Airobot Technologies : report for the consolidated financial statements of 2022

Airobot Technologies
Annual report Airobot Technologies AS report for the consolidated financial statements of 2022

Management report on operations

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 company's loss in 2022 was higher than projected, mainly due to one-time expenses related to going public, the combined impact of the Russian-Ukrainian war and the Covid-19 pandemic resulting in a temporary exceptional increase in input prices , 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 highly succesful for the company. The projected turnover was surpassed, and there is potential for maintening the same growth rate in future. In 2023, investments will continue in new product development, software development, and marketing to enter foreign markets. Airobot anticipates achieving profitablilty this year while maintening a similar level of 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	2021
Sales Revenue			1 002 360	478 708
Increase of revenue			109,4%	17,6%
Net profit (loss)			-388 248	-86 924
Net profit margin = Net Profit : Sales Revenue *100		-38,7%	-18,2%
Working Capital = Current Assets - Current Liabilities		301 712	32 056
Return of Assets (ROA) = Net Profit : Assets *100		-53,7%	-30,1%
Return of Equity (ROE) = Net Profit : Equity *100		-98,5%	-3477,0%

Additional information:

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

Financial Statements
Consolidated statement of financial position
(in Euros)
				31/12/2022	31/12/2021
Assets
Current assets
	Cash and cash equivalents		387 640	8 297
	Receivables and prepayments	52 495	80 942
	Inventories		189 814	91 668
	Total current assets		629 949	180 907
Non-current assets
	Tangible fixed assets		17 218	14 994
	Intangible assets		75 325	92 478
	Total non-current assets		92 543	107 472
Total assets			722 492	288 379
Liabilities and equity
Liabilities
	Current liabilities
	Short-term loans		137 028	0
	Payables and prepayments	191 209	148 851
	Total current liabilities		328 237	148 851
	Non-current liabilities
	Long-term loans		0	137 028
	Total non-current liabilities	0	137 028
	Total liabilities		328 237	285 879
Equity
	Issued capital		251 107	235 412
	Share premium		764 308	0
	Other reserves		230 751	230 751
	Retained earnings (loss)		-463 663	-463 663
	Reporting period profit (loss)	-388 248	0
	Total equity		394 255	2 500
Total liabilities and equity		722 492	288 379

Consolidated income statment
(in Euros)
				2022	2021
Revenue			1 002 360	0
Other income		1 754	0
Raw materials and consumables used	-511 894	0
Other operating expenses		-401 352	0
Employee expenses		-444 133	0
Depreciation and impairment loss (reversal)	-21 472	0
Other expenses		-6 347	0
Operating profit (loss)		-381 084	0
Interest income		43	0
Interest expenses		-7 207	0
Profit (loss) before tax		-388 248	0
Reporting period profit (loss)		-388 248	0

Consolidated statement of cash flows
(in Euros)
				2022	2021
Cash flows from operating activities
Operating profit (loss)		-381 084	0
Adjustments
	Depreciation and impairment loss (reversal)	21 472	20 057
	Other corrections		0	-86 924
	Total adjustments		21 472	-66 867
Changes in receivables and prepayments	28 447	-6 285
related to operating activities
Changes in inventories		-98 146	-52 522
Changes in payables and prepayments	53 737	70 547
related to operating activities
Interest received		43	8
Other cash flows from operating activities	0	1 999
Total cash flows from operating activities	-375 531	-53 120
Cash flows from investing activities
Purchase of property, plant and equipment and	-6 543	-13 194
intangible assets
Total cash flows from investing activities	-6 543	-13 194
Cash flows from financial activities
Interest paid		-18 586	-2 007
Proceeds from issuing shares		780 003	0
Total cash flows from financial activities	761 417	-2 007
Total cash flows		379 343	-68 321
Cash and cash equivalents at beginning of period	8 297	76 618
Change in cash and cash equivalents	379 343	-68 321
Cash and cash equivalents at end of period	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				-388 248	-388 248
(loss)
Issue of equity	15 695	764 308			780 003
31/12/2022		251 107	764 308	230 751	-851 911	394 255

Attachments:
Airobot_2022_ENG.pdf