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's activity report 2022

Introduction

The main activity of the company is the provision of transport services, the largest share of which is roundwood transport and to a lesser extent international freight transport. During the reporting year, AS KaroTrans employed an average of 14 logging trucks and 4 freight road trains.

Economic environment and seasonality of operations

The roundwood transport market is influenced by the demand for roundwood from local sawmills, pellet producers, power and heat plants, and Scandinavian paper mills. Increasingly, both in Europe and locally, the roundwood transport market is influenced by climate and forestry policy, which is aimed at reducing logging volumes. The price of roundwood in 2022 was mainly influenced by Russia's aggression in Ukraine. The war pushed roundwood prices to record levels, with the price of pulpwood and firewood rising by an average of 1.8-2 times. In the second half of the year, prices partially stabilized, but overall they were significantly higher than in 2021. The price of roundwood transport service is linked to changes in fuel prices, so high fuel prices automatically increase the transport price and vice versa. The unit-based economic results of logging trucks were similar to the previous year.

The international freight transport market is mainly influenced by the supply-demand ratio. During the winter and summer periods, freight flows are smaller and the number of trucks exceeds demand, while in spring and autumn it is generally the opposite. Freight prices are correlated with the supply-demand ratio, which in turn depends on the overall economic situation. The sudden increase in fuel prices at the start of the war also caused a sharp increase in freight prices. Fuel prices rose by nearly 27% over the year, freight prices by about 10%. In the second half of the year, freight volumes decreased and freight prices fell, fortunately, fuel prices also showed a downward trend. Intra-Western European freight volumes and Scandinavian directional freight flows were similar to the previous year, while strong competition keeps freight prices relatively low. The unit-based economic results of European trucks were similar to the previous year.

The company's operating environment is seasonal, mainly in roundwood transport, less in international freight transport.

Investments

During the reporting year, approximately 895 thousand euros were invested in tangible fixed assets.

Supervisory Board, Management Board, Employees

The company's supervisory board consists of 3 members, the remuneration of the chairman of the supervisory board, including taxes, was 39 thousand euros, no remuneration was paid to other members of the supervisory board.

The company's management board consisted of 2 members during the reporting year. The remuneration of the members of the management board, including taxes, was 109 thousand euros. The Supervisory Board may terminate the contract with the members of the Management Board at any time, regardless of the reasons. No compensation is paid to the members of the Supervisory Board and the Management Board in case of termination of the contract with them. AS

KaroTrans employed an average of 44 full-time employees during the financial year. During the reporting year, the company's labor costs, including social security contributions, amounted to 1,816 thousand euros, which is 13.3% more than in the previous year and, adjusted for the number of people, 18.5% more than in 2021.

Interest and currency risks

All loan and lease agreements are concluded with a floating interest rate based on Euribor. The base currency for credit agreements is the euro.

Sales contracts are concluded in euros.

Financial indicators

During the reporting year, AS KaroTrans had sales revenue of 5.94 million euros, which is almost 17% more than in 2021. The net profit for the reporting year was 426 thousand euros, including a profit from the sale of fixed assets of 218 thousand euros. The company's capital lease obligations decreased by 87 thousand euros. The company's fuel costs increased proportionally to sales revenue by 5.2%.

In 2022, the company transported nearly 593 thousand cubic meters of roundwood, which is slightly less, but a similar result compared to the previous year. In total, the company transported 17,300 loads of roundwood during the reporting year, with an average transport distance of 70 kilometers for private transports and 63 kilometers for RMK transports.

The average transport price was 8.8 euros/cubic meter, which is almost 19% higher than last year.