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's activity report 2022

AS Pinest is a company belonging to the AS Lemeks group, started its operations in November 2005.

The main activity of AS Pinest is the production of window, door and moulding components.

Economic activity - the economic environment in 2022 was very tense for Pinest, the particular challenge was the rise in raw material prices and the planning and maintaining of input and output price balance. In the second half of the year, the demand for production noticeably decreased and the company was forced to cut production volumes by 1/3.

The company has set environmental goals and monitors their fulfillment. The main goal is to reduce the environmental footprint, including CO2 emissions and energy use, increasing the use of renewable energy, recycling materials, collecting and disposing of waste by type (including compliance with packaging recycling law).

Settlements with partners outside the European Union are mainly in EUR or in a small amount in their local currencies, mainly

Swedish krona. The possible risk of currency fluctuations arises from settlements in these countries' local currencies, but the share of these countries is not so large in relation to total sales that possible exchange rate changes would have a significant impact on the company's economic activity. The Swedish krona has historically been a fairly stable currency against the EUR. The main currency in transactions with suppliers is EUR. Historically, exchange rate changes have not had a significant impact on the company's financial results.

The most significant investments in 2022 were related to improving internal logistics and product quality. The company will continue to invest in equipment that reduces the need for labor and improves product quality in the following years.

Research and development activities in 2022 were mainly related to the development of new products.

The sales revenue in 2022 was 36 million euros, which is 5% more than in 2021. 39% of sales revenue was made up of exports. The main product articles are window, door and moulding components. Production is mainly exported to Scandinavian countries and Central Europe.

The financial year of AS Pinest ended with a profit of 4.6 million euros, which is 10% less than in 2021.

Main financial ratios:

Indicator Calculation method 2022 2021

Net sales profitability (ROS) % net profit/sales revenue 12.8% 15.1%

Return on equity (ROE) % net profit/average equity 23% 30%

Return on assets (ROA) % net profit/average assets 21% 27%

Asset turnover sales revenue/average assets 1.60 1.79

AS Pinest holds the following certificates: (cid:127) FSC supply chain certificate since 04.2011.

(cid:127) PEFC supply chain certificate since 12.2016.

Goals for 2023 (cid:127) Restore lost production volume.

(cid:127) Increase efficiency in all production units.

(cid:127) Quality, quick and timely fulfillment of orders continues to be a priority.