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's activity report 2022

Helme Energia OÜ is a company belonging to the Graanul Invest group, whose activity is the production of electricity and heat energy in Patküla, Valga County.

The company's main asset is a cogeneration plant with a capacity of 6.4 MW of electricity and 15 MW of heat energy. The plant was built in 2011-2012

By the Finnish company MW Power and was connected to the Estonian power grid in December 2012.

All the heat energy produced in the cogeneration plant is consumed in the neighboring Helme Graanuli pellet factory belt dryers. Part of the produced electricity is also consumed in the pellet factory and the remaining part is sold to the grid.

The cogeneration plant uses the lowest quality forest industry residues as fuel: bark and forest chips. Most of the bark comes from our own peeling lines or from sawmilling in the same industrial park with a minimal route from the CHP. The cogeneration plant is equipped with electric filters that capture 99% of the solid particles in the flue gases.

In the reporting year, Helme Energia produced 50.414 GWh of electricity (2021: 53.917 GWh) and 159.883 GWh of heat energy (2021: 97.069 GWh).

The volume of electricity production was 6.5% lower than a year earlier, which was caused by technical problems in the third quarter.

Electricity prices remained very high throughout the year. Russia's aggression in Ukraine caused general instability in the energy market and a rapid rise in energy carrier prices.

The price of electricity in Estonia was on average 192 €/MWh, or almost 2.2 times higher than the average in 2021. The price of the main input, i.e. fuel (biomass), also rose significantly (1.5x) during the year due to its increased demand. The selling price of heat energy is directly linked to the price of fuel, so the impact of the rise in fuel prices on the company's financial results was small. Thanks to high electricity prices, the company's financial results for the reporting year were very good.

Stable production is planned for 2023. A larger and longer maintenance break is planned for the summer period, which will result in lower production volumes than achieved in 2022.

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

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

All of Helme Energia OÜ's sales and most purchases are in euros, so the company does not have any currency exchange risks. The company also does not have significant financial obligations, so there are no risks associated with interest rate changes. The company does not use financial instruments in its operations. The company's financial risk management is carried out at the level of the parent company of the group, 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 13 800 9 120

Operating profit 7 215 4 149

Net profit 7 062 3 734

Total assets 13 183 13 543

Equity ratio (equity/assets*100) 89.7% 35.2%

Liquidity ratio (current assets/short-term liabilities) 3.5 2.2