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's activity report 2022

AQ Trafotek AS and Group

AQ Trafotek AS was established in 2014, but operations began in 2015. Prior to this, Trafotek Group's activities in Estonia were conducted through Trafotek

Oy's Estonian branch, which was established in 2011. AQ Trafotek AS is part of (a wholly-owned subsidiary) the AQ Trafotek Oy Group, which has been operating since 1983. The main activity of the Group is the production and manufacture of high-quality inductive components, transformers, filters, and reactors.

Trafotek's products are used in many industries such as renewable energy sources, maritime, oil and gas industry, manufacturing industry, processing industry, mining industry, and other similar industries. AQ Trafotek AS's parent company's headquarters is located in Finland and in addition to the factory located in Rae parish in Estonia, the Group's production facilities are also located in Finland and Brazil.

Since June 2019, the Trafotek group belongs to the AQ Group (www.aqgroup.com) Group. The parent company of the Group, AQ Group AB, is an international manufacturer of components and systems listed on the Stockholm Stock Exchange.

AQ Group is a leading supplier to demanding industrial customers. The Group consists of independently operating business units that develop their special skills and offer cost-effective solutions in close cooperation with the customer. The Group's headquarters is located in Västerås, Sweden. As of December 31, 2022, AQ Group had a total of approximately 7,200 employees in Sweden, Bulgaria, China, Estonia, Hungary, India, Italy, Lithuania, Mexico, Poland,

Finland, Canada, USA, Brazil, and Germany. AQ Group's net sales for 2022 were SEK 7.0 billion.

Key events of the year

The effects of the Covid-19 pandemic in the first half of 2022 and the war in Ukraine made it difficult to access materials and thus caused some difficulties in production. Increased production costs posed challenges to the company throughout the reporting year. Several price increases took place to ensure profitability, especially in the second half of the year.

Based on customer forecasts, the business unit planned significant sales growth for the reporting year. Actual demand during the reporting year was very similar to forecasts and thanks to price increases, actual sales revenue for the reporting year was even higher than forecasted. AQ Trafotek AS's sales revenue was in 2022.

38.5 million euros (2021: 29.6 million euros).

Finding a workforce with the appropriate qualifications and relevant skills was a challenge for the company, but the company was able to recruit enough employees to support the company's development. However, labor turnover was relatively low. During the reporting year, the efficiency of AQ Trafotek AS's production was maintained. Delivery reliability was at a good level throughout the year (99.1%).

In 2022, investments were made in production equipment totaling 0.46 million euros (2021: 0.17 million euros). As of December 31, 2022, the company employed 261 people (2021: 230 employees).

In 2023, the business unit will continue its business activities and, according to forecasts, significant sales revenue growth is expected. An important goal is to retain existing employees and find additional workforce with suitable skills to support the company's development and sales revenue growth. The availability of raw materials is also important for ensuring growth.

Macroeconomic environment and social impact, significant risks

Macroeconomic environment

AQ Trafotek AS's activities are directly affected by both domestic and global economic developments. The most important domestic factor has been the availability of labor for several years. It is crucial to find long-term skilled labor for special production operations. In the labor market (especially in Tallinn and

Harju County), it is still difficult to find employees who meet these requirements.

85% of the company's sales are exports and even domestic customers belong to global groups. Therefore, developments in global energy and production sectors strongly affect AQ Trafotek

AS's business activities. Large-scale investments are being made in the renewable energy sector.

Metal is an important raw material for AQ Trafotek AS's products and attempts to apply global tariff quotas to metal can unpredictably affect the company's expenditures on raw materials. Investments in the renewable energy sector and increasing global industrial production are factors that should generally positively affect AQ Trafotek AS's results in the next fiscal year. However, due to high inflation and war

in Ukraine, the market situation is unstable and it is not possible to objectively assess the impacts and their extent resulting from these factors.

On February 24, 2022, Russia launched a widespread military attack on Ukraine. As a result, several sanctions have been imposed on Russia and Belarus by the European Union, the United States,

the United Kingdom, and other countries. AQ Trafotek AS has no assets or contractual partners in the sanctioned countries, but indirectly it certainly has an impact on the company's activities.