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's activity report 2022

Polarlog Logistics OÜ is engaged in providing transportation services, being in long-term contractual cooperation with various Western European clients and offering them kilometer-based transportation services, mainly using the trucks of Eastern European transportation companies (subcontractors).

Our task is to consolidate the trucks of various subcontractors to ensure the desired volume for clients. At the same time, we offer subcontractors steady work year-round on lines suitable for them (for example, DE/BENELUX-FR, DE/BENELUX-IT, DE/BENELUX-DK/SE, etc.).

In 2022, we focused on road transport brokerage in Central Europe, developed customer relationships, and expanded the subcontractor base.

The beginning of the year was rather difficult due to the rise in fuel prices and the shortage of drivers. There was a labor shortage in the sector, which was tried to be compensated by rapidly rising transport prices. The end of the year brought (mainly due to high energy prices, the rise of Euribor, and consumer uncertainty) a change in the market and the focus shifted in our favor, bringing noticeable growth to the company. The activity more than doubled within a few months.

As of 31.12.2022, Polarlog Logistics had 40 partners with a total of 60 trucks under a long-term cooperation agreement.

We set a goal for 2022 to increase sales revenue to five million euros and the goal was successfully exceeded.

The goal for 2022 is to strengthen the position in the international market and increase sales revenue to ten million euros. We are expanding our customer base to make the company's operations more stable and ensure work at all times with different alternatives. We are developing relationships with subcontractors to create long-term partnership cooperations, offering subcontractors the opportunity to leave the entire fleet in our care and thus supporting our clients' activities.

Main financial ratios and their calculation methodology in 2022 and 2021: 2022 2021

Short-term debt coverage ratio 1, 10 1,11

Solvency ratio 1,10 1,04

Immediate liquidity ratio 0,01 0,01

Return on assets ROA % 30,92 39,72

Debt ratio 0,81 0,90

Short-term debt coverage ratio = Current assets / Short-term liabilities

Solvency ratio = (Current assets - Inventories) / Short-term liabilities

Immediate liquidity ratio = Cash + Securities / Short-term liabilities

Return on assets ROA % = Net profit / Average assets * 10

Debt ratio = Liabilities / Total liabilities