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's activity report 2022

Sadala Piim OÜ is a company engaged in the production of raw milk and dairy farming.

In 2022, the company had an average of 1138 dairy cows (indicator for 2021 was 1095); the number of main herd animals increased by 64 animals and the number of heifers has also increased in the same order.

It is positive to note the significant decrease in animal mortality, which has been facilitated by improving the living conditions of calves, investments in improving animal welfare, and changes in personnel.

The annual quantity of sales milk increased by ~ 7.9% to 11,321 tons (the previous year saw a decrease on an annual basis of ~ 0.4%). This is the best result ever. Milk production has also achieved stability and there were no significant setbacks during the financial year and production volumes have been in a constant positive trend throughout the year.

The average annual milk production per cow was 9939 kg, which has also increased compared to the previous year (+3.7%).

The average milk price for the year was ~ 500 eur/t, which is also the highest price level ever. This was facilitated by a higher level of milk fat and protein (averages of 4.1% and 3.6% respectively) and their better pricing. However, it should be noted that in early 2023, there was an oversupply of milk on the market and we forecast a decrease in the milk purchase price of about 15%.

The company's sales revenue for 2022 amounted to 6,287,113 euros (which was 63% higher than in 2021), of which 90% was made up of raw milk sales.

Milk sales turnover has increased by ~ 47% compared to the previous year due to higher milk prices and higher production.

The company's costs increased in 2022 mainly due to increased feed prices (in the spring of 2022, the prices of all major inputs for additional feed skyrocketed to the highest levels in history) and energy prices (both electricity and fuel prices were the highest in history), and there was also a need to increase labor costs.

The main investments were made in a new calf barn complex, where the conditions for keeping calves were completely renewed and a novel calf rearing system in mobile trailers was implemented in Estonia. Also, the animal beds in the finishing barn were partially renewed and the transformation of the young animal barn into a calving barn continued in order to increase the number of finishing animal places in the dairy farm.

For 2023, investments are planned to renew the entire lighting of the finishing farm, complete ongoing investments and plan the expansion of the finishing farm with a new finishing area.

Key financial ratios

Ratio 2022 2021

Liquidity ratio 0.93 0.44

Debt ratio (%) 68.19 77.04

Return on assets ROA (%) 14.18 -5.91

Return on equity ROE (%) 41.03 -30.83

Operating profit margin (%) 16.71 -9.28

Formulas used in calculating ratios:

Liquidity ratio = (current assets - inventories) / short-term liabilities

Debt ratio (%) = (liabilities / assets) * 100

Return on assets ROA (%) = (operating profit / total assets) * 100

Return on equity ROE (%) = (profit / equity) * 100

Operating profit margin (%) = (operating profit / net sales) * 100