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's activity report 2022

AS Räpina Paper Mill is a company with a long historical experience in manufacturing paper and cardboard products. The company's main product is corner profiles. By now, the company has become the largest producer of packaging corners in the Baltic and Nordic countries.

The company values sustainability and environmental friendliness, the main raw material for production is waste paper.

Products: packaging corners, packages and construction papers, and office and art supplies are marketed under the RAPPIN brand.

The RAPPIN trademark was registered on 12.09.2007 at the European Union Intellectual Property Office.

Key activities in 2022: * Improving the paper machine to increase energy efficiency and improve paper quality; * Improving the winding machine to make production more effective; * Launching a biogas production and water purification plant; * Introduction of new corner lines and modernization of old ones; * Continuation of the restoration of the historic factory building; * Ongoing implementation of ERP to improve production planning and inventory tracking;

In 2022, the company employed an average of 126 full-time employees (114 employees in 2021).

In 2022, a total of 3.5 million euros was invested in various fixed assets (2.5 million euros in 2020).

AS Räpina Paper Mill is managed by a one-member board and a three-member council.

Main ratios in the reporting and previous year:

Formula 2022 2021

Operating profitability Net profit/sales*100 12.55 % 10.33 %

Business profitability Operating profit/sales*100 13.06 % 10.89 %

Total asset profitability

Operating profit/total assets*100 16.87 % 14.16 % (ROA)

Net profit/equity

Equity profitability total*100 23.05 % 19.35 % (ROE)

Short-term debt coverage ratio Current assets/short-term liabilities 2.33 1.74

Debt ratio

Liabilities/total assets 0.29 0.31

Main objectives of AS Räpina Paper Mill for 2023: * Modernization of lines; * Establishment of a solar park and increasing energy efficiency; * Starting the design of a new production building and a wood chip boiler house.

In a strong competitive environment, rapidly rising transport prices and availability may affect operations in the coming months. In addition, high energy and fuel prices, which have steadily reduced incoming orders since May 2022, are affecting general consumption of goods.

The rise in energy prices affects the entire sector, and we have taken steps to reduce its impact.

A decrease in orders may result in some job losses, which the company hopes to compensate by serving clients currently on hold.

In the financial year, interbank interest rates began to rise, which will increase the interest costs associated with servicing loans and leases. The company has long-term contracts, so the increase in interest costs associated with the rise in Euribor does not create additional liquidity risks.

Räpina Paper Mill uses only recyclable raw materials for its production, so our production's ecological footprint is relatively small.

Due to the ongoing war in Ukraine, the company must take into account the continued fluctuation in energy prices, changes in the geographical aspect of input purchases, and several other factors. Räpina Paper Mill strives to be as responsive as possible in its production planning.