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WashTec AG: Group revenue in second quarter back at pre-pandemic level; Q2 EBIT, at €14.5m, broadly regains level from previous years

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DGAP-News: WashTec AG / Key word(s): Half Year Report/Half Year Results
28.07.2021 / 08:00
The issuer is solely responsible for the content of this announcement.


Augsburg, July 28, 2021 - The WashTec Group generated Group revenue of €195.0m for the half year ending June 30, 2021, which is €19.6m or 11.2% up on the prior-year period (€175.4m). On a constant currency basis, the year-on-year revenue growth was 12.1%. While revenue was still slightly down in the first quarter, second-quarter revenue was up 25.1%, putting it significantly above its prior-year level and also above the level of the pre-crisis year 2019. In total, second-quarter revenue amounted to €110.2m (prior year: €88.1m).

Half-year consolidated EBIT was €18.0m (prior year: €5.2m). The EBIT margin for the first half year was 9.2% (prior year: 3.0%). EBIT in the second quarter was €14.5m (prior year: €3.5m). The second quarter EBIT margin was significantly higher than in the prior year at 13.1% (prior year: 4.0%). Compared to the prior year, earnings were positively impacted by higher capacity utilization of factories in Q2, restructuring measures taken last year and low cost in areas such as travel.

The order backlog at the end of June was significantly above the prior-year figure.

Free cash flow including repayment of lease liabilities (net cash flow - cash outflow from Investing activities - repayment of lease liabilities) increased to €14.2m (prior year: €9.6m).

The Company updated its guidance on July 13, 2021. Based on the strong second quarter and the continued encouraging order intake, the expectations for the full year 2021 are now revenue growth of over 9% and an EBIT margin in a range of 10%. The guidance is subject to uncertainties, especially due to the corona crisis and the availability of materials.

The Report on the First-Half Year 2021 and further information about WashTec can be found on: www.washtec.de.

About WashTec:
WashTec Group, with its registered office in Augsburg, Germany, is the leading provider of innovative car wash solutions worldwide. The company has about 1,700 employees and is represented with subsidiaries in the major markets of Europe, North America and Asia/Pacific. Moreover, WashTec has an extensive network of independent marketing partners through which it is present in around 80 countries worldwide.

Key figures:

€m, IFRS

H1 2021

H1 2020

Change in %

Revenue

195.0

175.4

11.2

EBIT

18.0

5.2

246.2

EBIT margin in %

9.2

3.0

-

EBT

17.6

4.8

266.7

Net income

12.0

2.1

471.4

Earnings per share 1) (in €)

0.89

0.16

471.4

Free cash flow (including the repayment of lease liabilities)

14.2

9.6

47.9

 

€m, IFRS

30. Jun 21

31. Dec 20

Change abs.

Balance sheet total

259.8

244.0

15.8

Equity

78.2

96.2

-18.0

Equity ratio in %

30.1

39.4

-9.3

Net operating working capital2)

81.5

80.6

0.9

Employees

1,758

1,770

-12


1) Basis: on average 13,382,324 shares; basic = diluted
3) Trade receivables + inventories -trade payables - prepayments on orders


Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg

Tel.: +49 (0)821 - 5584 - 0
Fax: +49 (0)821 - 5584 - 1135


28.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

WashTec AG

Argonstraße 7

86153 Augsburg

Germany

Phone:

+49 (0)821 55 84-0

Fax:

+49 (0)821 55 84-1135

E-mail:

washtec@washtec.de

Internet:

www.washtec.de

ISIN:

DE0007507501

WKN:

750750

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1222079


 

End of News

DGAP News Service

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