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's activity report 2022

AS Vertex Estonia was established in 1981. Since 1994, AS Vertex Estonia has produced over 400 parabolic antennas. The countries to which AS Vertex

Estonia has delivered project-based parabolic reflector satellite communication antennas, radio telescopes, and industrial equipment are over sixty.

In the 2022 financial year, over 98.7% of AS Vertex Estonia's industrial production and services were exported.

AS Vertex Estonia's production was divided between production and customer groups as follows: (cid:127) SATCOM antennas 81.5% of sales, customers are companies in the USA and Germany (cid:127) Industrial equipment 17.2% of sales, mainly Finnish companies are customers

Revenue from other activities accounted for 1.3% of sales

The financial years 2022 and 2021 of AS Vertex Estonia are not quite comparable due to the change in the financial year. The 2021 financial year period was from 01.01.2021 to 30.09.2021.

The results of the 2022 financial year were most affected by the rapid growth of input costs. The war that Russia started against Ukraine in February 2022 increased uncertainty in the region. The price of metal raw materials multiplied in a few days and availability became non-existent. The prices of remaining input materials and purchased services rose more slowly, but their prices have not reached maximums by the end of September 2022. In 2022, the rise in energy carrier prices and wage pressure continued, which has been ongoing in the machinery and metal industry sector for years. The volume of orders for the 2022 financial year was 8,025,573 euros (the volume of orders for the 9-month financial year 2021 was 3,522,881 euros). Fluctuations in the volume of orders are expected as orders are not evenly distributed over the months. A slight decrease in the volume of orders is expected in 2023.

The turnover of the 2022 financial year was 6,456,455 (2021 financial year 4,489,395 euros).

In the 2022 financial year, 19 antennas and 14 excavator bodies were delivered to customers.

In 2022, AS Vertex Estonia became the sole owner of CPI Satcom and Antenna Technologies Inc.

One of the goals for the 2023 financial year is to develop and implement a more precise reflector panel production technology.

In 2023, AS Vertex Estonia will continue: (cid:127) expanding cooperation with existing customers, offering them a more comprehensive solution, including measurement and assembly service (cid:127) improving production profitability (cid:127) improving adaptability in the market

The number of AS Vertex Estonia employees in 2022, converted to full-time, was 78. The total wage cost without social tax was 1,794,526 euros. The wage sum includes fringe benefits.

The volume of investments was 72,225 euros.

To supplement its measurement capabilities, AS Vertex Estonia acquired a second photogrammetric camera in 2022. Thanks to the investment, AS

Vertex Estonia can offer a more comprehensive final assembly service and control the manufacturing precision of complex structures during the production process.

In 2023, investment in maintaining and modernizing production capabilities will continue.

Indicators in euros 2022 2021

Sales revenue 6,456,455 4,489,395

Gross profit 416,271 -2,377

Net profit, (-) loss 21,078 -214,046

Current assets 2,573,073 2,295,038

Total assets 3,313,226 3,048,213

Short-term liabilities 1,796,645 1,552,610

Equity 1,516,681 1,495,603

Average number of employees converted to full-time 76 78

Productivity (sales revenue / average number of employees converted to full-time) 84,953 57,556