Financial
Statement
Q1 2024
Michael Drolshagen (CEO) | Andreas Pabst (CFO)
Board of Management WashTec AG
May 6th, 2024
1
Update on WashTec
WashTec Management Board
Michael Drolshagen | Andreas Pabst | Sebastian Kutz | |||
CEO/CTO | CFO | CSO | |||
▪ | Corporate culture, | ▪ | Finance/Controlling | ▪ | Sales |
communication & mission | ▪ | IT | ▪ | Key Account Management | |
statement | ▪ | Purchasing | ▪ | Marketing | |
▪ | Human Resources | ▪ | Investor Relations | ▪ | Business Units/Product |
▪ | Production | ▪ | Legal and Compliance | Management | |
▪ | Sustainability | ▪ | Risk Management | ▪ | WashTec Carwash |
▪ | R&D | ▪ | Internal Audit | Management GmbH | |
▪ | Quality | ▪ | Insurance | ||
▪ | Service | ▪ | WashTec Financial Services | ||
▪ | AUWA-Chemie GmbH | GmbH |
3 | Quaterly statement Q1 2024 | WashTec AG
New Rollover - Entry Machine
today | from mid of May 2024 onwards |
SmartCareSmartCare
SoftCare | SoftCare | digital offering | |
full | |||
Classic | Classic | ||
SoftCare Primo | cap | SoftCare Primo | |
EasyWash | New Entry Machine | ||
- New Entry Machine will have similar pricing like former EasyWash with higher functionality.
- Based on our platform ramp up period is quite short.
- Number of sold units expected to increase for entry market.
- New Entry Machine will not offer full range of digital features.
4 | Quaterly statement Q1 2024 | WashTec AG
Come and visit us - WashTec will be at this upcoming fair
UNITI expo
May 14-16, 2024 | Stuttgart
Come and visit us there!
5 | Quaterly statement Q1 2024 | WashTec AG
US tunnel strategy: new "mini-tunnel"
Conversion IBA (in bay automatics/rollover) to Tunnel for C-Store industry
- Mark VII/WashTec is the dominant supplier of carwash equipment for C-Stores in the USA.
- Rollover are the domain of the C-Stores (fuel stations), with approximately 23.500 units.
- Tunnel car wash is the preferred car wash solution for the majority of the car owners in the US, as the capacity and throughput are higher.
- We see a potential of appr. 1.500 - 2.000 rollover wash bays which are suitable (size of wash bays) for the change from rollover to a mini tunnel.
-
The business case for operators is proven positive,
with a pay off period of 1,3 years by a 2,5 times higher investment.
6 | Quaterly statement Q1 2024 | WashTec AG
Come and visit us - Mark VII will be at this upcoming fair
ICA - the largest carwash trade fair in USA
May 13-15, 2024 | Nashville
- 3 pitches to present the Mini Tunnel to an interested audience
- 1 presentation on the opening day
- A complete Mini Tunnel as an exhibit
- Training of the gantry car wash sales staff with a simplified price list
Come and visit us there!
7 | Quaterly statement Q1 2024 | WashTec AG
2
Q1 2024 results
First-quarter EBIT margin at prior-year level despite slow start to the year
▪ Revenue down on prior year | ||||||||||||||||||||||||||
Q1 | ||||||||||||||||||||||||||
WashTec generated revenue of €100.8m | ||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||
Q1 2024 | Q1 2023 | in the first three months, down 7.7% on | ||||||||||||||||||||||||
absolute | in % | the prior year (€109.2m). This was mainly | ||||||||||||||||||||||||
the result of lower sales of equipment, | ||||||||||||||||||||||||||
Revenue | €m | 100.8 | 109.2 | -8.4 | -7.7 | |||||||||||||||||||||
particularly to key accounts in North | ||||||||||||||||||||||||||
EBIT | €m | 5.1 | 5.5 | -0.4 | -7.3 | America. | ||||||||||||||||||||
EBIT margin | % | 5.1 | 5.0 | - | 10 bp | ▪ EBIT margin at prior-year level | ||||||||||||||||||||
Despite the lower revenue, EBIT in the | ||||||||||||||||||||||||||
Net income | €m | 3.1 | 3.5 | -0.4 | -11.4 | |||||||||||||||||||||
first three months amounted to €5.1m, | ||||||||||||||||||||||||||
Number of Shares | units | 13,382,324 | 13,382,324 | 0 | 0.0 | |||||||||||||||||||||
only slightly down on the prior year | ||||||||||||||||||||||||||
(€5.5m). As a result, the EBIT margin | ||||||||||||||||||||||||||
Earnings per Share | €m | 0.23 | 0.26 | -0.03 | -11.4 | |||||||||||||||||||||
increased slightly to 5.1% (prior year: | ||||||||||||||||||||||||||
Free cash flow | €m | 9.3 | 1.9 | 7.4 | 389.5 | |||||||||||||||||||||
5.0%). Adjusted for one-off expenses of | ||||||||||||||||||||||||||
around €1m, EBIT rose by around 11% | ||||||||||||||||||||||||||
Net cash outflow from investing activities | €m | 1.4 | 11.1 | -9.7 | -87.4 | |||||||||||||||||||||
compared to the prior-year quarter. | ||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||
Equity ratio | % | 33.9 | 31.2 | 270 bp | ||||||||||||||||||||||
▪ Increase in free cash flow | ||||||||||||||||||||||||||
Employees at reporting date | people | 1,694 | 1,785 | -91 | -5.1 | |||||||||||||||||||||
Free cash flow improved in the first three | ||||||||||||||||||||||||||
bp: basis point (1/100th of a percentage point) | ||||||||||||||||||||||||||
months to €9.3m (prior year: €1.9m) due | ||||||||||||||||||||||||||
Figures in this report are rounded. Because of this, individual figures may not add up to the stated totals and percentages may not precisely correspond | ||||||||||||||||||||||||||
to the absolute figures they relate to. | to lower capital expenditure and a refund | |||||||||||||||||||||||||
of capital gains tax prepayments. | ||||||||||||||||||||||||||
▪ Guidance for full year 2024 | ||||||||||||||||||||||||||
The WashTec Group confirms its guidance | ||||||||||||||||||||||||||
9 | Quaterly statement Q1 2024 | WashTec AG | for fiscal year 2024. |
Group revenue and earnings
Revenue and EBIT Q1 in €m, and EBIT margin in a multi-year comparison
+200%
+15%
101.0 | 109.2 |
100.8 |
87.3 | 84.8 |
5.5 | 5.1 | |||||||
3.5 | 4.6 | |||||||
1.7 | ||||||||
1.9% | 4.1% | 4.6% | 5.0% | 5.1% | ||||
Q1 | Q1 | Q1 | Q1 | Q1 | ||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||
- Despite lower revenues compared to last year, we are facing third year in a row revenues >€100m. This is an increase over the last five years of 15%.
- EBIT margin increased every year - from 1.9% in Q1/20 to now 5.1% in Q1/24. This is an EBIT CAGR of ~30%.
10 | Quaterly statement Q1 2024 | WashTec AG
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
WashTec AG published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 10:36:07 UTC.