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WashTec AG — Earnings Release 2007
Feb 4, 2008
483_rns_2008-02-04_0af7f570-073d-4be9-a1ac-1d43bda9b99a.html
Earnings Release
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Corporate | 4 February 2008 12:06
WashTec publishes preliminary figures for the 2007 financial year
WashTec AG / Key word(s): Preliminary Results
04.02.2008 / 12:06
WashTec publishes preliminary figures for the 2007 financial year
Augsburg, February 4, 2008 – Based on preliminary figures, the WashTec Group generated revenues of EUR 279.7 million in the financial year 2007. This implies a growth rate of 7.0% compared to EUR 261.4 million in 2006.
In the fourth quarter 2007 revenues amounted to EUR 79.6 million and therefore 11.8% above the revenues of EUR 71.2 million in the previous year period. As expected, the second half-year was able to make up for the somewhat weaker performance in the first half of 2007.
Preliminary earnings before interest and taxes (EBIT) amounted to EUR 28.9 million in 2007 (previous year: EUR 24.9 million), implying an increase of 16.1%. The 2007 EBIT margin rose from 9.5% in the previous year to 10.3%. This includes positive non-recurring effects of EUR 0.6 million mainly due to final purchase price settlements of acquisitions as already published in the Q3 report.
In the 2007 financial year, the WashTec Group’s net financial liabilities to banks (financial liabilities to banks minus cash bank balances) dropped by EUR 8.2 million to EUR 46.0 million as of December 31, 2007 (December 31, 2006: EUR 54.2 million), despite the 2007 acquisitions and investments in Spain and the USA. For the share buy-back program started in September 2007, the company has – due to the limited liquidity of the WashTec share on XETRA trade – repurchased a total of 76,000 shares at an average price of EUR 11.44 as of January 31, 2008. The program which allows the company to repurchase up to 5% of its own shares by November 2008 will be continued.
The full year results confirm the WashTec management’s assessment regarding the profitability and growth strength of the WashTec Group. For the 2008 financial year the company plans further revenue and earnings growth.
As announced at the Investors’ Day in September, the company aims to improve EBIT margin further to 12-14% with revenues of EUR 310 – 340 million until 2010.
Preliminary Key Financial Figures (EUR m):
| 2007 | 2006 | |
| Revenues | 279.7 | 261.4 |
| EBITDA | 36.0 | 32.6 |
| EBIT | 28.9 | 24.9 |
| Net bank debt as of Dec. 31 | 46.0 | 54.2 |
The publication of the complete consolidated financial statements for the 2007 financial year is scheduled for March 31, 2008.
WashTec AG, Argonstr. 7, 86153 Augsburg
ISIN: DE0007507501
Listing: Regulated market in Frankfurt (Prime Standard);
Regulated unofficial market in Berlin, Bremen, Düsseldorf, Munich and Stuttgart
Contact:
Karoline Kalb, Investor Relations
WashTec AG
Argonstraße 7
86153 Augsburg
Tel.: +49 (0)821 – 55 84 – 0
Fax: +49 (0)821 – 55 84 – 1135
Mobile: +49 175 – 4302025
Contact:
Karoline Kalb, Investor Relations
WashTec AG
Argonstraße 7
86153 Augsburg
Tel.: +49 (0)821 – 55 84 – 0
Fax: +49 (0)821 – 55 84 – 1135
Mobile: +49 175 – 4302025
End of Corporate News
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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: | [email protected] |
| 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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| 27430 04.02.2008 |