• Revenue at €378.7m, prior year €436.5m
• EBIT at €20.1m, prior year €36.3m; EBIT margin at 5.3%, adjusted EBIT margin at 6.8% 
• Free cash flow including lease payments at €36.9m, prior year €6.4m
• Dividend proposal: 2020 €0.99, special dividend €1.31
• Guidance 2021: stable revenue growth with significant increase in EBIT

Augsburg, March 31, 2021 - Group revenue declined 13.2% to €378.7m as a result of the worldwide economic slowdown driven by the COVID-19 pandemic. The final quarter, with revenue of €109.3m (prior year: €127.3m), was better than expected as installations were able to be finished despite new lockdowns. Due to the decrease in revenue, however, mitigated by strict cost management and implementation of the performance program, EBIT decreased 44.6% to €20.1m (prior year: €36.3m). This includes €5.6m in one-time expenses. Adjusted for these effects, EBIT was €25.6m (adjusted EBIT margin: 6.8%).

Free cash flow including lease payments increased to €36.9m compared to prior year (€6.4m) resulting mainly from the reduction in receivables, reduced investments, and cost control activities. The free cash flow performance indicator also includes increases and decreases in lease liabilities. Free cash flow after lease payments allows a more accurate assessment of the financial position of the group. Free cash flow after lease payments improved to €36.9m (prior year: €6.4m).

Equity increased from €84.5m to €96.2m; the equity ratio improved to 39.4% (prior year: 30.7%).

"2020 was dominated by the outbreak of the global pandemic. Despite major challenges and investment reluctance in particular from key accounts, our Company generated solid earnings. We succeeded in adapting the organization to the changing conditions. At the same time, we used the time to push innovations in order to emerge stronger from the crisis. In the process, we laid the foundation for a new, modern corporate culture" explained Dr. Ralf Koeppe, CEO of WashTec AG.

Annual General Meeting 2021
The Annual General Meeting of WashTec AG will take place on Tuesday, 18 May 2021. The Management Board and Supervisory Board are proposing a dividend of €0.99 for fiscal year 2020. In addition to this dividend, distribution of a special dividend of €1.31 per share is proposed.

Forecast for fiscal year 2021
For the fiscal year 2021 and with the continuing economic crisis, WashTec is aiming for stable revenue performance for the Group, with a significant increase in EBIT. For 2021, we expect a significantly lower cash flow due to the absence of one-off effects. WashTec will continue to work consistently on increasing profitability to return to a double-digit EBIT margin in the medium term.

General risk information
Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.

The annual report for fiscal year 2020 and additional information about the company 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 around 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	2020	2019	Change in %
Revenue	378.7	436.5	-13.2
EBIT	20.1	36.3	-44.6
EBIT margin in %	5.3	8.3	-
Adjusted EBIT margin in %	6.8	8.8	-
EBT	18.8	35.7	-47.3
Net income	13.3	22.3	-40.4
Earnings per share 1) (in €)	0.99	1.66	-40.4
Free cash flow (including lease payments)	36.9	6.4	-
ROCE in %	10.5	18.4	-

 

€m, IFRS	31. Dec. 20	31. Dec. 19	Change abs.
Balance sheet total	244.0	274.9	-30.9
Equity	96.2	84.5	11.7
Equity ratio	39.4%	30.7%	8.7
Net financial debt	19.4	56.4	-37.0
Net operating working capital 2)	80.6	96.2	-15.6
Employees (31.12.)	1,770	1,874	-104

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