Correction: Airobot Technologies AS report for the consolidated financial statements of 2023
The annual report is attached to the stock exchange announcement. In the previous stock exchange announcement, only financial statements were attached.
Management report on operations
The total turnover in 2023 was EUR 1,523,663 (2022: 1,002,360), which is 1.5 times higher than the total turnover in 2022. The consolidated profit for Airobot last year was EUR 52,619 (2022: loss 388,248).
Despite challenges in the construction market and uncertainties within the sector, 2023 marked a historic milestone for Airobot Technologies, as the company achieved profitability for the first time. This accomplishment is largely due to a substantial increase in market share in the domestic market.
The growth of Airobot Technologies was significantly driven by the launch of new models, which expanded Airobot's product portfolio, enabling the company to offer comprehensive smart ventilation solutions for private homes of various sizes.
Additionally, Airobot Technologies's move into the smart heating automation market played a key role in supporting its profitability. Airobot's smart thermostats and heating control solutions have been well-received by partners and resellers, thereby expanding the company's reach across an increasing number of homes.
Operations plan for the first half of 2024
Looking forward to the first half of 2024, Airobot Technologies continues its commitment to investing in product development, especially in smart ventilation and heating control. The company stands out as the only air technology firm offering integrated ventilation systems that can be combined with their heating control solutions.
Airobot Technologies will persist in aggressively pursuing new export opportunities, building upon the established contacts from 2023, with plans to continue expanding its market presence to nearly 14 countries. The company's reputation for reliable products and timely delivery has increased interest from local property developers in Airobot's domestic ventilation equipment. While the forecast for the 2024 construction market remains uncertain, Airobot Technologies sees potential growth for its ventilation equipment in the real estate development.
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Financial Ratios |
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2023 |
2022 |
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Sales Revenue |
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1 523 663 |
1 002 360 |
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Increase of revenue |
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52,0% |
109,4% |
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Net profit (loss) |
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52 619 |
-388 248 |
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Net profit margin = Net Profit : Sales Revenue *100 |
3,5% |
-38,7% |
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Quick Ratio = (Current Assets - Inventory) / Current Liabilities |
1,1 |
1,3 |
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Working Capital = Current Assets - Current Liabilities |
201 039 |
301 712 |
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Return of Assets (ROA) = Net Profit : Assets *100 |
6,8% |
-53,7% |
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Return of Equity (ROE) = Net Profit : Equity *100 |
11,8% |
-98,5% |
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Financial Statements |
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Consolidated statement of financial position |
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(in Euros) |
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31.12.2023 |
31.12.2022 |
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Assets |
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Current assets |
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Cash and cash equivalents |
318 211 |
387 640 |
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Receivables and prepayments |
37 268 |
52 495 |
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Inventories |
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174 758 |
189 814 |
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Total current assets |
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530 237 |
629 949 |
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Non-current assets |
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Tangible fixed assets |
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98 970 |
17 218 |
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Intangible assets |
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146 865 |
75 325 |
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Total non-current assets |
245 835 |
92 543 |
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Total assets |
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776 072 |
722 492 |
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Liabilities and equity |
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Liabilities |
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Current liabilities |
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Short-term loans |
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137 028 |
137 028 |
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Payables and prepayments |
192 170 |
191 209 |
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Total current liabilities |
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329 198 |
328 237 |
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Total liabilities |
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329 198 |
328 237 |
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Equity |
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Issued capital |
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251 107 |
251 107 |
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Share premium |
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764 308 |
764 308 |
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Other reserves |
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230 751 |
230 751 |
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Retained earnings (loss) |
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-851 911 |
-463 663 |
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Reporting period profit (loss) |
52 619 |
-388 248 |
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Total equity |
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446 874 |
394 255 |
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Total liabilities and equity |
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776 072 |
722 492 |
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Consolidated income statment |
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(in Euros) |
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2023 |
2022 |
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Revenue |
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1 523 663 |
1 002 360 |
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Other income |
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1 390 |
1 754 |
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Raw materials and consumables used |
-669 903 |
-511 894 |
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Other operating expenses |
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-311 804 |
-401 352 |
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Employee expenses |
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-440 373 |
-444 133 |
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Depreciation and impairment loss (reversal) |
-35 225 |
-21 472 |
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Other expenses |
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-8 207 |
-6 347 |
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Operating profit (loss) |
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59 541 |
-381 084 |
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Interest income |
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25 |
43 |
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Interest expenses |
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-6 947 |
-7 207 |
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Profit (loss) before tax |
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52 619 |
-388 248 |
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Reporting period profit (loss) |
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52 619 |
-388 248 |
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Consolidated statement of cash flows |
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(in Euros) |
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2023 |
2022 |
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Cash flows from operating activities |
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Operating profit (loss) |
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59 541 |
-381 084 |
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Adjustments |
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Depreciation and impairment loss (reversal) |
35 225 |
21 472 |
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Total adjustments |
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35 225 |
21 472 |
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Changes in receivables and prepayments |
15 226 |
28 447 |
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related to operating activities |
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Changes in inventories |
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15 056 |
-98 146 |
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Changes in payables and prepayments |
-784 |
53 737 |
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related to operating activities |
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Interest received |
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26 |
43 |
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Total cash flows from operating activities |
124 290 |
-375 531 |
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Cash flows from investing activities |
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Purchase of property, plant and equipment and |
-188 517 |
-6 543 |
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intangible assets |
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Total cash flows from investing activities |
-188 517 |
-6 543 |
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Cash flows from financial activities |
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Loans received |
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0 |
25 000 |
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Repayments of loans received |
0 |
-25 000 |
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Interest paid |
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-5 202 |
-18 586 |
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Proceeds from issuing shares |
0 |
780 003 |
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Total cash flows from financial activities |
-5 202 |
761 417 |
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Total cash flows |
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-69 429 |
379 343 |
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Cash and cash equivalents at beginning of period |
387 640 |
8 297 |
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Change in cash and cash equivalents |
-69 429 |
379 343 |
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Cash and cash equivalents at end of period |
318 211 |
387 640 |
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Consolidated statement of changes in equity |
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(in Euros) |
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Issued capital |
Share |
Other |
Retained |
Total |
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premium |
reserves |
earnings (loss) |
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31.12.2022 |
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251 107 |
764 308 |
230 751 |
-851 911 |
394 255 |
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Reporting period profit |
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52 619 |
52 619 |
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(loss) |
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31.12.2023 |
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251 107 |
764 308 |
230 751 |
-799 292 |
446 874 |
Additional information:
Heiki Aulik
Airobot Technologies AS
Management Board member
Ph: +372 528 3181
E-mail: heiki@airobothome.com
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