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's activity report 2022

The main activity of AS Nurme Turvas is the extraction and marketing of peat (EMTAK code 08921).

Peat is marketed both in bulk and packaged. Packaged peat sales accounted for 82% of the realized peat volume in 2022. The production is mainly sold to foreign markets.

In 2022, 52% of sales volume was the European Union, 42% non-EU countries, only 6% was marketed to Estonian companies. The main export markets were the Netherlands, China, Greece, Germany, Lithuania, Spain.

For mining, 755.1 hectares of peat production land has been rented from the state, of which production is taking place on 457 hectares.

The company has been issued two environmental permits for peat extraction, with deadlines in 2052 and 2026. The process of extending the mining permit for the Elbu IV peat production area has also been initiated.

Peat production is characterized by seasonality and dependence on weather conditions. External factors affecting peat production include raising resource taxes, the price of fuel, packaging materials and wood on the world market.

Due to climate policy, peat producers have been challenged for the next decade. The sector has been challenged to reduce greenhouse gas emissions and increase sequestration over the next 10 years. To do this, it is necessary to investigate how much greenhouse gas emissions are caused by the mined and horticulturally used peat and to propose ways to reduce these emissions through circular economy and sustainable carbon cycle.

Peat makes up an average of 70% of the composition of growing soils and there is no equivalent replacement for it. As controlled plant cultivation becomes increasingly important globally in the context of soil degradation, climate change, general population growth and concurrent urbanization, peat has an increasingly important and larger role.

Peat is the bearing base in all horticulture, including the pre-cultivation of small plants, for example in mitigating climate change, where most of the seedlings needed for afforestation are pre-grown on a peat substrate, in addition to reducing irrigation water, which is a big problem elsewhere in the world. Therefore, the next decade is definitely a transition period that opens up new opportunities and directions in a changing market. Nurme Turvas has chosen clean and green production and is actively researching and implementing technologies that help to contribute more effectively to the green transition.

The company collaborates with scientists and will start compiling a GHG (greenhouse gas footprint assessment) product-based. Installed 2 solar parks and a geothermal system, which cover 40% of the company's packaging and repair shop energy consumption.

The summer of 2022 was favorable for production. The balance of finished goods on the balance sheet day was 1,473.1 thousand euros (538.6 thousand euros in 2021).

The company's sales revenue increased by 51.9%, amounting to 12,409.7 thousand euros (8,170.9 thousand euros in 2021). Operating profit amounted to 4,972.2 thousand euros (2,642.2 thousand euros in 2021).

The company ended the financial year with a net profit of 4,918.8 thousand euros (2,561.0 thousand euros in 2021).

Company's financial ratios: 2022 2021

Sales revenue 12409.7 8170.9 thousand euros

Turnover growth % 51.9 19.7

Operating profit margin % 40.0 32.3

Net profitability % 39.6 31.3

Short-term obligations coverage ratio 11.9 11.8

ROA 30.1 21.7

ROE 31.9 23.2

Formulas used in calculating ratios: (cid:127) Turnover growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100