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's activity report 2022

About the company briefly

Timberstock OÜ deals with forest management. Since 2017, Timberstock OÜ belongs to the Warmeston OÜ group.

Overview of economic activity

The forestry market was very volatile during the reporting year. We managed well in changing conditions. During the reporting year, we managed 105 thousand cubic meters of forest, in the previous financial year 145 thousand cubic meters of forest were managed.

Ratios 2022 2021

Sales revenue (thousand eur) 13 128 6 537

EBITDA (thousand eur) 1 194 48

Profit (thousand eur) 1 065 -26

Balance sheet total (thousand eur) 4 559 3 391

Short-term debt coverage ratio 3.7 1.9

ROA 0.2% -1%

ROE 0.7% -6%

Formulas:

EBITDA = profit before financial, tax and fixed asset depreciation and impairment costs

Short-term debt coverage ratio = current assets / short-term liabilities

ROA = net profit / assets

ROE = net profit / equity

Staff

During the reporting period, 7 people worked in the company, who were paid a salary including taxes in the amount of 285 thousand euros, including 154 thousand euros to the board and management members.

Future plans In 2023, we plan to continue with forest management. As the forestry market is still volatile, the company faces a challenging year ahead.

However, we are positively minded that the company will cope with difficult circumstances.

Russian-Ukrainian conflict The sharp impact on the market in the first quarter of 2022 was caused by Russia's attack on Ukraine. The European Union imposed sanctions on the import of Russian goods into the European Union, thus limiting the inflow of capital into the aggressor country. The effects of the Russian-Ukrainian war on Timberstock OÜ were mainly manifested through the rapid rise in the prices of purchased services, while the energy crisis intensified by the war also accelerated the growth of forest material sales prices.

Risks associated with changes in exchange rates and interest rates

Transactions with customers and suppliers are in euros, therefore fluctuations in exchange rates do not affect the company's economic activity. The interest rate on loans is fixed, so the risk associated with changes in interest rates is low.

Significant environmental and social impacts

Timberstock OÜ manages the forest responsibly, taking into account current growth and in accordance with the regulations of the Ministry of the Environment. The impact of environmental changes on the report at the time of its preparation for the next financial year is not foreseeable.