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's activity report 2022

Paunvere Agro started its operations in 1999. Until 2011, the company was named

Wood Trade OU. The name change took place in connection with Wood Trade OU and its parent company

Paunvere Agro OU merging on 01.01.2012.

The main activity of the company is dairy farming. Raw milk is sold to Valio Eesti AS, cull animals to Atria Eesti AS.

The average number of employees in 2022 was 43, their calculated wages with taxes were 785 939

E.

By the end of 2022, the size of the main herd is 837 animals, approximately the same number of young animals are also in the company.

The average milk yield per cow is 11550 kg, in 2023 it is planned to reach 12000 kg per cow. Increasing the main herd next year is not planned.

In 2022, state lands in use were purchased and several new agricultural machines were acquired: tractor Valtra T234, telescopic loader Claas Scorpion 9055VP, plow Kvemeland EG-85, tractor trailer Palmse.

In 2023, it is planned to invest in the purchase of lands, as well as to acquire new agricultural machines.

In other respects, regular activities will continue.

Main financial ratios 2022 2021

Total revenue 5 108 894 3 332 636

Net profit 1 014 098 90 703

Current assets 2 352 658 1 295 010

Short-term liabilities 1 201 928 715 669

Total assets 7 982 669 ! 6 453 874

Total equity 3 329 834 2 315 736

Revenue growth (%) 53.3 4.88

Net profitability (%) 19.85 2.72

Short-term liabilities coverage ratio (times) ! ROA (%) 12.7 1.41

ROE (%) 30.5 3.92

Formulas used in calculating ratios: • Revenue growth (%) = (total revenue 2022-total revenue 2021)/total revenue 2021 100 • Net profitability (%) = net profit/total revenue*100 • Short-term liabilities coverage ratio (times) = current assets/short-term liabilities • ROA (%) = net profit/total assets*I00 • ROE (%) = net profit/total equity*100