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Activity report 2022

Introduction In 2022, Nordkalk AS produced limestone, dolomite and ground lime, and regular sales activities continued.

In terms of technological dolomite, sales in 2022 continued to be smaller compared to previous years due to the decline in export volumes to the fertilizer industry. Exports to the agricultural segment decreased compared to the previous year. As a result, sales volumes were overall smaller compared to the previous year.

The sale of limestone in 2022 for the production of construction materials and road construction projects was in line with the volume of projects in our sales region and higher than last year. Exports in the form of intra-group shipments were low, as in the previous year.

Sales of finely crushed limestone products decreased compared to the previous year due to the disappearance of exports to Russia.

Lime sales increased compared to the previous year. The positive impact on sales came from the energy sector, where the use of lime increased due to the volume of electricity produced from oil shale. The quantities supplied to the construction materials and chemical industries decreased somewhat compared to previous years.

Due to the diversity of the company's products and areas of use, seasonality does not significantly affect the activities of Nordkalk AS. There are sales segments where products are used year-round (e.g., chemical, food, construction materials segments). Some product groups are seasonal, such as road construction and agriculture. Seasonality has the greatest impact on the activities of the Kurevere and Vasalemma quarries.

Revenues, expenses and profit In 2022, Nordkalk AS had sales revenue of 22.9 million euros (2021: 17.5 million euros). Of this, 98% was production and 2% other sales revenue. Sales revenue from production increased by 32%, other sales revenue decreased by 8%.

Of Nordkalk AS's sales revenue, 27% was exports and 73% sales to Estonia (2021: 42% exports and 58% sales to Estonia). The largest export destination was Germany, where sales accounted for 32% of exports (2021: 23%). Nordkalk AS's operating profit was 5 million euros.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 22 933 17 496

Sales revenue growth % 31.0% 28.3%

Net profit growth (thousand euros) 5 282 1 027

Profit growth/decline % 404.74% -67.87%

Net profitability % 22.62% 5.87%