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's activity report 2022

The main activity of OÜ Pigipada is the production and sale of bitumen emulsions in the factories in Paide and Tsirguliina in Estonia. The environmental impact associated with the production of bitumen emulsions is primarily manifested in the process of heating raw materials and the use of electrical energy. The main measures of OÜ Pigipada to reduce the environmental impacts are monitored and controlled with certified production processes in accordance with EN 13808:2013; EN 12591:2009; EN 14023:2010 standards. The use of bitumen emulsions enables the use of mixtures in road construction and repair that can be used in a temperature range of 30 - 80 degrees Celsius. Our products help to reduce the working temperature of the materials used in road construction and repair, which contributes to reducing the environmental footprint.

The board of OÜ Pigipada consists of one member and four council members. No remuneration was calculated for the council members in the 2022 financial year.

The board member was paid a total of 35,166 euros in 2022.

In 2022, 10 people worked at OÜ Pigipada.

The main customers are larger road construction and maintenance companies operating in the Estonian market and mainly invoiced in euros.

The Russian-Ukrainian war that began on February 24, 2022, has a direct impact on the activities of OÜ Pigipada. Global sanctions have been imposed that affect our raw material procurement channels and deadlines. As the situation in Ukraine is uncertain and rapidly changing, the management cannot accurately assess the impact of this event on the company. Additional sanctions were applied during the preparation of the annual financial statements

to bitumens of Russian origin, which directly affect the entire nearby market from where bitumen is imported to Estonia and may cause a bitumen deficit in the market.

The business activity of OÜ Pigipada is cyclical and the main production periods fall in the second and third quarters.

The company's business activity is affected by rapid inflation and the rise in Euribor loan interest rates.

The investments of OÜ Pigipada's associated company and fixed assets in 2022 can be seen in appendices 4 and 5. The investments in tangible fixed assets planned for 2023 are of a similar magnitude as in the reporting year.

Main ratios: 2022 2021

Sales revenue (euros) 15 152 835 17 028 320

Operating profit margin 11.8% 14.4%

Net profit (euros) 1 463 499 2 343 527

Short-term obligations coverage ratio 1.18 0.88

ROA 35% 69%

ROE 76% 500%

Formulas used in calculating ratios: (cid:127) Operating profit margin (%) = operating profit / sales revenue * 100 (cid:127) Short-term obligations coverage ratio (times) = current assets / short-term obligations (cid:127) ROA (%) = net profit / total assets * 100 (cid:127) ROE (%) = net profit / total equity * 100