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's activity report 2022

Introduction

Estover Dairy Industry OÜ's main activity is the production of dairy products - mainly cheese, butter and curd (EMTAK code 10512). In addition, food packaging services are provided (EMTAK code 82921). In 2021 and 2022, the company has invested in product development and continued its previous activities in production to ensure the efficient use of resources.

As of 31.12.2022, the owners of Estover Dairy Industry OÜ are United Estover Group OÜ (82.16%), AE

Group OÜ (9.13%) and TE Alusvara OÜ (8.71%).

The company has been a member of the Estonian Cheese Union MTÜ since 2000, a member of the Estonian Agricultural-Commercial Chamber and

a member of the Network of Health Promoting Workplaces since 2012.

Revenues, expenses and profit 2022 was the twenty-second full fiscal year for the company. The sales revenue for 2022 was 39,075,691 euros (32,810,054 euros in 2021). The company's products are sold on the Estonian market by Estover OÜ, which belongs to the same group. In addition to the Estonian market, goods were also sold to Italy, Poland, Slovakia, Latvia and Lithuania. In 2022, the company's economic result was a profit of 4,732 euros (a loss of 49,705 euros in 2021). The financial results for 2022 are satisfactory in the opinion of the company's management, considering the change in raw milk prices and the overall increase in all production inputs. We were able to ensure the stability of business operations and invest in more energy-efficient production. The competition in the dairy product market is very tight and prices are volatile. The past year was characterized by a rapidly changing economic environment, rapid price growth and Covid-19 related restrictions, which affected the supply of equipment and materials and were reflected in the behavior of end-product consumers. The ongoing

Russian-Ukrainian war has an impact on the company's operations mainly through global trends, primarily through the rise in energy prices.

In order to stay competitive, the efficient planning of the company's production capacities and a flexible and operational pricing policy, as well as the efficient use of production resources, including the active implementation of energy-saving measures, were crucial. The main production items are cheese, butter, cottage cheese, cream cheese, ricotta curd, yogurt and mozzarella.

The most important ratios of economic activity are: 31.12.2022 31.12.2021

Short-term obligation payment ability (current assets / short-term obligations) 1.05 1.08

Liquidity ratio (current assets-inventories / short-term obligations) 0.47 0.64

Turnover profitability (profit (-loss) / sales revenue) 0.01% -0.20%

Debt ratio (obligations / equity) 0.93 0.58

Solidity ratio (equity / total liabilities and equity) 0.52 0.63

ROA (net profit / assets) 0.01% -0.20%

ROE (net profit / equity) 0.03% -0.30%