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's activity report 2022

Main activities and their results

OÜ Panamir's main activity is the production and sale of cocoa products and the mediation of cocoa beans. The aim is to continue developing the company into a full-process cocoa product manufacturing company with a full range of cocoa products.

For the financial year ended 31.12.2022, the company's sales revenue was 56,158 thousand euros (2021: 37,623 thousand euros), which has grown by 49% compared to the previous year.

Significant events during the reporting year

Due to the war between Russia and Ukraine and the imposed sanctions, we were forced to implement major changes in logistics and work organization.

By the end of 2022, we doubled the production capacity of the cocoa powder factory in Keila.

In addition to cocoa powder, the Keila factory continued to produce cocoa mass from cocoa beans, prepare cocoa beans for sale and export.

In November 2022, we started assembling cocoa bean roasting equipment with the German manufacturer Hamburg Dresdner Maschinenfabriken GmbH on prepared production areas in the Keila factory.

We plan to launch the production equipment line in the first half of 2023.

The total cost of the project, including construction work, is estimated at 2 million euros.

PRIA allocated a grant to the above project in the amount of 624 thousand euros.

With this investment, we will increase the production capacity of cocoa mass up to 3 times and thanks to the modern quality requirements offered by the equipment, we can establish ourselves as a supplier among the largest consumers in Europe.

In 2022, we expanded our customer base and entered into long-term cooperation agreements with several new buyers.

In 2022, Panamir OÜ sold cocoa products and cocoa beans to confectionery industries in the following countries: Poland, Belarus, Latvia, Russia, Armenia,

Uzbekistan, Turkey, China, Uruguay.

Significant investments made during the reporting year

During the reporting year, 1,739 thousand euros were invested in fixed assets.

Number of employees, labor costs and board fees and benefits In 2022, Panamir OÜ employed 52 full-time employees, whose salary, including holiday pay and taxes, amounted to 1,180 thousand euros.

In 2022, the board of OÜ Panamir consisted of two board members, who were paid a salary of 113 thousand euros.

General macroeconomic development of the company's operating environment and its impact on the company's financial results

During the period 01.01.2022 to 31.12.2022, the economic situation of the company's target markets was generally stable in terms of our trade relations.

The awareness growth of target markets continues, which is a good prerequisite for the successful implementation of the company's business strategy.

The consumption and recycling volume of cocoa products and cocoa beans, according to the data of the European Cocoa Association, has been on a growth trend and increased by 3.0% compared to the previous year.