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's activity report 2022

Introduction

AS Alfons Hakans' main activity is the provision of port and sea towing services. The company's tugboats provide services mainly in Finnish and Estonian ports and through subsidiaries also in Latvian ports.

AS Alfons Hakans holds a leading market position in the towing services market in Finland and Estonia.

The company's sales results are most affected by the volumes of goods passing through the ports. Despite negative expectations for 2022, the market situation in the previous financial year was relatively strong. However, we can note that the war

in Ukraine and the resulting sanctions have a significant impact on the goods transported through the ports, and we note that some commodity groups have disappeared from the ports we serve.

Although sanctions were imposed in the first half of 2022, they began to have a greater impact in the second half of the year. The management predicts a decrease in cargo volumes for 2023 and a consequent decline in performance.

Typically, the group's turnover is higher in the winter period due to icebreaking work. The group's sales revenue also includes revenues from maritime rescue operations and the rental of vessels outside the group.

The Group has no financial risks as most transactions are in euros, and most debt obligations are at a fixed interest rate.

AS Alfons Hakans' dividend policy depends on the group's financial results and the decisions of the sole shareholder.

In the consolidated reports, AS Alfons Hakans together with its Finnish branch is treated as the parent company.

Revenues, expenses and profit in 2022. AS Alfons Hakans' consolidated sales revenue was 48 443 TEUR (2021: 41 206 TEUR).

The Group's net profit for 2022 was 11 488 TEUR (2021: 10 382 TEUR), the management considers the result satisfactory.

Main financial ratios 2022 (consolidated data)

Sales revenue: 48 443 TEUR (2021: 41 206 TEUR)

Net profit: 11 488 TEUR (2021: 10 382 TEUR)

Short-term obligations coverage ratio: 1.7 (2021: 2.1)

ROA: 10.3% (2021: 10.1%)

ROE: 12.1% (2021: 12.1%)

Formulas used in calculating ratios:

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

ROA (%) = net profit / total assets * 100

ROE (%) = net profit / total equity * 100

Investments

During the reporting period, the group invested in the acquisition of new maritime transport means 7 107 TEUR, the group invested in the acquisition and improvement of other fixed assets 1 727 TEUR.

The Group continued to invest in the continuous development of a management system that meets the requirements of international standards ISO 9001:2015, ISO 14001:2015 (environment) and

ISO 45001:2018 (occupational health and safety).

Objectives for the next financial year

The mission of AS Alfons Hakans is to provide towing, icebreaking and rescue operations at sea, which would be safe for people, the environment and property.

The goal of AS Alfons Hakans is to ensure safety and reliability with its activities, to operate