31.10.2014
WashTec AG DE0007507501
DGAP-News: WashTec AG: Earnings increase despite slight decline in revenues; cumulative order intake higher than prior year's level
DGAP-News: WashTec AG / Key word(s): 9-month figures
WashTec AG: Earnings increase despite slight decline in revenues;
cumulative order intake higher than prior year's level
31.10.2014 / 07:00
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- Revenues at EUR 216.2m (prior year: EUR 218.4m); EBIT at EUR 11.8m (prior
year: EUR 8.9m);
- Positive business development in Core Europe; free cash flow climbs to
EUR 14.0m (prior year: EUR 8.3m)
- Exhibition of numerous innovations at the Automechanika trade fair
Augsburg, October 31, 2014 - Revenues of WashTec Group - the leading
supplier of innovative solutions for the car wash business worldwide - were
in the first three quarters of 2014 with EUR 216.2m by EUR 2.1m below prior
year due to a weaker third quarter. While revenues increased in Core
Europe, in particular with regard to chemicals and services, revenues in
Eastern Europe and North America were below prior year. In Asia/Pacific,
revenues adjusted by foreign currency effects matched prior year's level.
The Group's EBIT, based primarily on the positive developments in Core
Europe, rose to EUR 11.8m (9M 2013: EUR 8.9m). Adjusted for restructuring
costs of EUR 0.9m, EBIT amounted to EUR 12.7m.
In Core Europe, the EBIT increased to EUR 11,7m (9M 2013: EUR 8.3m) in the
first three quarters, which is primarily based on the revenue growth (9M
2014: EUR 178.7m; 9M 2013: EUR 176.5m). In Eastern Europe, the declining
revenues (9M 2014: EUR 7.7m; 9M 2013: EUR 10.1m) together with investments
into sales structures made 2013 affected the EBIT (9M 2014: EUR -0.1m; 9M
2013: EUR 0.5m). In North America, the successful implementation of the
restructuring, despite a drop in revenues (9M 2014: EUR 31,4m; 9M 2013: EUR
34,7m), resulted in an only slightly lower EBIT (9M 2014: EUR 0,4m; 9M
2013: EUR 0,6m). In Asia/Pacific, despite lower revenues (9M 2014: EUR
8,2m; 9M 2013: EUR 8,7m) EBIT increased (9M 2014: EUR -0,1m; 9M 2013: EUR
-0,4m) due to efficiency improvements particularly in the Australian
market.
Order backlog has continued to recover in the third quarter and was
slightly above prior year's level at the end of the third quarter.
Good balance sheet quality and strong cash flow
WashTec is characterized by a very solid balance sheet. Net financial debt
(net bank debt + long-term and short-term finance leasing) as of September
30, 2014 amounted to EUR -0.6m (end of 2013: EUR 2.9m) despite the dividend
payment. The equity ratio decreased to 47.6% (end of 2013: 50.4%)
essentially due to the increased total assets and the lower equity as a
result of the dividend payment. Free cash flow (net cash flow - cash
outflow from investing activities) in the first three quarters amounted to
EUR 14.0m (prior year: EUR 8.3m).
Efficiency program
The announced efficiency program is being implemented. If revenues develop
as expected, profitability at the Group level should reach an 8% EBIT
margin beginning in 2016. The efficiency program negatively affected
current results by 0.9m.
Automechanika
Under the slogan "Experience & Results" WashTec exhibited at the
Automechanika 2014 trade fair in Frankfurt. With a focus on a better wash
experience and result for the end customer (and, therewith, a more
successful business for car wash operators), WashTec presented a new,
comprehensive concept for modern car wash. It includes, among others,
innovations as iWash, Wash&Pay and WashTec Plus. iWash offers car wash
customers for the first time the opportunity to customize their washes at
the touch terminal of the gantry car wash to match their individual needs.
With Wash & Pay the customer can activate the wash and pay during or after
washing in the shop. For operators, this means more revenue and for car
wash customers, this new type of car wash offers more comfort and less
waiting time. The feedback from the trade fair visitors and customers about
the innovations presented by WashTec was very positive.
Outlook for 2014: stable revenues and slight increase in earnings and EBIT
margin before restructuring costs
The Company is aiming for stable revenues and a slight increase in earnings
and in the EBIT margin in 2014, before accounting for the restructuring
costs of the announced efficiency program.
In this respect, the following development is expected in the individual
segments:
* Core Europe: slight increase in revenues, earnings and EBIT margin
* Eastern Europe: significant decline in revenues and significant reduction
in earnings and EBIT
* North America: slightly declining revenues, earnings and EBIT margin
* Asia/Pacific: stable development of revenues, earnings and EBIT margin
The forecast, which is contained in the 2013 annual report and relates to
the other key ratios defined at the Group level, remains the same.
The full quarterly report and more information about the company can be
found at: www.washtec.de.
Key Financial Figures for the first three quarters of the year:
in EURm, IFRS 9M-2014 9M-2013 Q3 2014 Q3 2013
Revenues 216.2 218.3 74.2 78.4
EBITDA 19.3 16.3 8.3 8.6
EBIT 11.8 8.9 5.9 6.1
EBIT margin (in %) 5.5 4.1 7.9 7.8
EBT 11.2 8.0 5.7 5.8
Earnings per share* (in EUR) 0.55 0.40 0.28 0.34
Free cash flow** 14.0 8.3 8.6 3.4
Employees at the reporting date 1.676 1.686
in EURm, IFRS 30. Sept 2014 31. Dez 2013
Total assets 182.9 174.2
Equity 87.0 87.8
Equity ratio*** 47.6 % 50.4 %
Net financial debt**** -0.6 2.9
Net current assets***** 68.5 65.2
*Diluted = undiluted; average number of shares as of September 30, 2014:
13.932.312 shares, as of September 30, 2013: 13.932.312
**Net cash flow - cash outflow from investing activities
***Equity/total assets
****Net bank debt + long-term and short-term finance leasing
*****Current trade receivables + inventories - short-term 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 than 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 about 60 countries.
Contact:
Corporate Communications
WashTec
Argonstraße 7
86153 Augsburg
Tel: +49 (0) 821-55 84-0
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31.10.2014 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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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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