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's activity report 2022

The Jõgevamaa Agricultural Producers Association was established by Jõgevamaa farmers in 1992. The purpose of the association is to jointly purchase and sell agricultural inputs and products. The association is open to new farmers and entrepreneurs.

Raw milk purchase contracts have been concluded with 21 milk producers during the reporting year. As of May 2022, the association's ownership includes 6 legal entities and approximately 160 tons of raw milk are sold daily.

In total, the association sells about 8% of all raw milk produced in Estonia to dairy industries in Estonia (Valio Eesti AS, Nordic Milk OÜ), Latvia (Tukuma Piens A/S) and

Lithuania (Pieno Zvaigzdes AB).

The majority of the association's turnover comes from the sale of milk, while also selling necessary supplies to its members and contract partners.

The association offers fertilizers, plant protection products, silage supplies, and animal energy and protein feed such as rapeseed cake and corn. The association has a cooperation agreement with AS Scandagra

Estonian store chain and several European manufacturers. In addition, the association organizes training and consulting and cooperates with other Estonian dairy associations in coordinating the sale of production.

In 2016, an agreement was signed to establish MilkEst AS, which was reorganized into Milkest OÜ in 2020. The aim of MilkEst OÜ is to participate in the construction and management of a dairy industry with a cooperative background and to create better conditions for the marketing of raw milk.

The Jõgevamaa Agricultural Producers Association is a shareholder in the association

FarmIn during the reporting year.

The war between Ukraine and Russia that began in February 2022 brought primarily price increases and uncertainty to the feed grain market. Supply and price agreements were concluded with local producers until the end of 2022, the supply of imported raw materials became more volatile. By May 2022, some recovery of supplies had stabilized at a significantly higher (more than 50%) price level.

By June 2023, input price levels have significantly decreased and supply reliability has been restored.

Price stabilization has also occurred in the market for fertilizers, silage supplies, new machinery and equipment, and spare parts.

The price of raw milk on the world market began to fall in the fourth quarter of 2022, raw milk purchase and sale contracts were concluded by the association until the end of 2022. The contracts have been renewed and are valid until the end of 2023.

The board of the Jõgevamaa Agricultural Producers Association consists of two (2) members. The board does not receive a separate salary for its work. Work-related costs are reimbursed. The company's council consists of three (3) members. Council members do not receive separate remuneration for their work. An employment contract has been concluded with the company's development and sales manager (a salary is paid). Accounting is performed on the basis of a service contract. No more employment contracts have been concluded.

The company ended 2022 with a profit of 24,904 euros.

The association's sales revenue in 2022 was 29.122 million euros, of which the sale of raw milk accounted for 85.5% (24.994 million euros).

No fixed assets were acquired during the reporting year.

The Jõgevamaa Agricultural Producers Association continues to operate as an economic unit.

The financial ratios provide an overview: 2022 2021

Working capital (= Current assets - Short-term liabilities) -470 674 62 870

General level of solvency (= Current assets - Inventories/Short-term liabilities) 0.86 1.01