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's activity report 2022

Osula Energia OÜ is a company belonging to the Graanul Invest Group (Group), whose activity is the production of electricity and heat in a combined heat and power plant in Varese village, Võrumaa. The plant is located directly next to the Osula Graanuli wood pellet factory belonging to the Graanul Invest group, which is also the largest customer, buying most of the electricity and heat produced.

The company's main asset is a combined heat and power plant producing 10 MW of electricity and 28 MW of heat. The plant was built in 2016-2017 by the Austrian company Urbas and was connected to the Estonian electricity grid in the second half of 2017.

The heat energy produced in the combined heat and power plant is used year-round by consumers in the neighborhood: in the belt dryers of the Osula Graanuli pellet factory and in the dryers of the Toftan AS sawmill.

The electricity produced is mainly sold within the group; to a lesser extent to the neighboring Toftan sawmill.

The combined heat and power plant uses the lowest quality forest residues as fuel: bark and forest chips. Most of the bark comes from our own peeling lines in the immediate vicinity of the CHP or from sawmilling in the same industrial park.

The combined heat and power plant is equipped with electric filters, which capture 99% of the solid particles in the flue gases.

In the reporting year, Osula Energia produced 83,404 GWh of electricity (2021: 80,992 GWh) and 226,401 GWh of heat (2021: 221,871 GWh).

The combined heat and power plant operated year-round at planned capacity and there were no major shutdowns.

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) over 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, and the expected production volumes are 83 GWh of electricity and 233 GWh of heat.

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

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

All of Osula 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 fluctuations. 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 23 230 14 213

Operating profit 13 007 6 727

Net profit 12 883 6 217

Total assets 27 320 23 613

Equity ratio (equity/assets*100) 95.8% 56.3%

Liquidity ratio (current assets/short-term liabilities) 6.8 2.1