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's activity report 2022

In 2022, Baltic Energy Partners OÜ (BEP) continued its energy trading activities - electricity and gas sales and emissions trading.

Baltic Energy Partners OÜ has a subsidiary Home of Smart Energy OÜ (100% stake), which in turn has the following subsidiaries: Nordiska

Elbolaget AB (100% stake), 220 Solar OÜ (100% stake), Spotty Smart Energy Partner GmbH in Germany (100% stake) and Markkinakaasu OY (100% stake). In 2021, the Group also included Spotty Smart Energy Partner GmbH in Austria (90% stake) and Spotty Energia OÜ (90% stake) sold in 2022. Baltic Energy Partners OÜ has 1 associated company with a 50% stake.

The company had no employees and no remuneration was paid to the management in 2021 and 2022.

The general difficult economic situation in 2022, war in Europe and high inflation, especially due to the increase in energy prices, did not significantly affect our activities. Growth in terms of volumes is stable and meets the set goals, but due to high prices, the company's turnover figures have increased significantly.

BEP's economic activity is euro-based, so there are no risks due to exchange rate changes. There are no significant risks due to changes in interest rates. Significant investments in 2022 and in the near future are preparing the Polish market through group companies. In 2022, we decided to completely exit the retail electricity and natural gas businesses in European markets. In our activities, we are socially and environmentally responsible.

The company does not have an established dividend policy. Dividends are paid according to the result, opportunity and decision of the shareholders.

Baltic Energy Partners OÜ financial ratios:

Indicator 2022 2021

Net profitability 1.30% 1.70%

Short-term obligations coverage ratio 1.73 1.28

ROA 12.72% 6.66%

Sales revenue 147 650 343 52 569 988

Sales revenue growth 180.90% 140.47%

Formulas used in calculating ratios:

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

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

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

Average total assets = (assets in the reporting period + assets in the comparison period)/2

Sales revenue growth (%) = (sales revenue in the reporting period - sales revenue in the previous period) / sales revenue in the previous period