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's activity report 2022

Introduction

Lotus Timber OÜ was established on 17.03.2011. The company mainly produces planed timber. The main product groups are carcass, lining, terrace.

In addition, the company offers services such as planing, drying, deep impregnation and painting of wood.

Revenues, expenses and profit in 2022. Lotus Timber OÜ's sales revenue was 35.8 million euros (41.1 million euros in 2021). In 2022, sales revenue decreased by 12.9% compared to the previous financial year (increased by 88.2% in 2021). The share of exports in 2022 accounted for 39% of sales (57% in 2021).

Operating expenses in 2022 were 35.1 million euros (34.8 million euros in 2021). In 2022, operating expenses increased by 0.9% compared to the previous financial year (increased by 72% in 2021).

The company's net profit in 2022 was 0.20 million euros (5.81 million euros in 2021).

Main financial ratios 2022 2021

Net profit (EUR) 201 972 5 807 943

Short-term obligation coverage ratio = current assets / short-term obligations 0.78 1.85

Solvency ratio = (current assets - inventories) / short-term obligations 0.20 0.74

Return on total assets (ROA), % = net profit / total assets * 100 0.60 15.80

Return on equity (ROE), % = net profit / total equity * 100 1.44 42.15

Significant environmental and social impacts

During the reporting period, there were no significant environmental and social impacts on the economic activities of Lotus Timber OÜ.

Risk of changing exchange rates

As Lotus Timber OÜ's loan obligations and obligations to suppliers are mainly in euros, the risks associated with exchange rate changes are low.

Investments The volume of investments made into fixed assets in 2022 decreased compared to the previous financial year and amounted to 2.3 million euros (10.8 million euros in 2021).

Investments are expected to continue in 2023.

Staff In 2022, the average number of employees at Lotus Timber OÜ was 68 people (67 people in 2021). Labor costs in 2022 were 2.2 million euros (2.0 million euros in 2021).

Continuity of operations

As of 31.12.2022, the company's short-term obligations exceeded current assets by 3,521,056 euros, as Swedbank loan obligations amounting to 9,959,793 euros were classified as short-term due to non-compliance with loan covenants. After the reporting date, an agreement has been reached to suspend bank covenants for one year. Based on the above, the company's management has concluded that the application of the going concern principle is appropriate.

Goals for the 2023 financial year In 2023, Lotus Timber OÜ plans to continue in the same activities and sales markets. The goal is to optimize the use of production capacities and pay attention to the quality of service. The war in Ukraine has significantly affected Lotus Timber OÜ's economic activities in international purchase and sales markets.

Urmo Ilves

Board Member