In December 2014 a subsidiary of OTI Greentech AG acquired a 51% interest in Visionaire Energy (Norway) with its operating units VTT Maritime AS (VTT) and RADA Consulting & Engineering AS (RADA). These companies’ revenues have thus only been consolidated in OTI Greentech AG’s figures in the period since their acquisition. As a result of the costs associated with the acquisition and advance payments in connection with the takeover in the spring of 2015, annual earnings for 2014 totalled EUR -1.4 million according to provisional figures.
The first six months of 2015 were characterized by the integration of the acquired companies, and substantial synergy effects are anticipated for the future. The expansion to the company’s business already showed positive effects in the first half of 2015. OTI Greentech has already been able to acquire several new customers. The subsidiary RADA has concluded a master agreement with an international engineering company with projected annual turnover of approximately EUR 2 Mio. In the Cleaning Products divisions, promising tests have been completed in the USA and Canada, which means that OTI Greentech is also forecasting additional revenue potential in this region. The expansion to business which can be seen – in particular in the second half of the year which is traditionally stronger than the first six months – means that OTI Greentech is forecasting annual revenues of at least EUR 16.5 million. Earnings from operating activities are set to be positive in the second half of 2015.
During the first half of 2015 earnings from operating activities were still impacted by integration costs in connection with acquisitions and simplifying structures as well as costs in connection with the placing of a convertible bond. In addition, OTI Greentech has participated in several larger bids for offers which are due to be awarded in the second half of 2015, the costs of which were accounted for in the first six months of the year. Provisional earnings thus total EUR -1.3 million.
OTI Greentech expects its positive growth to continue in 2016. Growth will primarily be driven by the Maritime Solutions and the Industrial Solutions segments. In addition, the group is also reviewing additional opportunities for external growth and has plans to move into the Entry Standard in the near future.
The consolidated H1 2015 financial statements will be published soon and will then be available in the Investor Relations section at www.oti.ag.