• Revenue: €431m, up 14% compared to prior year (€379m) - back to pre-crisis level
• EBIT: €46m (prior year: €20m), more than doubled; adjusted EBIT (before one-off items)¹: €43m (prior year: €26m); adjusted EBIT margin: 10% (prior year: 7%)
• Year-end order backlog significantly above prior year

Augsburg, February 3, 2022: The WashTec Group concluded fiscal year 2021 with revenue of €431m on preliminary figures (prior year: €379m). This represents revenue growth of 14% or €52m over the year as a whole. EBIT came to €46m and includes a €2.7m positive non-recurring item resulting from the recognition in profit or loss of a prior-year loan under the US government support program. Prior-year EBIT was €20m. Preliminary adjusted EBIT amounted to €43m (prior year: €26m; one-off expenses prior year: €5.6m;), corresponding to an EBIT margin of approximately 10% (prior year: 7%).

With revenue of €124m (prior year: €109m), the final quarter of the year was one of the strongest in the Company's history. Fourth-quarter EBIT, at €13m (prior year: adjusted EBIT of €14m), was down on the prior year, despite the higher revenue. As has already been explained in the third-quarter statement, this is mainly due to rising material costs. These are being passed on to the markets with a time lag.

Fiscal year 2021 developed positively and in line with the guidance issued for the year 2021 for the WashTec Group despite the tight situation on the procurement market with material shortages, and despite the impacts of the continued COVID-19 pandemic. Revenue increased significantly year on year, both with key accounts and in the direct sales business. As a result, revenue was back to the pre-crisis levels of 2018 and 2019. Despite the difficult situation on the procurement market, the Company succeeded as expected in regaining a healthy double-digit EBIT margin.

The number of employees was 1,782 at the end of the fourth quarter of 2021. That is just slightly above the 2020 figure (1,770 employees).

Net financial debt (current and non-current financial liabilities less cash and cash equivalents) stood at €16m as of December 31, 2021 (prior year: €19m).

Free cash flow including repayment of lease liabilities, despite the business volume-related increase in net working capital, came to €35m (prior year: €37m).

The Group order backlog at year-end 2021 showed a marked increase year on year.

Group preliminary key figures:
 

€m, IFRS	2021	2020	Change in %
Revenue	431	379	14%
EBIT	46	20	130%
Adjusted EBIT	43	26	65%
Net financial debt	16	19	-16%
Free cash flow including repayment of lease liabilities	35	37	-5%

Publication of the full consolidated financial statements with the final figures for fiscal year 2021, including the guidance for the current fiscal year, and the associated conference call are planned for March 31, 2022. The virtual Annual General Meeting 2022 will to be held on May 16, 2022.

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 Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers.
 

---

¹ Adjusted EBIT: EBIT adjusted for one-off expenses of €5.6m in 2020 and income from the support program of €2.7m in 2021


Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 5584 - 5555
Fax: +49 (0)821 - 5584 - 1135