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's activity report 2022

Introduction

OÜ Combilink was established in 2010. The same year, production also started. OÜ Combilink deals with wood processing, during which elongated blanks are produced for profile strip manufacturers. Also, by-products (sawdust) from the production of blanks are sold, and other services are provided (optimization of sawn timber lengths and qualities, finger jointing of sawn timber blanks and planing and gluing of blanks). The main material used is pine. In addition to finger jointing, we also deal with planing and band sawing of material. The share capital is 3,834 euros.

Revenues and profit in 2022 amounted to OÜ Combilink's sales revenue of 20.0 million euros (2021: 20.6 million euros). Sales revenue accounted for 95.46% of production sales (2021: 97.12%). 92% of OÜ Combilink's sales revenue was sales to Estonia (2021: 91%) and 8% was exports (2021: 9%).

The profit for the reporting year was 1,207,939 euros in 2022 (2021: 2,471,106 euros).

The biggest influencer of Combilink OÜ's operating environment in 2022 was the price increase of our raw material, sawn timber, in the first half of the year and then a decrease by the end of the year. Such a price change also occurred a year earlier, in 2021, but it was not possible to get the same rapid price change from buyers this year. In addition, the energy crisis that began in the spring of 2022 and the war in Ukraine made the end customers very cautious. Buyers reduced their warehouse volumes and did not order new goods into warehouses. The market essentially stopped. Long-term contracts were not made. Our order volume decreased.

We reduced the number of shifts from three to two. We reduced the number of employees and provided necessary retraining and additional training for partial restructuring of production.

A major impact on the operating environment was still the high energy price.

We keep control and reduce the environmental impacts associated with our operations. The wood waste generated in our production is collected as chips and sawdust and sold to companies producing wood pellets. Last year, we built a sawdust unloading tent from silos for unloading sawdust, which helps to avoid sawdust entering the territory and the environment during loading. We collect and hand over to the packaging recycling and waste management companies the waste of film, paper and cardboard packaging arriving with sawn timber, metal waste and household waste. The generated domestic water undergoes septic treatment for cleaning. To save electricity, we installed "smart LED" lights in production last year. The products we manufacture in our production activities help to preserve the CO2 in the products for a long time, thus not returning to the environment. Our company, located in Southeast Estonia, contributes to the employment and social development of the region.

Combilink OÜ's business is not seasonal.

Both the procurement of raw materials and the sale of products by Combilink OÜ are predominantly based on EUR and therefore there is no need to hedge against risks arising from currency exchange rate movements. The debt burden is low and therefore interest rate risks are not hedged either.

Main financial ratios Calculation rule 2022 2021

Sales revenue 20015441 20616944

Gross profit margin (%) gross profit/sales revenue * 100 22% 26%

Net profit 1 377 706 2 639 129

Net profitability (%) net profit/sales revenue * 100 7% 13%

Short-term liability coverage ratio current assets/short-term liabilities 3.7 2.4

ROA " net profit/ total assets * 100 15% 25%

ROE net profit/total equity * 100 24% 48%

Gross profit = sales revenue - goods, raw materials, materials and services.

Net profit is profit before taxation.

Investments

During the reporting period, 564 thousand euros were invested in tangible fixed assets (2021: 691 thousand euros).

Goals for the next fiscal year