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DGAP-News: Allterco JSCo / Key word(s): Quarterly / Interim Statement/9 Month figures
Allterco JSCo continues strong profitable growth in 9M 2021
Sofia / Munich, 25 November 2021 - Allterco JSCo (ticker A4L / ISIN: BG1100003166) ("Allterco"), a provider of IoT and smart home products based in Sofia, Bulgaria, upheld its growth momentum in the 9-month period and achieved further increases in revenues and earnings.
Allterco achieved a 57.3% increase in consolidated revenue from the sale of devices in the 9-month period to BGN 38.5 million (EUR 19.7 million)*. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 62.2% to BGN 12.0 million (EUR 6.1 million)*. Net profit on group level increased by 64.0% to BGN 10.0 million (EUR 5.1 million)* compared to the same period of the previous year.
With an equity ratio of 89.4% as of 30 September 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 11.8% to BGN 2.2 million (EUR 1.1 million)* was particularly noticeable.
Cash flow from operating activities increased by 103.7% to BGN 4.7 million (EUR 2.4 million) as a result of business success. Cash and cash equivalents more than doubled to BGN 26.0 million (EUR 13.3 million)* as of 30 September 2021, thus providing a sufficient basis for financing further growth.
Following a better-than-expected nine months of 2021, the Management Board confirms the forecast for the 2021 financial year of consolidated sales revenue of approximately BGN 54.5 million (EUR 27.9 million)*. Allterco has taken specific measures to secure its strategic growth course.
Dimitar Dimitrov, CEO of Allterco JSCo: "The excellent results in the first nine months of 2021 encourage us to continue on the expansion course we have embarked upon. In addition to the strong operating figures, we have sent out clear signals in this regard. The establishment of a subsidiary in Germany, following the incorporation of an associated company in China earlier this year, is an expression of and commitment to our expansion efforts. We are particularly proud of the secondary listing in the Prime Standard of the Frankfurt Stock Exchange, which took place after the end of the reporting period. With a listing on the Regulated Market of one of the most important European financial centers, we are gaining access to additional investor groups, increasing the company's visibility on the capital markets and improving the liquidity of the Allterco share."
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 25 November 2021 - EUR 1 = BGN 1.95583
More information at allterco.com
25.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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