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's activity report 2022

Introduction

Peat is a natural resource that gradually regenerates. Peatlands cover nearly 20% of Estonia's area, a third of which is accounted for as peat deposits. Less than 1/3 of the studied peat resources are considered usable reserves, of which about 2% of all peatlands are covered by mining permits. The main use of Estonian peat is currently the preparation of growth mixtures for plants and the use of peat for heating to a small extent.

The main activities of ASB Greenworld Eesti OÜ are peat mining, production of growth peat and sales.

The reporting year 2022 was successful for the Company. We have achieved maximum processing capacity with the existing resource. The peat mining season was excellent in terms of weather conditions in June, July and August, which allowed us to stock up the planned raw material quantity.

This season, there is an increased shortage of peat in Europe and elsewhere in the world. The main factor is the sanctions imposed in connection with Russia's extensive aggression in Ukraine. In addition, the poor season in Canada due to weather conditions has increased demand throughout the Baltic States.

In planning sales volumes, preference is given to supplying long-term and loyal customers. Production has been partially launched in three shifts to fulfill the increased order flow.

The company's sales revenue was 12,815,456 euros. Sales revenue consists of 96% own production, 1.5% fertilizers and 2.5% brokerage of transport services and sales of other materials. Geographically, the share of domestic customers is 8% and foreign customers 92% (2021: sales revenue 9,197,065 euros, 93% production, 3% fertilizers and 4% brokerage of transport services and sales of other materials, geographical share of customers respectively 7% and 93%).

The increase in sales revenue was due to directing production volumes for export and also due to the increase in production input prices. The goal to increase sales volumes is to expand the customer base to third countries, especially to Asia and the Middle East.

The result of economic activity was a profit of 1,635,299 euros (2021: profit 995,321 euros).

Personnel

The most valuable asset of any company is people. In addition to the general shortage of labor, the onslaught of a new generation and mindset makes the labor force more fluid. People are constantly looking for better pay and jobs and are equipped with more information about employers than ever before. The pressure for wage growth due to rising energy prices and high price growth has become significantly greater than last year.

In Estonia, no education is offered in the field of peat production. Most people working in this field have learned on their own, read somewhere, or acquired knowledge in this field during work.

The average number of employees converted to full-time was 50 employees (2021: 49). In the reporting year 2022, the company's labor costs amounted to 1,341,037 euros (2021: 1,182,876 euros). No fees were paid to the members of the board and the council for the performance of separate member obligations.

Investments

The size of investments in peat production and processing in the reporting year was 1,370,140 euros (2021: 733,740 euros).

The development of existing mining sites and infrastructure construction continued. The peat screening system was updated, as well as machines related to peat mining.

Peat mining

Peat milling technology is used in peat mining. The volume of mining largely depends on the weather, i.e., how much it rains and how high the air humidity is. Therefore, peat mining is only possible during the summer months. The peat production season in the reporting year turned out to be good overall. The start of the mining period was usual and the mining plan was fully implemented. A total of 335,790 m3 was mined (2021: 296,000 m3). The cost price of the produced peat increased by 51 cents per m3 compared to the previous reporting year. The biggest price factors were fuel and