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's activity report 2022

OÜ Pandivere L.T. is located in Lääne-Virumaa, Väike-Maarja parish, Ebavere village. It is

a company belonging to the Vafo Group s.r.o. group based in the Czech Republic, which produces canned food and treats for pets. The company started active production of pet food in 2011.

From a global perspective, pet food production grew by 7.2% in 2022,.

The largest growths in Northern Europe 75%, Latin America 19.2%, Israel showed a number 17.2%, all of Africa showed almost 25% (Alltech Agrfood Outlook). The reason is the growth of pet owners. Over a decade, the growth of dog owners is about 10% and cat owners about 5% (PETS

International) In terms of sales channels, the share of e-commerce increased to 23%.

2022 was a challenging year as there were price increases in the raw material market due to the rise in energy prices. All raw material sectors, packaging, meat raw materials and dry raw materials were affected. The company was able to maintain and increase production capacity, and ensure the availability of raw materials.

The sales revenue for 2022 was over 7 million euros (over 5 million euros in 2021), an increase of 42% compared to 2021. The company's sales revenue is not dependent on seasons and there is no cyclicality in production. All sales revenue comes from EU member states.

In 2022, the company focused on the development of the freeze-drying production process. In line with development plans, a total of 3,027 thousand euros were invested in 2022 (945 thousand euros in 2021). The investments supported the growth of treat production volume, sausage production volume, renewal of old equipment and partial reconstruction of the building. 13 new jobs were created (16 in 2021), as of the end of 2022, the company employed 82 employees (67 at the end of 2021). From the perspective of the local government, the company is one of the largest employers for local residents.

In 2023, the plan is to invest 0.54 million euros in the expansion of the cold storage and the sales revenue is planned to be 9 million euros.

The company's financial risks are hedged with long-term contracts, fixed margin and good planning.

Main financial ratios: 2022 2021

Short-term obligations 1.24 3.03 payment ability

Liquidity ratio 0.58 1.21

Debt ratio 0.77 0.60

Net return on total capital -5% 2%

Net return on equity -21% 6%

Short-term obligations payment ability= current assets / short-term obligations

Liquidity ratio = (current assets - inventories) / short-term obligations

Debt ratio = (short-term obligations + long-term obligations) / balance sheet total

Net return on total capital = net profit (-loss) / total assets x 100

Net return on equity = net profit (-loss) / equity x 100