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WashTec AG — Earnings Release 2009
Feb 2, 2010
483_rns_2010-02-02_543715c3-cc5f-4684-8002-5e52c6f9f595.html
Earnings Release
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News Details
Corporate | 2 February 2010 07:43
WashTec AG: WashTec publishes preliminary figures for fiscal year 2009
WashTec AG / Key word(s): Preliminary Results
02.02.2010 / 07:43
Press release
WashTec publishes preliminary figures for fiscal year 2009
Augsburg, 02 February, 2010 – WashTec, like many equipment manufacturers, was negatively impacted by the financial and economic down-turn in 2009. While the service, wash-chemicals and operations business remained stable, equipment sales declined by approx. 17%.
Subsequently, total revenues declined by 10.1% from EUR 285.1 million to EUR 256.3 million for 2009, resulting in an EBITDA of EUR 22.2 million (prior year: EUR 37.1 million). Preliminary earnings before interest and taxes (EBIT) amounted to EUR 13.1 million (2008: EUR 29.4 million), corresponding to an EBIT margin of 5.1% (prior year: 10.3%).
Adjusted for non-recurring costs of EUR 1.7 million for trade receivable write downs in Southern Europe and restructuring costs, the EBIT for 2009 totalled EUR 14.8 million or 5.8% of revenues.
The net financial debt (cash minus bank debt minus finance lease liabilities) was reduced significantly by EUR 9.9 million to EUR 37.0 million (prior year: EUR 46.9 million).
While operators delayed investments in new equipment, most car wash operations remained little affected by the economic down-turn. This led to a stable service, wash-chemicals and operations business for WashTec.
For the short-term, WashTec expects the financing difficulties for certain customer groups and the economic uncertainties in various markets to continue. Therefore, no substantial top-line recovery is expected. Instead the focus will be on improved efficiency and cost reduction, resulting in a profitability increase in 2010.
The mid-term outlook remains optimistic, since the current sales reductions are driven by delays in investments while the worldwide demand for high quality and environmentally friendly automatic carwashes continues to increase.Following the recovery of the overall economy, WashTec expects to return to the top-line of prior years and its margin targets of over 12%.
Preliminary Key Financial Figures:
| EUR m, IFRS | 2009 | 2008 |
| Revenues | 256.3 | 285.1 |
| EBITDA | 22.2 | 37.1 |
| EBIT | 13.1 | 29.4 |
| EBIT adjusted for non-recurring costs | 14.8 | 29.4 |
| Net financial debt as of Dec. 31 | 37.0 | 46.9 |
The publication of the complete consolidated financial statements for fiscal year 2009 is scheduled for 25 March, 2010.
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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| 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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| 79140 02.02.2010 |