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's activity report 2022

BMG Power Systems OÜ was established in September 2009. Economic activity also began in the fall of the same year. The main activity of the company is the import of Volvo Penta marine and industrial engines in the Baltic States. In cooperation with Volvo Penta

AB, which is part of the Volvo group, BMG Power Systems OÜ took over all Volvo Penta engine sales activities in Estonia, Latvia and Lithuania in 2010, and began supplying goods to Volvo Penta AB's previous cooperation partners.

In 2022, we continued to sell Volvo Penta products in the Baltic States, in addition to Volvo, we cooperated with a number of suppliers. The year was mainly marked by logistics and supply problems, but despite everything, the company managed to increase both turnover and profit. Several large sales projects prepared in advance were realized, which made a significant additional contribution to the growth of turnover and profit. Our service point-showroom for leisure boats located in Kakumäe harbor has proven to be successful and diversified the range of services offered by the company. In addition, we acquired in 2022.

In June, the representation rights of the German engine manufacturer Deutz AG in Estonia and Latvia, which in turn significantly increased our after-sales service sales volume.

BMG Power Systems OÜ's net turnover in 2022 was 7271.5 thousand EUR and net profit 880.2 thousand EUR.

BMG Power Systems OÜ's net turnover in 2021 was 6502.3 thousand EUR and net profit 693.5 thousand EUR.

76% of BMG Power Systems OÜ's sales revenue in 2022 is made up of sales to the Republic of Estonia and 24% of sales to other EU countries (in 2021, 77% and 23% respectively).

As of 31.12.2022, the company had 21 full-time employees and the wage cost in 2022 was 817 989 euros.

The board consists of two members. No remuneration was paid to the members of the board in 2022.

In 2023, BMG Power Systems OÜ will continue to expand its activities in finding new projects. The supply problems caused by COVID19, which began in 2020 and intensified significantly after Russia's aggression in Ukraine, are now the new normal - the delivery of goods takes much longer than before, and the transport of goods and equipment from Europe and especially

the USA has also become significantly more time-consuming. Therefore, we currently estimate the turnover and profit forecast for 2023 rather conservatively, but we have already started sales for deliveries to projects in 2024.

At the beginning of 2023, we moved our main activity place in Klaipeda to a larger area. In connection with the representation rights of Deutz AG acquired in Estonia and Latvia in June 2022, we are preparing to expand the workshop and warehouse space. In Latvia, we will move to new premises on the border of Riga already in May 2023

Main financial ratios of BMG Power Systems OÜ: 2022 2021

Return on assets 0.17 0.12

Return on equity (ROE) 0.51 0.63

General level of solvency 0.97 0.79

Methodology for calculating ratios:

Return on assets: net profit / total assets

Return on equity: net profit / equity

General level of solvency: current assets / short-term liabilities

Board member Margus Vanaselja

Board member Tõnu Kirs /signed digitally/