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's activity report 2022

Company Background

AS Scanola Baltic's main activity is the production of rapeseed oil. AS Scanola Baltic was registered in the commercial register on 01.10.2012. Key economic indicators as of 31.12.2022.

AS Scanola Baltic's sales revenue in 2022 was 132,461 thousand (2021: 94,719 thousand) euros.

38% of sales revenue was generated in the Estonian market.

The net profit for the reporting year was 13.6 thousand (2021: 1,375 thousand) euros.

The average number of employees in 2022 was 50 (2021: 46) employees. No remuneration was paid to the members of the company's management board and supervisory board. The total salary of the employees was 1,439 thousand. (2021: 1,207 thousand) euros.

Main financial ratios 2022 2021

Sales revenue (thousand euros) 132,461 94,719

Operating profit % 0.23 1.60

Net profit (thousand euros) 13.63 1,375.00

Net profitability % 0.01 1.45

Short-term liabilities coverage ratio 1.23 1.21

ROA % 0.04 4.58

ROE % 0.10 9.80

Formulas used in calculating ratios:

Operating profit (%) = operating profit / sales revenue * 100

Net profitability (%) = net profit / sales revenue * 100

Short-term liabilities coverage ratio (times) = current assets / short-term liabilities

ROA (%) = net profit / total assets * 100

ROE (%) = net profit / total equity * 100

Overview of economic activity in 2022 2022 was a very difficult year for Scanola Baltic. The war-induced surge in raw material and energy prices generated a record turnover of 132 MEUR, but brought the company's profitability to zero. Despite difficult conditions, we were able to fulfill all our promises and long-term contracts.

The volume of seeds used in pressing was only 136,000t due to the scarcity of the 2021 crop, but the amount of refined oil marketed was the largest in years, over 65,000t.

On the positive side, we can highlight several things. First, team growth, several very capable new team members joined us. Second, the growth in the volume of packaged goods and third, the completion of the finished goods warehouse

Goals for the next fiscal year.

We hope that 2023 will be significantly more successful for the company than the previous year.

We expect a good rapeseed harvest and high oil content, quality seed.