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's activity report 2022

Introduction AS Harju Elekter Elektrotehnika (HEET), established on 24.03.2005, is a company engaged in the design, production and sale of electrical equipment. HEET has accumulated professional experience since 1968, when it started manufacturing electrical equipment as one of the production units of AS Harju Elekter. HEET's activities are divided into energy and industrial business lines, and its products are offered in the energy, manufacturing and construction sectors.

The company rents production, warehouse and office spaces in Keila from its parent company AS Harju Elekter, covering an area of 24,350.9 m2, and employed an average of 242 (2021: 236) people in 2022.

When planning for 2023, we have taken into account the volumes in the energy sector.

Growth ambitions are mainly related to increasing project-based volumes.

A significant challenge is to restore supply reliability and increase profitability.

Attention is focused on passing on raw material price increases in sales prices and improving internal efficiency throughout the chain.

Revenues, expenses and profit In 2022, HEET's sales revenue amounted to 47,784 (2021: 42,329) thousand euros, of which exports accounted for 32,044 (2021: 30,404) thousand euros; or 67% .

Sales of electrical equipment accounted for 94.7% (2021: 94.2%) of sales revenue and 5.3% (2021: 5.8%) of retail and wholesale goods and other sales.

HEET's gross profit amounted to 3,758 (2021: 4,407) thousand euros.

General administrative expenses were 1,477 (2021: 1,485) thousand euros and marketing expenses were 2,315 (2021: 2,286) thousand euros.

The company's depreciation of fixed assets in 2022 amounted to 283 (2021: 255) thousand euros.

Financial ratios 2022 2021

Sales revenue (thousand EUR) 47,784 42,329

Gross profit margin 7.9% 10.4%

Net profit/loss (thousand EUR) -168 607

Short-term obligations coverage ratio 1.5 1.6

Formulas used in calculating ratios: (cid:127) Gross profit margin (%) = gross profit/sales revenue * 100 (cid:127) Short-term obligations coverage ratio (times) = current assets/short-term obligations