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's activity report 2022

Ecobirch AS is a wood industry company consisting of a glue board factory and a sawmill, where the role of the sawmill is to produce birch sawn timber for the glue board factory. The Pärnu glue board factory used, in addition to birch sawn timber, a small amount of alder sawn timber as raw material for the production of glue boards.

Ecobirch AS's business is not seasonal.

The main external factors affecting the company's economic development were the cooling of the world economy and the resulting decline in demand in the most important target market (USA).

The company's operations were negatively affected by the increase in the cost of raw materials, energy and other inputs, and the general decrease in demand in the markets. Contrary to the rising price of raw materials in terms of birch, there was strong price pressure on finished products in the markets, especially in the second half of the year.

In addition, the company was affected by currency risks, mainly changes in the USD exchange rate against the Euro, as the main target market uses the US dollar as a means of payment. The USD exchange rate against the Euro was weak for most of the year. In 2023, the company will monitor changes in the exchange rate and convert US dollars into Euros at an appropriate time to hedge risks.

The company's loan and capital lease transactions include a Euribor component.

During the reporting year and after the reporting date, the rise in Euribor has not had a significant impact on the company's business.

Specific risks to the business were the demand and popularity of birch wood in the markets, the availability and price of raw materials/labour.

The Covid-19 pandemic has not had a significant impact on the company's operations.

The war in Ukraine that began on February 24, 2022, has made the economy generally more unstable and has brought with it various price increases. As the situation in Ukraine is uncertain and rapidly changing, the management cannot accurately assess the impact of this event on the company.

In 2022, Ecobirch AS employed an average of 106 employees (2021: 157 employees) and 1 salaried board member.

The company operates in the field of renewable resources, processing and valorising wood. We have joined both FSC and PEFC sustainable forestry programs and have undergone the relevant certifications to prove that the wood used in our production process comes from responsibly managed forests. Production waste such as sawdust, chips and planer shavings are fully used in renewable energy companies for the production of wood pellets or heat energy.

We constantly monitor our work environment indicators, contributing to work safety and employee health care.

We have been long-term supporters of the Pärnu Volleyball Club and have also supported kindergartens, schools and theatre with wood materials. We understand the importance of environmental conservation and every year we contribute to the restoration of forests.

Ecobirch AS production and sales.

The sales volume of the glue board factory decreased by approximately 32.8% compared to 2021, with a sales volume of 28,951 m3 (2021: 43,102 m3) of glue boards.

The sawmill sawed or had sawn 74,837 m3 (2021: 89,296 m3) of birch logs, of which 33,390 m3 (2021: 40,718 m3) of sawn timber was produced. 5,599 m3 (2021: 12,532 m3) were sold and 29,719 m3 (2021: 48,073 m3) of sawn timber were purchased.

Ecobirch AS's sales revenue for the 2022 financial year amounted to 40.7 million € (2021: 48.5 million €), which was approximately 16.2% less than the previous year's sales revenue.

Direct labour costs increased by 3% in 2022 compared to 2021. At the same time, the cost of labour rent (in the profit and loss account as 'Goods, raw materials and services') decreased very significantly: 28%