Bercman Technologies 2023 first half-year unaudited consolidated interim report


Management report

AS Bercman Technologies (hereinafter Bercman) announces its unaudited consolidated results for the first half of 2023. Bercman’s unaudited consolidated sales revenue for the first six months of 2023 was EUR 869 295, compared to EUR 793 435 for the same period in 2022. As of 2022, the consolidated sales results also include the turnover figures of the Bercman Group’s subsidiary Krakul OÜ (hereinafter “Krakul”).

New markets and expansion in existing markets

In the first half of 2023, Bercman’s proprietary smart city products, specifically smart pedestrian crosswalks, were delivered to export markets in Greece, the UK, Croatia, Bosnia and Herzegovina, and Australia. Additionally, smart safety systems were installed in Kohtla-Järve, Estonia. Procurements for smart transport infrastructure projects were participated in Greece, Croatia, Slovakia, Finland, and Estonia, the results of these procurements will be published in most cases during the second half of the year.

Krakul continued its work on long-term client projects and expanded its client portfolio to include development service clients from both Estonia and international markets. Services were exported during the first half of the year to Sweden, Switzerland, the United Kingdom, the United States, and Singapore.

To further expand our export network, we organized our participation in the world’s largest B2B industrial fair in Hannover in April and the European Defence Fund programme networking event in Brussels in June.

Economic results

The reporting period ended with a loss of 160 384 euros (the first half of 2022 a loss of EUR 440 173). As of 30.06.2023, the company’s balance sheet total was 1 773 760 euros (30.06.2022: EUR 2 161 362). Current assets amounted to 475 867 euros (30.06.2022: EUR 633 827). Fixed assets amounted to 1 297 893 euros (30.06.2022: EUR 1 527 535). The company’s equity as of 30.06.2022 was 1 204 433 euros (30.06.2022: EUR 1 470 490). As of 30.06.2023, the company had 72 023 euros in loan liabilities (30.06.2022: EUR 210 797).

Macroeconomically, the first six months of 2023 have been impacted by the volatile business environment in the technology sector, leading the company to adopt a more conservative stance in both revenue forecasting and cost management. The optimization of operating costs and the conservative approach to cost and development plans have contributed to reducing the company’s losses compared to the previous year.


As of June 30, 2023, Bercman has one management board member, and three supervisory board members, and Krakul has one board member, with a total of 21 specialists in the Group’s employ in their respective fields. The Group’s labour costs, including labour taxes, amounted to 572 825 euros in the first half of 2023 (6 months in 2022: 714 707 euros).

The financial results for the reporting period can be found here.

Management assessment

The company had no pending legal proceedings, tax or other disputes during the financial year or at the time of submitting the report.

According to the board’s assessment, the company’s operations were still affected by the Ukraine-Russia war and an overall economic slowdown in the first six months of 2023. However, this reality has been considered, and efforts are being made daily to capitalize on new growth opportunities.

Bercman adheres to the revenue forecasts published at the beginning of 2023 and does not make any changes. Bercman forecasts consolidated sales revenue of 2,1 million euros for the 2023 fiscal year and 2,5 million euros for 2024.

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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