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's activity report 2022

OÜ Combiwood was established in 2004 and production started in 2005. OÜ Combiwood is engaged in the production of painted wooden strips. The main raw materials used are pine and pine components. The strips are finished with primer or surface paint.

The strips are mainly exported to Scandinavia and other European countries.

The share capital is 9,588 euros and since 2021, the company has one owner, Combiwood Grupp OÜ.

In 2022, Combiwood OÜ's sales revenue was 44.7 million euros (in 2021 it was 51.6 million euros). 70% of sales revenue came from exports and 30% from sales

in Estonia (in 2021, 71% from exports and 29% from sales in Estonia).

The profit in 2022 was 5.0 million euros (in 2021 it was 9.7 million euros).

The operating environment of Combiwood OÜ in 2022 was very unstable. The first half of the year was very good in terms of orders, but the situation changed in the second half of the year - orders decreased significantly and this did not allow the factory to operate stably. The main reasons were high energy prices and the war in Ukraine, which made consumers very uncertain. As a result, we had to reduce the number of employees and also reduced the working time to four working days a week.

The company reduces and keeps under control the environmental impacts associated with its activities. All wood waste generated during the production process is collected as chips and sawdust and sold to companies producing wood pellets. To save electricity, we installed LED lights in production. We are increasingly using water-based paints for finishing products.

The social impact on the region is large for OÜ Combiwood, as we continue to be the largest employer and taxpayer in Tõrva municipality.

The company employs 200 workers.

OÜ Combiwood's business is not seasonal.

Combiwood OÜ's raw material procurement and product sales are predominantly EUR-based and therefore there is no need to hedge against currency exchange rate risks. The debt burden is low and therefore interest rate risks are not hedged either.

Key financial ratios

Main financial ratios Calculation rule 2022 2021

Sales revenue 44 731 885 51 591 215

Gross profit margin (%) gross profit/sales revenue*100 34% 31%

Profit before taxation 6 748 442 9 727 482 profit before

Net profitability (%) 15% 19% taxation/sales revenue*100

Short-term obligations current assets/short-term 5.5 4.8 coverage ratio obligations profit before

ROA profit before taxation/assets 15% 21% total*100 profit before

ROE profit before taxation/equity 20% 27% total*100

Gross profit = sales revenue - cost of goods, raw materials, materials and services.

Investments

During the reporting period, a total of 410,744 euros was invested in tangible fixed assets (in 2021 it was 3,923,369 euros).

The goal for the next fiscal year 2022 is to implement the investments made in previous years and continue investing in improving production processes efficiency.

On the sales side, the goal is to continue expanding geography and enter new markets.