Allterco 2019 cons profit with minor changes after audit (NEUTRAL)

04.06.2020 Source: Allterco; FFBH

Allterco 2019 consolidated profit was little changed after audit, increasing BGN 0.1m to BGN 7.2m (EPS of BGN 0.487). The effect was from a minor increase in revenue to BGN 33.5m and decreases in OpEx and D&A, which were offset by lower income from investments. The company finished the year with a qualified audit opinion (the company has had a qualified opinion since 2017), as the auditors were not convinced of the BGN 3.3m goodwill from acquisitions. Goodwill makes up 8% of assets; the equity of the company is BGN 30.3m.