03. May 2017

WashTec AG: Successful start into 2017: Further substantial first-quarter growth after strong Q4 2016

DGAP-News: WashTec AG / Key word(s): Quarterly / Interim Statement

03.05.2017 / 14:49
The issuer is solely responsible for the content of this announcement.


Successful start into 2017: Further substantial first-quarter growth after strong Q4 2016

- Revenue at EUR101.2m (prior year: EUR76.8m); EBIT at EUR12.1m (prior year:  EUR3.7m)

- Guidance 2017: Full-year revenue growth of at least 10% and to at least EUR410m, with EBIT margin in excess of 12%

- Dividend of EUR2.10 per share adopted at Annual General Meeting

- Dr. Alexander Selent elected as Supervisory Board member


Augsburg, May 03, 2017 - Revenue of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - was at EUR101.2m (prior year: EUR76.8m) in the first quarter 2017 and therefore 31.8% higher than Q1 2016. The revenue increase was mainly driven by an ongoing positive development in Europe (+25.8 % or +EUR16.1m) and North America (+82.5 % or + EUR9.9m). The especially high growth in North America is the result of strong key account business.

Earnings before interest and taxes (EBIT) of the group increased to EUR12.1m (prior year: EUR3.7m). The EBIT improvement in Europe and North America is mainly based on the revenue growth.

The order backlog at the end of March was still significantly above prior year's level.

The balance sheet structure of WashTec is very solid. Net financial liquidity increased to EUR6.1m (December 2016: net financial debt EUR4.5m). The equity ratio increased to 42.7% compared to 40.1% as of December 2016. Net cash flow in the first quarter increased to EUR13.7m (prior year: EUR10.6m) despite high tax payments for previous years.

Annual General Meeting: dividend of EUR2.10 adopted and Dr. Alexander Selent elected as new Supervisory Board member

On today's Annual General Meeting approximately 66% of the registered shared capital were present. The Annual General Meeting approved the proposals of the administration with a high majority and adopted a dividend of EUR2.10 per share. With this significant dividend increase shareholders participate in the successful business development. 58.9% of the distribution is expected to be made out of the tax contribution account. Furthermore, Dr. Alexander Selent was elected as new Supervisory Board member by the Annual General Meeting. Roland Lacher was not available for reelection for reasons of age. The Company thanks Mr. Lacher for his long-time commitment as an entrepreneur and constructive member. All other proposed resolutions were also adopted with vast majority of more than 98%.

Guidance 2017: double-digit growth with EBIT margin in excess of 12%

As already announced the Company aims at a double-digit revenue growth to at least EUR410m with an EBIT margin in excess of 12% for the full year. The strong growth in the first half of the year relative to 2016 is expected to slow down in the second half of the year given the strong growth seen in the corresponding prior-year quarters.

General risk information
The outlook for the specified key performance indicators given in the Annual Report 2016 likewise continues to apply. Any outlook for 2017 is subject to uncertainties that could have a material effect on forecasted revenue and earnings performance.

The full Q1 report and further information about WashTec can be found on: www.washtec.de.

Information on WashTec:
The WashTec Group has its registered office in Augsburg, Germany, and is the leading supplier of innovative solutions for the car wash business worldwide. WashTec has more than 1,700 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 roughly 70 countries.

Key figures:

EURm, IFRS Q1 2017 Q1 2016 Change in %
Revenue 101.2 76.8 +31.8
EBITDA 14.5 6.0 +141.7
EBIT 12.1 3.7 +227.0
EBIT margin 12.0% 4.9% -
EBT 12.0 3.6 +233.3
Net income 8.6 2.6 +230.8
Earnings per share1) (in EUR) 0.64 0.19 +236.8
Net cash flow 13.7 10.6 +29.2
Free cash flow 10.8 7.6 +42.1
 
Mio. EUR, IFRS 31. März 17 31. Dez. 16 Change abs.
Balance sheet total 224.7 218.1 +6.6
Equity 95.9 87.4 +8.5
Equity ratio 42.7% 40.1% +2.6
Net financial liquidity2) 6.1 -4.5 +10.6
Net current assets3) 81.6 91.5 -9.9
Employees 1.768 1.767 +1
 

1) Basis: on average number of shares as of 31.03.2017: 13,382,324 , 31.03.2016: 13,382,324
2) Net liquidity - current and non-current finance leases
3) Current trade receivables plus inventories minus current trade payables




Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

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


03.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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