Correction: Airobot Technologies AS: Consolidated unaudited interim report for 6 months of 2022 financial year
Correction announcement adds Consolidated Statement of Changes in Equity and points out that since Airobot Technologies AS is a holding company with no independent economic activity, the financial results of its 100% subsidiary Airobot OÜ are reflected in the reports of Airobot Technologies AS.
Management board’s activity report
The volume of confirmed orders for Airobot Technologies in the first half of 2022 was 499,956 euros which was a 3.25-fold increase compared to the first half of 2021. The company’s turnover in the I half-year was 452,282 euros of which 363,188 is recorded as turnover and 89,094 is recorded on the balance sheet in the loans and advances row. According to the management, owing to the specific nature of Airobot’s business, it is the number of confirmed orders that is the most adequate performance indicator because it characterises the company’s growth the best. The above is due to the fact that turnover is generated from growth with a time delay - although the transaction for the sale of a device has taken place already in the first half-year, it is often delivered in the second half of the year. This is why it is the number of confirmed orders that enables to best monitor the company’s business growth.
Airobot Technologies AS had a loss of 233,974 euros in the first half of the year. In order to evaluate actual loss, the 89,094 euros recorded on the balance sheet as advances should be deducted from this amount, making the loss in the first half of the year 144,879 euros. If the one-off IPO cost of 83,817 euros is also deducted, the actual operating loss is 61,062 euros which corresponds to the plans.
In order to mitigate risks of uncertain supply chains and prepare for fulfilling the sales orders of 2023, intentional stocks have been purchased (in the amount of 285,773 euros) for critical components which mitigate the risk of fulfilling orders.
Comment by member of the management board of Airobot Technologies AS Heiki Aulik: “We are moving according to the planned schedule. Sales volumes are increasing also thanks to people’s increased awareness of a healthy indoor climate and the ventilation requirements prescribed by law. In relation to increased energy prices, buildings are being insulated and people are making an informed choice in favour of an energy-efficient heat recovery ventilation unit.”
Activity plans for the second half of 2022
By using our market position, the company has contributed and will continue to actively contribute to the development of new products and new product segments, which provides a strong potential for future sales growth. In the second half of the 2022, Airobot is introducing a new ventilation unit model for larger private residences and business premises for which the market supply is low but for which the company sees a strong export potential. With the new product, Airibot enters a new client segment.
Expanding the product portfolio and entering a new client segment gives Airibot the potential to achieve the established turnover goals and mitigate market risks. Airobot is constantly analysing and developing the market and its product portfolio with the aim to ensure innovation and increased business volumes.
Airobot Technologies AS sees sales growth not only with private customers but also more strongly on the business customers’ side. The company has expanded its sales team and is focusing on a more active cooperation with real estate developers, house manufacturers and ventilation system installers. One of the most important ventilation system deliveries in the first half of 2022 was for Liven’s new development project Iseära.
Consolidated statement of financial position
(in Euros)
|
30.06.2022 |
31.12.2021 |
|
Assets |
|
Current assets |
|
Cash and cash equivalents |
480 142 |
8 297 |
|
Receivables and prepayments |
88 460 |
84 523 |
|
Inventories |
285 773 |
91 668 |
|
Total current assets |
854 375 |
184 488 |
|
Non-currant assets |
|
Property, plant and equipment |
15 907 |
14 994 |
|
Intangible assets |
83 902 |
92478 |
|
Total non-current assets |
99 809 |
107 472 |
|
Total assets |
954 184 |
291960 |
|
Liabilities and equity |
|
Liabilities |
|
Current liabilities |
|
Payables and prepayments |
265 046 |
148 851 |
|
Total current liabilities |
265 046 |
148 851 |
|
Non-current liabilities |
|
Loan liabilities |
137 028 |
137 028 |
|
Total non-current liabilities |
137 028 |
137 028 |
|
Total liabilities |
402 074 |
285 879 |
|
Equity |
|
Equity held by shareholders and partners in parent company |
|
Issued capital |
251 107 |
235 412 |
|
Share premium |
764 308 |
|
|
Retained earnings (loss) |
-229 331 |
-229 331 |
|
Annual period profit (loss) |
-233 974 |
|
|
Total equity held by shareholders and partners in parent company |
552 110 |
6 081 |
|
Total equity |
552 110 |
6 081 |
|
Total liabilities and equity |
954 184 |
291960 |
Consolidated income statement
(in Euros)
|
|
01.01.2022-
30.06.2022
|
30.12.2021-
31.12.2021 |
|
Revenue |
363 188 |
478 708 |
|
Other income |
0 |
124469 |
|
Raw materials and consumables used |
-180 916 |
-216 778 |
|
Other operating expense |
-208 350 |
-249 082 |
|
Employee expense |
-190811 |
-201171 |
|
Depreciation and impairment loss (reversal) |
-10 636 |
-20 057 |
|
Other expense |
-1608 |
-1014 |
|
Operating profit (loss) |
-229 133 |
-84 925 |
|
Interest income |
13 |
8 |
|
Interest expenses |
-4 862 |
-2 007 |
|
Profit (loss) before tax |
-233 982 |
-86 924 |
|
Annual period profit (loss) |
-233 982 |
-86 924 |
|
Profit (loss) from shareholders and partners in parent company |
-38 647 |
0 |
Consolidated statement of cash flows
(in Euros)
|
|
01.01.2022-
30.06.2022
|
30.12.2021-
31.12.2021 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Operating profit (loss) |
-229 133 |
-84 925 |
|
Adjustments |
|
Depreciation and impairment loss (reversal) |
10 636 |
20 057 |
|
Total adjustments |
10 636 |
20 057 |
|
Changes in receivables and prepayments related to operating activities |
-3 937 |
-9 866 |
|
Changes in inventories |
-194 105 |
-52 522 |
|
Changes in payables and prepayments related to operating activities |
116 195 |
84 524 |
|
Other cash flows from operating activities |
|
-1 010 |
|
Total cash flows from operating activities |
-300 344 |
-43 742 |
|
Cash flows from investing activities |
|
Purchase of property, plant and equipment and intangible assets |
-2 973 |
-13 194 |
|
Total cash flows from investing activities |
-2 973 |
-13 194 |
|
Cash flows from financing activities |
|
Interest paid |
-4 840 |
-11 385 |
|
Proceeds from issuing shares |
780 002 |
|
|
Total cash flows from financing activities |
775 162 |
-11 385 |
|
Total cash flows |
471 845 |
-68 321 |
|
Cash and cash equivalents at beginning of period |
8 297 |
76 618 |
|
Change in cash and cash equivalents |
471 845 |
-68 321 |
|
Cash and cash equivalents at end of period |
480 142 |
8 297 |
Consolidated statement of changes in equity
(in Euros)
|
|
|
Total |
Equity held by shareholders and partners in
parent company |
|
Issued capital |
Share premium |
|
Retained earnings (loss) |
|
30.12.2021 |
235 412 |
|
-229 331 |
6 081 |
|
31.12.2021 |
235 412 |
|
-229 331 |
6 081 |
|
Annual period profit (loss) |
|
|
-233 974 |
-233 974 |
|
Issue of equity |
15 694 |
764 308 |
|
780 002 |
|
30.06.2022 |
251 106 |
764 308 |
-463 305 |
552 109 |
Airobot Technologies AS is an indoor climate technology and production company, which is characterized by strong software and air analysis. Airobot's main product is innovative ventilation equipment with a demand-based control algorithm, which has been developed in cooperation with the University of Tartu and TalTech. The devices are developed, designed and manufactured in Estonia.
For more information:
Heiki Aulik
Airobot Technologies AS
Member of the Board
Tel: +372 528 3181
E-mail: heiki@airobothome.com
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