AS Bercman Technologies 2024 first half-year unaudited consolidated interim report
AS Bercman Technologies (hereinafter “Bercman”) announces its unaudited consolidated results for the first half of 2024. Bercman's consolidated turnover in the first six months of 2024 was 692,332 euros. In the comparable period of 2023, the turnover was 869,295 euros.
Management report
In the first six months of 2024, in addition to serving Estonian customers, development services were exported to Sweden, Finland, Singapore, Norway, Switzerland, the United States and Ireland as a new market.
The provision of development services was led by clients from the field of defence, but the activation took place mainly in all client sectors, and the growth trend was shown by the share of medical technology and energy areas in the service portfolio. At the beginning of the year, the narrower focus of the services was on providing Regulatory as a Service to organise the regulatory compliance assessment and execution of electronic products.
As for the Company’s proprietary products, plans for the production of fast chargers for electric vehicles were unveiled in June, and a separate subsidiary, Bercman Energy, was registered. Bercman Energy focuses on the production and sale of fast chargers with high charging capacity.
Smart pedestrian crosswalks were exported to Greece, the city of Lamia and installation work on pedestrian crosswalk safety systems was carried out in Croatia, Greece, Australia and Estonia.
To promote sales activities and map new business opportunities, a defence sector high-level visit was carried out in Sweden in the first half of the year together with the Estonian Minister of Defence and a delegation of companies in the defence sector. Bercman visited the electronics conference Elektronik in Sweden, a networking event for Norway’s maritime and aquaculture industries and a roundtable of Estonian and Finnish electronics companies.
In Estonia, a meeting was held with the Japanese company Toyota Connect to discuss cooperation opportunities. The team participated in sTARTUp Day and the MELT innovation forum in Estonia. The smart road solution was introduced at the ITS Estonia round table, the seminar of the Estonian Infrastructure Construction Association and the road safety roundtable of the Transport Administration.
Financial results
The reporting period ended with a loss in the amount of 350,532 euros (for 6 months 2023, the loss was 160,384 euros). As of 30.06.2024, the consolidated balance sheet total of the company was 1,677,031 euros (30.06.2023: 1,773,760 euros). Current assets amounted to EUR 332,898 (30.06.2023: EUR 475,867). The volume of fixed assets was 1,344,133 euros (30.06.2023: 1,297,893 euros). As of 30.06.2024, the company's equity was 867,382 euros (30.06.2023: 1,204,433 euros). As of 30.06.2024, the company had 68,935 euros of loan liabilities (30.06.2023: 72,023 euros).
Team
As of 30.06.2024, there is one member of the Management Board, three of the Supervisory Board in Bercman, one of the Management Board in Krakul and one of the Management Board in Bercman Energy. In total, the Group employs 24 specialists in their field, and two external experts provide business development and sales support. The group's labour costs, including labour taxes, amounted to EUR 632,111 in the first half of 2024 (6 months 2023: EUR 572,825).
The financial results for the reporting period are presented below.
Consolidated statement of financial position
(in Euros)
|
|
30.06.2024 |
31.12.2023 |
30.06.2023 |
31.12.2022 |
Note |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
88 727 |
218 262 |
89 596 |
254 657 |
|
|
Receivables and prepayments |
206 648 |
122 922 |
322 265 |
221 986 |
2 |
|
inventories |
37 523 |
50 697 |
64 006 |
94 612 |
3 |
|
Total current assets |
332 898 |
391 881 |
475 867 |
571 255 |
|
|
Non-current assets |
|
|
|
|
|
|
Receivables and prepayments |
32 293 |
32 293 |
0 |
0 |
2 |
|
Property, plant and equipment |
17 548 |
23 161 |
27 966 |
32 175 |
6 |
|
Intangible assets |
1 294 292 |
1 380 594 |
1 269 927 |
1 056 115 |
7 |
|
Total non-current assets |
1 344 133 |
1 436 048 |
1 297 893 |
1 088 290 |
|
|
Total assets |
1 677 031 |
4 168 |
1 773 760 |
1 659 545 |
|
|
Liabilities and equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Loan liabilities |
68 935 |
49 920 |
72 023 |
73 659 |
8 |
|
Payables and prepayments |
650 443 |
523 324 |
482 311 |
512 934 |
9 |
|
Provisions |
4 168 |
4 168 |
4 168 |
4 168 |
|
|
Government grants |
0 |
0 |
7000 |
7000 |
10 |
|
Total current liabilities |
723 546 |
577 412 |
565 502 |
597 761 |
|
|
Non-current liabilities |
|
|
|
|
|
|
Loan liabilities |
27 800 |
27 800 |
3 825 |
3 825 |
8 |
|
Payables and prepayments |
58 303 |
34 803 |
0 |
0 |
9 |
|
Total non-current liabilities |
86 103 |
62 603 |
3 825 |
3 825 |
|
|
Total liabilities |
809 649 |
640 015 |
569 327 |
601 586 |
|
|
Equity |
|
|
|
|
|
|
Equity held by shareholders and partners in parent company |
|
|
|
|
|
|
Issued capital |
143 903 |
143 903 |
143 903 |
143 903 |
11 |
|
Unregistered equity |
544 |
0 |
0 |
0 |
11 |
|
Share premium |
2 412 758 |
2 412 758 |
2 412 758 |
2 412 758 |
11 |
|
Other reserves |
556 469 |
527 013 |
462 619 |
143 262 |
11, 16 |
|
Retained earnings (loss) |
-1 895 760 |
-1 641 964 |
-1 654 463 |
-867 738 |
|
|
Annual period profit (loss) |
-350 532 |
-253 796 |
-160 384 |
-774 226 |
|
|
Total equity held by shareholders and partners in parent company |
867 382 |
1 187 914 |
1 204 433 |
1 057 959 |
|
|
Total equity |
867 382 |
1 187 914 |
1 204 433 |
1 057 959 |
|
|
Total liabilities and equity |
1 677 031 |
1 827 929 |
1 773 760 |
1 659 545 |
|
Consolidated income statement
(In Euros)
|
|
30.06.2024 |
31.12.2023 |
30.06.2023 |
30.06.2022 |
Note |
|
Revenue |
692 332 |
1 669 403 |
869 295 |
793 435 |
12 |
|
Other income |
7 121 |
19 394 |
0 |
0 |
13 |
|
Work performed by entity and capitalised |
0 |
132 010 |
0 |
103 126 |
7 |
|
Raw materials and consumables used |
-139 701 |
-373 815 |
-162 076 |
-239 031 |
14 |
|
Other operating expense |
-172 920 |
-345 172 |
-204 041 |
-288 989 |
15 |
|
Employee expense |
-632 111 |
-1 166 156 |
-572 825 |
-714 707 |
16 |
|
Depreciation and impairment loss (reversal) |
-96 788 |
-167 783 |
-84 016 |
-88 030 |
6,7 |
|
Other expense |
-2 926 |
-8 190 |
-3 526 |
-1 214 |
|
|
Operating profit (loss) |
-344 993 |
-240 309 |
-157 189 |
-435 410 |
|
|
Interest expenses |
-5 880 |
-14 070 |
-3 300 |
-4 448 |
|
|
Other financial income and expense |
341 |
583 |
105 |
-315 |
|
|
Profit (loss) before tax |
-350 532 |
-253 796 |
-160 384 |
-440 173 |
|
|
Annual period profit (loss) |
-350 532 |
-253 796 |
-160 384 |
-440 173 |
|
|
Profit (loss) from shareholders and partners in parent company |
-350 532 |
-253 796 |
-160 384 |
-440 173 |
|
Consolidated statement of cash flows
(In Euros)
|
|
30.06.2024 |
31.12.2023 |
30.06.2023 |
31.12.2022 |
Note |
|
Cash flows from operating activities |
|
|
|
|
|
|
Operating profit (loss) |
-344 993 |
-240 309 |
-157 189 |
-759 185 |
|
|
Adjustments |
|
|
|
|
|
|
Depreciation and impairment loss (reversal) |
96 788 |
167 783 |
84 016 |
222 838 |
6,7 |
|
Profit (loss) from the sale of fixed assets |
|
|
0 |
1 317 |
|
|
Other adjustments |
14 002 |
11 145 |
15 806 |
-46 286 |
10,11 |
|
Total adjustments |
110 790 |
178 928 |
99822 |
177 869 |
|
|
Changes in receivables and prepayments related to operating activities |
-83 726 |
66 771 |
-108 440 |
-55 415 |
|
|
Changes in inventories |
13 174 |
43 915 |
30 606 |
28 531 |
|
|
Changes in payables and prepayments related to operating activities |
127 119 |
45 193 |
-30 623 |
37 580 |
|
|
Interest received |
341 |
583 |
106 |
26 |
|
|
Proceeds from government grants |
7 002 |
20 554 |
8 160 |
23 920 |
10 |
|
Total cash flows from operating activities |
-170 293 |
115 635 |
-157 558 |
-546 674 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of property, plant and equipment and intangible assets |
-1 159 |
-135 100 |
-1 368 |
-172 869 |
6,7 |
|
Received from property, plant and equipment and intangible assets |
00 |
|
0 |
83 |
|
|
Total cash flows from investing activities |
1 159 |
-135 100 |
-1 368 |
-172 786 |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Loans received |
20 323 |
0 |
0 |
216 900 |
|
|
Repayments of loans received |
0 |
-8 859 |
0 |
-172 961 |
|
|
Interest paid |
-1 142 |
-3 252 |
-3 300 |
-2 379 |
|
|
Repayments of finance lease liabilities |
-1308 |
-4819 |
-2 835 |
-3 492 |
|
|
Proceeds from issuing shares |
544 |
0 |
0 |
558 026 |
11 |
|
Other cash outflows from financing activities |
23500 |
0 |
0 |
0 |
|
|
Total cash flows from financing activities |
41 917 |
-16 930 |
-6 135 |
596 094 |
|
|
Total cash flows |
-129 535 |
-36 395 |
-165 061 |
-123 366 |
|
|
Cash and cash equivalents at beginning of period |
218 262 |
254 657 |
254 657 |
378 023 |
|
|
Change in cash and cash equivalents |
-129 535 |
-36 395 |
-165 061 |
-123 366 |
|
|
Cash and cash equivalents at end of period |
88 727 |
218 262 |
89 596 |
254 657 |
|
Consolidated statement of changes in equity
(In Euros)
|
|
|
TOTAL |
|
Equity held by shareholders and partners in parent company |
|
Issued capital |
Unregistered equity |
Share premium |
Other reserves |
Retained earnings (loss) |
|
31.12.2022 |
143 903 |
0 |
2 412 758 |
143 262 |
-1 641 964 |
1 057 959 |
|
Annual period profit (loss) |
|
|
|
|
-160 384 |
-160 384 |
|
Issue of equity |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
15 806 |
|
15 806 |
|
Changes in equity |
|
|
|
303 551 |
-12 499 |
291 052 |
|
30.06.2023 |
143 903 |
0 |
2 412 758 |
462 619 |
-1 814 847 |
1 204 433 |
|
Annual period profit (loss) |
|
|
|
|
-80913 |
|
|
Issue of equity |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
20995 |
|
|
|
Changes in equity |
|
|
|
43399 |
|
|
|
31.12.2023 |
143 903 |
0 |
2 412 758 |
527 013 |
-1 895 760 |
1 187 914 |
|
Annual period profit (loss) |
|
|
|
|
-350 532 |
350 532 |
|
Issue of equity |
|
544 |
|
|
|
544 |
|
Changes in reserves |
|
|
|
29 456 |
|
29 456 |
|
Changes in equity |
|
|
|
|
|
0 |
|
30.06.2024 |
143 903 |
544 |
2 412 758 |
556 469 |
-2 246 292 |
867 382 |
Mart Suurkask, CEO of Bercman: “The first-half results were still influenced by global macroeconomic trends, including geopolitical tensions. We anticipate a significant increase in sales orders from smart crosswalk tenders, particularly in the second half of the year. On a positive note, demand for our development services grew in the first half, and we expect this trend to continue into the second half. Regarding new initiatives, our primary focus has been on launching the production of fast chargers for electric vehicles and establishing the new subsidiary, Bercman Energy. The development and sales of these fast chargers are progressing rapidly, and we present the new fast charger at expos in Berlin and Dubai in September and October.”
Bercman is a technology company listed on Nasdaq First North, specialising in development services, creation of proprietary products, and provision of comprehensive technology systems. The Bercman Group consists of the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy, founded in June this year, is a company active in the development, production and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with more than a decade of experience in hardware and software development.
Additional information:
Mart Suurkask
AS Bercman Technologies
Member of the Board
Telephone: +372 5340 2902
E-mail: mart.suurkask@bercman.com
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