03. Aug 2023

WashTec AG: Successful first half-year 2023

WashTec AG / Key word(s): Half Year Report
WashTec AG: Successful first half-year 2023

03.08.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

WashTec AG:           Successful first half-year 2023
  • Group revenue of €236.2m in first half year, up 7.4% on prior year (€220.0m); revenue of €127.1m in second quarter, up 6.8% on prior year (€119.0m)
  • Group EBIT of €15.4m in first half year, up 19.4% on prior year (€12.9m); EBIT of €9.9m in second quarter, up 19.3% on prior year (€8.3m)
  • Half-year free cash flow of €6.5m (prior year: €−2.5m)
  • Guidance for fiscal year 2023 confirmed

Augsburg, August 3, 2023 – The WashTec Group generated revenue of €236.2m in the six months ending June 30, 2023, once again setting a new record for a first half-year and marking a significant 7.4% increase in revenue compared to the prior year (€220.0m). At constant exchange rates, the revenue growth in the first six months was no less than 8.8%. A new record was also set for a second quarter with revenue of €127.1m (prior year: €119.0m). In addition to the price rises that had been implemented and strong growth in the key account business, the chemicals business also contributed significantly to the positive performance with the acquisition of new customers.

As a result of the revenue growth and proactive cost management, Group EBIT in the first half of the year was €15.4m, significantly higher than in the prior year (€12.9m). The EBIT margin in the first six months improved to 6.5% (prior year: 5.9%). In the second quarter, EBIT increased significantly by 19.3% to €9.9m (prior year: €8.3m), mainly due to extremely positive performance in the chemicals business. The EBIT margin increased to 7.8% (prior year: 7.0%), which is higher than both the prior-year quarter and Q1 2023.

Free cash flow improved to €6.5m in the first half of the year (prior year: €−2.5m) as a result of the improvements in earnings and in net operating working capital management. This positive outcome was achieved despite the €9.5m acquisition of the site occupied by the American subsidiary.

Orders received in the first six months were down by a double-digit percentage year on year due to the significant drop in demand in the market as a whole. However, the order backlog remained at a high level overall at the end of June 2023.

The Company has confirmed the guidance for fiscal year 2023: In the full year 2023, the Group is targeting revenue on a similar level to the prior year with a significant increase in EBIT. This guidance is fundamentally subject to uncertainties. These may result, for example, from a possible escalation of the conflict in Ukraine, a significant deterioration of economic conditions in key sales markets, or additional burdens from structural adjustments.

The Company has also made progress in the onward evolution of its product strategy with the launch of new products such as the JetWash Modular and AquaPur Modular Connected at trade shows. “WashTec generates a high level of customer benefit through consistent digital orientation and smart integration of products and digital services. At the “Tankstelle und Mittelstand” service station trade show in June, for example, we presented our next connected product, the AquaPur Modular water treatment system. The sustainable operation of the water treatment system can be monitored and fine-tuned on mywashtec.com, WashTec’s digital platform. These solutions are already being used successfully by the first customers,” said Dr. Ralf Koeppe, CEO of WashTec AG.

The full report on the first half-year 2023 and further information about WashTec can be found on the WashTec: Investor Relations Website.

About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative solutions for carwash worldwide. WashTec employs around 1,800 people worldwide and has subsidiaries in the markets of Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers.

Key figures:
€m, IFRS H1 2023 H1 2022 Change in %
Revenue 236.2 220.0 7.4
EBIT 15.4 12.9 19.4
EBIT margin in % 6.5 5.9
EBT 14.0 12.6 11.1
Consolidated net income 9.6 8.1 18.5
Earnings per share1 (€) 0.72 0.60 18.5
Free cash flow 6.5 -2.5 360.0
€m, IFRS 30.06.23 31.12.22 Change abs.
Balance sheet total 287.7 284.5 3.2
Equity 68.1 88.1 -20.0
Equity ratio in % 23.7 31.0 -7.3
Net operating working capital2 98.2 105.2 -7.0
Employees at reporting date 1,776 1,824 -48

1 Basis: average of 13,382,324 shares; basic = diluted
2 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

03.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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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: 1694593

End of News EQS News Service

1694593  03.08.2023 CET/CEST