Ekotechnika AG files requests to delist from the stock exchange and gives forecast for the 2022/2023 financial year
27 September 2023 Corporate News
Walldorf, 27 September 2023 – The Executive Board of Ekotechnika AG, with the approval of the Supervisory Board, today decided to withdraw the inclusion of the shares (ISIN: DE000A161234) in the Primary Market (“Primärmarkt”) of the Düsseldorf Stock Exchange and to apply for a full delisting of its shares. The inclusion in the Primary Market of the Düsseldorf Stock Exchange is thus expected to end on 31 October 2023, and the subsequent inclusion of the shares in the Open Market of the Düsseldorf Stock Exchange is expected to end on 30 April 2024.
The main reason for this decision is the ongoing conflict in Ukraine and the resulting impact on the Group. Against this background, the stock exchange listing in Germany offers no benefit to the company at present and in the view of the Executive Board for the foreseeable future.
In addition, the follow-up obligations under stock exchange regulations and capital market law resulting from the listing involve considerable financial and administrative effort, and Ekotechnika shares are hardly traded on the stock exchanges. These reasons have led the Executive Board to apply for the delisting of the company’s shares.
Stefan Dürr, CEO of Ekotechnika AG: "Our operating business has experienced massive changes and downturns within a very short period of time, especially due to the supply stop of foreign agricultural machinery manufacturers and the significant drop in demand. Therefore, we have decided to delist for cost reasons, but also due to the hardly existing trading volumes in the Ekotechnika share."
For the financial year ending 30 September, the management expects revenues in a range of EUR 175 million to EUR 185 million (revenue 2021/2022: EUR 237.5 million) and EBIT of EUR 15 million to EUR 20 million (2021/2022 EBIT: EUR 35.9 million).
Ekotechnika AG, Walldorf, is the German holding company of the EkoNiva-Technika Group, one of the largest distributors of agricultural machinery in Russia. Ekotechnika’s main business lies in selling new equipment such as tractors and combines but also soil tillage machines. In addition, the company sells spare parts, provides service and maintenance and offers its customers smart farming technologies. Founder and Chairman of the Executive Board of Ekotechnika AG is Stefan Dürr, who has been active in the Russian farming sector since the late eighties and has been instrumental in its modernization over the past decades. Operating 27 locations in five attractive Russian farming regions, Ekotechnika today employs around 800 people and generated sales revenues of around EUR 238 million in 2021/22. The Ekotechnika stock is listed on the Primary Market of the Düsseldorf Stock Exchange (ISIN: DE000A161234) as well as on the Open Market of the Frankfurt Stock Exchange.
Ekotechnika AG // Johann-Jakob-Astor-Str. 49 // 69190 Walldorf // T: +49 (0) 6227 3 58 59 60 // E: firstname.lastname@example.org // www.ekotechnika.de
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