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
- 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
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