Wellington reconfirms guidance

®
is a registered Trade Mark of Wellington Drive Technologies WT 9569

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



26 July 2021

Market Announcement
For immediate release
Wellington reconfirms guidance

Wellington Drive Technologies (Wellington or Company) notes the recent strong rise in its share price, up
around 20%. The Company remains in compliance with its continuous disclosure obligations and reiterates
its upgraded FY2021 guidance from 28 June:
• Wellington is forecasting US$ revenue in the range of US$45m to US$50m, up from the previous
range of US$41m to US$46m, and subject to component supply chain risks.
• Before deducting non-recurring charges (as outlined in the 28 June NZX release), Wellington
expects underlying EBITDA earnings to be in the range of NZ$3.5m to NZ$4.5m, up from the
previous range of NZ$2.5m to NZ$3.0m; and,
• Wellington is currently forecasting to finish 2021 with net cash of around NZ$5m with a further
NZ$1.9m of undrawn bank facility.

As noted in the 28 June release, Wellington is experiencing strong customer demand reflecting both new
customer wins over the last 18 months, initial revenue from recent new product launches and a
strengthening global economy.

The Company previously forecast Q2 2021 revenue of around US$12m and can report that actual Q2
revenue was US$11.7m.

Wellington expects to report its interim result around 25 August 2021. While the Company is still finalising
the result, the provisional key metric estimates are:

Interim result: Provisional estimates (NZ$000) H1-2021 H1-2020 Delta
Revenue US$ 22,796 13,369 +71%
Revenue 30,561 20,484 +49%
Gross profit 8,854 6,235 +42%
EBITDA 1,830 1,136 +61%
EBIT 705 (550) +$1.3m
NPBT 617 (773) +$1.4m

WT 9569

2
Adjusted to exclude IPX contingent
consideration ($293; H1-2020 $638 gain) and
salary sacrifice repayment ($380)

EBITDA - Adjusted 2,503 498 +403%
EBIT - Adjusted 1,378 (1,188) +$2.6m
NPBT - Adjusted 1,290 (1,411) +$2.7m

Additionally, Wellington closed the first half with a strong cash position of $6.1m (net cash of $5.6m) and
$2.0m of BZN financing facility available.

Wellington’s full year FY2021 forecast remains subject to the higher than usual level of risk that prevails in
the current global environment, in particular for unexpected cost increases and unanticipated disruptions
to supply. The Company is monitoring the worsening COVID situation in Vietnam where its supplier East
West is based. Production has been stopped due to positive Covid cases in the production facility and is
not expected to recommence for at least two weeks.

Suppliers are reporting an inability to supply some critical electronic components, despite confirmed
purchase orders. Wellington’s Supply Chain Team has done well so far this year to secure components,
especially with the significant unforecast increase in customer demand and will continue to work to avoid
supply disruption over the forecast period. We do not want to disappoint customers.

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 services and products 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

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.


Contact
Gottfried Pausch Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +64 21 258-4054 +64 27 587-0455