- WKN: 750750
- ISIN: DE0007507501
- Land: Germany
Nachricht vom 07.05.2012 | 07:31
WashTec AG: WashTec improves revenues in an environment that is still difficult
WashTec AG / Key word(s): Quarter Results
WashTec improves revenues in an environment that is still difficult
- Revenue growth of approximately 5% to EUR 66.7m in the first quarter of 2012
- Almost stable EBIT despite substantial costs triggered by wage hikes and price increases
- Balance sheet improved - net finance debt reduced to EUR 18.5m, equity ratio climbs to 39.2%
- Validation of the guidance for 2012: slight revenue increase and significant improvement in adjusted earnings compared to 2011
Augsburg, May 7, 2012 - The WashTec Group - the leading supplier of innovative solutions for the car wash business worldwide - has been able to make a good start of fiscal year 2012 despite the ongoing difficult environment. For example, consolidated revenues rose in the first quarter of 2012 by 5.2% to EUR 66.7m (Q1 2011: EUR 63.4m); a trend that may be attributed to a high order backlog existing at the end of 2011. Overall, the winter months of January through March are traditionally the weakest of the year. This fact is also reflected in the earnings performance. Accordingly, as was expected, EBIT was only slightly positive at EUR 0.1m and was therefore at approximately the same level as the prior year. As in the same period of 2011, the Group would have earned EUR 0.4m after adjusting for foreign exchange effects. WashTec was able to achieve this result even though wage hikes, raw material price increases and other procurement cost escalations led to a significant increase in operating costs.
In addressing the Group's business performance, CFO Houman Khorram commented: 'Given the difficult environment that persists, we should be quite satisfied with our first quarter performance, even though there are no grounds for euphoria. Nevertheless, we are confident that we can achieve our annual objectives of slightly increasing revenues and significantly improving our adjusted earnings, particularly as the communicated strategic repositioning of the Group progresses further'.
With respect to the segments, WashTec was able during the reporting quarter to improve revenues slightly in Core Europe, while improving them significantly in North America and in the Asia/Pacific region. In Emerging Europe, business continues to grow in view of the ever-increasing order backlogs, although revenues did in fact decline during the first months of the year due to invoicing practices. With respect to revenues by product, the continued strong growth in the chemical business should be particularly highlighted. The earnings development within the segments proceeded as expected; in North America, smaller losses were once again reported as a result of the adjustments made in the previous year. As was the case during the same period of the previous year, the Group reported slightly negative pre-tax and after-tax earnings and earnings per share. As is typical during any given year, however, the Group expects a strong return to profits in the next quarter.
Strategic repositioning proceeding on schedule
Outlook for 2012 confirmed: slight increase in revenues and significant increase in adjusted earnings
Specifically, the annual forecast for the segments is as follows:
- Core Europe: slight revenue growth with slightly better earnings;
- North America: revenue decline of 3 - 7% and significant (50% - 70%) reduction in operating losses; the current assumption is that the North American business will be continued and that the restructuring program will be implemented;
- Emerging Europe: double-digit revenue growth with commensurate earnings performance;
- Asia/Pacific: slight revenue and earnings improvement.
On this basis, WashTec is aiming for slight revenue growth of 1 - 2% for the entire Group in 2012 together with a significant increase in adjusted earnings. Additional special charges triggered by potential strategic alliances in North America remain a possibility at this time.
The report on the first quarter of 2012 and additional information about the Company can be found on our website: www.washtec.de.
Information on WashTec:
*: Basis: 13,976,790 shares
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