WashTec AG: Group revenue in second quarter back at pre-pandemic level; Q2 EBIT, at ?14.5m, broadly regains level from previous years
July 28, 2021 at 02:01 am EDT
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DGAP-News: WashTec AG
/ Key word(s): Half Year Report/Half Year Results
WashTec AG: Group revenue in second quarter back at pre-pandemic level; Q2 EBIT, at ?14.5m, broadly regains level from previous years
28.07.2021 / 08:00
The issuer is solely responsible for the content of this announcement.
Group revenue was ?195.0m year to date (prior year: ?175.4m) and ?110.2m in second quarter (prior year: ?88.1m)
Group EBIT was ?18.0m year to date (prior year: ?5.2m) and ?14.5m in second quarter (prior year: ?3.5m)
Free cash flow (including repayment of lease liabilities) ?14.2m year to date (prior year: ? 9.6m) and ?10.3m in second quarter (prior year: ?10.1m)
Order backlog at the end of June significantly above prior-year figure
Guidance: Revenue expected to increase by over 9% with an EBIT margin in a range of 10%
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
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
WashTec AG is a Germany-based company engaged in the provision of vehicle washing solutions. The Company and its subsidiaries focus on developing, manufacturing, selling and servicing car wash products. The Company operates through three geographical segments: Core Europe, North America, and Asia/Pacific. Its product portfolio comprises, among others, roll-over wash equipment, self-service wash equipment, commercial car wash equipment, wash tunnels,water reclaim systems and the spare parts. It also provides repair and maintenance services, including full service and call-out services, markets related products, such as detergents and care products, and provides sales financing services. The Company distributes its products in approximately 70 countries. WashTec AG is the parent company of the WashTech Group.
WASHTEC AG 
