OTI Greentech AG publishes preliminary figures for 2019

OTI Greentech AG (ISIN DE000A2TSL22), an international provider of innovative and sustainable chemicals and services for industry listed on the Düsseldorf stock exchange, announces its preliminary, unconfirmed financial figures showing that it improved both revenues and earnings while slightly missing its guidance for the fiscal year.

At around EUR 4.6 million, consolidated revenues in 2019 were higher than the previous year’s figure of EUR 4.2 million, but below forecast revenues of at least EUR 5.0 million. Specifically, the planned measures to increase revenues at our joint venture in the USA could not yet be fully implemented in the second half of 2019, resulting in lower than planned income from licences.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to around EUR -0.3 million. As expected, this represents an improvement compared with the prior-year figure of EUR -0.45 million. However, OTI Greentech AG did not quite meet its target of generating a slightly positive EBITDA for 2019. The main reasons for this are the extraordinary costs in connection with the restructuring and the capital measurers implemented in 2019.

Due to the COVID-19 pandemic, the company is experiencing considerable delays particularly in the preparation of the annual financial statements of its subsidiary Uniservice Unisafe Srl, based in Genoa, Italy, which could lead to a significant delay in the preparation of the consolidated financial statements of OTI Greentech AG. As a precautionary measure, publication of the annual report will therefore be postponed to 30 July 2020 at the latest.

The Annual General Meeting for fiscal year 2019 is scheduled to take place as planned on 11 September 2020, but will probably be held as a virtual General Meeting.