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's activity report 2022

The main activity of AS Tarmeko Spoon is the turning and sale of birch spoons. The parent company of AS Tarmeko Spoon is OÜ Tarmeko KV.

In 2019, planning began to expand production to invest in spoon processing equipment to reduce the importance of raw spoon sales and to use the material more efficiently. In August 2019, AS Tarmeko Spoon purchased a bed slat production company from Tarmeko LPD OÜ. In the following years, AS Tarmeko Spoon invested in additional bed slat production equipment and significantly increased the volume of bed slat production.

The situation in AS Tarmeko Spoon's spoon sales markets changed in 2022 after the war in Ukraine began in February.

Spoon sales prices and AS Tarmeko Spoon's sales revenue significantly increased. A closer cooperation was started with an Italian partner, who became the largest spoon client in the second half of the year.

Birch logs, which are the main raw material for production, became significantly more expensive for AS Tarmeko Spoon. AS Tarmeko Spoon has to take into account the seasonal peculiarities in the procurement of raw materials - a larger stock of logs has to be delivered in the spring to ensure smooth production during the summer period.

In 2022, AS Tarmeko Spoon did not have significant economic events that are not reflected in the annual report but would affect the financial results in 2022 and the following years.

The company does not use financial instruments in its operations that would require separate hedging of financial risks.

The activities of AS Tarmeko Spoon affect the environment with the odors emitted from the logs used for production. The company is exploring options and has implemented measures to reduce the emitted odor.

Sales revenue in 2022 was 16.0 million euros, which was 85.3% higher than sales revenue in 2021. The increase in sales revenue in 2022 is due to changes in the markets resulting from the war in Ukraine, the increase in spoon sales prices on the world market, and a significant increase in bed slat production. Gross profit in 2022 was 3.2 million euros, in 2021 the company made a gross profit of 0.7 million euros. Marketing costs in 2022 were 905 thousand euros. General administrative expenses were 309 thousand euros. AS

Tarmeko Spoon's profit for the 2022 reporting year was 1.9 million euros.

MAIN FINANCIAL RATIOS

Title 2022 2021 calculation method based on the previous year

Turnover growth % 85.3 % 51.9 (sales revenue - prev.y.sales revenue )/prev.y.sales revenue *100

Gross profit margin % 19.7 % 8.1 % (gross profit/sales revenue*100)

Net profitability % 12.1 % 0.5 % (net profit/sales revenue*100)

Short-term obligations 2.88 2.56 (current assets/short-term obligations) coverage ratio (times)

ROA % 33.6 % 1.1 % (net profit/total assets*100)

ROE % 45.5 % 1.6 % (net profit/total equity*100)

In March 2023, the sole shareholder of AS Tarmeko Spoon decided to increase the share capital of AS Tarmeko Spoon to 2,060,400 euros. The increase in share capital will be paid in cash and non-cash contributions, together with a premium of 5,372,800 euros.

Non-cash contributions will be made to AS Tarmeko Spoon in the form of properties on which AS Tarmeko Spoon operates, in Tartu County,

Luunja Parish, Lohkva Village.

The goal for 2023 is to increase production efficiency. The turnover for 2023 is forecasted to be 18 million euros and the profit 1 million euros.