Operational Report
For the first half of 2023, Airobot Technologies confirmed orders amounting to €895,704, marking a 79% growth compared to the first half of 2022. The company's total revenue for the first half was €653,544, of which €472,114 is accounted for as sales revenue, and €181,430 is recorded as prepayments under the balance sheet line "Liabilities and Prepayments". Sales revenue grew by nearly 30% compared to the first half of 2022. The volume of confirmed orders best characterizes the company's real-time growth, as, due to the nature of Airobot's operations, sales revenue reflects with a certain delay.
The total loss for the reporting half-year was €190,744. However, the company's actual loss in the first half was smaller, as the half-yearly report's turnover doesn't account for prepayments totaling €181,430, which will be future sales revenue.
A significant portion of the company's loss in the first half was attributed to development costs. Airobot launched two new ventilation devices and smart heating control products, the development costs of which largely occurred in the first half of 2023.
Furthermore, Airobot invested in marketing activities during the first half, supporting the company's export plans. Due to successful sales efforts, Airobot's first smart ventilation devices reached nine foreign countries in the first half: the United Kingdom, the Netherlands, Germany, Latvia, Belgium, Poland, the Faroe Islands, Romania, and Sweden.
Activity Plans for the 2nd Half of 2023
Airobot's turnover volumes have been steadily increasing. The company anticipates that when moderate market activity remains, it will be cash-flow positive and gradually turn profitable in the second half of the year.
Despite challenging market conditions, the company expects active growth. Growth rates might vary year by year, but it is assumed that the average annual sales volume growth will be similar to previous years.
Airobot recognizes there's substantial untapped potential in the domestic market. Previous groundwork with private, business clients, and resellers should reflect in the results of the coming years. Airobot also plans to strengthen relationships with its initial export partners in the second half and work towards achieving consistent orders and gradual volume growth in foreign countries.
Financial Ratios
| 01.01.2023 - | 01.01.2022 - | |||||
| 30.06.2023 | 30.06.2022 | |||||
| Sales Revenue | 472 114 | 363 188 | ||||
| Increase of revenue | 30,0% | 41,0% | ||||
| Net profit (loss) | -190 744 | -233 982 | ||||
| Net profit margin = Net Profit : Sales Revenue *100 | -40,4% | -64,4% | ||||
| Working Capital = Current Assets - Current Liabilities | 37 933 | 585 740 | ||||
| Return of Assets (ROA) = Net Profit : Assets *100 | -25,6% | -24,6% | ||||
| Return of Equity (ROE) = Net Profit : Equity *100 | -93,7% | -42,7% | ||||
Financial Statements
Consolidated statement of financial position
(in Euros)
| 30/06/2023 | 31/12/2022 | 30/06/2022 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 263 115 | 387 640 | 480 142 | |||
| Receivables and prepayments | 23 922 | 52 495 | 84 871 | |||
| Inventories | 292 623 | 189 814 | 285 773 | |||
| Total current assets | 579 660 | 629 949 | 850 786 | |||
| Non-current assets | ||||||
| Tangible fixed assets | 98 781 | 17 218 | 15 907 | |||
| Intangible assets | 66 797 | 75 325 | 83 902 | |||
| Total non-current assets | 165 578 | 92 543 | 99 809 | |||
| Total assets | 745 238 | 722 492 | 950 595 | |||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Short-term loans | 137 028 | 137 028 | 0 | |||
| Payables and prepayments | 404 699 | 191 209 | 265 046 | |||
| Total current liabilities | 541 727 | 328 237 | 265 046 | |||
| Non-current liabilities | ||||||
| Long-term loans | 0 | 0 | 137 028 | |||
| Total non-current liabilities | 0 | 0 | 137 028 | |||
| Total liabilities | 541 727 | 328 237 | 402 074 | |||
| Equity | ||||||
| Issued capital | 251 107 | 251 107 | 251 107 | |||
| Share premium | 764 308 | 764 308 | 764 308 | |||
| Other reserves | 230 751 | 230 751 | 230 751 | |||
| Retained earnings (loss) | -851 911 | -463 663 | -463 663 | |||
| Reporting period profit (loss) | -190 744 | -388 248 | -233 982 | |||
| Total equity | 203 511 | 394 255 | 548 521 | |||
| Total liabilities and equity | 745 238 | 722 492 | 950 595 | |||
| Consolidated income statment | |||||
| (in Euros) | |||||
| 01.01.2023 - | 01.01.2022 - | ||||
| 30.06.2023 | 30.06.2022 | ||||
| Revenue | 472 114 | 363 188 | |||
| Other income | 7 | 0 | |||
| Raw materials and consumables used | -225 753 | -180 916 | |||
| Other operating expenses | -205 775 | -208 350 | |||
| Employee expenses | -211 214 | -190 811 | |||
| Depreciation and impairment loss (reversal) | -14 165 | -10 636 | |||
| Other expenses | -3 114 | -1 608 | |||
| Operating profit (loss) | -187 900 | -229 133 | |||
| Interest income | 13 | 13 | |||
| Interest expenses | -2 857 | -4 862 | |||
| Profit (loss) before tax | -190 744 | -233 982 | |||
| Reporting period profit (loss) | -190 744 | -233 982 | |||
| Consolidated statement of cash flows | |||||
| (in Euros) | |||||
| 01.01.2023 - | 01.01.2022 - | ||||
| 30.06.2023 | 30.06.2022 | ||||
| Cash flows from operating activities | |||||
| Operating profit (loss) | -187 900 | -229 133 | |||
| Adjustments | |||||
| Depreciation and impairment loss (reversal) | 14 165 | 10 636 | |||
| Total adjustments | 14 165 | 10 636 | |||
| Changes in receivables and prepayments | 28 573 | -3 937 | |||
| related to operating activities | |||||
| Changes in inventories | -102 809 | -194 105 | |||
| Changes in payables and prepayments | 214 685 | 116 195 | |||
| related to operating activities | |||||
| Interest received | 13 | 0 | |||
| Other cash flows from operating activities | 0 | 0 | |||
| Total cash flows from operating activities | -33 273 | -300 344 | |||
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment and | -87 200 | -2 973 | |||
| intangible assets | |||||
| Total cash flows from investing activities | -87 200 | -2 973 | |||
| Cash flows from financial activities | |||||
| Interest paid | -4 052 | -4 840 | |||
| Proceeds from issuing shares | 0 | 780 002 | |||
| Total cash flows from financial activities | -4 052 | 775 162 | |||
| Total cash flows | -124 525 | 471 845 | |||
| Cash and cash equivalents at beginning of period | 387 640 | 8 297 | |||
| Change in cash and cash equivalents | -124 525 | 471 845 | |||
| Cash and cash equivalents at end of period | 263 115 | 480 142 | |||
| Consolidated statement of changes in equity | |||||||
| (in Euros) | |||||||
| Issued capital | Share | Other | Retained | Total | |||
| premium | reserves | earnings (loss) | |||||
| 31/12/2021 | 235 412 | 230 751 | -463 663 | 2 500 | |||
| Reporting period profit | -233 982 | -233 982 | |||||
| (loss) | |||||||
| Issue of equity | 15 695 | 764 308 | 780 003 | ||||
| 30/06/2022 | 251 107 | 764 308 | 230 751 | -697 645 | 548 521 | ||
| Reporting period profit | -154 266 | -154 266 | |||||
| (loss) | |||||||
| 31/12/2022 | 251 107 | 764 308 | 230 751 | -851 911 | 394 255 | ||
| Reporting period profit | -190 744 | -190 744 | |||||
| (loss) | |||||||
| 30/06/2023 | 251 107 | 764 308 | 230 751 | -1 042 655 | 203 511 | ||
Airobot Technologies AS is an indoor climate technology and manufacturing company, distinct for its strong software and air analytics capabilities. Airobot's main product is innovative ventilation devices with demand-driven control algorithms, developed in collaboration with researchers from the University of Tartu and TalTech. The devices are developed, designed and produced in Estonia.
Additional information:
Heiki Aulik
Airobot Technologies AS
Management Board member
Ph: +372 528 3181
E-mail: heiki@airobothome.com