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WashTec AG: Significant 12.8% revenue growth with 5.9% EBIT margin

DGAP-News: WashTec AG / Key word(s): Half Year Report
WashTec AG: Significant 12.8% revenue growth with 5.9% EBIT margin
28.07.2022 / 08:00
The issuer is solely responsible for the content of this announcement.

  • Group revenue €220.0m in first half year (prior year: €195.0m) and €119.0m in second quarter (prior year: €110.2m)

  • Group EBIT €12.9m in first half year (prior year: €18.0m) and €8.3m in second quarter (prior year: €14.5m)

  • Free cash flow (including repayment of lease liabilities) €−6.8m in first half year (prior year: €14.2m), largely due to increase in inventories for safety stocks

  • Order backlog well above prior year

  • Revised guidance for fiscal year 2022: Significant revenue growth of 10%–12% (originally: 5%–9%) with an EBIT margin of 8%–9% (originally: double-digit EBIT margin)


Augsburg, July 28, 2022 – The WashTec Group generated revenue of €220.0m in the half year to June 30, 2022, an increase of €25.0m or 12.8% on the prior year (€195.0m). At constant exchange rates, the revenue growth in the first six months was 10.3%. Equipment and Service revenue increased significantly compared to the first half of the prior year. The growth is mainly attributable to the sharp increase in business with major customers and the extremely positive development of the Chemicals business. Direct sales business also developed very healthily in the first six months.

Group EBIT came to €12.9m in the first six months (prior year: €18.0m). The EBIT margin for the first half year was 5.9% (prior year: 9.2%). In the second quarter, the EBIT of €8.3m (prior year: €14.5m) and the EBIT margin of 7.0% (prior year: 13.1%) were lower than in the prior year.

Despite a challenging economic and geopolitical environment, orders received in the first six months on a constant exchange rate basis held stable at the same high level as in the prior year. As was already the case at the end of the first quarter, the order backlog was significantly higher at the end of June than a year earlier.

Free cash flow including repayment of lease liabilities (net cash flow – cash outflow from investing activities – repayment of lease liabilities) decreased year-on-year to €−6.8m (prior year: €14.2m), largely due to an increase in inventories for safety stocks.


The Company revised its guidance on July 21, 2022 and, in view of the large order backlog, now expects revenue growth of 10%-12% in fiscal year 2022, representing 8%-10% growth at constant exchange rates. Revenue for the full year is therefore expected to be between €476m and €484m. Due to the challenges on procurement markets relating to supply chain problems, the trend in material prices and the delayed effect of price increases, the Company has also revised its start-of-year guidance of a double-digit EBIT margin and now expects an EBIT margin of 8%–9%. EBIT for the full year is therefore expected to be between €38m and €43m. This guidance is subject to uncertainties.

“Maintaining our ability to deliver is also largely the achievement of our workforce, who work closely together with our suppliers and do an outstanding job. I would like to take this opportunity to thank them for their dedicated hard work,” said Dr. Ralf Koeppe, CEO of WashTec AG.

The full report on the first half year 2022 and further information about WashTec can be found on: www.washtec.de.

About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative solutions for carwash worldwide. WashTec employs around 1,800 people worldwide and has subsidiaries in the markets of Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers.


Group key figures:

€m, IFRS

H1 2022

H1 2021

Change in %

Revenue

220.0

195.0

12.8

EBIT

12.9

18.0

-28.3

EBIT margin in %

5.9

9.2

-

EBT

12.6

17.6

-28.4

Consolidated net income

8.1

12.0

-32.5

Earnings per share1 (€)

0.60

0.89

-32.5

Free cash flow2

-6.8

14.2

-147.9

 

€m, IFRS

31.06.22

31.12.21

Change

Balance sheet total

284.6

267.0

17.6

Equity

70.3

98.4

-28.1

Equity ratio

24.7%

36.9%

-12.2

Net operating working capital3

96.0

86.9

9.1

Employees at reporting date

1,799

1,782

17


1 Basis: average of 13,382,324 shares; basic = diluted
2 Including repayment of lease liabilities
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


28.07.2022 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:

1407217


 

End of News

DGAP News Service

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