EBITDA totalled minus EUR 2.67 million compared to an EBITDA loss of EUR 2.25 million in the 2015 reporting period. The negative EBITDA results from the revenue target not being met. In addition, investments of around EUR 700,000 in connection with setting up the new joint venture in West Africa also contributed.
As part of its annual financial statements, OTI Greentech booked extraordinary impairment of goodwill in the amount of EUR 2.0 million in addition to the scheduled write-down of EUR 1.5 million. This resulted in a one-off write-down of EUR 12.35 million at the level of OTI Greentech AG’s single-entity financial statements. Irrespective of the write-down, the equity ratio at group level totalled 40.3% as of 31 December 2016. The consolidated loss before minority interests totalled minus EUR 7.65 million (including non-cash flow relevant write-downs according to HGB accounting of EUR 4.14 million). During the first quarter of 2017 the group recorded revenues up by around 40% to EUR 3.1 million according to preliminary calculations, and also balanced EBITDA.
After the cost-cutting activities implemented in 2016 and the expansion of the existing divisions as well as the excellent start to the current fiscal year, OTI Greentech is confident that it will be able to significantly improve its operating result in 2017. The group is forecasting slightly positive EBITDA in 2017 with revenues of EUR 16 million.
The consolidated annual report for 2016 will be available for download from the Investor Relations section of www.oti.ag during the course of the day.