DGAP-News: Wittur Holding GmbH / Key word(s): Preliminary Results/Financing
Preliminary unaudited results for the 11 months ended 30 November 2018 and announcement of term loan add-on
Wiedenzhausen, Germany, 16 January 2019 - Wittur International Holding GmbH (ISIN: XS1188024548, XS1188025438) ("Wittur" or the "Company" and, together with its subsidiaries, the "Wittur Group") announced today certain preliminary estimated unaudited financial information for the 11 months ended 30 November 2018 and the 2 months ended 30 November 2018. Investors are cautioned that these estimates are preliminary in nature and based only upon information available to the Company as of the date of this press release. These estimates have not been audited, reviewed or verified by the Company's independent auditors. Accordingly, such preliminary financial data may change, and such changes may be material. Therefore, investors are cautioned not to place undue reliance on these estimates.
Preliminary results for the 11 months ended 30 November 2018
Wittur estimates that for the 11 months ended 30 November 2018:
- Consolidated revenues will be approximately EUR 742.3 million. This represents an increase of 3.1% compared to Wittur Group's revenues of EUR 719.9 million for the 11 months ended 30 November 2017. The increase in revenues is primarily driven by a supportive organic performance across Europe and Asia, offset by negative exchange rate effects on revenues from Rest of the World. Revenues on a constant currency basis are expected to grow by approximately 6.9% compared to the 11 months ended 30 November 2017.
- Consolidated EBITDA Adjusted will be approximately EUR 117.3 million. This represents an increase of 12.6% compared to Wittur Group's EBITDA Adjusted of EUR 104.2 million for the 11 months ended 30 November 2017. The positive evolution in EBITDA Adjusted reflects the underlying revenue growth, a strong recovery in Austria and Slovakia and overhead cost improvements as a result of cost reduction initiatives. In addition, EBITDA Adjusted for the 11 months ended 30 November 2018 reflects the positive impact from the adoption of the new IFRS 16 accounting policy with EUR 4.1 million. Adjustments to EBITDA for the 11 months ended 30 November 2018 are expected to amount to EUR 18.3 million, 62.2% below the same period in the prior year. EBITDA Adjusted on a constant currency basis is expected to grow by approximately 17.3% compared to the 11 months ended 30 November 2017.
- LTM 30 November 2018 EBITDA Adjusted will amount to approximately EUR 120.1 million.
Preliminary Results for the 2 months ended 30 November 2018
Wittur estimates that for the 2 months ended 30 November 2018:
- Consolidated revenues will be approximately EUR 140.6 million. This represents an increase of 6.8% compared to Wittur Group's revenues of EUR 131.7 million for the 2 months ended 30 November 2017. The increase in revenues was primarily driven by a good development in Austria, Spain and China.
- Consolidated EBITDA Adjusted will be approximately EUR 23.3 million. This represents an increase of 9.1% compared to Wittur Group's EBITDA Adjusted of EUR 21.4 million for the 2 months ended 30 November 2017. In addition, EBITDA Adjusted for the 2 months ended 30 November 2018 includes a positive impact from the adoption of the new IFRS 16 accounting policy with EUR 0.9 million.
Term loan add-on
On 28 December 2018, Public Sector Pension Investment Board ("PSP") signed a share purchase agreement to acquire a 32% stake in the Company, with Bain Capital retaining majority ownership. The acquisition implies an enterprise value multiple in excess of 10x based on LTM 30 September 2018 EBITDA Adjusted. In the context of this investment, Wittur Group today announced the launch of a EUR 55 million add-on to its existing EUR 464 million term loan, the proceeds of which will be used to repay outstanding vendor loans outside the restricted group (together with related interest, fees, costs and expenses). In connection with the add-on, the Company is seeking a consent request from its RCF and term loan lenders to raise the incremental debt and repay the vendor loans, which will constitute a restricted payment.
RCF commitment increase
Wittur has agreed with a new lender to increase the aggregate commitments made available under its senior secured revolving credit facility by EUR 10 million.
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Founded in 1968, Wittur is one of the world's leading independent elevator components manufacturers with an extensive global manufacturing footprint and sales network and a broad range of products. Its product offering features a large range of components for new elevator manufacturing and sourcing, for spare parts and for modernization and upgrades. Components made by Wittur span from sophisticated mechatronic components for elevator cabin and landing doors (including the associated opening mechanisms) to other critical components such as gearless drives, slings, safety gears and cars.
The Wittur Group has a work force of around 4,600 employees and conducts business in more than 50 countries. It is majority owned by funds managed by Bain Capital.
For more information on the company, please visit www.wittur.com.
This press release contains statements relating to estimates and future results (including certain preliminary results, projections and business trends) that are forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. In particular, the Company has provided approximate estimates, rather than definitive amounts, for the preliminary results described above primarily because its financial closing procedures for the year ended 31 December 2018 are not yet complete. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we participate or are seeking to participate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "projected," "should," or "will" or the negative of such terms or other comparable terminology. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of operations, including our financial condition and liquidity and the development of the industry in which we operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Important risks, uncertainties and other factors that could cause these differences include, but are not limited to the risks described in the financial reports provided on our website. In light of these risks, uncertainties and assumptions, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. We undertake no obligation, and do not intend, to update or revise any forward-looking statement or risk factors, whether as a result of new information, future events or developments or otherwise. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this press release.
Non-GAAP Financial Measures
EBITDA Adjusted and revenues on a constant currency basis represent non-GAAP financial measures (the "non-GAAP measures") that are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles. We present these non-GAAP measures because we believe that they and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP measures may not be comparable to other similarly titled measures of other companies. The non- GAAP measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results or any performance measures under IFRS as set forth in our financial statements. You should compensate for these limitations by relying primarily on our financial statements and using these non-GAAP measures only on a supplemental basis to evaluate our performance.
This press release constitutes a public disclosure of inside information by the Wittur Group under Regulation (EU) 596/2014 (16 April 2014).
Investor Relations Contact
17.01.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Wittur Holding GmbH|
|Phone:||+49 (0)8134 18 - 0|
|Fax:||+49 (0)8134 18 - 49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart|
|End of News||DGAP News Service|