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's activity report 2022

Year by year, wooden construction has become a global trend in architecture and structures. Wood is an environmentally friendly building material and it is the only renewable building material. By using wood, we can reduce the consumption of non-renewable materials.

Forestway OÜ's main activity is the export of wood products from Estonia and other European countries. Forests play a critical role in the global environmental well-being, and ForestWay aims to source forestry products from sustainably managed forests to preserve forests that provide clean air, wildlife habitat, and raw materials in the future.

Important events and future plans

The effects of Covid-19 have decreased during 2022, the regularity of supply chains has returned to normal, and the shipping crisis has eased over the year, and finally, freight prices have returned to a reasonable level, contributing to the growth of the entire business profit.

We maintained good cooperation with our regular Estonian suppliers. We continued to assist Estonian sawmills and wood producers in exporting their production.

We continue to want to expand cooperation with various Estonian partners and plan to continue increasing exports from Estonia in the coming years.

Our business is usually cyclical, but in the first half of 2022, the global demand for wood was on the rise and prices were high, so we faced challenges in terms of supply. Conversely, in the second half of the year, demand was on a downward trend, so prices fell and we were able to get supplies more easily than in the first half of the year.

Our main sales market is Egypt, which introduced new import regulations in the first half of 2022 to limit imports, trying to solve the severe currency crisis and cope with the lack of foreign currencies. This negatively affected our sales in the first half of 2022, but in the second half of the year, we managed to find new solutions and restore the regular supply chain.

Events after the reporting date in the first half of 2023, prices and freight rates have been at a reasonable level, so our purchase and sale were more active than in the first half of 2022.

We continue our regular business and expect a larger profit and more positive financial reports for 2023 compared to 2022. We also want to maintain long-term cooperation with existing partners and are working to find new long-term cooperation partners.

Key financial ratios:

Financial ratio name 2022 2021

Turnover growth / decline -7.9% 23%

Short-term obligations coverage ratio 2.4 1.0

ROA 55.9% -0.4%

Formulas used in calculating ratios:

Turnover growth: (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100

Short-term obligations coverage ratio: current assets/short-term liabilities

ROA net profit/total assets*100