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's activity report 2022

TeeWood LLC was established in 2005, with its main activity being the planing and drying of sawn timber.

Until 30.11.2022, the company was named Teamwood LLC.

The main areas of activity of the company in 2022 were the sale of sawn and heating materials.

In 2022, approximately 39% of the produced output was realized in the Estonian market, 56% was sold to the European Union and 5% to customers outside the European Union.

In 2022, a stake was acquired in the company J.Roots Timber LLC (51%) and subsidiaries Atawood LLC (100%) and TeamWood LLC (100%) were established.

The financial year 2022 was very challenging in the company's field of activity. Due to the aggression of the Russian Federation's armed forces in Ukraine, extreme uncertainty arose

in the European timber market, confusion and difficulties have arisen in both the raw material and production market, in addition to high energy prices caused by the energy crisis, general economic cooling.

For the aforementioned reasons, the management of TeeWood LLC decided in December 2022 to cease production activities related to timber planing.

The company's employment contracts were transferred to Teamwood LLC.

In the first half of 2023, a merger was made with the company Baltikit LLC owned by a member of the board, the merging company was TeeWood LLC.

TeeWood LLC will focus on the brokerage of timber products in 2023.

Main ratios: 2022 2021

Return on equity (ROE) (net profit/equity) 0.17 0.37

Return on assets (ROA) (net profit/assets) 0.15 0.27

Asset turnover (net sales/assets) 3.06 3.04