The sales in the past fiscal year were not met to the Board’s expectations due to delays in the award of several potential projects. According to preliminary, unaudited figures, the pro forma Group revenue in 2015 amounted to approximately EUR 8.7 million, which is below the last published projected forecasts of EUR 10 million. The delayed projects particularly affected the affiliate VTT Maritime AS, however, the Board of OTI Greentech is confident that the missed revenues can be made up by orders expected to materialize in the first half of the current year.
The pro forma earnings before interest, taxes, depreciation and amortization, EBITDA, for 2015 became as expected EUR -2.2 million. After considerable expenses associated with the commencement of trading under a reverse merger and by the integration and consolidation of the companies in the group during last year, has 2016 already shown positive effects. In particular VTT and Rada are in excellent position for improved operating 2016 results
Positive effects on earnings are also expected in 2016 from the reduction of minority interest in the consolidated group. The company acquired at the end of 2015, the remaining 49% of Visionaire Energy AS and the outstanding 44.8% of VTT Maritime AS. VTT Maritime AS expects – both in terms of recurring revenues as well as the project activities – very good sales and earnings growth in the current year. Against this background, the company is very confident that the operating result will improve significantly during 2016. With a doubling of the sales for 2016 compared with 2015, OTI Greentech is currently in very advanced negotiations for new business and expects to announce the first new orders within the current month.
The final, audited figures of the individual companies and consolidated financial statements for fiscal 2015 will be published early in the second quarter of 2016.