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's activity report 2022

AS LTH-Baas is an international ship repair and shipbuilding service company that offers services worldwide: we build cruise ships and perform passenger and cargo ship repair and interior finishing work. In addition, we develop new innovative solutions to make shipping more energy-efficient.

AS LTH-Baas has two subsidiaries, LTH-Baas SAS and LTH-Baas s.r.l., which carry out shipbuilding work in France and Italy. Permanent places of business are separately registered in Germany and Italy. The permanent place of business in Germany also carries out shipbuilding work, but also offers ship repair services.

The year 2022 posed great challenges for our company. We were once again able to prove that we are always ready for crisis situations - we can act quickly and adapt to changing situations.

At the beginning of 2022, we lost a major German client who ceased operations due to the COVID-19 pandemic. We responded quickly and found additional work for our large team in a shipyard in Italy. We saw that we can effectively move our operations from one country to another and quickly adapt to local legislation and production culture.

Our year in Italy was very successful. We installed complex ship systems on the 67,000-ton luxury cruise ship "Vista" owned by Oceania Cruise, tested innovative engine room solutions, and finished luxury suite cabins. Thanks to the success of the project, LTH-Baas s.r.l received new larger cruise shipbuilding orders, which began to be fulfilled in 2023.

The second crisis situation that LTH-Baas quickly coped with was the war in Ukraine. Even before the war, we employed many Ukrainian citizens who worked on various projects in Estonia and around the world.

Many valued employees returned to Ukraine to contribute to the defense of the country. At the same time, we helped the families of our employees who were war refugees and arrived

in Estonia and other countries where our company had subsidiaries or permanent places of business.

Due to the departure of employees, we were in a situation where new people had to be recruited for the projects. In addition to recruitment, we also had to train new employees, which is why we created an in-company academy in cooperation with universities and vocational education centers in Estonia and abroad. Today, the LTH-Baas Group employs a team of about 600 people, representing over 33 different nationalities.

The third crisis situation that once again put us to the test was inflation, which was one of the highest in Europe in Estonia. It was a great challenge to remain competitive and not to raise prices. Therefore, we increased our efficiency even more and introduced various management and production methods that helped us fight inflation and keep customer prices largely the same.

One success can be considered that despite all the obstacles and challenges that 2022 offered us, we continued with the innovative renewable energy project, for which we received support from the European Union fund in 2021.

We are also constantly developing new business directions to make the most of our professional workforce. We want to be leaders and trendsetters in both the shipping and offshore energy sectors, which is why we have created a research and development (R&D) department that comes up with new solutions.

Although the year was challenging, LTH-Baas is moving forward with determination - we have orders for several years and great prospects.

In 2022, the group earned sales revenue of 36,327,389 euros (2021: 50,277,668 euros).

In 2022, wages were paid in the amount of 16,329,878 euros (2021: 16,282,080 euros).

The average number of employees in the group was 550 during the reporting period. (2021: 639 people).

Key financial ratios (in euros) and the financial indicators on which they are based: 2022 2021

Operating profit 4,032,341 -610,219

Sales revenue 36,327,389 50,277,668

Operating profit margin, % 11.10 -1.21

Net profit 2,445,714 -1,454,636