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's activity report 2022

OÜ Tapvei Estonia is a long-established manufacturing company based on 100% Estonian capital, whose main activity is the production and sale of small animal bedding, nesting material and blocks made of wound wood.

Tapvei Estonia is one of the world's leading small animal bedding manufacturers.

The reporting year was full of various challenges due to the volatile economic environment. The rapid and significant increase in the price of all inputs - from raw materials to transport and energy carriers - had the greatest impact on our operations. Both our and our suppliers' supply reliability and flexibility to cope in rapidly changing circumstances were put to the test. I am pleased to note that we were able to overcome all the obstacles that arose and our customers always received their ordered goods on time. I believe that this further strengthened our relationships with customers, having proven that Tapvei can maintain supply reliability and high quality of its products even in difficult circumstances.

Tapvei Estonia is an export-focused company and almost 99% of sales revenue comes from sales outside

Estonia. The company sold its production to nearly 30 target countries during the reporting year, with continents such as

Europe, North America, Asia and Oceania represented. The sales revenue for 2022 amounted to a record 4.8 million euros, in 2021 the company's sales revenue was 4.6 million euros. The widespread increase in input costs significantly affected the company's profitability and thus the EBITDA for 2022 amounted to 0.47 million euros (in 2021 it was 0.99 million euros).

To ensure the company's sustainable development and customer satisfaction, Tapvei's top priority is high-quality, yet environmentally friendly product and production. Independent laboratories regularly carry out microbiological, chemical and environmental tests to ensure that the company's production meets the highest international standards. Among other things, Tapvei has been issued Rainforest Alliance, FSC, ISO 9001, ISO 14001 and ISO 45001 certificates. The aforementioned certificates cover all areas that play an important role for the company - sustainably managed raw material, high-quality products, environmentally friendly production and the well-being of our employees.

Managing risks associated with the company's business activities is an important and integral part of the company's management.

The management team regularly analyzes the company's risks and their mitigation in cooperation with the council. As an exporter to many different markets, the company is most affected by the global economic trend and demand in foreign markets. The company is also exposed to financial risks, including credit risk, liquidity risk and risks associated with changes in exchange rates and interest rates.

- Credit risk is expressed as a loss that the company may incur and is caused by the counterparty to the transaction if it fails to fulfill its contractual obligations.

- Liquidity risk or the existence of sufficient financial resources to effectively ensure the fulfillment of obligations arising from the company's activities is continuously planned for cash flows.

- The majority of the company's sales are in euros, so the possible exchange rate risk is minimal.

- The company is also exposed to interest rate risk, as the bank loan taken carries a floating interest rate, being directly affected by the base interest rate. An increase in Euribor interest rates increases the company's