OTI Greentech AG Reports Significant Equity Reduction in 2023 Financial Statements

Berlin, July 17, 2024 - OTI Greentech AG, an international provider of sustainable chemical products, announced a substantial reduction in equity for 2023. The company reported that impairments on financial assets amounted to EUR 3.4 million, primarily due to write-downs in its subsidiaries KMI Cleaning Solutions (USA) and OTI Innovative Solutions (Switzerland).

The necessary impairments totaled EUR 2.4 million, reducing the company's equity to EUR 2.47 million, which is less than half of the nominal amount. This devaluation did not impact liquidity but significantly affected the balance sheet.

The Annual General Meeting, scheduled for September 5, 2024, will address the reported loss. Detailed information regarding the company's financial position will be disclosed during this meeting.

The individual financial statements for 2023 are available on OTI Greentech AG's Investor Relations website.