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's activity report 2022

Introduction

The main activities of Timberston OÜ are the production of wood chips, the rental of machinery with an operator for assisting peat production, logging, and the maintenance and repair of motor vehicles.

In 2022, Timberston OÜ's traditional business activities continued. During the financial year, there was an increase in sales volumes in all main production sectors, with the most significant increase in activities related to wood processing production.

Last financial year, the company mainly operated in the Estonian market, but also expanded existing activities and sought new markets.

Revenues, expenses and profit

The main sales revenue items for Timberston OÜ last financial year were the production of wood chips 10,463,075 euros (in 2021 4,548,149 euros), the rental of machinery with an operator for assisting peat production 3,246,913 euros (in 2021 1,794,879 euros), logging 1,548,731 euros (in 2021 1,021,050 euros), maintenance and repair of motor vehicles 597,797 euros (in 2021 538,624 euros). Timberston OÜ's sales revenue last financial year was 99% in Estonia, in 2021 the sales revenue in Estonia was 91%.

The sales and balance sheet volumes of Timberston OÜ were as follows:

Balance sheet Sales revenue 2022.a. 2021.a. 2022.a. 2021.a.

Timberston OÜ 12,303,473 9,786,024 15,946,115 8,115,122

Main financial ratios of Timberston OÜ 2022 2021

Sales revenue (in euros) 15,946,115 8,115,122

Revenue growth (decrease) 96.4% 22.0%

Net profit (in euros) 2,537,918 853,114

Profit growth (decrease) 197.4% 114.7%

Net profitability 15.9% 10.5%

Short-term obligations coverage ratio 1.16 0.72

ROA (%) 20.6% 8.7%

ROE (%) 32.0% 15.5%

Sales revenue per employee (thousand euros) 224.59 112.71

Average number of full-time employees 71 72

Formulas used in the calculation of ratios: * Sales growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021 x 100 * Profit growth (%) = (net profit 2022 - net profit 2021)/ net profit 2021 x 100 * Net profitability (%) = net profit / sales revenue * 100 * Short-term obligations coverage ratio (times) = current assets/short-term obligations * ROA (%) = net profit / total assets x 100 * ROE (%) = net profit/ total equity x 100 * sales revenue per employee= sales revenue / average number of full-time employees

Investments

During the reporting period, the company invested 1,433,052 euros in tangible fixed assets for the acquisition of machinery and equipment (in 2021, 1,511,350 euros were invested for the acquisition of machinery and 60,377 euros for the acquisition of land units).

To ensure the sustainability and development of the company, investments in transport vehicles, updating of machinery in production and acquisition of real estate are planned for the next financial year, in the same amount.

Personnel

The average number of employees of Timberston OÜ last financial year was 71 employees, which decreased by 1 employee compared to the previous financial year. Labor costs last financial year were 2,061,159 euros, an increase of 11% compared to the previous period.