21.08.2018
va-Q-tec AG DE0006636681
DGAP-News: va-Q-tec AG: va-Q-tec further advances expansion plans in H1 2018
DGAP-News: va-Q-tec AG / Key word(s): Half Year Results
va-Q-tec AG: va-Q-tec further advances expansion plans in H1 2018
21.08.2018 / 20:37
The issuer is solely responsible for the content of this announcement.
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Press release
va-Q-tec further advances expansion plans in H1 2018
- H1 2018 revenue: EUR 24.9 million compared with EUR 22.5 million in H1
2017 (+11%)
- H1 2018 total income: EUR 31.0 million compared with EUR 26.6 million in
H1 2017 (+16%)
- H1 2018 EBITDA: EUR 1.4 million compared with EUR 4.2 million in H1 2017
(-67%)
- H1 2018 financial performance significantly affected by product mix,
production relocation, preliminary costs and strategic investments
- Significant investments in personnel, production capacities and
infrastructure in readiness for expected growth
- Around 80% of growth investments announced at the IPO successfully
completed
- Adjustment of 2018 revenue and earnings forecast
Würzburg, 21 August 2018. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a
technologically leading provider of highly efficient products and solutions
in the area of thermal insulation and cold chain logistics, has today
published its half-year financial report on business trends during the first
six months of 2018 and announces continued revenue growth. A reduction in
earnings before interest, tax, depreciation and amortisation (EBITDA)
reflects several expenses, some of which are one-off. In particular, removal
costs, hiring, currency effects and the company's international development
exerted an impact. Significant investments were made in personnel,
production capacities and infrastructure during the period under review. As
a consequence, the company regards the preconditions for the anticipated
growth as having been created.
The company grew its revenue by 11%, from EUR 22.5 million in H1 2017 to EUR
24.9 million in H1 2018, according to 2018 half-year results (IFRS,
unaudited). Total income was up by 16% from EUR 26.6 million in the
prior-year period to EUR 31.0 million in H1 2018. Earnings before interest,
tax, depreciation and amortisation (EBITDA) decreased from EUR 4.2 million
to EUR 1.4 million. The EBITDA margin measured against total income stands
at 5%, compared with 16% in H1 2017. Especially the strong Products business
as well as the Systems business made significant contributions to revenue
growth again. As the revenue share of areas with weaker margins in relation
to the Services business increased considerably to 66% (previous year: 60%),
and cost-intensive restructurings were also implemented, the change in the
product mix exerted a correspondingly diminishing effect on consolidated
EBITDA.
In the Products division - the sale of vacuum insulation panels (VIPs) - new
customers in the end-markets of Appliances & Food and Technics & Industry
were acquired, and the base of existing customers was further expanded.
Revenue in this operating segment amounted to EUR 10.6 million during the
first six months of 2018, up 26% compared with H1 2017 when the company
generated EUR 8.5 million of revenue. The Products division thereby
contributed 43% to consolidated revenue. Revenue generated with Systems
(sales of thermal packaging) were up by 14% to EUR 5.6 million (previous
year: EUR 4.9 million), corresponding to a 23% revenue share. The Services
division - the renting of thermal containers and thermal boxes - presented a
mixed picture in the reporting period. In the temperature-controlled air
freight transportation area, va-Q-tec successfully launched a project in
January 2018 with a leading systems supplier to the semiconductor industry.
The number of rented containers rose. Segmental revenue nevertheless reduced
overall. Firstly, this reflected the result of a logistics optimisation
program with a major customer where the duration of individual rentals
decreased and thereby also the customer's revenue contributions short-term.
Secondly, exchange rate effects as well as a temporary loss of some revenues
with a major customer in Puerto Rico in the first half of 2018 were not
fully offset by new business, as some processes to acquire routes in the
rental network for va-Q-tainers proved more time-consuming on the customer
side than originally expected. Revenue of EUR 8.2 million was down by 7%
compared with the previous year's equivalent period (EUR 8.8 million),
thereby contributing 33% to consolidated revenue. Revenue was at the
previous year's level after adjusting for currency effects.
Stefan Döhmen, CFO of va-Q-tec AG, explains the financial performance in H1
2018: "In financial terms, the first half of 2018 fell short of our high
expectations. Although it is naturally a good sign that our Products and
Systems enjoy double-digit rates of growth in market demand, projects in our
high-margin Services business have taken longer than we hoped due to complex
decision-making processes at our major customers. And at the same time, we
have realised considerable strategic investment spending for the targeted
business expansion over the coming years, and invested in processes, new
products and capacity expansion. Further burdens arose from the overall
national and international investments and expenses for market and capacity
expansion. "
The move of the production lines to the new property in Würzburg and the
return of the previous Group headquarters to the tenant were successfully
concluded at the end of the reporting period. The container fleet in the
Services area was also expanded significantly by around 300 units during the
first half of the year alone. va-Q-tec invested in new or already existing
subsidiaries in the UK, the USA, Uruguay, Japan, Korea and Switzerland. For
many pharmaceutical industry customers, Uruguay represents the "Gateway to
Latin America". Customers in Latin America can thereby be served better in
the future, and the existing customer base can be broadened locally. In the
UK, the local management was supplemented by experienced industry experts,
in order to improve the visibility and controlling processes in container
rental. Since the IPO in September 2016, the Group has invested more than
EUR 65 million, and thereby successfully concluded around 80% of its
announced growth investments.
Dr. Joachim Kuhn, founder and Management Board Chairman (CEO) of va-Q-tec,
adds: "With the conclusion of all important growth investments, we have
created the foundation to meet constantly rising market demand. The medium-
to long-term market trend towards renting our high-performance packaging
systems is unbroken. This confidence was corroborated again in recent weeks
by many conversations with both new and existing customers and partners. To
this extent, we are also convinced that the growth rates in the Services
business will emerge medium-term as we expect. In addition, we will now
place a very strong focus on improving performance."
Given the development during the first half of 2018 - projects in the
high-margin Services business taking longer to start than expected due to
complex decision-making processes at major customers, accompanied at the
same time by considerable strategic investment spending for the targeted
business expansion over the coming years - the Management Board now
forecasts for the 2018 financial year consolidated revenue in a range
between EUR 51 million and EUR 56 million, which corresponds to growth in
the double-digit range. For EBITDA in 2018, va-Q-tec anticipates a marked
reduction compared with the previous year. On a relative basis, compared
with the level for the first half of 2018, it sees a slightly improved
EBITDA margin.
+++END+++
IR contact
va-Q-tec AG
Felix Rau
Telephone: +49 931 35942 - 2973
Email: [email protected]
cometis AG
Claudius Krause
Telephone: +49 611 - 20 585 5-28
Email: [email protected]
About va-Q-tec
va-Q-tec is a leading supplier of high-performance products and solutions in
thermal insulation and cold chain logistics. The company develops, produces
and markets highly efficient and consequently thin vacuum insulation panels
(VIPs) as well as phase change materials (PCMs) for reliable and
energy-efficient temperature controlling. In addition, va-Q-tec produces
passive thermal packaging systems (containers and boxes) through optimally
integrating VIPs and PCMs, which can maintain constant temperatures,
depending on type, up to 200 hours without external energy input. To
implement temperature-sensitive logistics chains, va-Q-tec - within a global
partner network - operates a fleet of rental containers and boxes meeting
demanding thermal protection standards. Along with healthcare & logistics as
the main market, va-Q-tec addresses the following further markets: Appliance
& Food, Technics & Industry, Building and Mobility. The high-growth company,
which was founded in 2001, is based in Würzburg, Germany. Further
information: www.va-q-tec.com
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21.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: va-Q-tec AG
Alfred-Nobel-Straße 33
97080 Würzburg
Germany
Phone: +49 (0)931 35 942 0
Fax: +49 (0)931 35 942 10
E-mail: [email protected]
Internet: www.va-Q-tec.com
ISIN: DE0006636681
WKN: 663668
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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716187 21.08.2018
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