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's activity report 2022

ACTIVITY REPORT

The main areas of activity of Saint-Gobain Glass Estonia SE are the production of laminated windshields and tempered side glasses for vehicles and the sale and installation of car glasses.

The impact of Covid-19 on the company's results remained modest as expected in 2022 and mainly consisted of higher employee morbidity and the resulting additional costs. As predicted, the war in Ukraine did not directly affect the company's daily business activities in 2022. However, the indirect impact of the mentioned war, especially through a very significant increase in energy carrier prices and the resulting high inflation rate, turned out to be significant. The decrease in consumer confidence due to the war activity in the heart of Europe and the inflation rate several times higher than usual was accompanied by a noticeable decrease in demand in some of our European markets in the last couple of months of the year.

The company's sales revenue in 2022 was 53,875 thousand euros, growing by 25% compared to the previous year (43,095 thousand euros in 2021). The intra-group sales revenue of Saint-Gobain was 49,036 thousand euros (39,070 thousand euros in 2021) and accounted for 91.0% of sales revenue (90.7% in 2021). The company marketed 96.4% (95.9% in 2021) of its production abroad. The main export destinations were Belgium, Lithuania and Latvia.

At the end of 2022, Saint-Gobain Glass Estonia SE employed 311 employees (311 at the end of 2021).

The net profit for the reporting year was 5,077 thousand euros, the net profitability (reporting year profit / sales revenue) was 9.4%. A year ago, the net profit was 1,701 thousand euros, the net profitability was 3.9%. The gross profit margin (gross profit / sales revenue) was 19% (16% in 2021). The coverage ratio of short-term liabilities (current assets / short-term liabilities) (times) was 6.7 (9.9 in 2021). The return on assets (ROA (reporting year profit / assets)) was 6% (2% in 2021) and the return on equity (ROE (reporting year profit / equity)) was 7% (2% in 2021).

The main investments in 2022 were aimed at renewing technology and increasing productivity. In total, investments made in fixed assets in 2022 amounted to 2,709 thousand euros (2,714 thousand euros in 2021).

In the car glass production segment, the introduction of new models into production continued actively. In total, the costs of product portfolio development amounted to 367 thousand euros (275 thousand euros in 2021).

Environmental costs, including expenditures for improving the working environment, amounted to 97 thousand euros in 2022 (102 thousand euros in 2021).

In 2022, dividends of 7,600 thousand euros were paid, on which income tax of 1,679 thousand euros was paid. In 2021, dividends of 7,600 thousand euros were paid, on which income tax of 1,900 thousand euros was paid. As of 31.12.2022, the undistributed net profit of previous years amounted to 74,382 thousand euros (76,905 thousand euros on 31.12.2021).

The board of Saint-Gobain Glass Estonia SE consisted of one member in 2022: Mr. Andi Kasak.

The members of the Supervisory Board of Saint-Gobain Glass Estonia SE were:

Mr. Stephane Julio Jean Garcia,

Mr. Toomas Luhaär,

Mr. Martial Louis-Marie Lafont until 28.9.2022

Ms. Anne-Charlotte Mathilda Solange Sadoul from 28.9.2022

In 2022, Saint-Gobain Glass Estonia SE employed an average of 316 employees (321 in 2021).

The average number of employees decreased by 1.6% compared to 2021. Personnel costs amounted to a total of 10,286 thousand euros (9,437 thousand euros in 2021). No remuneration or other compensation has been provided or paid to the members of the Supervisory Board. The member of the Management Board has been paid fees of 220 thousand euros (146 thousand euros in 2021), which also includes social tax.