DGAP-News: WashTec AG releases preliminary figures for 2011
(firmenpresse) - DGAP-News: WashTec AG / Key word(s): Preliminary Results
WashTec AG releases preliminary figures for 2011
10.02.2012 / 07:38
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Press Release
- Revenue growth of approximately 9% to EUR 293.3m (based on preliminary
figures), EBIT (non-adjusted) equals EUR -10.2m and meets expectations;
special charges of approximately EUR 28m taken against earnings and
consisted mostly of write-downs, impairment charges and provisions
- Measures for redimensioning in North America are proceeding as planned
Augsburg, February 10, 2012 - According to the preliminary figures that
have been presented, WashTec AG - the leading supplier of innovative
solutions for the car wash business worldwide - is reporting consolidated
revenues of EUR 293.3m for fiscal year 2011, which represents an
approximately 9% increase over last year (prior year: EUR 268.4m). The
non-adjusted result before interest, taxes and depreciation/amortization
(EBITDA) declined by 35.5% to EUR 19.3m (prior year: EUR 29.9m) due to the
losses in the North American business. The immediate measures announced at
the end of 2011 in connection with the redimensioning of the North American
business and the restructuring in Europe generated, as projected,
non-recurring expenses of approximately EUR 6m. Non-cash charges totaling
approximately EUR 22m were recognized in order to account for the
impairment of the entire goodwill and other assets and for additional
provisions that were made in connection with the activities in North
America. In light of these charges, the preliminary non-adjusted earnings
before taxes and interest (EBIT) of WashTec declined in the 2011 reporting
year to EUR -10.2m (prior year: EUR 20.3m). At year end, the order backlog
was slightly higher than the prior year.
The measures launched by the Company to reduce costs and improve earnings
are running on schedule and according to plan. The Company has begun
exploring possible strategic alliances in North America.
Despite the charges mentioned above, the balance sheet continued to improve
in 2011. The Company was able, for example, to pay down its net financial
debt (net bank debt plus long-term and short-term financial leasing debt)
by EUR 2.2m to EUR 24.4m (prior year: EUR 26.6m).
Key preliminary Group financial information:
EURm, IFRS 2011 2010 ChangeThe complete consolidated financial statements containing the final figures
Revenues 293.3 268.4 9.3%
EBITDA (non-adjusted) 19.3 29.9 -35.5%
EBIT (non-adjusted) -10.2 20.3 -150.2%
Net financial debt per 31 Dec. 24.4 26.6 -8.3%
for fiscal year 2011 are scheduled for publication on March 26, 2012.
Contact:
WashTec AG
Karoline Kalb
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 1134
Fax: +49 (0)821 - 55 84 - 1135
End of Corporate News
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10.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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(at)washtec.de
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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156171 10.02.2012
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Datum: 10.02.2012 - 07:38 Uhr
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News-ID 113221
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