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Activity report 2022

Peetri Puit OÜ is one of the leaders in the Estonian timber industry, specializing mainly in the production of special-shaped glued timber structures and cross-laminated timber (CLT). In addition to the main production, the company offers a wide range of services, including wood drying, professional assembly, and engineering solutions.

Constantly improving its operations and being open to innovative approaches and technological developments, Peetri Puit OÜ has grown into one of the largest timber structure manufacturers in the Baltics. Today, the company operates under the ARCWOOD brand name.

The consolidating unit in the consolidation group is Peetri Puit OÜ and the consolidated unit is Liimpuit AS.

In 2022, the Peetri Puit OÜ group employed 119 employees (2021: 119 employees) and labor costs were 3.2 million euros (2021: 2.9 million euros).

In 2022, the company's board had three members, during which no other benefits or fees were paid to the board members. In connection with the parliamentary elections held in 2023, board member Tarmo Tamm resigned from the company's board and went to work as a member of the Parliament.

The group made investments worth 0.5 million euros (2021: 0.5 million euros), of which 8 thousand euros (2021: 69 thousand euros) were covered by grants from the Environmental Investment Center. The grant financed the preparation of the Environmental Product Declaration (EPD) for the company's three main products.

The Environmental Declaration revealed a positive carbon footprint impact of the products. The published EPDs can be found on the Finnish RTS EPD publisher Building Information Ltd platform at https://cer.rts.fi/en/.

With the support of the European Regional Development Fund and in cooperation with the Estonian Academy of Arts, a sample construction project for a four-story CLT apartment building was completed. EAS supported the completion of the project with 32 thousand euros.

In 2022, the group produced a total of 36,476 m³ (2021: 44,214 m³) of glued timber products, a decrease in production volume of 17.5% (2021: increase of 9.0%).

In 2022, Peetri Puit OÜ won the title of "Family Business of the Year" in the "Entrepreneurship Award 2022" competition, which recognizes companies that have contributed to the Estonian economy, social development, and the promotion of youth entrepreneurship through family-centered management. This is the highest national recognition awarded by EAS and KredEx joint foundation and the Estonian Employers' Confederation in the longest-running business competition in Estonia.

Peetri Puit OÜ has completed several significant projects, one of the most outstanding of which is Estonia's first CLT (cross-laminated timber) apartment building in Põlva, completed in the spring of 2022. The completed project has been an excellent platform for the company to introduce CLT as an innovative and sustainable building material, and it has also proven the company's capability in CLT production for multi-story buildings. The apartment building itself is an extraordinary example of how CLT can be successfully used in the construction of multi-story buildings, highlighting the unique properties and advantages of the material.

Another significant completed project is the Jõgeva sports hall, which stands out for its architecture and construction. Peetri Puit OÜ was a significant partner in the construction of the sports hall, producing impressive 35-meter-long glued timber structures, which give the building a unique look.

In addition to the projects mentioned above, Peetri Puit OÜ has made a significant contribution to the construction of Pelgulinna State Gymnasium, which is one of the company's larger projects in 2022. Pelgulinna State Gymnasium is a prominent example of a large-scale timber structure building in Estonia, where approximately 85% of the building's load-bearing structures are made of glued and cross-laminated timber. Peetri Puit OÜ has demonstrated its competence and ability to use timber material versatilely in this project. The educational building will open its doors in the fall of 2023, but CLT production and assembly took place in 2022.

The consumer price change in 2021 compared to the previous year was 19.4% (2021: 4.6%). The average gross monthly wage in Estonia increased by 8.9% (2021: 6.9%) and the GDP change was -1.1% (2021: 8.3%).

The change in the producer price index of industrial production in 2022 compared to previous periods was remarkably high, the annual change was 26.8% (2021: 12.4%), including in the manufacturing industry 19.5% (2021: 9.2%) and in the wood processing sector 18.7% (2021: 21.9%). The group was able to cope with large fluctuations in raw material prices and general accompanying changes in the economic environment.

When assessing the environmental impact of the group, according to the prepared environmental declaration, the average biogenic carbon content of 1 m³ of production is 229-230 kg. The company values the efficient use of resources and contributes to ensuring social sustainability.