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's activity report 2022

Sievert Eesti AS was established in 1994 and is owned by Sievert AB, a company registered in Sweden. Sievert AB, together with its subsidiaries, is an organization that produces a wide range of high-quality and reliable soldering and heating devices for professionals, as well as comfortable seat system air vents. Most of Sievert's products operate on a safe and environmentally friendly energy source - liquefied gas.

In 2022, Sievert Eesti AS continued to maintain the level of its quality management system in accordance with ISO 9001:2015 standard and ISO 14001:2015 environmental management system standard. In addition to ensuring quality, flexibility and efficiency in the production process, attention is paid to environmentally friendly thinking, energy-efficient consumption and recyclable packaging and waste management.

The turnover was 9,233,427 euros (9,642,539 in 2021), which is 4.2% less than the turnover in 2021 but 12.6% higher than the turnover in 2020. It can be argued that the coronavirus COVID-19, which began to spread in 2020, had an impact on the increase in the company's turnover.

As in previous years, in 2022, 99.4% of Sievert Eesti AS's turnover consisted of order-based production for the parent company Sievert AB and other companies in the same consolidation group, and 0.6% of sales to other customers.

The average efficiency of production in 2022 was 91% (planned indicator 90%)

The proportion of the cost of goods sold from sales revenue was 93.2% (90.8% in 2021). The rise in raw material prices on the world market strongly influenced the price of the company's purchased components and increased production costs.

No salaries or other fees have been accounted for the management and board members during the reporting year and the comparison period.

Main financial ratios

Ratio Calculation formula 2022 2021 current assets-inventory/

Liquidity ratio (%) 2.0 3.5 short-term obligations average per month

Inventory turnover material cost/ 4.1 4.0 (times) average inventory*12 average

Inventory turnover period inventory/average 105.8 90.6 (days) material cost per month*30

Equity net profit/average 1.31 11.4 net return on equity (%) equity

To fulfill the increasing number of orders and to modernize production, a new production complex is planned. In 2022, 1,018,213 euros were invested in land purchase. By the date of the report, a preliminary project has been completed and a building permit has been issued to the company.

In 2023, the key issue continues to be the improvement of product development activities. A 15% higher production volume than in the reporting year is expected.

As of the date of signing the report, there are no known significant operational restrictions or other indications that could cast doubt on the continuity of the company's operations.

Erik Henrik Thorsten Staf

Director of Sievert Eesti AS