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's activity report 2022

GENERALLY, AS Salvest, which started its operations in Tartu in 1946, mainly produces and sells food. The company is 100% based on Estonian capital.

AS Salvest's range includes a wide variety of products ranging from canned soups and ready meals to jams, sauces, baby foods, and smoothies. The company's current product range consists of approximately 200 different products, most of which (about 84% of turnover) are marketed under their own brands such as Salvest, Põnn, Meie Mari, Presto, Muuti, 3Min, Mahlakas, and Smushie. In addition, subcontracting and private label products are included in the range. About a third of the company's range is made from organic raw materials and this is expected to remain largely the same in the coming years.

The company holds the highest, A-level food safety system certificate of the IFS (International Featured Standards) Food standard. This standard is one of the most important indicators of food handling quality in the food industry, and its certificate is renewed through an annual thorough process. The company has also been awarded the ISO 9001:2015 quality certificate. AS Salvest has been a processor in the organic farming register since 2008.

Being one of the largest organic raw material producers in Estonia.

The AS Salvest group includes a 100% subsidiary Salvest Pakend OÜ, whose main economic activity is the mediation and marketing of packaging. The subsidiary's volumes of activity are not significant from the group's perspective.

There is no significant seasonality in the company's business, the last couple of months of the year have somewhat higher turnover. The company's currency risk is marginal, all production is sold in euros and the majority of raw material purchases are also made in euros. The interest rate risk can be considered low, a potential increase in interest rates, which may be caused by a changed economic environment or an increase in the company's risk level from the perspective of external financiers, does not have a significant impact on the company's cash flow and net profit.

REPORT YEAR In 2022, AS Salvest's sales revenue amounted to 21.0 million euros (2021: 18.3 million), of which exports accounted for approximately 18% (2021: 15%). The reasons for the growth in turnover were an improved market situation in Estonia and export markets, which positively affected volume growth, in addition, growth was partly due to a price increase. The majority of export turnover was sales to Finland, in addition, production was sold to countries such as the Czech Republic, Latvia, Lithuania and

Germany, to a lesser extent elsewhere.

AS Salvest's gross profit amounted to 5.5 million euros, EBITDA was 2.7 million euros (2021: 2.4 million). General administrative expenses totaled 1.6 million euros and marketing expenses 3.1 million euros. The company's depreciation of fixed assets in 2022 amounted to 1.1 million euros. The company's net profit for the reporting year amounted to 1.5 million euros (2021: 1.0 million), of which 626 thousand was the transfer of fixed asset target financing to income, 148 thousand was the revaluation of real estate investments, and 55 thousand was the reduction of reserves formed in previous years. In 2022, the company's result was affected by energy prices that had grown many times over, as well as significantly increased prices for other inputs (raw materials, materials). This, in turn, caused an increase in the cost of goods sold and fixed costs. It was not possible to fully pass on the increase in costs in sales prices, which also reduced the company's profitability. While the corona crisis also affected the company's operations in 2021, its impact decreased in 2022, especially in the second half of the year.

Russia's aggression in Ukraine had no direct impact on AS Salvest's operations, but the company was affected by the restructuring of the raw material and materials market and the resulting general price increase.

In the reporting year, AS Salvest invested a total of 1.7 million euros in tangible and intangible fixed assets, which was largely financed by a bank loan. The largest investment was the completion of the production building extension in August 2022, with a total investment of 1.9 million euros (1.3 million in 2022). In addition, investments were made in alternative heating solutions, equipment, and IT hardware and software to ensure the continuity of operations in view of the energy crisis, totaling approximately 0.5 million euros.

AS Salvest's product portfolio is constantly supplemented with new products and, in addition, ongoing development and improvement work is carried out with existing products. 2022.

The biggest product development project of the year was the reformulation of ready meals to make existing products healthier, especially in terms of salt, sugar, and fat content.

The Estonian Best Food Product competition has been successful for the company for a long time, including in 2022. PÕNN Organic

Raw buckwheat dish with beef was highly recognized. The product was awarded the title of Estonian Best Food Product, which is the first time in the 28-year history of the competition that a baby food has received such a title. In addition, this product also received a silver label in the Estonian Best Baby Food category. The competition also recognized Red Roast Cabbage and Presto Chilli sin Carne.

The competition of Estonia's largest food magazine Oma Maitse also achieved several awards in 2022: Best Baby Food - PÕNN Organic

Corn crisps with strawberry and apple, PÕNN Organic Stroganoff with parsnip, Best Sauce - Adzhika ketchup, Best Fruit and Vegetable Product -