WashTec AG: New revenue record and substantial 10.3% increase in EBIT with significant rise in free cash flow to €46.1m

• Revenue €489.5m, prior year: €482.2m
• EBIT €41.9m, prior year: €38.0m; EBIT margin 8.6%, prior year: 7.9%
• Free cash flow €46.1m, prior year: €16.2m
• Dividend proposal: €2.20

Augsburg, March 27, 2024 – The WashTec Group achieved a new revenue record of €489.5m in fiscal year 2023, an increase of €7.3m or 1.5% on the prior year (€482.2m). At constant exchange rates, the growth in revenue was 3.4%. The year-on-year revenue growth was mainly due to the very positive performance in the chemicals business, where new customers were acquired.

Largely due to the implemented price increases and active cost management, EBIT rose by 10.3% to €41.9m (prior year: €38.0m). The EBIT margin improved to 8.6% (prior year: 7.9%).

Fourth-quarter revenue, at €132.8m, was 7.6% down on the record prior-year quarter (€143.7m). Despite the lower revenue, the EBIT of €15.0m was on the same high level as in the prior year (€15.4m). The EBIT margin increased to 11.3% (prior year: 10.7%).

Free cash flow increased significantly to €46.1m (prior year: €16.2m) despite the €9.5m acquisition of the site occupied by the American subsidiary. A notable positive factor comprised the measures initiated at the beginning of the year to reduce the amount of capital tied up in inventories.

Equity went down from €88.1m to €85.8m. The equity ratio increased to 31.6% (prior year: 31.0%) because of the lower balance sheet total compared to the prior year, primarily due to the reduction in working capital.

“Fiscal 2023 was not an easy year. Nevertheless, we have steered our company well through these challenging times and worked intensively on our future direction. By adjusting our strategy, we have laid the groundwork for our company to return to a double-digit EBIT margin in the coming years, and our consistent focus on maximizing customer benefit will lead to increasing earnings contributions,” said Andreas Pabst, CFO of WashTec AG.

Annual General Meeting 2024
The Annual General Meeting of WashTec AG takes place on May 14, 2024. The Management Board and Supervisory Board are proposing a dividend of €2.20 for fiscal year 2023.

Outlook for fiscal year 2024
For fiscal year 2024, WashTec expects Group revenue on a similar level to the prior year (2023: €489.5m), with an increase in EBIT in the mid-single-digit percentage range (2023: €41.9m).
In addition, the Company aims for a further normalization of net operating working capital in 2024, particularly with regard to trade receivables/payables and inventories. As a result, the Company expects a free cash flow of between €30m and €40m (2023: €46.1m).

General note on risk
Every forecast is subject to uncertainties that could have a material effect on the forecast revenue and earnings performance.

The annual report for fiscal year 2023 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	2023	2022	Change in %
Revenue	489.5	482.2	1.5
EBIT	41.9	38.0	10.3
EBIT margin in %	8.6	7.9	–
EBT	38.4	37.3	2.9
Net income	28.0	26.4	6.1
Earnings per share1 (€)	2.09	1.97	6.1
Free cash flow	46.1	16.2	184.6
ROCE (%)	21.5	20.2	–

 

€m, IFRS	Dec. 31, 23	Dec. 31, 22	Change abs.
Balance sheet total	271.3	284.5	-13.2
Equity	85.8	88.1	-2.3
Equity ratio (%)	31.6	31.0	0.6
Net operating working capital2	83.5	105.1	-21.6
Employees on reporting date	1,687	1,824	-137

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 - 5555
Fax: +49 (0)821 - 5584 - 1135