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's activity report 2022

Rainert RL OÜ started operations on 22.06.2010. The main activity is the cultivation of its own forest and sustainable forest management, as well as the production of sawn timber. We own about 1500 ha of forest land. In 2022, in connection with contracts for wood chips, a second chipper was also purchased and 2 cars for transporting wood chips.

There were 18 employees. In 2022, Covid 19 did not directly restrict the company's activities. Business also depends on seasonality and economic activity. Also due to restrictions arising from nature conservation.

There were no changes in the management in 2022.

Main ratios:

Title 2022 2021

Sales revenue (thousand euros) 9 338 3 834

Operating profit margin % 11.51 % 22.22 %

Short-term obligations coverage ratio 2.92 4.48

Overall debt ratio % 13.65% 10.68%

ROA % 16.32% 16.65%

ROE % 18.90% 18.65%

Formulas used in calculating ratios:

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

Short-term obligations coverage ratio (times) = current assets / short-term obligations

Overall debt ratio = obligations / total assets*100

ROA (%) = net profit / total assets*100

ROE (%) = net profit / total equity*100 In 2023, it is planned to continue investing in forest and agricultural land properties. Also to buy logging rights to ensure the sustainability of the company's operations. Due to the increase in the price of pulpwood, the prices of forest land have also increased.

In 2023, it is planned to increase the production of wood chips as well.

The company's macro business environment is the forestry sector in Estonia. Factors that may affect the business environment in which the company operates are as follows:

Economic factors

The Estonian economy has gone through a crisis in 2008-2010. From 2010 to 2022, the economy has grown and people's living standards have improved. At the beginning of 2022, there was an increase in wage growth, as Covid no longer affected the economy.

The currently record high price of forest material is prompting forest owners to sell both forest land and logging rights.

Social factors

Since regaining independence, Estonia has increasingly urbanized, making it difficult to find long-experienced, qualified and motivated workforce in this field.

Political factors

The most important political factor is the laws established by the state and prudent forest management by the state. If the state manages the forest carefully and sustainably and can oblige private forest owners to do the same, then the cultivation service is sustainable for years to come.

Technological factors

At the moment, there is no sign of major technological breakthroughs in forest cultivation that would significantly simplify and enable this work to be done at cheaper prices and thereby give someone a significant competitive advantage. Therefore, it is not seen that service prices would fluctuate significantly in the coming years.