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's activity report 2022

AS Holmen Mets is a subsidiary of the Swedish company Holmen Skog AB in Estonia and is part of the Holmen Group. AS Holmen Mets was established in 1994. The main activity of the company is the purchase, storage and export of pulpwood to the parent company.

In 2022, we significantly reduced our purchase volume, due to the historically high price of raw materials. Instead of the material offered by the overheated Baltic market, alternatives were found in the Swedish market. Among other things, their own forest cuttings were increased and some of the material obtained from self-cuttings was left unsold and used as raw material for their own factories. There have been no changes in the structure and activities of the company and none are foreseen.

In 2022, AS Holmen Mets' sales revenue amounted to 10,051 thousand euros (2021: 9,330 thousand euros). Export accounted for 82% of sales revenue (2021: 98% export) and 18% of sales to Estonia (2021: 2% sales to Estonia).

The gross profit of AS Holmen Mets was 825 thousand euros (2021: 1,044 thousand euros).

Main financial ratios 2022 2021

Sales revenue (thousand euros) 10,051 9,330

Turnover growth 7.7% -17.7%

Gross profit (thousand euros) 825 1,044

Gross profit margin % 8.2% 11.2%

Net profit (thousand euros) 65 88

Short-term obligations coverage ratio 1.8 2.0

ROA 1.7% 2.8%

ROE 3.6% 5.1%

Formulas used in calculating ratios: (cid:127) Turnover growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021 * 100 (cid:127) Gross profit margin (%) = gross profit/sales revenue * 100 (cid:127) Short-term obligations coverage ratio (times) = current assets/short-term obligations (cid:127) ROA (%) = net profit/ total assets * 100 (cid:127) ROE (%) = net profit/ total equity * 100

The board of AS Holmen Mets did not receive any remuneration from the company in 2022. The total labor costs for all employees in 2022 were 289 thousand euros. The average number of employees in 2022 was 5 people.

In 2023, it is planned to continue with the same activities, but on a smaller scale. Having a sufficiently large stock of roundwood has become strategically more important.

No major investments or changes are planned.