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's activity report 2022

Danfoss AS is a company in Estonia that belongs to the Danfoss A/S group, headquartered in Denmark.

The main activity of Danfoss AS is the import and sale in Estonia of electrical floor heating systems, central and district heating equipment, automation equipment, refrigeration automation components, burners and boiler house components. In addition to this, Danfoss AS provides advisory services on equipment selection and use. Heating systems are the main sales direction of Danfoss AS and are mainly sold during the summer period.

Danfoss AS has a leading position in the market for the renovation of heating systems. This has been achieved thanks to highly qualified employees who are constantly trained. In cooperation with the state, efforts are made to find simple and cheaper ways to renovate building heating systems. This further strengthens the company's position.

Danfoss AS ended the reporting year with a profit of 158,732 EUR. The company's management has proposed to add the reporting year's profit to the undistributed profit/loss of previous periods. The company's management intends to maintain the previous business strategy and continue market activities to expand business, increase turnover and reduce costs.

In 2022 and 2021, economic transactions were mainly in euros, so the company does not have significant risks arising from exchange rate changes.

No significant environmental and social impacts associated with the company's operations occurred.

After the reporting date, no event has occurred that would significantly affect the company's financial statements. The management has assessed the impact of the Russian military invasion on the economic unit's operations, solvency and liquidity both during the reporting year and after the reporting date, and so far no significant fact has been identified that would cast doubt on the company's ability to prepare reports based on the principle of continuity of operations.

Main financial indicators and ratios: 2022 2021

Sales revenue (in euros) 4,885,471 3,954,764

Turnover growth / -decline 23.53% 43.75%

Profit (in euros) 158,732 258,889

Short-term liabilities coverage ratio 1.71 3.06

ROA 18.23% 31.63%

ROE 43.95% 47.00%

Formulas used in calculating ratios: * Turnover growth/decline (%) = (sales revenue 2022 - sales revenue 2021) / sales revenue 2021 * 100 * Short-term liabilities coverage ratio (times) = current assets / short-term liabilities * ROA (%) = profit / total assets * 100 * ROE (%) = profit / total equity * 100

Board member: Agija Galeja-Bajaruna …………………………….. 2023 a.