Allterco JSCo exceeds forecast sales revenue growth in 2021
 

• Consolidated operating revenue increases by 28.3% to BGN 60.8 million (EUR 31.0 million)*
• EBITDA increases by 50.0% to BGN 19.0 million (EUR 9.7 million)*
• Increase in net profit at group level by 12.2% to BGN 15.5 million (EUR 6.2 million)*
• Forecast of BGN 54.5 million (EUR 26.0 million)* consolidated sales revenue in FY21 significantly exceeded

Sofia / Munich, 01 March 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 FY21, exceeding forecast revenue growth based on preliminary figures.

Allterco achieved a 28.3% increase in consolidated operating revenues to BGN 60.8 million (EUR 31.0 million)* in FY21. Sales revenue amounted to BGN 59.5 million (EUR 30.4 million) exceeding the forecast BGN 54.5 million (EUR 27.8 million). Operating earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 50.0% to BGN 19.0 million (EUR 9.7 million)*. Net profit at the Group level increased by 12.2% year-on-year to BGN 15.5 million (EUR 6.2 million)*.

With an equity ratio of 90.0% as of 31 December 2021, Allterco enjoys a solid balance sheet (31 December 2020: 86.5%). Here, in addition to the unappropriated profit, the reduction in non-current liabilities to banks by 14.9% to BGN 2.6 million (EUR 1.3 million)* was particularly noticeable while inventories increased significantly by 82.0% BGN 6.7 million (EUR 3.4 million).

Cash flow from operating activities doubled to BGN 8.1 million (EUR 4.1 million)* in view of the successful development of the Company. Cash and cash equivalents increased by 17.2% to BGN 30.5 million (EUR 15.6 million)* as of 31 December 2021, providing a sufficient basis for financing further growth.

Dimitar Dimitrov, CEO of Allterco JSCo: "The excellent results in the past financial year 2021 underline the viability of our chosen expansion course. We have set the right path for future growth with the establishment of a new subsidiary in Germany and an affiliated company in China, as well as the secondary listing in the Prime Standard of the Frankfurt Stock Exchange. Thanks to our manufacturing in China and in particular the focus of our expansion on Western Europe, USA as well as South America, we expect little, if any, impact from the current geopolitical situation on our growth."

The unaudited interim report is available in the Investor Relations section of the Company's website at allterco.com. Guidance for the current financial year will be announced in conjunction with the release of the 2021 Annual Report on 29 April 2022.

* EUR/BGN exchange rate as of 31 December 2021 - EUR 1 = BGN 1.9559

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 young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 4 subsidiary companies and has offices in Bulgaria, China and USA and is about to open an office in 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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