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's activity report 2022

Introduction On January 11, 2023, a merger agreement was concluded between Tallinna Terminal AS (merging entity) and Terminal Oil OÜ (merged entity), as a result of which the subsidiary (Tallinna Terminal AS) and the parent company (merged entity) were merged and Tallinna Terminal AS became the legal successor of Terminal Oil OÜ. The assets of the merged entity (Terminal Oil OÜ), including rights and obligations, were transferred in full to the merging entity (Tallinna Terminal AS).

After the merger, the merging entity continues its operations under the business name Tallinna Terminal AS.

The balance sheet date of the merger, i.e., the time from which the transactions of the merged entity are considered to have been made on the account of the merging entity, is December 31, 2022.

The company's operations can be conditionally classified into two areas of activity: handling and storage of light petroleum products in excise, customs and commercial warehouses, wholesale of liquid fuels, and rental and management of motor vehicles.

Petroleum product handling takes place in the most modern storage facility in Estonia, which has an excise warehouse operator registration, a liquid fuel sales permit, and a tank park with a total capacity of 29,000 m3.

The main petroleum products handled are: gasoline 95; 98, diesel fuels, specially marked diesel fuel and aviation fuel JET A1. The acceptance, storage and issuance control and management of petroleum products are carried out automatically.

AS Tallinna Terminal has been a long-term partner of the Republic of Estonia in storing national liquid fuel reserves.

In case of a crisis (supply difficulties), Tallinna Terminal's liquid fuel terminal is a supplier of liquid fuels for the Republic of Estonia. Successful cooperation with the Estonian Stockpile Center (former OSPA) began already in 2008 and storage contracts last at least until 2029. AS Tallinna Terminal is among the largest taxpayers in Estonia. The company is a member of the Estonian Oil Association.

Revenues, expenses and profit In 2022, AS Tallinna Terminal's sales revenue amounted to 24,279 thousand euros and net profit 489 thousand euros.

As an excise warehouse operator, fuel excise taxes of 22,968 thousand euros were collected for the state.

Main financial ratios for the financial year and the previous financial year and their calculation methodology 2022 2021

Sales revenue growth (%) 62.5% 1691.7%

Net profitability (%) 2% 22%

Coverage ratio of short-term obligations 0.8 0.6

ROA (%) 3.8% 24.3%

ROE (%) 12.7% 97.7%

Methodology for calculating the presented financial ratios:

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

Net profitability = net profit / sales revenue * 100

Coverage ratio of short-term obligations = current assets / short-term obligations

ROA = net profit / total assets * 100

ROE= net profit / equity * 100