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's activity report 2022

AS Tootsi Turvas (hereinafter referred to as the "Company") is primarily engaged in peat mining and the production of peat products. Peat is mined for use in horticulture (growing peat or horticultural peat) and as fuel in boiler houses (milled peat and sod peat).

Until 30.06.2022, the Company was also involved in the production and marketing of wood fuels.

In 2022, the Company was divided by way of demerger. According to the division plan, the Company transferred the energy wood used for direct combustion and the logging or direct combustion used logging residue material to the acquiring company.

Based on the separated part, a subsidiary Laania Estonia OÜ (initially Tootsi Wood) was established. As a result of the division, the Company's equity decreased by 3.6 million euros. The balance sheet date of the division was June 30, 2022.

There has been no direct impact on the company due to the war in Ukraine, but indirectly it has affected the entire economic environment, especially changes in fuel prices.

During the financial year and the period of preparation of the report, changes in exchange rates, interest rates and stock prices had no effect on the company's financial results. The company uses reminder letters, credit limits and credit insurance to hedge credit risks.

Milled peat, sod peat and, until the division of the Company, chopped wood are sold as biofuel.

A large part of the growing peats are sold in bulk and exported by ships. Packaged growing peat is marketed in large bales.

An online store is also used as a sales channel.

Peat mining is a seasonal activity from May to September each year and largely depends on market demand. The peat resources used by the company are mined by subcontractors.

The Company provides peat production services to the Neova Group company Kekkilä-BVB Eesti OÜ.

The sales revenue for the financial year was 22.2 million euros (previous financial year 22.4 million euros). This includes energy product sales of 5.9 million euros (previous financial year 7.3 euros). Sales of growing peats (horticultural peat) were 16.1 million euros (previous 14.9 million euros).

The net profit for the financial year was 3.2 million euros (previous financial year 2.1 million euros).

Investments in tangible fixed assets amounted to 2.7 million euros during the financial year.

The average number of persons employed in the company during the financial year was 30, at the end of the financial year 24, including persons working under an employment contract 22 (in the previous period respectively 35 and 33).