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's activity report 2022

The main activities of AS Saaremaa Dairy Industry, as derived from its articles of association, are the purchase and processing of raw milk and retail and wholesale trade.

Last fiscal year, we mainly sourced raw milk from dairy producers in Saaremaa and Hiiumaa, who are also members of the Saaremaa Dairy Cooperative. We also bought additional milk from the mainland.

In 2022, we sourced 49,586 tons of raw milk, but in 2021, 49,703 tons.

In 2022, 1,611 tons of organic milk were sourced, but in 2021, 2,600 tons, which is 38% less compared to 2021.

In 2022, Saaremaa Dairy Industry's sales revenue was 33.8 million euros, which was 30% higher than in 2021. The share of exports in sales revenues in 2022 was 44%, in 2021 the share of exports was 43%.

The average number of employees of AS Saaremaa Dairy Industry in 2022 was 89, which decreased by 11 employees compared to 2021.

No major investments were made in 2022. It was a so-called recovery year. In 2022, milk and cheese prices set their record.

The dairy industry was profitable by the end of 2022, but signs of market cooling were visible in November.

The company's exposure to the risk of changes in market interest rates is primarily associated with short and long-term debt obligations. The company does not use financial instruments to hedge the risk arising from changes in interest rates. Due to the decrease in loan obligations related to EURIBOR, the exposure to the risk arising from the increase in EURIBOR also decreases.

The main goals for 2023 are to achieve a stable cash flow in a rapidly changing market.

In 2023, a couple of new products are coming to the market, from which we hope to get more bestsellers.

No major investments are planned for 2023.

Today, the main problem is the low price of cheese on the world market, which directly affects exports. Trends show that cheese prices should turn upwards in May, June. In this regard, the stock has been kept larger so that it can be realized at a better price.

We do our best and thank those who appreciate the clean island environment and MO Saaremaa cheese, butter and other dairy products from here on their dining table.

Financial ratios 31.12.2022 31.12.2021

LIQUIDITY RATIOS

General level of solvency

General level of solvency =

Current assets/Short-term 0.814 0.628 obligations

Debt coverage ratio

Debt coverage ratio = 2.476 2.958

Liabilities/Equity

PROFITABILITY e.

PROFITABILITY INDICATORS