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's activity report 2022

The focus of 2022 was directed towards managing the impacts of the Covid-19 crisis, to keep the company efficient and ensure the safety of the staff at work. The production unit's main focus was on the availability and distribution of electronic components to keep various production lines running efficiently according to line performance and component availability.

Sales revenue increased by 17% compared to the previous period. This was 5.0 million euros above budget and 11.8 million euros more than in 2021. The 2022 budget was made with a conservative approach, assessing the risk of availability of components needed for production, and the possibility of exceeding the budget in the second half of the year. The increase in sales was largely due to the recovery of customers' production capacities and the repayment of previously incurred production debt.

Strong focus was on passing on unplanned special costs to customers to maintain the profitability level of products.

The number of employees at the end of the year was 242 (2021:246). The level of production operators is stable and fluctuated slightly during the year due to changes in production volumes. The level of support staff was kept somewhat higher than would have been directly necessary for current production, in order to retain valuable employees for the future implementation of SMT (surface mount technology), when the corporation's CEO confirms the new strategy for European production units. The product development department grew slightly to 81 employees by the end of 2022 (2021:73). 2022 was the first year in the history of the Tallinn unit where the number of product development engineers exceeded the number of production operators. This supports the goal of the Tallinn factory to be a production factory in the corporation with a strong ability of corporate support functions to also support global processes. At the end of the year, there was also a change in the status of expats, where employees returned from China and

the Barneveld factory to Tallinn and the LEAN manager of the Tallinn factory went to the Barneveld factory as a production manager.

Serial production of new products was started for MirrorEye® platform parts Digital Video Recorder and Infrared Emitter, which tightens the internal supply chain with the Barneveld factory. Preparations continued for the implementation of further MirrorEye® production lines and this will continue also in 2023, to align with the global Electronics Division product strategy.

During 2022, 873 thousand euros were invested to ensure the sustainability of production. In November, the

CEO of the Stoneridge Group confirmed the new SMT production process implementation strategy for one production line of the Tallinn factory (fixed asset investment 4.5-5.0M EUR), with the possibility to expand to a second line and infrastructure readiness for three lines. This changes the previous electronics division production strategy, where the semi-finished products for the preparation of surface mount technology came only from one (Örebro) factory in Europe, to a new direction where the two larger factories

in Europe would be fully independent.

The production function continued to focus on the global implementation of management processes to reduce waste and increase production efficiency. In preparation for MirrorEye® as a safety product, attention was increased to ensure design and production processes related to product functional safety by creating a product safety focus team. The focus on staff training was increased in the field of stress and mental health, and in raising the leadership skills of middle managers.

The main focus of 2023 will be the successful implementation of the SMT process and the creation of a global production function roadmap to support the successful launch and volume growth of the MirrorEye® product segment.

Events after the closure of 2022. The client of the Tallinn factory, DAF/PACCAR, issued a quality award for the <10PPM result. According to the strategy of the global Operations’ medium-term (2025+) footprint, Tallinn will be the Center of Excellence for all European MirrorEye® OEM customers. This strategy significantly increases the need for new product production in the Tallinn factory and offers increasing production volume for the coming years.