EQS-News

Ekotechnika AG publishes figures for the financial year 2022/2023

EQS-News: Ekotechnika AG / Key word(s): Annual Results/Annual Report  Ekotechnika AG publishes figures for the financial year 2022/2023 15.03.2024 / 10:15 CET/CEST The issuer is solely responsible for the content of this announcement.  Ekotechnika AG publishes figures for the financial year 2022/2023

• Group revenue decreased to EUR 175.2 million (previous year: EUR 237.5 million)
• Operating result (EBIT) down significantly at EUR 19.2 million (previous year: EUR 35.9 million)
• In the agricultural machinery sector, both the supply and demand side are burdened
• Outlook: Continued high exposure to geopolitical and macroeconomic factors
   

Walldorf, 15 March 2024 - Ekotechnika AG (ISIN: DE000A161234), the German holding company of one of the largest dealers of agricultural machinery in Russia, today presented its audited consolidated financial statements for the financial year 2022/2023 (September 30). Accordingly, Group revenue amounted to EUR 175.2 million in the reporting period (previous year: EUR 237.5 million). The main reasons for the decline in revenue were both a significant drop in demand for new agricultural machinery from Russian farmers and the loss of the former main suppliers, who were replaced by suppliers from China and Turkey in particular, whose products fell far short of the previous sales figures. The decline in demand is also based on the significant deterioration in economic conditions and geopolitical uncertainties for farmers, which led to a fall in prices for agricultural commodities, among other things. In addition, there were considerable difficulties in the supply of spare parts. Accordingly, gross profit (revenue less acquisition costs of agricultural machinery and equipment sold and spare parts) fell to EUR 56.3 million (previous year: EUR 68.6 million). At EUR 19.2 million, the operating result (EBIT) was more than 46% lower than in the previous year (EUR 35.9 million); consolidated net profit amounted to EUR 9.2 million (previous year: EUR 26.4 million).