Simtel Team shareholders appoint a Board of Directors to prepare the company for the transfer to the Main Market of Bucharest Stock Exchange

Simtel Team (BVB: SMTL), Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and national leader in the field of renewable energy, announces the appointment of a Board of Directors, by the company’s shareholders, composed of five members – Iulian Nedea, Sergiu Bazarciuc, Radu Vilau, co-founders of the company, Adrian Netea, investment professional and Mihai Tudor, an executive with extensive experience in motivating and growing teams within companies, at the General Shareholders’ Meeting of April 25, 2023.

“Simtel Team is in a stage of accelerated growth amid increasing requests for renewable energy solutions, an aspect reflected in the revenue and expense budget we proposed for 2023 and approved by our shareholders during the annual GMS – a consolidated turnover of 296.1 million lei, EBITDA of 31.5 million lei and a net profit of 25.6 million lei. In the following period, we will start the procedures for transferring the company’s shares on the Main Market of the stock exchange by preparing the financial statements according to IFRS standards. This transfer is a natural step, considering the company’s evolution and the possibility of attracting institutional investors as shareholders. Therefore, we have considered that in the new Board of Directors, we bring people with extensive experience in developing and implementing business growth strategies. Together with Sergiu and Radu, we thank Adrian and Mihai for joining us and the shareholders for the vote of confidence,” stated Iulian Nedea, co-founder and CEO of Simtel Team.

To align the company with the corporate governance requirements of the Main Market, the shareholders have appointed a Board of Directors consisting of five members, two of whom are non-executive and independent. Adrian Netea is an investment professional with over 12 years of experience in corporate finance, private equity, company valuation, expansion strategy development, and business plans. Adrian Netea is currently the Investment Director at Morphosis Capital, a private equity fund with 50 million euros of subscribed capital. Mihai Tudor, the second non-executive and independent member, is an executive with over 18 years of experience in management, motivating and growing teams, resource planning, developing career plans, recruiting, and selecting essential resources.

In addition to appointing a Board of Directors, during the GMS, the shareholders approved the granting cash dividends operation, in the total amount of 2,044,023.8 lei, gross dividend. Thus, shareholders holding SMTL shares on July 14, 2023, will be eligible to receive a gross dividend per share of 0.26 lei. The dividend payment date is August 1, 2023.

In 2022, at an individual level, Simtel Team recorded a turnover of 137 million lei, a 134% increase compared to 2021, and a net profit of 11.6 million lei, an 88% appreciation compared to 2021. The green energy division had the largest contribution to turnover at 77%. Telecommunications accounted for 21%, while other business lines contributed 2%.

For this year, the company estimates that it will build photovoltaic power plants with an installed capacity of approximately 80 MWp, compared to 45 MWp installed in 2022. The management is also considering increasing the number of projects in the Republic of Moldova, where it opened a subsidiary at the end of last year.

In the last four years, Simtel Team has designed and commissioned numerous photovoltaic power plants for clients active in various industries. The photovoltaic parks operated by Simtel mean over 200 MWp installed, which produce 260,000 MWh annually, corresponding to the consumption of 73,000 homes in a year, reducing greenhouse gas emissions by 156,000 tons per year, thus helping to protect the environment and having a positive impact on the health and quality of life of communities, especially in densely populated urban areas.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021, currently having a market capitalization of approximately 247 million lei.