21.03.2018
WashTec AG DE0007507501
DGAP-News: WashTec AG: WashTec closes fiscal year 2017 with record results in revenue and earnings
DGAP-News: WashTec AG / Key word(s): Final Results
WashTec AG: WashTec closes fiscal year 2017 with record results in revenue
and earnings
21.03.2018 / 12:00
The issuer is solely responsible for the content of this announcement.
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Press Release
WashTec closes fiscal year 2017 with record results in revenue and earnings
- Revenue of EUR 425.0m or 14.0% and EBIT of EUR 52.2m or 18.4% higher
than prior year with an EBIT margin of 12.3%
- Positive performance across all products and customer groups relative
to prior year
- Significant revenue and earnings growth in Europe and North America
regions
- Dividend proposal to the Annual General Meeting of EUR 2.45 per share
- Outlook 2018: revenue growth of about 3% with a significant increase in
EBIT
Augsburg, March 21, 2018 - As published at the end of January in connection
with the preliminary results WashTec AG is looking back at a very
successful year 2017. With revenue of EUR 425.0m (prior year EUR 372.8m)
WashTec reached an EBITDA (Earnings before interest, tax, depreciation and
amortization) of EUR 62.1m (prior year: EUR 53.4m). Earnings before
interest and taxes (EBIT) were EUR 52.2m (prior year: EUR 44.1m). This
equals an EBIT margin of 12.3% (prior year: 11.8%). Europe and North
America regions were able to improve their revenue as well as their
operating income significantly. Earnings per share increased also
significantly to EUR 2.76 (prior year: EUR 2.29) on the basis of an average
amount of 13,382,324 shares (prior year: 13,382,324 shares). The number of
employees increased to 1,814 as of the end of December 2017 (prior year:
1,767 employees).
Free cash flow increased to EUR 28.1m (prior year: EUR 20.8m). The main
reasons for this rise were the positive business performance, large
prepayments from customers at the end of the year and lower capital
expenditure. The EUR 28.1m dividend payment and larger tax payments for
prior years caused net financial debt (cash and cash equivalents less
current and non-current financial liabilities) to increase moderately by
EUR 2.6m to EUR 7.1m. Despite an increased balance sheet total, the equity
ratio remained at solid 40.3% (prior year: 40.1%). ROCE (Return on Capital
Employed) increased from 24.9% to 29.1%.
"We align our actions to the benefit of our customers while working to
continuously improve our efficiency. Thus, we gained an award in the
extraordinary location development category in the »Factory of the year
2017« competition," said Dr. Volker Zimmermann, CEO of WashTec AG at
today's annual press conference.
Forecast for fiscal year 2018
In the fiscal year 2018, the company expects a revenue distribution
comparable to several prior years and following the typical model with
higher revenue in the second half of the year. The one time effect of
higher revenue following major customer orders especially in North America
in the first half of 2017 will not be repeated in 2018. For the fiscal year
2018, WashTec is aiming for revenue growth of about 3% for the Group, with
a significant increase in EBIT. The Company likewise expects a significant
increase in free cash flow.
Supervisory Board members Dr. Günter Blaschke and Ulrich Bellgardt are due
for re-election at this year's Annual General Meeting on April 30, 2018. In
the event of his re-election to the Supervisory Board, it is intended to
propose Dr. Blaschke as candidate for the Supervisory Board chair.
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 2017, invitation to the annual
shareholders meeting 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 more than 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 70 countries worldwide.
Key figures:
EUR m, IFRS 2017 2016 Change in % Revenue 425.0 372.8 14.0 EBITDA 62.1 53.4 16.2 EBIT 52.2 44.1 18.4 EBIT margin in % 12.3 11.8 - EBT 51.6 43.6 18.3 Consolidated net income 36.9 30.6 20.6 Earnings per share 1) (in EUR) 2.76 2.29 20.5 Dividend per share (in EUR) 2.452) 2.10 16.7 Net cash flow 38.8 39.9 -2.8 Free cash flow 28.1 20.8 35.1 ROCE in % 29.1 24.9 - EUR m, IFRS 31. Dec. 17 31. Dec. 16 Change abs. Balance sheet total 233.9 218.1 15.8 Equity 94.2 87.4 6.8 Equity ratio 40.3% 40.1% - Net financial debt 7.1 4.5 2.6 Net operating 86.7 87.3 -0.6 working capital 3) Employees (31.12.) 1,814 1,767 471) Basis: on average 13,382,324 shares 2) Proposal to the Annual General Meeting 3) Trade receivables + inventories -trade payables - prepayments on orders Contact: WashTec AG Argonstrasse 7 86153 Augsburg Tel.: +49 (0)821 - 55 84 - 0 Fax: +49 (0)821 - 55 84 - 1135 --------------------------------------------------------------------------- 21.03.2018 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 666613 21.03.2018
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