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's activity report 2022

HD Forest AS is a business entity engaged in the management of properties and the brokerage of property sales and purchases, with a primary interest in forest properties.

HD Forest AS was registered in the business register on April 22, 1998, and its shares were listed in the Estonian Central Securities Depository in 2003.

The business entity operates in the forestry sector, which can be considered stable. With new investments in the forestry industry

in the Baltics and Scandinavia, which should improve the raw material situation, the outlook for the operating environment is positive in the long term.

However, the uncertainty of the political situation causes instability in long-term investments, including forest properties.

The slowdown in foreign investment growth slows down the increase in land prices, which in turn hinders the growth of the business entity.

The seasonality of forestry is mainly related to the weather. Logging activity is lower in April and October, but over time, the cyclical nature has decreased due to the development of forest management technology. In May and June, the increase in activity is due to forest renewal work, mainly planting.

By the end of 2022, HD Forest AS had 23 clients who owned 2,654 properties with a total area of 28,106 hectares. Clients were provided with management services, which include the organization of all forestry work (establishment of forest cultures, maintenance cuttings, main use cuttings, etc.), timber sales, accounting services, organization of property security, etc. The main sources of income are the sale of forest material and growing forest from contractual clients' properties and management fees.

The annual logging volume was 109,264 cubic meters with a sales price of 8,612,908 euros, and the profit for the reporting year was 450,278 euros.

The goal for 2023 is to cut 100,000 cubic meters of wood, find new clients and increase the management area of existing clients.

Financial ratios Calculation methodology 2022 2021 (sales revenue 2022 - sales revenue 2021) / sales revenue

Turnover growth (decline) 70% 57% 2021 (net profit 2022 - net profit 2021) /

Profit growth (decline) 151% 13% net profit 2021

Solvency ratio (current assets - inventories) / short-term liabilities 149.0 6.0

Return on equity ROE net profit / average equity 18% 8%