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's activity report 2022

OÜ Navforward was established on 22.09.2016. The same year, economic activity began and until 2022, the main activity was the organization of sea freight, ship agency. EMTAK 2008 code 52292.

The company provides brokerage services for the transport of various bulk and bulk goods by sea worldwide.

In the course of providing the service, the company organizes the search for a suitable ship for the service and helps to conclude a carriage contract between the shipowner and the cargo owner, receiving a commission for this. The company's own ship is used to transport frozen fish in Northern Europe, mainly in Norway,

UK, Netherlands. The service was sold to legal entities.

There were no investments during the reporting period.

No shares have been acquired or pledged.

There were no significant events in the preparation of the 2022 financial statements.

As a result of the 2022 economic activity, OÜ Navforward's equity (net assets) meets the requirements of the Commercial Code §176.

Summary of 2022 financial results

Summary of financial indicators In 2022, sales revenue amounted to 11,775,461 euros, which is 405% more than in 2021.

The increase in income in 2022 is related to the rise in freight rates in the world economy.

Directly related operating costs (logistics costs, broker services, ship content, material costs) totaled 8,796,615 euros.

Other operating expenses (travel expenses, property insurance, banking services, rental costs, other economic costs) were 107,709 euros.

During the reporting period, a total of 322,101 euros was accounted for salaries, including the CEO, who was also the chairman of the board, 34,232 euros. The average number of employees during the reporting period was 5.

No payments were made to board members.

Main financial ratios 2022 2021

Sales revenue (in euros) 11,775,461 2,330,008

Operating profit / loss (in euros) 2,494,031 238,941

Short-term solvency (liquidity) ratios:

Net working capital 4,384,265 1,923,385

Short-term debt coverage ratio 6.22 45.72

Solvency ratio 6.22 45.28