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's activity report 2022

The main activity of Baltic Ground Services EE OÜ is to provide refueling services at Tallinn Airport.

The company's sales revenue increased by 107% compared to the previous year, from 5,748,538 euros in 2021 to 11,883,772 euros in 2022. This was influenced by both partial market recovery and the rise in fuel market prices. The company incurred a loss of 67,072 euros in 2022 (in 2021, the net profit was 81,016 euros).

The company's economic activity was still affected by both the global spread of COVID 19 and the war in Ukraine, which affected some flight routes, reducing the need for aviation fuel by about 56% from the pre-COVID level. However, the company retained most of its customers and expects

further growth in the number of flights in the post-COVID period. Full equipment and key employee positions have also been maintained to be ready to increase operations. All certificates and licenses are maintained and updated in a timely manner.

To reduce costs, the company's management proactively approached partners and suppliers for discounts, changed existing business conditions, and applied for available subsidies.

According to § 176 of the Commercial Code, the company's equity must be at least 2,500 euros. The equity of Baltic Ground Services EE OÜ as of 31.12.2022 is negative. Despite not meeting the net asset requirements, the management believes that it is still an operating economic unit, the net asset requirements of which will be met with the results of the next operating periods. The management also assessed that the lack of current assets compared to short-term liabilities does not pose a threat to the company's business operations.

As of the end of the fiscal year, the company employs 6 employees.

In 2023, the focus will be on increasing the level of activity and maintaining market positions, as well as increasing efficiency.

Main ratios 2022 2021

Liquidity ratio 0.90 0.76

Debt ratio 1.03 1.18

Sales revenue growth 107% 221%

Equity -19 483 -87 412

Liquidity ratio = Current assets / Short-term liabilities

Debt ratio = Liabilities / Assets

Sales revenue growth = (this year's sales revenue - last year's sales revenue) / last year's sales revenue *100