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's activity report 2022

Company's field of activity

The main activity of AS Flagmore is the production and sale of composite flagpoles. The main markets are

Sweden, Denmark, Finland, France, North America and the United Kingdom. In total, the products are represented in more than 40 countries around the world. In addition to flagpoles, other composite products are also produced, and to a small extent, flagpole installation and transportation in the Republic of Estonia.

Investments and near-future activities that took place in the reporting year 2022, the company's updated website was completed and put into use.

Existing cost sources were reviewed and mapped, and investments were made in energy saving. As a result of the measures, it was possible to reduce energy costs by 30%.

The focus was on the continuous integration of information technology into daily processes - in 2022, the team completed a digitalization masterclass.

Investments were also made in making production more efficient and implementing LEAN principles. A new raw material warehouse and shortened distribution routes improve safety and save time.

In 2023, investments in digitalization and making production more efficient will continue. Waste and circular economy principles have been taken into focus for environmental investments.

Research and development projects

In cooperation with Tallinn University of Technology and an engineering office, a project to improve flagpole accessories was completed, which has now also been granted patent protection.

In 2023, the focus is on digital simulation of composite products, which allows to create a basis for the creation of new products with higher added value.

Significant events that affect the results of the next financial years

There were no events during the reporting period that significantly affect or may affect the results of the next year.

The general situation, development and impact of the field of activity in 2022 were characterized by increases in input prices caused by war, inflation, energy prices and EU protective tariffs.

In 2023, we forecast a weakening of demand in our main markets. Price increases are slowing down and we expect price declines in the second half of the year. The ongoing focus is on active participation in major event procurements. In 2023, minimal turnover growth is planned, but we expect EBITDA growth of 20%

Significant environmental and social impacts

Flagmore AS considers it important to contribute to the development and activities of the local community. We support both sports, local municipal life and the development of the workforce.

Main financial ratios

During the reporting period, production was sold outside Estonia for 4,873 (2021 - 4,589) thousand euros. Products were exported to more than 30 countries, including Sweden, Finland, France, Poland, Denmark,

UK, Germany, United States and elsewhere.

In Estonia, production was sold for a total of 241 (2021 - 212) thousand euros, of which 228 (2021 - 207) thousand consisted of the sale of flagpoles and accessories, and services for transport, installation, repair and maintenance were provided for 13 (2021 - 5) thousand euros.

The most important financial ratios for AS Flagmore for 2022 and the previous financial year:

Main financial ratios: 2022 2021

Sales revenue (thousand euros) 5,115 4,801