DGAP-News: WashTec AG: Revenues and earnings in first half-year below 2012; positive outlook for second half of the year due to higher order intake and order backlog per end of June
(firmenpresse) - DGAP-News: WashTec AG / Key word(s): Half Year Results
WashTec AG: Revenues and earnings in first half-year below 2012;
positive outlook for second half of the year due to higher order
intake and order backlog per end of June
07.08.2013 / 07:00
---------------------------------------------------------------------
- Difficult market conditions in Core Europe impact the first half-year:
group revenues at EUR 139.9m (prior year: EUR 142.6m)
- EBIT at EUR 2.8m due to decline in revenues and cost increases (prior
year: EUR 5.8m); positive contribution to earnings from North America
- For total year 2013 Revenue at prior year level with an EBIT margin of
five to six percent targeted
Augsburg, 7 August 2013 - The business development of the WashTec Group -
the leading supplier of innovative solutions for car wash worldwide - was
affected by difficult market conditions in Core Europe in the first half of
2013. Group revenues declined, particularly due to lower revenues in
Europe, by 1.9% to EUR 139.9m (H1-2012: EUR 142.6m). The other regions,
North America, Asia-Pacific and Eastern Europe, were able to keep revenues
stable or increase revenues during the first six months. EBIT was EUR 2.8m
(H1-2012: EUR 5.8m after correction pursuant to IAS 8). Main reasons were
the lower revenues and scaled wage increases. Thanks to the measures
implemented, a significant increase in earnings was achieved in North
America with a positive EBIT of EUR 0.1m (prior year: EUR -1.2m).
Sound balance sheet structures
The net financial debt (net bank debt plus long and short-term finance
leasing) as of June 30 was EUR 12.4m (end of 2012: EUR 8.3m) mainly due to
the dividend distribution of EUR 8.1m. The equity ratio compared to year
end 2012 declined from 46.0% to 41.9%. The gearing ratio - defined as the
quotient of net finance debt to equity - climbed relative to year-end 2012
from 0.10 to 0.16, a figure still considered low. Net cash flow in the
first half-year was positive at EUR 7.7m (prior year EUR 11.1m).
Analysis and adjustment of the strategy
In the second quarter, the management continued its analysis of the
mid-term strategy of WashTec . During the course of the strategic review,
an in-depth analysis was conducted on the product portfolio, market and
customer developments as well as on WashTec's current positioning. The
fundamental strategic positioning of WashTec was largely validated. WashTec
sees itself as the preferred global 'partner of choice' for automated car
wash. The strategy will be published during the third quarter.
Dr. Jürgen Rautert, Management Board of WashTec AG: 'WashTec is solidly
positioned and has the necessary resources for a longterm profitable
development executing the strategic initiatives that have been developed.'
Outlook for 2013: Revenues at the prior year level with an EBIT margin of
five to six percent
Business development in the second quarter of 2013 remained below
expectations. However, order intake and order backlog developed positively
and were above the prior year at the end of June 2013. Positive business
development is therefore expected for the second half of the year. In light
of this the Company is targeting a revenues at the prior level with an EBIT
margin of five to six percent for the full year.
The Company is aiming for the following results for the individual
segments:
- Core Europe: Revenue and earnings below last year;
- North America: Profitable with slightly increasing revenues;
- Emerging Europe: Revenues and earnings slightly higher than last year;
- Asia/Pacific: Significant revenue growth with disproportionately lower
earnings development due to capital expenditures; greater share of
revenue growth from the Chinese market.
The full Half Year Report, which PwC certified following its audit review,
and additional information regarding the Company is published at:
www.washtec.de.
Key Group figures for the first half of the year:
EUR m, IFRS H1-2013 H1-2012
Revenues 139.9 142.6
EBITDA 7.7 10.7
EBIT 2.8 5.8
EBIT return 2.0 % 4.1 %
EBT 2.2 4.9
Group earnings 0.8 2.9
Earnings per share* (in EUR) 0.06 0.21
Net cash flow 7.7 11.1
EUR m, IFRS 30 June 2013 31 Dec 2012
Balance sheet total 184.4 183.6
Equity 77.3 84.4
Equity ratio 41.9 % 46.0 %
Net finance debt 12.4 8.3
Gearing ratio** 0.16 0.10
Net current assets *** 65.4 73.1
Employees 1,657 1,674
*Average number of shares as of 30 June 2013: 13,935,914 shares, as of 30
June 2012: 13,976,970.
** Net finance debt to equity
*** Current trade receivables + inventories - short-term trade payables
About WashTec:
The WashTec Group, with its registered office in Augsburg, Germany, is the
leading provider of of innovative car wash solutions around the world. The
company is represented with subsidiaries in the core markets of Europe, the
USA and Canada, as well as China and Australia. WashTec is also present in
around 65 countries through its independent marketing partners.
Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135
End of Corporate News
---------------------------------------------------------------------
07.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
224525 07.08.2013
Themen in dieser Pressemitteilung:
washtec-ag-revenues-and-earnings-in-first-half
year-below-2012
positive-outlook-for-second-half-of-the-year-due-to-higher-order-intake-and-order-backlog-per-end-of-june
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 285304
Anzahl Zeichen: 19982
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 269 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: WashTec AG: Revenues and earnings in first half-year below 2012; positive outlook for second half of the year due to higher order intake and order backlog per end of June"
steht unter der journalistisch-redaktionellen Verantwortung von
WashTec AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
