DGAP-Media: W.E.T. Automotive Systems AG: Roadmap to further growth, financing secured, new shareholder structure
(firmenpresse) - W.E.T. Automotive Systems AG / Enterprise
19.04.2010 14:43
Dissemination of a Media Release, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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W.E.T. Automotive Systems AG, whose shares are traded on the regulated
market of the Frankfurt Stock Exchange (DE0005081608), has achieved a major
milestone towards further growth on the attractive market of seat comfort
systems .
As expected, all requirements for the completion of the financing
agreements with the banks have been fulfilled. Thus, the W.E.T. Group has
sufficient financial flexibility for its global business operations and for
the anticipated strong growth of the climate seat market which is still in
its infancy. The W.E.T. Group now has access to a funding package totaling
some EUR39 million until at least September 2012. This amount includes
currently unused working capital lines amounting to EUR10 million and a KfW
loan of EUR22 million granted on market terms as part of the economic
stimulus package II of the Federal Republic of Germany.
The company plans to reduce its debt considerably over the next 3 years,
thereby significantly reducing the cost of capital both during the term of
the current financing arrangements and thereafter.
The successful conclusion of the financing agreements was accompanied by a
change in the shareholder structure. A group of investors that includes the
Management Board and the Supervisory Board of W.E.T. Automotive Systems AG
has taken over the 62.1% share package from the holding company Running
Mate GmbH, which became insolvent in November 2009, and at the same time
provided the W.E.T. Group with a subordinated loan of some EUR7 million
maturing in April 2014. The involvement of the management in the group of
investors underscores the confidence of the management in the company's
future.
In the meantime, the annual financial statements of the W.E.T. Group for
2009 have been published. In the year of the most severe crisis in the
automotive industry since World War II, the W.E.T. Group suffered a revenue
decline of only 6.8% to EUR158 million but was still able to generate
positive EBIT thanks to a number of cost reduction and liquidity protection
measures. In addition, W.E.T. Group net income was close to breakeven in
2009. Moreover, the W.E.T. Group recorded an excellent start into the
financial year 2010 and, in line with the latest forecasts, expects
substantially increased revenues and earnings in the current year.
'With its global positioning and its global customer portfolio, the W.E.T.
Group has a unique market position that distinguishes it from its
competitors. The technologies of the W.E.T. Group are future-proof,
especially in the context of the upcoming generation of electric vehicles.
Furthermore, we expect above-average growth rates in the field of climate
seat technologies. Having secured our financing, we now have the sound
basis and the flexibility needed to implement our corporate strategy,' says
Caspar Baumhauer, Chairman of the Board of Directors.
The Board of Directors
Heike Weber, heike.weber(at)wet-group.com, +49 (0)8134 933 - 933
Thomas Liedl, thomas.liedl(at)wet-group.com, +49 (0)8134 933 - 510
19.04.2010 14:43 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: W.E.T. Automotive Systems AG
Rudolf-Diesel-Str. 12
85235 Odelzhausen
Deutschland
Internet: www.wet-group.com
End of News DGAP-Media
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Bereitgestellt von Benutzer: EquityStory
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Datum: 19.04.2010 - 14:43 Uhr
Sprache: Deutsch
News-ID 19265
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