21.06.2016
Ekotechnika AG DE000A161234
DGAP-News: Ekotechnika AG publishes interim financial statements for 2015/2016
Ekotechnika AG / Key word(s): Half Year Results/Change of Personnel
21.06.2016 15:13
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ekotechnika AG publishes interim financial statements for 2015/2016
- Sales revenues up by 2% to EUR 44.9 million
- Operational turnaround: EBIT at EUR 1.4 million (previous year: EUR
-1.1 million)
- Positive equity capital after debt-to-equity swap (equity ratio: 10.5%)
- Outlook: Moderate increase in sales revenues; positive EBIT
Walldorf, 21 June 2016 - Ekotechnika AG (Primary Market; ISIN:
DE000A161234), the German holding company of the EkoNiva-Technika Group,
the largest dealer of international agricultural machinery in Russia,
generated sales revenues of EUR 44.9 million in the first half of the
financial year 2015/16, up by approx. 2% on the prior year period. The
company's rouble-denominated revenues increased by approx. 22% in the
period from October 2015 to March 2016. The revenue growth in the
seasonally weaker first half-year was slightly above plan, although the
general conditions for the sale of agricultural machinery in Russia
remained difficult. The biggest contribution to first-half revenues were
made by agricultural equipment sales, which, at EUR 28.9 million (previous
year: EUR 28.7 million) accounted for 64% (previous year: 62%) of the
Group's total sales revenues. Spare parts revenues also showed a positive
trend and picked up by 5% to EUR 13.7 million (31% of total revenues;
previous year: 30%). Revenues in the service segment and other revenues
totalled EUR 2.3 million.
As a result of the ongoing adjustment of the cost base to the reduced
market and revenue expectations as well as a sharp decline in exchange
losses, earnings before interest and taxes (EBIT) of Ekotechnika AG
improved from EUR -1.1 million to EUR 1.4 million in the first half of
2015/2016. Earnings before interest, taxes, depreciation and amortisation
(EBITDA) amounted to EUR 2.4 million in the reporting period (previous
year: EUR 1 thousand). The result for the period improved from EUR -16.5
million to EUR 59.3 million. This is attributable to the debt-to-equity
swap of December 2015, which had a positive one-time effect of a good EUR
60 million; adjusted for this effect, the company posted a net loss of
approx. EUR 1.6 million, which reflects a satisfactory performance given
that the first half of the year is the seasonally weaker period. As a
result of the capital restructuring, the company posted positive equity of
approx. EUR 9.1 million as of the interim reporting date 31 March 2016.
This is equivalent to an equity ratio of approx. 10.5%.
The need for investments in new efficient agricultural machinery in Russia
remains high. After two years of declining sales, there is an investment
backlog which should gradually lead to growing business for Ekotechnika.
The high financing costs remain the biggest obstacle and are primarily
attributable to the financial sanctions imposed on Russian banks, whose
high funding costs make loans more expensive for local farmers. In
addition, the government subsidies for local products are putting a damper
on demand for western agricultural machinery.
The Management Board has confirmed its full year forecast of moderately
growing sales revenues and positive earnings before interest and taxes
(EBIT). The full interim report on the first six months of 2015/16 is
available on the website of Ekotechnika AG at
http://www.ekotechnika.de/en/investor-relations/documents.html.
Management Board member Wolfgang Bläsi to resign in September 2016
After the completion of Ekotechnika AG's operational and financial
restructuring exercise, Wolfgang Bläsi will resign from the Management
Board in September 2016.
Says Stefan Dürr, CEO of Ekotechnika AG: "Wolfgang Bläsi has been
instrumental in successfully restructuring Ekotechnika and in making its
sister company, Ekosem-Agrar, the leading milk producer in Europe. I would
like to thank him for his long-standing great commitment to the companies
and I am pleased that he will remain available to both companies as a
consultant on financial and capital market matters."
Having spent over six years on the management teams of Ekotechnika and
Ekosem-Agrar, Wolfgang Bläsi now wants to use his expertise as a consultant
for small and medium-sized enterprises
About Ekotechnika
Walldorf-based Ekotechnika AG is the German holding company of the Ekoniva-
Technika Group, the largest distributor of agriculture equipment in Russia.
The company's single most important supplier is John Deere & Co., the
world's leading manufacturer in this field. In addition, Ekotechnika sells
equipment from another 11 market-leading manufacturers. Its main business
is in selling new equipment such as tractors but also milking equipment and
precision farming technology. In addition, the company sells spare parts
and provides service and maintenance. Ekotechnika's founder and board
member is Stefan Dürr, who has been active in the Russian farming sector
since the late eighties and has been instrumental in its modernisation over
the past two decades. In 2011 the equipment business was separated from the
farming business, which now operates independently under the name Ekosem-
Agrar. Operating 12 locations in attractive Russian farming regions,
Ekotechnika today employs around 520 people and generates sales of EUR 109
million in 2014/2015. The Ekotechnika stock is listed on the Primärmarkt of
the Düsseldorf stock market (ISIN: DE000A161234).
Contact
Ekotechnika AG // Johann-Jakob-Astor-Str. 49 // 69190 Walldorf // T: +49
(0) 6227 3 58 59 60 // E: [email protected] // www.ekotechnika.de
Media / Investor Relations
Fabian Kirchmann // IR.on AG // T: +49 (0) 221 9140 970 // E:
[email protected]
21.06.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Ekotechnika AG
Johann-Jakob-Astor-Str. 49
69190 Walldorf
Germany
Phone: +49 (0) 6227 3 58 59 60
Fax:
E-mail: [email protected]
Internet: www.ekotechnika.de
ISIN: DE000A161234
WKN: A1R1A1
Listed: Regulated Unofficial Market in Dusseldorf
Notierung vorgesehen. / Intended to be listed.
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Ekotechnika AG ISIN: DE000A161234 können Sie bei EQS abrufen
Handel , A16123 , ETE , FWB:ETE