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WashTec AG — Earnings Release 2011
Feb 10, 2012
483_rns_2012-02-10_c31ab467-4a18-440f-abb0-25959b1bff57.html
Earnings Release
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News Details
Corporate | 10 February 2012 07:38
WashTec AG releases preliminary figures for 2011
WashTec AG / Key word(s): Preliminary Results
10.02.2012 / 07:38
Press Release
– Revenue growth of approximately 9% to EUR 293.3m (based on preliminary figures), EBIT (non-adjusted) equals EUR -10.2m and meets expectations; special charges of approximately EUR 28m taken against earnings and consisted mostly of write-downs, impairment charges and provisions
– Measures for redimensioning in North America are proceeding as planned
Augsburg, February 10, 2012 – According to the preliminary figures that have been presented, WashTec AG – the leading supplier of innovative solutions for the car wash business worldwide – is reporting consolidated revenues of EUR 293.3m for fiscal year 2011, which represents an approximately 9% increase over last year (prior year: EUR 268.4m). The non-adjusted result before interest, taxes and depreciation/amortization (EBITDA) declined by 35.5% to EUR 19.3m (prior year: EUR 29.9m) due to the losses in the North American business. The immediate measures announced at the end of 2011 in connection with the redimensioning of the North American business and the restructuring in Europe generated, as projected, non-recurring expenses of approximately EUR 6m. Non-cash charges totaling approximately EUR 22m were recognized in order to account for the impairment of the entire goodwill and other assets and for additional provisions that were made in connection with the activities in North America. In light of these charges, the preliminary non-adjusted earnings before taxes and interest (EBIT) of WashTec declined in the 2011 reporting year to EUR -10.2m (prior year: EUR 20.3m). At year end, the order backlog was slightly higher than the prior year.
The measures launched by the Company to reduce costs and improve earnings are running on schedule and according to plan. The Company has begun exploring possible strategic alliances in North America.
Despite the charges mentioned above, the balance sheet continued to improve in 2011. The Company was able, for example, to pay down its net financial debt (net bank debt plus long-term and short-term financial leasing debt) by EUR 2.2m to EUR 24.4m (prior year: EUR 26.6m).
Key preliminary Group financial information:
| EURm, IFRS | 2011 | 2010 | Change |
| Revenues | 293.3 | 268.4 | 9.3% |
| EBITDA (non-adjusted) | 19.3 | 29.9 | -35.5% |
| EBIT (non-adjusted) | -10.2 | 20.3 | -150.2% |
| Net financial debt per 31 Dec. | 24.4 | 26.6 | -8.3% |
The complete consolidated financial statements containing the final figures for fiscal year 2011 are scheduled for publication on March 26, 2012.
Contact:
WashTec AG
Karoline Kalb
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 – 55 84 – 1134
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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| 156171 10.02.2012 |