Board/Management Information • Apr 2, 2024
Board/Management Information
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The Supervisory Board plans the activities of the Company, organises the management thereof and supervises the activities of the Management Board in accordance with the Commercial Act and articles of association of AS Harju Elekter Group (HE Group).
As of 4 May 2022, HE Group has six-member Supervisory Board: chairman Triinu Tombak, Andres Toome and members Aare Kirsme, Arvi Hamburg, Märt Luuk and Risto Vahimets. In 2023, Ten mee3ngs of the Supervisory Board were held.
At the Supervisory Board mee3ngs, the Management Board of HE Group regularly presented HE Group's current financial results, informed the Supervisory Board about the most important developments in various business areas, and gave an overview of the fulfilment of the goals for 2023. The Supervisory Board approved the annual report for 2022, reviewed and approved HE Group's opera3onal objec3ves, budget, and investment plan for 2023, received overviews of the work of the audit commi6ee and the most important observa3ons and recommenda3ons, HE Group's most important risks, their management, and mi3ga3on ac3vi3es, and the performance of implemented development projects compared to that which was planned. In addi3on, the Supervisory Board of HE Group par3cipated in making the most important decisions concerning HE Group's ac3vi3es, such as discussing the most important contractual terms, making investment decisions, and raising loan capital.
The main achievement of HE Group in 2023 was the successful implementa3on of the development plan approved in 2022, as well as the embedding of the central management structure, as a result of which the profitability of the company was restored. In all produc3on units, the focus was on strengthening the main field of ac3vity and making it more efficient. In Estonia, the merger of the two factories was completed, which made it possible to con3nue with the harmonisa3on and efficiency of processes. A great deal of energy was put into the refurbishment of the Swedish produc3on facility, where all the produc3on ac3vi3es were concentrated in the modern produc3on building of Västerås, and a new management team took office. Ees3 Energia's tender worth 115 million euros for the supply of substa3ons, distribu3on points, and equipment was won. A new produc3on building of nearly 6,000 m2 was built in Allika Industrial Park, and a new lease agreement valid un3l 2030 was signed with Prysmian Group Bal3cs, which also includes extensive renova3on works. HE Group con3nues to a6ach great importance to contribu3ng to sustainable development, which includes responsibility regarding environmental, social impact and governance issues.
As a result of the board's ac3vi3es and good work in the 2023 financial year, HE Group was able to improve produc3on indicators and significantly increase both the opera3ng profit and the net profit. The Supervisory Board thanks the management of HE Group and all employees for their contribu3on to the progress of the group in 2023.
The company supervisory board approves the 2023 annual report prepared by the management board and submits it to the general mee3ng of shareholders for approval.
Triinu Tombak Andres Toome Risto Vahimets Aare Kirsme Märt Luuk Arvi Hamburg
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