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's activity report 2022

Boardic Eesti OÜ is registered in the Republic of Estonia and is a 100% subsidiary of Boardic AB, which started its economic activity in October 1995.

Boardic AB, together with Boardic Eesti OÜ, joined the largest Swedish timber industry group, AB Karl Hedin, in the first quarter of 2021. Boardic Eesti

The main activity of OÜ is the production and sale of plywood, fiberboard and chipboard packaging parts in Estonia and other EU countries.

Of the sales revenue, 78.5% was sales to the parent company, 12.5% to other intra-group companies, and 9% to other companies.

In 2022, the activities of Boardic Eesti OÜ were affected by a sudden disruption in the supply chain of one raw material group and inflation affecting the whole of Europe due to the war in Ukraine. The company was able to replace the missing raw material operationally. High energy prices had little impact on the company's operations. Thanks to a quick response, the risk to the company's operations from all events was minimal.

As the base currency in transactions with the largest supplier is USD, currency exchange rate changes had a significant impact on the company in 2022. From 2023, the base currency for export sales will be USD to reduce the impact of exchange rate changes.

Production volumes remained stable. The average number of employees in 2022 was 42.

In 2022, investments were made in fixed assets. A new crosscut saw was purchased and production management software was fully implemented. In November 2022, work began to expand the production building. With the addition to be completed in May 2023, production logistics will be reorganized and equipment modernized to increase production volumes.

The field of activity of Boardic Eesti OÜ is not very cyclical and seasonal, which would hinder the development of the company.

Measures have been taken in the company to ensure more environmentally friendly production.

In 2023, Boardic Eesti OÜ will continue to operate.

Key financial ratios 2022 2021

Profitability ratios (%)

Operating profitability 2.71 9.24 (operating profit/sales revenue x100)

Net profitability 2.58 9.08 (net profit/sales revenue x100)

Return on assets (net profit/total assets 7.55 24.42 x100)

Return on equity 11.46 34.88 (net profit/average equity x100)

Balance sheet liquidity ratios

Solvency ratio (current assets/short-term 2.28 3.16 liabilities)

Liquidity ratio (current assets-inventory)/short-term 0.75 1.18 liabilities