DGAP-News: Allterco JSCo / Key word(s): Quarterly / Interim Statement/Quarter Results Allterco achieves profitable Q1/22 while investing in further business growth
Sofia / Munich, 30 May 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, has continued its growth in Q1/22 across all its markets while investing in further business growth. Demand remained strong across all product categories in Q1/22. Sales of energymeters developed particularly well, increasing tenfold compared with the prior-year period. Allterco achieved a 14.6% increase in consolidated operating revenues to BGN 17.6 million (EUR 9.0 million)* in Q1/22 which reflects the deconsolidation of the Asian telco business sold in September 2021. Adjusted for the deconsolidation, consolidated operating revenues showed a plus of 23.0%. Revenue from sale of goods and productions amounted to BGN 17.1 million (EUR 8.7 million), representing a plus of 24.6%. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) at BGN 4.9 million (EUR 2.5 million) remained almost at the previous year’s level of BGN 5.0 million (EUR 2.6 million)*. Here, particularly the growth in the number of employees as part of the expansion of business activities and brought-forward employee bonus payments as well as higher expenses for external services related to the secondary listing in Frankfurt were noticeable. Consequently, net profit at the Group level stood at BGN 3.9 million compared to BGN 4.0 million (EUR 2.0 million)* in the prior-year period. With an equity ratio of 91.6% as of 31 March 2022, Allterco enjoys a solid balance sheet (31 December 2021: 90.6%). Here, in addition to the unappropriated profit, the reduction in trade payables by 42.6% to BGN 0.9 million (EUR 0.5 million) was particularly noticeable while inventories increased by 13.5% to BGN 8.6 million (EUR 4.4 million). Cash flow from operating activities, particularly as a result of advance payments to suppliers to proactively address potential supply chain delays as well as higher personnel costs and brought-forward employee bonus payments, decreased to BGN 0.4 million (EUR 0.2 million)* compared to BGN 4.3 million (EUR 2.2 million) in Q1/21. Cash and cash equivalents remained almost unchanged at BGN 30.2 million (EUR 15.4 million)* as of 31 March 2022 compared to BGN 30.5 million (EUR 15.6 million) as of 31 December 2021, providing a sufficient basis for financing further growth. Dimitar Dimitrov, Co-CEO of Allterco JSCo, explained on product development: “Demand for our products remained strong in Q1/22. The tenfold increase in energymeters is of course particularly pleasing. Of course, we are not resting on our laurels and still have a handful of aces up our sleeves. For the period from Q2 to Q3, we are preparing a number of very interesting new products and product updates. In doing so, we are developing some products that are specifically targeted at the important segment of professional users. We will also finally ship the long-promised Pro devices at the end of Q2.“ Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “Looking at our revenue development, Allterco has again grown pleasingly. We are optimistic to maintain and possibly even increase this growth in the coming quarters. In particular, higher energy costs are leading to increased demand for energymeters and smart home products that help reduce energy consumption. With a view to earnings development, we have also brought forward employee bonus payments, which in the previous year were not made until Q2 and Q3. In Q2 2022, we hope to see initial results from hiring staff in our German office. Operationally, we continue to optimize our sales channels and are preparing dedicated services for professional installers.“ The unaudited interim report is available in the Investor Relations section of the Company’s website at allterco.com. Earnings Call: Please register to participate in the webcast/call at: The corresponding presentation will also be available on the Company’s website prior to the earnings webcast/call. * EUR/BGN exchange rate as of 31 March 2022 – EUR 1 = BGN 1.95583 More information at allterco.com About Allterco Contact Investor Relations 30.05.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Allterco JSCo |
103 Cherny Vrah Bldv | |
1407 Sofia | |
Bulgaria | |
E-mail: | s.iliev@allterco.com |
Internet: | www.allterco.com |
ISIN: | BG1100003166 |
WKN: | A2DGX9 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin |
EQS News ID: | 1364563 |
End of News | DGAP News Service |