28. Apr 2022

WashTec AG: 19% revenue growth with 31% increase in EBIT

WashTec AG / Key word(s): Quarterly / Interim Statement
WashTec AG: 19% revenue growth with 31% increase in EBIT

28.04.2022 / 08:00
The issuer is solely responsible for the content of this announcement.

  • Group revenue €101.0m (prior year: €84.8m)
  • Group EBIT €4.6m (prior year: €3.5m); EBIT margin 4.6% (prior year: 4.1%)
  • Free cash flow (including repayment of lease liabilities) at €-5.8m (prior year: €3.9m) primarily due to increase in inventories and higher tax payments
  • Order backlog well above prior year
  • Full year guidance for 2022 confirmed: Revenue growth of 5%-9% with double-digit EBIT margin

Augsburg, April 28, 2022 - The WashTec Group generated strong revenue of €101.0m in the first quarter, up 19.1% on the prior year (€84.8m). That makes this quarter one of the strongest first quarters in the Company's history. At constant exchange rates, the revenue growth in the first three months was 17.1%. Revenue increased significantly in the first quarter due to higher sales of machines, both to key accounts and in direct sales. The Chemicals and Service activities also showed double-digit year-on-year growth and consequently likewise contributed to the Group's positive revenue performance.

The Group's EBIT increased disproportionately by 31.4% and was significantly higher than prior year at €4.6m (prior year: €3.5m). The EBIT margin was 4.6%, up from 4.1% in the prior-year period.

Despite the difficult geopolitical and economic environment, orders received remained stable in the first three months of the fiscal year. The figure through to the end of March was at the same solid level as the prior year. The order backlog was significantly higher at the end of the first quarter than a year earlier.

Free cash flow including repayment of lease liabilities (net cash flow - cash outflow from Investing activities - repayment of lease liabilities) fell year-on-year, despite €1.2m higher earnings before taxes (EBT), to €-5.8m (prior year: €3.9m). This is mainly due to the increase in inventories and higher tax payments and payments for capital expenditure.

"With one of the strongest first quarters revenue in the company's history, an increase in EBIT and stable incoming orders, business development is positive and in line with expectations," explained Dr. Ralf Koeppe, CEO of WashTec AG.

The Q1 financial statement and further information about WashTec can be found on: www.washtec.de.

About WashTec:
WashTec Group with its registered office in Augsburg, Germany, is the leading provider of innovative car wash solutions worldwide. The company has about 1,800 employees and is represented with subsidiaries in the major markets of Europe, North America and Asia/Pacific. Moreover, WashTec has an extensive network of independent marketing partners through which it is present in around 80 countries worldwide.

Key figures:
€m, IFRS Q1 2022 Q1 2021 Change in %
Revenue 101.0 84.8 19.1
EBIT 4.6 3.5 31.4
EBIT margin in % 4.6 4.1 -
EBT 4.5 3.3 36.4
Net income 2.3 2.0 15.0
Earnings per share 1) (in €) 0.17 0.15 15.0
Free cash flow2 -5.8 3.9 -248.7
€m, IFRS 31. Mar 22 31. Dec 21 Change abs.
Balance sheet total 281.4 267.0 14.4
Equity 101.4 98.4 3.0
Equity ratio 36.0% 36.9% -0.9
Net operating working capital3) 90.3 86.9 3.4
Employees at reporting date 1,788 1,782 6

1) Basis: on average 13,382,324 shares; Basic = diluted
2) including the repayment of lease liabilities
3) Trade receivables + inventories -trade payables - prepayments on orders

WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 5584 - 0
Fax: +49 (0)821 - 5584 - 1135

28.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: WashTec AG
Argonstraße 7
86153 Augsburg
Phone: +49 (0)821 55 84-0
Fax: +49 (0)821 55 84-1135
E-mail: washtec@washtec.de
Internet: www.washtec.de
ISIN: DE0007507501
WKN: 750750
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1336699

End of News DGAP News Service

1336699  28.04.2022