WashTec: Fiscal year 2018 - year of consolidation, but continuous organic growth path
- Revenue increases by 2.4 % from EUR425.0m to EUR435.4m; EBIT at EUR51.5m (prior year: EUR52.2m); EBIT margin of 11.8 %
- Strong free cash flow of EUR32.3m, by 14.9% significant higher than prior year (prior year: EUR28.1m)
- Dividend proposal to the Annual General Meeting of EUR2.45 per share (prior year: EUR 2,45)
- Guidance 2019: significant revenue growth with a significant increase in EBIT
Augsburg, March 19, 2019 - 2018 was a year of consolidation and continuous organic growth for the WashTec Group. Revenue was at EUR435.4m (prior year: EUR425.0m). This corresponds to an increase in revenue of EUR10.4m or 2.4%. With revenue of EUR122.7m (prior year: EUR112.6m), the last quarter was the quarter with WashTec's highest revenue to date. Earnings before interest and taxes (EBIT) was at EUR 51.5m (prior year: EUR52.2m). This corresponds to an EBIT margin of 11.8% (prior year: 12.3%).
Free cash flow increased significantly by 14.9 % to EUR32.3m (prion year: EUR28.1m) compared to the prior year. This was mainly due to the ongoing initiatives to optimize net operating working capital. The dividend payment of EUR32.8m (prior year: EUR27.1m) and higher repayment of finance leases lead to a moderate increase of net financial debt (cash and cash equivalents less current and non-current financial liabilities) by EUR3.0m to EUR10.1m. Despite the increase in balance sheet total, the capital ratio remained at solid 40.2% (previous year: 40.3%). At 28.5% (prior year: 29.1%), ROCE (return on capital employed) was significantly above the target of over 25%.
"Our business performance since 2014 confirms that we are sustainably growing organically. In 2018, Europe achieved the best result in the Company's history. In addition, for example China, a market where automatic carwash is still in early stages, also developed very positively. At the same time, we are continuously working on initiatives to improve our operational processes. This results in an optimization of working capital and a significant increase in free cash flow. We are confident that we will continue our successful growth course in 2019"
, said Axel Jaeger, CFO of WashTec AG.
The Board of Management and the Supervisory Board will propose a dividend of EUR 2.45 per share to the Annual General Meeting on April 29, 2019, in line with the prior year's level. This corresponds to a total distribution of EUR32.8m and an attractive dividend yield of over 4% based on the current share price level.
Forecast for fiscal year 2019
For the fiscal year 2019, WashTec is aiming for a significant revenue growth with a significant increase in EBIT for the Group. Revenue and EBIT growth are expected especially in the second half of the year. The Company expects a slight increase in free cash flow.
General risk information
Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.
The annual report for fiscal year 2018, invitation to the annual shareholders meeting and additional information about the company can be found on: www.washtec.de
WashTec Group with its registered office in Augsburg, Germany, is the leading provider of innovative car wash solutions worldwide. The company has more than 1,800 employees and is represented with subsidiaries in the major markets of Europe, North America and Asia/Pacific. Moreover, WashTec has an extensive network of independent marketing partners through which it is present in around 70 countries worldwide.Key figures:
||Change in %
|EBIT margin in %
|Consolidated net income
|Earnings per share 1) (in EUR)
|Dividend per share (in EUR)
|Net cash flow
|Free cash flow
|ROCE in %
||31. Dec. 18
||31. Dec. 17
|Balance sheet total
|Net financial debt
|Net operating working capital 3)
1) Basis: on average 13,382,324 shares
2) Proposal to the Annual General Meeting
3) Trade receivables + inventories -trade payables - prepayments on orders
Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135
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