05.05.2014
WashTec AG DE0007507501
DGAP-News: WashTec AG: Increase in earnings compared to the same period last year despite slight revenue decline; favorable business performance in Core Europe; cumulative incoming orders slightly higher than prior year
DGAP-News: WashTec AG / Key word(s): Quarter Results
WashTec AG: Increase in earnings compared to the same period last year
despite slight revenue decline; favorable business performance in Core
Europe; cumulative incoming orders slightly higher than prior year
05.05.2014 / 07:30
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- Revenues at EUR 64.8m (prior year: EUR 65.3m); EBIT at EUR -0.4m (prior
year: EUR -1.2m); net cash flow EUR 5.4m (prior year: EUR 5.5m)
- Positive development of the chemicals and service business in Europe
- Dr. Günter Blaschke and Ulrich Bellgardt nominated for election to the
Supervisory Board
Augsburg, May 5, 2014 - Revenues of WashTec Group - the leading supplier of
innovative solutions for the carwash business worldwide - in the first
quarter 2014 totaled EUR 64.8m and thus were EUR 0.5m below the same period
last year. In Core Europe, revenues from chemicals and services increased
also due to the mild weather. In the other regions revenues declined.
EBIT (earnings before interest and taxes) compared to prior year increased
by EUR 0.8m to EUR -0.4m - primarily due to the positive development of
revenues and earnings in Core Europe. EBIT in Core Europe rose to EUR 0.4m
(previous year: EUR -1.1m). The result of North America and Asia/Pacific
was stable. In Eastern Europe, earnings fell due to the decline in revenues
and the expansion of distribution channels .
Order backlog, which had been low at the beginning of the year, has
increased especially because of the high order intake in Core Europe during
the first quarter. Order intake of the markets in Eastern Europe, Asia and
America, however, remained below the prior year. Thus, order backlog of the
group as of the end of the first quarter was slightly below prior year's
level.
Good balance sheet quality and strong cash flow
WashTec continously is characterized by a very solid balance sheet. Net
financial debt (net bank debt plus long-term and short-term finance
leasing) as of March 31, 2014 was negative and decreased to EUR -1.4m (End
of 2013: EUR 2.9m). The equity ratio decreased to 49.5% (End of 2013:
50.4%) primarily due to the increased balance sheet total. The net cash
flow in the first quarter with EUR 5.4m (prior year EUR 5.5m) again was
significantly positive.
Election proposals to the Annual General Meeting
With the invitation to the Annual General Meeting, the Supervisory Board
nominated Dr. Günter Blaschke, former CEO of Rational AG, and Mr. Ulrich
Bellgardt, managing partner at the consulting firm ubc GmbH, for election
to the Supervisory Board. Dr. Blaschke is designated to become chairman of
the Supervisory Board. Mr. Michael Busch, chairman of the Supervisory Board
of WashTec AG, and Mr. Massimo Pedrazzini, vice chairman of the Supervisory
Board, will resign with effect as from the end of this year's Annual
General Meeting scheduled for June 4, 2014.
Efficiency program
Management Board and Supervisory Board have agreed to develop and to
implement further measures to increase efficiency. Given stable market
conditions, these measures should increase profitability to 8% EBIT margin
in 2016. One-off costs are estimated to total up to EUR 3.0m.
Outlook for 2014: Stable revenues with stable EBIT margin before
restructuring costs
After the end of the first quarter, due to the current political and
economic developments in Eastern Europe and Asia, the company for the year
2014 strives for stable revenues and a stable EBIT margin before
restructuring costs of the announced efficiency program announced.
The following development of the individual segments is expected:
- Core Europe: Slightly increasing revenues and earnings
- Eastern Europe: Stable revenues with less than proportional earnings as
a result of investments into structures
- North America: Positive earnings with stable or slightly declining
revenues
- Asia/Pacific: Stable revenues with less than proportional earnings due
to investments.
Due to the currently uncertain overall development in submarkets a forecast
for 2014 is subject to uncertainties.
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 Q1-2014 Q1-2013
Revenues 64.8 65.3
EBITDA 2.0 1.3
EBIT -0.4 -1.2
EBIT margin (in %) -0.6 -1.9
EBT -0.6 -1.8
Consolidated net income -0.6 -1.6
Earnings per share* (in EUR) -0.04 -0.11
Net cash flow 5.4 5.5
EURm, IFRS Mar 31, 2014 Dec 31, 2013
Balance sheet total 176.3 174.2
Equity 87.3 87.8
Equity ratio 49.5 % 50.4 %
Net finance debt -1.4 2.9
Net current assets** 62.3 65.2
Employees 1,678 1,681
*Average number of shares as of March 31, 2014: 13,932,312, as of March 31,
2014: 13,954,412
**Trade receivables + inventories - trade payables
About 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 employs more 1,600 persons worldwide and is represented
by its subsidiaries in the core markets of Europe, the United States and
Canada, as well as in China and Australia. WashTec also has independent
sales partners in roughly 60 countries.
Contact:
Corporate Communications
WashTec AG
Argonstraße 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
End of Corporate News
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05.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: WashTec AG
Argonstraße 7
86153 Augsburg
Germany
Phone: +49 (0)821 55 84-0
Fax: +49 (0)821 55 84-1135
E-mail: [email protected]
Internet: www.washtec.de
ISIN: DE0007507501
WKN: 750750
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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