WITTUR HOLDING GMBH (FRA:XS118802) Wittur Group publishes 12M 2018 annual report

Directive transparence : information réglementée

27/03/2019 09:18

DGAP-News: Wittur Holding GmbH / Key word(s): Annual Results/Bond
Wittur Group publishes 12M 2018 annual report (news with additional features)

27.03.2019 / 09:18
The issuer is solely responsible for the content of this announcement.


Wittur Group with solid growth in sales and earnings in 2018

- Sales growth of the Wittur Group in 2018 increased by 2.8% to EUR 798.7 million

- On a constant currency basis, sales increased by 6.5%

- Consolidated EBITDA Adjusted up by 15.0% to EUR 122.7 million

- Net cash flow before financing activities amounted to EUR 66.6 million

- Positive effect of EUR 4.5 million on EBITDA by applying the new IFRS 16 lease standard

- Net financial debt of EUR 636.7 million with leverage ratio of 5.19x

- Leverage ratio reduced by 0.78 including the impact of IFRS 16

Wiedenzhausen, March 27, 2019 - The Wittur Group (ISIN: XS1188024548, XS1188025438) achieved consolidated revenues of EUR 798.7 million in 2018, a growth rate of 2.8% compared to the previous year (12M 2017: EUR 776.8 million). On a constant currency basis, growth was 6.5%.

Business in Europe contributed 54.3% or EUR 433.5 million to Group sales in 2018. This corresponds to growth of 3.0% compared to previous year (12M 2017: EUR 420.8 million). The good business development is spread over various European subsidiaries, with Austria and Slovakia in particular showing very good growth.

With sales of EUR 303.5 million, the Asian business contributed 38.0% to Group sales. Compared to the previous year, this represents a strong revenue growth rate of 5.9%, which in 2017 amounted to EUR 286.5 million. Adjusted for exchange rate effects, growth was 8.9%. This positive result is mainly due to China, but also India showed a significant percentage increase in sales.

The Rest of World region was significantly impacted by negative exchange rate developments and therefore posted a decline in sales of 11.1% to EUR 61.7 million in 2018 (12M 2017: EUR 69.4 million). This development is mainly due to South America and Turkey. At constant exchange rates, sales increased by 15.2% compared to prior year.

Earnings before interest, taxes, depreciation and amortization before exceptional items (EBITDA Adjusted) of the Wittur Group increased by 15.0% to EUR 122.7 million (previous year: EUR 106.7 million).

In addition to sales growth, this result is attributable to improvements in the cost structure resulting from the functional excellence program initiated in previous year and the resolution of the problems related to the ERP-project in Austria and Slovakia. The EBITDA-adjusted margin was 15.4%.

The application of the new IFRS 16 lease standard led to a positive effect of EUR 4.5 million on EBITDA Adjusted in 2018.
The net cash flow before financing activities of the Wittur Group amounted to EUR 66.6 million in 2018.

The net financial debt of Wittur Group at 31 December 2018 was EUR 636.7 million. The corresponding leverage ratio, calculated as net financial debt to LTM EBITDA Adjusted, was 5.19x which is a reduction of 0.78 including the impact of the new IFRS 16 lease standard.

The financial results for the twelve months of 2018 of Wittur International Holding are published. A conference call for investors and analysts will take place on March 27, 2019 at 2 p.m. CET.

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The online slide presentation will be shown in sync under this weblink.

About Wittur
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 cabins 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 workforce of around 4,600 employees and conducts business in more than 50 countries. It is majority owned by funds managed by Bain Capital Private Equity.

For more information on the company, please visit www.wittur.com.

Investor Relations Contact
Roman Istanbuli
Wittur Holding GmbH
Rohrbachstraße 26-30
85259 Wiedenzhausen | Germany
Phone: +49(81 34) 18 - 136
Mail: roman.istanbuli@wittur.com

Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=BLIDDPXTQK
Document title: Wittur 12M 2018 Bond Report

27.03.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Wittur Holding GmbH
Rohrbachstraße 26-30
80259 Wiedenzhausen
Phone: +49 (0)8134 18 - 0
Fax: +49 (0)8134 18 - 49
E-mail: info@wittur.com
Internet: www.wittur.com
ISIN: XS1188024548
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart

End of News DGAP News Service

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