Washtec Ag · XETR:WSU
Washtec — Q2 2022 Earnings Presentation
21 slides from Washtec's earnings presentation, Jul 28, 2022
Slide 1: Q2 Report | July 28, 2022
Q2 Report | July 28, 2022 Dr. Ralf Koeppe | CEO
Slide 2: Update WashTec
1 Update WashTec 2 | Q2 report | July 28,2022 | WashTec AG
Slide 3: Car wash as a resilient & sustainable business model
Car wash as a resilient & sustainable business model WashTec is the leading supplier of innovative vehicle wash solutions worldwide. The product range includes all types of vehicle washing systems as well as associated peripheral equipment, washing chemicals and water recovery systems. As specialist
Slide 4: Supply chain situation – tense but manageable
Supply chain situation – tense but manageable Risks from the supply situation still remain but is managed. Production efficiency is reduced MAINTAINING DELIVERY CAPABILITY WashTec is executing a rigorous, proactive approach Forecasting with major suppliers, Regular calls with all important suppliers
Slide 5: Sustainability Report 2021 published
Sustainability Report 2021 published Download https://ir.washtec.de/en/sustainability 5 | Q2 report | July 28,2022 | WashTec AG
Slide 6: New design WashTec IR Homepage
New design WashTec IR Homepage https://ir.washtec.de 6 | Q2 report | July 28,2022 | WashTec AG
Slide 7: Q2 2022 results
2 Q2 2022 results 7 | Q2 report | July 28,2022 | WashTec AG
Slide 8: Q2 at a glance – Revenue 8% up; EBIT affected by time lag
Q2 at a glance – Revenue 8% up; EBIT affected by time lag between material price rises and own price increases Revenue ▪ Q2 revenue up 8% (FX adjusted 5%) mainly driven by higher sales to key-accounts and strong € 119.0m (PY € 110.2m) chemicals business ▪ EBIT app. € 6m below prior year impacted by
Slide 9: Q2 – Key accounts and Chemicals are main drivers of revenue growth
Q2 – Key accounts and Chemicals are main drivers of revenue growth Equipment and service Chemicals Other +6% 101.5 95.4 +21% 15.9 13.1 -12% 1.7 1.5 Q2 Q2 Q2 Q1 Q2 Q2 2021 2022 2021 2022 2021 2022 9 | Q2 report | July 28,2022 | WashTec AG
Slide 10: Q2 – revenue growth in Europe and North America
Q2 – revenue growth in Europe and North America; all segments impacted by material cost increase in million Euro Europe North America Asia-Pacific Asia-Pacific 3% Revenue NA Revenue Revenue 17% € 93.2m € 25.5m € 3.9m up 3.0% up 44.1% down -15.2% EBIT EBIT EBIT € 9.9m € -1.0m € 0.1m 80% -26.1% -200.0
Slide 11: Q2 – Despite the current challenges, EBIT above pre-crisis year 2019
Q2 – Despite the current challenges, EBIT above pre-crisis year 2019 but below PY EBIT in % 6% 4% 13% 7% 119.0 106.7 110.2 14.5 88.1 8.3 6.6 3.5 Q2 Q2 Q2 Q2 2019 2020 2021 2022 11 | Q2 report | July 28,2022 | WashTec AG
Slide 12: Q2 YTD – Strong revenue growth; EBIT above pre-crisis level but below PY
Q2 YTD – Strong revenue growth; EBIT above pre-crisis level but below PY; FCF impacted by safety stock increase 220.0 5% 3% 9% 6% 199.1 195.0 175.4 14.2 18.0 9.6 12.9 9.2 -6.8 5.2 -20.1 HY HY HY HY HY HY HY HY HY HY HY HY 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Revenue EBIT FCF i
Slide 13: Q2 YTD EBIT - affected by time lag between material price rises and own price increases
Q2 YTD EBIT - affected by time lag between material price rises and own price increases, higher portion of key-account business and increase in selling cost due to volume growth and exhibition expenses in million Euro -5.1 (-28%) 2.5 3.2 6.8 7.5 18.0 1.1 3.9 12.9 0.4 0.3 EBIT impact Sales Sales pric
Slide 14: Q2 YTD – double digit growth in equipment, service and chemicals
Q2 YTD – double digit growth in equipment, service and chemicals Carwash management Equipment and service Chemicals business and others +12% 185.4 166.0 +22% 31.6 25.8 -6% 3.2 3.0 HY HY HY HY HY HY 2021 2022 2021 2022 2021 2022 14 | Q2 report | July 28,2022 | WashTec AG
Slide 15: Q2 YTD – Europe
Q2 YTD – Europe Revenue ▪ Revenue up 7% compared to prior year mainly 169 163 175 driven by business with key accounts and growth in 140 chemical business HY HY HY HY ▪ EBIT impacted by increased costs of materials, 2019 2020 2021 2022 logistics and energy in combination with the time lag to recogni
Slide 16: Q2 YTD – North America
Q2 YTD – North America Revenue ▪ FX adjusted revenue growth of 35% 44 28 33 29 ▪ Loss mainly due to cost increases and customer mix as well as higher cost for health insurance. Lag HY HY HY HY between material price rises and own price 2019 2020 2021 2022 increases especially for key-account busines
Slide 17: Q2 YTD – APAC
Q2 YTD – APAC Revenue ▪ Revenue slightly above prior year; second quarter 8.0 8.0 8.0 was negatively impacted by the prolonged 7.0 lockdowns in China HY HY HY HY ▪ EBIT on prior year-level 2019 2020 2021 2022 ▪ Adjusted guidance for 2022: revenue increase by EBIT EBIT in % -15% -4% 6% 6% 5% – 6% and
Slide 18: June 2022 Balance Sheet – increase in NOWC driven by safety stocks
June 2022 Balance Sheet – increase in NOWC driven by safety stocks impact also the CashFlow; Equity ratio after dividend payment close to 25% 94.4 95.3 33.0 60.5 86.5 81.5 30.1 25.3 24.7 40.8 26.0 15.9 HY HY HY HY HY HY HY HY HY HY HY HY 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2020 2022 NO
Slide 19: Guidance 2022
Guidance 2022 2021 Adjusted Guidance 2022 Revenue € 430.5m € 476m – 484m Adjusted EBIT € 43.0m € 38m – 43m, EBIT-Ratio 8%-9% FCF after lease payments € 34.5m € 10m – 20m ROCE 25.8% below prior year 19 | Q2 report | July 28,2022 | WashTec AG
Slide 20: 20 | Q2 report | July 28,2022 | WashTec AG
20 | Q2 report | July 28,2022 | WashTec AG
Slide 21: Financial Calendar 2022
Financial Calendar 2022 October 27, 2022 Quartely Statement Q1–3 2022 November 28 – 30, 2022 Equity Forum, Frankfurt 21 | Q2 report | July 28,2022 | WashTec AG