Earnings Upgrade

®
is a registered Trade Mark of Wellington Drive Technologies WT 9507

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



24 February 2021

Market Announcement
For immediate release
Wellington Drive Technologies earnings upgrade

Wellington Drives Technologies Limited (Wellington) is experiencing stronger than expected sales and
forecast order inflow.

The Company’s full-year 2021 revenue guidance was previously in a range of US$37m to US$42m, and
EBITDA of NZ$2.0m-2.5m, with a modest pre-tax loss. This guidance is now being raised to full-year
revenue between US$40m and US$43m, EBITDA between NZ$2.5m and NZ$3.0m, and a modest net profit.
It should be noted that the US$/NZ$ exchange rate is currently providing a modest head wind to earnings.
Wellington has adequate financial resources, including existing bank facilities, on the current outlook.

While customer demand indications are strengthening it is unclear the extent to which this might represent:
• a catch-up from 2020 demand weakness;
• front-end loading of 2021 customer demand; or
• sustainable recovery in customer demand, including normal levels of factory operation and capital
expenditure.
The increasing order flow and customer forecast increases does provide a higher degree of certainty around
Wellington’s first and second quarter operating forecast and, subject to previously disclosed COVID-related
risks, suggests the Company should report a net profit for the first half of the year.

Wellington’s 2020 Annual Report is expected to be released by 26 February.

EBITDA (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.


About Wellington Drive Technologies
Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, proximity
marketing solutions, energy-efficient electronic motors and connected refrigeration control solutions. It serves

WT 9507

2
some of the world’s leading food and beverage brands and refrigerator manufacturers and offers proximity-
based marketing solutions for global food and beverage brands as well as Smart City projects in the
Australian market. Wellington’s products and services improve sales, decrease costs and reduce energy
consumption. 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


Contact:

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