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's activity report 2022

Introduction

AS Salutaguse Yeast Factory produces and packages yeast and its mixtures for the food industry, human food and animal feed, and produces natural plant protection products. AS Salutaguse

Yeast Factory also provides logistics and customer service for marketing group products.

The reporting year 01.02.2022 - 31.01.2023 (hereinafter 2022/2023) was planned for the company.

Overview of the economic environment

The annual real growth of Estonia's gross domestic product (GDP) was -1.3%. The unemployment rate was 5.4% in 2022.

(2021: 5.2%). The inflation rate in 2022 compared to the previous year was 19.4%.

The Bank of Estonia's GDP growth forecast is 1.0% in 2023, 1.6% in 2024 and 1.6% in 2025.

The inflation rate is smaller than expected due to the smaller impact of energy prices, 5.3% in 2023, 2.9% in 2024, 2.1% in 2025. However, price pressure is still strong.

According to the European Central Bank's main forecast, the economy should revive in the coming quarters.

Wage increases and falling energy prices partially offset the decline in purchasing power that many households experience due to rapid inflation. This in turn supports consumer spending.

Operating results

In the financial year 2022/2023, sales revenue was 67,176 (2021/2022: 52,163) million euros. The company's profit was 3,263 (2021/2022: 2,295) million euros.

The most significant investments of the reporting period have been made in environmental protection and the direction of future investments is towards the environment and energy saving.

The company's business is not seasonal.

Main financial ratios 2022/2023 2021/2022

Sales revenue (million eur) 67,176 52,163

Revenue decrease/growth % +28.8% +7.2%

Net profit (million eur) 3,263 2,295

Net profit growth % 42.1% 24.5%

Net profit return % 4.9% 4.4%

Short-term obligations coverage ratio 2.3 3.3

Fixed assets productivity % 16.0% 11.5%

Overall capital return 6.3% 5.3%

Equity return 16.1% 12.7%

Debt and equity ratio 156.9% 139.1%

Formulas used in the calculation of ratios:

Revenue growth (%) = (sales revenue 2022/2023- sales revenue 2021/2022)/ sales revenue 2021/2022x 100

Net profit growth (%) = (net profit 2022/2023- net profit 2021/2022) / net profit 2021/2022 x 100