Ekotechnika Akt (A) Reveals Financial Results for 2022/2023 Fiscal Year

• Ekotechnika AG published its financial results for the year 2022/2023, reporting a decrease in group revenue to EUR 175.2 million from EUR 237.5 million the previous year.
• The operating result (EBIT) also decreased significantly to EUR 19.2 million from EUR 35.9 million the previous year.
• The decline in revenue was attributed to a significant drop in demand for new agricultural machinery from Russian farmers and the loss of former main suppliers.
• The company now distributes new machines from Chinese and Turkish brands, LOVOL and Basak, among others, and has expanded its product portfolio to include Russian agricultural machinery as well as road construction and municipal technology.
• Revenue from the sale of used agricultural machinery increased significantly to EUR 29.9 million, and the share of total revenue from the spare parts trade increased to 48.9%.
• The company expects revenues from machine sales to increase in the financial year 2023/2024, but will remain well below the figures for previous periods. The projected Group revenues for the financial year 2023/2024 will range between EUR 175 million and EUR 210 million.