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's activity report 2022

In 2022, the biggest influencer of JetGas's economic activity was undoubtedly the significant slowdown in trade with Russia due to sanctions imposed on Russia. After some decline in sales activity in the summer and autumn of 2022, JetGas was able to successfully replace the Russian LNG supply channel with supplies from Lithuania and Finland. As LNG prices began to fall at the end of 2022, this allowed JetGas to start restoring its sales volumes.

JetGas OÜ also continued its main activity in 2022, which is the import of LNG, regasification and sale of natural gas to companies. As in Estonia, in Latvia and Lithuania in 2022, mainly existing customers were served and no expansion of market share was pursued. JetGas OÜ continues to earn the majority of its sales revenue from the sale of natural gas to stable and long-established industrial companies that consume gas primarily in industrial processes and less for heating. Therefore, JetGas OÜ's economic activity does not depend too much on the heating season and is not particularly related to economic cycles.

In 2023, JetGas's main task is to restore its customer base to the extent it was before the sharp increase in natural gas prices in 2021.

Progress made in the first months of 2023 supports belief in the success of this task.

In 2023, JetGas OÜ will continue to accept and sell biomethane, and investments have been made in biomethane reception systems. Similar to Estonia, close contact is maintained with Latvian and Lithuanian biomethane producers. As the adoption of renewable origin biomethane in both the industrial and transport sectors fully supports the achievement of global climate goals, the environmental and social impacts associated with JetGas OÜ's economic activity can be considered rather positive, and JetGas definitely plans to continue developing in this direction.

The report discusses JetGas OÜ as a consolidating entity, which has a 100% stake in JetGas SIA (Latvia) and JetGas UAB (Lithuania). No changes are planned in the composition of the consolidation group in 2023.

The JetGas OÜ group ended the 2022 financial year with a profit of 83.6 thousand euros (2021: 255.5 thousand euros profit). As of 31.12.2022, the group's equity was positive in the amount of 526.5 thousand euros, which fully meets the requirements of the Commercial Code.

In the parent company, 2 full-time employees worked in 2022 (2021: 3 employees).

Financial ratios of JetGas OÜ parent company and their calculation methodology: 2022 2021

Sales growth (%) = (sales revenue 2022-2021)/sales revenue 2021 x 39.38 83.69 100

Profit growth (+) decrease (-) (%) =(profit 2022-profit -17.66 31.09 2021)/profit 2021x100

Net profitability (%) = net profit/sales revenue x 100 1.49 2.52

Short-term liabilities coverage ratio = current assets/short-term 0.66 0.70 liabilities

ROA (%) = net profit/total assets x 100 2.07 2.59