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's activity report 2022

OÜ Kerseli is an Estonian capital-based company founded in October 1997.

The main activity of OÜ Kerseli is the production of agricultural products and the provision of transport services in Estonia, Latvia, Lithuania, Finland.

In 2022, Kerseli OÜ had a sales revenue of 4,276,132€. Transport accounted for 41.21% of sales revenue and the sale of their own grown grain accounted for 51.74%.

The company's net profit was 1,966,640€.

The board consists of two members. The members of the board work under an employment contract. The average number of employees in 2022 was 37 and the company's labor cost was 744,032€.

Kerseli OÜ manages over 2500 hectares of fields in Jõgeva County. If previously the farmland was scattered throughout the county, the situation has now changed. We have deliberately concentrated our farmland in one place. We sold the distant fields and managed to buy land here and also rent other fields.

The following are various financial ratios and their calculation methodology.

The following formulas have been used to calculate financial ratios: 1. Short-term liabilities coverage ratio = current assets / short-term liabilities 2. Debt ratio = liabilities / assets 3. Equity from assets = equity / assets 4. Equity and liabilities ratio = equity / liabilities 5. Net profitability = net profit / sales revenues 2022 2021

Short-term liabilities coverage ratio 4.06 1.87

Debt ratio 0.32 0.39

Equity from assets 0.68 0.61

Equity from liabilities 2.11 1.55

Net profitability(%) 46.00 30.02

The yield of grain was most affected by the prolonged drought period in the summer. Farmers were able to start harvesting grain earlier and by mid-September, most of the grain had been harvested, but the total grain yield was 21% smaller than in 2021.

In 2022, the company invested 38205€ in the acquisition of farmland. In machinery and equipment 1,295,746€.

In 2023, we plan to invest around 300,000€.

Kerseli OÜ is among the largest employers in its main activities in the region.

Overview of grain cultivation in Estonia 2022.

Grain cultivation is an important activity. According to PRIA data as of 2022, grain is grown in Estonia on a total of 371,113 hectares. Almost half of this area is wheat, just under a third is barley, 11 percent is oats and 4 percent is rye. The share of other grains is significantly smaller. Estonians' own need for grain is about 0.6 million tons. Two thirds of the production goes out of the country. Speculatively, the 2022 export volume of field crops (grains, rapeseed, legumes) exceeds the million ton limit. Most of the grain exported is of high quality and is sold as food grain.

The war that broke out in Ukraine caused grain prices to skyrocket and they peaked last spring. Then they started to fall again, but they have not fallen back to the pre-war level.

The reason for the price drop is said to be the fact that Russia, Australia and America had a very good grain harvest last year.

The yield of Estonia and the Baltic States is so small in global terms that it cannot affect what is happening on the world exchange.

Compared to previous times, the price of grain is still high. Considering the significant increase in input prices, there is no reason for optimism.

For example, the price of nitrogen fertilizers is three times higher than before. It is difficult to predict whether today's drop in gas prices will bring down fertilizer prices.

The price of agricultural land i.e. the average price of arable land in 2022 was 4500 euros per hectare. Looking at the purchase and sale transactions of agricultural properties, we see that the highest price levels are in Viljandi County, Põlva County, Järva County and Tartu County, where in all cases