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's activity report 2022

The average milk price in Estonia in 2022 was higher than ever before - 0.478 euros per kilogram (0.322 euros per kilogram in 2021).

2022 also saw a significant increase in the market prices of major input costs, such as purchased feed (corn, soy, rapeseed cake), fertilizers, fuel, and electricity. The Russian attack on Ukraine, which began in February 2022, only exacerbated this problem, as Ukraine, Russia, and

Belarus are the major producers and exporters of most of the aforementioned products. Therefore, as long as

Russian aggression against Ukraine continues, there is uncertainty about the availability and price of the aforementioned products.

The Covid-19 pandemic, which began in the last months of 2019, continued in 2022. In 2021, there were two

waves of Covid-19 - one in spring and another in autumn. The third and most contagious wave (caused by

the Covid-19 delta variant) began at the beginning of 2022. Overall, the company managed the Covid-19 pandemic well and it did not have a significant financial or operational impact on the company's operations.

The most critical issue was the availability of employees, as many employees were infected and had to be in isolation. Since the beginning of the Covid-19 pandemic, the company has focused on the safety of its employees and implemented necessary safety and preventive measures to minimize the risk of coronavirus spread. If possible, employees were encouraged to work from home, contacts between different shifts and employees were limited, hand sanitizers and medical masks were made available.

Agriculture has always faced various controllable and uncontrollable risk factors that significantly affect the company's business operations - weather, purchase and sale prices, seasonal labor shortages, disease outbreaks. Accordingly, management must better understand and anticipate various agricultural risks to maintain competitiveness. Despite the challenging situation, the company continues to focus on improving milk productivity from dairy production and improving crop yields from agriculture. Through the company's financial management (budgets, weekly cash flows, monthly detailed balance sheet and profit and loss statement reviews, fixed contractual trading partners, continuous market and environmental analysis), the company's goal is to ensure long-term sustainable operations. Similar to other sectors, there is a trend towards building larger farms in dairy farming. The advantage of larger farms lies in economies of scale and they are economically more viable and competitive. One of the prerequisites for staying competitive is continuous investment in production.

The company's interest rate risk arises from long-term loans. Variable interest rate loans create an interest rate risk for the company's cash flows. Price risk arises from the potential volatility of input prices and selling prices. The largest cost items that the company uses in its operations are market-traded goods. Therefore, the company does not have direct control over the price of these inputs. The largest such cost items are purchased feed, fertilizers, energy, and fuel. Where possible and deemed necessary, the company hedges price risk by fixing input prices. The price of milk can also be volatile, but the company does not hedge the risk of changes in the price of milk. There is no currency risk as all payments are made in euros.

The main activity of Väätsa Agro Joint Stock Company is the production and marketing of agricultural products. In 2022,

the sales revenue was 18,419,678 euros (2021: 11,180,042 euros), of which 82% or 15,109,736 euros came from the sale of milk (2021: 9,331,491 euros). Milk sales revenue increased by 5,778,246 euros or 62% compared to the previous year. In physical weight, milk sales increased by 1% compared to 2021.

In 2022, a total of 4,422 ha of land was used. As of the end of the year, the joint stock company owned 2,546 ha, had 33 ha in possession and 1,843 ha of land on long-term lease.

In the reporting year, 1,403,879 euros were invested in fixed assets, (2021: 569,724 euros). In 2022, land was purchased for 134,160 euros, buildings were renovated for 206,463 euros, and machinery and equipment were purchased for 1,043,508 euros, other acquisitions and unfinished projects and prepayments 19,748 euros. In 2023, plans are to purchase machinery, equipment and