Investors

Shareholder meeting reports

In the third quarter of the financial year 2024/2025, the Group's unaudited consolidated net turnover was 5.35 million euros, which is by 21% less compared to the third quarter of the financial year 2023/2024. The Group closed the 3rd quarter of the financial year 2024/ with a loss of EUR 946 thousand (unaudited). The consolidated unaudited result of 9 months of the financial year 2024/2025 is a profit of EUR 93 thousand.

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The turnover of the North America and Latin America region amounted to 54%, or EUR 2.9 million. Compared to the same quarter of the previous financial year, the turnover has decreased by 28%.

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The European region accounted for 43% of the turnover, or EUR 2.3 million, which is 9% less than in the third quarter of the previous financial year. Turnover in the Asia, Africa, and Middle East region has decreased by 33% compared to the corresponding quarter of the previous financial year, accounting for 3% of the total quarterly turnover (or EUR 176 thousand).

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In the reporting quarter, the Group’s products were sold in 67 countries.

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The Group’s unaudited consolidated net turnover for 9 months of the financial year 2024/2025 was EUR 20.93 million, a 1% decline from the previous financial year’s revenue.

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group closed the 3rd quarter of the financial year 2024/2025 with a loss of EUR 946 thousand (unaudited). The consolidated unaudited result for the first nine months of the 2024/2025 financial year is a profit of EUR 93 thousand. Over the first nine months of the 2023/2024 financial year, the Group incurred a loss of EUR 1.89 million.

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Although hostilities in Ukraine do not have a direct impact on the Group’s activities, the general uncertainty in the business environment remains. The Group continuously monitors changes in the global trade environment, including potential tariff adjustments in the United States. The company regularly reviews procurement volumes and deadlines, and continues to provide material reserves in order to be able to execute most of the orders in short delivery terms. This applies to all SAF product families – microwave links, spectrum analyzers and the Internet of Things (IoT).

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The Group continues to actively explore the market and problematic issues in order to be able to offer the necessary product modifications and create prototypes for next generation technologies. At the same time, the Group develops IoT solutions for both business and consumer segments, diversifying its product line, creating higher added value for SAF Tehnika product offerings, and increasing the Group’s revenue. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.

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Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com
www.saftehnika.com

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In the second quarter of the financial year 2024/2025, the Group’s unaudited consolidated net turnover was 7 million euros, which is by 21% less compared to the second quarter of the financial year 2023/2024. The Group closed the 2nd quarter of the financial year 2024/2025 with a profit of EUR 228 thousand (unaudited). The consolidated unaudited result of 6 months of the financial year 2024/2025 is a profit of EUR 1 million.

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The turnover of the North America and Latin America region amounted to 60%, or EUR 4.2 million. Compared to the same quarter of the previous financial year, the turnover has decreased by 22%.

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The European region accounted for 36% of the turnover, or EUR 2.5 million, which is 18% less than in the second quarter of the previous financial year. Turnover in the Asia, Africa, and Middle East region has decreased by 35% compared to the corresponding quarter of the previous financial year, accounting for 4% of the total quarterly turnover (or EUR 314 thousand). Fluctuations in quarterly turnover are influenced by the completion of individual projects. Furthermore, Q2 of the previous financial year was the best-performing quarter of FY 2023/2024.

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In the reporting quarter, the Group’s products were sold in 70 countries.

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group’s unaudited consolidated net turnover for 6 months of the financial year 2024/2025 was EUR 15.57 million, which is a 9% increase compared to the revenue volume in the last financial year.

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The Group closed the 2nd quarter of the financial year 2024/2025 with a profit of EUR 228 thousand (unaudited). The consolidated unaudited result for the first six months of the 2024/2025 financial year is a profit of EUR 1.04 million. The Group’s result for the six months of the 2023/2024 financial year was a loss of EUR 950 thousand.

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Although hostilities in Ukraine do not have a direct impact on the Group’s activities, the general uncertainty in the business environment remains. The Group continues to monitor forecasts of possible cost increases and assess potential risks. The company regularly reviews procurement volumes and deadlines, and continues to provide material reserves in order to be able to execute most of the orders in short delivery terms. This applies to all SAF product families – microwave links, spectrum analyzers and the Internet of Things (IoT).

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Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

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1. The approval of the reports of the Board of Directors and Supervisory Council

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Decision: to approve the reports of the Board of Directors and the Supervisory Council for the financial year 2023/2024.

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2. The approval of the annual financial statements for financial year 2023/2024 and release the Board of Directors from responsibility for financial year 2023/2024

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Decision: to approve the consolidated and separate financial statements of “SAF Tehnika” JSC for financial year 2023/2024 and release the Group`s Board of Directors from responsibility for financial year 2023/2024.

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3. Taking a decision regarding distribution of FY 2023/2024 profit

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Decision: to cover the losses from the retained earnings of previous years.

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4. Appointment of the auditor for the financial year 2024/2025 and determination of the reward for the auditor.

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Decision: to appoint “Potapoviča un Andersone” Ltd. as the auditor of the “SAF Tehnika” JSC for the financial year 2024/2025 and determine the maximum remuneration for the auditor of the Annual Reports for the financial year 2024/2025 in the amount of EUR 15’000 (fifteen thousand euros), excluding taxes set in the legislation. Authorize the Board of the Group to sign the contract with the elected auditor.

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5. Approval of Management Board and Supervisory Council remuneration report

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Decision: to approve the Management Board and Supervisory Council remuneration report for financial year 2023/2024.

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6. Election of Supervisory Council

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Decision: As of December 8, 2024, to recall from the position of member of the Supervisory Council - Juris Ziema, Andrejs Grisans, Ivars Senbergs, Aira Loite, Sanda Reiharde.

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To elect the Supervisory Council of joint stock company “SAF Tehnika” for a three year term in the following composition - Juris Ziema, Andrejs Grisanss, Ivars Senbergs, Sanda Reiharde, Aira Loite by fixing beginning of term of office on December 8, 2024.

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About Supervisory Council candidates:

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Juris Ziema, co-founder of the Company, also previously holding the office of Chairman of the Supervisory Council and being the Production Department Director of the Company. From 1998 to 1999 he worked as an engineer at Didzis Liepkalns' private enterprise SAF. From 1987 to 1999 J.Ziema worked as an engineer at the Institute of Electronic Engineering and Computer Sciences. J.Ziema has graduated Riga Technical University with a degree in radio engineering in 1987.

J.Ziema owns 258 762 Company’s shares.

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Andrejs Grisans, previously holding the office of the of Vice-Chairman of the Supervisory Council and being the deputy director of Production Department of the Company. A.Grisans is one of the co-founders of the Company. Prior to joining the Company, he owned and managed a private company specializing in electronic equipment engineering, production and distribution. From 1992 to 1999 A.Grisans was involved in business activities in the field of radio engineering. He worked as an engineer-constructor at the Institute of Polymer Mechanics from 1984 to 1992 and in the constructing bureau Orbita from 1980 to 1984. A.Grisans has graduated Riga Technical University with a degree in radio engineering in 1980.

A.Grisans owns 57 888 Company’s shares.

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Ivars Senbergs, also previously holding the office of the Member of the Supervisory Council, also Chairman of the Board of SIA Juridiskais Audits, SIA Namipasumu parvalde, SIA Synergy Consulting, SIA Dzirnavu centrs, SIA IŠMU,. From 1999 until 2000 he worked as Finance and Administrative Director at SIA Fortech. I. Senbergs has graduated Faculty of Law, University of Latvia in 1986.

I. Senbergs owns 2 Company’s shares.

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Sanda Reiharde - Currently leading Microsoft Azure business in Small and Medium segment in CEE (Central and Eastern Europe) 30+ countries. Almost 15 years spent in the information technology industry in various business development and sales leader roles in the Baltic and European markets. Previous experience in banking (Parex Bank, 2006-2008) and sales account management in a Danish and Swedish owned logistics company Baltic Transhipment Center (2000-2006). She graduated from Salford University in 2009 with MBA, as well as Riga Stradins University in 2021, and holds a Master degree in Clinical Psychology.

S.Reiharde owns 0 shares.

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Aira Loite - has resumed working in SAF Tehnika in a position of a Director of Digital Transformation in September 2021. She has extensive experience in management, finance, administration and IT, gained in companies operating in local and international markets. She worked as an Administrative Director (2019-2020) in a food production company “Forevers” Ltd.), metal processing company group “Torgy Mek” as Finance Director (2016-2019) and as a Director of Torgy Baltic SIA (2018-2019). Aira Loite has been a member of the Board of SAF Tehnika, Finance and Administrative Director (2007-2011), Managing Director (2011-2015). From 2006 to 2007, she worked as the director of the Business Information and Control Department of SIA Lattelecom. From 2000 to 2006, she was a member of the Board and Chief Financial Officer of SIA Microlink Latvia. A. Loite has graduated the University of Latvia in 1988 and holds Masters degree in Mathematics and MBA from Salford University, GB, obtained in 2009.

A.Loite owns 8000 Company’s shares.

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7. Tasking the Supervisory Council to fulfill the duties of the Audit Committee

Decision: Authorize the Supervisory Council to perform the tasks of Revision Committee prescribed in legislation.

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8. Approval of Dividend policy

Decision: To approve the Dividend policy of the Group.

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The Dividend policy is attached to this announcement as a separate document.

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Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

The Board of Directors of “SAF Tehnika” JSC (Reg.No.40003474109, legal address: 24a, Ganibu dambis, Riga, LV-1005, Latvia) informs that it convenes a regular shareholders’ meeting on 4 December, 2024 at 10.00 AM (GMT +2H).

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Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2023/2024 and release the Board of Directors from responsibility for financial year 2023/2024;
Taking a decision regarding distribution of FY 2023/2024 profit;
Appointment of the auditor for the financial year 2024/2025 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report;
Election of Supervisory Council;
Tasking the Supervisory Council to fulfill the duties of the Audit Committee;
Approval of dividend policy.

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Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 11 November 2024 by sending them signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or by sending them by post to the head office at Ganibu dambis 24a, Riga, LV-1005, Latvia.

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Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting and the voting form will be published on 20 November 2024. Draft resolutions will be available also on company’s webpage www.saftehnika.com, but on the meeting day at the registration desk.

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The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

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Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

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Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of the day of 3 December 2024. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

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If a shareholder has voted before the meeting, this does not prevent him from attending the meeting in person and participating in the voting. In this case, the vote previously cast by the shareholder will be canceled and the vote cast during the meeting will be taken into account.

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Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 26 November 2024.

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Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 4 December 2024 from 9.30 a.m. until 10.00 a.m.

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Shareholders at the registration must present a passport or another identification document. Representatives of shareholders at the registration must show a power of attorney witnessed by a notary or a power of attorney legally equal to that and passport or another verifying document. The template of the power of attorney is available on company’s webpage www.saftehnika.com.

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The Board of “SAF Tehnika” JSC

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Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com

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Net turnover of the “SAF Tehnika” Group in the 2023/2024 financial year was 27.09 million euros, which is EUR 10.17 million or 27% less than in the previous financial year. The net turnover of the Parent company in FY 2023/2024 was EUR 23.26 million, which is EUR 8.78 million or 27% lower than in the previous FY 2022/2023. The Board of the Parent company proposes to keep the profit for the reporting year as retained earnings.

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“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2023/ 2024 (from July 1, 2023 - June 30, 2024) according to Section 56th, 5th paragraph of „Law on the Financial Instruments Market”.

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During the reporting year, the development and improvement of the microwave wireless data transmission product line continued. The Group continues to actively research the market and identify key issues in order to propose necessary product modifications and develop prototypes for next-generation technologies. At the same time, the Group develops IoT solutions for both business and consumer segments, diversifying its product line, creating higher added value for SAF Tehnika product offerings, and increasing the Group’s revenue.

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Exports made 96.53% of the turnover and amounted to EUR 26.14 million, the Group exported its products to 88 countries worldwide.

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The largest drop in net turnover was observed in the Americas region, and there is not just one specific reason for this, but several factors. In one of the Group’s sales divisions, the implementation of several projects was temporarily suspended, and, due to intense competition, the initially planned sales prices for some projects had to be reduced. Furthermore, several key partners had already made warehouse purchases in the previous financial year, resulting in a decline in orders for 2023/2024.

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The Group’s operations in previous years were impacted by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves (inventories) to be able to fulfil most of the orders within normal lead times. During the financial year, delivery times have significantly improved. Following the precautionary principle, total provisions for slow-moving inventory (compared to the volume at the end of the previous financial year) increased by EUR 1.8 million.

During the reporting year, the Group invested EUR 1.29 million into IT infrastructure, production and research equipment, purchase of software and licenses, product certification, as well as in the renovation of premises.

The Group ended the financial year 2023/2024 with losses of EUR 2.37 million.

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The Parent company’s financial result for FY 2023/2024 was a loss of EUR 1.34 million EUR.

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The Group’s management assesses the loss situation for the reporting year as temporary. The Group continues to monitor potential cost increase forecasts and assess the associated risks. The Group will continue its chosen strategy of developing competitive wireless data transmission products and solutions for new export markets, focusing on strategic market niches in terms of both products and regions.

The Board of the Parent Company proposes to cover the losses from the reporting year with profits from previous years.

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Zane Jozepa
CFO, Member of the Board
Zane.Jozepa@saftehnika.com

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In the fourth quarter of the financial year 2023/ 2024, the Group's unaudited consolidated net turnover was 5.9 million euros, which is a decrease of 31% compared to the 4th of the financial year 2022/2023. The Group closed the 4th quarter of the financial year 2023/2024 with losses of EUR 498 thousand (unaudited). The consolidated unaudited result of the financial year 2023/2024 is a loss of EUR 2.39 million.

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The turnover of the North and Latin America region amounted to 68%, or EUR 4.1 million. Compared to the same quarter of the previous financial year, the turnover decreased by 34%.

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The European region gave 25% of the turnover, or EUR 1.5 million, which is par 32% less than in Q4 of the previous financial year. The turnover in Asia, Africa and the Middle East region has increased compared to the corresponding quarter of the previous financial year, and accounts for 6% of the total quarterly turnover (or EUR 382 thousand).

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Fluctuations in quarterly turnover are explained by the implementation of medium and long-term projects. Some of these projects will be implemented in the second half of 2024.

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In the reporting quarter, the Group’s products were sold in 68 countries.

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The Group’s expenditures did not exceed the planned volumes and were generally lower than in the same period a year earlier. This is due to lower sales, as well as planning and appropriate adjustment of related costs. At the same time, the Group still continues to invest in the development of new promising products and product modifications, and to promote sales in existing and emerging market segments.

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The overall unaudited result of the financial year 2023/2024 is largely influenced by the provisions for slow-moving stocks – it has grown by EUR 1.8 million in the financial year (increased by EUR 250 thousand in the reporting quarter). In total, they amount to EUR 5.1 million on the company’s Balance sheet. Group’s operations were long affected by the global shortage of various electronic components, the company has accumulated material reserves during the previous periods to be able to fulfil most of the orders, ensuring short delivery times

In the 4th quarter EUR 238 thousand were invested in the acquisition of fixed assets.

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Parent Company continues the Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 26 thousand, compared to EUR 1.2 million at the end of the previous year.

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the Group continues to actively explore the market and problematic issues in order to be able to offer the necessary product modifications and create prototypes for next generation technologies. At the same time, the Group also develops IoT segment solutions in business and consumer segments to diversify, to create higher added value for SAF Tehnika product offering, as well as to increase the Group’s revenue.

The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.

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Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com
www.saftehnika.com

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In the third quarter of the financial year 2023/ 2024, the Group's unaudited consolidated net turnover was 6.8 million euros, which is an increase of 3% compared to the 3rd of the financial year 2022/2023. The Group closed the 3rd quarter of the financial year 2023/2024 with losses of EUR 942 thousand (unaudited). The consolidated unaudited result of 9 months of the financial year 2023/2024 is a loss of EUR 1.89 million.

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The turnover of the North and Latin America region amounted to 59%, or EUR 4 million. Compared to the same quarter of the previous financial year, the turnover decreased by 14%.

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The European region gave 37% of the turnover, or EUR 2.5 million, which is 58% more than in the Q3 of the previous financial year. The turnover in Asia, Africa and the Middle East region has decreased compared to the corresponding quarter of the previous financial year, and accounts for 4% of the total quarterly turnover (or EUR 260 thousand).

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In the reporting quarter, the Group’s products were sold in 75 countries.

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group’s unaudited consolidated net turnover for 9 months of the financial year 2023/2024 was EUR 21.11 million, which is 26% less than the revenue volume in the last financial year.

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The Group closed the 3rd quarter of the financial year 2023/2024 with losses of EUR 942 thousand (unaudited). The consolidated unaudited result of 9 months of the financial year 2023/2024 is a loss of EUR 1.89 million. The Group’s profit for the 9 months of the previous financial year 2022/2023 was EUR 2.59 million.

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Since the Group’s operations were long affected by the global shortage of various electronic components, the company has accumulated material reserves during the previous periods to be able to fulfil most of the orders, ensuring short delivery times. Following the precautionary principle and the Group’s policy on slow-moving stocks, total provisions for slow-moving stocks in the 9 months of the financial year (compared to the volume at the end of the previous financial year) increased by EUR 1.6 million (increased by EUR 500 thousand in the reporting quarter), and total EUR 4.8 million.

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In the 3rd quarter EUR 119 thousand were invested in the acquisition of fixed assets.

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Parent Company continues the Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 463 thousand.

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Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com
www.saftehnika.com

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The Board of Directors of “SAF Tehnika” JSC (Reg.No.40003474109, legal address: 24a, Ganibu dambis, Riga, LV-1005, Latvia) informs that it convenes a regular shareholders’ meeting on 13 December, 2023 at 10.00 AM (GMT +2H).

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We invite all shareholders to participate in the meeting online without a physical presence. The shareholders, who want to participate in the meeting on-site, must inform about their arrival on the premises by the end of working day 12 December, 2023.

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Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2022/2023 and release the Board of Directors from responsibility for financial year 2022/2023;
Taking a decision regarding distribution of FY 2022/2023 profit;
Appointment of the auditor for the financial year 2023/2024 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report;
Amendments to the wording of the Articles of Association.

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It is intended to make amendments to the wording of the Articles of Association according to changes in the Commercial Law.

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Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 17 November 2023 by sending them signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or by sending them by post to the head office at Ganibu dambis 24a, Riga, LV-1005, Latvia.

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Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting and the voting form will be published on 28 November 2023. Draft resolutions will be available also on company’s webpage www.saftehnika.com, but on the meeting day at the registration desk.

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The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

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Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

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Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 12 December 2023. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

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If a shareholder has voted before the meeting, this does not prevent him from attending the meeting in person or joining the meeting remotely and participating in the voting. In this case, the vote previously cast by the shareholder will be canceled and the vote cast during the meeting will be taken into account.

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Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 5 December 2023.

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Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 12, 2023 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally a valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 13, 2023, at 09.00 AM.‍
There will be a video identification held on the day of the meeting from 9.30 a.m. to 10.00 a.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 9.30 a.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.

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The video and audio streaming of the meeting and the video identification process will be recorded.

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Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 13 December 2022 from 9.30 a.m. until 10.00 a.m.

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The Board of “SAF Tehnika” JSC

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

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In the first quarter of the financial year 2022/ 2023, the Group’s unaudited consolidated net turnover was 11.4 million euros which is an increase of 46 % compared to the first quarter of the financial year 2021/2022. The Group ended the first quarter of the financial year 2022/2023 with a profit of EUR 2.56 million (unaudited).

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The turnover of the region of the countries of North and Latin America amounted to 69%, or EUR 8.8 million. Compared to the same quarter turnover last financial year, the turnover increased by 58%.

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The turnover of the region of Europe and the CIS countries is 18%, or EUR 2 million, which is 1% less than in the 1st quarter of the previous financial year. Compared to the corresponding quarter of the last financial year, the turnover of Asia, Africa and the Middle East region doubled and accounts for 14% of the total quarterly turnover (or EUR 1.6 million).

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group completed the 1st quarter of the financial year 2022/2023 with a profit of EUR 2.56 million (unaudited). The result of the first quarter of the previous year was profit of EUR 1.52 million.

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The Group’s net cash balance at the end of the period was EUR 3.12 million. To ensure liquidity, in the 1st quarter of the financial year 2022/2023, the parent company entered into a Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. The credit line was not used in the reporting quarter.

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Since the outbreak of hostilities in Ukraine by Russia, the overall uncertainty of the business environment has increased. Although its direct impact on the Group’s activities is relatively limited, the Group carefully assesses possible cost growth forecasts and potential risks. The Group’s operations are affected by the global shortage of various electronic components. Supply chains remain difficult – alternative transportation options increase delivery times and costs. The company regularly reviews procurement volumes and deadlines, and continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

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The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continues investments in product development. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.

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Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

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Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2021/2022 and release the Board of Directors from responsibility for financial year 2021/2022;
Taking a decision regarding distribution of FY 2021/2022 profit;
Appointment of the auditor for the financial year 2022/2023 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report.
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Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 11 November 2022 by sending them signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or by sending them by post to the head office at Ganibu dambis 24a, Riga, LV-1005, Latvia.

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Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting and the voting form will be published on 22 November 2022. Draft resolutions will be available also on company’s webpage www.saftehnika.com, but on the meeting day at the registration desk.

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The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

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Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

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Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 5 December 2022. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

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Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 28 November 2022.

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Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 5, 2022 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 6, 2022, at 09.00 AM.‍
There will be a video identification held on the day of the meeting from 9.30 a.m. to 10.00 a.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 9.30 a.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
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The video and audio streaming of the meeting and the video identification process will be recorded.

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Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 6 December 2022 from 9.30 a.m. until 10.00 a.m.

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The Board of “SAF Tehnika” JSC

‍

Zane Jozepa

CFO, Member of the Board

Zane.Jozepa@saftehnika.com

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In the fourth quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was 8.4 million euros, which is 2% more than in the fourthv quarter of the FY 2020/2021. The Group ended the fourth quarter of the financial year 2021/2022 with a profit of EUR 824 thousand (unaudited). The unaudited consolidated result of the financial year 2021/2022 is profit of EUR 5.96 million.

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The turnover of the region of the countries of North and Latin America amounted to 64%, or EUR 5.4 million. Compared to the same quarter turnover last financial year, the turnover increased by 7%.

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The turnover of the region of Europe and the CIS countries is 28%, or EUR 2.3 million. Compared to the corresponding quarter of the last financial year, the turnover of Asia, Africa and the Middle East region decreased by 4% and accounts for 8% of total quarterly turnover (or EUR 675 thousand).

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In the reporting quarter, the Group’s products were sold in 66 countries.

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The Group’s expenditures did not exceed the planned volumes and were generally higher than in the same period a year earlier, which is due to the increase in the number of employees, investment in sales promotion in existing and new market segments. The Group continues to invest in the development of new products and modification of existing products.

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The Group’s unaudited consolidated turnover for the financial year 2021/2022 was EUR 33.97 million, which is 35% more than the amount of revenue in the previous financial year.

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The consolidated unaudited result of the financial year 2021/2022 is profit of EUR 5.96 million. The Group’s profit for the previous financial year 2020/2021 was EUR 3.88 million. The Group’s net cash balance at the end of the period was 2.8 million euros.In the 4th quarter of the financial year 2021/2022, EUR 856 thousand were invested in the acquisition of fixed assets (total EUR 1.68 million in the financial year).

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In the final quarter of the financial year, in order to strengthen its position in the international market and promote brand and product recognition, SAF Tehnika participated in 16 international exhibitions, covering industries of different scale in the USA, Europe and Asia. At the same time, great emphasis was placed on digital marketing activities and e-commerce, promoting both brand awareness and increasing sales figures.

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Since the outbreak of hostilities in Ukraine by Russia, the direct impact on the Group’s activities is relatively limited, but the uncertainty of the business environment has increased. The Group carefully assesses possible cost growth forecasts and potential risks. The Group’s operations are affected by the global shortage of various electronic components. Supply chains are becoming increasingly difficult – alternative transportation options increase delivery times and costs. As in times of global pandemic, the company regularly reviews procurement volumes and deadlines, and continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was 8.6 million euros, which is 46% more than in the third quarter of the FY 2020/2021. The Group ended the third quarter of the financial year 2021/2022 with a profit of EUR 1.65 million (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2021/2022 is profit of EUR 5.14 million.

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The turnover in North and Latin Americas was 49% or EUR 4.2 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 9%.

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The turnover in Europe and CIS countries amounts to 37% or EUR 3.2 million, which is 82% more than in the 3rd quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region grew 4 times compared to the corresponding quarter of the previous financial year and accounts for 14% or EUR 1.2 million.

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In the reporting quarter, the Group’s products were sold in 62 countries.

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The Group’s unaudited consolidated turnover for the 9-month period of the financial year 2021/2022 was EUR 25.57 million, which is 48% more than the amount of revenue in the previous financial year.

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The unaudited consolidated result for the 9-month period of the financial year 2021/2022 is profit of EUR 5.14 million. The Group’s profit for the 9 months of the previous financial year 2020/2021 was EUR 2.11 million. The Group’s net cash balance at the end of the period was 4.6 million euros.

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In the third quarter, special emphasis was placed on raising awareness and competitiveness of the Aranet brand in global markets. A brand strategy and a new visual identity have been developed, along with a brand story in a video format and a new Aranet.com website that provides a much more transparent and clear view of Aranet products and solutions offered.

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Since the outbreak of hostilities in Ukraine by Russia, the direct impact on the Group’s activities is relatively limited, but the uncertainty of the business environment has increased. The Group carefully assesses possible cost growth forecasts and potential risks. The Group’s operations are affected by the global shortage of various electronic components. Supply chains could be expected to experience more and more difficulties - alternative transport options could increase the time and cost of delivery. As in times of global pandemic, the company continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2021/2022, the Group's unaudited consolidated net turnover was 9.2 million euros, which is 37% more than in the second quarter of the FY 2020/2021. The Group ended the second quarter of the financial year 2021/2022 with a profit of EUR 1.97 million (unaudited). The unaudited consolidated result for the 6-month period of the financial year 2021/2022 is profit of EUR 3.49 million.

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The turnover in North and Latin Americas was 45% or EUR 4.1 million. Compared to the turnover in the same quarter of the previous financial year, the turnover decreased by 9%.

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The turnover in Europe and CIS countries amounts to 45% or EUR 4.1 million, which is 2.5 times more than in the 2nd quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region grew by 37%, compared to the corresponding quarter of the previous financial year, and accounts for 10%, or EUR 932 thousand.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s unaudited consolidated turnover for the 6-month period of the financial year 2021/2022 was EUR 16.97 million, which is 49% more than the amount of revenue in the previous financial year.

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The unaudited consolidated result for the 6-month period of the financial year 2021/2022 is profit of EUR 3.49 million. The Group’s profit for the 6 months of the previous financial year 2020/2021 was EUR 1.14 million. The Group’s net cash balance at the end of the period was 4.8 million euros.

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In early December, a new e-commerce platform was opened, where all Aranet products are available to customers from both Europe and the United States. In addition, development of the Aranet4 application was carried out to improve its usability.

‍

The Group’s operations are affected by the global shortage of various electronic components. By regularly reviewing supply volumes and deadlines, the company continues to accumulate material reserves in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

1. The approval of the reports of the Board of Directors and Supervisory Council.

Decision: to approve the reports of the Board of Directors and the Supervisory Council for financial year 2020/2021.

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2. The approval of the annual financial statements for financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021.

Decision: to approve the consolidated and separate financial statements of “SAF Tehnika” JSC for financial year 2020/2021 and release the Group`s Board of Directors from responsibility for financial year 2020/2021.

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3. Decision on the use of profit of the Company.

Decision:

(1) To pay in dividends 0.67 EUR (sixty- seven cents) per one SAF Tehnika JSC share or total amount of 1 990 020.60 EUR ( one million nine hundred ninety thousand twenty euros 60 cents); The profit accrued until 31 December 2017 is 1 793 627.20 EUR (one million seven hundred ninety-three thousand six hundred twenty-seven euros and 20 cents);

The date of record is 22 December, 2021.
The date of payment is 23 December, 2021.
Ex-date is 21 December, 2021.

(2) Keep the remaining amount of retained earnings 3 453 438.60 EUR (three million four hundred fifty-three thousand four hundred thirty-eight euros and 60 cents) as the retained earnings of SAF Tehnika JSC.

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4. Appointment of the auditor for the financial year 2021/2022 and determination of the reward for the auditor.

Decision: Appoint “Potapoviča un Andersone” Ltd. as the auditor of the “SAF Tehnika” JSC for the financial year 2021/2022 and determine the maximum remuneration for the auditor of the Annual Reports for the financial year 2021/2022 in the amount of EUR 11’000 (eleven thousand euro), excluding taxes set in the legislation. Authorize the Board of the Group to sign the contract with the elected auditor.

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5. The approval of Management Board and Supervisory Council remuneration report for financial year 2020/2021.

Decision: To approve the Management Board and Supervisory Council remuneration report for financial year 2020/2021.

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6. Election of the Members of the Supervisory Council.

Decision: As of December 8, 2021 to recall from the position of member of the Supervisory Council - Juris Ziema, Andrejs Grisans, Ivars Senbergs, Aira Loite, Sanda Salma.

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To elect the Supervisory Council of joint stock company “SAF Tehnika” for a three year term in the following composition - Juris Ziema, Andrejs Grisanss, Ivars Senbergs, Sanda Salma, Aira Loite by fixing beginning of term of office on December 8, 2021.

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Information about the candidates:

Juris Ziema, co-founder of the Company, also previously holding the office of Chairman of the Supervisory Council and being the Production Department Director of the Company. From 1998 to 1999 he worked as an engineer at Didzis Liepkalns' private enterprise SAF. From 1987 to 1999 J.Ziema worked as an engineer at the Institute of Electronic Engineering and Computer Sciences. J.Ziema has graduated Riga Technical University with a degree in radio engineering in 1987.

J.Ziema owns 258 762 Company’s shares.

‍

Andrejs Grišāns, previously holding the office of the of Vice-Chairman of the Supervisory Council and being the deputy director of Production Department of the Company. A.Grisans is one of the co-founders of the Company. Prior to joining the Company, he owned and managed a private company specializing in electronic equipment engineering, production and distribution. From 1992 to 1999 A.Grisans was involved in business activities in the field of radio engineering. He worked as an engineer-constructor at the Institute of Polymer Mechanics from 1984 to 1992 and in the constructing bureau Orbita from 1980 to 1984. A.Grisans has graduated Riga Technical University with a degree in radio engineering in 1980.

A.Grišāns owns 297 888 Company’s shares.

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Ivars Šenbergs, also previously holding the office of the Member of the Supervisory Council, also Chairman of the Board of SIA Juridiskais Audits, SIA Namipasumu parvalde, SIA Synergy Consulting, SIA Dzirnavu centrs, SIA IŠMU,. From 1999 until 2000 he worked as Finance and Administrative Director at SIA Fortech. I. Senbergs has graduated Faculty of Law, University of Latvia in 1986.

I. Šenbergs owns 2 Company’s shares.

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Sanda Šalma - also previously holding the office of the Member of the Supervisory Council. Employed by Microsoft Latvia, currently Small and Medium Business Lead for Baltic countries. From 2010 to 2012 worked for a developer company RIX Technologies, participated in the work group of Latvian IT Cluster. From 2008 to 2010 was Citizenship & Education Project Lead at Microsoft Latvia. From 2000 to 2006 she was Sales Account Manager at Baltic Transshipment Center sales in Baltics and St. Petersburg. She has graduated The University of St.Petersburg and holds BSc in Psychology and MBA from RISEBA and Salford University, UK.

S. Šalma - does not own Company’s shares.

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Aira Loite - has resumed working in SAF Tehnika in a position of a Director of Digital Transformation in September 2021. She has extensive experience in management, finance, administration and IT, gained in companies operating in local and international markets. She worked as an Administrative Director (2019-2020) in a food production company “Forevers” Ltd.), metal processing company group “Torgy Mek” as Finance Director (2016-2019) and as a Director of Torgy Baltic SIA (2018-2019). Aira Loite has been a member of the Board of SAF Tehnika, Finance and Administrative Director (2007-2011), Managing Director (2011-2015). From 2006 to 2007, she worked as the director of the Business Information and Control Department of SIA Lattelecom. From 2000 to 2006, she was a member of the Board and Chief Financial Officer of SIA Microlink Latvia. A. Loite has graduated the University of Latvia in 1988 and holds Masters degree in Mathematics and MBA from Salford University, GB, obtained in 2009.

A.Loite owns 8000 Company’s shares.

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7. Authorization of the Supervisory Council to perform tasks of Revision Committee.

Decision: Authorize the Supervisory Council to perform the tasks of Revision Committee prescribed in legislation.‍

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 840

Zane.Jozepa@saftehnika.com

www.saftehnika.com

‍

In the first quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was EUR 7.8 million, which is an increase of 66% compared to the first quarter of the financial year 2020/2021. The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited).

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The turnover in North and Latin Americas was 64% or EUR 4.96 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 51%.

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The turnover in Europe and CIS countries amounts to 26% or EUR 2.01 million, which is 134% more than in the first quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region increased by 45%, compared to the corresponding quarter of the last financial year, and amounted to 10% or EUR 786 thousand.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

The Group’s expenditures did not exceed the planned volumes and were generally higher than in the same period a year earlier. The Group continues to invest in the development of new products and product modifications.

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The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited). The result of the 1st quarter of the previous year was a loss of EUR 378 thousand.The Group’s net cash balance at the end of the period was 6.8 million euros.

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In the context of a global pandemic, the Group follows the epidemiological rules in the home country, ensuring compliance with the relevant norms. The manufacturing facility of SAF Tehnika continued to operate in its normal/rearranged mode, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity (by working remotely or rearranging workplaces), paying special attention to ventilation and air quality.

‍

The Group’s operations are also affected by the global shortage of various electronic components. By regularly reviewing delivery volumes and deadlines, the company continues to accumulate material reserves in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Due to Covid-19 pandemics to protect the health of shareholders, Group`s employees and society we invite all shareholders to participate in the meeting online without a physical presence. Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 6 December, 2021, by the end of working day 7 December and valid Covid-19 certificate.

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Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021;
Taking a decision regarding distribution of FY 2020/2021 profit;
Appointment of the auditor for the financial year 2021/2022 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report;
Elections of the Supervisory Council;
Giving the Supervisory Council the task to continue the responsibilities of the Audit Committee.

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Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 15 November 2021 by sending them signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or by sending them by post to the head office at Ganibu dambis 24a, Riga, LV-1005, Latvia.

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Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting and the voting form will be published on 24 November 2021. Draft resolutions will be available also on company’s webpage www.saftehnika.com, but on the meeting day at the registration desk.

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The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

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Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

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Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 7 December, 2021. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

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Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 30 November 2021.

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Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 7, 2021 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.

Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
‍
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 8, 2021 at 12.00 PM.
‍‍
There will be a video identification held on the day of the meeting from 1.30 p.m. to 2.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 1.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.

The video and audio streaming of the meeting and the video identification process will be recorded.
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Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 6 December, 2021. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 7 December and a copy of valid Covid-19 certificate.

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Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 8 December 2021 from 1.30 p.m. until 2.00 p.m.

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Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

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Net turnover of the “SAF Tehnika” Group in the 2020/2021 financial year was 25.02 million euros, which is by 8.3 million euros or by 49% higher than in the previous financial year 2019/2020. The net turnover of the Parent company in FY 2020/2021 was EUR 20.98 million, which is by EUR 7.1 million higher than in the previous FY 2019/2020. The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍‍

“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2020/ 2021 (from July 1, 2020- June 30, 2021) according to Section 56th, 5th paragraph of „Law on the Financial Instruments Market”.

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During the reporting year, the development and improvement of the microwave wireless data transmission product line continued. Solutions were found to improve functionality and quality indicators, and to reduce production costs. The Group continued to design and develop the Aranet functionality – the new Internet of Things (IoT) environmental monitoring solution, as well as kept on working on the Aranet Cloud service. Aranet is an industrial-grade wireless environmental monitoring solution that allows taking measurements of various environmental parameters over a wide area, including monitoring of temperature, humidity, and CO2.

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Exports made 98.03% of the turnover and amounted to EUR 24.53 million. During the reporting year, the Group exported its products to 85 countries worldwide.

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The Group’s activities were also affected by the worldwide deficit of various electronics components. By regularly reviewing supply volumes and deadlines, the Group continued to accumulate material reserves in order to be able to fulfill most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

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During the reporting year, the Group invested EUR 615 thousand into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.

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The Group completed the financial year 2020/2021 with a profit of EUR 3.88 million.

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The Parent company’s financial result for FY 2020/2021 was a profit of EUR 3.18 million EUR. This successful result of economic activity was provided by an increase in the share of variable specialized projects with high added value in the overall project portfolio.

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The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

Zane.Jozepa@saftehnika.com

‍

In the fourth quarter of the financial year 2020/2021, the Group’s unaudited consolidated net turnover was 8.2 million euros, which is 134% more than in the third quarter of the FY 2019/2020, and is historically the highest sales volume for a single quarter. The Group ended the fourth quarter of the financial year 2020/2021 with a profit of 2.04 million (unaudited). The unaudited consolidated result for the financial year 2020/2021 is profit of EUR 4.15 million.

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The turnover in North and Latin Americas was 61% or EUR 5.06 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 144% as a result of successful sales project transactions in the previous quarters.

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The turnover in Europe and CIS countries amounts to 30% or EUR 2.48 million, which is 134% more than in the fourth quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region increased by 71% compared to the corresponding quarter of the last financial year, and makes up 9% or EUR 705 thousand.

‍

In the reporting quarter, the Group’s products were sold in 57 countries.

‍

The Group’s unaudited consolidated turnover of the financial year 2020/2021 was EUR 25.56 million, which is 52% more than the amount of revenue in the previous financial year.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The unaudited consolidated result for the financial year 2020/2021 is a profit of EUR 4.15 million. The Group’s profit for the previous financial year 2019/2020 was EUR 476 thousand.

‍

The Group’s net cash balance at the end of the period was 7.6 million euros.

‍

In the context of a global pandemic, the Group follows the epidemiological rules in its home country, ensuring compliance with applicable regulations. The manufacturing facility of SAF Tehnika continued to operate in its normal/rearranged mode, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity (by working remotely or rearranging workplaces), as well as all employees are provided with face masks, disinfectants, frequent cleaning and ventilation of premises.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 5.9 million euros, which is 30% more than in the third quarter of the FY 2019/2020. The Group ended the third quarter of the financial year 2020/2021 EUR 967 thousand (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million.

‍

The turnover in North and Latin Americas was 65% or EUR 3.84 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 30% as a result of successful sales project transactions in the previous quarters.

‍

The turnover in Europe and CIS countries amounts to 30% or EUR 1.75 million, which is 55% more than in the third quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region decreased by 31% compared to the corresponding quarter of the last financial year, and makes up 5% or EUR 302 thousand.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

The Group’s unaudited consolidated turnover for the 9-month period of the financial year 2020/2021 was EUR 17.31 million, which is 31% more than the amount of revenue in the previous financial year.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million. The Group’s profit for the 9 months of the previous financial year 2019/2020 was EUR 610 thousand.

‍

The Group’s net cash balance at the end of the period was 6.5 million euros.

‍

During the pandemic, the manufacturing facility of SAF Tehnika continued to operate in its normal/rearranged mode, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity (by working remotely or rearranging workplaces), as well as all employees are provided with face masks and shields, disinfectants, frequent cleaning and ventilation of premises.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 6.7 million euros, which is 42% more than in the second quarter of the FY 2019/2020. The Group ended the second quarter of the financial year 2020/ EUR 766 thousand (unaudited). The unaudited consolidated result for the 6-month period of the financial year 2020/2021 is profit of EUR 1.14 million.

‍‍

The turnover in North and Latin Americas was 67% or EUR 4.51 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 39%, as a result of successful sales project transactions in the previous quarter and at the end of the last financial year.

‍

The turnover in Europe and CIS countries amounts to 25 % or EUR 1.67 million, which is 52% more than in the second quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region increased by 42% compared to the corresponding quarter of the last financial year and makes up 8% or EUR 533 thousand.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s unaudited consolidated turnover for the 6-month period of the financial year 2020/2021 was EUR 11.41 million, which is 31% more than the amount of revenue in the previous financial year.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The unaudited consolidated result for the 6-month period of the financial year 2020/2021 is profit of EUR 1.14 million. The Group’s profit for the 6 months of the previous financial year 2019/2020 was EUR 451 thousand.

‍

The Group’s net cash balance at the end of the period was 5.9 million euros.

‍

During the pandemic, the manufacturing facility of SAF Tehnika was operating normally, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity (by working remotely or rearranging workplaces), as well as all employees are provided with face masks and shields, disinfectants, frequent cleaning and ventilation of premises. The company accumulates enough materials, has adjusted the supply chain of materials and is able to fulfil most of the orders within normal lead times.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Due to Covid-19 pandemics to protect the health of shareholders, Group`s employees and society we invite all shareholders to participate in the meeting online without a physical presence. Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020, by the end of working day 3 December.

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2019/2020 and release the Board of Directors from responsibility for financial year 2019/2020;
Taking a decision regarding distribution of FY 2019/2020 profit;
Appointment of the auditor for the financial year 2020/2021 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration policy.

Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 11 November 2020 by sending them signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or by sending them by post to the head office at Ganibu dambis 24a, Riga, LV-1005, Latvia.

‍

Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting and the voting form will be published on 20 November 2020. Draft resolutions will be available also on company’s webpage www.saftehnika.com, but on the meeting day at the registration desk.

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 3 December, 2020. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 26 November 2020.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 3, 2020 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 4, 2020 at 1.00 PM‍
There will be a video identification held on the day of the meeting from 2.30 p.m. to 3.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 2.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
The video and audio streaming of the meeting and the video identification process will be recorded.
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 3 December.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 4 December 2020 from 2.30 p.m. until 3.00 p.m.

‍

The Board of “SAF Tehnika” JSC

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

For Q4 of the FY 2019/2020, the Group's unaudited consolidated net turnover was 3.53 million euros, which is by 8% less than in Q4 of the FY 2018/2019. The Group ended the fourth quarter with a loss of EUR 135 thousand (unaudited). The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand.

‍‍

Most of the quarterly turnover was made by sales in North/Latin Americas region – 59% or 2.07 million EUR. Turnover in Europe and CIS region composes 30% or EUR 1.06 million EUR. The AMEA (Asia, Middle East, Africa) region had a turnover of 11% or EUR 394 thousand.

‍

The Group’s products were sold in 50 countries during the reporting quarter.

‍

The Group’s unaudited consolidated turnover of the FY 2019/2020 was EUR 16.76 million, which is 16% more than the amount of revenue in the previous financial year.

‍

The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand. The Group’s result in the previous financial year 2018/2019 was a loss of EUR 414 thousand.

‍

In the fourth quarter special attention was paid to creating and expanding digital content for both Spectrum Compact and Aranet product families. During the quarter, a new addition to the Aranet product line was introduced – an innovative solution for measuring human body temperature for medical institutions fighting the COVID-19 pandemic, more details on https://aranetmedical.com/.

‍

During the Covid-19 pandemic, all offices and the manufacturing facility of SAF Tehnika are operating normally, the company manufactures and ships its products worldwide. The company accumulates enough materials, has adjusted supply chains and is able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

There has been no rapid change in the microwave radio market over the last quarter. However, various specific restrictions due to the global COVID-19 pandemic cause project lags.

‍

The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications both on a daily basis and in the context of changing global circumstances, as well as continues investments in product development.

‍

The Company’s goal is to stabilize sales levels to ensure a positive net result in the long term. The Board of SAF Tehnika retains caution and refrains from making certain predictions regarding future sales volumes and financial results.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

The turnover of the North and Latin America region amounted to 59%, or EUR 4 million. Compared to the same quarter of the previous financial year, the turnover decreased by 14%.

‍

In the reporting quarter, the Group’s products were sold in 75 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s unaudited consolidated net turnover for 9 months of the financial year 2023/2024 was EUR 21.11 million, which is 26% less than the revenue volume in the last financial year.

‍

In the 3rd quarter EUR 119 thousand were invested in the acquisition of fixed assets.

‍

Parent Company continues the Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 463 thousand.

‍

Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com
www.saftehnika.com

‍

In the second quarter of the financial year 2023/2024, the Group’s unaudited consolidated net turnover was 8.9 million euros, which is by 15% less compared to the second quarter of the financial year 2022/2023. The Group closed the 2nd quarter of the financial year 2023/2024 with a profit of EUR 523 thousand (unaudited). The consolidated unaudited result of 6 months of the financial year 2023/2024 is a loss of EUR 950 thousand.

‍

The turnover of the North and Latin America region amounted to 60%, or EUR 5.37 million. Compared to the same quarter of the previous financial year, the turnover decreased by 34%.

‍

The European region gave 34% of the turnover, or EUR 3.1 million, which is 42% more than in the Q2 of the previous financial year. The turnover in Asia, Africa and the Middle East region increased compared to the corresponding quarter of the previous financial year, but accounts for 5% of the total quarterly turnover (or EUR 483 thousand). Total turnover fluctuations over the period are the result of projects of different scales.

‍

In the reporting quarter, the Group’s products were sold in 71 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s unaudited consolidated net turnover for 6 months of the financial year 2023/2024 was EUR 14.31 million, which is 35% less than the revenue volume in the last financial year.

‍

The Group closed the 2nd quarter of the financial year 2023/2024 with a profit of EUR 523 thousand (unaudited). The consolidated unaudited result of 6 months of the financial year 2023/2024 is a loss of EUR 950 thousand. The Group’s profit for the 6 months of the previous financial year 2022/2023 was EUR 3.56 million.

‍

The Group’s operations were long affected by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves (inventories) to be able to fulfil most of the orders within normal lead times. Following the precautionary principle and the Group’s policy on slow-moving stocks, total provisions for slow-moving stocks in the 6 months of the financial year (compared to the volume at the end of the previous financial year) increased by EUR 1.1 million and account for EUR 4.3 million.

‍

In the 2nd quarter EUR 308 thousand were invested in the acquisition of fixed assets.

‍

Parent Company continues the Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 2 million.

‍

Additional information:
Zane Jozepa
CFO, Member of the Board
zane.jozepa@saftehnika.com
www.saftehnika.com

‍

In the first quarter of the financial year 2023/ 2024, the Group’s unaudited consolidated net turnover was 5.3 million which is a decline of 53% compared to the first quarter of the financial year 2022/2023. The Group closed the 1st quarter of the financial year 2023/2024 with loss of EUR 1.47 million (unaudited).

‍

The turnover of the North and Latin America region amounted to 58%, or EUR 3.15 million. Compared to the same quarter of the previous financial year, the turnover decreased by 60%.

‍

The European region gave 28% of the turnover, or EUR 2.25 million, which is 27% less than in the Q1 of the previous financial year.

‍

The decline in revenue for the quarter in all regions is due to the implementation of large-scale projects and sales volume in the first quarter of the previous financial year, when one of the highest quarterly turnovers in history was achieved.

‍

The Group’s expenditures did not exceed the planned volumes and were generally lower than in the same period a year earlier. The Group continues to invest in the development of new products and product modifications.

‍

The Group closed the 1st quarter of the financial year 2023/2024 with loss of EUR 1.47 million (unaudited). The result of Q1 of the previous year was profit of EUR 2.56 million.

‍

The Group’s operations were long affected by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves during the previous periods to be able to fulfil most of the orders within normal lead times. Following the precautionary principle, the Group does not change its policy on slow-moving stocks. Total provisions for slow-moving stocks in the quarter (compared to the volume at the end of the previous financial year) increased by EUR 1.4 million and account for EUR 4.7 million.

‍

In the 1st quarter of the financial year 2023/2024, EUR 698 thousand were invested in the acquisition of fixed assets.

‍

To ensure liquidity, the Parent Company continues the Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 1.9 million.

‍

Despite the modernization of the telecommunications market in the direction of fiber-optic communications, there is still a market demand for radio systems that provide enhanced data rates. Consequently, the Group continues to actively explore the market and problematic issues in order to be able to offer the necessary product modifications and create prototypes for next generation technologies. At the same time, the Group also develops IoT segment solutions in business and consumer segments to diversify, to create higher added value for SAF Tehnika product offering, as well as to increase the Group’s revenue.

‍

The goal of the company is to stabilize the turnover level, which ensures a positive net result in the long run. The Board of SAF Tehnika remains cautious and refrains from providing specific sales and performance forecasts.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the fourth quarter of the financial year 2022/ 2023, the Group’s unaudited consolidated net turnover was 8.7 million euros, which is by 3% more compared to the fourth quarter of the financial year 2021/2022. The Group ended the fourth quarter of the financial year 2022/2023 with a profit of EUR 805 thousand (unaudited). The consolidated unaudited result of the financial year 2022/2023 is profit EUR 3.39 million.

‍

The turnover of the region of the countries of North and Latin America amounted to 71%, or EUR 6.1 million. Compared to the same quarterly turnover last financial year, the turnover has increased by 14%.

‍

The turnover of the European region is 22%, or EUR 2.2 million, which is 3% less than in the 4th quarter of the previous financial year. Compared to the corresponding quarter of the last financial year, the turnover of Asia, Africa and the Middle East region is two times less and accounts for 3% of the total quarterly turnover (or EUR 283 thousand). Total turnover fluctuations over the period are the result of projects of different scales.

‍

In the reporting quarter, the Group’s products were sold in 67 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s unaudited consolidated net turnover for 12 months of the financial year 2022/2023 was EUR 37.26 million, which is a 10% increase compared to the volume of revenues in the last financial year.

‍

The consolidated unaudited result of the financial year 2022/2023 is profit EUR 3.39 million. The Group’s profit of the previous financial year 2021/2022 was EUR 6.09 million.

‍

The Group’s operations were long affected by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves (inventories) to be able to fulfil most of the orders within normal lead times. Following the precautionary principle and the Group’s policy on slow-moving stocks, total savings on slow-moving inventory (compared to the volume at the end of the fourth quarter of the previous financial year) increased by EUR 2.2 million.

‍

In the 4th quarter EUR 897 thousand were invested in the acquisition of fixed assets. (a total of EUR 1.89 million during the financial year).

‍

To ensure liquidity, in August of the financial year 2022/2023, the Parent Company entered into a Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 1.2 million.

‍

Although the direct impact on the Group’s activities has been relatively limited after the outbreak of hostilities in Ukraine by Russia, the general uncertainty in the business environment remains The Group continues to monitor forecasts of possible cost increases and assess potential risks. The company regularly reviews procurement volumes and deadlines, and continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2022/ 2023, the Group’s unaudited consolidated net turnover was 6.6 million euros, which is 23% less compared to the third quarter of the financial year 2021/2022 with a loss of EUR 974 thousand (unaudited). The consolidated unaudited result of 9 months of the financial year 2022/2023 is profit EUR 2.59 million.

‍

The turnover of the region of the countries of North and Latin America amounted to 71%, or EUR 4.7 million. Compared to the same quarterly turnover last financial year, the turnover has increased by 11%.

‍

The turnover of the European region is 24%, or EUR 1.6 million, which is 50% less than in the 3rd quarter of the previous financial year. Compared to the corresponding quarter of the last financial year, the turnover of Asia, Africa and the Middle East region is three times less and accounts for 5% of the total quarterly turnover (or EUR 351 thousand). Fluctuations in quarterly turnover are explained by the implementation of some more large-scale projects.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s unaudited consolidated net turnover for 9 months of the financial year 2022/2023 was EUR 28.59 million, which is a 12% increase compared to the volume of revenues in the last financial year.

‍

The consolidated unaudited result of 9 months of the financial year 2022/2023 is profit EUR 2.59 million. The Group’s profit for the 9 months of the previous financial year 2021/2022 was EUR 5.14 million.

‍

In the 3rd quarter EUR 301 thousand were invested in the acquisition of fixed assets.

‍

The Group’s operations were long affected by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves (inventories) to be able to fulfil most of the orders within normal lead times. Following the precautionary principle, the Group continues to maintain its current policy on slow-moving stocks. Total savings on slow-moving inventory (compared to the volume at the end of the third quarter of the previous financial year) increased by EUR 1.76 million.

‍

Since the outbreak of hostilities in Ukraine by Russia, the overall business environment uncertainty continues. Although its direct impact on the Group’s activities is relatively limited, the Group continues to assess possible cost growth forecasts and potential risks. The company regularly reviews procurement volumes and deadlines, and continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2022/ 2023, the Group's unaudited consolidated net turnover was 10.5 million euros which is an increase of 15 % compared to the second quarter of the financial year 2021/2022. The Group ended the second quarter of the financial year 2022/2023 with a profit of EUR 1 million (unaudited). The consolidated unaudited result of 6 months of the financial year 2022/2023 is profit of EUR 3.56 million.

‍

The turnover of the region of the countries of North and Latin America amounted to 77%, or EUR 8.1 million. Compared to the same quarterly turnover last financial year, the turnover increased by 97%.

‍

The turnover of the European region is 21%, or EUR 2.1 million, which is 48% less than in the 2nd quarter of the previous financial year. Compared to the corresponding quarter of the last financial year, the turnover of Asia, Africa and the Middle East region is three times less and accounts for 3% of the total quarterly turnover. Fluctuations in quarterly turnover are explained by the implementation of some more large-scale projects.

‍

In the reporting quarter, the Group’s products were sold in 60 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s unaudited consolidated net turnover for 6 months of the financial year 2022/2023 was EUR 21.95 million, which is a 29% increase compared to the volume of revenues in the last financial year.

‍

The consolidated unaudited result of 6 months of the financial year 2022/2023 is profit of EUR 3.56 million. The Group’s profit for the 6 months of the previous financial year 2021/2022 was EUR 3.49 million.

‍

In the 2nd quarter EUR 532 thousand were invested in the acquisition of fixed assets.

‍

In December 2022, dividends were paid in the amount of EUR 0.68 (sixty-eight cents) per share, or total EUR 2.02 million. To ensure liquidity, in August of the financial year 2022/2023, the Parent Company entered into a Credit Line Agreement with Luminor Bank AS for the total amount of EUR 4.95 million. At the end of the reporting period, the use of the credit line was EUR 1.87 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the first quarter of the financial year 2022/ 2023, the Group’s unaudited consolidated net turnover was 11.4 million euros which is an increase of 46 % compared to the first quarter of the financial year 2021/2022. The Group ended the first quarter of the financial year 2022/2023 with a profit of EUR 2.56 million (unaudited).

‍

The turnover of the region of the countries of North and Latin America amounted to 69%, or EUR 8.8 million. Compared to the same quarter turnover last financial year, the turnover increased by 58%.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group completed the 1st quarter of the financial year 2022/2023 with a profit of EUR 2.56 million (unaudited). The result of the first quarter of the previous year was profit of EUR 1.52 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2021/2022 and release the Board of Directors from responsibility for financial year 2021/2022;
Taking a decision regarding distribution of FY 2021/2022 profit;
Appointment of the auditor for the financial year 2022/2023 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report.
‍

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 5 December 2022. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 28 November 2022.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 5, 2022 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 6, 2022, at 09.00 AM.‍
There will be a video identification held on the day of the meeting from 9.30 a.m. to 10.00 a.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 9.30 a.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
‍

The video and audio streaming of the meeting and the video identification process will be recorded.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 6 December 2022 from 9.30 a.m. until 10.00 a.m.

‍

The Board of “SAF Tehnika” JSC

‍

Zane Jozepa

CFO, Member of the Board

Zane.Jozepa@saftehnika.com

‍

In the fourth quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was 8.4 million euros, which is 2% more than in the fourthv quarter of the FY 2020/2021. The Group ended the fourth quarter of the financial year 2021/2022 with a profit of EUR 824 thousand (unaudited). The unaudited consolidated result of the financial year 2021/2022 is profit of EUR 5.96 million.

‍

The turnover of the region of the countries of North and Latin America amounted to 64%, or EUR 5.4 million. Compared to the same quarter turnover last financial year, the turnover increased by 7%.

‍

In the reporting quarter, the Group’s products were sold in 66 countries.

‍

The Group’s unaudited consolidated turnover for the financial year 2021/2022 was EUR 33.97 million, which is 35% more than the amount of revenue in the previous financial year.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was 8.6 million euros, which is 46% more than in the third quarter of the FY 2020/2021. The Group ended the third quarter of the financial year 2021/2022 with a profit of EUR 1.65 million (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2021/2022 is profit of EUR 5.14 million.

‍

The turnover in North and Latin Americas was 49% or EUR 4.2 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 9%.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

Since the outbreak of hostilities in Ukraine by Russia, the direct impact on the Group’s activities is relatively limited, but the uncertainty of the business environment has increased. The Group carefully assesses possible cost growth forecasts and potential risks. The Group’s operations are affected by the global shortage of various electronic components. Supply chains could be expected to experience more and more difficulties - alternative transport options could increase the time and cost of delivery. As in times of global pandemic, the company continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

The turnover in North and Latin Americas was 45% or EUR 4.1 million. Compared to the turnover in the same quarter of the previous financial year, the turnover decreased by 9%.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

1. The approval of the reports of the Board of Directors and Supervisory Council.

Decision: to approve the reports of the Board of Directors and the Supervisory Council for financial year 2020/2021.

‍

2. The approval of the annual financial statements for financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021.

‍

3. Decision on the use of profit of the Company.

Decision:

The date of record is 22 December, 2021.
The date of payment is 23 December, 2021.
Ex-date is 21 December, 2021.

‍

4. Appointment of the auditor for the financial year 2021/2022 and determination of the reward for the auditor.

‍

5. The approval of Management Board and Supervisory Council remuneration report for financial year 2020/2021.

Decision: To approve the Management Board and Supervisory Council remuneration report for financial year 2020/2021.

‍

6. Election of the Members of the Supervisory Council.

Decision: As of December 8, 2021 to recall from the position of member of the Supervisory Council - Juris Ziema, Andrejs Grisans, Ivars Senbergs, Aira Loite, Sanda Salma.

‍

Information about the candidates:

J.Ziema owns 258 762 Company’s shares.

‍

A.Grišāns owns 297 888 Company’s shares.

‍

I. Šenbergs owns 2 Company’s shares.

‍

S. Šalma - does not own Company’s shares.

‍

A.Loite owns 8000 Company’s shares.

‍

7. Authorization of the Supervisory Council to perform tasks of Revision Committee.

Decision: Authorize the Supervisory Council to perform the tasks of Revision Committee prescribed in legislation.‍

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 840

Zane.Jozepa@saftehnika.com

www.saftehnika.com

‍

In the first quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was EUR 7.8 million, which is an increase of 66% compared to the first quarter of the financial year 2020/2021. The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited).

‍

The turnover in North and Latin Americas was 64% or EUR 4.96 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 51%.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021;
Taking a decision regarding distribution of FY 2020/2021 profit;
Appointment of the auditor for the financial year 2021/2022 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report;
Elections of the Supervisory Council;
Giving the Supervisory Council the task to continue the responsibilities of the Audit Committee.

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 7 December, 2021. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 30 November 2021.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 7, 2021 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.

Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
‍
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 8, 2021 at 12.00 PM.
‍‍
There will be a video identification held on the day of the meeting from 1.30 p.m. to 2.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 1.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.

The video and audio streaming of the meeting and the video identification process will be recorded.
‍
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 6 December, 2021. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 7 December and a copy of valid Covid-19 certificate.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 8 December 2021 from 1.30 p.m. until 2.00 p.m.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

Net turnover of the “SAF Tehnika” Group in the 2020/2021 financial year was 25.02 million euros, which is by 8.3 million euros or by 49% higher than in the previous financial year 2019/2020. The net turnover of the Parent company in FY 2020/2021 was EUR 20.98 million, which is by EUR 7.1 million higher than in the previous FY 2019/2020. The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍‍

‍

Exports made 98.03% of the turnover and amounted to EUR 24.53 million. During the reporting year, the Group exported its products to 85 countries worldwide.

‍

During the reporting year, the Group invested EUR 615 thousand into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.

‍

The Group completed the financial year 2020/2021 with a profit of EUR 3.88 million.

‍

The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

Zane.Jozepa@saftehnika.com

‍

In the fourth quarter of the financial year 2020/2021, the Group’s unaudited consolidated net turnover was 8.2 million euros, which is 134% more than in the third quarter of the FY 2019/2020, and is historically the highest sales volume for a single quarter. The Group ended the fourth quarter of the financial year 2020/2021 with a profit of 2.04 million (unaudited). The unaudited consolidated result for the financial year 2020/2021 is profit of EUR 4.15 million.

‍

In the reporting quarter, the Group’s products were sold in 57 countries.

‍

The Group’s unaudited consolidated turnover of the financial year 2020/2021 was EUR 25.56 million, which is 52% more than the amount of revenue in the previous financial year.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The unaudited consolidated result for the financial year 2020/2021 is a profit of EUR 4.15 million. The Group’s profit for the previous financial year 2019/2020 was EUR 476 thousand.

‍

The Group’s net cash balance at the end of the period was 7.6 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 5.9 million euros, which is 30% more than in the third quarter of the FY 2019/2020. The Group ended the third quarter of the financial year 2020/2021 EUR 967 thousand (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s net cash balance at the end of the period was 6.5 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 6.7 million euros, which is 42% more than in the second quarter of the FY 2019/2020. The Group ended the second quarter of the financial year 2020/ EUR 766 thousand (unaudited). The unaudited consolidated result for the 6-month period of the financial year 2020/2021 is profit of EUR 1.14 million.

‍‍

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s net cash balance at the end of the period was 5.9 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Due to Covid-19 pandemics to protect the health of shareholders, Group`s employees and society we invite all shareholders to participate in the meeting online without a physical presence. Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020, by the end of working day 3 December.

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2019/2020 and release the Board of Directors from responsibility for financial year 2019/2020;
Taking a decision regarding distribution of FY 2019/2020 profit;
Appointment of the auditor for the financial year 2020/2021 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration policy.

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 3 December, 2020. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 26 November 2020.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 3, 2020 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 4, 2020 at 1.00 PM‍
There will be a video identification held on the day of the meeting from 2.30 p.m. to 3.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 2.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
The video and audio streaming of the meeting and the video identification process will be recorded.
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 3 December.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 4 December 2020 from 2.30 p.m. until 3.00 p.m.

‍

The Board of “SAF Tehnika” JSC

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

For Q4 of the FY 2019/2020, the Group's unaudited consolidated net turnover was 3.53 million euros, which is by 8% less than in Q4 of the FY 2018/2019. The Group ended the fourth quarter with a loss of EUR 135 thousand (unaudited). The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand.

‍‍

‍

The Group’s products were sold in 50 countries during the reporting quarter.

‍

The Group’s unaudited consolidated turnover of the FY 2019/2020 was EUR 16.76 million, which is 16% more than the amount of revenue in the previous financial year.

‍

The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand. The Group’s result in the previous financial year 2018/2019 was a loss of EUR 414 thousand.

‍

There has been no rapid change in the microwave radio market over the last quarter. However, various specific restrictions due to the global COVID-19 pandemic cause project lags.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

In the 3rd quarter EUR 301 thousand were invested in the acquisition of fixed assets.

‍

The Group’s operations were long affected by the global shortage of various electronic components. By regularly reviewing procurement volumes and deadlines, the company accumulated material reserves (inventories) to be able to fulfil most of the orders within normal lead times. Following the precautionary principle, the Group continues to maintain its current policy on slow-moving stocks. Total savings on slow-moving inventory (compared to the volume at the end of the third quarter of the previous financial year) increased by EUR 1.76 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

The turnover of the region of the countries of North and Latin America amounted to 77%, or EUR 8.1 million. Compared to the same quarterly turnover last financial year, the turnover increased by 97%.

‍

In the reporting quarter, the Group’s products were sold in 60 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

In the 2nd quarter EUR 532 thousand were invested in the acquisition of fixed assets.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was 8.6 million euros, which is 46% more than in the third quarter of the FY 2020/2021. The Group ended the third quarter of the financial year 2021/2022 with a profit of EUR 1.65 million (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2021/2022 is profit of EUR 5.14 million.

‍

The turnover in North and Latin Americas was 49% or EUR 4.2 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 9%.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

Since the outbreak of hostilities in Ukraine by Russia, the direct impact on the Group’s activities is relatively limited, but the uncertainty of the business environment has increased. The Group carefully assesses possible cost growth forecasts and potential risks. The Group’s operations are affected by the global shortage of various electronic components. Supply chains could be expected to experience more and more difficulties - alternative transport options could increase the time and cost of delivery. As in times of global pandemic, the company continues to accumulate inventory in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

The turnover in North and Latin Americas was 45% or EUR 4.1 million. Compared to the turnover in the same quarter of the previous financial year, the turnover decreased by 9%.

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

1. The approval of the reports of the Board of Directors and Supervisory Council.

Decision: to approve the reports of the Board of Directors and the Supervisory Council for financial year 2020/2021.

‍

2. The approval of the annual financial statements for financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021.

‍

3. Decision on the use of profit of the Company.

Decision:

The date of record is 22 December, 2021.
The date of payment is 23 December, 2021.
Ex-date is 21 December, 2021.

‍

4. Appointment of the auditor for the financial year 2021/2022 and determination of the reward for the auditor.

‍

5. The approval of Management Board and Supervisory Council remuneration report for financial year 2020/2021.

Decision: To approve the Management Board and Supervisory Council remuneration report for financial year 2020/2021.

‍

6. Election of the Members of the Supervisory Council.

Decision: As of December 8, 2021 to recall from the position of member of the Supervisory Council - Juris Ziema, Andrejs Grisans, Ivars Senbergs, Aira Loite, Sanda Salma.

‍

Information about the candidates:

J.Ziema owns 258 762 Company’s shares.

‍

A.Grišāns owns 297 888 Company’s shares.

‍

I. Šenbergs owns 2 Company’s shares.

‍

S. Šalma - does not own Company’s shares.

‍

A.Loite owns 8000 Company’s shares.

‍

7. Authorization of the Supervisory Council to perform tasks of Revision Committee.

Decision: Authorize the Supervisory Council to perform the tasks of Revision Committee prescribed in legislation.‍

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 840

Zane.Jozepa@saftehnika.com

www.saftehnika.com

‍

In the first quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was EUR 7.8 million, which is an increase of 66% compared to the first quarter of the financial year 2020/2021. The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited).

‍

The turnover in North and Latin Americas was 64% or EUR 4.96 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 51%.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2020/2021 and release the Board of Directors from responsibility for financial year 2020/2021;
Taking a decision regarding distribution of FY 2020/2021 profit;
Appointment of the auditor for the financial year 2021/2022 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration report;
Elections of the Supervisory Council;
Giving the Supervisory Council the task to continue the responsibilities of the Audit Committee.

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 7 December, 2021. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 30 November 2021.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 7, 2021 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.

Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
‍
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 8, 2021 at 12.00 PM.
‍‍
There will be a video identification held on the day of the meeting from 1.30 p.m. to 2.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 1.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.

The video and audio streaming of the meeting and the video identification process will be recorded.
‍
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 6 December, 2021. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 7 December and a copy of valid Covid-19 certificate.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 8 December 2021 from 1.30 p.m. until 2.00 p.m.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

Net turnover of the “SAF Tehnika” Group in the 2020/2021 financial year was 25.02 million euros, which is by 8.3 million euros or by 49% higher than in the previous financial year 2019/2020. The net turnover of the Parent company in FY 2020/2021 was EUR 20.98 million, which is by EUR 7.1 million higher than in the previous FY 2019/2020. The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍‍

‍

Exports made 98.03% of the turnover and amounted to EUR 24.53 million. During the reporting year, the Group exported its products to 85 countries worldwide.

‍

During the reporting year, the Group invested EUR 615 thousand into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.

‍

The Group completed the financial year 2020/2021 with a profit of EUR 3.88 million.

‍

The Board of the Parent company proposes to pay dividends of EUR 2 million.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

Zane.Jozepa@saftehnika.com

‍

In the fourth quarter of the financial year 2020/2021, the Group’s unaudited consolidated net turnover was 8.2 million euros, which is 134% more than in the third quarter of the FY 2019/2020, and is historically the highest sales volume for a single quarter. The Group ended the fourth quarter of the financial year 2020/2021 with a profit of 2.04 million (unaudited). The unaudited consolidated result for the financial year 2020/2021 is profit of EUR 4.15 million.

‍

In the reporting quarter, the Group’s products were sold in 57 countries.

‍

The Group’s unaudited consolidated turnover of the financial year 2020/2021 was EUR 25.56 million, which is 52% more than the amount of revenue in the previous financial year.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The unaudited consolidated result for the financial year 2020/2021 is a profit of EUR 4.15 million. The Group’s profit for the previous financial year 2019/2020 was EUR 476 thousand.

‍

The Group’s net cash balance at the end of the period was 7.6 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 5.9 million euros, which is 30% more than in the third quarter of the FY 2019/2020. The Group ended the third quarter of the financial year 2020/2021 EUR 967 thousand (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million.

‍

In the reporting quarter, the Group’s products were sold in 55 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s net cash balance at the end of the period was 6.5 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 6.7 million euros, which is 42% more than in the second quarter of the FY 2019/2020. The Group ended the second quarter of the financial year 2020/ EUR 766 thousand (unaudited). The unaudited consolidated result for the 6-month period of the financial year 2020/2021 is profit of EUR 1.14 million.

‍‍

‍

In the reporting quarter, the Group’s products were sold in 62 countries.

‍

The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

‍

The Group’s net cash balance at the end of the period was 5.9 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Due to Covid-19 pandemics to protect the health of shareholders, Group`s employees and society we invite all shareholders to participate in the meeting online without a physical presence. Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020, by the end of working day 3 December.

‍

Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2019/2020 and release the Board of Directors from responsibility for financial year 2019/2020;
Taking a decision regarding distribution of FY 2019/2020 profit;
Appointment of the auditor for the financial year 2020/2021 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration policy.

‍

The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

‍

Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

‍

Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 3 December, 2020. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

‍

Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 26 November 2020.

‍

Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 3, 2020 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 4, 2020 at 1.00 PM‍
There will be a video identification held on the day of the meeting from 2.30 p.m. to 3.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 2.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
The video and audio streaming of the meeting and the video identification process will be recorded.
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 3 December.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 4 December 2020 from 2.30 p.m. until 3.00 p.m.

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The Board of “SAF Tehnika” JSC

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

For Q4 of the FY 2019/2020, the Group's unaudited consolidated net turnover was 3.53 million euros, which is by 8% less than in Q4 of the FY 2018/2019. The Group ended the fourth quarter with a loss of EUR 135 thousand (unaudited). The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand.

‍‍

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The Group’s products were sold in 50 countries during the reporting quarter.

‍

The Group’s unaudited consolidated turnover of the FY 2019/2020 was EUR 16.76 million, which is 16% more than the amount of revenue in the previous financial year.

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The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand. The Group’s result in the previous financial year 2018/2019 was a loss of EUR 414 thousand.

‍

There has been no rapid change in the microwave radio market over the last quarter. However, various specific restrictions due to the global COVID-19 pandemic cause project lags.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the third quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 5.9 million euros, which is 30% more than in the third quarter of the FY 2019/2020. The Group ended the third quarter of the financial year 2020/2021 EUR 967 thousand (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million.

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In the reporting quarter, the Group’s products were sold in 55 countries.

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group’s net cash balance at the end of the period was 6.5 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

In the second quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 6.7 million euros, which is 42% more than in the second quarter of the FY 2019/2020. The Group ended the second quarter of the financial year 2020/ EUR 766 thousand (unaudited). The unaudited consolidated result for the 6-month period of the financial year 2020/2021 is profit of EUR 1.14 million.

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In the reporting quarter, the Group’s products were sold in 62 countries.

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The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.

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The Group’s net cash balance at the end of the period was 5.9 million euros.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

Due to Covid-19 pandemics to protect the health of shareholders, Group`s employees and society we invite all shareholders to participate in the meeting online without a physical presence. Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020, by the end of working day 3 December.

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Agenda:

Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2019/2020 and release the Board of Directors from responsibility for financial year 2019/2020;
Taking a decision regarding distribution of FY 2019/2020 profit;
Appointment of the auditor for the financial year 2020/2021 and determination of reward for the auditor;
Approval of Management Board and Supervisory Council remuneration policy.

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The total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).

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Shareholders can participate personally or delegate a representative and to vote in person or to exercise the right to participate and vote remotely by electronic means.

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Shareholders may exercise the right to vote in writing before the shareholders' meeting, using a secure electronic signature, by sending a vote to the e-mail address investors@saftehnika.com or in paper sending by post to the address Ganibu dambis 24a, Riga, LV-1005, Latvia. The published voting form must be used for voting. Such a vote will be taken into account if received by the end of 3 December, 2020. Shareholders with such a vote will be considered present at the shareholders' meeting. A shareholder who has voted before the shareholders' meeting may ask the Company to confirm the receipt of the vote. The Company shall send a confirmation to the shareholder immediately upon receipt of the shareholder's vote.

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Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is the end of the day of 26 November 2020.

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Registration and identification of shareholders who wish to participate to the meeting remotely will take place in the following order:

By the end of December 3, 2020 shareholders must send a published meeting application form signed with a secure electronic signature to the e-mail address investors@saftehnika.com. Or signed paper meeting application by post together with a copy of passport or other identification document to the address Ganibu dambis 24a, Riga, LV-1005, Latvia.
Representatives of shareholders must also attach to the e-mail or parcel legally valid copy of the written power of attorney of the represented shareholder.
Shareholders applied for participation in the meeting remotely will receive an individual connection link to the meeting by e-mail until December 4, 2020 at 1.00 PM‍
There will be a video identification held on the day of the meeting from 2.30 p.m. to 3.00 p.m. for security purposes. Shareholders who have applied for the meeting remotely using the link provided must join the meeting at 2.30 p.m. and be prepared to present an identity document by video so that the Chairman of the meeting can compare the image of the shareholder or representative with the image shown in the identity document. During the identification of the video, the head, shoulders, face without shading of the person and a clearly visible image in the presented document must be visible.
The video and audio streaming of the meeting and the video identification process will be recorded.
Shareholders, who want to participate in the meeting on-site, must electronically submit a negative Covid-19 test result with issue date no earlier than 2 December, 2020. By sending the result to the e-mail address investors@saftehnika.com by the end of working day 3 December.

‍

Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 4 December 2020 from 2.30 p.m. until 3.00 p.m.

‍

The Board of “SAF Tehnika” JSC

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

zane.jozepa@saftehnika.com

+371 67046825

‍

For Q4 of the FY 2019/2020, the Group's unaudited consolidated net turnover was 3.53 million euros, which is by 8% less than in Q4 of the FY 2018/2019. The Group ended the fourth quarter with a loss of EUR 135 thousand (unaudited). The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand.

‍‍

‍

The Group’s products were sold in 50 countries during the reporting quarter.

‍

The Group’s unaudited consolidated turnover of the FY 2019/2020 was EUR 16.76 million, which is 16% more than the amount of revenue in the previous financial year.

‍

The unaudited consolidated result of the financial year 2019/2020 is profit of EUR 476 thousand. The Group’s result in the previous financial year 2018/2019 was a loss of EUR 414 thousand.

‍

There has been no rapid change in the microwave radio market over the last quarter. However, various specific restrictions due to the global COVID-19 pandemic cause project lags.

‍

Additional information:

Zane Jozepa

CFO, Member of the Board

+371 67 046 833

zane.jozepa@saftehnika.com

www.saftehnika.com

‍

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