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's activity report 2022

Activity Report 2022

Saaremaa Consumers' Cooperative (hereinafter STÜ) has been operating since 1905. The membership fee for joining the cooperative is 20 euros and an annual fee of 40 euros every year. The cooperative's share capital on December 31, 2022, was 10,220 euros. Equity at the end of the reporting year was 20.6 million euros, on December 31, 2021, it was 21 million euros.

At the end of 2022, the cooperative had 25 food and consumer goods stores. In November, a new and modern concept SK Food World (located on the first floor of Saaremaa Department Store) was opened. Food World operates as a successor to Rae Konsum. The cooperative has six Konsums (Port Artur, Tooma, Orissaare, Liiva, Salme started as Konsum after reconstruction, a new Kummeli Konsum was opened in June), 18 stores carrying the Coop brand (Kaubaait, Leisi, Valjala, Aste, Kärla, Ranna, Kihelkonna, Roomassaare, Lümanda, Mustjala, Tornimäe, Nasva, Tagavere, Saikla, Hellamaa, Pihtla, Pärsama, Eikla). Six food and consumer goods stores are located in Kuressaare, one in Pärnu, 18 in Saare County.

Saaremaa Consumers' Cooperative owns Saaremaa Department Store. The renovation of the department store premises began in 2021 and the modern and fashionable department store continued its sales activities after the renovation in March 2023.

Saaremaa Consumers' Cooperative has 2 subsidiaries. A 100% owned subsidiary OÜ STÜ Production, founded on November 9, 2018, which started economic activity in 2019. AS STÜ Capital Investments, founded on July 30, 2019, which was restructured into a limited partnership STÜ Investments on February 19, 2021.

Saaremaa Consumers' Cooperative operates mainly in the food and consumer goods sector, where food, beverages, and tobacco products (EMTAK 47111) predominate. In this sector, turnover in Estonia as a whole increased by 11.5% in 2022. STÜ's turnover growth in this sector in 2022 compared to the previous year was 13%, while food and non-alcoholic beverages increased by 19.9%.

The rise in food prices accelerated throughout 2022. Thus, the usual autumn seasonal cheapening of fruits and vegetables did not take place in Estonia this year, but prices rose instead. In November, food prices rose by an average of 28% and their impact on overall inflation was already greater than that of energy prices.

In 2022, Estonia's gross domestic product decreased by 1.3% (growth in 2021 was 8.3%). The biggest positive impact came from the accommodation and catering sectors that had recovered from the corona crisis. This was supported to a lesser extent by several other activities. Real estate activities, energy, trade, agriculture, and financial activities stood out with a stronger negative contribution.

The world economy in 2022 was greatly influenced by the Russian-Ukrainian war and China's strict corona restrictions. Economic activity weakened simultaneously in both the production and service sectors. Rapid inflation and high energy prices, along with tightened financing conditions, combined with the Russian-Ukrainian war and geopolitical conflicts, deeply damaged the world economy. Inflation became widespread and persistent.

Inflation and high energy costs reduced people's purchasing power. Economic growth in the euro area slowed in the third quarter due to the energy crisis caused by the war and rapid inflation.

While strong private consumption supported economic growth in the first half of the year, consumption in the third quarter remained at the same level as a year ago.

Consumer confidence is still very low, most of the savings accumulated due to corona restrictions have been used up, and rapid price increases eat into purchasing power. Also, the third quarter of last year included a more than one billion euro payout from the second pension pillar, which allowed more spending at the time. This also set a high benchmark that consumers currently lack the strength to overcome. Similarly to other European Union countries, retail sales volume in Estonia has been shrinking since spring due to rapid price increases.

In 2022, the consumer price index rose by 19.4% compared to 2021. The biggest influencers on the consumer price index in 2022 were price increases related to housing, which accounted for two-fifths of the total increase. Food and non-alcoholic beverage prices accounted for 25% of the total increase.

The average gross monthly wage in Estonia in 2022 was 1,685 euros and increased by 8.9% over the year.

The rapid overall price increase in 2022 did accelerate wage growth, but people's purchasing power decreased significantly in the second half of 2022 and will continue to decrease in 2023. In the first half of 2022, consumption was kept up by directing savings into consumption. This is the price of war. However, the war does not bring a significant setback in the labor market - employment grew by almost 3% in 2022 and modestly in the future, in connection with the arrival of refugees in the labor market. The purchasing power of the average wage will fall by approximately 7% this year and will only return to the 2021 level by 2025.

Saaremaa Consumers' Cooperative is an active member of the Saare County community. We actively cooperate with both Saaremaa and Muhu municipal governments.

We support both financially and materially activities that support the development and sustainability of Saare County, including community and society life, with a preference for children's and youth projects. We cooperate with the Food Bank, the Association of Large Families, and local social institutions with the aim of reducing food waste. We develop cooperation with local food producers and thus contribute to the preservation of jobs in the region and the appreciation of local food.

Our goal is to make commercial activities increasingly environmentally friendly through various activities, including the construction of new solar power plants, increasing the energy efficiency of buildings, reducing food waste, and various more environmentally friendly logistical solutions