were 56.1% and 30.1%.

Investments

During the reporting period, we acquired land units for 85830 euros, buildings and structures for 169115 euros, machinery and equipment for 1352789 euros, other fixed assets for 12974 euros.

Goals for the next financial year

Increase the size and productivity of the herd and the total milk production. To do this, procure feeds at the optimal time. Due to the uncertainty in the world and Estonian economy in the markets, our primary goal is to save costs. We will reduce the use of mineral fertilizers, replacing it with the use of liquid manure in crop production. We have qualified employees for planning and implementing further agricultural development. New technology has been acquired with the aim of producing feeds of the best quality at the optimal time. For 2023 investments, we plan to lease technology within our means, buy land units and repair existing production buildings with the aim of making production more efficient and increasing sales revenue. The economic crisis has not had a significant impact on the company's operations due to the increase in production volumes, but we take into account that there may be uncertainty in the estimates: the price of raw milk is falling, but also the prices of inputs such as fuel and electricity are falling, animals may also get sick, the main feed may spoil. Changes in fuel prices in particular affect production efficiency. The cooperative monitors the requirements for environmentally friendly management: this is confirmed by the environmental permit no. KKL/318105 (16.10.19) issued to the company and the use of modern technology. One goal is also to increase young people's interest in agriculture, for this we offer internships and introduce working conditions and leisure opportunities.

Financial summary (EUR 2021 2022

Equity multiplier 0.6 0.6

Profitability ratios (%)

Turnover operating profitability 14.6 27.8

Turnover net profitability 12.7 26.2

Net asset profitability (ROA) 5.5 14.1

Equity net profitability (ROE) 9.6 23.4

Liquidity ratios

Solvency ratio 0.7 1.7

Liquidity ratio 0.2 0.8

Equity multiplier = Equity/Total liabilities

Turnover operating profitability = Operating profit/Sales revenue*100

Turnover net profitability = Net profit/Sales revenue*100

Net asset profitability = Net profit/Asset*100

Equity net profitability = Net profit/Equity*100

Solvency ratio = Current assets/Short-term liabilities

Liquidity ratio = Liquid assets/Short-term liabilities

Board members: Tõnu Post and Lauri Post