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's activity report 2022

The business started operations in 1998. In 2022, the majority of the revenue came from logging, which was 19,333,250 euros, of which the sale of timber was 8,465,854 euros. The remaining logging revenue was largely made up of providing comprehensive services to both the State Forest Management Centre (RMK) and in Germany, and work began in France at the end of the year. Revenue increased compared to 2021

In 2022, the company hired 10 new employees. 18 employees left. On average, the company had 91 employees, and at the end of the year, the number of employees was 96.

In 2022, the company managed to end with a profit, as due to the increase in timber prices, it was possible to sell the stocked timber at a good price. However, the prices of all inputs have also increased, and it is very difficult to maintain a positive result.

All RMK contract volumes were fulfilled, logging rights were purchased, and timber cut from the company's own properties was also sold. Timber cut from own properties accounted for about 20% of the timber sales turnover. In 2022, the resale of purchased timber also made a significant contribution to the sales turnover - about 20%. In 2022, 24 new properties were purchased with a total area of 112 ha. At the end of the year, the company had about 1.7 thousand hectares of forest land. 97 contracts for the right to cut growing forest and for the sale of timber were concluded. Continued cooperation with contract partner Belforest OÜ and TM Energy, a shareholder

Forest edges and clearings were also acquired through the auction portal Timber.ee, in addition to many other cooperation partners. Due to the extensive logging of forests, credit was continuously taken from OP Corporate Bank Estonian branch.

In 2022, 1 new capital lease agreement was concluded, a total of 910,846 € was invested in new forest machines and cars.

2023 will probably also be difficult. We hope to find enough clearings in Estonia and continue working in Germany and France.

In order to reduce costs, there are plans to replace some forest machines with more economical models.

As the RMK public procurement is also coming to an end, it is definitely necessary to participate in the new procurement.

There are also plans to order up to 100,000 seedlings to plant spruce and pine seedlings on the clear-cut areas owned by the company.

The main objectives for 2023 are: (cid:127) Fulfillment of contracts won in RMK public procurements (cid:127) Participation in new RMK public procurements, winning contracts (cid:127) Realization of existing and new logging rights (cid:127) Purchase of properties (cid:127) Continue working in Europe

The following table gives an overview of the main financial ratios: 2021 2022

Current assets 1623957 2544325

Fixed assets 10744902 9700547

Short-term liabilities 4401081 4420662

Equity 5017874 6199620

Net profit 610925 1181746

Sales revenue 17979462 21467016

Profitability % 3.40 5.50

Coverage ratio of short-term liabilities 0.37 0.58

Equity ratio % 40.57 50.63

The formulas used in the calculation are as follows:

Profitability= net profit/sales revenue

Coverage ratio of short-term liabilities= current assets/short-term liabilities

Equity ratio= equity/total capital