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WashTec AG — Earnings Release 2008
Mar 31, 2009
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Earnings Release
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Corporate | 31 March 2009 11:25
WashTec AG: Successful business year 2008
WashTec AG / Key word(s): Final Results
31.03.2009 / 11:25
Successful business year 2008:
– Earnings per Share increased by 24% to EUR 1.03
– Revenues up 1.9% to EUR 285.1m
– Operating Income (EBIT) up EUR 0.5m to EUR 29.4m
– Financial and economic crisis will impact business in 2009
Augsburg, March 31, 2009 – ‘The much cited financial crisis of 2008 was an unpleasant surprise and negatively impacted many companies during 2008. WashTec still had a successful year of business despite declining sales figures in the 4th quarter. We were able to increase revenues and earnings for the 5th year in a row.’ said CFO Christian Bernert at the opening of today’s annual press conference of WashTec AG (ISIN DE0007507501) in Augsburg.
In 2008, revenues climbed by 1.9% to EUR 285.1m; the operating income (EBIT)
improved from EUR 28.9m to EUR 29.4m resulting in a stable EBIT margin of 10.3%. The net income after taxes for 2008 increased to EUR 15.3m (2007: EUR
12.6m). Earnings per share were improved by 24% from EUR 0.83 to EUR 1.03.
As planned, we were able to implement all items on our 2008 agenda: In May, we acquired the mid-sized chemical manufacturer, AUWA-Chemie, which we have since successfully integrated. For 2008, the Chemicals revenues increased by EUR 4.8m to EUR 14.4m. Both WashTec Financial Services, which offers financing solutions for car wash operators, and WesuRent, which operates car wash equipment for our customers, expanded internationally. At the 2008 automechanika, the world’s largest trade fair for the industry, WashTec presented numerous innovations under the motto »Excellence right down to the last detail«.
Outlook
The negative economic situation has not impacted wash counts in our core markets so far, which shows that car wash operation remains stable and profitable. This is confirmed by our steady revenues in the service and chemical business.
On the other hand, the financial and economic crisis does negatively impact – as already communicated – the investment decision into new car wash equipment by certain customer groups such as individual operators and in certain markets.
WashTec expects first quarter revenues to be clearly below prior year driven by lower equipment sales and an exceptionally strong first quarter 2008. In 2009, WashTec expects stable service and chemical revenues, while equipment sales will be declining.
The uncertain economic environment combined with a short order-to-delivery cycle currently does not allow a more specific outlook for the 2009 fiscal year as a whole.
Christian Bernert: ‘In this environment, we accelerated our efforts to reduce costs and to improve efficiency. Crises also offer opportunities. We expect that we can further strengthen our market position during and after this period.’
At the annual general meeting in May 2009, WashTec will request authorisation for a new share buy-back program of up to 10% of our treasury shares, which will allow further repurchase of shares in case of a positive business development. If this authorisation is granted, the treasury shares acquired so far will be cancelled, which is a prerequisite to buy-back additional 10% of shares.
Overview of key performance indicators (Euro m):
| 2008 | 2007 | |
| Revenues | 285.1 | 279.7 |
| EBITDA | 37.1 | 36.0 |
| EBIT | 29.4 | 28.9 |
| EBT | 26.4 | 25.0 |
The annual report 2008 of WashTec AG may be downloaded at www.washtec.de.
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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| 58441 31.03.2009 |