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WashTec AG: Significant increase in revenue and earnings despite disruptions in the supply chain, steep cost increases and continuing restrictions due to the pandemic

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DGAP-News: WashTec AG / Key word(s): Annual Results
31.03.2022 / 08:00
The issuer is solely responsible for the content of this announcement.

  • Revenue at €430.5m, prior year €378.7m

  • EBIT at €45.7m, prior year €20.1m; EBIT margin at 10.6%

  • Adjusted EBIT at €43.0m, prior year €25.6m; adjusted EBIT margin at 10.0%

  • Free cash flow including repayment of lease liabilities at €34.5m, prior year €36.9m

  • Dividend proposal: 2021 €2.10, special dividend €0.80

  • Guidance 2022: revenue growth of 5%-9% with a double-digit EBIT margin


Augsburg, March 31, 2022 - Group revenue for fiscal year 2021 increased by €51.8m to €430.5 (prior year €378.7m). All product categories and segments contributed to the good business performance, with both key account business and direct sales generating double-digit growth rates. With revenue of €124.2m (prior year: €109.3m), the final quarter of the year was one of the strongest in the Company's history.

With the revenue growth, EBIT went up 127.4% to €45.7m (prior year: €20.1m). This includes a €2.7m positive non-recurring item resulting from the recognition in profit or loss of a prior-year loan under the US government support program. In the prior year, EBIT was reduced by one-off expenses in the amount of €5.6m. Adjusted for these effects, EBIT was €43.0m (EBIT margin 10.0%), compared with €25.7m in the prior year (EBIT margin 6.8%). This means the WashTec Group once again delivered a double-digit EBIT margin on an adjusted basis.

Despite the increase in business volume, free cash flow including repayment of lease liabilities was €34.5m, slightly below prior year at €36.9m.

Equity increased from €96.2m to €98.4m; due to the €30.8m dividend distribution, the equity ratio decreased slightly to 36.9% (prior year: 39.4%).

"WashTec has made very good use of the time during the pandemic to streamline and optimize its organization and processes. We have new products ready for launch and our Company is more agile and more digital than ever before. WashTec is in the course of a transformation which would not be possible without the trust and confidence granted to us by shareholders, customers and employees. We will reap the benefits of that transformation in the years ahead," explained Dr. Ralf Koeppe, CEO of WashTec AG.

Annual General Meeting 2022
The Annual General Meeting of WashTec AG will take place on Monday, May 16, 2022. The Management Board and Supervisory Board are proposing a dividend of €2,10 for fiscal year 2021. In addition to this dividend, distribution of a special dividend of €0,80 per share is proposed.

Forecast for fiscal year 2022
For fiscal year 2022 WashTec aims for revenue growth of 5%-9% for the Group, with a double-digit EBIT margin. When comparing with the EBIT guidance for 2021, it should be noted that the prior-year figure included a positive non-recurring item of €2.7m. Adjusted for this effect, the forecast increase in adjusted EBIT is 5%-12%. The Company expects free cash flow including repayment of lease liabilities to decrease due to significant higher investments. This forecast does not reflect any further significant repercussions of the economic situation due to the Russia-Ukraine war.

General risk information
Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.

The annual report for fiscal year 2021 and additional information about the company 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 around 1,800 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

2021

2020

Change in %

Revenue

430.5

378.7

13.7

EBIT

45.7

20.1

127.4

EBIT margin in %

10.6

5.3

-

Adjusted EBIT1)

43.0

25.6

68.0

Adjusted EBIT margin in %

10.0

6.8

-

EBT

44.8

18.8

138.3

Net income

31.1

13.3

133.8

Earnings per share2) (in €)

2.32

0.99

133.8

Free cash flow3)

34.5

36.9

-6.5

ROCE in %

25.8

10.5

-

 

€m, IFRS

31. Dec. 21

31. Dec. 20

Change abs.

Balance sheet total

267.0

244.0

23.0

Equity

98.4

96.2

2.2

Equity ratio

36.9%

39.4%

-2.5

Net financial debt

15.7

19.4

-3.7

Net operating working capital4)

86.9

80.6

6.3

Employees (31.12.)

1,782

1,770

12


1) Non-recurring item in the amount of €2.7m from US government support program (prior year: €-5.6m from one-off expenses)
2) Basis: on average 13,382,324 shares
3) Including repayment of lease liabilities
4) 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


31.03.2022 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:

1315563


 

End of News

DGAP News Service

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