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's activity report 2022

Metsä Wood Eesti AS is a business entity that was registered on 18.07.2016 and belongs to the long-standing Finnish forestry conglomerate Metsä Group.

Metsä Wood is part of the Metsä Group, which covers the entire value chain of wood from forest procurement to finished products. The Group's activities focus on five main directions: wood procurement (Metsä Forest), wood product production (Metsä Wood), pulp and sawmill industry (Metsä Fibre), packaging board production (Metsä Board), and household and baking paper production (Metsä Tissue). The parent company of the Group is Metsäliitto, owned by more than 104,000 Finnish forest owners.

The main uses of birch plywood produced by Metsä Wood Eesti AS are in the transport industry and in the manufacture of concrete casting molds. The raw material needed for plywood production mainly comes from Finland. Veneer production takes place at Metsä Wood's birch veneer factory in Äänekoski. Metsä

Wood Eesti AS's business activity is not cyclical.

Activities in 2022 Investments made during 2022 provided the opportunity to increase production efficiency and capacity, improve quality, increase occupational safety and reduce environmental impact, continued to develop the possibilities for recycling glue wash water residues. The most significant were investments that resulted in improved pressing productivity and increased automation level. In connection with the investment work, production was deliberately stopped for three weeks in August.

The production volume was 39,999 m³ of birch plywood. Production volume increased by 10.4% in 2022. In addition to increasing production volume, it was also possible to improve the efficiency of raw material use per cubic meter of production. The order situation was also very favorable in the plywood market and the entire production capacity of the Pärnu factory was covered by orders.

Due to the increase in production volumes, new employees were hired in 2022, including Ukrainian refugees. In 2022, Metsä

Wood Eesti AS provided work for an average of 180 employees. Metsä Wood Eesti AS Pärnu factory (as well as all other Metsä Group units) implemented

Under the GLOPAL project, a unified payroll process was introduced and a new timekeeping program was adopted.

The war in Ukraine on 24.02.2022 and the subsequent sanctions imposed on Russia also had an impact in 2022. Metsä Group, including Metsä Wood, ended cooperation with Russian timber and veneer suppliers. The veneer supplies of the Pärnu factory are secured with stock from Finland.

In 2022, we supported schools, cultural and sports events, and charity events operating in Pärnu with defective plywood generated in our production.

Metsä Wood Eesti AS contributes to the development of sustainability and diversity and respects the diversity of people and values the principle of equal treatment among its employees, partners and customers. The company is developed sustainably, always considering financial, social and ecological aspects. In the second half of 2022, all employees underwent updated Code of Conduct training.

Operating results

The operating profit of Metsä Wood Eesti AS in 2022 was 3.8 million euros, increasing nearly 2.6 times compared to the previous year. The growth in sales revenue compared to the previous year was 42.1%, which was mainly due to the increase in sales prices and also a larger sales volume. The average sales price increase compared to 2021 was 35.6%. Although the prices of raw materials and energy soared in 2022, the impact was eliminated thanks to more efficient production, increasing demand for products and raising the sales price.

As of 31.12.2022, the company's short-term liabilities exceeded current assets. The reason is the end of the Metsä Group's internal loan agreement in December 2023.

and its classification as a short-term loan. Since the loan is planned to be largely refinanced internally by the Metsä Group at the end of 2023, it will not affect the sustainability of the company.

The company's receivables are 69.5% higher compared to the end of the previous year, and this is mainly related to increased sales revenue. 32% of receivables are internal to the Metsä Group. To hedge credit risks, a special credit management department has been created in the Metsä Group, which deals with all activities related to the Metsä Group's credit management, including assessing the liquidity and financial status of customers, setting credit limits, communicating with customers with late payments, etc.

During the financial year and also during the preparation of the report, no significant risks related to changes in exchange rates have emerged. Most of

Metsä Wood Eesti AS's sales revenue and main raw material purchases are in euros.

Main ratios 2 022 2 021

Sales revenue (in thousands of euros) 52 886 37 212