DGAP-News: Allterco JSCo continues strong profitable growth in 9M 2021

Allterco JSCo continues strong profitable growth in 9M 2021
 

• Consolidated revenues increased by 57.3% to BGN 38.5 million (EUR 19.7 million)*
• EBITDA up 62.2% to BGN 12.0 million BGN (EUR 6.1 million)*
• Net profit on group level up 64.0% to BGN 10.0 million (EUR 5.1 million)*
• FY21 guidance of consolidated revenue of BGN 54.5 million (EUR 27.9 million)* confirmed

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

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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