Allterco with significant growth acceleration in H1/22

• Consolidated operating revenue increases by 29.8% to BGN 37.4 million (EUR 19.1 million)*; adjusted for deconsolidation of Asian telco business plus 40.3%
• EBITDA adjusted for negative special effect from write-off of a receivable with growth of 4.7% to BGN 8.8 million (EUR 4.5 million)* despite targeted increased investments in sales and R&D structures
• Net profit at Group level mainly impacted by negative special effect from write-off of a receivable at BGN 6.3 million (EUR 3.2 million)* compared to BGN 6.9 million (EUR 3.5 million) in H1/21
• Guidance for full-year 2022 confirmed

Sofia / Munich, 15 August 2022 – Allterco JSCo (ticker A4L / ISIN: ) ("Allterco"), a provider of IoT and smart home products based in Sofia, Bulgaria, further accelerated sales growth in H1/22. Growth continued to be driven by energymeters, while sales of MyKi tracking devices recovered further.

Allterco achieved a 29.8% increase in consolidated operating revenues to BGN 37.4 million (EUR 19.1 million)* in H1/22 which reflects the deconsolidation of the Asian telco business sold in September 2021. Adjusted for the deconsolidation, consolidated operating revenues showed a plus of 40.3%. Revenue from sale of goods and productions amounted to BGN 35.7 million (EUR 18.3 million)*, representing a plus of 36.5%. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for negative special effect from write-off of a receivable increased by 4.7% to BGN 8.8 million (EUR 4.5 million)* despite targeted increased investments in sales and R&D structures. Net profit at the Group level stood at BGN 6.3 million (EUR 3.2 million)* compared to BGN 6.9 million (EUR 3.2 million)* in the prior-year period, mainly impacted by the negative special effect from the write-off of a receivable.

With an equity ratio of 89.8% as of 30 June 2022, Allterco enjoys a solid balance sheet (31 December 2021: 90.6%). Here, in addition to the unappropriated profit, the reduction in trade payables by 66.8% to BGN 0.5 million (EUR 0.3 million)* was particularly noticeable while inventories increased by 50.5% to BGN 11.4 million (EUR 5.8 million)*.

Cash flow from operating activities with a cash outflow of BGN 3.2 million (EUR 1.6 million)* compared to a cash inflow of BGN 4.0 million (EUR 2.0 million) in H1/21 reflects in particular advance payments to suppliers to proactively address potential delays in the supply chains. Cash and cash equivalents decreased accordingly to BGN 28.2 million (EUR 14.4 million)* as of 30 June 2022 compared to BGN 30.0 million (EUR 15.3 million) as of 31 December 2021, providing a sufficient basis for financing further growth.

For the full year 2022, the management confirms the guidance of an increase in revenues from the sale of goods and production by up to 43.0% to approximately EUR 43.5 million (2021: EUR 30.4 million). After investments in the expansion of business activities, earnings before interest and taxes (EBIT) in 2022 are expected to be at the level of the previous year of approximately EUR 9.6 million (2021: EUR 9.6 million).

Dimitar Dimitrov, Co-CEO of Allterco JSCo, explained on product development: “Demand for our products accelerated further in the course of the first half of 2022. Our energy consumption meters are particularly sought after. In addition, we started shipping the Pro devices at the end of Q2. Currently, we are working on the further improvement of our app and the seamless integration of our Shelly technology into the offerings of our partners.“

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “With accelerated sales growth, Allterco is fully on track to meet its guidance targets for the year. In this context, demand for energy consumption meters and smart home products that help reduce energy consumption continues to grow unabated in light of current developments. For further growth, we have targeted investment in expanding our global sales teams and R&D capacity. In Germany, one of our most important markets, we achieved the planned personnel strength for the time being.“

The unaudited half-year report is available in the Investor Relations section of the Company's website at .

* EUR/BGN exchange rate as of 30 June 2022 – EUR 1 = BGN 1.95583

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated H1 2022 results by means of a webcast presentation on 16 August 2022, 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
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More information at

About Allterco
is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 5 subsidiary companies and has offices in Bulgaria, China, USA and Germany. Allterco's products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

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