DGAP-News: WashTec AG: Positive business development in the third quarter - revenues and earnings after three quarters higher than prior year level in spite of persistently difficult general conditions
(firmenpresse) - DGAP-News: WashTec AG / Key word(s): Quarter Results
WashTec AG: Positive business development in the third quarter -
revenues and earnings after three quarters higher than prior year
level in spite of persistently difficult general conditions
06.11.2013 / 06:00
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Positive business development in the third quarter - revenues and earnings
after three quarters higher than prior year level in spite of persistently
difficult general conditions
- Revenues at the end of the third quarter improve slightly to EUR 218.3m
- EBIT rises to EUR 8.9m
- Positive trend in North America continues
- Analysis of the Group strategy concluded: basic strategic positioning
verified
- Guidance for 2013 as a whole is confirmed: revenues at prior year level
with an EBIT margin of 5-6%
Augsburg, November 6, 2013 - Despite the persistently difficult general
conditions, the WashTec Group - the leading supplier of innovative
solutions for the carwash business worldwide - increased its revenues after
three quarters of 2013 to EUR 218.3m (9M 2012: EUR 217.1m). This increase
is attributable, above all, to a strong third quarter 2013, which was
expected and during which time revenues were increased by 5.2% to EUR 78.4m
(Q3 2012: EUR 74.5m). Thus, as had been planned, the decline in revenues in
the first half of the year was offset. After three quarters, the North
American region is showing the strongest growth, while Europe, Asia-Pacific
and Eastern Europe reported moderate revenue increases. EBIT (earnings
before interest and taxes) rose from EUR 8.2m to EUR8.9m after three
quarters. In the reporting quarter, an EBIT of EUR 6.1m was realized (Q3
2012: EUR 2.4m). The determining factor here was that the EBIT in Core
Europe, due to increased revenues and an improved product mix, more than
doubled from EUR 2.1m to EUR 5.6m. In North America, the favorable trend in
prior quarters was continued and, because to the measures that were
implemented, a significant increase in results was achieved again.
Balance sheet quality remains very good
WashTec continues to show a very solid balance sheet structure. The net
financial debt (net bank debt plus long and short-term finance leasing) as
of September 30, was at EUR 9.7m (End of 2012: EUR 8.3m) and the equity
ratio, at 45.6%, was close to the 2012 level (46.0%). The gearing ratio -
defined as the quotient of net finance debt to equity - also remained
stable at a comparatively low level of 0.12 (December 31, 2012: 0.10). Net
cash flow in the first three quarters was clearly positive at EUR 12.3m
(prior year: EUR 15.6m).
Strategic analysis concluded
The Group strategy was finalized in the third quarter. The comprehensive
strategic review of the product portfolio, the market and customer
development and the growth potential of WashTec confirmed WashTec's basic
strategic positioning. As the preferred global partner for automatic car
wash, WashTec continues to pursue the goal of having the best understanding
of its customer's business and jointly promoting that business with the
customer. The strategy is based on the pillars of»operational excellence«and»growth«. The»operational excellence«strategy is implemented using
individual initiatives which are managed as projects under the categories
of»bottom line«,»top line«,»competitiveness«and»quality«.
A special focus lies on defending and strengthening our market position in
Core Europe with regard to revenue as well as earnings. The greatest growth
potential for WashTec exists in the regions of North America and, in the
medium term, China, but also in Eastern Europe.
Change in the Management Board
Mrs. Karoline Kalb (41, attorney at law [Rechtsanwältin]) was appointed to
the Management Board, effective as of November 1, 2013. She has been
employed by WashTec since 2001 and has held various management roles, most
recently as Director Key Account Management and Compliance. Mrs. Kalb will
be responsible for sales globally.
Outlook for 2013 confirmed: revenues at the prior year level and EBIT
margin at 5-6%
At the end of the first three quarters, WashTec's target for fiscal year
2013 is to match or, after adjusting for exchange rates, slightly surpass,
the prior year revenues. In this respect, it must be taken into account
that the business development in the last quarter of the prior year was
unusually favorable, which is not expected in 2013 due to the reduced order
backlog reported as of the end of September. An operating profit (EBIT) of
5-6% of revenues remains the goal.
For the individual segments, the Company is forecasting the following
developments:
- Core Europe: Stable or slightly lower revenues - earnings, encumbered
due to significant scaled wage increases and increased operating costs;
- North America: Significant increase in revenues and improved earnings;
- Eastern Europe: Stable revenues with a stable to slightly lower result
due to investments in the sales and service structures;
- Asia/Pacific: Stable revenues with improved earnings.
This forecast continues to be marked by uncertainty, particularly with
regard to the further development in Core Europe. The development in the
coming years will depend on the implementation of the revised strategy and
on the realization of growth opportunities through innovations and the
expansion of business in new markets.
The full quarterly 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:
EUR m, IFRS 9M-2013 9M-2012 Q3-2013 Q3-2012
Revenues 218.3 217.1 78.4 74.5
EBITDA 16.3 15.5 8.6 4.8
EBIT 8.9 8.2 6.1 2.4
EBIT return 4.1% 3.8% 7.8 3.2
EBT 8.0 6.5 5.8 1.6
Consolidated net income 5.6 3.2 4.8 0.3
Earnings per share* (in EUR) 0.40 0.23 0.34 0.02
Net cash flow 12.3 15.6
EUR m, IFRS Sept 30, 2013 Dec 31, 2012
Balance sheet total 179.7 183.6
Equity 82.0 84.4
Equity ratio 45.6% 46.0%
Net finance debt 9.7 8.3
Gearing** 0.12 0.10
Net current assets*** 67.6 73.1
Employees 1,686 1,674
* Average number of shares as of 30 September 2013: 13,934,714, as of 30
September 2012: 13,971,515
** Net finance debt divided by equity
*** Trade receivables + inventories - trade payables
About WashTec:
The WashTec Group has its registered office in Augsburg, Germany, and is
the leading supplier of innovative solutions for the car wash business
worldwide. WashTec employs more 1,600 persons worldwide and is represented
by its 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 65 countries.
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
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06.11.2013 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,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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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238094 06.11.2013
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Datum: 06.11.2013 - 06:00 Uhr
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