DGAP-News: WashTec AG / Key word(s): Quarter Results
WashTec AG: Q1 revenues about 2 % above strong prior year's quarter; full
year guidance of 3-5 % revenue growth confirmed
29.04.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press Release
Q1 revenues about 2 % above strong prior year's quarter; full year guidance
of 3-5 % revenue growth confirmed
- Revenue increase from EUR 75.5m (prior year) to EUR 76.8m
- EBIT of EUR 3.7m and therefore - due to investments for further growth
- about EUR 0.6m below prior year
- Clear increase of first quarter's order intake in combination with a
higher order backlog indicate a good second quarter
- Dividend of EUR 1.70 per share proposed
Augsburg, April 29, 2016 - Revenues of WashTec Group - the leading supplier
of innovative solutions for the carwash business worldwide - in the first
quarter 2016 totaled EUR 76.8m (prior year: EUR 75.5m) and thus increased
by 1.7%. The revenue development was mainly influenced by increased sales
independent customer as well as the positive business development in North
America and Asia/Pacific segments. Adjusted for currency effects revenues
increased by 2.2%.
EBIT (earnings before interest and taxes) of the group decreased due to
investments for further growth to EUR 3.7m (prior year: EUR 4.3m). In the
Core Europe segment, EBIT decreased due to increased investments in
infrastructure and sales organizations by EUR 3.1m (prior year: EUR 4.7m).
The EBIT increase by EUR 0.7m (prior year: EUR 0.1m) in the Asia/Pacific
segment and in the North America segment by EUR -0.2m (prior year: EUR
-0.4m) is mainly based on higher revenues.
The order backlog at the end of the first quarter was -partly clearly-
above prior year in all segments. For the full fiscal year, the company
aims for a revenue increase of 3-5% at an unchanged double-digit EBIT
margin.
Good balance sheet quality
The balance sheet structure of WashTec is still very solid. Net financial
liquidity (cash and cash equivalents less any short-term and long-term
financial liabilities) increased to EUR 5.7m (December 31, 2015: Net
financial debt EUR 1.9m). Equity ratio increased slightly to 43.2%
(December 31, 2015: 42.2%). Net cash flow increased due to lower tax
payments significantly to EUR 10.6m (prior year: EUR 2.7m).
Recommendation of a dividend payment to the shareholders
Management and supervisory board have recommend to the shareholders at this
year's annual general meeting on May 11th a dividend of EUR 1.70 per share
- over 50% thereof coming from capital contribution account and therefore
partly tax free for majority of shareholders. With this significant regular
dividend increase shareholders shall participate in the successful business
development of WashTec.
Outlook for 2016: significant revenue growth with significant increase in
EBIT
After the first quarter, the company continues to aim at a significant
growth in revenue and a significant increase in EBIT in 2016. In this
respect, the following development is targeted in the individual segments:
- Core Europe: significant increase in revenues and earnings
- North America: significant increase in revenues and earnings
- Asia/Pacific: significant increase in revenues and earnings.
The outlook for other key figures published in the annual report 2015 also
continues to apply. An outlook for 2016 is subject to uncertainties, which
may significantly influence the development of revenues and earnings
forecasted. This press release is a translation for convenience purposes
only.
The full Q1 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 three quarters:
<pre>
EUR m, IFRS Q1-2016 Q1-2015
Revenue 76.8 75.5
EBITDA 6.0 6.7
EBIT 3.7 4.3
EBIT margin (in %) 4.9 5.7
EBT 3.6 4.2
Consolidated net income 2.6 2.5
Earnings per share* (in EUR) 0.19 0.18
Net cash flow 10.6 2.7
</pre>
<pre>
EUR m, IFRS Mar 31, 2016 Dec 31, 2015
Balance sheet total 190.7 190.0
Equity 82.3 80.3
Equity ratio (in %) 43.2 % 42.2 %
Net financial liquidity** 5.7 -1.9
Net current assets*** 73.4 78.1
Employees 1,710 1,689
</pre>
* Average number of shares: 13,382,324 (Mar 31, 2016); 13,932,312 (Mar 31,
2015)
** Bank deposit - long-term and short-term bank debt (negative sign means
debt)
*** Short-term trade receivables plus inventories minus short-term trade
payables
About WashTec:
WashTec Group has its registered offices in Augsburg, Germany, and is the
leading supplier of innovative solutions for the car wash business
worldwide. WashTec has nearly 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 a total of about 70 countries.
Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135
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29.04.2016 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: washtec@washtec.de
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
End of News DGAP News Service
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458881 29.04.2016
DGAP-News: WashTec AG: Q1 revenues about 2 % above strong prior year's quarter; full year guidance of 3-5 % revenue growth confirmed
| Source: EQS Group AG