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2014-04-29

GOWEX : GOWEX 2013 net profit: €28.9 million, an increase of 70%

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 thatduring 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 94,3 55,6 +70% |
| |
| |
|% over the total Revenue 51,6% 48,6% |
|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 38,8 21,8 +78% |
| |
| |
|% over the total Revenue 21,0% 19,1% |
|Financial results 0,6 0,4 ns |
|Result before tax 39,4 22,2 +78% |
|Taxes 10,6 5,2 +104% |
|Result after taxes 28,9 17,0 +70% |
| |
| |
|% over the total Revenue 15,8% 14,9% |
------------------------------------------------------------
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
http://hugin.info/158036/R/1780992/609085.pdf

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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

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