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's activity report 2022

About the company briefly

OÜ Combitrans started its planned activity in the field of transport services and wood chip production in 2016. Services are provided mainly to group companies in the domestic market.

Overview of economic activity In 2022, the company invested an additional 4 million euros in fixed assets (2.5 million euros in 2021), as a result of which sales revenue increased by 49% (increased by 13% in 2021). During the reporting year, the demand for the services offered by the company was high, but there were difficulties with the availability of machines and spare parts. The pressure on cost and wage growth was constant. In the last months of the reporting year, the demand for the services offered by the company decreased, but we are flexible and therefore quick responders. To maintain the ability to provide services and increase efficiency, the company constantly updates its machinery. New machines provide the opportunity to offer good working conditions to employees, which is necessary to find qualified labor.

The company's short-term obligations exceed the 2022 current assets. Sufficient cash flows from the main activity are planned to fulfill short-term obligations and this is a normal situation resulting from the field of activity on the reporting date. See also Appendix 18.

Ratios 2022 2021

Sales revenue (thous.

14 939 10 008 eur)

EBITDA (thous. eur) 2 959 1 514

Profit (thous. eur) 1 180 3

Balance sheet total (thous.

11 043 9 028 eur)

Short-term 0.5 0.3 obligation coverage ratio

ROA (%) 11% 0.03%

ROE (%) 56% 0.3%

Formulas:

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

Short-term obligation coverage ratio= current assets / short-term obligations

ROA = net profit / assets*100

ROE = net profit / equity*100

Staff

During the reporting period, 95 people worked in the company (90 people in 2021), who were paid a salary with taxes in the amount of 3 681 thousand euros (2 929 thousand euros in 2021), including 102 thousand euros to a board member (56 thousand in 2021)

Future plans In 2023, the demand for Combitrans OÜ services should continue to increase due to the increase in energy needs. The challenge will be the availability and price increase of new equipment and spare parts.

Russian-Ukrainian conflict

The Russian-Ukrainian war has affected the company's business. The biggest impact has been on equipment prices and their availability. There is also a noticeable impact on the availability and prices of spare parts and consumables. The increase has been up to 2.5 times.

Risks associated with changes in exchange rates and interest rates