Allterco JSCo lays the track for further profitable growth with successful 2021 financial year
 

• Consolidated operating revenue increases by 28.8% to BGN 61.0 million (EUR 31.2 million)*
• EBITDA** increases by 18.6% to BGN 19.1 million (EUR 9.8 million)*
• Increase in net profit at group level by 18.8% to BGN 16.0 million (EUR 8.2 million)*
• Investment in corporate structures to facilitate expansion

Sofia / Munich, 29 April 2022 - Allterco JSCo (ticker A4L / ISIN: BG1100003166) ("Allterco"), a provider of IoT and smart home products based in Sofia, Bulgaria, has confirmed the preliminary results with the publication of the 2021 annual report.

Allterco achieved a 28.8% increase in consolidated operating revenues to BGN 61.0 million (EUR 31.2 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). The increase in administrative expenses is attributable mainly to external services and personnel in connection with the expansion of business activities. Earnings before interest, taxes, depreciation and amortization (EBITDA**) increased by 18.6% to BGN 19.1 million (EUR 9.8 million)*. Net profit at the Group level increased by 18.8% year-on-year to BGN 16.0 million (EUR 8.2 million)*.

With an equity ratio of 90.6% as of 31 December 2021, Allterco enjoys a solid balance sheet (31 December 2020: 87.0%). Here, in addition to the unappropriated profit, the reduction in non-current liabilities to banks by 20.1% to BGN 2.0 million (EUR 1.3 million)* was particularly noticeable while inventories nearly doubled to BGN 7.6 million (EUR 3.9 million).

Cash flow from operating activities almost 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.

Wolfgang Kirsch, CEO of Allterco JSCo: "In the past financial year, we at Allterco once again succeeded in making our customers' homes smart and comfortable, helping them to measure, localize and reduce energy consumption. The excellent 2021 results show that we are right in tune with the spirit of the times with our solutions and underscore the viability of the expansion course we have embarked upon. With the expansion of our corporate structures, the track is laid for us to move right to the front in the positive market environment of the fast-growing smart home market. Our technological leadership is reflected, for example, in the ability of our research and development department to address the chip market situation through more efficient product design. We continue to expect profitable above-market growth through the expansion of our geographic footprint and the broadening of our product portfolio."

The Annual Report is available in the Investor Relations section of the Company's website at allterco.com.

Following the new composition of the Board of Directors at the Extraordinary General Meeting on 8 April 2022, the forecast for the current financial year, together with a medium-term outlook, will be announced at the Annual General Meeting in June 2022.

* EUR/BGN exchange rate as of 31 December 2021 - EUR 1 = BGN 1.95583

** EBITDA includes for a holding company ordinary operating income from dividends as well as the sale of financial assets.

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.

Contact Investor Relations
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