• Year-to-date revenue was €269.3m down 12.9% year-over-year (prior year: €309.1m) and €93.9m in third quarter down 14.7% year-over-year (prior year: €110.1m)
• Year-to-date EBIT was €12.5m (prior year: €20.3m) and €7.3m in third quarter (prior year: €11.1m)
• Free cash flow increased to €25.1m (prior year: €-0.5m)
• Operating costs reduced by 9.9% year-over-year (excluding foreign currency effects)
• Full-year guidance confirmed: 15-20% lower revenue and EBIT margin of 3-5%

Augsburg, October 27, 2020 - WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - generated revenue of €269.3m year-to-date, down 12.9% on the prior year (€309.1m).
While third quarter revenue, at €93.9m, was still significantly down year-over-year (by 14.7%; prior year: €110.1m), it was higher than the €88.1m recorded in the second quarter. At constant exchange rates, the third quarter decrease in revenue was 13.6%.

Year-to-date, Group EBIT was down 38.4% year-over-year at €12.5m (prior year: €20.3m).
The Group generated EBIT of €7.3m in the third quarter (prior year: €11.1m). At 7.8%, the third quarter EBIT margin was higher than the 4% seen in the second quarter. This was notably due to cost savings as a result of the Performance Program, which was launched in 2019 but further stepped up this spring, and to cost control to counter the effects of the COVID-19 pandemic.

Although the order backlog on September 30 was below the prior year's figure, however, it could be increased compared to the first half of the year. This is because orders received in the direct customer business recovered in the third quarter compared to the same quarter a year earlier.

Free cash flow (net cash flow - cash outflow from investing activities) increased year-over-year to €25.1m (prior year: €-0.5m). This is mainly due to the change in net operating working capital and to lower capital expenditure.

The course of the third quarter confirms the guidance for business performance in 2020 given by the Company mid-year. The Company continues to expect approximately 15-20% lower revenue with an EBIT margin of 3-5%, although the current expectation for revenue performance is a decrease at the lower end of the percentage range.

"The figures for the third quarter confirm our guidance. With the increasingly difficult COVID-19 situation in Europe, uncertainty remains, e.g. regarding the installation of the equipment at the end of the year. Therefore, we cannot further specify our guidance. We are making good progress in the Performance Program in adapting our structures for a sustainable improvement of our profitability", says Dr. Ralf Koeppe, CEO/CTO of WashTec AG.

The Q3 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	Q1-3 2020	Q1-3 2019	Change in %
Revenue	269.3	309.1	-12.9
EBIT	12.5	20.3	-38.4
EBIT margin in %	4.6	6.6	-
EBT	11.9	19.9	-40.2
Net income	7.4	11.6	-36.2
Earnings per share 1) (in €)	0.55	0.87	-36.2
Free cash flow	25.1	-0.5	-
ROCE in %	14.4	19.8	-

 

€m, IFRS	30. Sept 20	31. Dec 19	Change abs.
Balance sheet total	255.2	274.9	-19.7
Equity	90.5	84.5	6.0
Equity ratio2)	35.5	30.7	-
Net operating working capital3)	86.4	96.2	-9.8
Employees	1,767	1,874	-107

1) Basis: on average 13,382,324 shares; Basic = diluted
2) Equity /balance sheet total
3) Trade receivables + inventories -trade payables - prepayments on orders



Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

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