DGAP-News: WashTec AG: WashTec continues substantial earnings improvement and regional expansion
(firmenpresse) - WashTec AG / Half Year Results
06.08.2010 07:30
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Press Release
WashTec continues substantial earnings improvement and regional expansion:
- Operating result (EBIT) increases in the first half of the year by EUR
4.8m to EUR 6.7m (H1 2009: EUR 1.9m), EBIT margin increases from 1.6%
to 5.4%
- Strengthening of market leader position through acquisitions in
Australia and Canada
- Improvement in operating cash flow (increase from EUR 5.2m to EUR
14.0m)
Augsburg, August 06, 2010 - WashTec grew its top-line by 1.8% (EUR 2.2m) in
the first half of 2010 to EUR 123.7m. Key driver was the increase in
service, wash chemicals and operations revenues, mainly through the
regional expansion and new sites.
The EBIT rose significantly by EUR 4.8m to EUR 6.7m (H1 2009: EUR 1.9m)
primarily due to the full year effect of international sourcing activities
started in the first half of 2009, as well as favorable foreign exchange
rates. After adjusting for non-recurring effects of EUR -0.7m relating to
acquisitions (H1 2009: EUR -1.2m for non-recurring effects related to
write-downs on receivables) the adjusted EBIT was more than doubled and
equals EUR 7.4m (prior year:
EUR 3.1m).
The operating net cash flow also improved, totaling EUR 14.0m (H1 2009: EUR
5.2m).
Forecast
The results for the entire first half year of 2010 confirm the previously
communicated expectations for the full year 2010: WashTec does not expect a
substantial recovery of the markets this year. However, WashTec expects
earnings to grow as a result of the measures taken to improve efficiency
and cost structures.
In addition, the regional expansion in Australia and Canada will result in
a top line growth in excess of EUR 8m with already a positive contribution
to earnings in the second half of the year.
The currently challenging market environment in equipment sales provides
also opportunities for WashTec to strengthen its market position through
acquisitions and investments. After the regional expansion in Australia and
Canada during the first half of 2010, WashTec will exploit further
opportunities for expansion. This strategy should help WashTec to continue
to extend its position as market leader and to create the foundation for
future growth.
After presenting product innovations during the Car Care World Expo in Las
Vegas in May of 2010, WashTec will be exhibiting additional product
innovations at the»automechanika«industry trade fair held in
Frankfurt/Main in September.
WashTec continues the positive view on its outlook. The combination of
market recovery coupled with the continuous growth in countries in which
the number of vehicles is expected to rise, plus the measures to expand
WashTec's market leadership and international footprint will result in
sustained revenue growth of 4-7% in the mid-term and a disproportionate
increase in earnings. In connection with the overall economic recovery,
WashTec aims for an EBIT margin of over 12% in the long term.
Overview of key performance indicators:
EURm, IFRS 1H/2010 1H/2009The full interim report may be downloaded at www.washtec.de.
Revenues 123.7 121.5
EBITDA 11.4 6,4
EBIT 6.7 1.9
EBIT adjusted for non-recurring effects 7.4 3.1
EBT 5.6 0.7
Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135
06.08.2010 07:30 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: WashTec AG
Argonstraße 7
86153 Augsburg
Deutschland
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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Datum: 06.08.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 31903
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Kategorie:
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