GOWEX : GOWEX 2013 net profit: €28.9 million, an increase of 70%
April 29 2014 - 7:43AM
GOWEX 2013 net
profit: €28.9 million, an increase of 70%
Solid year results on growth and
profitability
Two big partnerships signed between We2 and
two leader operators
Pipeline business for 2014: almost 2 times
higher than in 2013
Doubling goals for 2018: 600 Wireless Smart
Cities
Total Revenue: €182,6 million; + 60
%
EBITDA: €53,0 million; +
72%
EBIT: €38,9 million; +78%
Net Benefit: €28,9 million; + 70
%
Net liquid assets €30,5 million
Madrid, 29 April 2014-. GOWEX (GOW-MAB, ALGOW-NYSE
Alternext, LGWXY-OTC Market), a leading company in the
creation of Wireless Smart Cities announces today the publication
of the consolidated results for 2013, with an generalized increase
in each and every financial indicator and exceeding the income
expectations, paying off the investments made in new technologies,
business areas and services.
GOWEX CEO, Jenaro García, highlighted the positive result of these
figures and pointed out that during 2013 GOWEX
strengthened its model and created a global need around its
product. The growth of our recurring revenue, the projects we gain
along the way and our solid leading position enables us to sustain
more and more our goal of achieving 600 Wireless Smart Cities
before 2018.
Lets GOWEX S.A. (M€) |
31.12.2013 |
31.12.2012 |
Variation
2013 /2012 |
Revenue Results |
182,6 |
114,3 |
+60% |
Gross Margin
% over the total Revenue |
94,3
51,6% |
55,6
48,6% |
+70% |
Employee costs |
4,3 |
2,8 |
+56% |
Other operating costs |
40,9 |
26,9 |
+52% |
EBITDA
|
53,0 |
30,8 |
+72% |
% over the total Revenue |
28,4% |
26,9% |
|
Depreciations |
0,9 |
-2,3 |
(61%) |
Depreciation Expenses |
13,3 |
6,8 |
+96% |
EBIT
% over the total Revenue |
38,8
21,0% |
21,8
19,1% |
+78% |
Financial
results |
0,6 |
0,4 |
ns |
Result
before tax |
39,4 |
22,2 |
+78% |
Taxes |
10,6 |
5,2 |
+104% |
Result after taxes
% over the total Revenue |
28,9
15,8% |
17,0
14,9% |
+70% |
Revenue's
expectations have been over passed, 69% is
recurrent
After €182, 6 million of sales, GOWEX reaches higher revenue than
expected. In 2013, the Company signed two agreements with ZTE
(China), AT&T (USA), PCCW (Hong-Kong), Atlanteam (France),
deploying the biggest network in New York and, finally, launching a
revolutionary service: We2 Social WiFi.
The international sales have progressed due to GOWEX renown,
reaching a sales' total of 67% in 2013, versus 51% at the end of
2012. Almost all the Group's growth was organic, except for
the petty part regarding Ideup's acquisition for the Mobile
department.
The margin progress faster than the
revenue
In 2013, the management indicators have progressed faster than
activity under the gross margin growth (+70%), improving the
equipment costs and the good management of the expenses.
In this way, the EBITDA reaches €53, 0 million, which corresponds
to 29, 0% on the total revenue, compared to the 26, 9% in 2012. The
application of results (Ebit) was established at €38, 8 million
(21% of the total revenue), growing a 78%, even with the
amortization expenses, following the network's powerful growth
during the 2S 2013.
The corporation taxes, €10, 6 million, have doubled over the
financial period. At the end, the net profit was established at
€28, 9 million, a 15, and 8% of the total revenue.
€ 30, 5 million of net liquid assets at the
end of 2013, after important investments
Fixed assets increased from € 17.1 million to € 54.7 million during
the year. Thus, GOWEX reached at the end of 2013, € 95.2 million in
equity and cash position, and net cash of € 30.5 million.
For the next stockholders
meeting, the Administration Board will propose the payment of a
dividend equivalent to 2012's. That is a minimum of 0,013 euro per
stock.
Doubling goals for 2018: 600 Wireless Smart Cities
In December 2013, We2 Social WiFi was launch, offering retailers,
companies and final users a social experience to share their
private network. We2 will accelerate GOWEX's network growth with
two partnerships with leader operators that have been signed and
several negotiations are ongoing.
Meanwhile, GOWEX Wireless network growth will be concentrated in
areas of Latin America, United States and emerging markets by
strengthening its presence especially through its policy of
co-investment.
Strong ambitions and an advanced business
pipeline define GOWEXs goals in achieving 600 Wireless Smart
Cities in the world for
2018.
GOWEX 2013 net profit: €28.9
million
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Gowex via Globenewswire
HUG#1780992