Wellis Q3 Report 2023

Highlights

  • Wellis sold 4 557 pcs in Q4 2022, total sales revenue reached HUF 9.6 bn.
  • Production of new energy efficient product line already started with cca. 300 items produced in early 2023.
  • Payment terms renegotiated with the top 30 suppliers.
  • Continued strict NWC management.
  • Maintain operating costs at year-end 2022 level, January 2023 in line with forecast.
  • Wellis hired an advisor and started negotiations with potential new (minority) equity partners.
  • Ongoing negotiations with current banks and potential new financiers. Coupon of bonds paid on Feb 26, 2023.
  • Scope monitoring review has been issued on March 3, 2023: issuer rating is B- with a negative outlook, bond rating is B-. No change from the previous report.
  • The global political and economic turmoil forced Wellis Group off the planned business track
  • Despite the lower demand Wellis Group managed to maintain its sales volumes and increase its sales revenue as a cumulative effect of price increase and HUF deterioration. Wellis sold 4 557 pcs, total sales revenue reached HUF 9.6 bn in Q4 2022. Total sales reached HUF 50 729 mn in 2022.
  • Downsized operation, strict cost control, and NWC management together with a new, energy-efficient product line will help Wellis strengthen its financials in 2023, cca. 300 items already produced in early 2023.

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