WashTec AG — Management Reports 2016

Aug 4, 2016

Group Management Report on the period from January 1 to June 30, 2016

h1 2016

• Revenues increase to € 169.2m (prior year: € 160.6m)
• EBIT at € 15.5m (prior year: € 13.8m)
• Equipment and service drive growth
• Excellent customer feedback to innovations at Uniti expo exhibition in Stuttgart

i H 1 5. 4 % b r e v e nu e s a o v e p r o r y e a r	H1 201 6		Jan 1 t o	Jan 1 t o	Cha	nge
			Jun 30 20 16	Jun 30 20 15	abs olu te	in Per t cen
inc ior R € 1 6 9. 2m (p € 1 6 0. 6m ) to ev en ue s rea se r ea r: y	Rev en ue	€m	16 9.2	160 .6	8.6	5.4
E BIT € 15 .5m (p ior € 13 8m ) at r y ea r:	EB ITD A	€m	20 .0	18. 6	1.4	7.5
	EB IT	€m	15 .5	13. 8	1.7	12 .3
ip ice ive E d s dr h nt t q u me an er v g row	EB IT in ma rg	%	9.2	8.6
inn ion E lle fee d ba k t nt sto at t xc e cu me r c o ov s a	EB T	€m	15 .5	13. 5	2.0	.8 14
it i e ib it ion in Un xh St utt t xp o e g ar	rtin Em loy dat p ees pe r re po g e	pe rso ns	1.7 41	1.6 68	73	4.4
	Av mb of sha era ge nu er res	its un	13 382 324 , ,	13, 932 312 ,	–54 9, 988
	¹ Ea rni sha ng s p er re	€	0.8 0	0.6 3	0.1 7	27 .0
	² Fre ash fl o e c w	€m	8.4	10. 5	– 2 .1	– 2 0.0
	Inv in fi x ed est nts ets me ass
	(ca ita l ex nd itu ) p pe res	€m	8.0	2.7	5.3	19 6.3
	³ Ca ital tio rtin day p ra pe r re po g	%	35 .1	41 .2	– 6 .1

Q2 6 201	Ap r 1 to Jun 30 20 16	Ap r 1 to Jun 30 20 15	Cha abs olu t	nge in %
Rev €m en ue	92 .4	85 .0	7.4	8.7
EB ITD A €m	.0 14	9 11.	2.1	.6 17
EB IT €m	11 .8	9.5	2.3	24 .2
EB IT in % ma rg	12 .8	11. 1
EB T €m	11 .8	9.3	2.5	26 .9
Av mb of sha its era ge nu er res un	13 382 324 , ,	13, 932 312 ,	9, 998 –54
¹ rni Ea sha ng s p er re	0.6 € 1	0.4 5	6 0.1	.6 35

1 Diluted = undiluted

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

3 Equity capital/balance sheet total

Contents

Interim Group Management Report for the period from January 1 to June 30, 2016

1.	To l re d e ing de lop ta nt ve nu es an ar n s ve me . . . .	5 . . . .
2.	ic Ec t. . on om re p or . . . . . . . . . . . . . .	5 . . . .
2.1	Ge l c d it ion nd it ive nd it ion et ne ra on s a co mp co s . .	.5 . . . .
2. 2	D iv ide nd nt. p ay me . . . . . . . . . . . . . .	5 . . . .
2. 3	Ea ing rn s. . . . . . . . . . . . . . . . . . .	.5 . . . .
2.4	N et ts as se . . . . . . . . . . . . . . . . .	8 . . . .
2.5	F ina ia l p it ion nc os . . . . . . . . . . . . . .	9 . . . . . .
2. 6	Em loy p ee s. . . . . . . . . . . . . . . . . .	9 . . . . . .
3.	Fo it ies d r is ks t, t o tu rec as re p or n o p p or n an . . .	10 . . . .
3.1	F st. ore ca . . . . . . . . . . . . . . . . .	.1 0 . . . .
3. 2	Op it ies is d r ks for de lop ort nt p un an g rou p ve me . .	10 . . . .
4.	in ion Ot he fo at r rm . . . . . . . . . . . . . .	.1 0 . . .
4.1	I for ion bo de l ing it h r lat d t ut n ma a a s w e e
	ies d p co mp an an ers on s . . . . . . . . . . .	10 . . . .
4. 2	Ev fte he d o f t he ing io d . ts r t ort en a en re p p er . . .	10 . . . .
5.	S ha d inv lat ion to re an es r r e s . . . . . . . . .	. .1 0 . . .
5.1	S ha for re p er ma nc e . . . . . . . . . . . . . .	10 . . . .
5. 2	S ha ho lde tru ctu re r s re . . . . . . . . . . . .	11 . . . .

5.3 Annual general meeting of shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Interim Condensed Consolidated Financial Statements from January 1 to June 30, 2016

Co ida inc l d te tat t ns o om e s em en . . . . . . . . . .	. 1 3 . . .
Co l ida d s f c he ive inc te tat t o ns o em en om p re ns om e. . . . .	. 14 . . .
Co l ida d ba lan he te et ns o ce s . . . . . . . . . . . .	. . 1 5 . . .
Co l ida d c h f l o te sta tem t ns o as w en . . . . . . . . .	6 . . 1 . . .
Sta f c in ida ity ha l d e tem t o te en ng es co ns o qu . . . . . .	17 . . .
No he int im nd d c l ida d tes to t te er co en se on so
f i n ia l st f W hT A G ( IFR S ) for he io d ate nts t an c me o as ec p er
fro Ja 1 Ju 3 0, 20 1 6 . to m nu ary ne . . . . . . . . . .	. 1 9 . . .
ib il ity Re st ate nt. sp on s me . . . . . . . . . . . . .	27 . . . . .
Re iew ort re p v . . . . . . . . . . . . . . . . . .	28 . . .
Co nta ct . . . . . . . . . . . . . . . . . . . .	29 . . .
ina ia F l c len da nc a r. . . . . . . . . . . . . . . . . .	29 . . .

Interim Group Management Report

1. Total revenues and earnings development

Revenues growth of 5.4%

After a – as expected – strong second quarter (Q2 2016 €92.4m; prior year: € 85.0m), revenues in the fi rst half of 2016 equaled € 169.2m and were therefore € 8.6m (5.4%) above prior year (€ 160.6m). Primarily "Equipment and Service" contributed to the growth, while all other segments also performed as expected. Revenues with individual operators, car dealerships and smaller operator chains particularly increased exceptionally due to initiated sales optimization measures. Adjusted for currency eff ects revenues increased by 6.3% in the fi rst half year. EBIT improved mainly due to the positive development of revenues to € 15.5m (prior year: € 13.8m) while investments in further growth were made.

WashTec successfully exhibited under the motto "maximize your business" at the exhibition Uniti expo in June. About 40% more visitors than 2014 from 110 countries visited WashTec at the new leading fair for the industry.

The projects regarding the extension of the chemicals production in Grebenau and the showroom in Augsburg are running as scheduled.

Order backlog as of the end of June was again slightly above prior year level. For the full fi scal year, the Company still aims for a revenue increase of about 5% at a double-digit EBIT margin.

2. Economic report

2.1 General conditions and competitive conditions

The general conditions regarding economy and competition corresponded largely to the situation described in the Group Management Report 2015. Signifi cant technology changes did not occur and are not foreseeable.

2.2 Dividend payment

This year's annual general meeting on May 11 decided upon a dividend payment of € 1.70 per share and thus followed the recommendation of the management and supervisory board. With a dividend payout ratio of 93%, shareholders participated in the company's success. The payout was executed May 13, 2016.

2.3 Earnings

2.3.1 Revenues by segments and products

Re by H1 nt, ve nu es seg me
in € IFR S m,	Jan 1 t o	Jan 1 t o	Cha nge
(Ro und ing di ff e ssi ble ) ren ces po	Jun 30 , 20 16	Jun 30 , 20 15	abs olu te	%
Co Eu re rop e	13 8.5	130 .0	8.5	6.5
No rth Am eri ca	24 .8	27. 2	– 2 .4	– 8 .8
As ia/P aci fi c	9.1	7.3	1.8	24 .7
Co lida tio nso n	– 3 .2	– 3 .9	0.7
Gr To tal ou p	16 9.2	16 0.6	8.6	5.4

Revenue increases in the second quarter of 8.7%

Re by Q 2 nt, ve nu es seg me
in € IFR S m,	Apr 1 t o	Apr 1 t o	Cha nge
ing diff ssib (Ro und le) ere nce s po	16 Jun 30 , 20	Jun 30 , 20 15	abs	%
Co Eu re rop e	76 .2	67. 2	9.0	13 .4
No rth Am eri ca	12 .8	15. 9	– 3 .1	– 1 9.5
As ia/P aci fi c	4.5	3.6	0.9	25 .0
Co lida tio nso n	– 1 .1	.6 – 1	0.5
Gr To tal ou p	92 .4	85 .0	7.4	8.7

The positive revenue development during the fi rst half of the year was mainly driven by Core Europe (+6.5% or € 8,5m) and Asia/ Pacifi c (+24.7% or € 1.8m). Revenues in Eastern Europe, which are reported under the Core Europe segment since January 2016, increased by 6% compared to the previous year.

Revenues in North America were infl uenced by the loss of a major customer in Canada as of July 1, 2015 – as previously communicated several times. In the second half of 2016, there will no longer be an eff ect when comparing to prior year. Furthermore, revenue realisations of major customers' orders will arise just at the end of the year. Revenues in the USA increased slightly compared to prior year. Revenues for North America in US-Dollar totalled USD 27,7m (prior year: USD 30,3m).

The group's consolidated revenues increased as expected by 8.7% (Q2 2016: € 92.4m; Q2 2015: € 85.0m) in the second quarter.

Re by du H1 ct, ve nu es pro
in € IFR S m,	Jan 1 t o	Jan 1 t o	Cha	nge
ing diff ssib (Ro und le) ere nce s po	16 Jun 30 , 20	Jun 30 , 20 15	abs	%
uip rvi Eq and nt me se ce	14 2.6	132 .9	9.7	7.3
Ch ica ls em	20 .4	20 .6	– 0 .2	– 1 .0
Op bu sin d o the tor era ess an rs	6.3	7.0	– 0 .7	– 1 0.0
To tal Gr ou p	16 9.3	16 0.6	8.9	5.4

Q Re by du 2 ct, ve nu es pro
in € IFR S m,	Apr 1 t o	Apr 1 t o	Cha	nge
(Ro und ing diff ssib le) ere nce s po	Jun 30 , 20 16	Jun 30 , 20 15	abs	%
Eq uip and rvi nt me se ce	78 .7	71 .0	7.7	10 .8
Ch ica ls em	10 .6	10. 3	0.3	2.9
Op sin bu d o the tor era ess an rs	3.2	3.8	.6 – 0	– 1 5.8
To tal Gr ou p	92 .4	85 .0	7.4	8.7

"Equipment and Service" revenues rose by 7.3% from € 132.9m to € 142.6m. "Chemicals" revenues declined slightly by 1.0% to € 20.4m. Adjusted for the mentioned eff ect in North America, "Chemicals" revenues increased about 13%.

2.3.2 Expense items and earnings

With 9.2% already a high EBIT margin as of the fi rst half of the year

rni Ea H1 ng s,
in € IFR S m,	Jan 1 t o	Jan 1 t o	Cha	nge
(Ro und ing diff ssib le) ere nce s po	Jun 30 , 20 16	Jun 30 , 20 15	abs	%
Gro fi t* ss pro	10 1.7	96 .7	5.0	5.2
EB ITD A	20 .0	18 .6	1.4	7.5
EB IT	15 .5	13. 8	1.7	12 .3
EB T	15 .5	13. 5	2.0	14 .8

* Revenues plus change in inventory minus cost of materials

rni Ea Q 2 ng s,
in € IFR S m,	Apr 1 t o	Apr 1 t o	Cha	nge
ing diff ssib (Ro und le) ere nce s po	16 Jun 30 , 20	Jun 30 , 20 15	abs	%
Gro fi t* ss pro	55 .8	51 .3	4.5	8.8
EB ITD A	14 .0	11. 9	2.1	17 .6
EB IT	11 .8	9.5	2.3	24 .2
EB T	11 .8	9.3	2.5	26 .9

* Revenues plus change in inventory minus cost of materials

Gross profi t margin at 60.2 % remained relatively stable compared to 60.1% in the prior year.

Personnel expenses rose due to deliberate step up of human resources and expected pay increases by € 3.9m to € 59.5m (prior year: € 55.6m). At the end of the fi rst half of the year the Group reported 73 FTE more than prior year. The increase in headcount took place mainly in sales and supply chain – due to the positive development of the business and as investments in further organic growth.

Other operating expenses (including other taxes) increased marginally by € 0.1m to € 25.4m (prior year: € 25.3m). Further investments into infrastructure improvement especially at the headquarter as well as higher costs for contract workers impacted the costs. In the second quarter, expenses increased due to Uniti expo exhibition in Stuttgart. In addition expenses for currency losses increased due to the rise of the Euro compared to the USD, that are captured in other operating expenses. In total, currency gains or losses had no signifi cant impact on earnings of the Group or compared to prior year. The cost increase was largely compensated by lower car costs and active cost management in other areas.

EBITDA increased by € 1.4m to € 20.0m (prior year: € 18.6m).

EBIT increased by € 1.7m to € 15.5m (prior year: € 13.8m).

EBIT by segment, H1

in € S IFR m,	Jan 1 t o	Jan 1 t o	Cha nge
(Ro und ing diff ssib le) ere nce s po	Jun 30 , 20 16	Jun 30 , 20 15	abs	%
Co Eu re rop e	14 .2	11. 9	2.3	19 .3
No rth Am eri ca	0.0	1.4	–1 .4	–10 0
As ia/ Pac ifi c	1.1	0.2	0.9	0 45
Co lida tio nso n	0.2	0.3	–0 .1
To tal Gr ou p	15 .5	13. 8	1.7	12. 3

EB IT by Q 2 nt, seg me
in € IFR S m,	Apr 1 t o	Apr 1 t o	Cha nge
(Ro und ing diff ssib le) ere nce s po	Jun 30 . 20 16	Jun 30 . 20 15	abs	%
Co Eu re rop e	11 .1	7.2	3.9	54 .2
No rth Am eri ca	0.2	1.8	–1 .6	– 8 8.9
As ia/ Pac ifi c	0.4	0.1	0.3	30 0
Co lida tio nso n	0.1	0.3	– 0 .2
Gr To tal ou p	11 .8	9.5	2.3	24 .2

The EBIT increase in the segments Core Europe and Asia/Pacifi c is primarily based on the revenue growth achieved. The segment North America achieved a balanced result despite its revenue decrease. The positive development of Asia/Pacifi c continued in the second quarter.

EBIT, Jan 1 to Jun 30, in €m, IFRS

The exchange rate development between the US dollar and the euro had no signifi cant impact on the operating income. The balance sheet date valuation used for the assets and liabilities, which were reported in a foreign currency on the balance sheet, had an infl uence on earnings of € –0.2m (prior year: € –0.1m).

The consolidated net result after taxes increased to € 10.7m (prior year: € 8.8m). A tax refund incl. a credit note for interests paid following a mutual agreement procedure of the prior years resulted in a lower tax rate and the improved fi nancial result.

Earnings per share (diluted = undiluted) increased due to a higher consolidated net result and the lower average number of shares to € 0.80 (prior year: € 0.63).

2.4 Net Assets

Ba lan she in € IFR S et, set ce as s, m,	Jun 30 , 20 16	Dec 31 , 20 15
(Ro und ing di ff e ssi ble ) ren ces po
No ent set n-c urr as s	89 .3	85 .8
the f in ible tan set reo g as s	5.2	5.3
the f d efe d t reo rre axe s	4.2	4.2
Cu nt ets rre ass	10 2.2	104 .3
f in ies the tor reo ven	42 .0	39 .9
the f tr ade cei vab les her , ot set reo re as s	.2 51	49 .2
the f ca sh and sh uiv ale nts reo ca eq	3.4	7.8
Ba lan she al et tot ce	19 1.5	19 0.0

Balance sheet, equity and liabilities, in €m, IFRS (Rounding diff erences possible) Jun 30, 2016 Dec 31, 2015 Equity 67.2 80.3 Liabilities to banks 16.3 5.3 Other liabilities and provisions 95.7 91.7 thereof trade payables 11.2 7.5 thereof provisions (including income tax debt) 35.6 34.6 Deferred income 8.9 9.0 Deferred tax liabilities 3.4 3.8 Balance sheet total 191.5190.0

Mostly as a result of a seasonal increase in trade payables, net current assets (short-term trade receivables + inventories – shortterm trade payables) declined from € 78.1m as of December 31, 2015 to € 77.3m. In total, stocks of manufactured goods increased for customer orders.

Equity decreased to € 67.2m as of June 30, 2015 (December 31, 2015: € 80.3m), mostly due to the dividend payment. The equity ratio decreased from 42.2% to 35.1% compared to year end 2015.

Unchanged solid balance sheet structure

Net debt (long-term and short-term bank debt – bank deposit) totalled € 12.8m (December 31, 2015: € 2.5m) after the dividend payment of € 22.8m.

Net fi nance debt (long-term and short-term fi nance leasing minus net liquidity) increased to € 16.4m (December 31, 2015: € 1.9m).

Other liabilities and provisions increased to € 95.7m mainly because of higher tax liabilities (December 31, 2015: € 91.7).

2.5 Financial Position

Cash infl ow from operating activities (net cash fl ow) increased in the fi rst half of the year to € 16.1m (prior year: € 12.9m). As communicated, the company achieved some recovery of capital gains tax payments in the fi rst quarter of 2016 because of pay-outs of the prior year. Simultaneously, the advanced received declined compared to the prior year.

Cash outfl ow from investing activities increased – as planned – sig nifi cant to € 7.7m (prior year: € 2.4m). The investment volume for the full fi scal year will therefore increase. The showroom in Augsburg will be completed in September. The extended production in Grebenau will start operations by the end of the year.

The free cash fl ow (net cash fl ow less cash outfl ow from investing activities) declined to € 8.4m (prior year: € 10.5m).

Overall, cash and cash equivalents declined by € 15.3m to € –12.8m compared to December 31, 2015, due to the dividend payment.

2.6 Employees

Compared to June 30, 2015, the number of employees equalled 1,741 and thus increased by 52 compared to the end of 2015. Compared to June 30, 2015, 73 employees commenced service, especially in the Sales and Supply Chain area.

Number of employees at WashTec Group at 1,741

3. Forecast, opportunities and risk report

3.1 Forecast

Besides the above mentioned investments in the showroom and expansion of the chemicals production, the rollout of SAP to North America is being prepared this year and will be completed in 2017. The additional projects to strengthen sales activities as well as R&D and operating improvement of the company are continuing as planned.

After the fi rst half of the year, the Company continues to aim for signifi cant growth in revenues and a signifi cant increase in EBIT in 2016.

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

• Core Europe: signifi cant increase in revenues and earnings
• North America: signifi cant increase in revenues and earnings
• Asia/Pacifi c: signifi cant increase in revenues and earnings

This forecast is uncertain.

The forecast relating to the other defi ned performance indicators, which is contained in the 2015 annual report, also continues to apply.

3.2 Opportunities and risks for group development

The 2015 annual report includes a description of WashTec Group's risk management. There have been no material changes in the opportunities and risks that are described therein. There will be no signifi cant eff ect of the Brexit Referendum for 2016. In total, the company estimates potential negative eff ects, even in the medium term, as rather low due to the revenues and higher local added value compared to other subsidiaries.

Compared to the end of 2015 opportunities increased – as already communicated at the end of the fi rst quarter– with some globally based major customers.

4. Miscellaneous information

4.1 Information about dealings with related companies and persons

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

4.2 Events after the end of the reporting period

No signifi cant events occurred after the end of the reporting period.

5. Share and investor relations

Management Board maintained continuous contact with the shareholders, journalists and the fi nancial community during the fi rst half of the year. It took part at management roadshows in Frankfurt and Düsseldorf and at the Pan European Discovery Conference of Berenberg.

WashTec achieved the second place of 42 covered companies within an evaluation of "Sustainability Intelligence".

5.1 Share price development

On June 30, 2016, the price for a WashTec share equalled € 31.60. This represents a price increase of 3.6% compared to the € 30.50 per share closing price on the last trading day of the prior year (December 30, 2015). On June 30, 2016, the share was about 15% under its maximum in the second quarter of about € 37.00. Nevertheless, the WashTec share had a signifi cantly better performance than the SDAX, which declined by about 3 % compared to the beginning of the year.

In addition, a dividend of € 1.70 was paid. The distribution by more than 50% has been made from the so-called "capital contribution account for tax purposes" [steuerliches Einlagenkonto] and was accordingly tax-free for many shareholders.

WashTec is currently covered by Hauck & Aufhäuser, HSBC Trinkaus & Burkhardt, MM Warburg and Bankhaus Lampe. All analysts see the price target between € 31.00 minimum up to € 35.00 (by June 2016). On July 12, 2016 a new research study of Hauck & Aushäuser has been published, where they calculate a target share price of € 42.00. On July 28, 2016 Bankhaus Lampe calculated a target share price of € 41.00.

5.2 Shareholder structure

WashTec AG received no voting rights notifi cations pursuant to the Securities Trading Act in the second quarter of 2016.

din in Sh hol % are g	Jul 29, 20 16 y
Kem Or anj e P icip atie s N .V. art pen	10 .73
¹ EQ MC Eu e D lop nt C ital Fu nd lc rop eve me ap p	9.7 8
² rt S Dr. Ku chw arz	8.3 8
Par adi Ca ital Va lue Fu nd gm p	6.0 1
BN Y M ello n S ice Ka ital anl -Ge sel lsc haf bH t m erv p age	5.6 1
G f ür fris tig TG Inv nt A lan e In V est tor me g ves en	5.4 3
ère Laz ard Fr s G ion S. A.S est	4.9 4
Ow har n s es	4.2 5
Div ity Ind rie Ho ldin AG ust ers g	4.0 0
³ Des rais Fa mil Ris idu Tr ust ma y ary	3.4 8
Fre e fl oat	37 .39
¹ N má s1 Din ia, S. A am
² Le ifi n a G H & Co . KG mb al et
³ S As Ma eta nta set ent nag em
Bas ed ifi c atio de o th e S riti es T rad ing Ac t (W HG not nt t on ns ma pur sua ecu p	)

On July 21, 2016 Diversity Industrie Holding AG announced that their proportion of voting rights is no longer 6.19% but at 4.00% as of July 19, 2016.

Manager Transactions

On May 17, 2016, Dr. Zimmermann, CEO, purchased further 2,500 shares additional to his existing 12,500 shares, that he purchased in 2015. On May 18, 2016, Mr. Bellgardt also purchased further 2,500 additional to his existing shares.

Two members of the supervisory and the management board invested in additional WashTec shares

5.3 Annual general meeting on May 11, 2016

The annual general meeting of WashTec AG was held on May 11, 2016. The management board stated its position in detail regarding business development, current market conditions and strategy and discussed these matters with the shareholders. All of the resolutions proposed were adopted with a very high majority. The shareholders approved, among other things, a resolution to pay a dividend of € 1.70 for each no-par value share entitled to receive a dividend. In addition to the customary agenda items, resolutions regarding the company's contingent and authorised capital have been made.

Consolidated Income Statement

in €	Jan 1 to	Jan 1 to	Ap r 1 to	Ap r 1 to
	16 Jun 30 20 ,	Jun 30 20 15 ,	16 Jun 30 20 ,	Jun 30 20 15 ,
Rev en ue	169 243 783 , ,	160 582 239 , ,	92, 42 2, 278	85, 037 82 1 ,
Oth tin inc er op era g om e	2, 68 6, 43 7	2, 32 1, 78 0	1, 86 4, 57 8	48 6, 06 0
Ca ital ize d d lop nt ts p eve me cos	48 2, 516	40 3, 35 4	38 2, 27 3	25 9, 915
Ch e in in tor ang ven y	016 2, 158 ,	2, 92 8, 83 9	1, 54 7, 32 1	1, 47 9, 70 1
To tal	174 42 8, 89 4 ,	16 6, 6, 23 21 2	96 6, 21 45 0 ,	26 87, 3, 49 7
Co f m ria ls st o ate
Co f ra ria ls, ab les d s lies d o f p has ed ial st o ate ter w m con sum an up p an urc ma	55 85 2, 40 7 ,	54 517 767 , ,	30 39 0, 73 3 ,	28 814 03 8 , ,
Co f p has ed vic st o urc ser es	13, 70 2, 06 8	12, 29 9, 40 3	742 60 7, 7 ,	6, 43 8, 024
	69, 554 475 ,	66, 817 170 ,	38 133 34 0 , ,	06 35 25 2, 2 ,
Pe el rso nn ex pe nse s	59, 512 503 ,	55, 57 9, 034	30 52 8, 40 0 ,	27, 63 7, 20 3
Am iza tio de cia tio nd im irm of ible d i ible ort ent ta nta set n, pre n a pa ng an ng as s	4, 45 8, 05 5	4, 776 28 2 ,	2, 228 152 ,	2, 404 709 ,
Oth tin er op era g e xp ens es	24 92 9, 716 ,	24 85 2, 88 9 ,	13, 31 8, 150	12, 30 64 5, 5
Oth tax er es	44 1, 95 9	416 63 5 ,	22 3, 59 1	20 8, 75 0
tin To tal op era g e xp en ses	896 158 708 , ,	152 44 2, 010 ,	63 84 43 1, 3 ,	36 77, 80 8, 9
EB IT	15, 53 2, 18 6	13, 79 4, 20 2	11, 78 4, 81 7	9, 45 5, 128
Fin ial inc anc om e	273 79 1 ,	255 364 ,	267 424 ,	130 957 ,
Fin ial anc exp ens es	34 7, 594	515 34 1 ,	232 909 ,	263 155 ,
Fin cia l re sul t an	– 7 3, 803	–25 9, 977	34, 515	–13 2, 198
EB T	15, 45 8, 383	13, 534 225 ,	11, 819 332 ,	9, 322 930 ,
Inc e ta om xes	758 42 8 – 4 , ,	066 – 4 77 1, ,	– 3 674 770 , ,	–3, 05 32 1, 7
Co lid inc d n ate et nso om e	69 10, 9, 95 5	763 8, 159 ,	56 8, 14 4, 2	6, 60 27 1, 3
ig din We hte d a be f o ha uts tan ve rag e n um r o g s res	13 382 324 , ,	13, 932 312 ,	13, 382 324 ,	13, 932 312 ,
Ea rni sha (di lut ed nd ilut ed) ng s p er re = u	0.8 0	0.6 3	0.6 1	0.4 5

Statement of Comprehensive Income

The consolidated notes are an integral component of the consolidated fi nancial statements.Rounding diff erences may occur.

in € k	Jan 1 to	Jan 1 to	Ap r 1 to	Ap r 1 to
	Jun 30 20 16 ,	Jun 30 20 15 ,	Jun 30 20 16 ,	Jun 30 20 15 ,
Co lid d n inc ate et nso om e	10, 700	8, 763	8, 145	6, 27 1
ria ins s fr fi n efi t liga tio sim ilar liga tio Ac l ga /lo de ed ben ob and ob tua sse om ns ns	– 6 77	0	– 6 77	0
De fer red ta xes	316	0	316	0
Ite th wi ll n be las sifi ed fi t los at ot to ms rec pro or s	– 3 61	0	– 3 61	0
Ad jus Ite m f the nsl ati of f ign bsi dia rie nd cha tm ent tra or cu rre ncy on ore su s a cur ren cy nge s	– 8 22	79 0	– 7 8	–24 1
Exc han diff inv in bsi dia rie et est nts ge ere nce s o n n me su s	28 4	–10 7	81	29
De fer red ta xes	– 8 6	– 8 6	– 1 35	44
ifi e Ite th be sub ntl ecl d t rofi r lo at t o ms ma y seq ue y r ass o p ss	– 6 24	59 7	– 1 32	–16 8
nsi inc Oth he er com pre ve om e	– 9 85	59 7	– 4 93	–16 8
To tal reh siv e i co mp en nco me	9, 71 5	9, 36 0	65 2 7,	6, 103

Consolidated Balance Sheet

olid Th d n ate ote e c ons s
int al c ent are an egr om pon
of t he sol ida ted con
fi na nci al s tat ent em s.
Ro und ing diff er enc es
ma y o ccu r.

As set s in €	Jun 30 20 16 ,	De c 3 20 1, 15	Eq uit nd lia bil itie y a s in €
No t a ts n-c urr en sse			uit Eq y
Pro lan nd uip rty t a nt pe , p eq me	35 146 147 , ,	31, 686 043 ,
Go od wi ll	42 31 2, 235 ,	42 312 25 1 , ,
ibl Int ts an g e a sse	64 5, 24 8, 0	5, 315 40 0 ,
Tra de eiv ab les rec	1, 77 7, 95 3	2, 00 0, 98 0
Tax cei vab les re	49 93 9 ,	49, 93 9
Oth ets er ass	56 3, 99 3	138 57 3 ,
De fer red ta ts x a sse	20 2, 39 4, 7	247 58 4, 7 ,
To tal t a ts no n-c urr en sse	89 30 30 1, 4 ,	85 0, 3 75 77 ,
			t li ilit ies No ab n-c urr en
Cu nt ets rre ass
Inv ori ent es	42 04 2, 96 8 ,	39, 88 2, 47 1
eiv Tra de ab les rec	46 39 7, 04 5 ,	45 77 0, 02 8 ,
cei Tax vab les re	5, 513 58 8 ,	46 7, 4, 78 8
Oth ets er ass	4, 827 678 ,	3, 38 0, 59 2
Ca sh d c ash uiv ale nts an eq	3, 40 8, 67 7	7, 78 1, 106
To tal nt ets cu rre ass	10 2, 189 956 ,	104 27 8, 985 ,
			Cu lia bil itie nt rre s
To tal set as s	19 1, 49 1, 26 0	19 0, 02 9, 75 8

Eq uit nd lia bil itie y a s	Jun 30 20 16 ,	De c 3 20 1, 15
in €
uit Eq y
Su bsc rib ed ita l cap	40 000 000 , ,	40 000 000 , ,
Co nti ita l ent ng ca p	8, 000 000 ,	8, 000 000 ,
Ca ita l re p ser ves	36 46 3, 44 1 ,	36 46 3, 44 1 ,
Tre sha asu ry res	– 1 3, 176 78 8 ,	– 1 3, 176 78 8 ,
Oth nd nsl ati eff tra ect er res eve s a cu rre ncy on s	– 3 84 7, 915 ,	– 2 86 2, 44 7 ,
Pro fi t rie d f ard car orw	– 2 90 6, 05 8 ,	– 4 711 82 9 , ,
Co lida ted t in e (f the rio d) nso ne com or pe	10 69 9, 95 5 ,	24 72 3 55 5, ,
	67, 63 23 2, 5	26 80 8, 10 0 ,
t li ilit ies No ab n-c urr en
Fin lea sin liab ilit ies an ce g	2, 23 8, 07 9	2, 82 7, 417
Pro vis ion s fo ion r p ens s	10 34 6, 0 47 ,	9, 73 9, 511
Oth ovi sio ent er no n-c urr pr ns	3, 33 8, 072	3, 524 25 0 ,
Oth lia bil itie ent er no n-c urr s	1, 864 01 1 ,	1, 34 6, 06 5
De fer red in com e	1, 06 8, 80 7	1, 175 03 8 ,
De fer red x l iab ilit ies ta	3, 41 6, 796	3, 75 1, 36 7
To tal t li ab ilit ies no n-c urr en	22 27 2, 23 5 ,	22 36 3, 64 8 ,
Cu lia bil itie nt rre s
Int bea rin loa st- ere g ns	16 25 7, 64 0	5, 26 9, 04 0
Fin lea sin liab ilit ies an ce g	, 1, 32 5, 66 9	1, 55 3, 67 1
Pre de nts pay me on or rs	6, 177 02 2	6, 79 7, 767
Tra de ab les pay	, 11 155 57 1	2, 187 7, 54
evi Tax d l es an es	, , 63 4, 824 8	4, 744 57 5
Lia bil itie s fo cia l se rity r so cu	, 1, 314 811	, 1, 177 97 7
Tax ovi sio	, 9, 817 50 9	, 8, 33 7, 69 7
pr ns Oth liab ilit ies nt	, 31 156 30 0	199 34 2
er cu rre	, ,	31, ,
Oth vis ion nt er cu rre pro s	12 123 24 2 , ,	12, 95 3, 85 0
De fer red in com e	83 3, 98 8 7,	82 90 7, 1, 4
lia bil itie To tal nt cu rre s	6, 10 1, 98 39 0	87, 39 8, 01 0
uit lia bil itie To tal nd eq y a s	19 1, 49 1, 26 0	19 0, 02 9, 75 8

Consolidated Cash Flow Statement

Th olid d n ate ote e c ons s
int al c ent are an egr om pon
of t he sol ida ted con
fi na nci al s tat ent em s.
Ro und ing diff er enc es
ma y o ccu r.

in € k	Jan 1 t o	Jan 1 t o
	Jun e 3 0, 2 016	Jun e 3 0, 2 015
EB T	15, 45 8	13, 534
Adj nci le E BT sh f l ow ust nt to r to net me eco ca s:
Am iza tio de cia tio nd im irm of ort ent ent set n, pre n a pa no n-c urr as s	4, 45 8	4, 776
Ga in/ los s fr di sal f n t as set om spo s o on- cur ren s	– 2 33	– 8 2
Oth ins /lo er ga sse s	– 1 70 0 ,	–1, 87 5
Fin ial inc anc om e	– 2 74	– 2 55
Fin ial anc exp ens es	34 8	515
Mo s in ovi sio ent vem pr ns	– 1 07 7 ,	– 7 04
Ch in n ork ing ital et w ang es ca p :
Inc se/ dec in t rad iva ble rea rea se e r ece s	76 – 7	165 – 1 ,
in inv ori Inc se/ dec ent rea rea se es	– 2 47 1 ,	– 2 235 ,
in t Inc se/ dec rad ble rea rea se e p aya s	3, 68 5	4, 75 5
Ch in o the ork ing ital et w ang es r n ca p	50	2, 930
Inc aid e ta om x p	– 1 393 ,	– 7 31 8 ,
Ne ash fl o fro tin cti vit ies t c ws m op era g a	16, 07 5	12, 87 6
of uip (wi ut fi sin Pu rch lan nd tho lea ) ert t a nt ase pr op y, p eq me na nce g	96 – 7 5 ,	65 – 2 5 ,
Pro ds fro ale of lan nd uip ert t a nt cee m s pr op y, p eq me	31 9	233
inv ing tiv itie Ne ash fl o fro t c est ws m ac s	– 7 64 6 ,	– 2 42 2 ,
Div ide nd t pay ou	– 2 2, 750	– 2 2, 988
Int ive d st r ere ece	274	21
aid Int st p ere	– 3 13	– 4 75
Re of lia bil itie s fr fi n e le nt ent pay me no n-c urr om anc ase s	– 8 52	– 9 65
in fi nci ivit ies Ne ash fl o ed t c act ws us na ng	– 2 3, 64 1	– 2 4, 40 7
Ne t in /de in sh d c ash uiv ale	– 1 21 2	– 1 95 3
nts cre ase cre ase ca an eq Ne t fo rei cha e d iff e	5, 9 -14	3, 42 – 4
gn ex ng ren ce Ca uiv sh d c ash ale Ja 1 nts at	512	42 2
an eq nu ary uiv Ca sh d c ash ale Ju	2, – 1 84 9	15, 02 7
30 nts at an eq ne	2,	1,
Co osi tio f c ash d c ash uiv ale fo ash fl o nts mp n o an eq r c w pu rpo ses :
Ca sh d c ash uiv ale nts an eq	3, 40 9	8, 30 1
Int bea rin loa st- ere g ns	6, 25 8 – 1	274 – 7 ,
Ca uiv sh d c ash ale Ju 30 nts at an eq ne	– 1 2, 849	1, 027

Statement of Changes in Consolidated Equity

The consolidated notes are an integral component of the consolidated fi nancial statements.Rounding diff erences may occur.

in € k	Num ber of	Sub ibed scr	Cap ital	Tre asu ry	Oth er	Cur cy t ren ran s	Pro fi t c ied arr	Tot al
	sha (in uni ts) res	Cap ital	rese rve	sha res	rese rve s	lati eff e cts on	forw ard
As of Ja 1, 20 16 nu ary	13 382 324 , ,	40 000 ,	36, 464	– 1 3, 177	– 5 004 ,	2, 142	19, 845	80, 26 8
Inc nd niz ed om e a ens es rec
exp og dir in e ity ly ect qu					– 3 93	– 8 22		– 1 215
								,
Tax ctio niz ed tra es on nsa ns rec og
dir ly in e ity ect qu					23 0			230
Div ide nd							– 2 2, 0 75	– 2 2, 750
Co lida ted t in e fo r th eri od nso ne com							10, 700	10, 700
e p
As of Ju 30, 20 16 ne	13 38 2, 32 4 ,	40 00 0 ,	36 46 4 ,	– 1 3, 17 7	– 5 167 ,	1, 32 0	7, 79 5	67, 233
of As Ja 1, 20 15 nu ary	13 93 2, 31 2 ,	40 00 0 ,	36 46 4 ,	– 4 17	– 4 21 7 ,	81 2	18, 27 7	90, 917
Inc nd niz ed om e a ens es rec
exp og dir ly in e ity ect qu					– 1 07	79 0		683
Tax ctio niz ed tra es on nsa ns rec og
dir in e ity ly ect qu					– 8 6			– 8 6
Div ide nd							– 2 2, 98 8	– 2 2, 988
Co lida ted t in e fo r th eri od nso ne com							8, 763	8, 763
e p
of As Ju 30, 20 15 ne	13 932 312 , ,	40 000 ,	36, 464	– 4 17	– 4 41 0 ,	602 1,	4, 052	77, 289

Notes to the Interim Condensed Consolidated Financial Statements

Notes to the Interim Condensed Consolidated Financial Statements of WashTec AG (IFRS) for the period January 1 to June 30, 2016

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 in free fl oat and are publicly traded.

The purpose of the WashTec Group 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 presented in euro and, unless otherwise indicated, all fi gures are rounded to the nearest thousand (€k); this process could produce rounding diff erences.

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, 2015, except for the tax calculation. The tax calculation for the 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 June 30, 2016 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, 2015.

Eff ects of the new fi nancial reporting standards

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

Sta nda rd/ ati Int ret erp on	Tit le	lica tio Ma nda tor y a pp n	En do nt rse me by the EU	ial Ma eff ter ect s Wa shT on ec
IAS 1	Am end IAS 1 Pre ion of Fin ial Sta nts to tat tem ent me sen anc s – Dis clo e In itia tive sur	Jan 1, 201 6	De c 1 8, 2 015	no ne
IAS 16 S 3 and IA 8	Am end IAS 16 Pr , P lan d E ipm d nts to rty t an ent me ope qu an IAS ible Cla rifi ion of 38 In As Ac tab le M eth ods tan set cat g s – cep of cia tio iza tio De nd Am ort pre n a n	Jan 201 6 1,	De c 2 , 20 15	no ne
IAS 16 and IA S 4 1	Am end IAS 16 Pr , P lan d E ipm d nts to rty t an ent me ope qu an IAS 41 Ag ric ult – B Pla nts ure ear er	Jan 1, 201 6	No v 2 3, 2 015	no ne
IAS 19	Am end IAS 19 Em loy Be nefi – E loy Co ibu tio nts to ts ntr me p ee mp ee ns	Fe b 1 , 20 15	De c 1 7, 2 014	no ne
IAS 27	Am end IAS 27 Se Fi cia l St nts to ate ate nts me par nan me – Equ ity Me tho d in Se Fi cia l St ate ate nts par nan me	Jan 1, 201 6	De c 1 8, 2 015	no ne
S 1 IFR 1	S 1 oin Am end IFR 1 J t A nts to nts me rra nge me – Ac nti for Ac isit ion f In s in Jo int Op tio ter est cou ng qu s o era ns	6 Jan 1, 201	No v 2 4, 2 015	no ne
IFR S	An l Im IF RS s (2 012 –20 14 le) ent s to nua pro vem cyc	Jan 1, 201 6	De c 1 5, 2 015	no ne

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 2016 or have not yet been recognized by the European Union.

As of June 30, 2016, 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.

Sta nda rd/ ati Int ret erp on	Tit le	lica tio Ma nda tor y a pp n	En do nt rse me by the EU	ial Ma eff ter ect s Wa shT on ec
IAS 7	Am end IAS 7 S of Cas h F low Dis clo e In itia tive nts to tat ent me em s - sur	Jan 1, 201 7	ted in Q4 20 16 ex pec	no ne
IAS 12	Am end IAS 12 In e T Rec itio f D efe d T nts to me com axe s – ogn n o rre ax As s fo r U alis ed Los set nre ses	Jan 1, 201 7	ted in Q4 20 16 ex pec	no ne
S 2 IFR	RS Sh Cl ifi c ati Am dm IF 2 -ba sed d ent s to ent en are pa ym s – ass on an Me of Sh -ba sed Pa Tr ion ent ent act asu rem are ym ans s	Jan 201 8 1,	in ted H2 20 17 ex pec	no ne
IFR S 9	Fin ial Ins tru nts anc me	Jan 1, 201 8	ted in Q4 20 16 ex pec	ntly vie d cu rre re we
IFR S 1 0 und IA S 2 8	Am end IFR S 1 0 C olid d F ina nci al S nd nts to ate tat ent me ons em s a IAS 28 In in As iate nd Joi nt V Sal r C rib uti tm ent ent ont ves soc s a ure s – e o on of A ts b In d it s A cia r Jo int Ve etw tor te o ntu sse een an ves an sso re	def ed ind err	no ne
IFR S 1 0, IFR S 1 2 S 2 und IA 8	Am end IFR S 1 0 C olid d F ina nci al S nts to ate tat ent me ons em s , IFR S 1 2 D isc los of Int in Oth Ent itie nd IAS 28 In sts tm ent ure ere er s a ves s in A cia oin ing e C olid atio ion d J t V Ap ly th n E tes ent pt sso an ure s – p ons xce	Jan 1, 201 6	ted in Q3 20 16 ex pec	no ne
IFR S 1 4	Reg ula Def al A tor unt y err cco s	Jan 1, 201 6	Po f th stp nt o one me e end ent ors em pr oce ss il th ubl ica tio f unt e p n o the fi n al s dar d tan	non e
IFR S 1 5	Rev e fr Co ith Cu ntr act sto enu om s w me rs	Jan 201 8 1,	ted in Q3 20 16 ex pec	ntly vie d cu rre re we
S 1 6 IFR	Lea ses	Jan 1, 201 9	in ted 201 7 ex pec	vie ntly d cu rre re we

3. Segment reporting

Due to organizational changes, which involved consolidating the Eastern European segment and the previous export activities into the headquarters, WashTec does not separately report the Eastern

European segment anymore. With the beginning of fi scal year 2016, Eastern Europe is part of the Core Europe segment. The structure for the segments North America and Asia/Pacifi c remain the same.

Jan Ju n 2 016 to	Co re	No rth ern	As ia/	Co li nso	Gro up
in € k, r nd ing di ff e ible ou ren ces ar e p oss	Eu rop e	eri Am ca	ifi c Pac	ion dat
Re ve nu es	13 8, 48 1	24 84 0 ,	9, 124	– 3 20 2 ,	169 24 4 ,
wit h t hir d p ies art	135 33 7 ,	24 78 3 ,	9, 124	0	169 24 4 ,
wit h o the r d ivis ion s	3, 144	58	0	– 3 20 2 ,	0
EB IT	18 14, 4	23	102 1,	22 2	53 2 15,
Fin ial inc anc om e					274
Fin ial anc exp ens es					– 3 48
EB T					15, 45 8
Inc e ta om xes					– 4 75 8 ,
Co lid d n inc ate et nso om e					10, 70 0

Jan Ju n 2 015 to	Co re	No rth ern	ia/ As	li Co nso	Gro up
in € ing di ible k, r nd ff e ou ren ces ar e p oss	Eu rop e	eri Am ca	ifi c Pac	ion dat
Re ve nu es	13 0, 02 4	27, 174	27 3 7,	– 3 88 8 ,	16 0, 58 2
wit hir ies h t d p art	126 20 9 ,	27, 102	7, 27 1	0	160 58 2 ,
wit h o the r d ivis ion s	3, 815	72	2	– 3 88 8 ,	0
EB IT	11, 91 5	1, 41 7	197	26 6	13, 79 4
Fin ial inc anc om e					25 5
Fin ial anc exp ens es					– 5 15
EB T					13, 53 4
Inc e ta om xes					– 4 77 1 ,
lid inc Co d n ate et nso om e					8, 763

4. Equity

The subscribed capital of WashTec AG on June 30, 2016 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 13,382,324.

The annual general meeting of WashTec AG, which was held on May 11, 2016, resolved to use the non-appropriated distributable profi t of € 22,983,636.87, which was reported in the Company's annual fi nancial statements for fi scal year 2015, as follows: by paying a dividend in the amount of € 1.70 for each no-par value share entitled to receive a dividend, thereby totaling € 22,749,950.80, and by carrying forward the remaining non-appro priated distributable profi t of € 233,686.07 to a new account.

The management board is granted the authority until May 10, 2019, with the consent of the supervisory board, to increase one or more times the registered share capital by up to a total amount of € 8,000k (Authorized Capital) by issuing no-par bearer shares in exchange for cash and/or non-cash capital contributions. The former authorization as of May 15, 2013 expired on May 14, 2016 and was eliminated by this year's general meeting.

The management board is further authorized, with the consent of the Supervisory Board, on or before May 10, 2019 to issue one or more times bearer or registered warrant-linked bonds and/or convertible bonds, participation rights or participating bonds or a combination of such instruments with a total face value of up to € 50,000k with or without term limitations. Thereby, option rights or option duties upon the holders or creditors of warrant-linked bonds, option participation rights or option participating bonds on the Company's no-par value bearer shares accounting for a pro rata amount of registered share capital totaling up to € 8,000k pursuant to the more specifi c terms and conditions of such bonds can be granted or imposed. This also applies to the holders or creditors of the convertible bonds, convertible participation rights or convertible participating bonds and the respective option rights or duties.

Furthermore, the Company will be authorized, on or before May 10, 2019 to purchase its own shares in the amount of up to 10% of the registered share capital of € 40,000k, which exists at the time that the resolution is adopted, for purposes other than to trade in its own shares.

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 values per measurement categories:

In € k	Me ent asu rem	Car ing ry	Bal hee anc e s	tio lua t va n u	S 3 nde r IA 9	Ba lan ce	Fai r V alu e	S 1 IFR 3
	cat ego ry und IAS 39 er	val ue Jun e 3 0, 201 6	Am ize d ort t cos	Fai r Va lue in e qui ty	Fai r Va lue thr h oug fi t a nd loss pro	she et val ion uat und IAS 17 er	Jun e 3 0, 2 016	Lev el
As set s
Cas h a nd h e iva len ts cas qu	La R	3,4 09	3,4 09	–	–	–	3,4 09
Tra de eiv abl rec es	La R	48 ,17 5	48 ,17 5	–	–	–	48 ,17 5
Oth er fi nci al a ts na sse	La R	93 9	93 9	–	–	–	939
Lia bili tie s
Tra de abl pay es	FL AC	11, 156	11, 156	–	–	–	11, 156
Int bea rin loa st- ere g ns	FL AC	16 ,25 8	16 ,25 8	–	–	–	16, 258
Oth er fi nci al l iab iliti na es	FL AC	17, 511	17, 511	–	–	–	17, 511
Fin lia bili ties e le anc ase	n.a	64 3,5	–	–	–	564 3,	64 3,5
De riva tive s fi cia l lia bili ties nan	FV thP /L	0	–	–	–	–	0	2
Ag ted tio IAS 39 nta gre ga pr ese n p er
ori ent teg me asu rem ca es:
cei Loa and Re vab les (La R) ns		52 ,52 3	52 ,52 3	–	–
Fin ial Lia bili ties M d a t anc eas ure
Am ise d C (F LA C) ort ost		44 ,92 4	44 ,92 4	–	–
Fai r V alu e T hro h P rofi t/L (F Vth P/L ) ug oss		0	–	–	0

in € k	Me ent asu rem	Car ing ry	Bal anc e s	tio hee lua t va n u	S 3 nde r IA 9	Ba lan ce	Fai r V alu e	S 1 IFR 3
	cat ego ry	val ue	Am ize d ort	Fai r Va lue	Fai r Va lue	she et	Dec ber 31 em ,	Lev el
	und IAS 39 er	Dec ber 31 em , 201 5	t cos	in e qui ty	thr h oug	ion val uat und IAS 17	201 5
					fi t a nd loss pro	er
As set s
Cas h a nd h e iva len ts cas qu	La R	7,7 81	7,7 81	–	–	–	7,7 81
Tra de eiv abl rec es	La R	47, 771	47, 771	–	–	–	47, 771
Oth er fi nci al a ts na sse	La R	80 9	80 9	–	–	–	80 9
Lia bili tie s
Tra de abl pay es	FL AC	7,5 42	7,5 42	–	–	–	7,5 42
Int bea rin loa st- ere g ns	FL AC	5,2 69	5,2 69	–	–	–	5,2 69
Oth er fi nci al l iab ilit ies na	FL AC	031 17,	031 17,	–	–	–	031 17,
Fin lia bili ties e le anc ase	n.a	4,3 81	–	–	–	4,3 81	4,3 81
De riva tive s fi cia l lia bili ties nan	FV thP /L	312	–	–	312	–	312	2
Ag ted tio IAS 39 nta gre ga pr ese n p er
ori ent teg me asu rem ca es:
cei Loa and Re vab les (La R) ns		56 61 ,3	56 61 ,3	–	–
Fin ial Lia bili ties M d a t anc eas ure
Am ise d C (F LA C) ort ost		29, 842	29, 842	–	–
Fai r V alu e T hro h P rofi t/L (F Vth P/L ) ug oss		312	–	–	312

The fair value of the trade receivables and trade payables, of cash and cash equivalents, and of other fi nancial liabilities matches mainly the relevant 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.

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

As of December 31, 2015 and June 30, 2016, respectively, the contracts for the foreign exchange forwards and the interest rate swaps expired.

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

in € k	Ju n 3 0,	De c 3 1,
	20 16	20 15
No ent n-c urr	0	0
Cu nt rre	0	312
To tal	0	312

6. Contingent liabilities and other fi nancial obligations

Compared to December 31, 2015, contingent liabilities and other fi nancial obligations have remained mostly unchanged.

7. Disclosures about related party transactions

During the reporting period, no signifi cant related party transactions within the meaning of IAS 24 occurred.

Shares held by the members of the management board and supervisory board developed as follows:

Sh s h eld by th bo ard be ent are e m an ag em m em rs	Jun 30 ,	De c 3 1,
(un its)	16 20	20 15
Dr. Vo lke r Z im me rm an n	15, 000	12, 50 0
Ka rol ine Ka lb	3, 30 0	3, 30 0
Ste han W ebe p r	3, 000	3, 000
ine r S ing Ra pr s	4, 000	4, 000
iso Sh s h eld by th boa rd mb are e s up erv ry me ers	Jun 30 ,	De c 3 1,

(un its)	20 16	20 15
Gü Dr. r B las chk nte e	50, 000	50, 000
Ulr ich Be llga rdt	27, 50 0	25, 000
Jen s G roß e-A ller nn* ma	0	0
Dr. Sö He in ren	5, 000	5, 000
Ro lan d L ach er	00 0 5,	00 0 5,
Lie Dr. Ha ble ns r	5.0 00	5.0 00

* Mr. Große-Allermann sits on the management board of the investment company "Investmentaktiengesellschaft für langfristige Investoren TGV", which – according to the notifi cation dated July 31, 2009 – held 758,358 voting shares (5.43 %) of WashTec AG.

8. Notes after the balance sheet date

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

Responsibility statement

"To the best of our knowledge, the interim condensed consolidated fi nancial statements give a true and fair view of the assets and liabilities, fi nancial position and profi ts and loss of the Group, and the Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group during the remaining fi scal year."

Augsburg, July 28, 2016

Dr. Volker ZimmermannChief Executive Offi cer

Karoline KalbMember of the Board

Rainer Springs Member of the Board

Stephan Weber Member of the Board

Review Report

To WashTec AG

We have reviewed the condensed consolidated interim fi nancial statements – comprising the income statement and statement of comprehensive income, balance sheet, cash fl ow statement, statement of changes in equity and selected explanatory notes and the interim group management report of WashTec AG for the period from January 1 to June 30, 2016, which are part of the half-year fi nancial report pursuant to Art. 37w WpHG ("German Securities Trading Act"). The preparation of the condensed consolidated interim fi nancial statements in accordance with IFRS applicable to interim fi nancial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the parent company's management board [Vorstand]. Our responsibility is to issue a review report on the condensed consolidated interim fi nancial statements and on the interim group report based on our review.

We conducted our review of the condensed consolidated interim fi nancial statements and the interim group management report in accordance with the German generally accepted standards for the review of fi nancial statements, as such standards were promulgated by the Institute of Public Auditors in Germany (IDW). Those standards require that we plan and perform the review such that, through critical evaluation, we can rule out with moderate assurance that the condensed consolidated interim fi nancial statements were not prepared, in all material respects, in accordance with the IFRS applicable to

interim fi nancial reporting as adopted by the EU and that the interim group management report were not prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not off er the assurance attainable in a fi nancial statement audit. Since, in accordance with our engagement, we have not performed a fi nancial statement audit, we cannot express an audit opinion.

Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim fi nancial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim fi nancial reporting as adopted by the EU or cause us to presume that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.

Munich, July 28, 2016 PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

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Group Management Report on the period from January 1 to June 30, 2016

h1 2016

Contact

Financial calendar

October, 28 2016 9-month-report 2016

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

September 20–22, 2016 Baader Investment Conference Munich October 27, 2016 Berenberg Conference New York November 21–23, 2016 Equity Capital Form, Frankfurt on the Main