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's activity report 2022

AS Dotnuva Baltic started its economic activity in November 2010.

AS Dotnuva Baltic is a 100% subsidiary of the Lithuanian company UAB Dotnuva Baltic. UAB Dotnuva Baltic is part of the Linas Agro group of companies listed on the Lithuanian stock exchange.

This annual report is prepared for the period 01.07.2022 - 30.06.2023.

The main activity of AS Dotnuva Baltic is the sale, maintenance and repair of agricultural machinery. We have the exclusive rights to more than 12 brands

in Estonia. These include well-known brands such as Case IH tractors and combines, Kverneland soil cultivation and grass harvesting machines,

Siloking feed mixers, Laumetris trailers, Agrifac self-propelled sprayers, Schäffer mini loaders, Cimbria and Arska grain handling equipment. We provide maintenance and repair for the equipment we sell and sell spare parts for the brands we represent. In addition to the above, we also sell used agricultural machinery. The company's business is seasonal, the main period for after-sales service is March-October.

The company's headquarters is located at Savimäe 7, Vahi village, Tartu parish. In addition, there are branches in Rakvere, Viljandi and Märjamaa. All four locations have warehouses for materials and spare parts, workshops with modern equipment and technical capabilities, and professional service personnel for assembling, maintaining and repairing machines.

The 2022/2023 financial year was challenging for AS Dotnuva Baltic and its customer. The energy crisis that began in 2022 led to increased input prices, including electricity, fuel, gas. The supply chain crisis associated with the COVID-19 crisis began to resolve, but there were still supply problems, which meant that many machines needed for the season only arrived after the season ended (Arriving at the wrong time usually meant missing out on the deal, as the farmer no longer needed the machine or had purchased it from a competing company). Factory production capacity recovered, allowing additional orders for warehouse machines, and AS Dotnuva Baltic took advantage of this opportunity to ensure the necessary stocks for sale. Competitors acted similarly, which led to a large stock of warehouse machines for most sector companies in the first half of 2023, which in turn intensified competition.

In the 2022/2023 financial year, AS Dotnuva Baltic extensively reviewed its internal processes. Several new employees joined the company, key roles were reorganized and active investment was made in improving after-sales service capabilities. The introduction of digital solutions has made administrative activities more efficient, including reducing costs. Reorganization and training of the new team has been resource-intensive, but the changes made are necessary to improve the company's position in the market in the long term.

The season that began in the spring of 2023 was most affected by the weather for farmers. Night frosts in June and a long drought in May-June resulted in reduced harvest volumes in animal feed production and damage to grain fields, which in turn caused farmers to postpone or even abandon their investment plans. The extreme weather conditions of the summer of 2023 (night frosts, long drought, long rainfall, etc.) will also affect the activities of AS Dotnuva Baltic and its partners in the first half of the 2023/2024 financial year.

The sales revenue for the 2022 - 2023 financial year was 14,643,651 euros (15,078,385 euros in the 2021 - 2022 financial year) and the financial year resulted in a loss of 504,456 euros. Certainly, rising interest rates will affect the financial results of 2023/2024.

During the reporting period, the parent company AS Dotnuva Baltic made a non-monetary contribution to the share capital of 800,000 euros.

As of 30.06.2023, the net assets of Dotnuva Baltic AS are less than half of the share capital, so the equity is not in accordance with the Commercial Code.

To comply with the requirements set out in the Commercial Code and to restore the required amount of equity, it is planned to reduce the accumulated loss from the net profit forecast for the 2023/24 financial year. The sole shareholder also plans to make an additional non-monetary contribution to the share capital from the claims.