WashTec AG: WashTec makes successful start to 2023

WashTec AG:           WashTec makes successful start to 2023

• Group revenue €109.2m (prior year: €101.0m)
• Group EBIT €5.5m (prior year: €4.6m); EBIT margin 5.0% (prior year: 4.6%)
• Free cash flow €1.9m (prior year: €−3.6m)
• Guidance for fiscal year 2023 confirmed

Augsburg, May 4, 2023 – The WashTec Group made a successful start to 2023 and generated revenue of €109.2m in the first quarter, exceeding the prior-year figure by 8.1% (€101.0m). This is once again a new record for the first three months of a fiscal year. At constant exchange rates, the revenue growth in the first three months was 8.4%. Revenue increased compared to the prior-year quarter in both the Equipment and Service product segment and the Chemicals product segment.  In addition to the price increases implemented over the course of the last year and at the beginning of this year, this was also due to higher numbers of machines sold. With regard to the customer mix, there was an increase in key account business but a slight decrease in direct sales business.

Mostly as a result of the revenue growth, Group EBIT increased significantly in the first three months of the year by 19.6% to €5.5m (prior year: €4.6m). The EBIT margin was 5.0%, up from 4.6% in the prior-year quarter. This is also a new record for a first quarter.

Despite the significantly higher capital expenditure – mainly in connection with the acquisition of the site occupied by the US subsidiary, accounting for USD 10.3m – free cash flow (cash inflow from operating activities less cash outflow from investing activities) improved significantly, due to the sharp rise in the cash inflow from operating activities, from €−3.6m in the prior year to €1.9m.

Orders received in the first quarter were down year on year, with demand currently somewhat slow in the market as a whole. Accordingly, the order backlog at the end of March was slightly down on a year earlier.

The guidance for fiscal year 2023 has been confirmed: For fiscal year 2023, the Group is targeting revenue on a similar level to the prior year with a significant increase in EBIT.

“WashTec has made a successful start to 2023, with new records in revenue and EBIT. This shows that we are on the right track with our range of sustainable products and services to provide customers with vehicle washes that offer maximum benefit,” said Dr. Ralf Koeppe, CEO of WashTec AG.

The full Q1 report 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.


Key figures:
 

€m, IFRS	Q1 2023	Q1 2022	Change in %
Revenue	109.2	101.0	8.1
EBIT	5.5	4.6	19.6
EBIT margin in %	5.0	4.6	–
EBT	5.1	4.5	13.3
Consolidated net income	3.5	2.3	52.2
Earnings per share1 (€)	0.26	0.17	52.2
Free cash flow	1.9	-3.6	152.8

 

€m, IFRS	31.03.23	31.12.22	Change abs.
Balance sheet total	291.7	284.5	7.2
Equity	91.0	88.1	2.9
Equity ratio in %	31.2	31.0	0.2
Net operating working capital2	100.8	105.2	-4.4

¹ Basis: average of 13,382,324 shares; basic = diluted
² 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