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's activity report 2022

Wihuri OÜ is a Finnish capital-based company that deals with the sale of agricultural, municipal, golf and garden equipment, being the official distributor of John Deere in Estonia. The brand names Wihuri Agri and Wihuri Tehnika are also used as representative names.

In 2022, the Estonian agricultural sector had a good year overall. The total harvest of cereals, rapeseed and legumes was 1.86 million tons, which is 18.7% higher than in 2021. The purchase prices for the 2022 harvest were very volatile, but showed strong growth compared to the previous year. This in turn increased the total value of the harvested crop by approximately 200 million euros compared to the previous year and contributed to the profitability of agricultural enterprises.

In dairy farming, the purchase price of milk rose throughout 2022, reaching an average price level of 544€ per ton by the end of the year.

The higher purchase price gave Wihuri OÜ's customers the courage to invest in renewing their machinery. The number of dairy cows (83,900) remained at the same level as a year ago. The average milk yield per cow has been increasing year by year and has reached a level of approximately 10,628 kg per cow per year.

The agricultural machinery market was still influenced by global supply chains and energy prices, similar to a year ago, and therefore the confusing situation with price increases and delivery delays continued. As in the previous year, Wihuri OÜ was able to exceed its planned sales targets for 2022. The entire tractor market (T-category vehicles) shrank by -12.5% compared to the previous year. The market for tractors used in agriculture (power >50hp) shrank by -15.4%. However, the sale of John Deere tractors increased by 22.5%. Thanks to a larger number of pre-orders and a well-planned supply chain, the company was able to deliver a record number of tractors, which gave the opportunity to compete for the market leader position among all brands. The grain combine market fell by -10% in 2022. However, we were able to increase our market share in combine sales compared to the previous year. The growth in market share was the result of the company's dedicated sales work and good availability from the manufacturer. We were also able to increase our market share in the market for telescopic loaders used in agriculture. The KRAMER brand represented by the company is gaining more and more popularity in the market and we believe we will be able to increase our market share even more in the future.

In 2022, we delivered quite large-scale special projects to our customers. TATRA PHOENIX trucks for agricultural use, HOLMER self-propelled slurry tankers and OXBO self-propelled bale movers reached our customers.

In 2022, we improved internal processes in the company, making them more efficient and putting even more emphasis on customer service experience and work quality. The company's management system was certified according to the ISO 9001:2015 quality management standard at the end of 2022.

The majority of Wihuri OÜ's investments in 2022 consisted of the acquisition of machines for long-term rental to customers, the acquisition of real estate and equipment from the previous landlord for the Türi representation, and investments in software related to business process efficiency. In 2023, the plan is to continue investing in rental machines.

The COVID19 pandemic did not have a direct major impact on the agricultural machinery sales sector in 2022.

The Russian-Ukrainian war did not have a significant impact on the company's operations in 2022. In the first half of the year, transactions with Ukrainian business partners in the sale of used equipment were interrupted, but business activity returned to the previous level by the end of the year. The company has hired war refugees who have previous experience working in the agricultural machinery sector.

The company's operations do not have significant environmental and social impacts. To hedge financial risks of financial instruments, the company assesses the risks associated with financing contracts when concluding them, based on the content of the specific transaction and possible dangers.