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's activity report 2022

AS Dagöplast is a manufacturer of polyethylene and biomaterial film products located in Käina, Hiiumaa. The company has been operating since 1998 and is today one of the largest film manufacturers in the Baltics and Scandinavia. The main products are biodegradable plastic bags and biodegradable films for hygiene products and biodegradable mulch films used in agriculture. We produce various plastic bags, film sleeves, warning tapes, cable protection tapes, wood cover film and plastic pipes from polyethylene. We also recycle plastic waste.

During the reporting period 01.01.2022.a.-31.12.2022.a. the sale of biomaterial products continued and we invested a lot in equipment maintenance and repair and employee training. In 2022, ventilation and a new cooling system were installed in the factory. Most of the longer investment program has reached its result.

The rapid rise in electricity prices that began in the fall of 2021 is a challenge for the company's energy-intensive production. The rapid rise in material prices continued in 2022. High and rapidly changing material prices caused us great financial damage. It was not possible to pass on the entire price increase to customers at the same pace. In more stable times, our long-term relationships with customers have been beneficial. We believe that 2023 will bring greater stability at new price levels.

The company's sales revenue for 01.01.2022.a.-31.12.2022.a. was 17,589 thousand euros (01.01.2021.a.-31.12.2021.a. sales revenue was 15,333 thousand euros) and the loss was 545 thousand euros (01.01.2021.a.-31.12.2021.a. profit was 629 thousand euros).

During the reporting period 01.01.2022.a. - 31.12.2022.a. 870 thousand euros were invested in fixed assets (01.01.2021.a.-31.12.2021.a. 1,848 thousand euros were invested). The work of the board members was not remunerated with board member fees during the financial year. Management fees were calculated at 191 thousand euros (190 thousand euros in 01.01.2021.a.-31.12.2021.a.). The average number of employees working under an employment contract during the financial year was 87 employees (the average number of employees was 90 employees in 01.01.2021.a.-31.12.2021.a.). Labor costs for the ended financial year were a total of 2,103 thousand euros (2,073 thousand euros in 01.01.2021.a.-31.12.2021.a.). The company wants to provide work for about 100 people, which has a great social impact in the region where there is a deficit of both jobs and workers. Being one of the largest employers in Hiiumaa, we offer our employees on-site training, training, company-supported sports and joint events.

In cooperation with the Enterprise Estonia Foundation and the Environmental Investment Center, we invested in more energy-efficient production, and we will continue this activity in the coming years.

The company's production is seasonally affected, the seasonality of production depends on the wishes of customers. Some of our products can be used mostly during the warmer period of the year, for example, agricultural film.

The company has ISO 14001, 9001 and 22000 certificates and a waste permit for plastic packaging recycling. Since one of the company's activities is waste recycling, the company's activities have significant environmental impacts. We recycle film waste generated from our own production and also buy film waste from others for recycling. Since film production consumes a lot of energy, we use 100% green energy.

During the financial year and the reporting period, risks related to changes in exchange rates, interest rates and stock exchange rates are significant for the company. The company often conducts transactions with Sweden, the United States, Norway and other countries where the euro is not in circulation, and as a result, fluctuations in exchange rates affect the company's economic activity on a daily basis. Changes in oil prices on world exchanges affect the purchase price of raw materials.

In 2023, we will continue to work with existing customers and partners. Several projects to make the company's production more efficient will be implemented in 2023. We are installing a 132 kW solar power plant starting work in 2023 to reduce energy costs and use green energy. Investments have been made in appropriate production software for more accurate monitoring of production costs.

Main financial ratios 1.01.2021-31.12.2021 1.01.2022-31.12.2022

Sales revenue (thousand euros) 15,333 17,589

Operating profitability 4.77% -2.38%

Net profit/loss (thousand euros) 629 -543

Net profitability 4.10% -3.09%

Short-term liabilities coverage ratio 1.63 1.41