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's activity report 2022

The Letofin AS consolidation group (hereinafter also the Group) includes subsidiaries LTM Realty OÜ (100%) and Letofin Invest OÜ (50%). The main activity of the Group is the wholesale of cereals, seeds and animal feed. LTM Realty OÜ is engaged in renting real estate and Letofin Invest OÜ is engaged in investing in various companies.

Overview of significant events in the fiscal year 2022. During the reporting year, the parent company Letofin AS actively continued to develop the business direction of trading animal feed. Internationally, our main traded products are sunflower husk, corn cob and sunflower seeds.

In 2022, the technological process and recipe for the production of sunflower protein, sunflower paste and sunflower milk were continued to be developed together

with TalTech with the support of EAS.

Letofin AS holds Gafta, GMP+B3, SBP and FSC certificates. The advantage of the GMP+ standard is the annual practical experience in food safety control. The company's management system procedures are linked to the food safety system and take into account the requirements of the GMP+B3 standard.

Revenues, expenses and profit In 2022, the Group's sales revenue amounted to 54,719 thousand euros (in 2021, 38,376 thousand euros). The wholesale of cereals, seeds and animal feed accounted for 98.27% of sales revenue. The company's sales revenue increased by 42.6% compared to 2021. In 2022, the profit of the Letofin AS consolidation group amounted to 967 thousand euros (in 2021, 549 thousand euros). The company's profit increased by 76.2% compared to 2021.

Investments in associated companies In 2022, the profit of the Letofin AS consolidation group from investments amounted to 122.33 thousand euros (in 2021, the profit from investments was 202.87 thousand euros).

Investments in real estate In 2022, there were no changes in real estate investments. In 2021, due to the sale of real estate, real estate investments decreased by 50.99 thousand euros.

Investments in fixed assets In 2022, 39.94 thousand euros were invested in tangible fixed assets (in 2021, 40.16 thousand euros).

In 2022, 195.09 thousand euros were invested in intangible fixed assets (in 2021, 21.09 thousand euros).

In 2022, the depreciation of the Group's fixed assets amounted to 73.84 thousand euros (in 2021, the depreciation of fixed assets was 90.90 thousand euros).

Personnel In 2022, the number of employees in the Group was 17 employees (in 2021, the Group employed 13 employees). The total amount of labor costs of the Group was 360.52 thousand euros (in 2021, 343.17 thousand euros), including the remuneration of the board member 20.20 thousand euros (in 2021, 19.80 thousand euros). No remuneration has been paid to the members of the Supervisory Board. No benefits have been made to the management or members of the Supervisory Board. There are no other contingent obligations related to the management.