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's activity report 2022

OÜ Thermoarena (registration code 12360784) was registered in Harju County Court's registry department on 11.10.2012 and started its operations from the same time.

The company's field of activity is the thermal treatment and sale of wood material.

In 2021, our thermowood production volume was over 25 thousand cubic meters, which brought us to the estimated top 5 largest thermowood producers in the world.

OÜ Thermoarena has one board member, for whom no board member's fee has been calculated.

The average number of salaried employees in 2022 was 34 (30 in 2021), who were paid a salary of 618,810 euros in 2022 (465,900 euros in 2021).

In 2022, investments were made in the acquisition and improvements of fixed assets for 4,366,391 euros (1,722,256 euros in 2021).

There were no significant research and development projects and related expenditures in the 2022 financial year, and none are planned for the following years. Thermoarena OÜ's operations do not have significant environmental and social impacts.

OÜ Thermoarena owns 100% of the subsidiary Burnshied OÜ, which operates in wood processing, making it more fire-resistant.

Main financial indicators and ratios 2022 2021

Sales revenue 14,397,993 12,435,345

Net profit (-loss) 1,714,349 3,342,236

Current assets 4,874,652 5,269,934

Total assets 12,680,290 9,685,527

Short-term liabilities 2,198,676 2,130,173

Total equity 8,905,069 7,190,720

Sales revenue growth (–decline) 16% 63%

Profit growth (-decline) -49% 230%

Net profitability 12% 27%

Return on assets (ROA) 13.52 34.51

Short-term liabilities coverage ratio 2.22 2.47

Return on equity (ROE) 19.25 46.48

Formulas used in the calculation of ratios:

Sales revenue growth (%) = (sales revenue 2022 – sales revenue 2021)/ sales revenue 2021 * 100

Profit growth (%) = (net profit 2022 – net profit 2021)/ net profit 2021 * 100

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

ROA (%) = net profit/ total assets * 100

Short-term liabilities coverage ratio (times) = current assets/short-term liabilities

ROE (%) = net profit/ total equity * 100

Risk of changes in exchange rates, interest rates and stock prices

Transactions with suppliers take place in insignificant parts in currencies (GBP and USD). The impact of changes in the exchange rate of these transactions is not a significant risk for the company.