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's activity report 2022

Graanul Energia OÜ is a company belonging to the Graanul Invest Group (Group), whose activity is the purchase and sale of electricity between the group's energy-producing companies (power plants) and consuming companies (pellet factories).

The company buys electricity from three power generation companies in Estonia (Imavere Energia OÜ, Osula Energia OÜ, Helme Energia

OÜ) and sells electricity mainly to group companies and the remaining to the open market. Consumers are the group's wood pellet factories in Estonia (AS Graanul Invest Imavere factory, Helme Graanul OÜ Patküla factory, Osula Graanul OÜ factory in Sõmerpalu and Ebavere Graanul OÜ factory

in Ebavere, Lääne-Virumaa).

The missing or surplus amount of energy is bought or sold with third parties. In 2022, the main contract partner was Scener OÜ.

The power plants use only renewable biomass as fuel. All power plants are equipped with electric filters that capture 99% of the solid particles in the flue gases.

In 2022, a total of 194.5 GWh of electricity was purchased from the group's power plants (in 2021: 200.7 GWh).

During the reporting year, 149.8 GWh was sold to group companies and 51.1 GWh of electricity to third parties (in 2021, respectively 139.9 GWh and 60.8 GWh).

In 2022, as in the rest of Europe, there was a drastic increase in electricity prices in Estonia. The main reason for the increase in electricity prices was Russian aggression

in Ukraine, which led to general instability in the energy market and a rapid rise in energy carrier prices. Prices for natural gas, coal and heating oil increased significantly, and uncertainty about the availability of sufficient fuel volumes caused great volatility in the markets.

The company's turnover increased more than two and a half times and the reason for this was the increase in electricity prices. The average electricity selling price for the reporting year was 192.8 €/MWh (in 2021: 86.7 €/Mwh).

No investments were made in fixed assets during the reporting year. No investments are planned for 2023 either.

Graanul Energia OÜ does not have any employees and all management services are purchased from other group companies.

All of Graanul Energia OÜ's sales and most purchases are in euros, so the company does not have any currency-related risks. The company also does not have significant financial obligations, so there are no interest rate risks. The company does not use financial instruments in its operations. The company's financial risk management is carried out at the level of the group's parent company, which ensures the company's sales and main purchasing activities, as well as the management of the company's cash flows.

Key financial indicators and their calculation methodology (in thousands of euros): 2022 2021

Sales revenue 36 577 17 747

Operating profit 975 167

Net profit 975 167

Total assets 5 927 4 706

Equity ratio (equity/assets*100) 21.9% 6.9%

Liquidity ratio (current assets/short-term liabilities) 1.25 1.05