DGAP-News: WashTec AG: WashTec defines target for future return-rate of around 40%
(firmenpresse) - DGAP-News: WashTec AG / Key word(s): Dividend
WashTec AG: WashTec defines target for future return-rate of around
40%
17.02.2011 / 15:30
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Press release
WashTec defines target for future return-rate of around 40%
- Strong increase in earnings and constantly high generation of cashflows
allows shareholder-friendly return policy
- Pinpointed expansion to growth-sectors and -regions will be continued
Augsburg, February 17, 2011 - WashTec, the leading supplier of innovative
solutions for the carwash business worldwide, today defined its future
return policy.
WashTec will from now on position itself - to a greater extent than before
- as a value oriented title with an attractive return policy. WashTec's
strategy furthermore includes to strengthen its market position worldwide
and to generate a moderate growth in revenues while maintaining a
conservative leverage. WashTec defines a conservative leverage as a ratio
of EBITDA to net liabilities to banks + finance lease below 1. Subject to
these conditions, WashTec plans to constantly distribute around 40% of the
annual net income to its shareholders either in the form of dividends and /
or in the form of share buy backs.
The proposal for the appropriation of the distributable profit to the
annual general meeting for fiscal year 2010 - scheduled for May 05, 2011 -
will include a dividend following this policy. Thus, the dividend for the
last fiscal year should be much higher than the 0.12 EUR paid for fiscal
year 2009
On February 4, WashTec has - based on preliminary figures - announced an
increase in revenues of around 5% to EUR 268.4m and earnings before
interest and taxes (EBIT) of EUR 20.3m (+55%) for fiscal year 2010.
Accordingly, the company was also able to significantly increase net
cashflow, which led to a reduction of the net finance debt from EUR 37.0m
to EUR 26.6m. Gearing - defined as the ratio of net finance debt to equity
- sank from 0.43 to 0.28, which is a low number for an industrial company.
WashTec aims at a further improvement of the EBIT-margin to 8% - 9% for
2011.
About WashTec:
The WashTec Group, with its headquarters in Augsburg, Germany, is the
leading supplier of innovative solutions for the carwash business
worldwide. WashTec employs more than 1,600 people around the world and has
its own subsidiaries in the European core markets, the US and Canada as
well as in China and Australia. Furthermore, WashTec is represented in
around 60 countries by independent sales 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
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17.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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112631 17.02.2011
Datum: 17.02.2011 - 15:30 Uhr
Sprache: Deutsch
News-ID 33234
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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