EQS-News: Allterco JSCo / Key word(s): Preliminary Results/Annual Results Allterco JSCo exceeds forecast sales revenue growth in 2022 – EBIT in line with forecast as investments intensified according to plan
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)
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 28.02.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG. The EQS 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: | 1571233 |
End of News | EQS News Service |