Washtec AG Reports Group Preliminary Financial Results for the Year 2016
January 31, 2017 at 02:02 am
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Washtec AG reported group preliminary financial results for the year 2016. For the year, the company reported that its revenue increased by 9.4% to EUR 372.8 million compared to prior year of EUR 340.9 million after a strong final quarter 2016. Adjusted for exchange rate effects, revenue increased by 10.0% compared to the prior year. In the fourth quarter the growth amounted to 18.8%. Earnings before interest, tax, depreciation and amortization (EBITDA) were at EUR 53.4 million compared to prior year of EUR 46.1 million. Earnings before interest and tax (EBIT) were at EUR 44.1 million compared to prior year of EUR 36.5 million. This equates to an EBIT margin of 11.8%, a further improvement compared to the prior year 10.7%. All regions and products contributed to the revenue growth. Whilst in the first half of the year, individual customers contributed strongly to the growth, business with existing major customers, positively influenced the solid development in the second half. Net financial debt was EUR 4.5 million compared to EUR 1.9 million a year ago.
WashTec AG is a Germany-based company engaged in the provision of vehicle washing solutions. The Company and its subsidiaries focus on developing, manufacturing, selling, and servicing car wash products. The Company operates through three geographical segments: Core Europe, North America, and Asia/Pacific. Its line of business includes roll-over wash equipment, self-service wash equipment, commercial car wash equipment, wash tunnels, water reclaim systems and the spare parts are among others. It also provides repair and maintenance services, including full service and call-out services, markets related products, such as detergents and care products, and provides sales financing services. The Company distributes its products in around 70 countries. WashTec AG is the parent company of the WashTech Group.