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's activity report 2022

Field of Activity

AS Norma (hereinafter also the “enterprise”) main field of activity is the production and sale of car safety belts and their components.

They also manufacture car parts and dies and plastic molding molds for presses. Engineering services are provided in the field of car safety systems and safety belt component processing and adaptation.

Development of the operating environment

Markets 58% of AS Norma's turnover reaches the end customer through companies belonging to the Autoliv group, the world's largest supplier of car safety systems.

The car safety product market depends on 2 factors: car sales and the importance of safety products per car. On average, the share of safety products in each car increased by 6% in 2022. Autoliv Group's market share was 43% and organic growth reached 14% (2021: 8%), while the automotive industry grew by 6.6%.

Economic environment in Estonia

AS Norma exports 97% (2021: 97%) of its production. Our partners are car manufacturers and their subcontractors. This is an industry where price pressure is exceptionally strong and a constant decline in sales prices is the norm. At the same time, AS Norma imports most of the materials, the price of which largely depends on raw material prices on the world market. In 2022, the increase in the price of steel and other metals that began a year earlier continued. The company's production costs also depend on the price of electricity and gas, which underwent a significant increase everywhere in 2022. Labor costs make up 29% of the company's turnover, so rapid wage growth in Estonia is an important factor in the development of the company's competitiveness.

The development of AS Norma in Estonia is also limited by the lack of subcontracting opportunities for production technologies in Estonia.

Seasonality of business

The end customers of AS Norma products - international car manufacturers usually have factories closed for a few weeks in July-August, as well as in December between Christmas and New Year. During these periods, the turnover of AS Norma as a supplier is also lower.

Events of the financial year

Production volumes increased in all segments in 2022. With the transfer of production from ALV Poland and German companies, the production of car safety belts increased again, with sales reaching 21 (2021: 17) million euros.

The most produced at AS Norma are still car safety belt components, their sales (49.1 million euros) increased by 16% making up 55% (2021: 56%) of turnover. Car safety system subassemblies were sold for 14.5 (2021: 11.7) million euros in 2022 (growth 24% vs 2021).

Quality management

The company's quality management system consistently meets the requirements of IATF 16949. The certificate of compliance with the special requirements of the automotive industry IATF 16949 issued by TÜV Rheinland is valid until December 26, 2024.

Quality assurance is supported by Autoliv's vision - Save more lives -, mission and main behaviors and strategies, Q5 - quality in all aspects and production system APS.

Product inspection and testing in production and in the ISO/IEC 17025 accredited test center are carried out by experienced employees using modern tools.