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's activity report 2022

AS Tartu Graanul was established in 2014 and the main activity of the company is the production and sale of heating pellets. The owners of AS Tartu Graanul are AS PK Oliver, OÜ Vikertäht and OÜ

Kakkoveski.

The company owns the ENplus standard set for the quality requirements of wood pellets.

AS Tartu Graanul's 2022 production and sales

In 2022, AS Tartu Graanul produced 41,004 tons of pellets (2021: 42,736 tons) and the volume of dried sawn timber was 7629 tm (2021: 10738 tm).

The company's turnover in 2022 was 9,666,943 euros (2021: 7,954,229 euros) and it increased by 21.5% compared to the previous year. The majority of Tartu Graanul's sales volume was made up of the sale of wood pellets, which accounted for 90.6% of total sales revenue. The main target markets in Europe were

Italy, Latvia and Slovenia.

Environment

AS Tartu Graanul has a reporting obligation to the Environmental Board for activities related to outdoor air pollution.

The company fulfills the obligation to submit a packaging report arising from § 24 of the Packaging Act and submits the packaging report every year by June 30 and pays excise duty.

Staff

The average number of employees in 2022 was 12 (2021: 12 employees). Salaries were paid 378,868 euros and no salaries were calculated for the board and council members. Sales revenue per employee was 805,579 euros.

Investments in 2022 In 2022, investments were made in a solar park, one of which started production in 2022 and the second solar park will be completed in 2023.

Main indicators in euros 2022 2021

Sales revenue 9,666,943 7,954,229

Change compared to the previous year 21.5% 29.64%

Net profit 1,605,704 630,077

Change compared to the previous year 154.84% 165%

Net profit margin (net profit / sales revenue) 16.61% 7.92%

Return on equity ROE (net profit / average 51.96% 31.95% equity)

Return on assets ROA (net profit / average total assets) 20.1% 8.26%

Liquidity ratio ((current assets-inventory) / short-term 0.70 0.46 obligations)

Equity from assets 46.23% 30.27%

Planned investments for 2023 • Construction of the second solar park