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's activity report 2022

Introduction

Nason Davis Eesti OÜ is a company engaged in the production and sale of timber, focusing mainly on coniferous planed timber.

Our main target markets are Japan, the United Kingdom and France.

We have close relationships with all major Estonian sawmills and import suitable raw materials for processing from the Nordic countries.

Nason Davis Eesti OÜ holds FSC® and PEFC ™ certificates, as we value responsible and sustainable forestry.

The sole owner of Nason Davis Eesti OÜ is the British company, Nason Davis Holdings Ltd.

Nason Davis Eesti OÜ owns a 67% stake in the company Assiku Puit and since May 2022, a 100% stake in the company Oja Puit. The group consists of the parent company Nason Davis Eesti OÜ and the subsidiaries Assiku Puit OÜ and Oja Puit OÜ.

The main activity of both subsidiaries is the processing of timber and the main customer is Nason Davis Eesti OÜ.

Economic environment in the fiscal year 2021/2022, both turnover and profit increased compared to the previous period. 2022.

In the spring-summer of 2022, market demand began to decrease due to the war in Ukraine and general economic instability, followed by a price correction from suppliers, but this has not yet led to an increase in demand. Energy wood prices affect the entire wood sector and the stabilization of raw material prices depends on both winter and war effects.

Revenues, expenses, profit

The group's sales revenue for the reporting year was 32,867,161 EUR, in the previous fiscal year 20,945,382 EUR.

Compared to the previous period, the turnover and volumes of timber to our main target market in Japan increased. We sold less goods to the UK last fiscal year and

somewhat more to France. A large part of the turnover is value-added own production.

56.0% of the group's turnover was sales to Japan, 23.2% to the UK, 10.7%

to France and 5.9% to Estonia. In the fiscal year 2020/2021, the distribution among the major markets was as follows: 41.2% to Japan, 36.4% to the UK, 9.1% to France and 6.7% to Estonia.

The net profit for the past fiscal year was 2,708,912 EUR, of which the minority share was 123,802 EUR. The net profit for the previous fiscal year was 1,572,146 EUR.

Profit improved due to strong demand in our main markets until the summer of 2022.

Investments

Last year, a total of 1.2 million euros was invested in tangible fixed assets, of which 930 thousand euros were paid for real estate.

Several additional investments are planned for the fiscal year 2022-2023