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's activity report 2022

AS ”Wood-Profile” started its operations in September 1994. The main activity is the production and sale of glued timber window, door and moulding blanks.

The company's products are exported to Norway, Sweden, Finland and Poland, and part of it is marketed in the Republic of Estonia.

In 2022, the sales revenue was 32,033,467 euros.

Compared to the previous year, 2021, sales revenue increased by 22.54% in the reporting year.

Glued timber prices were rising from the beginning of 2022, but fell back to the level of the beginning of the year by the end of the year. Energy costs remained higher than the prices of production inputs, the volatility of sawn timber prices was analogous to product prices. Assessing the situation in the glued timber sector, the company's management believes that the downturn in product demand will continue in the first half of 2023, with slight growth expected in the second half of the year.

The prices of production inputs may rise somewhat in the second half of the year, which will also increase product prices.

Investments in buildings and infrastructure amounted to 192,483 euros, ongoing improvements at the end of the year were worth 6,097 euros, and investments in equipment and their improvements amounted to 1,997,871 euros.

In total, the company invested 2,196,451 euros in fixed assets.

SEB Pank AS is the loan partner for the acquisition of woodworking equipment.

The company forecasts sales revenue of 25 million euros for 2023, which is largely due to a decrease in product selling prices. The main markets will remain

Norway, Sweden, Poland and Estonia.

In 2023, the company will invest approximately 420,000 euros in the installation of an additional saw line.

The company holds the following certificates:

ISO:9001:2015 quality management system certificate (initially issued on 13.12.2004 ISO:9001:2000)

EN13307-1; EN13307-2, DVV company's glued timber production compliance certificate with European Union requirements since 08.09.2008

FSC supply chain certificate since 22.01.2009

PEFC supply chain certificate since 3.02.2017

Compliance certificate for the production of products with IPPC compliance mark since 01.12.2019

The return on equity in 2022 is 24.48% (ROE = Return-on-Equity), in the previous year 2021 it was 17.11% - shows how effectively the company's management has been able to use the capital invested by the owners ("Reporting year profit" divided by the balance sheet item "Total equity").

The return on assets in 2022 is 15.36% (ROA = Return-on-Assets), in the previous year 2021 it was 9.68% - shows how effectively the company has used all its assets ("Reporting year profit" divided by the balance sheet item "Total assets").

The fixed asset turnover in 2022 is 2.37 (Fixed Asset Turnover), in the previous year 2021 it was 2.04 - shows how much sales revenue was obtained per euro of tangible fixed assets (income statement item "Sales revenue" divided by the balance sheet item "Tangible fixed assets").

The liquidity ratio in 2022 is 0.73 (Quick Ratio or Acid-Test Ratio), in the previous year 2021 it was 0.40 - shows liquid assets to cover short-term liabilities (balance sheet items "Cash" + "Receivables and prepayments" divided by "Total short-term liabilities").

In 2022, the average number of employees was 103 and the labor cost was 3,623,238 euros. The number of employees at the end of the year was 97.

Covid has not had a direct impact on production.

The war in Ukraine that began on February 24 has made the economy generally more unstable, bringing with it higher energy prices.

As the situation in Ukraine is uncertain, the management cannot accurately assess the impact of this event on the company.

Transactions with customers and suppliers are mostly in euros, so the risk of exchange rate fluctuations is not high. The company's loan and capital lease transactions include a Euribor component. During the reporting year and after the reporting date, the rise in Euribor has not had a significant impact on the group's business.

The board member is paid on the basis of an employment contract.