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's activity report 2022

JELD-WEN Eesti AS (hereinafter also referred to as the „Company“) is part of the JELD-WEN group. The parent company is JELD-WEN

Europe Ltd, which is registered in the United Kingdom and in turn belongs to the JELD-WEN group registered in America. JELD-WEN employs more than 20,000 people worldwide and has manufacturing and distribution centers in more than 20 countries. The company's goal is to become and remain a leading and preferred provider of door solutions through natural expansion. Growth in Europe is mainly focused on the group's main markets: the Nordic countries, the Baltic States, Germany, Austria, France, and the United Kingdom, where

JELD-WEN Europe already has a significant market share.

JELD-WEN offers a wide range of door solutions, covering the main product segments (interior and exterior doors). The basic design of the doors is similar in different markets, but the dimensions, locks, door handles, etc. are adapted according to the standards of the specific market.

Product development takes place both through the continuous development of standard products and in cooperation with customers who require special solutions.

In 2021, the company completed the last significant resource efficiency investment with the completion of the boiler house.

The investments were supported by KIK and lasted a total of 2 years. The aim of the investments was to reduce the use of energy and wood, where a new technology boiler house, sawdust extraction system, and new planers were introduced. The company continues to focus on safety development and, as in previous years, continues environmental improvement activities through various product changes that would make both production and the product greener and safer.

Considering the global events of 2022, it could be assumed that the company would suffer some damage, but it would rather have been planned. The company's sector of operation is construction and we assessed the situation negatively because we were entering an economic crisis, which was reflected in the decreased building permits or the suspension of government mega-projects in recent periods. However, by the time of submitting the report, the planned damage remains smaller than originally thought, sales volume remains at the same level, and well-thought-out cost management has not increased costs.

At the same time, the company is in a strong position for future challenges, having a highly competent workforce, a relatively new machine park, and a supply chain that can guarantee raw materials.

The company does not have a large cyclical nature, as we produce and manage production through group terminals, which can balance factory capacity and market fluctuations.

Operations do not involve significant environmental and social impacts.

The company's risk management is based on the principle that risks must be taken in a balanced manner, taking into account the rules established internally by the entrepreneur and applying risk mitigation measures as appropriate to achieve stable profitability of the entrepreneur and preservation of the owner's assets.

With the existing sawmill, we were no longer competitive at the prices on the market and as a result of restructuring, it was decided to close the sawmill at the beginning of 2023, which improves the company's competitiveness and productivity.

The continuation of the war in Ukraine affects the company's overall results. The company is in a good position because as a group company we can react to new production flows and take actions from other regions where the impact on the above has not been so strong.

The risks associated with changes in exchange rates, interest rates, and stock prices that emerged during the financial year and the period of preparation of the report have been insignificant for the entrepreneur.

The majority of JELD-WEN Eesti AS's sales are exports to other group companies. The sales revenue for the 2022 financial year amounted to 79,762 thousand euros (2021: 73,692 thousand euros). The increase in sales revenue was due to an increase in production volumes due to the demand from other group companies. The structure of production has remained largely the same.

The profit for the financial year amounted to 3,094 thousand euros (2021: profit 2,688 thousand euros).