DGAP-News: WashTec AG: First quarter slightly below 2012, growth opportunities for the full year
(firmenpresse) - DGAP-News: WashTec AG / Key word(s): Quarter Results
WashTec AG: First quarter slightly below 2012, growth opportunities
for the full year
07.05.2013 / 07:00
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Press Release
First quarter slightly below 2012, growth opportunities for the full year
- Unusually strong winter and financial crises adversely affect first
quarter: Revenues in the first quarter 2013 at EUR 65.3m slightly below
2012, but order intake as of the end of March cumulatively higher than
in 2012
- EBIT at EUR -1.2m due to revenue decline and cost increases
- Net finance debt at EUR 5.0m, equity ratio at 46.2%
- Guidance for 2013 confirmed: revenue growth of up to 2% with
proportionate earnings development
Augsburg, May 7, 2013 - The business performance of the WashTec Group - the
leading supplier of innovative solutions for the carwash business worldwide
- was affected by a strong winter and the ongoing financial and economic
crisis - particularly in Southern Europe. Group revenue declined by 2.1% to
EUR 65.3m (Q1-2012: EUR 66.7m) especially dueto fewer installations in the
traditionally weakest quarter of the year. While revenues in Core Europe
declined, the other segments - North America, Emerging Europe as well as
Asia/Pacific - were able to stabilize or even increase their revenues. As a
result of the decline in revenue and the higher costs triggered above all
by wage scale increases and two trade fairs, EBIT (earnings before interest
and taxes) was reported at EUR -1.2m (Q1-2012: EUR 0.1m). As of the end of
the first quarter of 2013, WashTec Group's cumulative incoming orders were
higher than at the end of the first quarter 2012.
Very good balance sheet quality ensures future growth
In the first quarter of 2013, WashTec further reduced its net finance debt
(net bank debt plus long-term and short-term finance leasing) from EUR 8.3m
(end of 2012) to EUR 5.0m. Since the end of 2012, the equity ratio rose
from 46.0% to 46.2%. Compared to the end of 2012, the gearing ratio -
defined as the quotient of net finance debt to equity - declined even
further from 0.10 to 0.06. Net cash flow in the first quarter was positive
and equaled EUR 5.5m (prior year: EUR 7.4m). WashTec has a very good
balance sheet quality, which will enable WashTec to realize and finance
future growth potential from own resources and an attractive dividend yield
at the same time .
New management board pushing analysis and adjustment of strategy
At the beginning of the year, the two new management board members of
WashTec AG, Dr. Jürgen Rautert and Dr. Stefan Vieweg, commenced their
service. As of March 1, 2013, Dr. Rautert assumed the role of CEO and
spokesman of the WashTec management board from Michael Busch, who has since
resumed the chairmanship of the supervisory board of WashTec AG. The focus
of the management board's work is currently on analyzing and revising the
strategy for the WashTec Group. The company plans to disclose the results
of this work in the second half of 2013.
'Business performance in the first quarter met our expectations', explains
Dr. Jürgen Rautert, the spokesman of the WashTec AG management board. 'Upon
joining the firm, we got to know a company that has dedicated and competent
employees and an innovation pipeline containing interesting solutions.
Together with our team, we will work intensely on further developing our
product spectrum, on expanding our service business in the core markets and
on exploiting new market potential in outside the core markets. After a
number of weaker months by the turn of the year,order intake at the end of
first quarter was higher than last year. This makes us optimistic that our
goals communicated at the beginning of the year will be realized during the
year'.
Outlook for 2013 confirmed: revenue with growth rates of up to 2% with
proportionate earnings development
The first quarter is traditionally the weakest quarter for the WashTec
Group. The company is therefore expecting an improvement in the second half
of the year. WashTec confirms its guidance for 2013: revenue growth up to
2% with proportionate earnings development.
The following development is expected in the individual segments:
- Core Europe: Slight revenue and earnings growth
- North America: Slight profit with stable to increasing revenues
- Emerging Europe: Significant revenue growth with disproportionately
lower earnings development due to investments in structures
- Asia/Pacific: Significant revenue growth with disproportionately lower
earnings development due to capital expenditures; greatest share of
revenue growth generated from the Chinese market.
Given that the overall development in submarkets is currently unclear,
however, a forecast for 2013 remains saddled with uncertainties. In this
regard, main focus will be on the increasingly volatile market environment
and corresponding business development in Core Europe. For the next few
years, the continued development of revenues and earnings will depend
largely on realizing growth opportunities in the new markets and defending
the company's position in Core Europe.
The report on the first quarter of 2013 and additional information about
the company can be found at www.washtec.de.
Key financial information of the Group for the first quarter:
EURm, IFRS Q1-2013 Q1-2012
Revenues 65.3 66.7
EBITDA 1.3 2.5
EBIT -1.2 0.1
EBIT margin -1.9 % 0.1 %
EBT -1.8 -0.3
Consolidated net income -1.6 -0.6
Earnings per share* (in EUR) -0.11 -0.04
Net cash flow 5.5 7.4
EURm, IFRS March 31, 2013 Dec 31, 2012* Average number of shares per Mar 31, 2013: 13,954,412 shares; per Mar 31,
Balance sheet total 179.7 183.6
Equity 83.0 84.4
Equity ratio 46.2 % 46.0 %
Net finance debt 5.0 8.3
Gearing** 0.06 0.10
Net current assets*** 64.0 73.1
Employees 1,654 1,674
2012: 13,976,970.
** Net finance debt divided by equity
*** Trade receivables + inventories - trade payables
Information on WashTec:
The WashTec Group has its registered offices in Augsburg, Germany, and is
the leading supplier of innovative solutions for the car wash business
worldwide. WashTec employs more than 1,600 persons and has its own
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 roughly 60 countries.
Contact:
Corporate Communications
WashTec AG
Argonstraße 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
End of Corporate News
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07.05.2013 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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