DGAP-News: Wittur Holding GmbH / Key word(s): Annual Results/Bond
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 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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For more information on the company, please visit www.wittur.com.
Document title: Wittur 12M 2018 Bond Report
27.03.2019 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|