WDT delivers 44% revenue growth & achieves EBITDA guidance

® is a registered Trade Mark of Wellington Drive Technologies Ltd in New Zealand
Wellington Drive Technologies Ltd WT8835
21 Arrenway Drive, Rosedale, Auckland 0632, New Zealand
PO Box 302-533, North Harbour, North Shore City 0751, New Zealand
Telephone: +64 9 9 477 0415, Fax: + 64 9 479 5540
Email: info@wdtl.com Website: www.wdtl.com Page 1 of 1

1
st
February 2017

For Immediate Release

Wellington Drive delivers 44% revenue growth and achieves
EBITDA guidance.

Wellington Drive Technologies is pleased to update earlier guidance on its 2016 trading performance,
with significant improvement on the previous year and an improvement on previous guidance. This
update is based on unaudited results –audited results will be released at the end of February 2017:

 Revenue for the 2016 year was $35.3 million, a 44% increase on the $24.6m reported for 2015.
The new SCS Connect and ECR2 products contributed $6m to the Company’s revenue. 1.2
million EC motors were sold, a 33% increase on 2015;
 Gross margin for the year was 24.4% compared to 22.2% in 2015;
 The target of a modest EBITDA
1
profit for 2016 was achieved;
 Q4 trading performance was very strong, with $10m revenue compared to $6m in Q4 2015; and
 Net cash on hand as at 31 December 2016 was $0.6 million (net of $1.5 million debt drawn of
the Company’s $2.0 million facility)
We are seeing initial strong demand forecasts from customers for Q1 2017 although we are still
working with customers to determine and confirm volumes for the first half of the year. Our early
forecast for 2017 indicates that the Company can achieve further revenue growth and we continue to
expect an EBITDA
1
profit for 2017 in the low $ millions.

CEO Greg Allen commented “We achieved our EBITDA
1
target for 2016, the Company’s first ever
full year EBITDA
1
profit, and demonstrated a solid first year for ECR2 and SCS Connect sales. The
44% revenue growth continues to show how the strategy to expand our motor product range, launch
SCS Connect, our first IoT (Internet of Things) product and develop new customers in new markets is
paying off. We expect 2017 to be even better.”


About Wellington Drive Technologies:
Wellington Drive Technologies is a leading global provider of energy efficient electronic motors,
airflows solutions and ‘Cloud Connected’ refrigeration control solutions for the commercial
refrigeration markets. It serves some of the world’s leading food and beverage brands and
refrigerator manufacturers with advanced products and solutions that reduce their costs improve
product sales and reduce energy consumption. Wellington is headquartered in Auckland, New
Zealand, and is listed on the New Zealand stock exchange under the ticker symbol NZ:WDT

Notes:
Note 1 - EBITDA is Earnings before Interest, Taxation, Depreciation, Amortisation and Impairment. Wellington has always
reported the EBITDA result because this is the profit performance measure that avoids the distortions caused by differences
in amortisation and impairment policies.
____________________________________________________________________________
Contact:
Greg Allen Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +1-778-238-6494 027-5870455