Wellington Drive Technologies upgrades 2019 guidance

®
is a registered Trade Mark of Wellington Drive Technologies WT 9276

Wellington Drive Technologies Ltd
P: +64 9 477 4500 E: info@wdtl.com
21 Arrenway Drive, Rosedale, Auckland 0632
PO Box 302-533 North Harbour, Auckland 0751, New Zealand
www.wdtl.com
22 November 2019

For immediate release

Wellington Drive Technologies upgrades 2019 guidance

Wellington Drive Technologies (Wellington), a leading provider of Internet of Things (IoT) solutions and
energy efficient motors to the retail food and beverage industry, today announced an upgrade of its
earnings guidance for the 2019 financial year.

Wellington has recently seen an increase in order take for its Connect SCS and data services, its ECR2
motor and some legacy motors. This demand increase is a result of increased cooler equipment demand
from some beverage brands and cooler manufacturers starting to position inventory in advance of first
quarter 2020. It should be noted that the company’s December month can be particularly volatile, with
customers making order increase and deferral decisions late in the month.

As a result of these recent order increases and somewhat stronger fourth quarter demand, the company
now expects revenue to be above the $58.8m reported for 2018, versus previous guidance of revenue in
line with 2018. EBITDA
1
is now expected to be in the range of $3.5m and $4.0m, versus previous guidance
of between $3.0m and $3.5m. The company expects to deliver a modest pre-tax profit.

This guidance excludes any adjustment required as a result of the fair value assessment of the contingent
consideration liability in respect of the iProximity acquisition.

Wellington announced its pro rata renounceable rights issue of new ordinary shares (“Offer”) on 25 October
2019. Wellington confirms, as at the date of this announcement that, for the purposes of the Offer, it
continues to be in compliance with its “continuous disclosure” and “financial reporting obligations”, and that
there is no information that is “excluded information” as each of those terms are described in Wellington’s
cleansing notice dated 25 October 2019. Wellington notes that the Offer closes at 5pm NZT on 25
November.
About Wellington Drive Technologies:
Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, energy-
efficient electronic motors and connected refrigeration control solutions. It serves some of the world’s
leading food and beverage brands and refrigerator manufacturers and offers proximity-based marketing
for Smart Cities to the Australian market. Wellington’s products and services improve sales, decrease
costs and reduce energy consumption for its customers products. Headquartered in Auckland with a
global reach, Wellington is listed on the New Zealand stock exchange under the ticker symbol NZ:WDT
For further information visit
www.wdtl.com

EBITDA
1
(i.e. Earnings before interest, taxation, depreciation, amortisation and impairment) is a non- GAAP earnings figure that equity
analysts tend to focus on for comparable company performance analysis. Wellington considers that it is a useful financial indicator
because it avoids the distortions caused by differences in amortisation and impairment policies.

WT 9276


Contact:

Greg Allen Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +1-778-238-6494 +64 27 587-0455