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Activity report 2022

Timbeco is a company founded in 1993, based on 100% Estonian capital. Timbeco's field of activity is the sale of wooden buildings from elements and modules, project management, design and production.

The main target countries for Timbeco's products and services are mainly Sweden, Norway, Iceland, Switzerland and Estonia.

Summary for 2022:

Despite ongoing crises, 2022 was successful for Timbeco Woodhouse OÜ and the largest turnover in history was achieved, 16.2 MEUR (12.5 MEUR in 2021). In 2022, economic activity was no longer so much affected by COVID-19 and related restrictions, but the rise in material prices that began in 2021 continued, which remained high throughout 2022. Due to the increase in the cost of input materials, the final product price became too high for many customers. The largest inflation in decades and very aggressively raised interest rates by central banks within a year had a strong negative impact in 2022 on all market participants. Rapid, large and drastic macroeconomic changes had their impact

on Timbeco's clients' business plans and several projects were postponed.

In addition, the availability and reliability of supply of materials became a major challenge, but thanks to good cooperation partners and timely agreements, Timbeco was able to fulfill all orders on time.

In summary, 2022 can be considered successful, as despite difficult situations, the company's largest turnover in history was achieved. Profitability was affected and reduced by the increase in the price of materials and inputs in the case of already concluded longer contracts, which could not be passed on to customers during the contracts. In the case of new contracts, the company was largely able to take into account significantly increased input prices.

In 2022, the production area was increased by 1650 m2 and a 6000 m2 storage area was built for storing finished products. The company continued strategic investments in information technology, integrating several programs to ensure faster information exchange and improving IT systems in terms of IT security.

Timbeco's strategic direction is to lead the sustainability issue in the sector and draw all partners' attention to the importance of the issue. In 2021, we were the first company in our sector to start issuing an ESG report, which has been very positively received by many partners. We continue to issue the ESG annual report and the 2022 ESG report has already been published.

Timbeco's contribution to leading the sustainability issue has also been noticed by others. The EAS and KredEx joint venture and the Estonian Employers' Confederation organized the longest-running entrepreneurship competition in Estonia, the "Entrepreneurship Award", where the highest national recognitions are given to companies and we are pleased to announce that Timbeco won the "Sustainable Company of the Year 2022" title. The purpose of this competition is to recognize outstanding, inventive and smart Estonian companies whose consistent work has brought success to the company, its employees and our country more broadly. We take the time to summarize what has been done and