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's activity report 2022

General Information

Interconnect Product Assembly AS is a privately owned manufacturing company established in 1999, specializing in the production of electromechanical solutions, automation equipment and cable ties. We offer subcontracting solutions for the following industries: energy, medical industry, automotive industry, railway industry, industrial automation and industrial equipment manufacturing.

Our clients include the world's leading industrial companies. IPA exports 96% of its production outside Estonia.

The company is located in Rae parish at the address Peetri alevik, Läike tee 5.

Despite the global deficit of electronic components and the rapid increase in raw material prices, Interconnect Product Assembly AS was able to meet and also exceed its financial targets in 2022.

The annual sales revenue of 31,910,209 euros was 41% higher than the sales revenue of 2021 (2021: 22,604,839 euros). A turnover growth of 30% was planned.

Industrial electronics sales continued to have the largest share (66%) in 2022, growing by 85% compared to the previous year (2021: share 51% and growth 54%). Energy industry sales decreased by 5% (2021 decrease 22%) making up 23% of the company's total turnover (2021: 35%). Railway industry turnover fell by 29% (18% in 2021), the share decreased to 2% (2021: 5%). Automotive industry sales decreased by 30% (2021: 31%) and the share decreased to 2% level (2021: 5%). Medical technology industry production grew by 2%, share 2% of total turnover (2021 turnover decrease 54% and share 3%). Shipbuilding industry sales grew, however, remaining at 1% share.

A turnover growth of 5-10% is planned for 2023. We will continue operations in the aforementioned areas and plan to expand operations in new areas.

In 2022, we exported 96% of total production (2021: 93%) of which 57% to the UK (2021: 49%), 24% to the European Union (2021: 31%) mainly to Denmark, Sweden and Germany, 7% to the USA (2021: 4%), 4% to Taiwan (2021: 3%), in addition to Australia, China, India and Norway.

The company's operating profit for 2022 amounted to 5,957,406 euros (2021: 3,746,414).

Marketing costs increased by 4% (2021: decrease 6%) and general expenses by 13% (2021: decrease 2%).

Labour costs increased by 43% in 2022 compared to 14% in 2021.

The depreciation of the company's fixed assets amounted to 148,235 euros in 2022 (2021: 125,624 euros), growing by 18% compared to the previous year (2021: decrease 7%).

Main financial ratios 2022 2021

Sales revenue (euro) 31,910,209 22,604,839

Revenue growth 41% 2%

Gross profit margin 24% 24%

Net profit (euro) 5,616,786 3,278,582

Short-term liabilities coverage ratio 3.6 3.7

ROE 0.47 0.39