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's activity report 2022

MFO OÜ was established on 05.07.2011.

The main activities of the company are: sale of new and used forestry machines, dismantling of forestry machines and marketing of spare parts, sale of new spare parts, logging, sale of trailers.

As of autumn 2022, Eurowagon trailers are also being sold.

MFO OÜ has been registered for VAT in the Federal Republic of Germany since 27.01.2021.

The warehouse of spare parts and forestry machines for sale has increased compared to the previous financial year.

2022 financial results, micro and macro environment and outlook for 2023 financial year

The turnover of MFO OÜ in 2022 was 18 million euros, thus being 12.9% higher than the previous year's turnover of 16 million euros. The net profit of the company was 1.663 million euros, which is a significant growth compared to the net profit in 2021. The equity at the end of the reporting year was 6.2 million euros, thus constituting 79.5% of the balance sheet volume.

The company's economic activity increased due to the decline in measures related to the globally spreading COVID-19 virus. This is also indicated by the growth in sales revenue compared to the previous year. The foreign customer market expanded by 0.4 million, in 2022 various goods were also sold in addition to the countries of each year to

France, Hungary, the United States and Kazakhstan. Sales revenue also increased in the home country by 1.6 million.

The growth in sales turnover of goods sold abroad was 7% in 2022.

The problem of global supply chains triggered by the COVID-19 pandemic did not affect MFO OÜ. The company had previously stocked enough different goods in the warehouse as a result of which supply difficulties did not affect sales turnover.

Due to the decline in measures related to the globally spreading COVID-19, foreign customers were able to come to Estonia to view and purchase forestry technology.

However, the war that broke out in Ukraine in February and the sanctions imposed on Russia and the Republic of Belarus do affect the economic activity of MFO OÜ. Customers from Ukraine, Russia and Belarus had just found their way to the Estonian forestry machine market. The last sale to the Republic of Belarus before the imposition of sanctions took place in March.

In 2022, MFO OÜ made regular investments by purchasing additional land units with growing forest, purchasing various transport vehicles, buildings and other machines and equipment. In the spring of 2022, we supplemented the spaces between our buildings with asphalt covering.

The average number of full-time employees in 2022 was 6 and the wage cost was 250 thousand euros. No remuneration has been paid to the members of the Management Board of MFO OÜ. Also, no benefits are provided for the members of the Management Board during or after leaving the job and upon recall.

The business activity of MFO OÜ falls during the period (April-June) when bird peace is established in the forests of the Estonian state.

The company's direct activities do not involve significant environmental and social impacts. However, it is important to point out that the company's customers are directly responsible for forestry management in Estonia and foreign markets. Forestry is the number 1 pillar of the Estonian economy.

In 2023, it is planned to continue in the same field of activity.

Ratios: 2022 2021

Short-term debt coverage ratio 3.4 2.2

Debt ratio 20.5 % 31.1 %

Solidity ratio 79.5 % 68.9 %

Net sales profitability 9.2 % 4.0%

ROA 21.2 % 9.2 %