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RAKVERE FARMID AS's activity report 2022

Rakvere Farmid AS is the largest pig farming company in Estonia and one of the largest pig farming systems in the Baltic countries, located in Viljandi County, Viljandi Parish, Mäeltküla. The average number of employees in 2022 was 147 (175 in 2021). At the end of 2022, 96,631 pigs were grown on Rakvere Farmid AS farms. The parent company of Rakvere Farmid is HKScan Estonia AS and Rakvere Farmid belongs to the HKScan Oyj group. Rakvere Farmid AS is a strategic raw material base for its parent company for the production of high-quality pork, ensuring a favorable cost price

FINANCIAL RESULTS

The sales revenue in 2022 was 29,646 thousand euros, which is 7,055 thousand euros more than in 2021. The company sold to HKScan

Estonia AS 158,706 pigs with a live weight of 18,814 tons (157,389 pigs and 17,662 tons in 2021)

FINANCIAL INDICATORS 2022 2021

INCOME STATEMENT (thousand EUR)

Net turnover 29,646 22,591

Operating profit -6,615 -3,745

Net profit -6,635 -3,752

BALANCE SHEET (thousand EUR)

Total current assets 17,473 16,115

Total fixed assets 11,463 18,161

Total assets 28,936 34,275

Equity 22,665 29,300

Equity ratio (%) 78.3% 85.5%

GROWTH (%)

Turnover change 31.2% -24.8%

Operating profit change -76.6% -492.6%

Net profit change -76.8% -494.9%

Assets change -15.6% -7.9%

Equity change -22.6% -11.4%

PROFITABILITY RATIOS (%)

Return on equity -29.3% -12.8% (ROE)

Return on assets (ROA) -22.9% -10.9%

Net profit margin -22.4% -16.6%

LIQUIDITY RATIOS

Payment ability ratio 2.8 3.3

Liquidity ratio 2.69 2.26