26. Apr 2021

WashTec AG: EBIT more than doubled in first quarter despite weather- and pandemic-related revenue shortfall

WashTec AG / Key word(s): Quarterly / Interim Statement
WashTec AG: EBIT more than doubled in first quarter despite weather- and pandemic-related revenue shortfall

26.04.2021 / 15:00
The issuer is solely responsible for the content of this announcement.

  • Group revenue €84.8m (prior year: €87.3m)
  • Group EBIT €3.5m (prior year: €1.7m); EBIT margin 4.1%
  • Free cash flow (including repayment of lease liabilities) €3.9m (prior year: € - 0.6m)
  • Order backlog well above prior year
  • Adjusted guidance for full year 2021: significant increase in revenue and EBIT

Augsburg, April 26, 2020 - The WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - generated revenue of €84.8m in the first quarter, down 2.9% on the prior year (€87.3m). At constant exchange rates, the first quarter decrease in revenue was 1.9%. Apart from weather conditions, the slight fall in Q1 revenue year-over-year was primarily driven by less revenue from key accounts. In contrast to this, direct business increased significantly. When comparing the figures, it should be noted that that business in the first quarter of 2020 was still mainly unaffected by the COVID-19 pandemic.

The Group's EBIT rose by around 106% and was significantly higher than prior year at €3.5m (prior year: €1.7m). Thanks to structural adjustments made last year and the resulting cost savings, the Company was able to double the Group's EBIT despite lower revenue. The EBIT margin was 4.1%, up from 1.9% in the prior-year period.

Despite ongoing uncertainty due to the COVID-19 pandemic, order intake showed healthy growth in March especially, resulting in a significant increase in the order backlog by the end of March. The Company recorded double-digit growth here both in the direct sales business and with key accounts. The order backlog at the end of the first quarter was significantly higher than in the prior year.

Free cash flow including repayment of lease liabilities (net cash flow - cash outflow from Investing activities - repayment of lease liabilities) increased year-on-year to €3.9m (prior year: €-0.6m). This is mainly due to the improvement in earnings and to lower tax payments.

The Company adjusted its revenue guidance on April 20, 2021. Due to an improved order intake, also in the key accounts business, the Company now expects a significant increase in revenue and in EBIT for the full year 2021.

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 2021 Q1 2020 Change in %
Revenue 84.8 87.3 -2.9
EBIT 3.5 1.7 105.9
EBIT margin in % 4.1 1.9 -
EBT 3.3 1.6 106.3
Net income 2.0 -0.2 1,100.0
Earnings per share 1) (in €) 0.15 -0.02 1.100.0
Free cash flow including the repayment of lease liabilities 3.9 -0.6 750.0
€m, IFRS 31. Mar 21 31. Dec 20 Change abs.
Balance sheet total 253.3 244.0 9.3
Equity 99.3 96.2 3.1
Equity ratio in % 39.2 39.4 -0.2
Net operating working capital2) 81.3 80.6 0.7
Employees 1,763 1,770 -7

1) Basis: on average 13,382,324 shares; Basic = diluted
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

26.04.2021 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: 1188227

End of News DGAP News Service

1188227  26.04.2021