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's activity report 2022

AS Nett continued in 2022 as its main activity the production of solid wood exterior and interior doors.

The company exported 87% (2021: 92%) of its production to the UK market in the 2022 financial year. Secondary target markets were Ireland, France and

The Netherlands.

In the 2022 financial year, a new product was developed, which began to be sold to the new target country, the Netherlands. This is a strategically important development to increase the share of eurozone sales in future periods.

As the most important investment in the 2022 financial year, the company acquired a neighboring property and production complex, where production will be expanded in the following years. All other investment plans were temporarily frozen, as there was a significant decline in demand and a decrease in volumes compared to the previous financial year. In the following financial year, investments in production automation and digitization and the expansion of the new production complex are planned to continue.

87% (2021: 92%) of AS Nett's 2022 financial year sales revenue was made up of sales to UK market customers. The company's business is very closely related

to the EUR/GBP exchange rate, the impact of exchange rate changes is a daily risk for the company. In the second half of 2022, the EUR/GBP exchange rate moved in an unfavorable direction for the company, which had a negative impact on the company's total revenue. Various financial instruments are used to hedge against exchange rate risks to protect the company's turnover and profit margin.

As a result of decreased demand, raw material prices fell significantly in the second half of the 2022 financial year, which also led to a reduction in sales prices. Due to the impacts of the war in Ukraine, the procurement of several raw materials was reorganized during the financial year, which resulted in additional economic costs.

Financial ratios 2022 2021

Export share in sales revenue 98% 99%

Equity net return 0% 31%

Asset net return 0% 15%

Turnover business return 1% 8%

Turnover net return 0% 8%

Inventory turnover (times per year) 4.9 7.0

Tangible fixed assets turnover (times per year) 3.1 3.8

Sales revenue growth rate -16% 81%

Formulas used to calculate financial ratios:

Export share in sales revenue (%) = export / sales revenue x 100

Equity net return (%) = net profit / average equity x 100

Asset net return (%) = net profit / average asset x 100

Turnover business return (%) = business profit / sales revenue x 100

Turnover net return (%) = net profit / sales revenue x 100

Inventory turnover (times per year) = sales revenue / average inventory

Tangible fixed assets turnover (times per year) = sales revenue / average tangible fixed assets at residual value

Sales revenue growth rate (%) = (reporting year sales revenue / sales revenue of the year preceding the reporting year -1) x 100

Jaanus Vagel

CEO / Board Member