Correction: Airobot Technologies AS report for the consolidated financial statements of 2023

Airobot Technologies
Annual report 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.

Financial Ratios			2023	2022
Sales Revenue			1 523 663	1 002 360
Increase of revenue			52,0%	109,4%
Net profit (loss)			52 619	-388 248
Net profit margin = Net Profit : Sales Revenue *100	3,5%	-38,7%
Quick Ratio = (Current Assets - Inventory) / Current Liabilities	1,1	1,3
Working Capital = Current Assets - Current Liabilities	201 039	301 712
Return of Assets (ROA) = Net Profit : Assets *100	6,8%	-53,7%
Return of Equity (ROE) = Net Profit : Equity *100	11,8%	-98,5%

Financial Statements
Consolidated statement of financial position
(in Euros)
				31.12.2023	31.12.2022
Assets
Current assets
	Cash and cash equivalents	318 211	387 640
	Receivables and prepayments	37 268	52 495
	Inventories		174 758	189 814
	Total current assets		530 237	629 949
Non-current assets
	Tangible fixed assets		98 970	17 218
	Intangible assets		146 865	75 325
	Total non-current assets	245 835	92 543
Total assets		776 072	722 492
Liabilities and equity
Liabilities
	Current liabilities
	Short-term loans		137 028	137 028
	Payables and prepayments	192 170	191 209
	Total current liabilities		329 198	328 237
	Total liabilities		329 198	328 237
Equity
	Issued capital		251 107	251 107
	Share premium		764 308	764 308
	Other reserves		230 751	230 751
	Retained earnings (loss)		-851 911	-463 663
	Reporting period profit (loss)	52 619	-388 248
	Total equity		446 874	394 255
Total liabilities and equity		776 072	722 492

Consolidated income statment
(in Euros)
				2023	2022
Revenue			1 523 663	1 002 360
Other income		1 390	1 754
Raw materials and consumables used	-669 903	-511 894
Other operating expenses		-311 804	-401 352
Employee expenses		-440 373	-444 133
Depreciation and impairment loss (reversal)	-35 225	-21 472
Other expenses		-8 207	-6 347
Operating profit (loss)		59 541	-381 084
Interest income		25	43
Interest expenses		-6 947	-7 207
Profit (loss) before tax		52 619	-388 248
Reporting period profit (loss)		52 619	-388 248

Consolidated statement of cash flows
(in Euros)
				2023	2022
Cash flows from operating activities
Operating profit (loss)		59 541	-381 084
Adjustments
	Depreciation and impairment loss (reversal)	35 225	21 472
	Total adjustments		35 225	21 472
Changes in receivables and prepayments	15 226	28 447
related to operating activities
Changes in inventories		15 056	-98 146
Changes in payables and prepayments	-784	53 737
related to operating activities
Interest received		26	43
Total cash flows from operating activities	124 290	-375 531
Cash flows from investing activities
Purchase of property, plant and equipment and	-188 517	-6 543
intangible assets
Total cash flows from investing activities	-188 517	-6 543
Cash flows from financial activities
Loans received		0	25 000
Repayments of loans received	0	-25 000
Interest paid		-5 202	-18 586
Proceeds from issuing shares	0	780 003
Total cash flows from financial activities	-5 202	761 417
Total cash flows		-69 429	379 343
Cash and cash equivalents at beginning of period	387 640	8 297
Change in cash and cash equivalents	-69 429	379 343
Cash and cash equivalents at end of period	318 211	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				52 619	52 619
(loss)
31.12.2023		251 107	764 308	230 751	-799 292	446 874

Additional information:
Heiki Aulik
Airobot Technologies AS
Management Board member
Ph: [phone]
E-mail: [e-mail]

Attachments:
Airobot_report_2023.pdf