WashTec AG — Interim / Quarterly Report 2009

May 4, 2009

Q12009 Report on the Period from January 1 to March 31, 2009

Unaudited translation for convenience purposes only

First quarter of 2009 affected by economic crisis:

• Revenues decline by 15.6% to €54.6m (prior year €64.7m) due to lower machine sales
• Operating result (EBIT) reported at €–2.5m (prior year €3.1m)
• New generation of roll-over washing systems launched in the United States

		Jan 1 to	Jan 1 to	Change
			Mar 31, 2009 Mar 31, 2008
Revenues	€m	54.6	64.7	–10.1
EBITDA	€m	–0.4	4.9	–5.3
EBIT	€m	–2.5	3.1	–5.6
EBIT adjusted	€m	–1.7	3.1	–4.8
EBT	€m	–3.1	2.2	–5.3
Employees as of 31 March		1,542	1,551	–9
Earnings per share *	€	–0.20	0.10	–0.30
Net cash flow	€m	–1.3	1.3	–2.6
Purchase of PP+E	€m	1.1	0.9	0.2

* diluted = basic, average number of shares: Q1 2009: 13,976,970; Q1 2008: 15,025,386

Interim Management Report (unaudited)

1. Results of operation, financial position and net assets

In the first quarter, the financial and economic crisis adversely impacted WashTec's business, particularly in equipment sales. Investment restraints among individual customer groups and declining equipment revenues in individual markets such as Spain, where the market for car wash systems has nearly collapsed, resulted in a 29% decline in revenues from equipment sales. Revenues of the services and chemicals divisions were at previous year's level, after making adjustments for special service projects in the previous year and the acquisition of AUWA-Chemie in May of 2008. Due to stable wash counts, revenues of the operating company WesuRent, remained stable as well. Revenues in the first quarter fell by a total of €10.1m to €54.6m (prior year €64.7m).

Based on the decline in revenues, the operating result fell by €5.6m to €–2.5m (prior year €3.1m). This figure includes special write-downs for allowances on questionable receivables of €0.8m in Southern Europe. Because of the anticipated decline in revenues, WashTec has already initiated some initial measures to adjust its cost structures in the 4th quarter of 2008. At the same time, investments continue to be made in mid-term strategic projects designed to reduce costs, such as expanding the group's international sourcing organization. Despite the financial and economic crisis, the investment into these projects is continued for future cost structure improvements.

As a result of lower revenues, the net operating cash flow totaled €–1.3m, which was €2.6m below last year's figure (prior year €1.3m).

• Financial and economic crisis leads to investment delays among individual customer groups

• Equipment sales significantly lower than last year's sales figures

• USA: New generation of roll-over washing systems successfully exhibited

• Europe: Roll-out of SoftCare²

Efficiency projects: New subsidiaries in China and the Czech Republic

During the largest American car wash trade fair – the ICA in Las Vegas held in early April – Mark VII (USA) exhibited a new generation of roll-over washing systems, which includes »touchfree« and »friction« systems. The new equipment, which was developed in the United States, offers significantly improved washing results with lower energy and water consumption. Being the only competitor exhibiting substantial new product developments at the trade fair, WashTec emphasized its position as innovation leader. Having the most modern product port folio will be a key factor to gain the market leadership position in the future.

The roll-out in Europe of the products presented at the automechanika 2008, like the SoftCare2, advances according to plan.

The subsidiary WesuRent, which operates locations on behalf and for the account of its customers, was able to acquire additional locations that will be launched into operation during the course of the year. More and more customers are interested in the WesuRent operating model.

In connection with the projects to reduce costs, the international sourcing efforts were pushed ahead. After the subsidiary WashTec Car Cleaning Equipment (Shanghai) Co. Ltd., was registered at the end of 2008, a new subsidiary was formed in the Czech Republic during the first quarter of 2009. It will commence its business activities in the second quarter, delivering components for final assembly in Augsburg.

The resolutions proposed by the management to the Annual General Meeting of WashTec AG on May 7, 2009, not only cover the customary agenda items but also include a resolution for possibly continuing the share buy-back program. Depending on the continued business development during the course of the current year, additional shares could be repurchased. It is planned that the shares which the Company bought back to date (treasury shares) will be cancelled following the Annual General Meeting.

As a result of the negative business development in the first quarter, a proposal is being put forth at the Annual General Meeting to carry forward the retained earnings to new account.

1.1 Economy and market

All markets were affected in the first quarter by the financial and economic crisis. The business climate index of the German ifo Institute for Economic Research (IFO) fell once again in March. For 2009, experts expect a recession in the European zone, the bottom »has not yet been reached and the downturn could con tinue worldwide in the upcoming year« (Source: ifo press release dated March 25, 2009).

In the past, economic trends have had little impact on sales of car wash systems since the business of operating car wash systems is profitable and relatively non-cyclical. Given the current deep financial and economic crisis, options for financing new equipment have, however, became limited in many cases. This situation combined with a negative outlook has caused delays in investments in new carwash equipment. Such delays are particularly prevalent among smaller chains and individual operators but also among other customer groups such as car dealerships and transportation companies.

The crisis has first and foremost affected the American market for car wash systems where, contrary to Europe, most customers are independent, smaller or mid-size operators and not large-scale customers. Since the end of 2008, the crisis has also impacted Europe, however. Spain and Great Britain have been particularly affected. Among large customers such as multinational oil companies, which operate the majority of the installed bases in Europe, the decisions to make investments for replacing machines has not been substantially affected yet. Their decisions depend mostly on the age of the machines and their investment budgets. It has

• Financing possibilities in many cases strongly restricted
• Smaller chains and individual operators have been mostly impacted, above all in the American and Spanish market

Due to the customer structure – smaller or mid-size operators – the crisis has first and foremost affected the American market

been the Company's experience that the car wash business itself is affected more by weather conditions and a sudden change in gasoline prices than by economic cycles. The carwash operating business has remained stable in the first quarter of the current fiscal year.

The developments in the US dollar-Euro exchange rate have had only a minor influence on the WashTec Group's operating business and earnings. Strong foreign exchange losses suffered by Eastern European currencies in relation to the euro as well as higher financing costs in these markets have, however, significantly increased the local operators' costs in purchasing equipment.

The competition has not significantly changed compared to the situation described in the full-year management report for 2008. The European market, as a stable replacement market, is dominated by four major competitors. The American market continues to be highly fragmented, and machine revenues have declined for all suppliers due to the current economic environment. The market is expected to consolidate in the short or mid term.

There have been no significant changes in technology.

1.2 Business and earnings situation

Revenues

As a result of a change in IFRS 8, since January 1, 2009 the segment reporting was adapted. The segment reporting going forward will track the operational management reporting, as explained in more detail below (see also Notes).

Segment reporting adapted due to changes in IFRS 8

Revenue in 1st quarter €10.1m or 15.6% below first quarter of last year

Revenues in the first quarter totaled €54.6m and were thereby €10.1m or 15.6% below last year's level (prior year €64.7m).

Revenues by region in €m, IFRS	Jan 1 to	Jan 1 to
		Mar 31, 2009 Mar 31, 2008
Germany	20.8	22.7
Rest of Europe	27.4	34.4
North America	5.3	5.6
Rest of World*	1.1	2.0
Total	54.6	64.7

*primarily Asia and Australia

Jan 1 to	Jan 1 to
	Mar 31, 2009 Mar 31, 2008
21.1	24.0
2.5	2.2
29.2	37.4
2.7	1.4
–0.9	–0.3
54.6	64.7

Revenues in Germany fell by €1.9m to €20.8m due to lower equipment sales. Revenues generated by AUWA-Chemie could only partially offset the equipment sales decline.

In the future, revenues generated in Germany will be reported as a component of the »DACH« area (Germany (»D«), Austria (»A«), Switzerland (»CH«). Revenues in the DACH area were €21.1m and therefore €2.9m lower than last year. Revenues by segment include all sales in the respective segment except direct billing of AUWA-Chemie, WashTec Financial Services and WesuRent.

In connection with the segment reporting, revenues and results of AUWA-Chemie GmbH, WashTec Financial Services GmbH and WesuRent Carwash Marketing GmbH will be reported within the »Others« area. Due to AUWA-Chemie, revenues in this area increased by €1.3m to €2.7m.

Revenues in the segment of Eastern Europe (»CEE« area) grew from €2.2m to €2.5m. The Company does however expect investment delays in the remainder of the year.

Revenues in the Rest of World (»RoW« area) decreased from €37.4m to €29.2m. The delay of investments in equipment impacted the sub-markets of Spain and Great Britain most sig nificantly in Europe.

Revenues in North America which are also included in the area »RoW«, were €0.3m below last year's figures (prior year €5.6m). Revenues in US dollars were USD7.6m (prior year USD9.2m).

Revenues by product in €m, IFRS	Jan 1 to	Jan 1 to
		Mar 31, 2009 Mar 31, 2008
New equipment	26.7	37.5
Spare parts, service	20.4	21.3
Used equipment	0.6	0.7
Chemicals	4.8	3.4
Financial services, operations and others	2.1	1.8
Total	54.6	64.7

Last year, service revenues included a special gas station renovation project. Excluding these revenues, service revenues were on prior year level.

Chemical revenues of the WashTec Group rose from €3.4m to €4.8m due to the acquisition of AUWA-Chemie in May 2008. Increase in chemical revenues by €1.4m to €4.8m due to the acquisition of AUWA-Chemie

Revenues by product underline that the entire decline in revenues was caused by lower equipment sales. At the end of the first quarter, the order backlog was still below prior year level.

Earnings

in € m, IFRS	Jan 1 to	Jan 1 to
		Mar 31, 2009 Mar 31, 2008
EBITDA	–0.4	4.9
EBIT	–2.5	3.1
EBIT adjusted for non-recurring effects	–1.7	3.1
EBT	–3.1	2.2

EBITDA decreased to €–0.4m and was therefore €5.3m below the prior year (2008: €4.9m). This figure includes €0.8m special writedowns for allowances on questionable receivables.

Gross profit fell from €29.0m to €23.7m because of the lower equipment revenues. The gross profit margin in the first quarter rose by 1.3 percentage points to 56.5%, driven mainly by product mix.

The increase in personnel expenses from €22.1m to €22.5m resulted primarily from wage increases and the acquisition of AUWA-Chemie

Personnel expenses increased by €0.4m to €22.5m. The increase resulted from wage increases and personnel expenses due to the acquisition of AUWA-Chemie. In other areas personnel expenses decreased due to headcount reductions.

Other operating expenses (including other taxes) totaled €9.7m and were €0.9m below last year driven by reduced costs (prior year €10.6m).

Based on the investments made in the previous year, depreciation and amortization rose by €0.3m to €2.1m (prior year €1.8m).

The operating result (EBIT) declined to €–2.5m (prior year €3.1m). Adjusted for receivable write-downs in Southern Europe of €0.8m, EBIT was €–1.7m.

Net finance costs were further reduced from €0.8m to €0.6m due to lower bank liabilities.

EBT fell in the first quarter of 2009 to €–3.1m

Earnings before taxes (EBT) fell in the first quarter to €–3.1m (prior year €2.2m).

Earnings per share (diluted = undiluted) dropped to €–0.20 (prior year €0.10). When calculating these results, the number of treasury shares bought back as of March 31, 2009 (1,223,030 shares) has to be taken into account.

Balance sheet

	Mar 31, 2009 Dec 31, 2008
119.8	118.9
69.3	68.7
10.9	10.0
74.7	83.9
35.1	34.6
32.8	39.7
3.6	3.0
3.0	6.4
0.2	0.2
194.5	202.8

Given the losses, deferred tax assets rose from €10.0m at the end of 2008 to €10.9m as of March 31, 2009.

Intangible assets climbed from €68.7m as of December 31, 2008 to €69.3m as of March 31, 2009 mainly due to US dollar exchange rate changes and IT investments.

Inventories increased from €34.6m to €35.1m due to seasonal trends.

As a result of lower revenues in the first quarter, trade receivables declined by €6.9m, from €39.7m as of December 31, 2008 to €32.8m.

Other assets rose due to an increase in prepaid expenses from €3.0m to €3.6m.

Balance sheet total declined from €202.8m as of the end of 2008 to €194.5m as of March 31, 2009.

Equity and liabilities in €m, IFRS		Mar 31, 2009 Dec 31, 2008
Equity	76.8	79.1
Liabilities to banks	46.2	45.4
Other liabilities and provisions	65.2	71.8
thereof trade payables	7.0	8.8
thereof provisions	18.8	19.9
Deferred income	6.3	6.5
Total equity and liabilities	194.5	202.8

Equity ratio as of Mar 31, 2009: 39.5%

Equity declined from €79.1m as of Dec 31, 2008 to €76.8m. The negative results for the period were partially offset by foreign exchange changes on the balance sheet. Despite the negative results, the equity ratio remained stable at 39.5% because of a lower balance sheet total.

Liabilities to banks increased from Dec 31, 2008 by €0.8m to €46.2m. Net bank liabilities, including financial lease liabilities, climbed from €46.9m to €50.8m.

Trade payables fell from €8.8m as of Dec 31, 2008 to €7.0m due to lower production volumes.

Provisions decreased from €19.9m as of Dec 31, 2008 to €18.8m due to pay-outs.

Cash flow statement

Cash flows from operating activities (net cash flow) totaled €–1.3m in the first quarter of 2009 as a result of lower revenues (prior year €1.3m).

Cash flows used in investing activities totaled €1.1m and related primarily to IT, new products and replacement investments (prior year €0.0m; including €1.0m proceeds from sale of property).

Overall, cash and cash equivalents had decreased as of March 31, 2009 by €3.4m.

Employees

Given the capacity adjustments, the number of employees compared to March 31, 2008 declined by 9 to 1,542 employees, despite the acquisition of AUWA-Chemie in May 2008. As compared to December 31, 2008, the number of employees fell by 7.

Number of employees at WashTec Group now at 1,542

WashTec share

The WashTec share price has fallen from €5.89 as of December 31, 2008, to €5.00 as of March 31, 2009 (–15.1%). Thus, the share's performance has tracked the price developments of the SDAX (–15.2%).

Shareholder structure

In the first quarter, »Investmentaktiengesellschaft für langfristige Investoren TGV« and »Paradigm Capital Value Fund« gave notice that they had exceeded the reporting threshold of 3%. »Julius Bär« reported falling below the threshold of 3%.

The Company's management frequently stayed in contact with with journalists and the financial community. In connection with the publication of its financial reports, the Company held several conference calls for analysts and investors as well as an annual press conference.

All analysts continue to issue »buy« recommendations

WashTec is currently covered by HVB Unicredit, HSBC Trinkaus & Burkhardt and MM Warburg. All analysts have issued »buy« or »outperform« recommendations for the Company's shares.

Shareholding in %	Mar 31, 2009
Kempen Capital Management NV	11.1
EQMC Europe Development Capital Fund plc	10.2
Sterling Strategic Value Ltd. (incl. IED)	10.0
Lazard Frères Gestion S.A.S.	5.0
Cycladic Capital Management LLP.	4.7
Paradigm Capital Value Fund	3.8
InvestmentAG für langfristige Investoren TGV	3.5
Impax Group plc	3.2
Treasury shares	8.1
Free float	40.4

*Source: Notices pursuant to the German Securities Trading Act (»WpHG«).

Events after the end of the reporting period

No significant events occurred after the end of the reporting period.

2. Forecast

The current car wash figures show that the economic environment so far had no major impact on car washing behavior, and the car wash operations business continues to be stable and profitable.

The financial and economic crisis, however, continues to cause a delay in investments in equipment among certain customer groups such as individual operators as well as in individual markets. Initially, the United States, Spain and Great Britain were particularly affected. During 2009 it is expected that investments will be delayed in other regions, such as Eastern Europe, as well.

Given the decline in equipment sales and the continued lower order backlog compared to the prior year, WashTec anticipates that revenues for the entire first half of 2009 will be significantly lower than the same period in 2008. All other business fields are expected to remain relatively stable. Given the continuing uncertainties with respect to the business climate and the short order to delivery cycle, a more detailed outlook for 2009 is still not possible.

Because of the anticipated decline in revenue, the Company has already initiated cost-cutting measures. This includes not only short-term measures such as strict cost management, but also midterm and long-term action such as sourcing activities in Asia and the commencement of component manufacturing in the Czech Republic.

3. Opportunities and risks related to future development

There are no major changes in the opportunities and risks presented in the 2008 Annual Report.

• For the entire 2009 year, unit sales of equipment are expected to decline
• A more specific outlook for 2009 is currently not possible

Consolidated Income Statement

The notes to the consolidated statements form an integral part of the consolidated financial statements. Rounding differences are possible.

	Jan 1 to	Jan 1 to
		Mar 31, 2009 Mar 31, 2008
	€	€
Revenue	54,561,472	64,699,224
Other operating income	727,119	774,124
Other capitalized development costs	207,356	228,484
Change in inventories of work in process	–2,061,499	827,762
Total	53,434,448	66,529,594
Cost of materials
Cost of raw materials, consumables and supplies and of purchased merchandise	17,982,266	24,523,588
Cost of purchased services	3,677,830	4,443,823
	21,660,096	28,967,411
Personnel expenses	22,512,576	22,112,881
Amortization, depreciation and impairment of tangible assets and property, plant and equipment	2,106,378	1,813,596
Other operation expenses	9,494,873	10,427,507
Other taxes	158,212	135,456
Total operating expenses	55,932,135	63,456,851
EBIT	–2,497,687	3,072,743
Other interest and similar income	12,376	282,116
Interest and similar expenses	574,358	1,130,465
Financial result	–561,982	–848,349
Result from ordinary activities/EBT	–3,059,669	2,224,394
Income taxes	324,955	–687,337
Consolidated profit for the period	–2,734,714	1,537,057
Loss carried forward		5,156,548 –10,158,374
Consolidated accumulated profit/loss	2,421,834	–8,621,317
Average number of shares	13,976,970	15,143,400
Earnings per share (basic = diluted)	–0.20	0.10

Consolidated	Assets		Mar 31, 2009 Dec 31, 2008
Balance Sheet		€	€
	Non-current assets			Equity
The notes to the consolidat
ed statements form an inte	Property, plant and equipment	39,164,076	39,802,680
gral part of the consolidated	Goodwill	58,239,513	57,613,241
financial statements.	Intangible assets	11,085,901	11,094,942
Rounding differences are	Financial assets	18,731	18,731
possible.	Tax receivables	321,930	321,930
	Other assets Deferred tax assets	24,784 10,942,932	29,284 10,016,192
	Total non-current assets		119,797,867 118,897,000	Non-current liabilities
	Current assets			Current liabilities
	Inventories	35,070,811	34,565,503
	Current receivables	32,803,281	39,740,656
	Tax receivables	189,626	225,247
	Other assets	3,568,465	2,972,558
	Cash and bank balances	3,029,942	6,406,677
	Total current assets	74,662,125	83,910,641
	Total assets		194,459,992 202,807,641

Equity and liabilities		Mar 31, 2009 Dec 31, 2008
	€	€
Equity
Subscribed capital	40,000,000	40,000,000
whereof contingent capital	2,105,264	2,105,264
Capital reserves	45,712,473	45,496,959
Treasury shares	–9,464,546	–9,464,546
Other reserves	–1,886,695	–2,077,716
Profit/loss carryforward		5,156,548 –10,158,374
Consolidated profit for the period	–2,734,714	15,314,922
	76,783,066	79,111,245
Non-current liabilities
Interest-bearing loans	38,072,628	36,992,916
Finance leasing	5,707,274	5,998,279
Provisions for pensions	6,212,938	6,199,503
Other non-current provisions	4,472,414	4,799,115
Other non-current liabilities	1,730,936	1,532,799
Total non-current liabilities	56,196,190	55,522,612
Current liabilities
Interest-bearing loans	8,108,480	8,374,847
Finance leasing	1,892,206	1,930,451
Prepayments on orders	6,442,779	7,305,178
Trade payables	6,998,242	8,779,005
Other liabilities for taxes and levies	3,165,977	4,876,780
Other liabilities for social security	805,306	726,730
Tax provisions	4,404,802	4,458,745
Other liabilities	15,221,536	16,256,240
Other current provisions	8,104,445	8,929,937
Deferred income	6,336,963	6,535,871
Total current liabilities	61,480,736	68,173,784
Total equity and liabilities		194,459,992 202,807,641

Consolidated Cash Flow Statement

The notes to the consolidated statements form an integral part of the consolidated financial statements. Rounding differences are possible.

	Jan. 1 to	Jan. 1 to
		Mar 31, 2009 Mar 31, 2008
	€k	€k
EBT	–3,060	2,224
Adjustments to reconcile profit before tax to net cash flows
not affecting cash
Amortisation, depreciation and impairment of non-current assets	2,106	1,814
Gain/loss from disposals of non-current assets	5	–598
Share-based payments expense	216	221
Other gains/losses	–1,340	879
Interest income	–12	–282
Interest expense	574	1,130
Movements in provisions	–1,139	–1,194
Changes in net working capital
Decrease/increase in trade receivables	7,727	4,732
Increase in inventories	–490	–212
Decrease/increase in trade payables	–1,742	–3,461
Changes in other net working capital	–3,576	–3,495
Income tax paid	–581	–488
Net cash flows from operating activities	–1,312	1,270
Purchase of property, plant and equipment (without finance leasing)	–1,110	–927
Proceeds from sale of property, plant and equipment	6	958
Acquisition of a subsidiary, net of cash acquired	0	0
Net cash flows used in investing activities	–1,104	31
Raising of long-term loans	0	–1,209
Repayment of non-current liabilities to banks	12	282
Interest paid	–488	–1,030
Repayment of non-current liabilities from finance leases	–476	–544
Net cash flows used in financing activities	–952	–2,501
Net increase/decrease in cash and cash equivalents	–3,368	–1,200
Net foreign exchange difference	132	–81
Cash and cash equivalents at 1 January	6,246	5,927
Cash and cash equivalents at 31 March	2,878	4,646
Bank balances	3,030	4,988
Current bank liabilities	–152	–342

Statement	€k	Number	Subscribed	Capital	Treasury	Other	Exchange	Loss carried	Total
of Changes in		of shares in	capital	reserve	shares	reserves	effects	forward
		thousands
Consolidated	As of January 31, 2008	15,200	40,000	44,618	–604	–797	–374	–10,159	72,684
Equity
	Income and expenses recognized directly in equity					–742	–669		–1,411
The notes to the consolidat	Taxes on transactions recognized directly in equity					84			84
ed statements form an inte	Share-based payment			221					221
gral part of the consolidated	Purchase of own shares				–1,209				–1,209
financial statements.	Consolidated profit for the period							1,537	1,537
Rounding differences are
possible.	As of March 31, 2008	15,200	40,000	44,839	–1,813	–1,455	–1,043	–8,622	71,906
	As of January 1, 2009	15,200	40,000	45,497	–9,464	–1,265	–813	5,156	79,111
	Income and expenses recognized directly in equity					–69	249		180
	Taxes on transactions recognized directly in equity					11			11
	Share-based payment			216					216
	Purchase of own shares				0				0
	Consolidated profit for the period							–2,735	–2,735
	As of March 31, 2009	15,200	40,000	45,713	–9,464	–1,323	–564	2,421	76,783

Statement
of Recognized
Income and
Expense

The notes to the consolidated statements form an integral part of the consolidated financial statements. Rounding differences are possible.

	Jan 1 to	Jan 1 to
		Mar 31, 2009 Mar 31, 2008
	€k	€k
Changes in the fair value of financial instruments used for hedging purposes recognized under equity	–398	–272
Adjustment item for the currency translation of foreign subsidiaries and currency changes	249	–669
Exchange differences on net investments in subsidiaries	329	–470
Actuarial gains/losses from defined benefit obligations and similar obligations	0	0
Deferred taxes on changes in value taken directly to equity	11	84
Valuation gains/losses recognized directly in equity	191	–1,327
Result after taxes	–2,735	1,537
Total income and expense and valuation gains/losses recognized directly in equity	–2,544	210

Report from the Segments

Jan 1 to March 31

The notes to the consolidated statements form an integral part of the consolidated financial statements. Rounding differences are possible.

	Area	Area	Area		Area Consolidation	Group
	CEE	RoW	DACH	Others
in €k	2009	2009	2009	2009	2009	2009
Revenues	2,510	29,224	21,094	2,713	–979	54,562
with third parties	2,510	29,224	20,810	2,416	–398	54,562
with other divisions	0	0	284	297	–581	0
EBIT	139	–1,498	–1,453	514	–199	–2,498
Income from interest and financial assets						12
Interest and similar expenses						–574
Result from ordinary activities						–3,060
Income taxes						325
Consolidated net profit						–2,735

	Area	Area	Area		Area Consolidation	Group
	CEE	RoW	DACH	Others
in €k	2008	2008	2008	2008	2008	2008
Revenues	2,186	37,479	23,958	1,355	–279	64,699
with third parties	2,186	37,479	23,679	1,355	0	64,699
with other divisions	0	0	279	0	–279	0
EBIT	17	2,023	707	327	1	3,073
Income from interest and financial assets						282
Interest and similar expenses						–1,131
Result from ordinary activities						2,224
Income taxes						–687
Consolidated net profit						1,537

Notes to the interim consolidated financial statements of WashTec AG (IFRS) for the period of January 1 through March 31, 2009

General disclosures

1. Information on the Company

The ultimate parent company of the WashTec Group is WashTec AG and is recorded in the Commercial Register for the City of Augsburg under registration number HRB 81.

The Company's registered offices are located at Argonstrasse 7 in 86153 Augsburg, Germany.

The Company's shares are publicly traded.

Unless otherwise indicated, the consolidated financial statements are reported in Euro. Amounts are rounded to the nearest Euro and shown either in millions of Euro (€m) or in thousands of Euro (€k).

As the ultimate parent company, the purpose of WashTec AG is to acquire, hold and sell equity investments in other entities and to assume the function of a holding company for the WashTec Group.

The purpose of the WashTec Group also comprises the development, manufacture, sale and servicing of car wash products as well as leasing and services related thereto and financial solutions required in order to operate car wash systems.

2. Accounting and valuation policies

Principles in preparing financial statements

The consolidated quarterly financial report for the period January 1 through March 31, 2009 was prepared in accordance with IAS 34 »Interim Financial Reporting«.

The consolidated quarterly report does not include all explanations and information required for the financial statements for the fiscal year and should be read in connection with the consolidated financial statements for the period ending December 31, 2008.

Significant accounting and valuation methods

The accounting and valuation methods applied when preparing the consolidated quarterly report comply with the methods used when preparing the consolidated financial statements for the fiscal year ending December 31, 2008, except for the tax calculation and the segment reporting under IFRS 8.

The tax calculation for quarterly reports is done by multiplying the result with the anticipated applicable annual tax rate.

IFRS 8 – Operating Segments replaces IAS 14 and must be applied for in reporting periods which begin on or after January 1, 2009. Under IFRS 8, the identification of reportable operating segments is based on the »management approach«. According to this approach, the external segment reporting is done on the basis of an intra-group organization and management structure as well as internal financial reports filed with the »chief operating decision maker« (Management Board). IFRS 8 requires that entities report their financial and descriptive information about their reportable segments. Reportable segments are operating segments or aggregations of operating segments, for which separate financial information is available, which is routinely reviewed by the highest decision-making bodies of the entity in order to assess business performance and decide which resources to use.

At the WashTec Group, the segmentation under the management approach is done according to sales regions. In this respect, sales are distinguished between the »DACH« area (Germany, Austria, Switzerland), the »CEE« and the »RoW« area (Rest of World), and the supporting units are aggregated under the segment known as »Other Operating Entities« (»Others«). This segment includes the legally independent entities of WesuRent Carwash Marketing GmbH, WashTec Financial Services GmbH and AUWA-Chemie GmbH, which support the other areas in preparing the markets with respect to WashTec products and services.

The individual segments are governed on the basis of the operating result achieved. The segment results are based on the directly attributable income and expenses and on cost-sharing from intersegment functions. The totals from the reportable segments are equal to the Group result following consolidation.

Moreover, the following standards and interpretations must be applied with respect to fiscal years, which begin on or after January 1, 2009. The amendments to these standards have no effect on the net assets, financial position and earnings of the WashTec Group:

• IAS 1 Amendments to IAS 1 Presentation of Financial Statements (revised September, 2007)
• IAS 23 Amendments to IAS 23 Borrowing Costs (revised September, 2008)
• IFRS 2 Amendments to IFRS 2 Share-based Payments: Vesting Conditions and Cancellations (revised January, 2008)
• IFRIC 16 Hedges of Net Investment in Foreign Operations
• IFRS Improvements to IFRS

Consolidated group

The newly formed subsidiaries, WashTec Car Cleaning Equipment (Shanghai) Co. Ltd., China, and WashTec Cleaning Technology s.r.o., Czech Republic, have been included in the WashTec con solidated group as of the beginning of the current fiscal year.

Balance sheet/Equity

The registered share capital of WashTec AG was €40m on March 31, 2009 and is divided into 15,200,000 shares.

Earnings per share

The earnings per share is calculated by dividing the net consolidated result by the number of shares:

		Mar 31, 2009 Mar 31, 2008
Net result	€–2.7m	€1.5m
Number of shares	13,976,970	15,025,386
Earnings per share*	€–0.20	€0.10

* diluted = undiluted

Contact

WashTec AG Telephone +49 821 5584-0 Karoline Kalb Telefax +49 821 5584-1135 Argonstr. 7 www.washtec.de 86153 Augsburg washtec@washtec.de

Financial Calendar

Annual General Meeting 2009 May 7, 2009 6-month report August 11, 2009 9-month report November 4, 2009 Analysts' Conference/ Equity Capital forum November 9 –11, 2009