Allterco with a significant acceleration of its growth in H1/22

DGAP-News: Allterco JSCo / Key word(s): Half-year report/Half-year results
Allterco with a significant acceleration of its growth in H1/22
15.08.2022 / 21:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Allterco with a significant acceleration of its growth in H1/22

  • Consolidated operating income increased by 29.8% to reach BGN 37.4 million (EUR 19.1 million)*; adjusted for the deconsolidation of telecommunications activities in Asia plus 40.3%

  • EBITDA adjusted for the negative special effect linked to the write-off of a debt with a growth of 4.7% to 8.8 million BGN (4.5 million EUR)* despite a targeted increase in investments in sales structures and of R&D

  • Net profit at Group level mainly impacted by the negative special effect of the write-off of a receivable at BGN 6.3 million (EUR 3.2 million)* compared to BGN 6.9 million (EUR 3.5 million) in H1/21

  • Guidance for the year 2022 confirmed

Sofia / Munich, August 15, 2022 – Allterco JSCo (symbol A4L / ISIN: BG1100003166) (“Allterco”), a Sofia, Bulgaria-based IoT and smart home product provider, further accelerated sales growth in H1/22. Growth continued to be driven by energy meters, while sales of MyKi tracking devices recovered further.

Allterco achieved a 29.8% increase in consolidated operating income to BGN 37.4 million (EUR 19.1 million)* in H1/22, reflecting the deconsolidation of the Asian telecom business sold in September 2021. Adjusted for deconsolidation, consolidated operating income increased by 40.3%. Income from the sale of goods and productions amounted to BGN 35.7 million (EUR 18.3 million)*, representing a capital gain of 36.5%. Operating profit before interest, taxes, depreciation and amortization (EBITDA) adjusted for the negative special effect related to the write-off of a receivable increased by 4.7% to BGN 8.8 million (4.5 million EUR)* despite a targeted increase in investments in sales and R&D structures. Net profit at Group level amounted to BGN 6.3 million (EUR 3.2 million)* compared to BGN 6.9 million (EUR 3.2 million)* in the prior year period, mainly impacted by the negative special effect of the write-off of a receivable.

With an equity ratio of 89.8% as of June 30, 2022, Allterco benefits from a strong balance sheet (December 31, 2021: 90.6%). Here, in addition to the unallocated profit, the reduction in trade payables by 66.8% to BGN 0.5 million (EUR 0.3 million)* was particularly notable while inventories increased by 50.5% to 11, 4 million BGN (5.8 million EUR)*.

Cash flow from operating activities with a cash outflow of BGN 3.2 million (EUR 1.6 million)* compared to a cash inflow of BGN 4.0 million (EUR 2.0 million) in H1/ 21 particularly reflects advance payments to suppliers to proactively address potential delays in supply chains. Cash and cash equivalents decreased accordingly to reach BGN 28.2 million (EUR 14.4 million)* as of June 30, 2022, compared to BGN 30.0 million (EUR 15.3 million) as of December 31, 2021, providing a sufficient basis to finance future growth.

For the full year 2022, management confirms the forecast for an increase in revenue from the sale of goods and production of up to 43.0% to reach approximately 43.5 million euros (2021: €30.4 million). After investments in business expansion, earnings before interest and tax (EBIT) in 2022 are expected to be at the prior year level of around 9.6 million euros (2021: 9.6 million euros). euros).

Dimitar Dimitrov, co-CEO of Allterco JSCo, explained about the product development: “The demand for our products has further accelerated in the first half of 2022. Our energy consumption meters are particularly sought after. Additionally, we started shipping Pro devices at the end of Q2. Currently, we are working on improving our app and seamlessly integrating our Shelly technology into our partners’ offers.“

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added of the business performance: “With accelerating sales growth, Allterco is on track to meet its direction goals for the year. Against this backdrop, the demand for energy consumption meters and smart home products that help reduce energy consumption continues to grow unabated given current developments. To continue our growth, we have targeted investments in expanding our global sales teams and our R&D capability. In Germany, one of our most important markets, we have so far reached the planned headcount.“

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

* EUR/BGN exchange rate as of June 30, 2022 – 1 EUR = 1.95583 BGN

Call for income:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated results for the first half of 2022 via a webcast presentation on August 16, 2022, 09:00 CEST (10.00 EEST). The webcast/call will be in English.

Please Register to participate in the webcast/call to:
Allterco JSCo – Call for results H1 2022.

More information 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 talented young developers who are dedicated to producing competitive and user-friendly products. The group consists of 5 subsidiaries and has offices in Bulgaria, China, the United States and Germany. Allterco’s products have already conquered more than 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange from November 2021, where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

Contact Investor Relations
CROSS ALLIANCE communication GmbH
Sven Pauly
Telephone: +49 89 125 09 0331
Email: [email protected]
www.crossalliance.de

15.08.2022 CET/CEST Dissemination of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
Archive at www.dgap.de

Comments are closed.