Moderate start - positive outlook for fiscal year
- Revenue, at EUR92.3m (prior year: EUR91.5m), at prior-year level due to delayed start of key account business
- EBIT, at EUR2.6m (prior year: EUR5.4m), due to base effect of structural costs in combination with revenue at prior-year level
- Order backlog above prior-year level
- Guidance for 2019 confirmed: Significant revenue and earnings growth in full year
Augsburg, April 29, 2019 - Revenue of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - through to the end of March 2019, at EUR92.3m (prior year: EUR91.5m), was higher than a year earlier with an increase of 0.9% or EUR0.8m. Adjusted for exchange rate effects, revenue was up 0.1% on the prior year. Direct sales revenue grew significantly more strongly than the key account business, which had a delayed start. The Company expects growth in the key account business over the year as a whole. Revenue performance was positive in Equipment and Service and in Chemicals.
EBIT was down in the first three months of 2019 by EUR2.8m to EUR2.6m (prior year: EUR5.4m), primarily due to base effect of structural costs in combination with revenue at prior-year level.
The Europe region drives the WashTec Group's earnings. Revenue in the first quarter increased by 2.3% or EUR1.8m to EUR79.0m (prior year: EUR77.2m). In the North America region, revenue, at EUR11.9m, was after the first three months below the prior year (prior year: EUR12.9m) due to the lower key account business and the exceptionally wet winter. In the Asia/Pacific region, revenue increased - driven by the ongoing positive business development in China - from EUR3.7m to EUR4.0m.
Annual General Meeting: dividend of EUR2.45 adopted
On today's Annual General Meeting approximately 73.86% of the registered shared capital were present. The Annual General Meeting approved the proposals of the administration with a high majority and adopted a dividend of EUR2.45 per share. This corresponds to a total distribution of EUR32.8m and an attractive dividend yield of more than 3% based on the current share price level. All other proposed resolutions were also adopted with vast majority.
The Management Board presented the current business development and further strategy to the shareholders at the Annual General Meeting. "In 2019, we will continue to focus consistently on customer benefits. With the continuous implementation of our EasyCarWash app, we are working to simplify and accelerate washing for both operators and customers. The digital revolution of car washing has only just begun.
" says Axel Jaeger, CFO of WashTec AG.
The Company confirms that it continues to target significant revenue growth with a significant increase in EBIT for the full year 2019. Growth will increase over the quarters of the 2019 fiscal year and is expected in the second half year.
The outlook for the segments given in the Annual Report 2018 continues to apply unaltered.
General risk information:
Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.
The Q1 financial statement and further information about WashTec 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. Mar 19
||31. Dec 18
|Balance sheet total
|Net operating working capital 2)
1) Basis: on average 13,382,324 shares; Basic = diluted
2) Trade receivables + inventories -trade payables - prepayments on orders
3) In 2019 effect of transition to IFRS 16 of -2.7%-points
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