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's activity report 2022

General Information

TATOLI AS (hereinafter Tatoli) was established in 1999. The main activity continues to be the sale of agricultural machinery and their spare parts. Warranty and other repair and maintenance services are also provided for the sold equipment. Other agricultural machinery is also repaired and grain dryers are installed. Tatoli has representations in Tartu, Pärnu and Mäo, offering customers fast and high-quality service throughout

Estonia.

The company mainly sells goods in Estonia. The main contract partners are:

New Holland (CNH International) - tractors, combines, hay harvesting equipment, material handling equipment, construction equipment;

Alö - Quicke front loaders;

Maschio - soil cultivation machines;

Horsch – soil cultivation machines and sprayers;

Akron - dryers;

Joskin - trailers;

McConnel - hay equipment; several companies selling grain handling equipment.

2022 financial results, micro and macro environment and outlook for 2023 financial year

Tatoli's turnover in 2022 was 48 million euros, thus being 23% higher than the previous year's turnover of 39 million euros. The company's net profit was 2.7 million euros, which is 104% more than in 2021. Equity at the end of the reporting year was 6 million euros, thus accounting for 37% of the balance sheet volume.

For farmers, the last 3 years have been more profitable than average, which is why their investments in technology have been growing steadily. 2022 is characterized by the outbreak of war in Ukraine, high inflation in every field due to various factors, including agricultural machinery, and continuing supply difficulties. These situations required constant response in a rapidly changing environment, which Tatoli largely managed successfully. Higher incomes of farmers combined with the dedication of the Tatoli team in serving customers helped the company increase its market share and efficiency in 2022, through which Tatoli achieved the highest turnover and profit in its operating history.

Supply chains, slowly recovering from the COVID-19 pandemic but still troubled, took another hit due to the war that broke out in February

in Ukraine and the sanctions imposed on Russia. Ukraine and Russia are important suppliers of metal and components to the machinery industry, and the sudden cessation of this production for an indefinite period caused problems in factory operations. On the other hand, both Ukraine and Russia are very large importers of agricultural machinery, and a large part of the deliveries planned for 2022 to these countries did not take place, thus freeing up resources to produce machines for European markets and even improving delivery for certain machines. Overall, some relief was felt in supply chains in 2022, but the situation was far from satisfactory and certainly some supply difficulties negatively affected Tatoli's financial results. Nevertheless, thanks to a large stock of spare parts, donor machines and replacement machines, Tatoli was able to find suitable solutions for customers in case of supply difficulties.

In 2023, we expect continued improvement in supply chains, as factories have largely recovered from production difficulties caused by the COVID-19 pandemic and have adapted to the war in Ukraine in their production chains, and the global economic environment and overall demand have weakened, so factory production capacity better meets demand.

The war in Ukraine continues to directly affect Estonian agricultural producers through the development of input and output prices. As Ukraine and Russia are very large food producers globally, grain and food prices are strongly influenced by developments on the front and agreements and their fulfillment regarding the export of grain from Ukraine under war conditions. While grain prices rose rapidly to record levels in the first half of 2022, the second half of the year saw a gradual decrease in grain prices, resulting in different farmers earning very different profitability for similar crops, depending on when they decided to sell the grain. The war disrupted and continues to disrupt energy carriers and especially natural gas supplies to Europe, which drove up fuel, energy and fertilizer prices and certainly had a negative impact already in 2022.

year, but will affect the input prices of 2023 production even more negatively. However, input prices have started to fall sharply at the beginning of 2023. How input and output prices will behave further in 2023 is very difficult to predict, as they depend on a lot of unpredictable geopolitical developments. Considering that agricultural producers have different risk diversification strategies both in terms of the timing of output price sales and the timing of locking in input prices, the impact may be very different for different producers and it is difficult to say which impacts will prove stronger in the 2023 season. However, in our opinion, yield will ultimately be the main factor for the entire sector.

Taking into account various factors affecting the business and the volume of equipment sold in contracts, we forecast a stable continuation of business activities in 2023 at a similar level to the reporting year.

In 2022, Tatoli made regular investments in renewing service buses and other work tools, and also continued to develop the washing capacity of the Tartu representation. The main planned investment in the near future is the expansion of Tatoli's Pärnu and Tartu representations.