Management report on operations
Airobot Technologies achieved a turnover of EUR 639,172 in the second half of 2022, which is nearly 2.9 times higher compared to the second half of 2021. The total loss in the second half of last year was EUR 154,266 (including prepayments of EUR 17,301).
The total turnover in 2022 was EUR 1,002,360, which is 2.1 times higher than the total turnover in 2021. The loss for Airobot last year was EUR 388,248.
The loss for the company in 2022 was mainly due to one-time costs associated with going public, the temporary exceptional increase in input prices resulting from the Russian-Ukrainian war and the Covid-19 pandemic, and intensive investment in product development. If the one-time costs in 2022 are excluded and the intensity of product development is reduced, the company could already be profitable.
In summary, the year was very good for the company. The projected turnover was exceeded, and there is potential for further growth at the same pace in the future. In 2023, the investments will continue in new product and software development and marketing to enter foreign markets. Airobot forecasts reaching profitability this year with similar product development intensity.
Operations plan for the first half of 2023
Airobot continues to invest in product development in both smart ventilation and heating control categories, being the only air technology company whose ventilation systems are connectable to their heating control solution.
In the first half of 2023, Airobot will launch a new ventilation device model, L5, designed for larger residential and commercial buildings. This model is a strong competitor to the solutions currently used by developers and builders. The expansion of the product portfolio and entry into a new product segment gives Airobot the opportunity to achieve the set revenue targets and mitigate market risks.
Airobot sees more and more opportunities for cooperation with real estate developers, as exemplified by last year's cooperation with Liven to supply ventilation equipment to their Iseära new development. At the beginning of this year, Liven confirmed their second major order, confirming Airobot as a reliable cooperation and supply partner. This time the order went to Liven's Luuslangi development. In addition to Airobot's ventilation equipment, Airobot's heating control solutions, which were only launched in December 2022, will also be installed at Luuslangi.
| Financial Ratios | 2022 | 2022 H2 | 2021 | 2021 H2 | ||||
| Sales Revenue | 1 002 360 | 639 172 | 478 708 | 221 157 | ||||
| Increase of revenue | 109,4% | 17,6% | 17,6% | |||||
| Net profit (loss) | -388 248 | -154 266 | -86 924 | -107 922 | ||||
| Net profit margin = Net Profit : Sales Revenue *100 | -38,7% | -24,1% | -18,2% | -48,8 | ||||
| Working Capital = Current Assets - Current Liabilities | 301 712 | 585 740 | 32 056 | 32 056 | ||||
| Return of Assets (ROA) = Net Profit : Assets *100 | -53,7% | -16,2% | -30,1% | -37,4% | ||||
| Return of Equity (ROE) = Net Profit : Equity *100 | -98,5% | -28,1% | -3477,0% | -4316,9% |
| Consolidated statement of financial position | ||||||
| (in Euros) | ||||||
| 31.12.2022 | 30.06.2022 | 31.12.2021 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 387 640 | 480 142 | 8 297 | |||
| Receivables and prepayments | 52 495 | 84 871 | 80 942 | |||
| Inventories | 189 814 | 285 773 | 91 668 | |||
| Total current assets | 629 949 | 850 786 | 180 907 | |||
| Non-current assets | ||||||
| Tangible fixed assets | 17 218 | 15 907 | 14 994 | |||
| Intangible assets | 75 325 | 83 902 | 92 478 | |||
| Total non-current assets | 92 543 | 99 809 | 107 472 | |||
| Total assets | 722 492 | 950 595 | 288 379 | |||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Short-term loans | 137 028 | 0 | 0 | |||
| Payables and prepayments | 191 209 | 265 046 | 148 851 | |||
| Total current liabilities | 328 237 | 265 046 | 148 851 | |||
| Non-current liabilities | ||||||
| Long-term loans | 0 | 137 028 | 137 028 | |||
| Total non-current liabilities | 0 | 137 028 | 137 028 | |||
| Total liabilities | 328 237 | 402 074 | 285 879 | |||
| Equity | ||||||
| Issued capital | 251 107 | 251 107 | 235 412 | |||
| Share premium | 764 308 | 764 308 | 0 | |||
| Other reserves | 230 751 | 230 751 | 230 751 | |||
| Retained earnings (loss) | -463 663 | -463 663 | -463 663 | |||
| Reporting period profit (loss) | -388 248 | -233 982 | 0 | |||
| Total equity | 394 255 | 548 521 | 2 500 | |||
| Total liabilities and equity | 722 492 | 950 595 | 288 379 | |||
| Consolidated income statment | ||||||
| (in Euros) | ||||||
| 2022 | 2022 H2 | 2021 | ||||
| Revenue | 1 002 360 | 639 172 | 478 708 | |||
| Other income | 1 754 | 1 754 | 124 469 | |||
| Raw materials and consumables used | -511 894 | -330 978 | -216 778 | |||
| Other operating expenses | -401 352 | -193 002 | -249 082 | |||
| Employee expenses | -444 133 | -253 322 | -201 171 | |||
| Depreciation and impairment loss (reversal) | -21 472 | -10 836 | -20 057 | |||
| Other expenses | -6 347 | -4 739 | -1 014 | |||
| Operating profit (loss) | -381 084 | -151 951 | -84 925 | |||
| Interest income | 43 | 30 | 8 | |||
| Interest expenses | -7 207 | -2 345 | -2 007 | |||
| Profit (loss) before tax | -388 248 | -154 266 | -86 924 | |||
| Reporting period profit (loss) | -388 248 | -154 266 | -86 924 | |||
| Consolidated statement of cash flows | ||||||
| (in Euros) | ||||||
| 2022 | 2022 H2 | 2021 | ||||
| Cash flows from operating activities | ||||||
| Operating profit (loss) | -381 084 | -151 951 | -84 925 | |||
| Adjustments | ||||||
| Depreciation and impairment loss (reversal) | 21 472 | 10 836 | 20 057 | |||
| Total adjustments | 21 472 | 10 836 | 20 057 | |||
| Changes in receivables and prepayments | 28 447 | 32 376 | -9 866 | |||
| related to operating activities | ||||||
| Changes in inventories | -98 146 | 95 959 | -52 522 | |||
| Changes in payables and prepayments | 53 737 | -73 837 | 84 524 | |||
| related to operating activities | ||||||
| Interest received | 43 | 43 | 0 | |||
| Other cash flows from operating activities | 0 | 5 936 | -1 010 | |||
| Total cash flows from operating activities | -375 531 | -80 638 | -43 742 | |||
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment and | -6 543 | -3 569 | -13 194 | |||
| intangible assets | ||||||
| Total cash flows from investing activities | -6 543 | -3 569 | -13 194 | |||
| Cash flows from financial activities | ||||||
| Interest paid | -18 586 | -8 295 | -11 385 | |||
| Proceeds from issuing shares | 780 003 | 0 | 0 | |||
| Total cash flows from financial activities | 761 417 | -8 295 | -11 385 | |||
| Total cash flows | 379 343 | -92 502 | -68 321 | |||
| Cash and cash equivalents at beginning of period | 8 297 | 480 142 | 76 618 | |||
| Change in cash and cash equivalents | 379 343 | -92 502 | -68 321 | |||
| Cash and cash equivalents at end of period | 387 640 | 387 640 | 8 297 | |||
| 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 | 780 003 | |||||
| 30.06.2022 | 251 107 | 230 751 | -697 645 | 548 521 | |||
| Reporting period profit | -154 266 | -154 266 | |||||
| (loss) | |||||||
| 31.12.2022 | 251 107 | 230 751 | -851 911 | 394 255 | |||
Airobot Technologies AS is an indoor climate technology and manufacturing company with a strong focus on software and air analytics. Airobot's main product is innovative demand-driven ventilation devices developed in collaboration with researchers from the University of Tartu and TalTech. The devices are developed, designed, and produced in Estonia.
For more information, please contact:
Heiki Aulik
Member of the Management Board, Airobot Technologies AS
Tel: +372 528 3181
E-mail heiki@airobothome.com