Analysis of audited statements reveals consistent losses, soaring debt and significant shareholder withdrawals, casting a shadow over the German prosthetics group’s 2025 listing plans.
As German prosthetics giant Ottobock prepares for a planned initial public offering in 2025, a stark discrepancy is emerging between the company’s public narrative and its audited financial performance. The “equity story” it must present to potential investors appears increasingly at odds with a history of losses, eroding equity, and rising debt.
This gap is amplified by a corporate practice that has drawn scrutiny: the group’s audited annual reports are consistently published more than a year after the close of the financial year, often following official reminders. This contrasts sharply with the optimistic announcements regularly disseminated by its public relations department long before the official figures are made public. An analysis of the audited annual statements from 2010 to 2023, published via Germany’s official Bundesanzeiger, reveals a challenging financial picture.
For Näder Holding, which the company states reflects its core business, the last five fiscal years have been difficult. On an adjusted net income basis, the holding company was profitable only once during this period, reporting multi-million euro losses in the other four years.
The balance sheet shows signs of significant strain. The holding company’s equity ratio has eroded from a healthy 26% in 2019 to approximately 11.5% by 2023. In fact, its adjusted equity turned negative last year, standing at -8.5%. Meanwhile, leverage has increased markedly. The ratio of debt to total assets climbed steadily from 43.7% to 58.6% between 2019 and 2023. Despite the lack of consistent profitability, shareholders have continued to make substantial withdrawals. Approximately €114 million was distributed between 2019 and 2023. Filings point to “excess withdrawals” totalling nearly €637 million for the period from 2016 to 2023.
These audited figures present a formidable challenge to the narrative Ottobock will need to craft to attract investors. The financial reality of sustained losses and rising indebtedness stands in sharp contrast to the growth story required for a successful IPO, raising critical questions for potential shareholders.
Explore detailed Ottobock financial history here: