Press Release

 
Positive revenue and earnings development in the third quarter:
 

• Third quarter revenue up by 9.7% to EUR112.6m (prior year: EUR102.6m); Revenue (Q1-3) EUR312.7m, level with prior year (EUR312.5m) after residue of -9.6% in first quarter and -4.7% in first half-year period
• EBIT in third quarter at EUR14.9m, an improvement of 17.3% (prior year: EUR12.7m); EBIT (Q1-3) at EUR33.2m still below prior year (EUR37.6m)
• Double-digit year-on-year growth in order intake and order backlog as of September 30, 2018
• WashTec Group guidance 2018 adjusted: Full-year revenue growth of up to three percent with stable EBIT due to delays on civil works

 
Augsburg, October 26, 2018 - Revenue of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - increased in the third quarter of 2018 by EUR10.0m to EUR112.6m (prior year: EUR102.6m). On an exchange rate adjusted basis, revenue increased by 10.1% to EUR113.0m in the third quarter.
 
Revenue in the first nine months was at EUR312.7m on prior year level (EUR312.5m). Adjusted for exchange rate effects, revenue increased by 1.7% to EUR317.8m in this period. Decrease of revenue of the first quarter could be completely balanced in the third quarter.
 
The EBIT performance in the first nine months at EUR33.2m was still down on the prior year (EUR37.6m) due to the weaker first quarter. In the third quarter the EBIT improved by 17.3% to EUR14.9m (prior year: EUR12.7m).
 
The revenue and earnings in Europe increased significantly after nine months compared to prior year level. The revenue was at EUR259.1m (prior year: EUR246.1m), EBIT increased to EUR36.7m (prior year: EUR32.9m). This reflects an EBIT margin of 13.2%.
With revenue of EUR49.4m and earnings at EUR-2.9m North America after the first nine months was, as expected, still below the prior year's level (prior year: revenue EUR61.9m, EBIT EUR4.8m).
 
Guidance for full-year adjusted

The company aims for full-year revenue growth of up to three percent with stable EBIT.
 
Order backlog as of September 30, 2018 was double-digit above the previous year. In particular, in the North America region order backlog has almost doubled in size. This increase is based on a balanced customer mix with a disproportionately high growth in direct business. However, the Company currently assumes that not all orders will still be realized in 2018, as there are delays on civil works. This also effects the EBIT.
The guidance given in the Annual Report 2017 for the remaining defined key figures Free Cash Flow and ROCE remains unchanged.

"We have a very good order backlog in all regions and further multiple measures in progress. We look optimistically into the year 2019", says Dr. Volker Zimmermann, CEO of WashTec AG.
 
General risk information
Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.
 
The Q3 financial report 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 more than 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 70 countries worldwide.

Key figures:
 

EURm, IFRS	Q1-3 2018	Q1-3 2017	Change in %
Revenue	312.7	312.5		0.1
EBITDA	40.6	44.9		-9.6
EBIT	33.2	37.6		-11.7
EBIT margin in %	10.6	12.0		-
EBT	32.7	37.2		-12.1
Consolidated net income	21.3	26.2		-18.7
Earnings per share 1) (in EUR)	1.59	1.96		-18.7
Net cash flow	5.9	18.8		-68.6
Free cash flow	2.2	11.0		-80.0
ROCE in %	26.1	32.3		-

 

EURm, IFRS	Sep 30, 18	Dec 31, 17	Change abs.
Balance sheet total	253.8	233.9	19.9
Equity	82.5	94.2	-11.7
Equity ratio	32.5	40.3	-
Net operating working capital 2)	101.9	86.7	15.2
Employees	1,875	1,814	61

 
1) Basis: on average 13,382,324 shares
2) Trade receivables + inventories -trade payables - prepayments on orders


Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135