WashTec AG: First-quarter EBIT margin at prior-year level despite slow start to the year

WashTec AG: First-quarter EBIT margin at prior-year level despite slow start to the year

• Revenue €100.8m (prior year: €109.2m)
• EBIT €5.1m (prior year: €5.5m); EBIT margin 5.1% (prior year: 5.0%)
• Free cash flow €9.3m (prior year: €1.9m)
• Guidance for fiscal year 2024 confirmed

Augsburg, May 6, 2024 – The WashTec Group generated revenue of €100.8m in the first three months, down 7.7% on the prior year (€109.2m). On an exchange rate adjusted basis, revenue was 7.9% down on the prior year. This was mainly the result of lower sales of equipment, particularly to key accounts in North America.

Despite the lower revenue, Group EBIT in the first three months amounted to €5.1m, only slightly down on the prior year (€5.5m). As a result, the EBIT margin increased slightly to 5.1% (prior year: 5.0%). Adjusted for one-off expenses of around €1m, EBIT rose by around 11% compared to the prior-year quarter.

Free cash flow improved in the first three months to €9.3m (prior year: €1.9m) due to lower capital expenditure and a refund of investment income withholding tax.

Orders received were lower in the first quarter than in the prior-year quarter due to the drop in demand in the market as a whole. Due to the lower orders received, the order backlog as of the end of March also fell below the prior-year figure.

The WashTec Group confirms the guidance for fiscal year 2024 and expects revenue on a similar level to the prior year and an increase in EBIT in the mid single-digit percentage range.

“I have been part of the WashTec AG team since May 1, 2024. For me, WashTec AG is a jewel that has established a successful market position in recent years with a sustainable product and service portfolio and an innovative digital platform. Our task for the near future is to systematically build on this position with the cross-functional expertise of our employees. The focus remains on profitability. I look forward to this,” explained Michael Drolshagen, CEO of WashTec AG.

The full Q1 statement and further information about WashTec can be found on the WashTec: Investor Relations Website.

About WashTec:
The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative carwash solutions. WashTec employs around 1,700 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 2024	Q1 2023	Change in %
Revenue	100.8	109.2	-7.7
EBIT	5.1	5.5	-7.3
EBIT margin in %	5.1	5.0	10bp
Net income	3.1	3.5	-11.4
Earnings per share1 (€)	0.23	0.26	-11.4
Free cash flow	9.3	1.9	389.5

bp: basis point (1/100th of a percentage point)
 

€m, IFRS	31.03.24	31.12.23	Change abs.
Balance sheet total	263.1	271.3	-8.2
Equity	89.1	85.8	3.3
Equity ratio (%)	33.9	31.6	2.3
Net operating working capital2	89.9	83.5	6.4

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