WashTec AG: Second quarter business performance confirms guidance for full year

DGAP-News: WashTec AG / Key word(s): Half Year Results WashTec AG: Second quarter business performance confirms guidance for full year 27.07.2018 / 08:00 The issuer is solely responsible for the content of this announcement. Press Release Second quarter business performance confirms guidance for full year - Second quarter revenue and EBIT in line with high prior year level (Q2 2017 and Q2 2018 revenues: EUR 108.6m; Q2 2017 and Q2 2018 EBIT: EUR 12.9m), resulting in half year revenues of EUR 200.1m (prior year: EUR 209.9m) and half year EBIT of EUR 18.3m (prior year: EUR 25.0m) - Orders received and order backlog at end of first half year double-digit above prior year - Guidance for 2018 confirmed: Full-year revenue growth of approximately three percent with significant improvement in EBIT Augsburg, July 27, 2018 - Revenue of WashTec Group - the leading supplier of innovative solutions for the carwash business worldwide - in the second quarter of 2018 was with EUR 108.6m on the same level as in the prior year (prior year: EUR 108.6m). On an exchange rate adjusted basis, revenue increased in the second quarter by 1.5% to EUR 110.3m (prior year: EUR 108.6m). As expected in view of the weaker first quarter, revenue in the half year ending June 2018, at EUR 200.1m, was EUR 9.8m or 4.7% down on the prior- year period (EUR 209.9m). It should be noted when comparing with the prior year that the first quarter of 2017 with 32% revenue growth and the second quarter with 18% revenue growth were exceptionally strong as a result of orders from major customers. Adjusted for exchange rate effects, revenue decreased by 2.5% in the first half year. Revenue and orders received developed positively in the course of the second quarter. This applied most of all to business with individual customers, but also to the other customer groups. The Company expects a pronounced positive business trend in the second half year. Half year EBIT, at EUR 18.3m, was still down on the prior year (EUR 25.0m) due to the weaker first quarter. The EBIT margin in the second quarter remained at prior year's level of 11.8%. "We were able to demonstrate our performance at UNITI expo again ", said Dr. Volker Zimmermann, CEO of WashTec AG. "With EasyCarWash, we presented a flat-rate based concept, which makes car wash easier for the car drivers and generates additional growth for operators. Other innovations like the tunnel SoftLine² Xpress Pro were launched to the market. Our first tunnel in North America has successfully started operations. Further projects are on the way. " Guidance for full-year revenue growth confirmed because of business performance For the full year 2018, the Company continues to target approximately three percent revenue growth with a significant increase in EBIT. This forecast is underlined by order intake and the order backlog as of the end of June; which were double-digit percentage above the prior year level in all regions. General risk information Any outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance. The H1 financial report 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 more than 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 70 countries worldwide. Key figures: EUR m, IFRS H1 2018 H1 2017 Change in % Revenue 200.1 209.9 -4.7 EBITDA 23.2 29.8 -22.1 EBIT 18.3 25.0 -26.8 EBIT margin in % 9.2 11.9 - EBT 18.0 24.7 -27.1 Consolidated net income 11.4 17.4 -34.5 Earnings per share 1) (in EUR) 0.85 1.30 -34.6 Dividend per share (in EUR) 2.45 2.10 16.7 Net cash flow -0.4 7.5 -105.3 3Free cash flow -4.4 2.4 -283.3 ROCE in % 25.2 31.8 -           EUR m, IFRS June 30, 18 Dec 31, 17 Change abs. Balance sheet total 243.0 233.9 9.1 Equity 72.5 94.2 -21.7 Equity ratio 29.8 40.3 -10.5 Net operating working capital 2) 89.9 86.7 3.2 Employees 1,844 1,814 30   1) Basis: on average 13,382,324 shares 2) Trade receivables + inventories -trade payables - prepayments on orders Contact: WashTec AG Argonstrasse 7 86153 Augsburg Tel.: +49 (0)821 - 55 84 - 0 Fax: +49 (0)821 - 55 84 - 1135 27.07.2018 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:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.washtec.de
ISIN:	DE0007507501
WKN:	750750
Indices:	SDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

End of News	DGAP News Service

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