Directors’ Dealings

Publication of inside information according to Article 17 MAR

Allterco JSCo forms Advisory Board

Munich, 19 November 2021 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, informs that in compliance with Art. 34a of the Statute of the Company, adopted by the General Meeting of the Shareholders on 15 October 2021, the Board of Directors of Allterco JSCo has decided to establish an Advisory Board chaired by Mr. Gregor Bieler.

The objective of the formation of the Advisory Board is to attract professionals with international experience to support the business growth in terms of sales, management capacity, and operational processes. These are of importance for the development of the company, its recognition on the international market, and the increasing of its credibility with the investors.

The choice of Gregor Bieler as the chairman of the company’s advisory body was provoked by his expertise in business transformations in international companies specialized in digital technologies. Gregor Bieler has been CEO of Aparavi Software AG since April 2021 and is one of the most respected leaders and pioneers of digital business and culture transformation.

For further information, please visit allterco.com

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de
 

Publication of inside information according to Article 17 MAR

Allterco JSCo informs about registration of German subsidiary company

Sofia / Munich, 30 November 2021 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, informs that Allterco Europe GmbH was successfully registered with the Commercial Register of the Federal Republic of Germany. In the course of the registration the Board of Directors concluded that from an operational perspective, it is beneficial for the purposes of the new company to be managed by local individuals who have direct contact with the market. For this reason, currently, only Mr. Wolfgang Kirsch has been appointed as CEO of the German subsidiary and not together with Mr. Mirche Atanasovski as initially announced.

For further information, please visit allterco.com

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco informs about Black Friday sales results

Sofia / Munich, 2 December 2021 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, has once again recognized impressive sales on Black Friday and Cyber Monday. Through the online store and distribution network of its subsidiary Allterco Robotics EOOD, specializing in the development and distribution of IoT devices, the Company recorded sales of over 400 thousand home automation devices for a total of more than BGN 9 million (EUR 4.6 million). Consumers from over 120 countries around the world took advantage of the special offers and ordered Shelly devices, with the greatest interest being observed in Germany, followed by Italy, Portugal, Netherlands, Austria, and Belgium.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo resolves on share-based incentives for employees

Sofia / Munich, 2 December 2021 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, resolved based on the financial results reported by Allterco on a consolidated basis in the third quarter of 2021 and the success of this year’s Black Friday campaign, to further incentivize the employees of the group by granting them shares of the company. In order to implement the resolution of the Board of Directors, the subsidiary companies Allterco Robotics EOOD and Allterco Trading EOOD, in which most of the employees of the group are working, allocated to their respective employees in total 14,018 shares of Allterco JSCo, representing 0.07% of the share capital of the listed company. The respective subsidiaries allocated as follows: Allterco Robotics EOOD 9,117 shares, Allterco Trading 4,901 shares.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary 2021 consolidated financial figures

Sofia / Munich, 11 January 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 51% year-on-year increase in consolidated revenue from sales of devices (including related services) to BGN 59.5 million (EUR 30.4 million) in 2021, based on preliminary data as of the end of Q4 2021. While the revenue from sales of Shelly-branded smart home devices increased by 62%, amounting to BGN 55.9 million (EUR 28.6 million), revenue from sales of MyKi tracking devices decreased by 21% mainly as a result of the pandemic measures taken by the governments of a number of countries where the devices are being sold and the associated reduced mobility.

The Company will officially disclose consolidated financials for Q4 2021 within the statutory deadlines until 1 March 2022.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo resolves capital increase at subsidiary Allterco Robotics EOOD to finance growth

Sofia / Munich, 14 March 2022 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, has today resolved to increase the capital of its wholly-owned subsidiary Allterco Robotics EOOD. In view of strongly increased demand for the company’s products following hiked energy prices, the capital increase at Allterco Robotics EOOD is intended to accelerate the development of new products and expand production capacity and market entries, as well as the activities of the R&D department.

The share capital of Allterco Robotics EOOD shall be increased from currently BGN 1,500,000.00 (EUR 766,937.82) by BGN 5,500,000.00 (EUR 2,812,105.34) to BGN 7,000,000 (EUR 3,579,034.16) by issuing 5,500,000 new shares with a nominal value of BGN 1.00 each. Allterco subscribes to all new shares. The capital increase will be implemented exclusively from company funds of Allterco.

In the current financial year, Allterco Robotics EOOD intends to invest in the development of new innovative products for home and office automation, as well as in the expansion of the product line of professional devices for electricians and integrators for the complete construction of new homes, smart factories and smart cities. The capacity of the R&D department will be increased to meet the growing sales demands and the needs of the manufacturing for the integration of technology developed by Allterco Robotics EOOD. In addition, the compatibility of the equipment is to be expanded, destined for the markets in Australia, England and the United States.

The capital increase falls within the regular scope of business of Allterco and is below the threshold under Art. 114, para. 1, item 4 Public Offering of Securities Act. The capital increase is subject to registration in the Commercial Register by the Register Agency.

* EUR/BGN exchange rate as of 14 March 2022 – EUR 1 = BGN 1.95583

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo: Resolutions of Extraordinary General Meeting

Sofia / Munich, 8 April 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, today adopted the following resolutions at its Extraordinary General Meeting:

1. The General Meeting of the Shareholders increased the number of the members of the Board of Directors from 3 to 5, where the General Meeting of the Shareholders confirms the current members of the Board of Directors and appoints, in addition, the following new members: Mr. Wolfgang Kirsch and Mr. Gregor Bieler
2. The General Meeting of Shareholders approved amendments to the Remuneration Policy
3. The General Meeting of Shareholders approved amendments and supplements to the Statute of the Company
4. The General Meeting of Shareholders approved the remuneration, the management guarantee and the compensation of the new Board Members.
5. The General Meeting of the Shareholders аpproved the terms and conditions for buyback of up to 80,000 own shares until 31 December 2022 at price in the range from BGN 15 (EUR 7.67) to BGN 30 (EUR 15.34) per share. The buyback can be done at once or in part in one or several buyback procedures (until the maximum number of shares is reached) by the Company and/or any of its subsidiaries through an investment intermediary from any shareholder through stock exchange and/or OTC transactions. The Board of Directors is authorized to undertake all other specific parameters of the buyback and to take all necessary legal and factual actions in execution of this resolution of the General Meeting of Shareholders

The Company will publish the minutes of the General Meeting within the legally established period.

Some of the decisions are subject to entry in the Commercial Register and the Register of Non-Profit Legal Entities.

In compliance with the decision of the General Meeting of the Shareholders and the Statute of the Company, the Board of Directors has appointed Mr. Wolfgang Kirsch and Mr. Dimitar Dimitrov as Chief Executive Officers of the Allterco JSCo in a later meeting today.

* EUR/BGN exchange rate as of April 8, 2022 – EUR 1 = BGN 1.95150

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary sales revenues Q1 2022

Sofia / Munich, 14 April 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 26.2% year-on-year increase in consolidated revenue from sales of devices (including related services) to BGN 17.4 million (EUR 8.9 million) in Q1 2022, based on preliminary data. While the revenue from sales of Shelly-branded smart home devices increased by 25.1%, amounting to BGN 16.6 million (EUR 8.5 million), the revenue from sales of MyKi tracking devices decreased by 8.7% to BGN 447 thousand (EUR 229 thousand), showing trend of recovery mainly as a result of the phasing out the anti-pandemic measures taken by the governments of a number of countries where the devices are being sold.

Considering the seasonal fluctuations in sales, the reported results are in line with the expectations of the management and their planning for 2022 and are based on sales growth of the Company’s current main product lines.

The Company will officially disclose consolidated financials for Q1 2022 within the statutory deadlines until 30 May 2022.

EUR/BGN exchange rate as of 14 April 2022 – EUR 1 = BGN 1.95583

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces intention to acquire Slovenian IoT provider GOAP d.o.o.

Sofia / Munich, 8 June 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces its intention to acquire 100% of the Slovenian IoT provider GOAP d.o.o. Nova Gorica (“GOAP”). The Company has addressed a letter of intent to the GOAP shareholders offering an indicative purchase price of approx. EUR 3.3 million payable in cash and shares of Allterco JSCo.

With the acquisition, Allterco intends to expand its technology portfolio and thus extend its product offering for both customers and professional users. As a result, Allterco will open up new market potential in attractive niches in the fields of automation.

GOAP is a Slovenian IoT company specializing in the provision of smart home solutions and intelligent buildings systems that became popular in the IoT market with its Qubino smart home solutions, including the smallest Z-Wave devices in the world. GOAP is also well known for its devices for automation of cruise ships providing solutions for some of the world’s biggest cruise lines.

The Company will officially disclose further information on the progress of the negotiations in compliance with the statutory requirements.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo provides American subsidiary Allterco Robotics U.S. with additional financing

Sofia / Munich, 15 June 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces the provision of additional financing (“the financing”) to its American subsidiary Allterco Robotics U.S. in the amount of USD 1.5 million. The Board of Directors has resolved to provide the financing partly as a capital increase against cash contribution in the amount of USD 0.5 million and partly as an additional cash contribution in the amount of USD 1.0 million, to be provided for a period of one year at an annual interest rate of 1.0%.

The financing will be used to expand the subsidiary’s U.S. sales force and to cover temporary cash requirements and additional working capital for the development of the business in the North American market.

The capital increase is subject to registration procedure according to the local applicable law.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces intention to repurchase own shares through over-the-counter transactions

Sofia / Munich, 24 June 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces its intention to repurchase up to 40,000 own shares, representing 0.22% of the Company’s total share capital from two independent shareholders through over-the-counter transactions (“OTC transactions”). The parties have preliminary agreed on an indicative price of BGN 19.50 (EUR 9.97) per share. The OTC transactions are aimed to ensure shares for the payment of a portion of the purchase price in the eventual acquisition of the Slovenian IoT company GOAP d.o.o. Nova Gorica (“GOAP”). It is expected the OTC transactions to be executed within the period 27 – 30 June 2022.

Allterco has announced its intention to acquire 100% of GOAP on 8 June 2022. Alternatively, in case Allterco and the GOAP shareholders do not reach an agreement on the transaction, the repurchased shares might be used for the incentive program for employees or sold to private investors.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo substantiates Guidance 2022 and updates medium-term growth targets to 2025

Sofia / Munich, 27 June 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”) substantiated its guidance for the current financial year 2022 and updated its medium-term growth targets to 2025. For the current financial year 2022, the Board of Directors expects revenues from the sale of goods and production to increase by up to 43.0% to approx. EUR 43.5 million (2021: EUR 30.4 million). Following investments in the expansion of business activities, 2022 earnings before interest and taxes (EBIT) are likely to be at the previous year’s level of approx. EUR 9.6 million (2021: EUR 9.6 million). Based on its expansion efforts and the market launch of new products, Allterco projects average annual growth of around 42.2% in the medium term to a revenue target of approx. EUR 125.0 million by the end of 2025. For EBIT, the medium-term target is approx. EUR 38.8 million by the end of 2025, with average annual growth of around 59.3%.

The figures in detail:

Medium-term growth targets 2022 – 2025 (in EUR million)

Targets	2022 Guidance	2023 Target	2024 Target	2025 Target
Revenue	43.5	62.5	89.0	125.0
YoY Growth (in %)	43.0%	44.0%	42.0%	40.0%
Gross Profit Margin (in %)	50.0%	49.5%	49.0%	48.5%
EBIT	9.6	15.2	24.6	38.8
EBIT Margin (in %)	22.0%	24.0%	28.0%	31.0%

 

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo successfully completes repurchase of own shares through over-the-counter transactions

Sofia / Munich, 30 June 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”) today successfully completed the repurchase of 40,000 treasury shares, representing 0.22% of the Company’s total share capital, from two independent shareholders through over-the-counter (“OTC”) transactions as announced on 24 June 2022. At a price of BGN 19.50 (EUR 9.97) per share, the Company repurchased treasury shares in the amount of BGN 780,000.00 (EUR 398,807.67). The repurchased shares are to serve as partial payment of the purchase price in the eventual acquisition of the Slovenian IoT company GOAP d.o.o. Nova Gorica (“GOAP”), whose intended 100% acquisition Allterco had announced on 8 June 2022. In the event that Allterco and GOAP shareholders do not reach an agreement on the transaction, the repurchased shares could alternatively be used for the employee incentive program or sold to private investors.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary sales revenues H1 2022

Sofia / Munich, 13 July 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 37.1%* year-on-year increase in IoT revenue from sales of devices and related services to BGN 35.9 million (EUR 18.3 million) in H1 2022, based on preliminary data. While the revenue from sales of Shelly-branded smart home devices increased by 37.5%, amounting to BGN 34.2 million (EUR 17.5 million), the revenue from sales of MyKi tracking devices increased by 28.3% to pre-pandemic levels of BGN 1.7 million (EUR 0.9 million), as the tracking devices market recovered post-pandemic.

With these revenues, Allterco JSCo exceeded budget and forecast for both Q2 2022 and H1 2022. Compared to Q1 2022 the growth rate of the Company is increasing, in line with the management expectations of an annual growth rate of 43% for 2022.

The Company will officially disclose consolidated financials for H1 2022 within the statutory deadlines until 29 August 2022.

* Тhe percentage shows only the year-on-year growth of revenue from IoT business and does not reflect the revenue from value added services in Asia in the amount of BGN 2.2 million (EUR 1.1 million) in the first half-year 2021 before the sale of the Asian telecommunication business later in the same.

** EUR/BGN exchange rate as of 13 July 2022 – EUR 1 = BGN 1.95583

For further information, please visit allterco.com.

 

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

 Publication of inside information according to Article 17 MAR

Allterco JSCo announces signing of term sheet for acquisition of Slovenian IoT provider GOAP d.o.o.

Sofia / Munich, 29 July 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / the “Company”) announces the signing of a binding term sheet between Allterco and the four shareholders (one legal entity and three individuals) of GOAP d.o.o. (“GOAP”) on the general terms and conditions for the acquisition of the Slovenian IoT provider in two stages, as follows:

1^st stage: Acquisition of 60% of the shares in GOAP for the amount of EUR 2 million subject to a conclusion of a Share Purchase Agreement.

2^nd stage: The remaining 40% of the shares belonging to the three individual shareholders of GOAP, shall be subject to conclusions of Call and Put Option Agreements under which Allterco shall have a call option to acquire and the sellers have put options to sell the remaining shares. The exercising of the options shall be at the respective option holder’s discretion in one or several steps and against a price which shall vary in a predefined range depending on predefined measurable results of GOAP within a predefined period of time. If the results of GOAP within the predefined period of time do not reach a predefined threshold, then the sellers shall have no put option rights but Allterco shall retain call option rights executable against a predefined minimal price. The specific terms of the options, including the price, are subject to further negotiations between the parties.

Allterco has the right to settle up to 50% of the total price due to the individual shareholders against its own shares.

The tentative closing date for the transaction is 3 months after the signing of the term sheet. Under certain conditions this term can be extended by up to 3 additional months.

With the acquisition, Allterco intends to expand its technology portfolio and thus extend its product offering for both customers and professional users.

Allterco JSCo will officially disclose further information on the progress of the negotiations in compliance with the statutory requirements.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Tel: +49 (0) 89-1250903-31
E-Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary sales revenues 9M 2022

Sofia / Munich, 5 October 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 49.8%* year-on-year increase in IoT revenue from sales of devices and related services to BGN 57.7 million (EUR 29.5 million) in 9M 2022, based on preliminary data. The revenue from sales of Shelly-branded smart home devices increased by 51.0%, amounting to BGN 54.5 million (EUR 27.8 million), followed by the revenue from sales of MyKi tracking devices, which increased by 32.5% to BGN 3.2 million (EUR 1.6 million).

With these revenues, Allterco JSCo exceeded budget and forecast for 9M 2022 by 5.4%. Compared to 9M 2021 the growth rate of the Company is increasing, in line with the management expectations of an annual growth rate of 43% for 2022.

The Company will officially disclose consolidated financials for 9M 2022 on 14 November 2022.

* Changes show only the year-on-year growth of revenue from IoT business and do not reflect revenue from value added services in Asia since the Asian telco business was sold in September 2021.

** EUR/BGN exchange rate as of 5 October 2022 – EUR 1 = BGN 1.95583

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces forecast raise for 2022

Sofia / Munich, 3 November 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, raises full-year 2022 guidance following a further acceleration in growth momentum at the beginning of Q4.

Based on the successful business development in October 2022 and the solid order backlog, Allterco is raising its initial forecast for the 2022 financial year. The Company now expects an increase in revenue to EUR 45-46 million (previously: EUR 43.5 million) and EBIT (earnings before interest and taxes) of between EUR 10-10.5 million (previously: EUR 9.6 million) for the 2022 financial year.

The Company will officially disclose consolidated financials for 9M 2022 on 14 November 2022.

** EUR/BGN exchange rate as of 3 November 2022 – EUR 1 = BGN 1.95583

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group AD announces preliminary consolidated sales revenues H1 2024

Sofia / Munich, 9 July 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), announces 49.0% year-on-year increase in revenue from sales of devices and related services to EUR 41.7 million (BGN 81.6 million) in H1 2024, based on preliminary data.

The Company will officially disclose unaudited consolidated financials for H1 2024 on 14 August 2024 after the close of trading.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

For further information, please visit corporate.shelly.com.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group publishes conversion plan for the change of legal form into a European Company (Societas Europaea – SE)

Sofia / Munich, 23 July 2024 – The Board of Directors of Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”) has approved a conversion plan for the conversion of the Company into a European Company (“SE”) registered in Republic of Bulgaria in accordance with Article 2 (4) of Council Regulation (EC) No. 2157/2001 of 8 October 2001 on the Statute for a European Company (SE) (the “Conversion”). The preparations for the conversion were approved by the Extraordinary General Meeting of the Company on 18 December 2023.

Тhe plan for the conversion of Shelly Group AD into Shelly Group SE will be available on the Company’s website in the IR section under Corporate Governance as of 23 July 2024.

The Board of Directors of Shelly Group AD will propose the resolution to convert the Company into an SE to the shareholders at an Extraordinary General Meeting planned for the fourth quarter of 2024.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Shelly with successful start to 2024 – strong development in 3M 2024
 

• Group revenue increased by 45.5% to EUR 20.5 million (BGN 40.1 million)
• EBIT grew by 44.8% to EUR 5.3 million (BGN 10.4 million)
• Group net profit raised by 50.4% to EUR 4.6 million (BGN 9.0 million)
• Shelly cloud user base grew to over 1.4 million (31 December 2023: 1.3 million)
• Opening of new factory building offers potential for short-term increase in production capacity
• Guidance 2024 confirmed: Revenue growth to EUR 105.0 million and increase in EBIT to more than EUR 26.0 million

 
Sofia / Munich, 15 May 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has successfully started the financial year 2024 with a strong 3M 2024. Growth was driven in particular by the continued successful enlargement of distribution channels, a significant increase in the addressable customer base, and the strategic expansion of the product range. With positive revenue performance in all core markets, the German-speaking countries continued to make the largest contribution to growth with an increase of 45.5% to EUR 10.4 million (BGN 20.4 million). The Rest of Europe performed particularly well in Spain, Italy, and the Nordics. Australia showed promising development, albeit still at a low level.

Group figures (unaudited)

in EUR million		3M/24		3M/23		∆
Group revenues		20.5		14.1		45.5%
EBIT		5.3		3.7		44.8%
Net profit		4.6		3.0		50.4%
Equity ratio		89.1%		85.8%		3.8%
Operating cash flow		0.2		5.2		-96.2%
Cash and cash equivalents		14.9		15.7		-5.0%

Note: The equity ratio and cash comparison relates to the reporting dates 31 March 2024 and 31 December 2023. The figures for the three-month period 2024 are unaudited. Rounding differences may occur.

Shelly Group achieved a 45.5% increase in group revenues to EUR 20.5 million (BGN 40.1 million) in the three-month period 2024. Earnings before interest and taxes (EBIT)  grew in line with sales by 44.8% to EUR 5.3 million (BGN 10.4 million). The change in the EBIT margin from 26.2% to 26.0% reflects increased expenditure on sales and marketing in connection with participation in trade fairs, third-party marketing activities and expenditure on online advertising. Group net result increased by 50.4% to EUR 4.6 million (BGN 9.0 million).

With an equity ratio of 89.1% as of 31 March 2024, Shelly Group enjoys a solid balance sheet (31 December 2023: 85.8%). Here, the net profit contributed to the increase in equity. At the same time, liabilities decreased by 20.4%.

Cash flow from operating activities in the three-month period 2024 with an inflow of EUR 0.2 million (BGN 0.4 million) reflects, in particular, an increase in inventories and a simultaneous increase in receivables and advance payments for production. With a cash inflow of EUR 5.2 million (BGN 10.2 million), the prior-year period was characterized in particular by a decrease in inventories. Moreover, the cash flow from investing activities reflects the acquisition of a further 16% in Shelly Tech (GOAP) and investments in research and development. Cash and cash equivalents as of 31 March 2024 decreased accordingly to EUR 14.9 million (BGN 29.2 million) compared to EUR 15.7 million (BGN 30.8 million) as of 31 December 2023. Shelly Group maintains a sufficient basis for financing further growth.

Guidance 2024 confirmed

For the current financial year 2024, the Board of Directors continues to expect revenue growth to EUR 105.0 million (BGN 205.4 million) and an increase in EBIT to more than EUR 26.0 million (BGN 50.9 million). In the past financial year 2023, revenue totaled EUR 74.9 million (BGN 146.5 million) and EBIT EUR 19.1 million (BGN 37.4 million).

Wolfgang Kirsch, Co-CEO of Shelly Group, on business performance: “In 3M/24, we have made an extremely pleasing start to the 2024 financial year with revenue and earnings growth that exceeded our own expectations. Our strategy of continuously enlarging our distribution channels and strategically widening our product portfolio is paying off. With the opening of a new factory building, we have the potential for short-term increases in our production capacity.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2024 results by means of a webcast presentation on 16 May 2024, 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group – Earnings Call Unaudited 3M 2024.

The unaudited interim report is available in the Publications section of the Company’s website at corporate.shelly.com.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group: Annual General Meeting approves dividend of EUR 0.13 per share – high level of approval on all agenda items

Sofia / Munich, 4 June 2024 – The Annual General Meeting of Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, today adopted the proposal of the Board of Directors and approved a gross dividend of EUR 0.13 per share. А total of approximately EUR 2.3 million will be distributed from the retained earnings within 60 days of the date of the Annual General Meeting. The initial and final term of payment will be determined additionally by the Board of Directors, as per delegation of the Annual General Meeting.

All resolutions proposed under the agenda items received high approval at the Annual General Meeting. The voting participation at the Annual General Meeting was 73.04%.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, Ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group convenes Annual General Meeting

Sofia / Munich, 30 April 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, convenes its Annual General Meeting to be held on 4 June 2024 at 10.00 CEST / 11.00 EEST in Sofia, Bulgaria.

Further information can be found at:

https://corporate.shelly.com/corporate-governance/general-meeting-of-the-shareholder/year-2024/.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group: Invitation to unaudited 3M 2024 earnings webcast/call on 16 May 2024

Sofia / Munich, 2 May 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, cordially invites investors and analysts to the earnings webcast/call on the unaudited 3M 2024 consolidated results with Management Board members on 16 May 2024, 09.00 CEST (10.00 EEST).

The 3M 2024 unaudited consolidated results will be announced on 15 May 2024 after the close of trading.

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2024 results by means of a webcast presentation. The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group – Earnings Call 3M 2024.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group announces preliminary consolidated sales revenues Q1 2024 and guidance 2024

Sofia / Munich, 9 April 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), announces 45.5% year-on-year increase in revenue from sales of devices and related services to EUR 20.5 million (BGN 40.2 million) in Q1 2024, based on preliminary data. The revenue from sales of Shelly IoT and smart home devices increased by 46.4%, amounting to EUR 20.2 million (BGN 39.5 million).

For the current financial year 2024, the Board of Directors expects revenue from sales of devices and related services of EUR 105.0 million (BGN 205.4 million) and earnings before interest and taxes (EBIT) likely to be above EUR 26.0 million (BGN 50.9 million). In the past financial year 2023, preliminary figures put revenue at EUR 74.9 million (BGN 146.5 million) and EBIT at EUR 19.1 million (BGN 37.4 million).

The Company will officially disclose unaudited consolidated financials for Q1 2024 on 15 May 2024 after the close of trading.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

For further information, please visit corporate.shelly.com.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group AD tradable on XETRA

Sofia / Munich, 25 April 2024 –Shelly Group AD (“Shelly Group” / “the Company”) has been informed today that its shares (Ticker: SLYG / ISIN: BG1100003166) (“Shelly shares”) listed in the Prime Standard of the Frankfurt Stock Exchange will be included in XETRA trading as of Monday, 29 April 2024. This makes Shelly Group the first Bulgarian company to be traded on XETRA. By uplisting from specialist trading on the Frankfurt Stock Exchange to the fully electronic trading venue XETRA, the company expects more liquid trading in Shelly shares and the development of a broader investor base.

Baader Bank AG is acting as Designated Sponsor.

The Company has been listed on the Regulated Market of the Bulgarian Stock Exchange in Sofia since December 2016 and has had a secondary listing on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange since November 2021.

For further information, please visit corporate.shelly.com.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Shelly Group accelerates expansion into professional market segments using globally established hardware and software standards
 

• Great interest in Shelly products at the world’s leading expo for lighting and building technology Light + Building 2024
• Integration of the globally-used KNX protocol for home and building automation into Shelly Pro and Shelly Pro PM products
• Development of DALI-implemented control unit for digital management of DALI lighting systems
• New tool for end customers on the German market to search for professional installers

Sofia / Munich, 13 March 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, is accelerating its expansion into professional market segments. To this end, Shelly announced the integration of globally established hardware and software standards at Light + Building 2024, the world’s leading expo for lighting and building technology. As such, existing KNX systems for home and building automation as well as DALI systems for lighting control will benefit from the seamless integration and expansion capabilities of Shelly solutions and products without the need to change or extend the existing wiring. In addition, Shelly is launching a new free tool that connects end customers in the German market with electricians for the installation of their products.

The integration of the KNX protocol in relays and dimmers of the Shelly Pro and Shelly Pro PM product ranges allows automation sequences to be orchestrated with other KNX-compatible components. In this way, KNX automation solutions can be easily scaled to meet changing needs and ensure future-proof flexibility and adaptability. Shelly Pro devices contribute to energy efficiency, comfort, and convenience by accessing the protocol’s extensive control functions and scenarios. KNX is a global standard for home and building automation that enables complete building control including lighting, heating, ventilation and air conditioning, shading, security, energy, and more.

The high flexibility of Shelly products and solutions will allow DALI-compatible lighting systems to be configured without changing the wiring. Seamless connectivity of Shelly products and solutions with digital DALI lighting systems will be achieved through a controller to control DALI ballasts. As a result, different lighting functions and moods can be achieved in different rooms or areas of residential and commercial buildings as required, which can then be easily adjusted and optimized. Shelly will launch its first DALI-implemented control unit in the first half of 2024. Developed and managed by the Digital Illumination Interface Alliance, a global consortium of leading lighting equipment manufacturers, DALI is used to manage, configure, and program lighting systems.

In addition to numerous new products, including in the Shelly BLU and Qubino Wave product categories, Shelly also presented a new tool to support professional installers at Light + Building 2024: the “Installer Search”. The free search tool at www.shelly.com/de/installateursuche makes it easier for end customers to find the right electrician to install Shelly products and solutions. Electricians can register under the same link and thus have the opportunity to generate additional orders by installing Shelly products and solutions. After the test phase in Germany, Shelly will introduce the “Installer Search” in other regions.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “The passion we have for developing new products and designing them to be user-friendly is in our Company’s DNA. The great interest in our products and solutions at Light + Building 2024 underlines not only that we are at the cutting edge, but that we are tirelessly striving to offer our customers, professionals and end users alike, ever new smart building opportunities. We are particularly pleased that KNX, the gold standard for home and building automation in complete building control, now also relies on the future viability of Shelly products and solutions.“

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “The expansion of our product portfolio and the increasingly simple installation of our solutions contribute to our growth ambitions, as does the development of professional market segments by using globally established hardware and software standards. The simple connection between our end customers and professional installers creates a mutually beneficial situation. In this way, we increase customer and professional user loyalty and strengthen our market penetration and competitive position.“

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 (0) 89 125 09 0333
Mail: sh@crossalliance.de
www.crossalliance.de

Shelly Smart Control App available in select Audi models

Sofia / Munich, 18 April 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, brings a native version of its Shelly Smart Control App to select Audi models. To this end, the popular Shelly Smart Control app based on the Android Automotive OS will be available in the Audi Application Store. Customers can thus use the user-friendly range of functions for intelligent home automation intuitively via the familiar user interface of their vehicle’s infotainment system. This includes, for example, automatically opening and closing the garage door, and switching on the lights in the garage, in other rooms or throughout the house when coming home or leaving the house.

The integration of the Shelly Smart Control app into the Audi Application Store is carried out in cooperation with CARIAD, Volkswagen Group’s software company, and Harman Ignite. It gives customers access to a wide variety of popular third-party apps, which are seamlessly integrated into the infotainment system of the car. Regular online updates keep the apps in the infotainment system up to date.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “We are thrilled to become part of Audi’s highly attractive digital ecosystem. As is our ambition, users are at the heart of the new functions and application areas of our app. With the native integration of our Shelly Smart Control app, we are further expanding our customer focus and technology leadership. We are confident that Audi customers will enjoy the seamless integration of smart home in a customizable infotainment system.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “The integration of our Shelly Smart Control app emphasizes the relevance of the integration capability of technologies in the most diverse ecosystems as a success factor. This blending of different areas of life through smart technology will become even more important in the future. Our solutions are already being used in numerous products and services from well-known partners. We are therefore very proud that our technologically leading app and its innovations also meet Audi’s demands for exclusivity and performance.”

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group AD: Inclusion in trading on XETRA opens up broader investor base

Sofia / Munich, 25 April 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company“), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has reached another milestone in the implementation of its capital market strategy. As of Monday, 29 April 2024, Shelly shares listed in the Prime Standard of the Frankfurt Stock Exchange will be traded on XETRA. Consequently, Shelly Group will be the first Bulgarian company to be traded on XETRA. Shelly Group has reacted to the strong demand and increasing interest from domestic and international investors in Germany and abroad with the start of trading on the leading stock exchange in Germany. By uplisting from specialist trading on the Frankfurt Stock Exchange to the fully electronic trading platform XETRA, the company expects more liquid trading in Shelly shares and the development of a broader investor base. Baader Bank AG is acting as Designated Sponsor.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “We are extremely proud to be the first company from Bulgaria to be included in trading on XETRA. The Shelly share is now even more attractive for private and institutional investors. This way, even more people can benefit from our growth. We focus on the users when we develop our products and solutions. And we focus on the needs and expectations of our shareholders and potential investors on the capital market.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: „With the start of trading on XETRA, we are now taking a decisive step towards achieving growth on the capital market in line with our excellent operating performance. Continuous and liquid trading on XETRA is a basic requirement for many investors to be able to invest in companies. We are very pleased that we can make our business model and its growth prospects accessible to a larger group of investors by trading Shelly shares on the reference market in Germany.”

The Company has been listed on the Regulated Market of the Bulgarian Stock Exchange in Sofia since December 2016 and has had a secondary listing on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange since November 2021.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group continues to invest in growth and moves into new office building

Sofia / Munich, 05 March 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has today signed a 10-year lease agreement for a new building with workplace space for up to 250 employees as part of its growth plans. The modern office building is conveniently located in the Bulgarian capital and will provide Shelly Group employees with a more flexible and sustainable working environment. The relocation of the approximately 140 employees is scheduled to take place by the end of September of the current year at the latest. At the same time, Shelly is already in advanced talks with interested parties for the sale of the previous company building.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “By moving to our new company headquarters, we are creating a future-oriented working environment for our employees in a central location. This will strengthen our ties to Sofia and attract new talents at the same time. The new space is based on the “New Work” concept and takes into account the flexible working methods since the pandemic. We are thus creating a modern corporate headquarters with more space for cross-team exchange and projects and at the same time more designated rooms for focused work. Our employees are at the heart of our success. We want them to feel at home with us and this naturally includes an excellent working environment. I am looking forward to the exciting new solutions and products that we will develop for our customers in this environment.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “Our new company headquarters are fully in line with Shelly’s value-for-money approach. With the planned sale of our existing office building, we are freeing up tied-up capital for additional investments. At the same time, the ten-year lease agreement for a new and in many respects more efficient building offers us a very good balance between stability and flexibility given the agreed termination terms. According to current planning, the new office space will provide us with sufficient capacity until at least 2027 for the planned increase in staff as part of the company’s future growth. With the excellently equipped new building, we are strengthening our position as an attractive employer and convincing young people to see their professional future with Shelly in the long term.“

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group announces preliminary consolidated sales revenues FY 2023

Sofia / Munich, 10 January 2024 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), announces 57.2% year-on-year increase in revenue from sales of devices and related services to EUR 74.9 million (BGN 146.5 million) in FY 2023, based on preliminary data. The revenue from sales of Shelly IoT and smart home devices increased by 61.7%, amounting to EUR 73.2 million (BGN 143.2 million). Driven by strong Black Friday and Christmas sales, the consolidated revenue forecast of EUR 72.0 million (BGN 140.8 million) was strongly exceeded.

The Company will officially disclose unaudited consolidated financials for FY 2023 on 26 February 2024 after the close of trading.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

For further information, please visit corporate.shelly.com.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Shelly reaps the rewards of its investments and exceeds 2023 revenue and earnings guidance based on preliminary figures
 

• Group revenue increased by 57.3% to EUR 74.9 million (BGN 146.5 million)
• EBIT grew by 83.5% to EUR 19.1 million (BGN 37.4 million)
• Group net profit raised by 88.8% to EUR 16.8 million (BGN 32.9 million)
• Shelly cloud user base growth of 118.2% driven by new app to 1.3 million in 12M/23 (31 December 2022: 677 thousand)

Sofia / Munich, 26 February 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has exceeded its 2023 revenue and earnings guidance based on preliminary figures. Growth was driven in particular by the successful expansion of sales channels, a significant upturn in the addressable customer base, and the expansion of the product range following investments in the previous year. With a positive revenue performance in all focus markets, the German-speaking region continued to make the largest contribution to growth, more than doubling to EUR 36.7 million. The Rest of Europe performed well, supported by first successes in France following the onboarding of the local sales team. The Rest of the World also recorded positive development in a challenging market environment and gained a promising number of new customers.

Group figures (unaudited)

in EUR million		12M/23		12M/22		∆
Group revenues		74.9		47.7		57.3%
EBIT		19.1		10.4		83.5%
Net profit		16.8		8.9		88.8%
Equity ratio		85.8%		89.0%		-3.6%
Operating cash flow		7.7		0.1		>1,000%
Cash and cash equivalents		15.7		14.4		9.3%

Note: The equity ratio and cash comparison is from 31 December 2023 to 31 December 2022. The figures for the twelve-month period 2023 are unaudited. Rounding differences may occur.

Shelly Group achieved a 57.3% increase in group revenues to EUR 74.9 million (BGN 146.5 million) in the twelve-month period 2023. Earnings before interest and taxes (EBIT) following the intensified investment in sales and R&D structures in the previous year outstripped the increase in revenue with a rise of 83.5% to EUR 19.1 million (BGN 37.4 million). EBIT margin improved from 21.8% to 25.5% as supply chain and product portfolio optimizations more than offset the overall cost increase. Group net result increased by 88.8% to EUR 16.8 million (BGN 32.9 million).

With an equity ratio of 85.8% as of 31 December 2023, Shelly Group enjoys a solid balance sheet (31 December 2022: 89.0%). Here, the unappropriated profit was offset in particular, by an increase in trade liabilities in connection with the expansion of business activities and the effect of Black Friday. In addition, loss carryforwards in connection with the acquisition of a Slovenian company, bonus payments to employees, and the distribution of dividends were noticeable.

Cash flow from operating activities in the twelve-month period 2023 with an inflow of EUR 7.7 million (BGN 15.0 million) reflects, in particular, a lower inventory level with a simultaneous increase in receivables and prepayments for production. With a cash inflow of EUR 0.1 million (BGN 0.3 million), the prior-year period was characterized in particular by increased inventory levels and advance payments to suppliers to proactively manage potential delays in the supply chains. Cash and cash equivalents as of 31 December 2023 increased accordingly to EUR 15.7 million (BGN 30.7 million) compared to EUR 14.4 million (BGN 28.1 million) as of 31 December 2022. Shelly Group maintains a sufficient basis for financing further growth.

Guidance for the current financial year 2024 will be announced in conjunction with the release of the 2023 Annual Report on 15 April 2024.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented on product development: “We promised not to rest on our laurels of the 2022 financial year and with the launch of 21 new products and the introduction of three new product categories, we have delivered in the 2023 financial year. Our fully available Z-Wave product line is not only technologically leading, but also up to 50% more affordable than the competition. Our Bluetooth portfolio also continues to grow, presenting consumers with easy-to-install and highly competitive products with long battery life. And we have no intention of resting or slowing down in the current financial year 2024 either. With 15 new product launches before the end of the first quarter, we are keeping up the pace. With more and more new and better products, more and more customers can benefit from Shelly’s value-for-money proposition.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added on business performance: “In the past financial year 2023, we fully leveraged the strength of our value-for-money approach in the face of geopolitical uncertainties and regional economic challenges. As such, we have expanded our Do-It-Yourself distribution platform and taken important steps towards complementing online retail with the availability of our products in DIY stores throughout Europe We have also expanded our professional sales platform by tapping into new electronic wholesalers and technical colleges. Last but not least, our Shelly Smart Control Premium app is still in the trial stage, but the first steps towards recurring revenues are promising. In 2024, we will also roll out our successfully introduced new channel strategy in DACH and the Nordic countries to other countries.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 12M 2023 results by means of a webcast presentation on 27 February 2024, 09.00 CET (10.00 EET). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group – Earnings Call Unaudited 12M 2023

The unaudited interim report is available in the Investor Relations section of the Company’s website at corporate.shelly.com.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group AD after successful Black Friday sales reaffirms forecast for financial year 2023 and medium-term guidance
 

• Black Friday sales increased by 115.0% year-on-year to EUR 14.5 million (BGN 28.4 million)
• Number of home automation devices sold more than doubled to well over 1.1 million products
• Products for recording and reducing energy consumption as well as plug-and-play devices as growth drivers
• Forecast for the 2023 financial year reaffirmed with an increase in sales of 51.0% to EUR 72.0 million (BGN 140.8 million) and an increase in EBIT of at least 63.5% to EUR 17.0 million (BGN 33.2 million)
• Medium-term guidance: revenue of more than EUR 200.0 million and EBIT of over EUR 50.0 million until the end of 2026

Sofia / Munich, 6 December 2023 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group / “the Company”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, recorded a 115.0% year-on-year increase in Black Friday sales to a total of EUR 14.5 million (BGN 28.4 million). The number of home automation devices sold more than doubled to well over 1.1 million products. In particular, devices for monitoring and reducing energy consumption continued to show the strongest growth. The sales share of plug-and-play devices also developed very positively. The highest sales were recorded in Germany, Italy and Spain. The fastest-growing countries were France and the United Kingdom. With the successful Black Friday sales, the company reaffirms its forecast for the 2023 financial year with an increase in sales of 51.0% to EUR 72.0 million (BGN 140.8 million) and an increase in EBIT of at least 63.5% to EUR 17.0 million (BGN 33.2 million).

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “It is truly gratifying to see the positive impact of the new Shelly products launched in the current financial year on our Black Friday sales. We want to increase the pace in the next two years and continue to expand our customer centricity and technology leadership with new features and application areas, starting with the Gen3 products with our own Shelly module from 2024 and the Gen4 products from 2025. The great advantage of Shelly Group over the competition is our speed in research and development.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “The current growth drivers, energy measurement and saving in times of geopolitical challenges, clearly show that smart building solutions are a long-term megatrend. We are therefore only at the beginning of the smart home era. Business development in the current year and Black Friday sales have also clearly shown that we are well positioned to achieve our medium-term targets of revenue of more than EUR 200.0 million and EBIT of more than EUR 50.0 million until the end of 2026. We want to continue to grow significantly faster than the market. For 2023, we are extremely confident that we will be able to achieve our annual targets more than comfortably.”

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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Extraordinary General Meeting of Shelly Group AD adopts all resolutions with great majority

• Start of preparation procedure for change of legal form to a European Company (Societas Europaea, “SE”) resolved
• Mr. Christoph Vilanek replaces Mr. Gregor Bieler on the Company’s Board of Directors from 1.1.2024

Sofia / Munich, 19 December 2023 – The Extraordinary General Meeting of Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), that was held on 18 December, approved all proposed resolutions by a large majority. With 72.87% of the share capital present, all necessary quorums for a valid resolution were also met.

The resolutions comprised personnel changes in the Board of Directors, the remuneration of the executive members of the Board of Directors and the initiation of a preparational procedure to change the legal form of the Company into a European Company (Societas Europaea, “SE”).

In particular, the shareholders elected Mr. Christoph Vilanek to succeed Mr. Gregor Bieler on the Company’s Board of Directors with effect from 1 January 2024, who will resign from office on the same day for capacity reasons. Mr. Bieler has a new full-time management position, which no longer allows him to take on additional non-executive Board of Directors mandates. Mr. Vilanek’s term of office coincides with that of the current members of the Board of Directors and therefore runs until 5 January 2026.

The shareholders also approved the Company’s proposed amendments to the remuneration policy.

Moreover, the shareholders adopted a resolution that the Company shall initiate a procedure for the transformation of Shelly Group PLC by changing its legal-organizational form from a joint stock company with registered office in the Republic of Bulgaria into a European company with registered office in the Republic of Bulgaria in accordance with Article 281 et seq. of the Commercial Act and the Council Regulation (EC) No. 2157/2001 of 8 October 2001 on the Statute for a European Company (SE). The Board of Directors was instructed to carry out any and all legal and factual actions with a view to preparing the transformation. The Board of Directors is entitled to delegate any of these activities to individual members of its own staff as well as to third parties at its discretion.

Further information on the resolutions is available on the Company’s website at https://corporate.shelly.com/corporate-governance/general-meeting-of-the-shareholder/year-2023/.

 

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.
 

Contact Investor Relations
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Susan Hoffmeister
Phone: +49 (0) 89 125 09 0333
Mail: sh@crossalliance.de
www.crossalliance.de

Shelly Group: Invitation to unaudited 12M 2023 earnings webcast/call on 27 February 2024

Sofia / Munich, 21 February 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, cordially invites investors and analysts to the earnings webcast/call on the unaudited 12M 2023 results with Management Board members on 27 February 2024, 09.00 CET (10.00 EET).

The 12M 2023 unaudited results will be announced on 26 February 2024 after the close of trading.

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 12M 2023 results by means of a webcast presentation. The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Shelly Group – Earnings Call Unaudited 12M 2023.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Shelly Group to acquire additional 16% stake in its Slovenian subsidiary Shelly Tech (formerly GOAP d.o.o.)

Sofia / Munich, 22 February 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), has exercised a call option to acquire an additional 16% stake of the share capital of its Slovenian IoT subsidiary Shelly Tech (formerly GOAP Računalniški inženiring in avtomatizacija procesov d.o.o. Nova Gorica) (the “Target Company”).

The exercise of the call option is the second stage of the acquisition of the Target Company based on an option agreement between Shelly and the shareholders of the Target Company signed and announced in January 2023.

The total purchase price for the 16% stake under the exercised call option amounts to EUR 586,666.30 calculated in accordance with the conditions of the option agreement.

The remaining 24% of the shares in the Target Company held by three individual shareholders are subject to a further call/put option exercisable in 2026 under the agreed terms.

For further information, please visit corporate.shelly.com.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group AD reaffirms guidance for financial year 2023 following successful Black Friday sales

Sofia / Munich, 6 December 2023 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”) recorded an increase in Black Friday sales by 115.0% compared to the previous year to a total of EUR 14.5 million (BGN 28.4 million) with more than 1.1 million home automation devices sold. With the successful Black Friday sales, the Company reaffirms the guidance for financial year 2023 with an increase in revenues of 51.0% to EUR 72 million (BGN 140.8 million) and an increase in EBIT of at least 63.5% to EUR 17.0 million (BGN 33.2 million).

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo confirms raised guidance at upper end of range after successful Black Friday

Sofia / Munich, 5 December 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), an international provider of IoT and smart home solutions, recorded an increase in Black Friday sales with more than half a million home automation devices sold for a total of over EUR 6.8 million (BGN 13.2 million), equaling a growth of 44% compared to the previous year. With the successful Black Friday sales, the Company confirms the raised forecast at the upper end of the range with revenues of EUR 45-46 million and EBIT of EUR 10-10.5 million for FY22.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo: Resolutions of Extraordinary General Meeting

Sofia / Munich, 13 December 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), an international provider of IoT and smart home solutions, today adopted the following resolutions at its Extraordinary General Meeting:

1. Approval of amendment to the Remuneration Policy of the Board of Directors;
2. Approval of a remuneration scheme for the provision of variable share-based remuneration to the executive members of the Board of Directors for the period 2022 – 2025. Among the two schemes provided for discussion, the General Meeting of Shareholders approved the one proposed by the shareholder Mr. Svetlin Todorov;
3. Authorization of the Company’s representatives to conclude a package of transactions for the acquisition of 100% of the capital of the Slovenian company GOAP Računalniški inženiring in avtomatizacija procesov d.o.o. Nova Gorica (“GOAP”), business address Ulica Klementa Juga 7, 5250 Solkan, Slovenia, registration number: 5414083000;
4. Granting of variable remuneration in shares to the executive members of the Board of Directors of Allterco JSCo in the form of conditional options pursuant to the scheme for granting share-based remuneration to the executive members of the Board of Directors. The General Meeting of the Shareholders resolved on granting to the executive board members packages of conditional options, the terms and conditions to exercise of which shall be in accordance with the approved scheme for share-based remuneration.

The Company will publish official minutes of the General Meeting within the next few days.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo: Uplisting to the Premium Equities Segment of the Bulgarian Stock Exchange

Sofia / Munich, 21 December 2022 – Based on the resolution of the Bulgarian Stock Exchange (“BSE”), the shares of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), an international provider of IoT and smart home solutions, will be uplisted from BSE Main Market, Standard Equities Segment and included in the BSE Main Market, Premium Equities Segment of the Bulgarian Stock Exchange as of 3 January 2023.

The Premium Equities Segment is the market segment for the most liquid companies on the BSE. The higher admission criteria, including the obligation to disclose prescribed information in English, are prerequisites for the companies in this segment.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo acquires 60% of Slovenian IoT provider GOAP d.o.o.

Sofia / Munich, 03 January 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”) has announced the closing today of the 1^st stage of the acquisition of the Slovenian IoT provider GOAP Računalniški inženiring in avtomatizacija procesov d.o.o. (“GOAP” or the “Target Company”) which consisted in the acquisition of 60% of the share capital of the Target Company. The transaction is based on Share Purchase Agreements (“SPAs”) that were signed today with all four GOAP shareholders. The total purchase price for the 1^st stage transactions is EUR 2 million.

The remaining 40% of GOAPs share capital belonging to three individual shareholders of GOAP are subject to an Option Agreement that was signed together with the SPAs. Under the Option Agreement Allterco will have unconditional call options and the selling shareholders will have conditional put options on two packages of shares (the exercise of each of the sellers’ options is conditional upon the achievement of certain minimum criteria of KPI, EBITDA and revenue within the period 2023 – 2025). One option amounts to 16% of GOAPs share capital and the other option amounts to 24% of GOAPs share capital. The aggregate price for the shares in case of the exercise of the options depends on the extent to which the conditions therefore are met and may range from EUR 699,999.70 (BGN 1,369,080.41) to EUR 3,449,998.60 (BGN 6,747,610.76). 

The transactions are executed in compliance with the resolution of the General Meeting of the Shareholders of Allterco from December 2022.

With the acquisition, Allterco intends to expand its technology portfolio and thus extend its product offering for both customers and professional users.

For further information, please visit allterco.com.

 

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

 

Shelly Group convenes Extraordinary General Meeting

Sofia / Munich, 17 November 2023 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, convenes an Extraordinary General Meeting to be held on 18 December 2023 at 10.00 CET / 11.00 EET in Sofia, Bulgaria.

Further information can be found at:

https://corporate.shelly.com/corporate-governance/general-meeting-of-the-shareholder/year-2023/

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary consolidated sales revenues FY 2022

Sofia / Munich, 16 January 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 56.1% year-on-year increase in FY 2022 in IoT revenue from sales of devices and related services to EUR 47.5 million (BGN 92.9 million), based on preliminary data. The revenue from sales of Shelly-branded smart home devices increased by 60.0%, amounting to EUR 45.2 million (BGN 88.4 million), followed by the revenue from sales of MyKi tracking devices, which increased by 20.6% to EUR 2.2 million (BGN 4.3 million).

With these revenues, Allterco JSCo exceeded its revenue forecast for FY 2022 of EUR 45‑46 million.

The Company will officially disclose consolidated financials for Q4 2022 on 1 March 2023, the Consolidated Annual Financial Report 2022 will be published on 28 April 2023.

Note: EUR/BGN exchange rate as of 16 January 2023 – EUR 1 = BGN 1.95583.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces preliminary consolidated sales revenues Q1 2023

Sofia / Munich, 5 April 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, announces a 62.2% year-on-year increase in Q1 2023 in revenue from sales of devices and related services to EUR 14.2 million (BGN 27.8 million), based on preliminary data. The revenue from sales of Shelly-branded IoT and smart home devices increased by 63.9%, amounting to EUR 13.9 million (BGN 27.2 million), followed by the revenue from sales of MyKi tracking devices, which increased by 14.1% to EUR 0.3 million (BGN 0.6 million).

The Company will officially disclose consolidated financials for Q1 2023 on 15 May.

Note: EUR/BGN exchange rate as of 5 April 2023 – EUR 1 = BGN 1.95583.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo announces Guidance 2023 and medium-term growth targets to 2026

Sofia / Munich, 15 May 2023 – Allterco JSCo (“Allterco” / “the Company”) announced its guidance for the current financial year 2023 and its medium-term growth targets to 2026. For the current financial year 2023, the Board of Directors expects IoT revenue from sales of devices and related services of EUR 72.0 million (BGN 140.8 million) compared to EUR 47.6 million in the previous year (BGN 93.1 million). 2023 earnings before interest and taxes (EBIT) are likely to be above EUR 17.0 million (BGN 33.2 million) compared to EUR 10.4 million in the previous year (BGN 20.3 million). Based on its expansion efforts and the market launch of new products, Allterco projects average annual growth of around 43.2% in the medium term to a revenue target of more than EUR 200.0 million by the end of 2026. For EBIT, the medium-term target is above EUR 50.0 million by the end of 2026, with average annual growth of around 48.1%.

Medium-term growth targets 2023 – 2026 (in EUR million)

Targets	2023 Guidance	2026 Target
Revenue	72.0	>200.0
Growth vs 2022 (in %)	51.0%	>320.0%
EBIT	>17.0	>50.0
EBIT Margin (in %)	>23.0%	>25.0%

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

For further information, please visit allterco.com.

Investor Relations contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Allterco JSCo: Sale of Treasury Shares on Regulated Markets

Sofia / Munich, 1 June 2023 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco” / “the Company”) is going to place a total of 40,000 treasury shares (the “Treasury Shares”), representing 0.22% of the Company’s total share capital, for sale on the Regulated Markets primarily of the Frankfurt Stock Exchange and alternatively of the Bulgarian Stock Exchange by 30 June 2023.

As announced on 30 June 2022, Allterco acquired these shares through over-the-counter (“OTC”) transactions on 30 June 2022 for the purpose of partial payment of the purchase price in the acquisition of the Slovenian IoT company GOAP d.o.o. Nova Gorica (“GOAP”) and alternatively for the purposes of incentive programs for employees or offering to private investors. The Treasury Shares were however not used for the acquisition of GOAP nor for any incentive program.

Under Art. 187(d) of the Bulgarian Commercial Act, the Company may not keep these Treasury Shares for longer than one year after purchasing them.

Therefore, the Treasury Shares will be offered to private investors on the Regulated Markets primarily on the Frankfurt Stock Exchange and alternatively on the Bulgarian Stock Exchange within the one-year statutory period expiring on 30 June 2023.

For further information, please visit allterco.com.

Investor Relations contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Mail: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group PLC announces preliminary consolidated sales revenues H1 2023

Sofia / Munich, 11 July 2023 – Shelly Group PLC (ticker: A4L / ISIN: BG1100003166) (“Shelly Group” / “the Company”), previously: Allterco JSCo, announces a 53.3% year-on-year increase in revenue from sales of devices and related services to EUR 28.0 million (BGN 54,8 million) in H1 2023, based on preliminary data. The revenue from sales of Shelly-branded IoT and smart home devices increased by 53.9%, amounting to EUR 26.8 million (BGN 52.4 million). The sales revenue of MyKi tracking devices decreased by 27.1% to EUR 0.6 million (BGN 1.2 million).

The Company will officially disclose consolidated financials for H1 2023 until 16 August 2023.

Note: EUR/BGN exchange rate EUR 1 = BGN 1.95583.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group announces preliminary consolidated sales revenues 9M 2023

Sofia / Munich, 11 October 2023 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), announces 49.4% year-on-year increase in revenue from sales of devices and related services to EUR 44.1 million (BGN 86.3 million) in 9M 2023, based on preliminary data. The revenue from sales of Shelly-branded IoT and smart home devices increased by 54.4%, amounting to EUR 43.0 million (BGN 84.0 million). The sales revenue of MyKi tracking devices decreased by 31.5% to EUR 1.1 million (BGN 2.2 million). With Shelly Group’s focus on IoT and smart building solutions, MyKi no longer generates significant revenue and earnings contributions and will therefore no longer be included in the reporting of preliminary revenue figures in the future.

The Company will officially disclose consolidated financials for 9M 2023 until 14 November 2023.

Note: EUR/BGN exchange rate EUR 1 = BGN 1.95583.

For further information, please visit allterco.com.

Investor Relations Contact
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Publication of inside information according to Article 17 MAR

Shelly Group AD: Initiation of transformation into a European Company (Societas Europaea, SE) and change in Board of Directors

Sofia / Munich, 10 November 2023 – The Board of Directors of Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166) (“Shelly Group” / “the Company”), has decided today to propose to the shareholders of the Company at an Extraordinary General Meeting the resolution to initiate a procedure for the transformation of the Company by changing its legal-organizational form from a joint stock company with its registered office in the Republic of Bulgaria to a European Company with its registered office in the Republic of Bulgaria in accordance with Article 281 et seq. of the Bulgarian Commercial Code and Article 2 (4) of Council Regulation (EC) No. 2157/2001 of 8 October 2001 on the Statute for a European Company (SE) (the “Transformation”). It is also proposed that the General Meeting of Shareholders instructs the Board of Directors to carry out any and all legal and factual actions with a view to preparing the Transformation.

In addition, the Extraordinary General Meeting is to resolve on a change in the Board of Directors. In relation to the resignation request of the current Chairman of the Board of Director, Mr. Gregor Bieler, it is proposed that Mr. Christoph Vilanek be elected in his place, with a term of office that coincides with the term of office of the other current members of the Board of Directors, i.e., 5 January 2026. The change shall have effect as of 1 January 2024.

For further information, please visit allterco.com.

Investor Relations Contact

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 (0) 89-1250903-31
Email: sp@crossalliance.de
www.crossalliance.de

Allterco in 9M/22 with revenue and earnings above expectations on stable cost base
 

• Consolidated operating revenue increases by 55.0% to BGN 60.5 million (EUR 30.9 million)*
• EBITDA at stable cost base with growth of 20.0% to BGN 14.5 million (EUR 7.4 million)* despite targeted increased investments in sales and R&D structures
• EBIT increases to BGN 13.7 million (EUR 7.0 million)*
• Net profit at Group level despite negative special effect from write-off of a receivable at BGN 11.7 million (EUR 6.0 million)* compared to BGN 10.0 million (EUR 5.1 million) in 9M/21
• Increased guidance for full year 2022 confirmed

Sofia / Munich, 14 November 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, posted stronger than expected growth in 9M/22. With better-than-expected performance across all product categories, energy consumption meters in particular saw above-average demand. MyKi tracking devices again achieved growth rates above pre-pandemic levels.

Group figures (unaudited)

in EUR million		9M/22		9M/21		∆
Group operating revenues		30.9		20.0		55.0%
EBITDA		7.4		6.2		20.0%
EBIT		7.0		5.7		22.9%
Net profit		6.0		5.1		17.6%
Equity ratio		90.4%		90.6%		-0.2%
Operating cash flow		-2.5		2.4		n/a
Cash and cash equivalents		12.6		13.3		-5.0%

Note: The figures for the nine-month period 2022 are unaudited. Rounding differences may occur.

Allterco achieved a 55.0% increase in consolidated operating revenues to BGN 60.5 million (EUR 30.9 million)* in 9M/22. Revenue from the sale of goods and productions amounted to BGN 57.8 million (EUR 29.6 million)*, up 50.1%. Operating earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 20.0% to BGN 14.5 million (EUR 7.4 million)* despite targeted increased investments in sales and R&D structures. Earnings before interest and taxes (EBIT) increased by 22.9% to BGN 13.7 million (EUR 7.0 million)*. Net result at the Group level was BGN 11.7 million (EUR 6.0 million)* compared to BGN 10.0 million (EUR 5.1 million) in the prior-year period, despite a negative special effect from the write-off of a receivable.

With an equity ratio of 90.4% as of 30 September 2022, Allterco enjoys a solid balance sheet (31 December 2021: 90.6%). Here, in addition to the unappropriated profit, the reduction in non-current bank loans by 19.3% to BGN 1.6 million (EUR 0.8 million)* as well as the payout of a dividend of BGN 1.8 million (EUR 0.9 million) were particularly noticeable.

Cash flow from operating activities with a cash outflow of BGN ‑4.9 million (EUR ‑2.5 million)* compared to a cash inflow of BGN 4.7 million (EUR 2.4 million) in 9M/21 reflects in particular increasing inventories matching higher sales revenue and advance payments to suppliers to proactively address potential delays in the supply chains. Cash and cash equivalents decreased accordingly to BGN 24.7 million (EUR 12.6 million)* as of 30 September 2022 compared to BGN 26.0 million (EUR 13.3 million) as of 31 December 2021, providing a sufficient basis for financing further growth.

For the full year 2022, the management confirms the guidance raised in an ad hoc announcement on 3 November 2022 of an increase in revenues from the sale of goods and productions to EUR 45‑46 million (2021: EUR 30.4 million) and earnings before interest and taxes (EBIT) between EUR 10‑10.5 million (2021: EUR 9.6 million).

Dimitar Dimitrov, Co-CEO of Allterco JSCo, commented on product development: “The great appreciation by our customers is the well-deserved reward for our relentless efforts to continuously improve our products, to bring solution-driven new applications and devices to market again and again, and to contribute to seamless integration in the Smart Home in an increasingly connected world. Interaction is particularly important to us, whether through the continuous improvement of user interfaces and user experience or in support. This gives us a development lead of two to three generations over our competitors’ products. We are already looking forward to presenting a variety of new innovative products at CES in Las Vegas in early January 2023.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “We are particularly pleased that we grew in all product categories and in all regional markets. As such we exceeded our own expectations. So based on a solid order backlog and a strong start to the final quarter of 2022, we have raised our full-year guidance for 2022 after the end of the reporting period. In this context, our investments in expanding our global sales teams, increasing R&D capacity, and developing the market for professional users are already paying off. At the same time, we have our costs fully under control in the face of multiple economic challenges. Based on the continued demand for energy-saving solutions, we expect a successful year-end business and confirm our raised targets for the full year.“

The unaudited nine-month report is available in the Investor Relations section of the Company’s website at allterco.com.

* EUR/BGN exchange as of 14 November 2022 – 1 EUR = BGN 1.95583

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 9M 2022 results by means of a webcast presentation on 15 November 2022, 09.00 CET (10.00 EET). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Allterco JSCo – Earnings Call 9M 2022.

For further information, please visit allterco.com

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

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Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo convenes Extraordinary General Meeting of Shareholders

Sofia / Munich, 18 November 2022 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, convenes an Extraordinary General Meeting of shareholders. The Extraordinary GMS will take place on 13 December 2022 at 10.00 CET / 11.00 EET in Sofia, Bulgaria.

Further information can be found at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2022/#

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

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CROSS ALLIANCE communication GmbH
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Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo updates invitation and documents to Extraordinary General Meeting of Shareholders

 

Sofia / Munich, 1 December 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, has updated the invitation to the Extraordinary General Meeting of shareholders convened for 13 December 2022 at 10.00 CET / 11.00 EET in Sofia, Bulgaria. Upon an official request of the shareholder Mr. Svetlin Todorov as the owner of more than 5% of Allterco’s shares addtional questions as well as a proposal for decision on one of agenda items was included in the agenda.

Further information can be found at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2022/#

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo confirms raised guidance at upper end of range after successful Black Friday and continues international expansion
 

• Black Friday sales up 44% YoY to EUR 6.8 million
• Raised guidance confirmed at upper end of range with revenues of EUR 45‑46 million and EBIT of EUR 10-10.5 million for FY22
• Founding of R&D hub in Ireland

 

Sofia / Munich, 5 December 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), an international provider of IoT and smart home solutions, recorded an increase in Black Friday sales with more than half a million home automation devices sold for a total of over EUR 6.8 million (BGN 13.2 million), equaling a growth of 44% compared to the previous year. Consumers from over 100 countries around the world took advantage of the special offers and ordered their Shelly devices, with the greatest interest being observed in Germany and Italy, followed by Spain, Portugal, Netherlands, Austria, and Belgium. Here, the targeted increase in investments in sales and R&D structures in the current fiscal year had a noticeable impact. With the successful Black Friday sales, the Company confirms the raised forecast at the upper end of the range with revenues of EUR 45-46 million and EBIT of EUR 10-10.5 million for FY22.

To accelerate its international expansion, Allterco has selected Dublin, Ireland, the global stronghold and talent pool of IT development, as the base for its latest R&D hub. The Company has already been able to recruit experienced senior executives who have demonstrated visionary drive in the realization of the smart home of the future in positions at leading international IT companies. For Allterco, making this leap marks the next milestone in taking product development to a new level.

Dimitar Dimitrov, Co-CEO of Allterco JSCo, commented: “The success of our Black Friday sales across all our geographic markets confirms that we are on the right track with our expansion strategy. With the new development hub in Ireland, we are attracting high-caliber IT specialists to continuously improve the research and development process, thus consistently pursuing our expansion strategy. We are looking forward to the new impulses from this buzzing and dazzling developer scene in Ireland, which is as international as Allterco itself.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added: “The course of business in the current fiscal year and the Black Friday sales have highlighted the fact that it is crucial for our success to establish our development structures in line with our market entries. Allterco has customers in all major regions of the world. Our five international locations to date are a sign of our expansion drive, and Dublin is another addition to the list. We are pleased to underline the successes in fiscal 2022 with a confirmation of the raised guidance at its upper end of the range.”

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo exceeds forecast sales revenue growth in 2022 – EBIT in line with forecast as investments intensified according to plan
 

• Consolidated operating revenue increases by 54.6% to EUR 48.1 million (BGN 94.1 million)*
• EBITDA at stable cost base with disproportionately low growth of 9.5% to EUR 10.9 million (BGN 21.4 million)* given intensified investments in sales and R&D structures
• EBIT increases by 10.3% to EUR 10.4 million (BGN 20.4 million)*
• Net profit at Group level increased by 9.7% to EUR 8.9 million (BGN 17.4 million)* despite negative special effect from write-off of a receivable 

Sofia / Munich, 28 February 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, continued its growth in fiscal year 2022, exceeding forecast revenue growth based on preliminary figures. EBIT was within the forecast range while investments in further expansion were intensified as planned.

Group figures (unaudited)

in EUR million		12M/22		12M/21		∆
Group operating revenues		48.1		30.1		54.6%
EBITDA		10.9		10.0		9.5%
EBIT		10.4		9.5		10.3%
Net profit		8.9		8.1		9.7%
Equity ratio		89.0%		90.5%		-0.2%
Operating cash flow		0.2		4.1		97.5%
Cash and cash equivalents		14.4		15.6		-7.8%

Note: The figures for the twelve-month period 2022 are unaudited. Rounding differences may occur.

Allterco achieved a 58.2% increase in consolidated operating revenues to EUR 48.1 million (BGN 94.1 million)* the twelve-month period 2022. Revenue from the sale of goods and productions amounted to EUR 47.6 million (BGN 93.1 million)*, up 58.2%. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by a disproportionately low 9.5% to EUR 10.9 million (BGN 21.4 million)* as a result of intensified investment in sales and R&D structures. Earnings before interest and taxes (EBIT) increased by 10.3% to EUR 10.4 million (BGN 20.4 million)*. Net result at the Group level increased by 9.7% to EUR 8.9 million (BGN 17.4 million)*, despite a negative special effect from the write-off of a receivable.

With an equity ratio of 89.0% as of 31 December 2022, Allterco enjoys a solid balance sheet (31 December 2021: 90.5%). Here, in particular, the unappropriated profit and the reduction in non-current bank loans by 25.9% to EUR 0.9 million (BGN 1.8 million)* were offset by the payout of a dividend, bonus payments to employees and changes in customs-related tax liabilities.

Cash flow from operating activities with a cash inflow of EUR 0.2 million (BGN 0.4 million)* compared to a cash inflow of EUR 4.1 million (BGN 8.1 million) in the twelve-month period 2021 reflects in particular increasing inventories matching higher sales revenue and advance payments to suppliers to proactively address potential delays in the supply chains. Cash and cash equivalents decreased accordingly to EUR 14.4 million (BGN 28.2 million)* as of 31 December 2022 compared to EUR 15.6 million (BGN 30.5 million) as of 31 December 2021, providing a sufficient basis for financing further growth.

Guidance for the current financial year 2023 will be announced in conjunction with the release of the 2022 Annual Report on 28 April 2023.

Dimitar Dimitrov, Co-CEO of Allterco JSCo, commented on product development: “Following the great success of our product and service launches in the past financial year 2022, we certainly will not rest on our laurels in 2023. In January, we already launched five new products at CES in Las Vegas, and our pipeline remains full. Most notably, we will see the launch of devices that use the Bluetooth protocol for even longer battery life, complementing our existing Wi-Fi product lines in an even more energy-efficient way. However, we are particularly excited about today’s launch of our new Shelly Smart Control app, available already for downloading in the App stores. It will replace our current Shelly.Cloud app offering many new functions and intended to unlock recurring revenues with additional services later this year.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “In the past fiscal year, we exceeded our revenue forecast with growth in all product categories and in all regional markets. Our investments in expanding our regional sales teams, increasing R&D capacity and developing the professional market are already paying off. In view of the strong order backlog, we are confident about the current fiscal year. For the full year 2023, we expect growth to be in line with the previous year. While keeping our costs under control in the face of numerous economic challenges, we expect our investments to continue to add value with noticeable improvements in EBITDA and EBIT margins.“

The unaudited interim report is available in the Investor Relations section of the Company’s website at allterco.com.

* EUR/BGN exchange rate as of 28 February 2023 – EUR 1 = BGN 1.95583

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo: Invitation to unaudited 12M 2022 earnings webcast/call on 14 March 2023

Sofia / Munich, 10 March 2023 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, cordially invites investors and analysts to the earnings webcast/call on the unaudited 12M 2022 results with Management Board members on 14 March 2023, 09.00 CET (10.00 EET).

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 12M 2022 results by means of a webcast presentation. The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Allterco JSCo – Earnings Call Unaudited 12M 2022.

The unaudited interim report is available in the Investor Relations section of the Company’s website at allterco.com.

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Slovenia, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo: Start of development of customized shelly chips in partnership with semiconductor manufacturer Espressif Systems

Sofia / Munich, 23 March 2023 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, reaches the next milestone in the Company’s development by starting the development of its first customized Shelly chip. For the development, Allterco has partnered with Espressif Systems (Shanghai) Co., Ltd. (“Espressif”), a leading provider of energy-efficient Wi-Fi and Bluetooth solutions. Espressif will design and manufacture a microcontroller for use in Shelly-branded IoT devices. The customized Shelly chip will feature a larger memory allowing for future enhancements and extensions of functionalities, including network protocols and standards that enable interconnectivity between a wide range of smart home products within an ecosystem.

The Shelly brand is known for its innovative and feature-rich IoT devices. Shelly devices are among the most advanced on the market, with features such as HTTP servers, Wi-Fi range extender, and encrypted communication via SSL/TLC, as well as support for JavaScript and open application programming interfaces (APIs) for development and connectivity. Unlike many other brands, Shelly is compatible with all electrical installations and does not require a hub – a local Internet connection is sufficient. In addition, Shelly devices have a built-in server and can operate as a stand-alone device on the local network or in the cloud. At the same time, Shelly devices offer an unrivaled price-performance ratio.

Espressif Systems is renowed as a leading provider of Wi-Fi and Bluetooth SoCs and is recognized for its ESP32 and ESP8266 series of SoCs, which are widely used in AIoT products.

Teo Swee Ann, the Founder and CEO of Espressif Systems, says about the prospective collaboration of the two companies: “We are thrilled to be partnering with Shelly, which has provided much technical and marketing insights to Espressif, to drive innovation in the smart home industry. By combining our strengths and resources, we believe that we can make a significant contribution to the development of IoT technology, and bring about a more connected world.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, on the development of the first customized chip: “Shelly, Allterco’s award-winning home automation product line, is one of the fastest growing IoT brands in the world with devices, even the fastest on certain leading online marketplaces. With the development of our first customized chip, we are shifting up another gear in our approach to provide ever more advanced and powerful IoT devices with even more functionality and performance. We are committed to staying one step ahead of the competition.”

Dimitar Dimitrov, Co-CEO of Allterco JSCo, continues: “With its expertise in the design and production of microcontrollers, Espressif is the ideal partner for us to jointly develop a Shelly chip that not only offers the flexible solution our customers are accustomed to for modular and step-by-step automation, according to individual preferences but also opens up completely new possibilities for developers and users.”

About Espressif

Espressif Systems (688018.SH) is a public multinational, fabless semiconductor company established in 2008, with offices in China, the Czech Republic, India, Singapore and Brazil. Espressif has a passionate team of engineers and scientists from all over the world, focused on developing cutting-edge wireless communication, low-power, AIoT solutions. Espressif has created the popular ESP8266, ESP32, ESP32-S, ESP32-C and ESP32-H series of chips, modules and development boards. By leveraging wireless computing, Espressif provides green, versatile and cost-effective chipsets. Espressif has been offering solutions that are secure, robust and power-efficient. By open-sourcing technology and solutions, Espressif enables developers to use AIoT solutions globally and build their own smart-connected devices.

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Slovenia, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo: Invitation to unaudited 3M 2023 earnings webcast/call on 16 May 2023

Sofia / Munich, 10 May 2023 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, cordially invites investors and analysts to the earnings webcast/call on the unaudited 3M 2023 results with Management Board members on 16 May 2023, 09.00 CEST (10.00 EEST).

The 3M 2023 unaudited results will be announced on 15 May 2023 after the close of trading.

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2023 results by means of a webcast presentation. The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Allterco JSCo – Earnings Call Unaudited 3M 2023.

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Slovenia, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo in 3M/23 with growth acceleration – medium-term guidance of more than EUR 200 million revenue and EBIT of over EUR 50 million by the end of 2026
 

• Consolidated operating revenue increased by 61.0% to EUR 14.1 million (BGN 27.7 million)
• EBITDA with strong growth of 55.6% to EUR 3.8 million (BGN 7.5 million) following intensified investments in sales and R&D structures in the previous year
• EBIT grew by 59.3% to EUR 3.7 million (BGN 7.2 million)
• Net profit at Group level up 51.5% to EUR 3.0 million (BGN 5.9 million)
• Shelly cloud user base growth of 27.0% driven by new app to 857 thousand in 3M/23 alone (31 December 2022: 677 thousand)
• Outlook 2023: Revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million

Sofia / Munich, 15 May 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, continued its strong and profitable growth in 3M/23. Increased investments in sales and R&D structures in the past year already started bearing results. With strong revenue growth in almost all regional markets, German-speaking countries made the largest contribution to growth, doubling to EUR 7.2 million. Allterco expects the strong growth in sales and earnings to continue in the current fiscal year 2023 as well as in the medium term until 2026.

Group figures (unaudited)

in EUR million		3M/23		3M/22		∆
Group operating revenues		14.1		8.8		61.0%
EBITDA		3.8		2.5		55.6%
EBIT		3.7		2.3		59.3%
Net profit		3.0		2.0		51.5%
Equity ratio		87.4%		89.0%		-1.8%
Operating cash flow		5.2		0.2		>1,000%
Cash and cash equivalents		17.2		14.4		19.2%

Note: The equity ratio comparison is from 31 March 2023 to 31 December 2022. The figures for the three-month period 2023 are unaudited. Rounding differences may occur.

Allterco achieved a 61.0% increase in consolidated operating revenues to EUR 14.1 million (BGN 27.7 million) the three-month period 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew strongly by 55.6% to EUR 3.8 million (BGN 7.5 million) following the intensified investment in sales and R&D structures in the previous year. Earnings before interest and taxes (EBIT) increased by 59.3% to EUR 3.7 million (BGN 7.2 million). Net result at the Group level increased by 51.5% to EUR 3.0 million (BGN 5.9 million).

With an equity ratio of 87.4% as of 31 March 2023, Allterco enjoys a solid balance sheet (31 December 2022: 89.0%). Here, the unappropriated profit was offset in particular, by loss carryforwards in connection with the acquisition of a Slowenian company, bonus payments to employees and the increase in current liabilities.

Cash flow from operating activities with a cash inflow of EUR 5.2 million (BGN 10.2 million) in 3M/23 compared to a cash inflow of EUR 0.2 million (BGN 0.4 million) in the previous year’s period reflects in particular reduced inventories while in the prior year period increased inventory levels and advance payments to suppliers to proactively address potential delays in the supply chains were noticeable. Cash and cash equivalents as of 31 March 2023 increased accordingly to EUR 17.2 million (BGN 33.6 million) compared to EUR 14.4 million (BGN 28.2 million) as of 31 December 2022, providing a sufficient basis for financing further growth.

Outlook 2023 and mid-term guidance 2026

For the current fiscal year 2023, the Board of Directors expects revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million.

By 2026, revenue is expected to grow at an average annual growth rate of 43.2% to more than EUR 200.0 million in the medium term, while EBIT is expected to increase by as much as 48.1% per year to over EUR 50.0 million.

Dimitar Dimitrov, Co-CEO of Allterco JSCo, commented on product development: “The combination of our powerful and feature-rich hardware, combined with flexible and forward-looking software, and the creative and vibrant community of our users, has also more than proven itself in 3M/23 and contributed to the acceleration of our growth. We will continue this growth with the launch of new products. Our customers can be particularly excited about the new Bluetooth product line, which additionally offer extremely long runtimes in a smaller form factor due to smaller batteries. Last but not least, we will introduce the first own Shelly chips to the market and, together with the new Shelly OS, once more set new standards in performance and functionality.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “3M/23 was really more than pleasing in terms of revenue and earnings. We are particularly proud that the German-speaking markets in particular have shown that investments in regional structures pay off. We will therefore continue the increased investment in regional sales structures and expect the development of the Nordic markets, which began in the second half of 2022, to progress at a similar pace. We also see high growth potential in the UK, France, Italy, and Spain. Another growth driver is the expansion of our user base. Here, we are tapping into entirely new revenue streams with the upcoming introduction of a freemium model for our extremely popular app. In addition to the DYI segment, we expect significant future growth contributions from the substantially larger market for professional electrical installations. Negotiations with the largest distributors are just as promising as the started cooperation with several professional schools.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2023 results by means of a webcast presentation on 16 May 2023, 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Allterco JSCo – Earnings Call Unaudited 3M 2023.

The unaudited three-month report is available in the Investor Relations section of the Company’s website at allterco.com.

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo convenes Annual General Meeting of Shareholders

Sofia / Munich, 30 May 2023 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, convenes its Annual General Meeting of shareholders. The AGM will take place on 12 June 2023 at 10.00 CEST / 11.00 EEST in Sofia, Bulgaria.

Further information can be found at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2023/

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo convenes Extraordinary General Meeting of Shareholders

Sofia / Munich, 31 May 2023 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, convenes an Extraordinary General Meeting of shareholders. The EGM will take place on 19 June 2023 at 10.00 CEST / 11.00 EEST in Sofia, Bulgaria.

Further information can be found at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2023/

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de

Allterco JSCo: Annual General Meeting approves dividend of EUR 0.12 per share – high level of approval on all agenda items

Sofia / Munich, 13 June 2023 – The Annual General Meeting of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, yesterday adopted the proposal of the Board of Directors and approved a gross dividend of EUR 0.12 per share. Taking into account treasury shares, a total of approximately EUR 2.3 million will be distributed from the retained earnings within 60 days of the date of the Annual General Meeting. The initial and final term of payment will be determined additionally by the Board of Directors, as per delegation of the Annual General Meeting.

All resolutions proposed under the agenda items received high approval at the Annual General Meeting. The members of the Board of Directors were discharged by the shareholders for the past financial year. The voting participation at the Annual General Meeting was 75.68%.

Тhe Extraordinary General Meeting to be held on 19 June 2023 at 10.00 CEST / 11.00 EEST in Sofia, Bulgaria shall among other items decide on the change of the Company’s name. The new company name Shelly Group PLC reflects the leading market position of the products and will also serve to unify the brand identity of the whole group. The full agenda for the meeting is available at: https://allterco.com/en/for-investors/general-meeting-of-the-shareholder/year-2023/

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco’s products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations

CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de