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's activity report 2022

Kohila Vineer OÜ is a subsidiary of Latvijas Finieris AS Group and the largest employer in Raplamaa. Our main activity is the production of plywood and veneer, as well as the production and development of plywood products. Kohila Vineer OÜ ensures long-term cooperation with all stakeholders throughout the value chain. From raw material and goods suppliers to buyers of main and by-products. We use birch harvested in Estonia as raw material and work closely with both the State Forest Management Centre and many private forest owners. The harvested wood is processed into high-quality RIGA WOOD branded products on customer orders, which are marketed worldwide.

The company was founded in 2011 and in the first years, the company produced veneer, which was then used to produce plywood in other factories of the Latvijas Finieris Group. Since 2016, when an additional investment of 60 million euros was made, roundwood is processed on-site in Kohila into high-quality plywood products, which are now supplied to our customers in 60 different countries. The factory employs 203 workers.

2022 was once again a challenging but ultimately successful year for Kohila Vineer OÜ. At the beginning of the year, the smooth organization of factory work was complicated by high employee illness due to Covid-19 and other viral diseases. The Russia-Ukraine war that began in February caused major problems with the availability of glue and other materials. The extraordinary consequences were to the availability of roundwood during the bird peace period, which significantly paralyzed the factory's work in the second quarter. Unlike in 2021, this year the supply of roundwood stopped almost completely from mid-April until the end of July. Despite the fact that as of the end of March, the factory had one of the largest roundwood stocks in the Baltic Sea region, the company could not survive the entire bird peace and for nearly two weeks the factory's work was either partially or completely paralyzed. The spring logging peace caused a loss of income worth millions of euros, which was due to delayed or canceled orders from customers. Despite all efforts to stock up on raw materials from neighboring countries during the spring logging peace, we lost several customers to competitors outside Estonia, which affected both our turnover and profitability.

In the third and fourth quarters, we were able to restore our normal operations and find solutions to supply problems. The significantly increased energy prices were reflected in the price of finished goods, and the increased costs were largely alleviated by improving efficiency. The abnormal situation was caused by the spring logging peace and the lack of biomass in the local Estonian market. In addition, the lack of Russian roundwood exports to Scandinavian pulp industries, which multiplied raw material prices and ruined the competitiveness of the entire Estonian mechanical wood industry in the global market for years.

In conclusion, Kohila Vineer OÜ was able to exceed the factory's project capacity for the second year in a row and, despite difficult external circumstances, be profitable.

In addition to our main activity, we are also active in social activities. We have supported several cultural, sports, educational and community projects. In addition to the basic salary, we offer our employees a wider motivation package, compensating for catering, transport, sports and promoting healthy lifestyles. We recognize our employees for significant achievements at work and on personal anniversaries. Thanks to the easing of Covid-19 restrictions, we organized an open house day for the third time as part of the forest people's day, where we opened the factory doors for one day to our employees' families, friends and local residents.

We have made our contribution since the outbreak of the war in supporting Ukraine, donating hundreds of thousands of euros to various projects and planning to continue this until the end of the war.

In 2022, investments were made in the amount of 1,104,308 euros (in 2021, 804,581 euros).

The total labor costs were 6,467,284 euros (in 2021, 5,904,740 euros). A total of 143,992 euros (in 2021, 117,681 euros) was calculated for the executive and higher management.

The net profit for 2022 is 2,897,857 euros (in 2021, 1,415,356 euros).

In 2023, no significant changes are expected in the macro environment. Covid-19 risks have been replaced by security and energy carrier risks. In addition to high inflation, the high prices and availability of resources continue to be relevant. In addition, there is a lack of labor and high interest rates.

Considering the overall cooling of the global economy, there is a risk of seeing a decrease in demand in the second half of the year. Despite the sanctions imposed on Russian wood products, they continue to appear on the market through third countries, creating unequal competition throughout the value chain, damaging the local industry and supporting the Russian economy.

There have been no changes in Estonian forestry policy and the uncertain situation continues. The spring logging peace is becoming the norm, which creates an artificial raw material deficit and damages the local wood industry and its competitiveness in the global market. The forestry development plan process is moving forward slowly and the winter minister's decision to reduce the RMK logging volume creates even greater tensions in the availability of raw materials. In connection with the elections, forestry has been used to achieve short-term political goals, and in conclusion, this creates an unfavorable and uncertain perspective for long-term investments in the local wood industry.

2022 2021

Total sales revenue in thousand euros 45,166 32,818

Revenue growth/decline % 38% 28%