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's activity report 2022

Elenger Marine OÜ began active economic activity in 2021. The company's main activity is the supply, transport and sale of liquefied natural gas (LNG) both by land and sea transport.

In 2022, sales revenue was 11.5 million euros and net loss was 1.3 million euros. At the end of the year, the company's equity was 66 thousand euros.

Since November 2021, Elenger Marine OÜ operates the region's first LNG bunker vessel Optimus, which helps to reduce air pollution over the Baltic Sea by 67 thousand tons of CO² per year. Optimus is capable of bunkering tankers, cargo, passenger and cruise ships both at sea and in ports, its tanks and pumps can deliver up to 6000 mᶟ of liquefied natural gas at a speed of up to 1000 mᶟ/hour. The nearly hundred-meter-long LNG bunker vessel was built by

Dutch company Damen and the construction was supported by the European Union's Connecting

Europe Facility (CEF).

The significant rise in gas prices in Europe since the beginning of 2022 temporarily killed the LNG bunkering market. In order to adapt to the market situation, a decision was made to rent out the operated LNG bunker vessel

Optimus.

The company also operates nine LNG semi-trailers, which continued to provide gas transport service

between LNG terminals and various industrial consumers.

Upon stabilization of gas prices in the market, the company plans to restore LNG bunkering operations in the Baltic Sea region with both semi-trailers and the bunker vessel.

In 2023, the company plans to continue offering existing services to customers.

Key financial ratios: 2022 2021

EBITDA profitability -9.8% 4.4%

Short-term obligations coverage ratio 0.44 1.03

Equity ratio 2.8% 13.5%

Formulas used in calculating ratios:

EBITDA profitability = (operating profit + depreciation) / sales revenue

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