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's activity report 2022

Field of Activity

The main activities of AS Tech Group are the design, manufacture and maintenance of various production automation equipment and production lines.

Development of the Operating Environment

Despite the complex circumstances caused by various crises, the year 2022 turned out to be relatively successful for the company. The main challenges were the ongoing global chip and component crisis and an inflationary environment.

In the fiscal year, it was possible to continue and successfully increase exports in existing export markets.

Raw Materials

The prices of raw materials and components used significantly increased during the reporting year, in addition to price increases, the availability of materials and components also had a significant impact on operations. Procuring materials and components according to production needs was certainly one of the central focus points during the reporting year.

Economic Environment in Estonia

For Tech Group, the tax environment and qualified labor force, as well as the state of the world economy, are important. The shortage of labor and wage growth in Estonia are favorable conditions for clients to invest in production automation, but at the same time, it poses challenges to the development of their own organization and finding additional qualified workers. In 2022, the availability of labor became much more complicated against the background of the generally difficult economic environment and labor market.

Seasonality of Business

AS Tech Group's activities do not have specific patterns indicating seasonality, specific periods do not affect business operations much.

Events of the Fiscal Year

In 2022, there were several product development projects and investments were also made in IT systems and projects related to increasing production efficiency.

In 2022, we also continued to participate in the Green ICT program in the project "Development of Smart Grid and Inverter Battery Banks." In 2023, plans are to participate in several development projects, in addition to continuing to invest in organizational development and improving operations in both software and tools.

In addition, we started the construction of a new factory and development center, which is scheduled to be completed in the third quarter of 2023.

Production

Production was constantly burdened throughout the year with development projects, prototype manufacturing, and various series production. The main challenge was to procure materials and components needed for production in a timely manner to ensure efficient production.

Investments Made During the Reporting Year

Investments were made mainly in the development of IT systems and in people during the reporting year.