SOWITEC group: Resurgent business leads to significant sales and earnings growth in fiscal year 2022

SOWITEC group: Resurgent business leads to significant sales and earnings growth in fiscal year 2022

Sonnenbühl, 2 August 2023 – SOWITEC group (SOWITEC), one of the leading developers of renewable energy projects in the wind and solar sectors, looks back on a very satisfactory fiscal year 2022 thanks to the resurgent business. Group sales increased significantly by 28% year-on-year from EUR 13.0 million to EUR 16.7 million and resulted mainly from the sale of three projects in Brazil, one project in Colombia and one project in Uruguay. On the earnings side, earnings before interest and taxes (EBIT) increased disproportionately strongly from EUR 1.1 million to EUR 5.3 million. Following a net loss of EUR 4.0 million in 2021, a net profit of EUR 1.0 million was achieved in fiscal year 2022.

As of 31 December 2022, SOWITEC continues to show a very solid balance sheet structure. With a balance sheet total of EUR 109.6 million (31 December 2021: EUR 105.5 million) and balance sheet equity of EUR 80.1 million (31 December 2021: EUR 75.6 million), this results in an equity ratio of 73.1% (31 December 2022: 71.7%).

SOWITEC’s target markets are showing sustained growth, which will have a positive impact on business development in 2023, particularly in Germany, Brazil and Colombia. In addition, the situation in Mexico is expected to improve. The first contracts with investors have already been concluded again. In Russia, the full exit will take place this year as planned. All assets have already been fully written off in 2022. Without these write-offs, EBIT would have been EUR 1.5 million higher. Overall, SOWITEC expects significant sales growth and clearly positive earnings before taxes for fiscal year 2023. In addition, the company plans to further expand the base of strategic partners and to enter into national and supra-regional cooperations.

The audited consolidated financial statements 2022 are available for download on the company’s website at www.sowitec.com/de/investor.

About SOWITEC:
As one of the leading global project developers for renewable energies, SOWITEC is active in 13 countries with a focus on the rapidly growing emerging and developing countries. With more than 140 employees, SOWITEC covers all areas of solar and wind power project development: from planning and design, yield and profitability calculations, construction support, sales and financing to technical and commercial management of wind and solar parks. More than 60 wind and solar projects developed by SOWITEC with almost 3,000 MW are currently in operation in eight countries.
www.sowitec.com

Contact:
Frank Ostermair, Linh Chung
Better Orange IR & HV AG
089/8896906-25
linh.chung@better-orange.de