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Activity report 2022

DS Smith Packaging Estonia AS has been part of the DS Smith Plc group since 01.07.2012. The main activity of DS Smith Packaging Estonia AS is the production and marketing of corrugated and converted corrugated cardboard, the production and marketing of paperboard packaging in the Republic of Estonia and abroad.

The turnover of DS Smith Packaging Estonia AS in 2022/2023 was 24.24 million euros (2021/2022 21.32 million euros). Turnover in the Estonian market grew in volumes with the acquisition of new customers and due to the increase in sales prices. Export volumes grew to the Latvian market. In the 2022/2023 financial year, we continue to expect growth in the Estonian and Latvian market volumes. The business activity of DS Smith Packaging Estonia AS is not seasonal but stable throughout the season.

The net profit of DS Smith Packaging Estonia AS for the 2022/2023 financial year was 1.35 million euros (the net profit for 2021/2022 was 1.00 million euros).

In the 2022/2023 financial year, the prices of raw materials rose significantly in world markets, which is seen in correlation with our increase in sales prices. We continued to control costs and the impact of previous years' investments on overall production efficiency is ongoing.

The company's environmental and social goals are reflected in the goals of our parent company and can be found in the DS Smith Plc 2023 year

Annual report on pages 26-29 (https://www.dssmith.com/investors/results-presentations/annual-reports).

Financial risks affecting the company are managed by our group as a whole and can be found in the DS Smith Plc 2023 Annual Report on pages 42-51 (https://www.dssmith.com/investors/results-presentations/annual-reports).

The company had no research and development activities in the 2022/2023 financial year and currently there are no such activities in the future.

The main goal of the company for the 2023/2024 year is to continue to increase the company's volumes and maintain profitability. We will also continue to invest in the efficiency and increase of production volumes of production equipment.

The most important financial ratios in 2022/2023 compared to 2021/2022 were as follows: 2022/2023 2021/2022

General level of solvency 5.94 3.85

Return on assets 1.22 1.10

Net return on equity 0.08 0.06

Methodology for calculating the financial ratios provided:

General level of solvency = Current assets / Short-term liabilities

Return on assets = Sales revenue / Total assets

Net return on equity = Net profit / Equity

Kristine Velleste Financial Director