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's activity report 2022

Mest Food OÜ is a food (meat) brokerage company based on Estonian capital, belonging to the AS Maag Group.

AS Maag Group is a 100% Estonian capital-based group engaged in food production and brokerage.

With twelve active years of operation, the company has achieved a good stable position in the market. We have won the trust of our partners, which adds confidence for the future. The main activity is the purchase and sale of frozen and chilled meat in Europe. One of the activities of Mest Food OÜ is the sale of Estonian origin meat abroad, indirectly supporting the entire Estonian agriculture. Our active salesmen also operate in Lithuania and

Finland. Mest Food OÜ subsidiaries Avalon Foods Sp zo.o. in Poland and Mest Food UAB in Lithuania also operate profitably in cooperation with the parent company.

In 2022, Mest Food OÜ's sales revenue was 37,855 thousand euros and the net profit was 1165 thousand euros. 100% of sales revenue was sales to EU member states. There were no research and development costs in the reporting year.

The average number of employees in the company was 5 employees during the financial year.

Main financial ratios: 2022 2021

Sales revenue (thousand euros) 37855 29636

Net profit (thousand euros) 1165 835

Net profitability 3% 2.82%

Short-term obligations coverage ratio 2.02 1.93

ROA 18% 16%

ROE 35% 31%

Formulas used in calculating ratios: a. Gross profit amount (%) = gross profit / sales revenue * 100 b. Net profitability (%) = net profit / sales revenue * 100 c. Short-term obligations coverage ratio (times) = current assets / short-term obligations d. ROA (%) = net profit / total assets * 100 e. ROE (%) = net profit / total equity * 100

No significant investments were made during the reporting year and none are planned for the near future. No significant events have occurred during the report preparation period that would affect the annual report.

Mest Food OÜ's business activity is not seasonal or cyclical. Together with its subsidiaries, Mest Food OÜ plans to maintain or increase turnover and profit in the 2023 financial year. However, the company is very much dependent on world economic policy, as a result of which various third countries are restricted or opened for food trade, rapid rise in production input prices, etc., which in turn affect meat prices in Europe and the supply vs demand ratio.

Military activities in the world and everything that comes with it also affect our results.

The results of 2023 will also be slightly affected by the rise in Euribor, which is still rising at the time of writing the report and whose fall is not expected in 2023. There are no risks associated with exchange rates, interest rates and stock prices.

The company's activities have no environmental impact, but we are increasingly trying to convince customers to buy goods in minimal packaging, thereby trying to reduce our suppliers' packaging costs and contribute to the "green policy".