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's activity report 2022

OÜ ESTMA's main activities are international logistics (freight forwarding and warehousing) and providing ship agency services to cargo and cruise ships.

On 24.02.2022, the war in Ukraine began. As a result, significant sanctions were imposed on several goods transported to/from Russia and

companies operating in Russia. However, this mainly affected the service sector, the crisis that began last year did not have a significant impact on the volume of freight. The company's turnover increased, mainly due to increased freight orders in all modes of transport.

Overall, the logistics sector was active during the reporting year. Increased demand for container transport led to an increase in sea freight rates for containers, which is also reflected in our company's sales revenue growth. The company's turnover increase occurred with the growth of trade volume. The growth of logistics services reached 45.7% (in 2021 the growth was 10.6%). In 2023, the plan is to maintain the same volumes and even increase by 10-15%.

In 2022, compared to the previous year, the number of incoming ships to Estonian ports increased, in connection with this, our company's agency department turnover increased by 20% (in 2021 the growth was 19.6%). In 2023, the plan is to increase the number of serviced ships by 1.5 times and to increase service fees by 10-15%.

At the same time, the company took the opportunity to participate in investment projects (loans issued) during the reporting year, with the aim of expanding business activities in the logistics sector and related activities and keeping the services provided by itself sustainable.

Unlike in 2021, during 2022 the USD strengthened against the EUR by approximately 5.8%.

The revaluation of USD on the company's settlement account and financial investments at the end of the financial year resulted in a significant increase in our company's net profit compared to 2021.

In 2022, sales revenue amounted to 53 027 543 euros. During the reporting year, forwarding services were provided for a total of 31 910 218 euros, agency services for 20 985 257 euros and other services for 132 068 euros.

In 2021, sales revenue amounted to 39 440 476 euros. During the reporting year, forwarding services were provided for a total of 21 895 090 euros, agency services for 17 425 318 euros and other services for 120 068 euros.

Main financial ratios 2022 2021

Sales revenue 53 027 543 39 440 476

Revenue growth 34.4 % 14.5 %

Net profit 4 967 574 4 757 121

Profit growth 4.4 % 29.0 %

Net profitability 9.4 % 12.1 %

Short-term obligations coverage ratio 3.7 3.9

ROE 16.4 % 18.4%

ROA 13.4 % 15.3%

Methodology for calculating the financial ratios provided:

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

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

Net profitability = net profit / sales revenue * 100

Short-term obligations coverage ratio = current assets / short-term liabilities

ROE = net profit / equity * 100