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DGAP-News: Wittur Group: financial results first three months 2019

Autor: DGAP - EQS Group AGauf twitter

DGAP-News: Wittur Holding GmbH / Key word(s): Quarter Results/Bond

Wittur Group: financial results first three months 2019 (news with additional features)
15.05.2019 / 09:04

The issuer is solely responsible for the content of this announcement.

Wittur Group publishes results for the first three months 2019

- Topline decreased by 1.3% to EUR 184.0 million due to negative effects from foreign exchange

- On a constant currency basis, sales were flat versus prior year

- Consolidated EBITDA Adjusted of EUR 22.0 million was 10.8% below prior year

- Net cash flow before financing activities was EUR 0.8 million

- Group's net financial debt amounts to EUR 715.7 million which corresponds to a leverage ratio of 5.96x

Wiedenzhausen, May 15, 2019 - The Wittur Group (ISIN: XS1188024548, XS1188025438) generated Group sales of EUR 184.0 million in the first quarter of 2019, 1.3% below prior-year's quarter. On a constant currency basis, revenue development was at previous year level.

The European business generated EUR 104.1 million, corresponding to 56.6% of Group sales. This is a decline in sales of 1.6% compared to prior year (3M 2018: EUR 105.8 million) and a decline of 1.2% on a constant currency basis. The decrease is mainly attributable to a cyber security incident in the first quarter and to a slower start with some customers.

The Asian business grew by 3.3% compared to previous years figure, corresponding to sales of EUR 65.3 million and a sales share of 35.5%. On a constant currency basis, sales increased by 1.3%. The growth is mainly attributable to China, but also to a good development of business in India.

The Rest of World region shows a decline in sales of 16.0% but an increase of 2.7% based on constant foreign exchange rates. Based on actual exchange rates the turnover was of EUR 14.6 million. Negative influences from exchange rate fluctuations are mainly due to South America and Turkey.

Earnings before interest, taxes, depreciation and amortization before exceptional items (EBITDA Adjusted) of the Wittur Group is EUR 22.0 million, 10.8% below the same period of previous year (previous year: EUR 24.7 million). The EBITDA-adjusted margin was 12.0%

The net cash flow before financing activities of the Wittur Group amounted to EUR 0.8 million in the first three months of 2019 (previous year: EUR -3.6 million).

Group's net financial debt amounts to 715.7 million which corresponds to a leverage ratio of 5.96x. The net financial debt was negatively affected by raising an additional term loan of EUR 55 million which was used to finance an unconsolidated parent company of Wittur Group.

The financial results for the first three months of 2019 of Wittur International Holding are published. A conference call for investors and analysts will take place on May 15, 2019 at 2 p.m. CET.

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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=WMBOEXIPXHDocument title: Wittur 3M 2019 Bond Report
15.05.2019 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.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Wittur Holding GmbH

Rohrbachstraße 26-30

80259 Wiedenzhausen

+49 (0)8134 18 - 0
+49 (0)8134 18 - 49
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart
EQS News ID:

End of News
DGAP News Service

811147  15.05.2019 

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