DGAP-News: WashTec AG: Financial and economic crisis impacts business in 2009
(firmenpresse) - WashTec AG / Final Results
26.03.2010 11:26
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Financial and economic crisis impacts business in 2009
- Revenues at EUR 256.3 million; operating Income (EBIT) at EUR 13.1
million
Augsburg, March 26, 2010 - 'WashTec did not come away unaffected by this
year of crisis. The market for carwash equipment shrunk, which led to an
approx. 10 percent drop in revenues. While the service, wash-chemicals and
operations business remained stable, equipment sales declined by nearly 16
percent', said CFO Christian Bernert at today's annual press conference of
WashTec AG in Augsburg.
Revenues declined from EUR 285.1 million to EUR 256.3 million for 2009,
resulting in an EBITDA of EUR 22.2 million (prior year: EUR 37.1 million).
Earnings before interest and taxes (EBIT) amounted to EUR 13.1 million
(prior year: EUR 29.4 million), corresponding to an EBIT margin of 5.1%
(prior year: 10.3%).
Adjusted for non-recurring costs of EUR 1.7 million for trade receivable
write downs in Southern Europe and restructuring costs, the EBIT for 2009
totalled EUR 14.8 million or 5.8% of revenues. The net financial debt (cash
minus bank debt minus finance lease liabilities) was reduced significantly
by EUR 9.9 million to EUR 37.0 million (prior year: EUR 46.9 million).
Net income after taxes for 2009 was EUR 5.8 million (prior year: EUR 15.3
million). Earnings per share decreased from EUR 1.03 to EUR 0.41.
Outlook
WashTec is not expecting a substantial recovery for 2010. It is expected
that in the short term the financing difficulties for individual customer
groups and the uncertain economic outlook in a number of markets will
continue. As no substantial recovery in revenues is expected, the focus
lies on the measures taken mostly in 2009 to improve efficiency and to
reduce costs. This shall lead to an increase in profitability in 2010.
Furthermore, WashTec will focus on intensifying the cooperation with
selected Key Accounts and on strengthening the sales and service network.
As in the past, acquisitions are possible in this context.
Starting 2011, WashTec expects a recovery of the markets combined with
rising revenues and a disproportionate increase in earnings. The mid- and
long-term outlook remains favorable. The further expansion of offerings
along the carwash value chain, the increase in market share above all in
North America and growth in countries with an increasing car population
will lead to an increase in revenues. Together with the general economic
recovery, WashTec aims to reach an EBIT margin of over 12% in the
long-term.
Thorsten Krüger commented on this issue: 'Our targets are achievable, but
will be subject to a delay due to the downturn; in other words, we will not
be catching up to them in 2010 or 2011.'
Overview of Key Financial Figures:
EUR m, IFRS 2009 2008The annual report 2009 of WashTec AG may be downloaded at www.washtec.de.
Revenues 256.3 285.1
EBITDA 22.2 37.1
EBIT 13.1 29.4
EBIT adjusted for non-recurring costs 14.8 29.4
Net financial debt as of Dec. 3137.0 46.9
Contact:
WashTec AG
Argonstrasse 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 0
Fax: +49 (0)821 - 55 84 - 1135
26.03.2010 11:26 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: WashTec AG
Argonstraße 7
86153 Augsburg
Deutschland
Phone: +49 (0)821 55 84-0
Fax: +49 (0)821 55 84-1135
E-mail: washtec(at)washtec.de
Internet: www.washtec.de
ISIN: DE0007507501
WKN: 750750
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="DE/RE PLC: BEBRA ENTERS INTO FINANCIAL ARRANGEMENTS
Datum: 26.03.2010 - 06:26 Uhr
Sprache: Deutsch
News-ID 1011998
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 85 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: WashTec AG: Financial and economic crisis impacts business in 2009
"
steht unter der journalistisch-redaktionellen Verantwortung von
WashTec AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
