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's activity report 2022

Introduction

AS Glamox is a joint stock company established in 1992 by the Norwegian group Glamox and AS Harju Elekter, whose main activity is the production and wholesale of lighting fixtures. Since 2000, the company has been 100% owned by the Glamox Group.

The mission of Glamox is to be a provider of comprehensive lighting solutions in its market segment.

In its operations, the company is oriented towards satisfying customer needs, environmental sustainability, high quality and delivery accuracy.

Significant environmental and social impacts

Glamox's goal is to be a sustainability leader in its industry. The company has set environmental sustainability goals and monitors their fulfillment. The main goal is to reduce the environmental footprint, including reducing CO2 emissions and energy use, increasing the use of renewable energy, recycling materials, collecting and utilizing waste by type (including compliance with packaging recycling laws).

Since lighting accounts for 15 - 20% of the world's energy use and 5% of the world's greenhouse gas emissions, Glamox considers it its duty to support its customers' sustainability ambitions by offering energy-efficient lighting solutions. By upgrading existing lighting devices to efficient and smart lighting fixtures and systems, customers can reduce energy consumption by up to 90%.

Being one of the largest employers in its area of operation, the company has close ties with the local government. Glamox also works closely with the local school to modernize the education of young people and promote the study of natural sciences, thereby growing the qualified workforce.

Comments on the results The results for 2022 are good, as despite ongoing challenges in supply chains, customer orders were successfully fulfilled and turnover increased by 2% compared to 2021.

Like other industrial companies, the main challenge for Glamox last year was adapting to the rise in input prices. The cost of goods sold increased compared to 2021, as in addition to the rise in energy prices, the prices of components and transportation continued to rise. The company continued to actively streamline processes to offset the cost increases resulting from the rise in input prices.

Risks associated with changes in exchange rates and interest rates.

Settlements with partners outside the European Union are mainly in EUR or in the local currency of these countries, mainly Polish zlotys and

Norwegian or Swedish kronor. The potential risk of exchange rate fluctuations arises from settlements in these countries' local currencies. The main currency in transactions with suppliers is EUR. Historically, changes in exchange and interest rates have not had a significant impact on the company's financial results.

Markets

AS Glamox mainly markets its products through the group's sales division and contractual representatives. The export share is 94%. The main market is Norway, which receives about 30% of production, followed by Sweden, Poland and Finland. The share of the Estonian market in turnover is about 6%.

Significant events

The development of LED technology-based products and sustainability-supporting lighting systems continued. Several new product families were introduced into production. To support the company's continued growth, investments were made in improving the production technology park.

Revenues, expenses and profit

AS Glamox's sales revenue for 2022 was 75,426 thousand euros (an increase of 2% compared to the previous year).

The company's pre-tax profit for 2022 was 12,408 thousand euros (15,808 thousand euros in 2021).