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's activity report 2022

Introduction

The main activity of AQ Lasertool OÜ is to provide manufacturing services, mainly the production of sheet metal products for leading companies in the world, primarily in the truck and bus and energy industries. There are a total of three production units in Estonia: in Lemmetsa village in Pärnumaa and in Jüri and

Viimsi in Harju County.

The board of the company includes James Axel Ahrgren, Ragnar Koppel and Rein Volt (CEO).

As of the end of December 2022, the company employed 230 people, which is 88 employees less compared to the same period in 2021.

Social impacts associated with the company's operations

The company is an important local employer. AQ Lasertool OÜ has won the title of "Best Company in Pärnumaa" in 2009 and 2012, the titles of "Responsible Company in Pärnumaa" in 2014 and "Best Company in Pärnu City" in 2022.

AQ Lasertool OÜ values both its employees and their families, supports sports, organizes joint events, and also provides additional health insurance for its employees. In addition, each employee receives a gift from the company on their birthday and supports children going to school.

Summary of the 2022 fiscal year In the 2022 fiscal year, the company faced many challenges. On the positive side, sales volumes were increased by 26% compared to a year ago, exceeding the growth targets set for the company. However, the company's profit decreased by approximately 40%, the main reason for which was a rapid and broad-based increase in input prices. The main driver of the price increase was the energy crisis in Europe, costs for electricity and natural gas doubled. The war that began in February and the negative impacts on supply chains increased the need for raw material procurement, especially for increasing sheet metal stock levels, to ensure timely deliveries to the company's main customers in the automotive industry. This negatively affected the company's cash flows, the situation stabilized in the second half of the year and as a result of optimizing stock levels, the fiscal year ended with significantly lower stock levels. To maintain the company's profitability, sales prices were raised on all customer products, by the end of the second half of the year most negotiations on price increases had been completed and agreements had been made. However, it was not possible to pass on the increase in input prices for materials and services quickly enough in customer sales prices and therefore the company's profitability decreased on an annual basis.

In July, the company's shareholder AQ Group AB decided to separate the AQ Lasertool OÜ production unit located at Kodara Street 7 in Pärnu City by division. The division took place as of 01.12.2022 and the new company was named AQ Components Kodara OÜ. During the division, 99 employees were transferred under AQ Components Kodara OÜ.

The total volume of the company's investments in fixed assets in 2022 was 1.3 million euros (2021: 0.6 million euros). The investments were mainly related to the company's goal to improve productivity and expand the company's technological and production capabilities.

Revenues

In 2022, AQ Lasertool OÜ's sales revenue amounted to 56,578 thousand euros, of which the sale of goods accounted for 97%.

92% of AQ Lasertool OÜ's sales revenue was export, the largest export country is Sweden.

The company's profit in 2022 was 2,450 thousand euros.

Main financial ratios

Ratio 2022 2021 Used formulas

Operating profitability (%) 4.28 9.12 Operating profit / Sales revenue *100

Net profitability (%) 4.33 9.10 Net profit / Sales revenue * 100

Return on assets (%) 6.32 10.39 Net profit / Average assets * 100

Return on equity (%) 7.93 13.31 Net profit / Average equity *100

Liquidity ratio 4.96 4.44 Current assets / Short-term liabilities

Solvency ratio 3.81 3.18 (Current assets - inventories) / Short-term liabilities

Inventory turnover ratio 7.71 4.53 Sales revenue / Inventories

Equity to debt ratio (%) 22.36 28.20 (Liabilities / Equity) * 100