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's activity report 2022

Introduction

Baltliner Group is an international group, whose main activities are the wholesale of paper intermediates.

As of 31.12.2022, the following business units belong to the Baltliner Group:

Participation % Participation %

Title Country of location 31.12.2022 31.12.2021 parent company

Estonia - -

Baltliner OÜ subsidiary

Baltliner UK Great Britain 100 100

Limited subsidiary

Estonia0 100 100

BJET OÜ The financial indicators of OÜ Baltliner (parent company) and its subsidiaries Baltliner UK Ltd and

BJET OÜ are reflected in the consolidated financial statements for 2022.

Distribution of activities between group units:

Baltliner OÜ deals with the wholesale of paper intermediates and freight transport.

Baltliner UK Limited provides freight transport service and wholesale of paper intermediates.

BJET OÜ performs aircraft leasing.

Revenues, expenses and profit

The sales revenue of the Baltliner Group in 2022 was 156 million euros.

99% of the group's revenues were made up of wholesale intermediates and 1% of freight revenues and others

Main financial ratios 2022 2021

Sales revenue (Euro) 156 167 994 79 883 566

Turnover growth (%) 95.49 23.30

Gross profit margin (%) 11.64 13.00

Net profit/(-) loss (EUR) 12 126 436 6 208 618

Profit growth (%) 95.32 87.00

Net profitability (%) 7.80 7.80

Short-term obligations coverage ratio 1.90 1.80

EBITDA 13 302 744 6 967 852

Formulas used in calculating ratios:

Turnover growth (%) = (sales revenue 2022 - sales revenue 2021)/ sales revenue 2021* 100

Gross profit margin (%) = gross profit/sales revenue * 100

Profit growth (%) = (net profit 2022 - net profit 2021)/ net profit 2021 * 100

Net profitability (%) = net profit/ sales revenue * 100

Short-term obligations coverage ratio (times) = current assets/short-term obligations

EBITDA = net profit + interest expenses + taxes + depreciation expenses

Despite the difficult geopolitical situation, the group's turnover has been vigorously increased. Sales revenue growth exceeded 95% compared to the previous year.

It has been possible to maintain the gross profitability at the level of the previous year: 13% gross margin. The main influencing factors were the increase in raw material prices in the cellulose business sector, high demand from end producers and finding and developing new markets.