WashTec AG — Interim / Quarterly Report 2014

May 5, 2014

WASHTEC AG Q1 2014 Report

Conference Call

Q1 2014: Facts & Figures EBIT improved due to positive business development in core Europe

• Revenues decreased by 0.8%
• EBIT at € -0.4m compared to € -1.2m PY

• Guidance for 2014: Stable revenues and EBIT margin (before effinciency program)

• Equity ratio: slight decrease mainly due to the increased balance sheet total

• Positive cash flow leads to 'negative' net finance debt

WashTec AG Q1/2014 Report, Conference Call May 05, 2014

Q1 2014 : Facts & Figures

Q1 2014 : Facts & Figures Revenues and earnings development

Revenues total (Q1) in €m

Revenues by segment (Q1)

in €m

EBIT total (Q1) in €m

+0.8

-0.4

-1.2

EBIT by segment (Q1)

in €m

Conference Call May 05, 2014

Q1 2014 : Facts & Figures Profit/Loss Statement

P+L	Q1 2014	Q1 2013
Revenues	64.8	65.3
Gross margin	39.0 (60.2%)	38.6 (59.1%)	Slight increase due to change in product + region mix
Personnel expenses	(26.8) [41.4%]	(26.2) [40.1%]	Increased pers. exp. mainly due to tariff increases in Core Europe, HC reduced comp. to 31. Dec. 13
Other operating expenses	(11.1) [17.1%]	(12.5) [19.1%]	Lower provisions for bad debts and stringent cost management
EBITDA	2.0	1.3
Depreciation	(2.4)	(2,5)
EBIT	-0.4 [-0.6%]	-1.2 [-1.9%]
Financial Result	(0.2)	(0.6)	Lower indebtedness and effect from hedging instruments
EBT	-0.6	-1.8
Tax Expenses	0.0	0.2	Not recognized deferred taxes for some countries
Net income	-0.6	-1.6
Earnings per share (in €)	(0.04)	(0.11)

	Mar. 31, 2014	Dec. 31, 2013
Balance sheet total	176.3	174.2
Goodwill	42,3	42.3
Equity	87.3	87.8	Equity ratio at 49.5%
Net finance debt	-1.4	2.9	Positive CF
Net current assets	62.3	65.2	Lower accounts receivables due to lower revenues

	Mar. 31, 2014	Mar. 31, 2013
Net cash flow	5.4	5.5
Cash outflow from investing activities	(0.8)	(1.0)
Free cash flow	4.6	4.5

Q1 2014: Facts & Figures

Changed shareholder structure

	Share performance
SDAX
		WashTec

	Kempen European Participations N.V. 10.64 %
EQMC Europe Development Capital Fund plc 14.66%4)	Investment AG für langfristige Investoren, TGV 5.43 %
	Lazard Frères Gestion S.A.S. 3.04 %
	Paradigm Capital Micro Cap Value Fund 6.01 %
Free Float 36.56 %	Desmarais Family Residuary Trust 3.48% 1)
	Dr. Kurt Schwarz 8.38%2)
	BNY Mellon Service Kapitalanlage
Diversity Industrie Holding 6.19%	Gesellschaft mbH 5.61%3)

2) Leifina GmbH & Co. KG et al. 3) Shareholder Value Management AG

WashTec AG Q1/2014 Report, Conference Call May 05, 2014

Analyst Coverage
Analyst (+ Date)	Recommen dation	Target Price (€)
Berenberg (05/12)	Hold	8.40
BHF (02/13)	Overweight	11.70
Hauck & Aufhäuser (02/14)	Buy	16.00
HSBC (04/14)	Overweight	14.00
MM Warburg (04/14)	Buy	15.00
Average 13.02

		Trade Volume (Xetra)
		Volume (pcs.)
Paradigm Capital Micro Cap Value Fund 6.01 %	Period	2014	2013
Desmarais Family Residuary Trust 3.48% 1)
	Jan.-Mar.	225,689	214,074
	SDAX-Ranking	Turnover
1) Setanta Asset Management	Mar.	130	118

Source: Notifications pursuant to WpHG 4) Nmás1 Asset Management , SGIIC, S.A Rounding differences of up to 0.1 m € possible

June 4, 2014	Annual general meeting 2014
August 7, 2014	1H/14 report
November 4, 2014	3Q/14 report
November 24 - 26, 2014	Equity Forum

No offer:

This document does not constitute or form part of an offer for sale or subscription or an invitation or solicitation of an offer to subscribe for or purchase any securities and neither this document nor anything contained herein shall form the basis of any contract or commitment whatsoever. neither this document nor any copy of it may be taken or transmitted into the united states or provided or transmitted to any U.S. person (within the meaning of regulations under the U.S. securities act of 1933, as amended).

Confidentiality:

This document is strictly confidential to the recipient, is being supplied to you solely for your information, may not be distributed to the press or other media (including information vendors and wire services) and may not be reproduced in any form or redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

Cautionary Note Regarding Forward-Looking Statements:

This document refers to statements relating expressly and implicitly to the future. Such forward-looking statements are based on current expectations, estimates, forecasts and prognoses concerning the development of the market as well as management estimates and assumptions. Such forward-looking statements are no guarantee that events or results will actually materialise in the future and are subject to risks, uncertainties, assumptions and other factors that could lead to actual events or results deviating substantially from those anticipated in these forward-looking statements. The company assumes no obligation to update any forward-looking information.