Management Report on Activities
In the second half of 2023, Airobot Technologies recorded a significant turnover of EUR 1,061,718, an increase of approximately 1.7 times compared to the same period in 2022. The profit for the second half of 2023 was EUR 286,391. The profit in the second half of the year was due to an increase in sales revenue and partly to the capitalisation of product development costs.
EUR 98 993 of product development costs were capitalized over three years. For the entire year of 2023, Airobot Technologies' total turnover amounted to EUR 1,533,832, which represents a 1.5-fold increase over 2022. The total profit for 2023 was EUR 95,647.
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' 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.
Action Plans 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 segment.
| Financial Ratios | |||||||
| 2023 | 2023 H2 | 2022 | 2022 H2 | ||||
| Sales Revenue | 1 533 832 | 1 061 718 | 1 002 360 | 639 172 | |||
| Increase of revenue | 53,0% | 66,1% | 109,4% | 17,6% | |||
| Net profit (loss) | 95 647 | 286 391 | -388 248 | -154 266 | |||
| Net profit margin = Net Profit : Sales Revenue *100 | 6,2% | 27,0% | -38,7% | -24,1% | |||
| Working Capital = Current Assets - Current Liabilities | 239 588 | 239 588 | 301 712 | 301 712 | |||
| Return of Assets (ROA) = Net Profit : Assets *100 | 11,8% | 35,4% | -53,7% | -16,2% | |||
| Return of Equity (ROE) = Net Profit : Equity *100 | 19,5% | 42,1% | -98,5% | -28,1% | |||
| Financial Statements | ||||||
| Consolidated statement of financial position | ||||||
| (in Euros) | ||||||
| 31.12.2023 | 30.06.2023 | 31.12.2022 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 318 211 | 263 115 | 387 640 | |||
| Receivables and prepayments | 37 269 | 23 922 | 52 495 | |||
| Inventories | 202 233 | 292 623 | 189 814 | |||
| Total current assets | 557 713 | 579 660 | 629 949 | |||
| Non-current assets | ||||||
| Tangible fixed assets | 98 970 | 98 781 | 17 218 | |||
| Intangible assets | 151 343 | 66 797 | 75 325 | |||
| Total non-current assets | 250 313 | 165 578 | 92 543 | |||
| Total assets | 808 026 | 745 238 | 722 492 | |||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Short-term loans | 137 028 | 137 028 | 137 028 | |||
| Payables and prepayments | 181 096 | 404 699 | 191 209 | |||
| Total current liabilities | 318 124 | 541 727 | 328 237 | |||
| Total liabilities | 318 124 | 541 727 | 328 237 | |||
| 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 | -851 911 | -463 663 | |||
| Reporting period profit (loss) | 95 647 | -190 744 | -388 248 | |||
| Total equity | 489 902 | 203 511 | 394 255 | |||
| Total liabilities and equity | 808 026 | 745 238 | 722 492 | |||
| Consolidated income statment | ||||||
| (in Euros) | ||||||
| 2023 | 2023 H2 | 2022 | ||||
| Revenue | 1 533 832 | 1 061 718 | 1 002 360 | |||
| Other income | 1 390 | 1 383 | 1 754 | |||
| Raw materials and consumables used | -641 523 | -415 770 | -511 894 | |||
| Other operating expenses | -306 767 | -100 992 | -401 352 | |||
| Employee expenses | -440 373 | -229 159 | -444 133 | |||
| Depreciation and impairment loss (reversal) | -35 784 | -21 619 | -21 472 | |||
| Other expenses | -8 207 | -5 093 | -6 347 | |||
| Operating profit (loss) | 102 568 | 290 468 | -381 084 | |||
| Interest income | 26 | 13 | 43 | |||
| Interest expenses | -6 947 | -4 090 | -7 207 | |||
| Profit (loss) before tax | 95 647 | 286 391 | -388 248 | |||
| Reporting period profit (loss) | 95 647 | 286 391 | -388 248 | |||
| Consolidated statement of cash flows | ||||||
| (in Euros) | ||||||
| 2023 | 2023 H2 | 2022 | ||||
| Cash flows from operating activities | ||||||
| Operating profit (loss) | 102 568 | 290 468 | -381 084 | |||
| Adjustments | ||||||
| Depreciation and impairment loss (reversal) | 35 784 | 21 620 | 21 472 | |||
| Total adjustments | 35 784 | 21 620 | 21 472 | |||
| Changes in receivables and prepayments | 15 226 | -13 347 | 28 447 | |||
| related to operating activities | ||||||
| Changes in inventories | -12 419 | 90 390 | -98 146 | |||
| Changes in payables and prepayments | -16 279 | -230 074 | 53 737 | |||
| related to operating activities | ||||||
| Interest received | 24 | 13 | 43 | |||
| Total cash flows from operating activities | 124 904 | 159 070 | -375 531 | |||
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment and | -190 015 | -102 815 | -6 543 | |||
| intangible assets | ||||||
| Total cash flows from investing activities | -190 015 | -102 815 | -6 543 | |||
| Cash flows from financial activities | ||||||
| Interest paid | -4 308 | -1 150 | -18 586 | |||
| Proceeds from issuing shares | 0 | 0 | 780 003 | |||
| Total cash flows from financial activities | -4 308 | -1 150 | 761 417 | |||
| Total cash flows | -69 419 | 55 105 | 379 343 | |||
| Cash and cash equivalents at beginning of period | 387 640 | 263 116 | 8 297 | |||
| Change in cash and cash equivalents | -69 419 | 55 105 | 379 343 | |||
| Cash and cash equivalents at end of period | 318 221 | 318 221 | 387 640 | |||
| Consolidated statement of changes in equity | |||||||
| (in Euros) | |||||||
| Issued capital | Share | Other | Retained | Total | |||
| premium | reserves | earnings (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 | ||
| Reporting period profit | 286 391 | 286 391 | |||||
| (loss) | |||||||
| 31.12.2023 | 251 107 | 764 308 | 230 751 | -756 264 | 489 902 | ||
Additional information:
Heiki Aulik
Airobot Technologies AS
Member of the Management Board
Phone: +372 528 3181
E-mail: heiki@airobothome.com