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Strategic decision: We will cease business operations
Board member Eili Poolma (08.02.2024): "With a carefully considered decision based on a number of factors, we plan to cease operations."

's activity report 2022

AS Laesti, established in 2008, is part of the international timber industry group Bergs Timber, which is listed on the Stockholm Stock Exchange. The main activities of AS Laesti are the production of sawn timber and wood processing products. The main sales target groups, in addition to Estonia, are European countries and Egypt.

The net turnover for 2022 was 16.5 million euros, of which 78% was made up of sawn timber sales. 46% of AS Laesti's production was sold to the local market and 54% was exported. The largest export target country in the reporting year was Latvia. The net profit for the company in 2022 was 0.6 million euros. The decrease in sales of Laesti AS during the reporting year is mainly due to the decrease in demand for sawn timber in the second half of the year and the resulting reduction in production. The main reason can be attributed to the Russian-Ukrainian conflict and the sanctions imposed on Russia and Belarus. Before the sanctions were implemented, customers stocked up on a large amount of sawn timber. In the second half of the year, an unstable economic environment, high inflation, and rising energy costs made consumers cautious, and the previously stocked sawn timber remained idle. As a result, sales and production in the sawmill industry fell significantly across the sector. Laesti AS responded to the situation by reducing costs and optimizing production.

The company's operating environment is also affected by the confusion around the forestry development plan. As a result, it is not possible to assess the availability of raw materials in the coming years, which in turn creates uncertainty in the timber industry companies about making additional investments.

The average number of employees of the joint-stock company Laesti in 2022 was 42, and as of the end of the year, the company employed 30 employees. The total labor costs amounted to 1.4 million euros. No rental labor was used.

During the reporting period, 0.6 million euros were invested in tangible fixed assets. Mainly existing buildings and equipment were improved, investments were made in new warehouse and production software, which helps to better plan resources.

The main goal of AS Laesti for the next financial year is cost-effective production and adding value to existing products.

The company continuously invests in the efficiency and automation of production processes.

Ratio dynamics 2021/2022:

Ratio Calculation Unit 2022 2021

Working capital Current assets - short-term liabilities million euros 3.2 2.4

Solvency ratio Current assets / short-term liabilities times 3.50 2.03

Liquidity ratio Liquid assets / short-term liabilities times 2.51 1.40

Asset turnover Sales revenue / assets times 1.41 1.91

Debt ratio Liabilities / liabilities times 0.13 0.21

Business profitability Operating profit / sales revenue % 3.67% 15.06%

Net profitability of turnover Net profit / sales revenue % 3.52% 14.62%

Return on equity (ROE) Net profit / equity % 5.72% 35.36%

Return on assets (ROA) Net profit / assets % 4.97% 27.95%