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's activity report 2022

Introduction

AS Kihnu Veeteed was established in 2002 as a partnership. In 2005, the company was restructured into a joint-stock company.

The main activity of the company is the organization of maritime transport.

Since 2006, the company has implemented the International Safety Management (ISM) Code adopted by the International Maritime Organization (IMO), which meets the requirements of the Society's Safety Management System (SMS).

AS Kihnu Veeteed operates passenger and passenger ferries under public service contracts on public shipping lines and carries out charter trips in the Gulf of Riga, the Gulf of Finland between small islands and the mainland, in the Väinameri between small islands and the mainland and between large islands, but also on Lake Peipsi.

The company's fleet includes seven ships - passenger ferries "Kihnu Virve", "Ormsö", "Soela", "Reet", "Amalie", "Koidula" and passenger ship "Vesta".

AS Kihnu Veeteed values the satisfaction of its customers, partners, employees and shareholders and balanced relations with the surrounding environment.

Overview of economic activity In 2022, AS Kihnu Veeteed continued its traditional business in the field of maritime transport, operating under public service contracts on five shipping lines: 1. Kihnu-Munalaid (since 2004); 2. Munalaid-Manilaid (since 2004); 3. Sviby-Rohuküla (from 2004 to May 31, 2015, again from June 1, 2016); 4. Laaksaare-Piirissaar (since 2009) 5. Sõru-Triigi (since 2016):

In 2022, the company carried approximately 207.6 thousand passengers, which decreased by almost 10.5% compared to 2021. In 2022, approximately 72.7 thousand vehicles were transported, which was 5.6% less than in 2021.

The following factors had the greatest impact on the company's financial results:

Revenues, expenses and financial result

AS Kihnu Veeteed's total business revenues for 2022 were 5.9 million euros, accounting for 98.6% compared to 2021.

99.8% of the company's business revenues consisted of sales revenue and 0.2% of other revenues.

Business revenues decreased due to the expiration of some line procurement contracts.

The company's operating expenses totaled 5.63 million euros in 2022 (2021: 5.76 million euros). The change in operating expenses was mainly due to the expiration of some procurement contracts.

AS Kihnu Veeteed's operating profit for 2022 was 0.28 million euros and net profit was 0.22 million euros.

Financial position report

As of December 31, 2022, the total assets of AS Kihnu Veeteed were 1.8 million euros, of which the company's liabilities accounted for 0.4 million euros or 22.09%.

Claims and prepayments amounted to 0.3 million euros.

As of December 31, 2022, the company had no short-term or long-term loan obligations.

Financial indicators and ratios