AS Bercman Technologies consolidated interim report for 2021 financial year
On 22.11.2021 Krakul OÜ (hereinafter “Krakul”), Krakul’s mother company Krakul Holding OÜ and AS Bercman Technologies concluded a conditional swap for the share of a private limited company and shares of a public limited company, the object of which was the acquisition of a 100% holding in Krakul by the company. The acquisition of the holding was paid for in the shares of the company. The special general meeting of the company’s shareholders approved the 01.12.2021 contract and the increase of the company’s share capital. On 23.12.2021 the transactions were completed and the company acquired a 100% holding in Krakul.
Krakul’s CEO Jaan Hendrik Murumets joined the management board of Bercman and is responsible for the research and development activity of technological solutions.
3 new positions were created during the reporting period. A software developer, development manager and production manager joined the company. The management board intends to continue the expansion of the team during the next reporting period in the following fields: financial management, sales and software development. As at 31.12.2021 the company had 14 employees, 2 management board members and 3 supervisory board members.
At the end of the year 2021, Bercman joined CCAM – the international organisation for smart and automated transportation systems. With the help of this network, the company together with partners can participate in the Horizon targeted funding projects that support product development and improve the competitiveness of the products. Moreover, it is possible to establish partnerships with stakeholder groups that are of key importance for the company, find potential clients, contribute to the European Union legislative work and stay informed about the developments of the field.
The company began cooperation with the University of Hamburg and the technology companies of Hamburg (incl. with Artificial Intelligence Center Hamburg (ARIC)). The company’s project “SmartWalk” received funding in the amount of 100,000 euros under the mFUND innovation initiation, which in turn is funded by the Federal Ministry for Digital and Transport of the Federal Republic of Germany.
The company has prepared a funding application for Enterprise Estonia’s applied research programme with a budget of 340,000 euros. The aim of the project is to create the prototype for a traffic infrastructure system design that identifies traffic accidents that occur on pedestrian crossings. The project application will be submitted to Enterprise Estonia when the measure opens but not later than during the second quarter of 2022.
During the financial year or at the time of submitting the report, the company did not have any pending court proceedings, tax or other disputes. Considering the market situation, the management board believes that the general market environment is continuously growing. Based on this, the management board believes that the goals set are feasible and active work is done on managing the premises to enable quick growth in the coming financial years.
Statement of financial position
(In Euros)
|
|
31.12.2021 |
30.06.2021 |
31.12.2020 |
30.06.2020 |
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
378,023 |
825,715 |
9,727 |
3,350 |
|
Receivables and prepayments |
158,412 |
12,088 |
11,313 |
46,785 |
|
Inventories |
123,143 |
74,940 |
68,884 |
113,072 |
|
Total current assets |
659,578 |
912,743 |
89,924 |
163,207 |
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
37,110 |
27,866 |
32,161 |
36,694 |
|
Intangible assets |
1,448,259 |
145,872 |
103,164 |
119,008 |
|
Total non-current assets |
1,485,369 |
173,738 |
135,325 |
155,702 |
|
Total assets |
2,144,947 |
1,086,481 |
225,249 |
318,909 |
|
Liabilities and equity |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Loan liablities |
28,472 |
42,891 |
59,307 |
113,044 |
|
Payables and prepayments |
462,666 |
240,704 |
197,358 |
172,470 |
|
Provisions |
4,168 |
4,168 |
4,168 |
4,168 |
|
Total current liabilities |
495,306 |
287,763 |
260,833 |
289,682 |
|
Non-current liabilities |
|
|
|
|
|
Loan liablities |
4,822 |
0 |
0 |
82,748 |
|
Government grants |
0 |
23,310 |
23,310 |
23,310 |
|
Total non-current liabilities |
4,822 |
23,310 |
23,310 |
106,058 |
|
Total liabilities |
500,128 |
311,073 |
284,143 |
395,740 |
|
Equity |
|
|
|
|
|
Equity held by shareholders and partners in parent company |
|
|
|
|
|
Issued capital |
129,847 |
119,847 |
75,000 |
75,000 |
|
Unregistred equity |
0 |
0 |
100,592 |
0 |
|
Share premium |
1,868,788 |
1,097,788 |
0 |
0 |
|
Other reserves |
473,922 |
156 |
0 |
0 |
|
Retained earnings (loss) |
-234,486 |
-234,486 |
-150,358 |
-150,358 |
|
Annual period profit (loss) |
-593,252 |
-207,897 |
-84,128 |
-1,473 |
|
Total equity held by shareholders and partners in parent company |
1,644,819 |
775,408 |
-58,894 |
-76,831 |
|
Total equity |
1,644,819 |
775,408 |
-58,894 |
-76,831 |
|
Total liabilities and equity |
2,144,947 |
1,086,481 |
225,249 |
318,909 |
Income statement
(In Euros)
|
|
2021 |
2021 II
half year |
2020 |
2020 II
half year |
|
Revenue |
76,096 |
72,981 |
124,731 |
81,307 |
|
Other income |
51,150 |
31,282 |
89,018 |
43,313 |
|
Work performed by entity and capitalised |
130,178 |
85,388 |
0 |
0 |
|
Raw materials and consumables used |
-146,345 |
-134,037 |
-72,597 |
-65,119 |
|
Other operating expense |
-231,571 |
-138,001 |
-33,460 |
-18,429 |
|
Employee expense |
-384,855 |
-240,553 |
-123,086 |
-80,517 |
|
Depreciation and impairment loss (reversal) |
-75,938 |
-55,280 |
-41,626 |
-21,495 |
|
Other expense |
-1,796 |
-212 |
-11,413 |
-11,196 |
|
Operating profit (loss) |
-583,081 |
-378,432 |
-68,433 |
-72,136 |
|
Interest expenses |
-8,870 |
-6,407 |
-13,737 |
-9,371 |
|
Other financial income and expense |
-1,301 |
-516 |
-1,958 |
-1,148 |
|
Profit (loss) before tax |
-593,252 |
-385,355 |
-84,128 |
-82,655 |
|
Annual period profit (loss) |
-593,252 |
-385,355 |
-84,128 |
-82,655 |
|
Profit (loss) from shareholders and partners in parent company |
-593,252 |
-385,355 |
-84,128 |
-82,655 |
Statement of cash flows
(In Euros)
|
|
2021 |
2021 II
half year |
2020 |
2020 II
half year |
|
Cash flows from operating activities |
|
|
|
|
|
Operating profit (loss) |
-583,081 |
-378,432 |
-68,433 |
-72,136 |
|
Adjustments |
|
|
|
|
|
Depreciation and impairment loss (reversal) |
75,938 |
55,280 |
41,626 |
21,495 |
|
Other adjustments |
-39,770 |
-20,116 |
-89,018 |
-43,313 |
|
Total adjustments |
36,168 |
35,164 |
-47,392 |
-21,818 |
|
Changes in receivables and prepayments related to operating activities |
-52,517 |
-40,929 |
1,217 |
-1,715 |
|
Changes in inventories |
-19,994 |
-13,939 |
36,749 |
44,188 |
|
Changes in payables and prepayments related to operating activities |
48,715 |
5,374 |
45,262 |
18,789 |
|
Interest received |
24 |
24 |
0 |
0 |
|
Proceeds from government grants |
38,596 |
7,972 |
78,205 |
32,500 |
|
Total cash flows from operating activities |
-532,089 |
-384,766 |
45,608 |
-192 |
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of property, plant and equipment and intangible assets |
-178,807 |
-119,735 |
-43,499 |
-1,118 |
|
Net cash flow from acquisition of subsidiaries and operating activities |
65,095 |
65,095 |
0 |
0 |
|
Total cash flows from investing activities |
-113,712 |
-54,640 |
-43,499 |
-1,118 |
|
Cash flows from financing activities |
|
|
|
|
|
Loans received |
156,100 |
0 |
59,920 |
11,700 |
|
Repayments of loans received |
-114,346 |
-16,830 |
-152,367 |
-100,185 |
|
Interest paid |
-3,642 |
-1,456 |
-9,270 |
-4,420 |
|
Proceeds from issuing shares |
975,985 |
10,000 |
100,592 |
100,592 |
|
Total cash flows from financing activities |
1,014,097 |
-8,286 |
-1,125 |
7,687 |
|
Total cash flows |
368,296 |
-447,692 |
984 |
6,377 |
|
Cash and cash equivalents at beginning of period |
9,727 |
825,715 |
8,743 |
3,350 |
|
Change in cash and cash equivalents |
368,296 |
-447,692 |
984 |
6,377 |
|
Cash and cash equivalents at end of period |
378,023 |
378,023 |
9,727 |
9,727 |
Consolidated statement of changes in equity
(In Euros)
Equity held by shareholders and partners in parent company
|
|
Issued capital |
Unregistered equity |
Share premium |
Other reserves |
Retained earnings (loss) |
Total |
|
31/12/2019 |
75,000 |
|
|
|
-150,358 |
-75,358 |
|
Annual period profit (loss) |
|
|
|
|
-1,473 |
-1,473 |
|
30/06/2020 |
75,000 |
0 |
0 |
0 |
-151,831 |
-76,831 |
|
Annual period profit (loss) |
|
|
|
|
-82,655 |
-82,655 |
|
Issue of equity |
|
100,592 |
|
|
|
100,592 |
|
31/12/2020 |
75,000 |
100,592 |
0 |
0 |
-234,486 |
-58,894 |
|
Annual period profit (loss) |
|
|
|
|
-207,897 |
-207,897 |
|
Issue of equity |
44,847 |
-100,592 |
1,097,788 |
|
|
1,042,043 |
|
Changes in reserves |
|
|
|
156 |
|
156 |
|
30/06/2021 |
119,847 |
0 |
1,097,788 |
156 |
-442,383 |
775,408 |
|
Annual period profit (loss) |
|
|
|
|
-385,355 |
-385,355 |
|
Issue of equity |
10,000 |
|
771,000 |
|
|
781,000 |
|
Changes in reserves |
|
|
|
473,766 |
|
473,766 |
|
31/12/2021 |
129,847 |
0 |
1,868,788 |
473,922 |
-827,738 |
1,644,819 |
Bercman Technologies AS korrigeerib 2022. ja 2023. aasta prognoose
Bercman Technologies AS notifies that it adjusts the turnover figures and turnover forecast compared to the information submitted in June 2021 from 1.0 million euros to 2.4 million euros for the current year and from 2.3 million euros to 4.0 million euros for 2023.
|
Financial year |
Turnover old (EUR) |
Turnover new (EUR) |
Change in euros |
|
2021* |
309 921 |
76 096 |
-233 825 |
|
2022** |
1 005 075 |
2 445 000 |
+1 436 925 |
|
2023** |
2 313 750 |
4 051 000 |
+1 737 250 |
*The valid turnover and profit figures are based on the introduction of the company submitted to the investors upon fund raising in the multilateral trading facility First North.
** Financial indicators other than sales forecasts are unclear at the time of publication of the notice and will be published when more detailed forecasts are prepared.
“Changes in turnover forecasts are primarily related to the acquisition of Krakul OÜ. Based on this, as of 01.01.2022 the balance and income statement of Krakul OÜ will be consolidated with the balance and income statement of Bercman Technologies AS. The forecasts for Bercman remain unchanged and the increase of forecasts is primarily related to the turnover forecasts of Krakul OÜ being added to the consolidated income statement of the mother company,” explained Mart Suurkask, CEO of Bercman.
Mart Suurkask
Member of the Board
+37253402902
mart.suurkask@bercman.com
|