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's activity report 2022

Introduction

FLIR Systems Estonia OÜ has been part of the Teledyne Technologies group since May 2021. The scope of FLIR Systems Estonia's activities did not change and the company continues to manufacture thermographic equipment (infrared cameras) and their assemblies. The company's task within the group is to manufacture cameras developed by other units of the group in larger series and to supply them to distributors and sales units of the group through sales centers, as well as to assemble and supply submodules of cameras manufactured in medium and smaller series.

The present activity report of FLIR Systems Estonia OÜ covers the period from January 1, 2022 to the end of 2022.

The average number of employees in 2022 was 163 people, the corresponding figure for the previous year was 166 full-time employees.

In total, FLIR Systems Estonia produced over 252,000 devices in 2022, an increase of 11% compared to 2021.

Significant events in 2022 were the end of Covid-related restrictions, which led to changes in work organization, and the onset of Russia's aggression against Ukraine, which added uncertainty to the markets and affected the supply of materials. The Teledyne Technologies acquisition process was completed.

Revenues, expenses and profit In 2022, FLIR Systems Estonia OÜ's sales revenue amounted to 112.8 million euros. Almost 100% of sales revenue came from the sale of production, which was exported in its entirety.

Of the company's operating expenses, 96.0 million euros or 90.8% (2021 65.0 million euros or 88.1%) were the costs of goods, raw materials and services and the change in inventories of finished and unfinished goods. Labor costs totaled 4.9 million euros or 4.6% of operating expenses (2021 4.5 million euros or 6.1%).

FLIR Systems Estonia OÜ's pre-tax profit for the 2022 financial year was 7.6 million euros. Dividends were paid for the second year in a row, this time 13.9 million euros (2021 7 million euros).

Main financial ratios 2022 2021

Sales revenue (thousand euros) 112 776 78 524

Pre-tax profit (thousand euros) 7 554 4 925

Pre-tax profitability 6.7% 6.3%

Short-term obligations coverage ratio 2.23 3.10

Solvency ratio 0.80 1.75

ROA 7.30% 5.05%

ROE 12.24% 7.10%

Formulas used in calculating ratios:  Pre-tax profitability (%) = pre-tax profit / sales revenue * 100  Short-term obligations coverage ratio (times) = current assets / short-term obligations  Solvency ratio = (current assets - inventories) / short-term obligations  ROA (%) = net profit / total assets * 100

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