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's activity report 2022

Recticel OÜ is a 100% subsidiary of Recticel OY. Recticel OY is part of the Recticel Group, which is one of the leading largest manufacturers of polyurethane foam and polyurethane foam products in the world.

The main activity of Recticel OÜ is the production of polyurethane foam and the sale to mattress and soft furniture manufacturers. Recticel OÜ's activities in 2022.

were in line with the Recticel Group's strategy, board decisions, and the developed action plan.

The most significant events in the development of Recticel OÜ in 2022 can be considered: 1. 2022 can be called an adaptation to a cooling economic situation; 2. After the years 2020-2021, which were good years for the furniture industry mainly due to the Covid pandemic, when people focused on renovation and furniture replacement due to isolation, demand began to decrease significantly from the third quarter of 2022. At the end of 2022, a clearer decline in volumes began, which has continued until the present moment in 2023.

year; The furniture industry in Europe has shrunk by an average of 30-35% over the last rolling 12 months.

3. The availability of raw materials was good compared to the previous year, although there were also some delays in deliveries. The European chemical industry has been struggling with high energy prices, which is why many suppliers were partially closed. As a result, several raw materials in use come from Asia or North America; 4. The pace of raw material price increases slowed compared to 2021, although price increases continued in the first four months of 2022, the pace dropped during the summer period and turned back to increase in the fall, which ultimately ended the reporting year with a 4% price increase.

Price increases have eased marginally in the first months of 2023; 5. Sales revenue was 5% higher than the budget target set for 2022; 6. The company maintained its market position in 2022; 7. The company employed 85 employees at the end of 2022; 8. The company's financial situation is healthy, as most of the company's risks are hedged as part of the group. The company's liquidity has been good. During the financial year and the period of preparation of the report, no significant risks related to changes in exchange rates, interest rates, and stock prices were identified; 9. Receipts from customers were good throughout the year, but the company increased the reserve for doubtful receivables by 52,080 euros during the reporting year in accordance with the group's guidelines for assessing the collectability of receivables; 10. The company is a B-category hazardous company due to one substance (TDI), but risks are mitigated and internal safety standards are higher than required nationally. The company's environmental footprint is not large, as only household waste is removed from the factory and all other materials are recycled by us, Recticel group companies, or our partners.

The economic activities of Recticel OÜ are most affected by the developments in the economies of neighboring countries (especially the Scandinavian markets) but also Central Europe, as many Recticel OÜ customers export there. However, the Nordic markets are the main target markets for Recticel OÜ customers.

Recticel OÜ customers export over 90% of their products and therefore the development of Recticel OÜ customer target markets affects the result more than the Estonian domestic market.

The effects of the Russian military invasion of Ukraine that began on 24.02.2022, which have mainly raised the company's costs (raw materials, electricity, and gas), as a result, the company's cost base has increased. The availability of raw materials has been better compared to 2021, but prices have continued to rise. The company does not use any raw materials or semi-finished products of Russian origin nor does it sell its products to Russia.

Recticel OÜ's sales revenue for 2022 was 15,445,999 euros and profit 684,275 euros.

In 2022, 77,195 euros were invested in fixed assets. Investments help to increase production efficiency and make the work environment safer.

In 2023, it is planned to invest in equipment and improving work safety, in living spaces, and to continue training people. Investments are made according to the budget investment plan.

No significant macroeconomic impacts have been observed in the company's operating environment that would have affected

Recticel OÜ's financial results.

No significant seasonality and cyclicality have been observed in the company's operating environment, but the decline in demand from the III quarter has affected the dynamics of turnover during the reporting year.