WashTec AG — Interim / Quarterly Report 2015

Apr 30, 2015

Q12015

Report on the Period from January 1 to March 31, 2015 Unaudited translation for convenience purposes only

Signifi cant increase in revenues and earnings compared to Q1 2014; order backlog above prior year

• Revenues at € 75.5m (prior year: € 64.8m); EBIT equals € 4.3m (prior year: € –0.4m); Net cash fl ow at € 2.7m (prior year: € 5.4m)
• Positive development in all segments
• Recommended dividend totaling € 1.65 per share

Rounding diff erences possible		Jan 1 to Mar 31, 2015	Jan 1 to Mar 31, 2014	Change absolute	Change in %
Revenues	€ m	75.5	64.8	10.7	16.5
EBITDA	€ m	6.7	2.0	4.7	235.0
EBIT	€ m	4.3	–0.4	4.7	–
EBIT margin	in %	5.7	–0.6	6.3	–
EBT	€ m	4.2	–0.6	4.8	–
Employees per reporting date	persons	1.665	1.678	–13	–0.8
Average number of shares	units	13,932,312	13,932,312	0.0	–
Earnings per share 1	€	0.18	–0.04	0.22	–
Free cash fl ow ²	€ m	1.5	4.6	–3.1	–
Investments in fi xed assets
(capital expenditures)	€ m	1.2	0.8	0.4	–
Capital ratio per reporting date ³	in %	49.0	49.5	–0,5	–

¹ Diluted = undiluted

² Net cash fl ow – cash outfl ow from investing activity

³ Equity capital/balance sheet total

Content

Interim Group Management Report for the period from January 1 to March 31, 2015

1.	Total revenues and earnings development.5
	2. Economic report.5
	2.1 General conditions and competition5
	2.2 Recommendation of a special dividend payment
	to the shareholders .5
	2.3 Earnings.5
	2.4 Net assets7
	2.5 Financial position7
	2.6 Employees.8
	3. Forecast, opportunities and risk report.8 3.1 Forecast.8
	3.2 Opportunities and risks for group development8
	4. Other information.8
	4.1 Information about dealings with related
	companies and persons8
	4.2 Events after the end of the reporting period8
	5. Share and investor relations .9
	5.1 Share price development9
	5.2 Shareholder structure9

Interim Condensed Consolidated Financial Statements for the period from January 1 to March 31, 2015

Consolidated Income Statement. 11
Consolidated Statement of Comprehensive Income. 12
Consolidated Balance Sheet 13
Consolidated Cash Flow Statement. 14
Statement of Changes in Consolidated Equity 15
Notes to the Interim Condensed Consolidated Financial
Statements of WashTec AG (IFRS) for the period from
January 1 to March 31, 2015. 17

Contact23
Financial Calendar23

Interim Group Management Report (unaudited)

1. Total revenues and earnings development in the quarter

EBIT increase to € 4.3m due to higher equipment and service revenues

The revenues in the first quarter of 2015 rose to € 75.5m (prior year: € 64.8m) and thereby increased by 16.5%. Mainly due to the positive development of the equipment and service segment, EBIT climbed to € 4.3m (prior year: € –0.4m).

The order backlog continued to develop well in the first quarter and was therefore above prior year level at the end of March. The Company is therefore expecting a favorable business development for the entire first half of 2015.

2. Economic report

2.1 General conditions and competition

The general conditions regarding economy and competition corresponded largely to the situation described in the Group Management Report 2014. Significant technology changes did not occur and are not foreseeable.

2.2 Recommendation of a special dividend payment to the shareholders

Special dividend of € 0.95 proposed

Based on the positive business performance of recent years, management and supervisory board recommend to the shareholders at this year's annual general meeting on May 13th the payment of a dividend in the amount of € 1.65 for each share entitled to a dividend. This amount consists of a dividend of € 0.70 per share plus a special dividend in the amount of € 0.95. In the future, the Company will pay a dividend of at least 40% of the net result and review the possibility of special dividends depending on the business performance.

2.3 Earnings

2.3.1 Revenues by segments and products

Revenues Jan 1 to Mar 31, in € m, IFRS

The revenue increase in the »Core Europe« segment in the first quarter of 2015 is primarily attributable to higher revenues generated from the sale of equipment and services. In the »Eastern Europe« segment, revenues increased as expected compared to the prior year. In the »North America« segment, revenues increased from € 9.1m to € 11.3m based on exchange rate effects. The relevant revenues in USD terms equaled € 12.6m and matched last year's level. In the »Asia/Pacific« segment, revenues increased by € 1.3m to € 3.7m.

Revenues by segment, Jan 1 to Mar 31, in € m, IFRS

(Rounding differences possible)	Jan 1 to	Jan 1 to	Change
	Mar 31, 2015	Mar 31, 2014	absolute
Core Europe	61.8	54.3	7.5
Eastern Europe	3.0	2.5	0.5
North America	11.3	9.1	2.2
Asia/Pacific	3.7	2.4	1.3
Consolidation	–4.2	–3.5	–0.7
Group	75.5	64.8	10.7

Revenue increase in all segments

Revenues by product, Jan 1 to Mar 31, in € m, IFRS
(Rounding differences possible)	Jan 1 to	Jan 1 to	Change
	Mar 31, 2015	Mar 31, 2014	absolute
Equipment and service	61.9	52.4	9.5
Chemicals	10.3	9.2	1.1
Operator business and others	3.3	3.2	0.1
Group	75.5	64.8	10.7

Revenues in »Equipment and Service« rose by 18.2% from € 52.4m to € 61.9m. Amongst others due to good wash business performance, »Chemicals« revenues also rose by 12% to € 10.3m. »Operator business and others« revenues continued to remain stable.

2.3.2 Expense items and earnings

The gross profit margin remained at an almost constant level of 60.1% (prior year: € 60.2%). Gross profit margin unchanged > 60%

Personnel expenses rose by € 1.1m to € 27.9m (prior year: € 26.8m) primarily due to exchange rate effects.

Other operating expenses (including other taxes) rose by € 1.7m to € 12.8m (prior year: € 11.1m). The main reason for this development was a negative effect arising from the valuation of assets held in a foreign currency.

Earnings, Jan 1 to Mar 31, in € m, IFRS
(Rounding differences possible)	Jan 1 to	Jan 1 to	Change
	Mar 31, 2015	Mar 31, 2014	absolute
Gross profit 1	45.4	39.0	6.4
EBITDA	6.7	2.0	4.7
EBIT	4.3	–0.4	4.7
EBIT margin %	5.7	–0.6	6,3
EBT	4.2	–0.6	4.8

1 Revenues plus change in inventory minus cost of materials

EBITDA improved by € 4.7m to € 6.7m (prior year: € 2.0m).

EBIT of the group increased to € 4.3m (prior year: € –0.4m).

EBIT by segment, Jan 1 to Mar 31, in € m, IFRS
(Rounding differences possible)	Jan 1 to	Jan 1 to	Change
	Mar 31, 2015	Mar 31, 2014	absolute
Core Europe	4.5	0.4	4.1
Eastern Europe	0.3	–0.2	0.5
North America	–0.4	–0.4	0.0
Asia/Pacific	0.1	–0.1	0.2
Consolidation	–0.2	0.0	–0.2
Group	4.3	–0.4	4.7

The EBIT increase in the »Core Europe«, »Eastern Europe« and »Asia/Pacific« segments is mainly based on the revenue growth achieved. In the »North America« segment, EBIT remained stable.

In general, the exchange rate development between the US dollar and the euro did not have a significant impact on the operating business. The balance sheet date valuation used for the assets and liabilities, which were reported in a foreign currency on the balance sheet, had a positive effect on earnings of € 0.2 m (prior year: € –0.1m).

The consolidated net result after taxes totaled € 2.5m (prior year: Mio.€ –0.6m). Earnings per share (diluted = undiluted) therefore climbed to € 0.18 (prior year: € –0.04).

2.4 Net Assets

Balance sheet, assets, in € m, IFRS	Mar 31, 2015	Dec 31, 2014
(Rounding differences possible)
Non-current assets	87.9	87.1
thereof intangible assets	6.2	6.2
thereof deferred taxes	4.5	4.1
Current assets	104.2	98.7
thereof inventories	37.7	35.4
thereof trade receivables, other assets	43.2	44.6
thereof cash and cash equivalents	16.0	15.7
Balance sheet total	192.2	185.8

Balance sheet, equity and liabilities, in € m, IFRS		Mar 31, 2015 Dec 31, 2014
(Rounding differences possible)
Equity	94.2	90.9
Liabilities to banks	0.3	0.3
Other liabilities and provisions	86.6	83.5
thereof trade payables	6.7	5.9
thereof provisions (including income tax debt)	31.2	31.0
Deferred income	8.2	8.2
Deferred tax liabilities	2.9	2.9
Balance sheet total	192.2	185.8

Net current assets (short-term trade receivables + inventories – short-term trade payables) decreased from € 71.2m as of December 31, 2014 to € 69.9m mainly because of lower receivables.

Equity ratio equals 49.0%

Equity increased to € 94.2m as of March 31, 2015 (December 31, 2014: € 90.9m) mostly due to the consolidated net result. As a result of income and expenses recognized directly in equity capital according to IFRS, the change in equity capital does not match up with the results for the period. The equity ratio compared to the end of 2014 improved slightly from 48.9% to 49.0%.

Net financial liquidity (cash and cash equivalents less any short-term and long-term financial liabilities) rose to € 10.4m (December 31, 2014: € 9.8m).

Other liabilities and provisions were at € 86.6m (December 31, 2014: € 83.5m).

2.5 Financial Position

Cash inflow from operating activities (net cash flow) declined significantly to € 2.7m (prior year: € 5.4m) due to tax effects.

Cash outflow from investing activities rose to € 1.2m (prior year: € 0.8m). For the entire year, the investment volume is expected to increase slightly compared to 2014.

Free cash flow (net cash flow less cash outflow from investing activities) was at € 1.5m (prior year: € 4.6m).

Overall, cash and cash equivalents, compared to December 31, 2014, increased by € 0.3m to € 15.7m.

2.6 Employees

1,665 employees at WashTec Group

As of March 31, 2015, the number of employees equaled 1,665 and is therefore almost unchanged compared to the end of 2014. Compared to March 31, 2014, there are 13 employees less.

3. Forecast, opportunities and risk report

3.1 Forecast

After the first quarter, the Company continues to aim at a slight growth in revenue and a significant increase in EBIT for 2015.

In this respect, the following development is expected in the individual segments:

• Core Europe: stable revenues and earnings
• Eastern Europe: significant increase in revenues and slight increase in earnings
• North America: significant increase in revenues and earnings
• Asia/Pacific: Significant increase in revenues and earnings.

This forecast is subject to uncertainty. Key determining factors will be how business in Core Europe develops and the extent to which the Company will succeed at exploiting the growth potential in the other markets.

The forecast relating to the other defined performance indicators, which is contained in the 2014 annual report, also continues to apply.

3.2 Opportunities and risks for group development

The 2014 annual report includes a description of the WashTec Group's risk management. Compared to the opportunities and risks described in the risk report of the 2014 annual report, the situation has not changed significantly.

4. Other information

4.1 Information about dealings with related companies and persons

No significant transactions were conducted with related companies and persons during the reporting period.

4.2 Events after the end of the reporting period

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

5. Share and investor relations

5.1 Share price development

On March 31, 2015, the WashTec share price equaled € 18.79, which represents a 43.4% price increase compared to the closing price on the last trading day of the prior yearof € 13.10 on December 30, 2014. WashTec shares therefore substantially outperformed the SDAX, which has climbed by 16% since the beginning of the year.

WashTec is currently covered by Hauck & Aufhäuser, HSBC Trinkaus & Burkhardt and MM Warburg.

As of March 31, the trading volume of WashTec shares placed 124th on the Deutsche Börse ranking for MDAX and SDAX stocks, thereby improving from the prior year (prior year ranking: 130th) despite the low free float. In terms of market capitalization, WashTec is ranked 95th (prior year: 102nd) and has for some time already met the SDAX criterion.

5.2 Shareholder structure

In the first quarter of 2015, WashTec AG received no voting rights notifications pursuant to the German Securities Trading Act.

Shareholding in %	Mar 31, 2015
EQMC Europe Development Capital Fund plc 4	14.66
Kempen European Participations N.V.	10.64
Dr. Kurt Schwarz (u.a. Kerkis GmbH, Leifina GmbH & Co. KG) 2	8.38
Diversity Industrie Holding AG	6.19
Paradigm Capital Value Fund	6.01
BNY Mellon Service Kapitalanlage-Gesellschaft mbH3	5.61
Investment AG für langfristige Investoren TGV	5.43
Lazard Frères Gestion S.A.S.	5.01
Desmarais Family Risiduary Trust 1	3.48
Free float	34.59
1 Setanta Asset Management
2 Leifina GmbH & Co. KG et al
3 Shareholder Value Management AG
4 Nmás1 Asset Management, SGII, S.A.

Based on notifications made pursuant to the Securities Trading Act (WpHG)

During the quarter, management continued its dialogue with shareholders and journalists as well as the financial community. On March 31, 2015, a financial press conference and a conference call were held to present the numbers for fiscal year 2014 to interested capital market participants.

Annual general meeting of shareholders on May 13, 2015 in Augsburg

The annual general meeting of WashTec AG shareholders will be held on May 13, 2015 in Augsburg. The site of this year's meeting is the Chamber of Commerce and Industry for Augsburg und Swabia.

Interim condensed consolidated fi nancial statements

Consolidated Income Statement

in €	Jan 1 to	Jan 1 to
	Mar 31, 2015	Mar 31, 2014
Revenues	75,544,418	64,807,208
Other operating income	1,835,720	972,076
Other capitalized development costs	143,439	18,585
Change in inventories of work in progress	1,449,138	147,321
Total	78,972,715	65,945,190
Cost of materials
Cost of raw materials, consumables and supplies and of purchased material	25,703,729	21,269,889
Cost of purchased services	5,861,379	4,683,662
	31,565,108	25,953,551
Personnel expenses	27,941,831	26,837,901
Amortization, deprecation and impairment of tangible and intangible assets	2,371,573	2,404,699
Other operating expenses	12,547,244	10,908,538
Other taxes	207,885	217,814
Total operating expenses	74,633,641	66,322,503
EBIT	4,339,074	–377,313
Interest and similar income (fi nancial income)	124,407	83,988
Interest and similar expenses (fi nancial expenses)	252,186	272,083
Financial result	–127,779	–188,095
EBT	4,211,295	–565,408
Income taxes	–1,719,739	11,670
Consolidated net income	2,491,556	–553,738
Weighted average number of outstanding shares	13,932,312	13,932,312
Earnings per share (basic = diluted)	0.18	–0.04

Consolidated Statement of Comprehensive Income

in €k	Jan 1 to	Jan 1 to
	Mar 31, 2015	Mar 31, 2014
Profi t (loss) after tax	2,492	–554
Actuarial gains/losses from defi ned benefi t obligations and similar obligations	0	–6
Deferred taxes	0	0
Items, which cannot be reclassifi ed subsequently to profi t or loss	0	–6
Adjustment items for currency translation of foreign subsidiaries and currency changes	1,031	256
Exchange diff erences on net investments in subsidiaries	–136	–199
Deferred taxes	–130	0
Items, which could be subsequently classifi ed to profi t or loss	765	57
Valuation gains/losses recognized directly in equity	765	51
Total income and expense and valuation in gains/losses recognized directly in equity	3,257	–503

Consolidated Balance Sheet

The notes to the consoli	Assets	Mar 31, 2015 Dec 31, 2014		Equity and liabilities
dated statements form an	in €			in €
integral part of the consoli
dated fi nancial statements. Rounding diff erences are	Non-current assets			Equity
possible.	Property, plant and equipment	31,866,575	32,689,697
	Goodwill		42,312,641 42,312,286
	Intangible assets	6,152,087	6,193,695
	Trade receivables	2,652,989	1,363,492
	Tax receivables	90,367	90,367
	Other assets	403,214	422,421
	Deferred tax assets	4,453,166	4,075,514
	Total non-current assets	87,931,039	87,147,472
				Non-current liabilities
	Current assets
	Inventories	37,713,830	35,437,207
	Trade receivables	38,936,060	41,712,070
	Tax receivables	7,376,307	2,955,793
	Other assets	4,226,363	2,895,573
	Cash and cash equivalents	15,971,370	15,674,189
	Total current assets		104,223,930 98,674,832
				Current liabilities
	Total assets		192,154,969 185,822,304

Equity and liabilities in €	Mar 31, 2015 Dec 31, 2014
Equity
Subscribed capital		40,000,000 40,000,000
Contingent capital	8,000,000	8,000,000
Capital reserves	36,463,441	36,463,441
Treasury shares	–417,067	–417,067
Other reserves and exchange rate eff ects	–2,640,487	–3,405,442
Profi t carryforward	18,276,485	5,556,220
Consolidated net income (for the period)	2,491,556	12,720,265
	94,173,928	90,917,417
Non-current liabilities
Finance leasing liabilities	3,431,494	3,761,876
Provisions for pensions	9,877,550	9,893,416
Other nun-current provisions	3,145,250	3,470,468
Other nun-current liabilities	2,335,620	2,032,933
Deferred income	784,243	957,627
Deferred tax liabilities	2,944,588	2,878,579
Total non-current liabilities	22,518,745	22,994,899
Current liabilities
Interest-bearing loans	284,810	252,130
Finance leasing liabilities	1,812,818	1,902,614
Prepayments on orders	8,080,803	4,607,920
Trade payables	6,741,947	5,949,828
Taxes and levies	4,620,365	5,771,858
Liabilities for social security	974,453	950,926
Tax provisions	3,378,361	2,791,402
Other current liabilities	27,333,736	27,545,418
Other current provisions	14,775,487	14,856,710
Deferred income	7,459,516	7,281,182
Total current liabilities	75,462,296	71,909,988
Total equity and liabilities		192,154,969 185,822,304

Consolidated Cash Flow Statement

in €k	Jan 1 to	Jan 1 to
	Mar 31, 2015	Mar 31, 2014
EBT	4,211	–565
Adjustments to reconcile profi t before tax to net cash fl ows
Amortization, depreciation and impairment of non-current assets	2,372	2,405
Gain/loss from disposals of non-current assets	–46	63
Other gains/losses	–1,148	–1,043
Financial (interest) income	–124	–84
Financial (interest) expenses	252	272
Movements in provisions	–490	–208
Changes in net working capital:
Increase/decrease in trade receivables	2,236	4,064
Increase/decrease in inventories	–1,065	–1,276
Increase/decrease in trade payables	721	259
Changes in other net working capital	1,740	3,311
Income tax paid	–5,947	–1,819
Net cash fl ows from operating activities	2,712	5,379
Purchase of property, plant and equipment (without fi nance leasing)	–1,279	–942
Proceeds from sale of property, plant and equipment	74	127
Net cash fl ows from investing activities	–1,205	–815
Interest received	11	10
Interest paid	–235	–245
Repayment of non-current liabilities from fi nance leases	–481	–531
Net cash fl ows used in fi nancing activities	–705	–766
Net increase/decrease in cash and cash equivalents	802	3,798
Net foreign exchange diff erences	–538	23
Cash and cash equivalents at January 1	15,422	2,743
Cash and cash equivalents at March 31	15,686	6,564
Composition of cash and cash equivalents for cash fl ow purposes:
Cash and cash equivalents	15,971	6,785
Current bank liabilities	–285	–221
Cash and cash equivalents at March 31	15,686	6,564

Statement of Changes in Consolidated Equity

The notes to the consolidated statements form an integral part of the consolidated fi nancial statements. Rounding diff erences are possible.

in €k	Number of shares	Subscribed capital	Capital reserve	Treasury shares	Other reserves	Exchange eff ects	Profi t carried forward	Total
	(in units)
As of January 1, 2014	13,932,312	40,000	36,464	–417	–2,876	181	14,473	87,825
Income and expenses recognized
directly in equity					–205	256		51
Taxes on transactions recognized
directly in equity					0			0
Consolidated net income for the period							–554	–554
As of March 31, 2014	13,932,312	40,000	36,464	–417	–3,081	437	13,919	87,322
As of January 1, 2015	13,932,312	40,000	36,464	–417	–4,217	812	18,277	90,917
Income and expenses recognized
directly in equity					–136	1,031		895
Taxes on transactions recognized
directly in equity					–130			–130
Consolidated net income for the period							2,492	2,492
As of March 31, 2015	13,932,312	40,000	36,464	–417	–4,483	1,843	20,769	94,174

Notes to the interim condensed consolidated fi nancial statements

Notes to the Interim Condensed Consolidated Financial Statements of WashTec AG (IFRS) for the period January 1 to March 31, 2015

General Disclosures

1. Information on the Company

The ultimate parent company of the WashTec Group is WashTec AG, which is entered in the commercial register for the City of Augsburg under registration number HRB 81.

The Company's registered offi ce is located at Argonstrasse 7 in 86153 Augsburg, Germany.

The Company's shares are publicly traded.

The purpose of the WashTec Group also comprises the development, manufacture, sale and servicing of car wash products, as well as leasing and all services and fi nancing solutions which are related thereto and required in order to operate car wash equipment.

The consolidated fi nancial statements are prepared in euro. Amounts are rounded-off to the nearest euro or are shown in millions of euro (€m) or thousands of euro (€k).

2. Accounting and valuation policies

Principles in preparing fi nancial statements

The accounting and valuation methods, which were applied when preparing the interim condensed consolidated fi nancial statements, comply with the methods that were used when preparing the consolidated fi nancial statements for the fi scal year ending December 31, 2014, except for the tax calculation. The tax calculation for condensed interim fi nancial statements is done by multiplying the result with the anticipated applicable annual tax rate.

The interim condensed consolidated fi nancial statements for the period January 1 through March 31, 2015 were prepared in accordance with IAS 34, »Interim Financial Reporting«.

The interim condensed consolidated fi nancial statements do not include all explanations and information required for the fi nancial statements for the fi scal year and should be read in conjunction with the consolidated fi nancial statements for the period ending December 31, 2014.

Standards and Interpretations.
	Annual Improvements of IFRSs (2011–2013 cycle).		Associate or Joint Venture
	Moreover, the IASB and the IFRS Interpretations Committee have enacted
	additional Standards, Interpretations and Amendments as listed below, but
	these did not yet have to be applied in fi scal year 2015 or have not yet been
recognized by the European Union.			the Consolidation Exception
	As of March 31, 2015, the WashTec Group had not adopted or applied these
	Standards earlier than required. The fi rst-time adoption of the Standards is planned for the date on which they are recognized and endorsed by the EU.
		IFRS 14	Regulatory Deferral Accounts
IAS 1	Amendments to IAS 1 Presentation of Financial Statements
	– Disclosure Initiative
	IAS 16 und IAS 38 Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets – Clarifi cation of Acceptable
	Methods of Depreciation and Amortization
	IAS 16 und IAS 41 Amendments to IAS 16 Property, Plant and Equipment and		have on the Company's consolidated fi nancial statements.
	IAS 41 Agriculture – Bearer Plants
IAS 19	Amendments to IAS 19 Employee Benefi ts – Employee
	Contributions		not lead to more information having to be disclosed.
IAS 27	Amendments to IAS 27 Separate Financial Statements –
	Equity Methods in Separate Financial Statements

In the reporting period, the Group applied the following new and revised IFRS

• IAS 1 Amendments to IAS 1 Presentation of Financial Statements

• IAS 27 Amendments to IAS 27 Separate Financial Statements –

IFRS 9 Financial Instruments

• IFRS 10 and IAS 28 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its
• IFRS 10, 12 Amendments to IFRS 10 Consolidated Financial Statements,
• and IAS 28 IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures – Applying the Consolidation Exception
• IFRS 11 Amendments to IFRS 11 Joint Arrangements Accounting for Acquisitions of Interests in Joint Operations
• IFRS 14 Regulatory Deferral Accounts
• IFRS 15 Revenue from Contracts with Customers
• IFRS Annual Improvements of IFRSs (2012-2014 cycle)

The facts addressed by IFRS 9 and 15 are currently relevant to the WashTec Group, and the Company is currently reviewing what eff ect an application will have on the Company's consolidated fi nancial statements.

The other Standards are currently not relevant for the WashTec Group or have no material eff ect on the net assets, fi nancial position and results of operation or do not lead to more information having to be disclosed.

3. Segment reporting

Jan to Mar 2015	Core	Eastern	North	Asia/	Consoli	Group
in €k, Rounding diff erences possible	Europe	Europe	America	Pacifi c	dation
Revenues	61,788	2,953	11,260	3,699	–4,156	75,544
thereof third party	57,740	2,946	11,220	3,699	–61	75,544
thereof Intercompany	4,048	6	39	2	–4,095	0
EBIT	4,481	264	–356	109	–159	4,339
Interest and similar income (fi nancial income)						124
Interest and similar expenses (fi nancial income)						–252
EBT						4,211
Income taxes						–1,720
Consolidated Net Income						2,492

Jan to Mar 2014	Core	Eastern	North	Asia/	Consoli	Group
in €k, Rounding diff erences possible	Europe	Europe	America	Pacifi c	dation
Revenues	54,300	2,488	9,070	2,424	–3,475	64,807
thereof third party	50,862	2,484	9,037	2,424	0	64,807
thereof Intercompany	3,438	3	33	0	–3,475	0
EBIT	367	–192	–378	–138	–35	–377
Interest and similar income (fi nancial income)						84
Interest and similar expenses (fi nancial income)						–272
EBT						–565
Income taxes						12
Consolidated Net Income						–554

4. Equity Capital

The subscribed capital of WashTec AG on March 31, 2015 equaled € 40,000k. This capital is divided into 13,976,970 no-par value shares and has been fully paid-in.

The average number of issued and outstanding shares is 13,932,312.

5. Financial instruments – additional information

The following table, which is derived from the relevant balance sheet items, shows the relationships between the classifi cation and the values assigned to the fi nancial instruments.

Carrying values, valuation approaches and fair value measurement categories:

In €k	Measure	Carrying	Balance sheet valuation under IAS 39			Balance	Fair Value	IFRS 13
	ment cate gory under IAS 39	value Mar 31, 2015	Amortized cost	Fair Value in equity	Fair Value through profi t and loss	sheet valuation under IAS 17	Mar 31, 2015	Level
Assets
Cash and cash equivalents	LaR	15,971	15,971	–	–	–	15,971
Trade receivables	LaR	41,589	41,589	–	–	–	41,589
Other fi nancial assets	LaR	1,885	1,885	–	–	–	1,885
Liabilities
Trade payables	FLAC	6,742	6,742	–	–	–	6,742
Interest-bearing loans	FLAC	285	285	–	–	–	285
Other fi nancial liabilities	FLAC	15,972	15,972	–	–	–	15,972
Finance lease liabilities	n.a.	5,244	–	–	–	5,244	5,244
Derivative fi nancial liabilities	FvthP/L	1,254	–	–	1,254	–	1,254	2
Aggregated presentation per IAS 39 measurement categories:
Loans and Receivables (LaR)		59,445	59,445	–	–
Financial Liabilities Measured at
Amortised Cost (FLAC)		22,999	22,999	–	–
Fair Value Through Profi t/Loss (FVthP/L)		1,254	–	–	1,254

In €k	Measure	Carrying		Balance sheet valuation under IAS 39		Balance	Fair Value	IFRS 13
	ment cate gory under IAS 39	value Dec 31, 2014	Amortized cost	Fair Value in equity	Fair Value through profi t and loss	sheet valuation under IAS 17	Dec 31, 2014	Level
Assets
Cash and cash equivalents	LaR	15,674	15,674	–	–	–	15,674
Trade receivables	LaR	43,076	43,076	–	–	–	43,076
Other fi nancial assets	LaR	982	982	–	–	–	982
Liabilities
Trade payables	FLAC	5,950	5,950	–	–	–	5,950
Interest-bearing loans	FLAC	252	252	–	–	–	252
Other fi nancial liabilities	FLAC	14,935	14,935	–	–	–	14,935
Finance lease liabilities	n.a.	5,664	–	–	–	5,664	5,664
Derivative fi nancial liabilities	FvthP/L	913	–	–	913	–	913	2
Aggregated presentation per IAS 39 measurement categories:
Loans and Receivables (LaR)		59,732	59,732	–	–
Financial Liabilities Measured at
Amortised Cost (FLAC)		21,137	21,137	–	–
Fair Value Through Profi t/Loss (FVthP/L)		913	–	–	913

The fair value of the receivables and trade payables, of cash and cash equivalents, and of other fi nancial liabilities matches the relevant book (carrying) value because of the short maturities. The fair value of the liabilities under fi nancial leases and loans was calculated by discounting to present value their expected future cash fl ows based on customary market yields.

These foreign exchange forwards are measured at fair value using the anticipated foreign exchange rates which are quoted on a regulated market. Interest rate swaps are measured at fair value using the anticipated interest rates under recognizable yield curves.

The fair value of the fi nancial instruments is classifi ed according to maturities as follows:

in €k		Mar 31, 2015 Dec 31, 2014
Long term	319	164
Short term	935	749
Total	1,254	913

6. Contingent liabilities and other fi nancial obligations

Compared to December 31, 2014, contingent liabilities and other fi nancial obligations have remained mostly unchanged.

7. Disclosures about related party transactions

No signifi cant transactions with related parties within the meaning of IAS 24 occurred during the reporting period.

8. Notes after the balance sheet date

There were no signifi cant events after the balance sheet date.

Contact

86153 Augsburg

WashTec AG Telephone +49 821 5584-0 Argonstrasse 7 Telefax +49 821 5584-1135 Germany www.washtec.de washtec@washtec.de

Financial Calendar

August, 2015 1H/15 report October, 2015 3Q/15 report November, 2015 Equity Forum

May, 2015 Annual general meeting 2015

Q12015

Unaudited translation for convenience purposes only