30. Apr 2015

WashTec AG: Significant revenues and earnings increase; higher order backlog than prior year


WashTec AG / Key word(s): Quarter Results

2015-04-30 / 07:00


Significant revenues and earnings increase; higher order backlog than prior year

- Revenues at EUR 75.5m (prior year: EUR 64.8m); EBIT at EUR 4.3m (prior year: EUR -0.4m); net cash flow of EUR 2.7m (prior year: EUR 5.4m)

- Positive development in all segments

- Dividend of EUR 1.65 per share proposed

Augsburg, April 30, 2015 - Revenues of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - in the first quarter 2015 totaled EUR 75.5m (prior year: EUR 64.8m) and thus increased by 16.5%. This increase is based on the positive development in all segments.

EBIT (earnings before interest and taxes) of the group increased to EUR 4.3m (prior year: EUR -0.4m), primarily due to the positive development in the segment of equipment and service. In Core Europe EBIT increased to EUR 4.5m (prior year: EUR 0.4m) due to the achieved revenue increase, in Eastern Europe EBIT was at EUR 0.3m (prior year: EUR -0.2m) and in Asia/Pacific at EUR 0.1m (prior year: EUR -0.1m). In Northern America earnings remained stable at EUR -0.4m.

Order backlog development remained good and was higher than prior year's level by end of March. Therefore, the company expects a positive business development for the entire first half year of 2015.

Good balance sheet quality

WashTec's balance sheet structure remains continuously very solid. Net financial liquidity (cash and cash equivalents minus long-term and short-term financial debt) increased to EUR 10.4m (end of 2014: EUR 9.8m). The equity ratio remained nearly constant with 49% (end of 2014: 48.9%). The net cash flow decreased significantly to EUR 2.7m (prior year: EUR 5.4m) due to tax payments.

Special dividend proposal to shareholders

Because of the positive business development in the last years, Management Board and Supervisory Board propose a dividend payment of EUR 1.65 per share to this year's annual general meeting on May 13, 2015. The dividend is composed of a distribution in the amount of EUR 0.70 per share plus a special distribution in the amount of EUR 0.95 per share.

Outlook for 2015: slight increase of revenues and significant increase of EBIT

After the end of the first quarter, the company is still seeking a slight increase in of revenue and a considerable increase in EBIT. The following development of the individual segments is expected:

- Core Europe: stable revenues and earnings

- Eastern Europe: significant increase in revenue and slight increase in earnings

- Northern America: significant increase in revenue and earnings

- Asia/Pacific: significant increase in revenue and earnings

The outlook for other key figures published in the annual report 2014 also continues to apply. An outlook for 2015 is subject to uncertainties, which may significantly influence the development of revenues and earnings forecasted. The critical main driver will be the investment behavior of some key accounts.

The full quarterly report and additional information about the company can be found on our website: www.washtec.de

Key financial information of the Group for the first quarter:

EURm, IFRS Q1-2015 Q1-2014
Revenues 75.5 64.8
EBITDA 6.7 2.0
EBIT 4.3 -0.4
EBIT margin (in %) 5.7 -0.6
EBT 4.2 -0.6
Consolidated net income 2.5 -0.6
Earnings per share* (in EUR) 0.18 -0.04
Net cash flow 2.7 5.4
 
EURm, IFRS Mar 31, 2015 Dec 31, 2014
Balance sheet total 192.2 185.8
Equity 94.2 90.9
Equity ratio 49.0 % 48.9 %
Net finance liquidity** 10.4 9.8
Net current assets*** 69.9 71.2
     
Employees 1,665 1,664
 

* Average number of shares as of March 31, 2014: 13.932.312, as of March 31, 2013: 13.954.412
** Cash and cash equivalents minus long-term and short-term financial debt
*** Trade receivables plus inventories minus trade payables

About WashTec:

The WashTec Group has its registered offices in Augsburg, Germany, and is the leading supplier of innovative solutions for the car wash business worldwide. WashTec has more than 1,600 employees and has its own subsidiaries in all key markets in Europe, North America as well as China and Australia. WashTec also has a broad network of independent sales partners and is thereby represented in a total of roughly 60 countries.

Contact:

WashTec AG
Corporate Communications
Dr. Johannes Ley
Argonstrasse 7
86153 Augsburg

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



 




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350991  2015-04-30