DGAP-News: WashTec AG: WashTec closes fiscal year 2017 with record results in revenue and earnings
DGAP-News: WashTec AG / Key word(s): Final Results
WashTec AG: WashTec closes fiscal year 2017 with record results in revenue and earnings
21.03.2018 / 12:00
The issuer is solely responsible for the content of this announcement.
Press ReleaseWashTec closes fiscal year 2017 with record results in revenue and earnings
- Revenue of EUR 425.0m or 14.0% and EBIT of EUR 52.2m or 18.4% higher than prior year with an EBIT margin of 12.3%
- Positive performance across all products and customer groups relative to prior year
- Significant revenue and earnings growth in Europe and North America regions
- Dividend proposal to the Annual General Meeting of EUR 2.45 per share
- Outlook 2018: revenue growth of about 3% with a significant increase in EBIT
Augsburg, March 21, 2018 - As published at the end of January in connection with the preliminary results WashTec AG is looking back at a very successful year 2017. With revenue of EUR 425.0m (prior year EUR 372.8m) WashTec reached an EBITDA (Earnings before interest, tax, depreciation and amortization) of EUR 62.1m (prior year: EUR 53.4m). Earnings before interest and taxes (EBIT) were EUR 52.2m (prior year: EUR 44.1m). This equals an EBIT margin of 12.3% (prior year: 11.8%). Europe and North America regions were able to improve their revenue as well as their operating income significantly. Earnings per share increased also significantly to EUR 2.76 (prior year: EUR 2.29) on the basis of an average amount of 13,382,324 shares (prior year: 13,382,324 shares). The number of employees increased to 1,814 as of the end of December 2017 (prior year: 1,767 employees).
Free cash flow increased to EUR 28.1m (prior year: EUR 20.8m). The main reasons for this rise were the positive business performance, large prepayments from customers at the end of the year and lower capital expenditure. The EUR 28.1m dividend payment and larger tax payments for prior years caused net financial debt (cash and cash equivalents less current and non-current financial liabilities) to increase moderately by EUR 2.6m to EUR 7.1m. Despite an increased balance sheet total, the equity ratio remained at solid 40.3% (prior year: 40.1%). ROCE (Return on Capital Employed) increased from 24.9% to 29.1%.
"We align our actions to the benefit of our customers while working to continuously improve our efficiency. Thus, we gained an award in the extraordinary location development category in the »Factory of the year 2017« competition," said Dr. Volker Zimmermann, CEO of WashTec AG at today's annual press conference.
Forecast for fiscal year 2018
In the fiscal year 2018, the company expects a revenue distribution comparable to several prior years and following the typical model with higher revenue in the second half of the year. The one time effect of higher revenue following major customer orders especially in North America in the first half of 2017 will not be repeated in 2018. For the fiscal year 2018, WashTec is aiming for revenue growth of about 3% for the Group, with a significant increase in EBIT. The Company likewise expects a significant increase in free cash flow.
Supervisory Board members Dr. Günter Blaschke and Ulrich Bellgardt are due for re-election at this year's Annual General Meeting on April 30, 2018. In the event of his re-election to the Supervisory Board, it is intended to propose Dr. Blaschke as candidate for the Supervisory Board chair.
General risk informationAny outlook is subject to uncertainties that could have a material effect on forecast revenue and earnings performance.
The annual report for fiscal year 2017, invitation to the annual shareholders meeting 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 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
2017
2016
Change in %
Revenue
425.0
372.8
14.0
EBITDA
62.1
53.4
16.2
EBIT
52.2
44.1
18.4
EBIT margin in %
12.3
11.8
-
EBT
51.6
43.6
18.3
Consolidated net income
36.9
30.6
20.6
Earnings per share 1) (in EUR)
2.76
2.29
20.5
Dividend per share (in EUR)
2.452)
2.10
16.7
Net cash flow
38.8
39.9
-2.8
Free cash flow
28.1
20.8
35.1
ROCE in %
29.1
24.9
-
EUR m, IFRS
31. Dec. 17
31. Dec. 16
Change abs.
Balance sheet total
233.9
218.1
15.8
Equity
94.2
87.4
6.8
Equity ratio
40.3%
40.1%
-
Net financial debt
7.1
4.5
2.6
Net operating working capital 3)
86.7
87.3
-0.6
Employees (31.12.)
1,814
1,767
47
1) Basis: on average 13,382,324 shares
2) Proposal to the Annual General Meeting
3) Trade receivables + inventories -trade payables - prepayments on orders
Contact:WashTec AGArgonstrasse 786153 AugsburgTel.: +49 (0)821 - 55 84 - 0Fax: +49 (0)821 - 55 84 - 1135
21.03.2018 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:
+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
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
666613 21.03.2018