WashTec AG - Earnings Release 2016

News Details

Corporate | 22 March 2017 12:00

WashTec AG: Publication of the annual report and outlook for the fiscal year 2017

DGAP-News: WashTec AG / Key word(s): Final Results

22.03.2017 / 12:00

The issuer is solely responsible for the content of this announcement.

Publication of the annual report and outlook for the fiscal year 2017

– Higher revenue and earnings across all regions and products

– Revenue of EUR372.8m, 9.4% above prior year

– Fourth-quarter revenue 18.8% (EUR17.9m) above prior year

– EBIT increased by over 20% to EUR44.1m, with 11.8% EBIT margin

– Dividend proposal to the Annual General Meeting of EUR2.10 per share

– Outlook 2017: significantly above 6 % revenue increase and further performance increase

Augsburg, March 22, 2017 – As published at the end of January in connection with the preliminary results WashTec AG is looking back at a very successful year 2016:

With revenue of EUR372.8m (prior year EUR340.9m) WashTec reached an EBITDA (Earnings before interest, tax, depreciation and amortization) of EUR53.4m (prior year: EUR46.1m). Earnings before interest and tax (EBIT) were EUR44.1m (prior year: EUR36.4m). This equals an EBIT margin of 11.8% (prior year: 10.8%). All segments were able to improve their revenues and operating income. Earnings per share increased significantly to EUR2.29 (prior year: EUR1.78) on the basis of an average amount of 13,382,324 shares (prior year: 13,766,278 shares). The number of employees increased to 1,767 as of the end of December 2016 (prior year: 1,689 employees).

The higher capital expenditure and the increase in capital tied up in receivables due to higher sales resulted in a decrease in free cash flow to EUR20.8m (prior year: EUR26.2m). The EUR22.8m dividend payment in May 2016 and the higher sum of EUR19.8m for capital expenditure in the fiscal year under review caused the net financial debt (cash and cash equivalents less current and non-current financial liabilities) to increase only moderately by EUR2.7m to EUR4.5m. Despite the increased balance sheet total, the equity ratio remained at a solid 40.1% (prior year: 42.2%).

“ We once again look back on a successful year and would like to thank all employees who made this success possible ,” said Dr. Volker Zimmermann, CEO of WashTec AG at today’s annual press conference. “ We again have big plans for 2017. Our focus areas remain growth, functional and regional excellence, innovation, leadership and teamwork .”

Positive outlook for fiscal year 2017

All Management Board contracts have been renewed as scheduled in the meantime. Supervisory Board members Dr. Sören Hein, Dr. Hans Liebler and Jens Große-Allermann are due for re-election at this year’s Annual General Meeting. Mr. Roland Lacher is no longer available for re-election for reasons of age. Dr. Alexander Selent is therefore nominated for election to the Supervisory Board at the Annual General Meeting. Dr. Selent has served as CFO of Fuchs Petrolub AG from 1999 to 2015, thereof in addition as Deputy CEO from 2004.

The Company’s order backlog as of the 2016 year-end was significantly larger than at the end of the prior year.

WashTec expects growth of well over 6% on a full-year basis. The first two quarters of 2017 will be significantly above prior year’s level due to the extraordinary high order backlog as of December 2016. For EBIT and free cash flow, the Company aims for a corresponding rise compared with the prior-year figures.

General risk information

Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.

The annual report for fiscal year 2016, invitation to the annual shareholders meeting and additional information about the company can be found on: www.washtec.de .

Information on WashTec:

The WashTec Group has its registered office in Augsburg, Germany, and is the leading supplier of innovative solutions for the car wash business worldwide. WashTec has more than 1,700 employees and has its own subsidiaries in all key markets in Europe, North America as well as China and Australia. WashTec also has a broad network of independent sales partners and is thereby represented in roughly 70 countries.

Key figures :


*EURm, IFRS*	2016	2015	Change in %
Revenues	372.8	340.9	+9.4
EBITDA	53.4	46.1	+15.9
EBIT	44.1	36.4	+20.9
EBIT margin	11.8%	10.7%	–
EBT	43.6	35.9	+21.4
Net income	30.6	24.6	+24.4
Earnings per share 1) (in EUR)	2.29	1.78	+28.7
Dividend per share 2) (in EUR)	2.10 2)	1.70	+23.5
Net cash flow	39.9	32.9	+21.2
Free cash flow	20.8	26.2	-20.6


*EURm, IFRS*	31. Dec. 16	31. Dec. 15	Change abs.
Balance sheet total	218.1	190.0	+28.1
Equity	87.4	80.3	+7.1
Equity ratio	40.1%	42.2%	-2.1%
Net financial debt 3)	4.5	1.9	+2.6
Gearing 4)	0.09	0.04	–
Net current assets 5)	91.5	78.1	+13.4
Employees (31.12.)	1,767	1,689	+78

1) Basis: on average 13,382,324 shares in 2016; 13,766,278 shares in 2015

2) Proposal to the Annual General Meeting

3) Cash and cash equivalents minus long- and short-term financial liabilities

4) Net financial debt/ EBITDA

5) Current trade receivables plus inventories minus current trade payables

Contact:

WashTec AG

Argonstrasse 7

86153 Augsburg

Tel.: +49 (0)821 – 55 84 – 0

Fax: +49 (0)821 – 55 84 – 1135

22.03.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.dgap.de


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
Indices:	SDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange