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NORDIC GAS SOLUTIONS OÜ's activity report 2022

The aim of Nordic Gas Solutions OÜ is to provide safe and innovative technologies to promote the use of natural gas and biomethane as motor fuel and for the production of process heat in industries.

The company manufactures and installs compressed gas stations, compressor stations, stationary and mobile compressed gas storage, LNG stations and backup and storage solutions, and organizes their maintenance and operation, but also offers various related equipment.

The parent company of Nordic Gas Solutions OÜ is Nordic Gas Solutions AB (Sweden). Both companies support each other in the development and production of technical solutions and in the marketing of technology in the Nordic and Baltic countries.

Main developments in 2022

Positive developments continued during the reporting year, sales increased by 8.3% to 5.8 million euros and net profit fell slightly to 351 thousand euros, and continued investment in development projects to diversify the product portfolio.

The reporting year has provided ongoing confirmation that expectations for the potential of the natural and biogas market have proven to be valid, which has in turn been boosted by the geopolitical situation and as a result, countries' attention to increasing energy independence has only grown, therefore we see interest growth in biogas, LNG and hydrogen technologies.

The company's products and technical solutions remain competitive. The market situation is positive and growth is expected to continue in the coming years in both existing main markets (Finland, Estonia, Latvia, Sweden) and more broadly elsewhere in Europe. To date, the first contracts have already been signed with customers outside our usual markets, which has been greatly facilitated by the new owner and membership in a large international group (TSG).

The company's organization has stabilized, forming 34 staff members by the end of the reporting year, reflecting the company's preparations for expanding the product portfolio.

Production activities continue to be developed on a 5000 m2 production area, work continues on the manufacture of several own products: assembly of industrial compressed gas compressors (nn.

“packaging”), development of our own CNG and LNG refuellers, production of LNG evaporators, introduction of biogas purification technologies, etc.

The company continues to have excellent contacts with market participants, which provide good opportunities for flexible response to developments.

The focus for the next year is to lay the foundation for further growth in business volumes through diversification of the product portfolio and continue the development of solutions in both cryogenics and hydrogen fields for implementation in our product portfolio.

The main economic indicators and ratios of the company were as follows:

Indicators 2022 2021 Formula

Sales revenue (EUR) 5813906 5369310

Net profit 351123 383735 (EUR) reporting year sales revenue- previous

Sales growth (%) 8.3 0.03 (reporting year sales revenue - previous period sales revenue)/ previous period sales revenue*100