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's activity report 2022

AS Tallink Duty Free is a subsidiary owned by AS Tallink Group with a share capital of 25,560 euros.

The main activity of AS Tallink Duty Free is the supply of on-board supplies for water and air vehicles making foreign trips, retail and wholesale of food and industrial goods, including alcohol and tobacco products, in stores located in customs control zones, organizing product presentations and maintaining an excise warehouse. The main customers of AS Tallink Duty Free are various companies of the AS Tallink Group. In connection with this, the period with the highest turnover for AS Tallink Duty Free is the second half of the calendar year, which is also the high season in the tourism sector. In addition to supplying goods from various group companies, AS Tallink Duty Free also sells goods to pedestrians and car passengers passing through the Old Port of Tallinn.

As a result of the COVID-19 virus pandemic, travel between Estonia and the Nordic countries has decreased compared to the pre-virus period and AS Tallink Duty

Free's operating environment in the sales points located in the D-terminal of Tallinn Port is volatile and depends on the speed of travel recovery. Travel began to recover after the lifting of travel restrictions in the first quarter of 2022 in Estonia, Finland and Sweden. The recovery of flows of travelers from further afield was also affected by the military conflict in Ukraine that has been going on for over a year, in addition to COVID-19 restrictions.

The company has taken measures to reduce costs due to the changing economic situation. We have agreed with the landlords of the sales areas on optimal opening hours for the sales points and reduced the number of employees.

We are developing the functionality of the Pre Order, Bus Pre Order and Parking Car sales and service channel, ensuring even more convenient and better shopping opportunities for customers traveling by car and tourist bus.

We continue to pay heightened attention to the continuous modernization of the e-commerce web environment, ensuring active sales of products

in the Tallink WebShop sales channel in Estonia, Finland, Sweden and Latvia and the development of marketing for this sales channel. In the case of e-commerce, special attention is paid to serving Tallink Club One regular customers.

Due to the continued growth of e-commerce, the range and volume of goods processed and stored in the logistics center has increased, which has led to the need to expand the logistics center. In cooperation with the owner company of the logistics center, we are developing a logistics center expansion project, the start of construction of which is planned for the second quarter of 2023.

Due to changes in the general economic environment, which is reflected in the pressure on the growth of raw material and product purchase prices, in 2023 we will pay heightened attention to optimizing the purchasing process and inventory management, both on ships, in the logistics center and in onshore sales points. In a volatile economic situation, we pay even more attention to negotiations with suppliers and manufacturers, ensuring the best possible purchase prices and conditions for the company.

Continued attention is paid to saving costs related to the company's operations, ensuring the efficiency of activities and an environmentally friendly working environment and processes.

Main financial ratios: (in euros) 2022 2021

Sales revenue 101 803 729 78 387 294

Change in sales revenue 29.87% 2.26%

Gross profit margin 3.03% 3.04%

Net profit 347 811 142 377

Change in profit 144.29% -42.04%

Net profitability 0.34% 0.18%

Short-term obligations coverage ratio 1.23 1.29

ROA 0.81% 0.38%

ROE 3.20% 1.35%

Formulas used in calculating ratios:

Sales revenue growth (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100

Gross profit margin (%) = gross profit / sales revenue * 100

Profit growth (%) = (net profit 2022 - net profit 2021) / net profit 2021 * 100

Net profitability (%) = net profit / sales revenue * 100