Bercman Technologies AS consolidated and audited annual report of 2023


Bercman Technologies AS (hereinafter “Bercman“) submits the consolidated and audited financial reports for 2023 prepared by the Management Board.  

Compared to the unaudited interim report published on 01 March, there are differences in the financial results of the audited annual report. The changes result from the recognition of capitalised labour costs as fixed assets in the audit process. 

Bercman’s sales revenue of the 2023 was 1 669 403 euros (1 669 403 euros in unaudited interim report). For the comparable period in 2022, turnover was EUR 1 735 991.  

The reporting period ended with a loss of 253 796 euros (the loss in interim report: EUR 250 465; the loss in 12 months of 2022: EUR 774 226). The loss was due to the tough economic environment in 2023 and the resulting reduction in development work for customers.   

As of 31.12.2023, the company’s consolidated audited balance sheet total was 1 827 929 euros (Interim report 31.12.2023: EUR 1 744 169; 31.12.2022: EUR 1 659 545). Current assets amounted to 391 881 euros (Interim report 31.12.2023: EUR 391 881; 31.12.2022: EUR 571 255). Fixed assets amounted to 1 436 048 euros (Interim report 31.12.2023: EUR 1 352 287; 31.12.2022: EUR 1 088 290). The company’s equity as of 31.12.2023 was 1 187 914 euros (Interim report 31.12.2023: 1 117 466; 31.12.2022: EUR 1 057 959). As of 31.12.2023, the company had 77 720 euros in loan liabilities (Interim report 31.12.2023: EUR 54 398; 31.12.2022: EUR 77 484).  

Mart Suurkask, CEO of Bercman: “2023 was a challenging year for our sector, but for us, it was also a year marked by significant positive milestones. We reduced our losses threefold compared to the previous year, increased sales of our own products, and Bercman’s subsidiary, Estonia’s leading development company Krakul, celebrated 10 successful years since its establishment. We came through the economically difficult year with our entire team intact, managing to retain our entire staff despite a reduction in client workloads, and even expand it with external sales experts. We opened new markets, started with new customers, expanded our service portfolio, and laid a strong foundation for the development and launch of new products in 2024. 

This year, we continue to be ready to face economic and geopolitical uncertainties. To cope with challenges, we are flexible and constantly respond to changing needs. Throughout all this, our focus is always on our client, regardless of the sector, volume of work, simplicity, or complexity of the task. Important topics for us continue to be related to mobility, smart living environments, and intelligent devices, but we are paying more attention to transitioning to sustainable solutions. Following our vision, by uniting our team, clients, and partners, we strive to be a catalyst for innovation in all this.” 

The consolidated and audited annual report is attached to this Stock Exchange announcement and made available on the Bercman Technologies AS website on Investor Relations page  www.bercman.com. 

Additional information: 

Mart Suurkask
AS Bercman Technologies
Member of the Board
Telephone: +372 5340 2902
E-mail: mart.suurkask@bercman.com

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    Bercman Technologies AS
    Reg. no. 14134425
    VAT EE101977472
    Riia 26, Tartu, 50405, Estonia

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