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's activity report 2022

The main activity of Energia Nord OÜ is the sale of various liquid fuels in excise and customs warehouses. In the past fiscal year, 379,228 (2021: 667,516) tons of various liquid fuels were sold for a total of 207.5 (2021: 279.4) million euros.

The total labor costs accounted for in the company amounted to 173,936 (2021: 205,595) euros. The company has no obligation to pay compensation to a board member upon termination of the relationship.

Main financial ratios:

Business activity 2022 2021

Sales revenue 208 144 718 280 007 520

Net profit 802 382 1 995 005

Net profitability (%) 0.39% 0.71%

Coverage ratio of short-term liabilities 2.15 3.00

ROA (%) 4.80% 16.19%

ROE (%) 8.69% 23.67%

Formulas used in calculating ratios:

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

Coverage ratio of short-term liabilities (times) = current assets / short-term liabilities

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

ROE (%) = net profit / total equity * 100 The company will continue its operations in the existing fields of activity in 2023.

Investments

Due to the nature of the company's operations, the company does not require significant fixed assets, all major services (auto and sea transport, terminal services, etc.) are purchased from either group companies or third parties. The board does not foresee any significant changes in the investment strategy in the next fiscal year.

Dividend policy

The company's board does not plan to pay dividends in the coming years.

Main risk factors:

The company's operations are generally not seasonal or cyclical, but rather depend on contracts. The company's operations do not involve environmental risks, as the company does not store fuel itself but uses storage facilities.

Stock price fluctuation risk

The company's operations are most affected by fluctuations in fuel prices on the world market, as the selling price of the products sold by the company depends on the low world market price of the respective product. Since the company's suppliers also base their pricing on the world market price, the company's strategy has been to match the periods of formation of purchase and selling prices. If this is not successful, various financial instruments are used to hedge the price risk.

Currency risk

Since fuel prices are quoted in US dollars, the company's financial results are also affected by the exchange rate of the US dollar against the euro.

Liquidity risk

The company's credit limits (group overdraft) are, in the opinion of the board, sufficient to ensure the timely fulfillment of the company's obligations at the current levels of activity.