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's activity report 2022

The main activity of AS Balt-Hellin last fiscal year was the wholesale and intermediation of raw materials to companies involved in food production or processing.

Our clients are cafes, restaurants, bakeries and confectionery industries, food processing companies, gas station and retail chains in all three Baltic countries.

We actively participate in product development for our clients and provide technological support for the introduction of new products to the market.

We intend to continue our activities in these areas in the future as well.

We import our products from various European countries (Germany, Belgium, France, Italy, Poland and Denmark) and we are the official representatives of well-known manufacturers in the Baltics.

We are representatives of many well-known manufacturers/brands (Wolf Butterback, Martin Braun, Barry Callebaut, Lübecker Marzipanfabrik, Valrhona, Friesland /Debic etc) in the Baltics.

The reporting year includes a change of ownership - since July 2022 we belong to the JNG Investments OÜ group of companies.

We continue to work within the group with our existing partners, product range and customers.

No significant investments were made during the reporting year and no major investments are planned in the near future.

The activities of Balt-Hellin AS are not affected by seasonality or the cyclical nature of economic activity. Our economic activities do not have significant environmental or social impacts. Covid-19 and price increases in the world market did not significantly affect our activities.

Balt-Hellin AS's sales revenue for 2022 increased by 24% compared to 2021, a significant part of which came from price increases, due to the rising cost of raw materials and transportation in the world market. Despite increasing competition, pressure on profit margins due to price increases, we still expect at least a 10% increase in sales revenue for the new fiscal year due to an expanded range, new customers and new markets.

Tartu, February 2023

Ave Roomets, Director

Key financial ratios:

Source data (in thousands of euros) 2022 2021 2020

Current assets 3 348 2 596 2 451

Short-term liabilities 2 105 1 556 1 572

Cash 304 155 112

Liabilities 2 167 1 924 2 344

Assets 5 150 4 769 5 021

Inventories 1 827 1 347 1 352

Profit for the reporting year 138 169 -16

Equity 2 984 2 845 2 677