3 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE FINANCIAL STATEMENTS OF VA-Q-TEC AG FOR THE 2023 FINANCIAL YEAR
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1
CONSOLIDATED INCOME STATEMENT
kEUR | Notes | 2023 | 2022 | |||||
Revenues | 7.1.1 | 106.124 | 111.833 | |||||
Change in inventories | 817 | (421) | ||||||
Work performed by the company and capitalised | 7.1.2 | 4.562 | 5.725 | |||||
Other operating income | 7.1.3 | 4.614 | 5.666 | |||||
Total Income | 116.117 | 122.803 | ||||||
Cost of materials and services | 7.1.4 | (49.664) | (46.701) | |||||
Gross profit | 66.453 | 76.102 | ||||||
Personnel expenses | 7.1.5 | (38.380) | (37.587) | |||||
Other operating expenses | 7.1.6 | (29.798) | (30.779) | |||||
EBITDA | (1.725) | 7.736 | ||||||
Depreciation, amortization and impairment losses | 7.1.7 | (15.432) | (15.000) | |||||
Earnings before interest and tax (EBIT) | (17.157) | (7.264) | ||||||
Result from fair value valuation of investments | 7.1.8 | (1.191) | 530 | |||||
Finance Income | 119 | 6 | ||||||
Finance expenses | (3.459) | (2.608) | ||||||
Net financial result | 7.1.9 | (3.340) | (2.602) | |||||
Earnings before tax (EBT) | (21.688) | (9.336) | ||||||
7.1.10 | ||||||||
Income tax | (1.054) | (2.328) | ||||||
Net income | (22.742) | (11.664) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
kEUR | 2023 | 2022 | ||||
Net Income | (22.742) | (11.664) | ||||
Consolidated other comprehensive income | 7.2.2.1 | |||||
Currency translation differences foreign entities | 97 | -145 | ||||
Derivative financial instruments (after tax) | -139 | 523 | ||||
Total other comprehensive income that will be reclassified to profit or | ||||||
loss in future periods | (42) | 378 | ||||
Consolidated total comprehensive income | (22.784) | (11.286) |
2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets | Notes | 31.12.2023 | 31.12.2022 | |||
kEUR | ||||||
Non-current assets | ||||||
Intangible assets | 7.2.1.1 | 5.455 | 6.036 | |||
Property, plant and equipment | 7.2.1.2 | 77.943 | 80.645 | |||
Investment property | 7.2.1.3 | 1.020 | 1.020 | |||
Contract assets | 7.2.1.8 | 136 | 48 | |||
Financial assets | 7.2.1.4 | 8.616 | 7.752 | |||
Other non-financial assets | 7.2.1.5 | 1.824 | 1.307 | |||
Deferred tax assets | 7.1.11 | 1.372 | 875 | |||
Total non-current assets | 96.366 | 97.683 | ||||
Current assets | ||||||
Inventories | 7.2.1.6 | 16.761 | 18.838 | |||
Trade receivables | 7.2.1.7 | 8.161 | 7.733 | |||
Other financial assets | 7.2.1.4 | 2.086 | 6.734 | |||
Current tax assets | 164 | - | ||||
Other non-financial assets | 7.2.1.5 | 2.495 | 2.145 | |||
Cash and cash equivalents | 7.2.1.9 | 17.090 | 9.381 | |||
Total current assets | 46.757 | 44.831 | ||||
Total assets | 143.123 | 142.514 | ||||
Equity and liabilities | Notes | 31.12.2023 | 31.12.2022 | |||
kEUR | ||||||
Equity | 7.2.2.1 | |||||
Issued share capital | 14.757 | 13.415 | ||||
Treasury shares | (54) | (54) | ||||
Additional paid-in capital | 87.557 | 54.020 | ||||
Consolidated total other comprehensive income | 335 | 378 | ||||
Retained earnings | (51.696) | (29.060) | ||||
Total equity | 50.899 | 38.699 | ||||
Non-current liabilities | ||||||
Provisions | 7.2.2.2 | 159 | 208 | |||
Bonds issued | 7.2.2.3 | 26.744 | - | |||
Bank borrowings | 7.2.2.4 | 19.777 | 25.319 | |||
Other financial liabilities | 7.2.2.5 | 7.764 | 5.307 | |||
Other non-financial liabilities | 7.2.2.6 | 4.885 | 4.753 | |||
Total non-current liabilities | 59.329 | 35.587 | ||||
Current liabilities | ||||||
Provisions | 7.2.2.2 | 1.354 | 3.188 | |||
Bonds issued | 7.2.2.3 | - | 24.821 | |||
Bank borrowings | 7.2.2.4 | 6.062 | 12.180 | |||
Other financial liabilities | 7.2.2.5 | 8.075 | 11.732 | |||
Liabilities from contracts with customers | 7.2.2.7 | 1.778 | 65 | |||
Trade payables | 7.2.2.8 | 6.421 | 7.130 | |||
Tax liabilities | 62 | 973 | ||||
Other non-financial liabilities | 7.2.2.6 | 9.143 | 8.139 | |||
Total current liabilities | 32.895 | 68.228 | ||||
Total Equity and liabilities | 143.123 | 142.514 |
3
CONSOLIDATED STATEMENT OF CASH FLOWS
kEUR
Cash flow from operating activities
Net income
Current income taxes recognised in income statement
Income taxes paid
Net finance costs recognised in income statement
Interest received
Interest paid
Depreciation on contract assets
Non-cash gain from fair value valuation of investments
Depreciation, amortisation and impairment losses
Gain/loss from disposal of non-current assets
Change in other assets
Change in other liabilities
Change in provisions
Other non-cash expenses or income
Cash flow from operating activities before working capital changes
Change in inventories
Change in trade receivables
Change in trade payables
Net cash flow from operating activities
Cash flow from investing activities
Payments for investment in intangible assets
Proceeds from disposal of property, plant and equipment
Payments for investments in property, plant and equipment
Proceeds from disposal of non-current assets
Payments for investments in financial assets
Payments for investments in contract assets
Net cash flow from investing activities
Cash flow from financing activities
Proceeds from issuing shares
Proceeds from bank loans
Repayments of bank loans
Proceeds from government grants
Payments for finance leases liabilities
Net cash flow from financing activities
Net cash flows before exchange rate effects
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at start of period
Cash and cash equivalents at end of period
20232022
-22.742-11.664
9701.040
-1.004-24
3.3402.602
1194
-2.925-2.320
55
1.191-530
15.432 15.000
211-2.166
4.032-998
-2.8354.644
-1.8822.957
-964-1.200
-7.0527.350
967-366
-5724.993
1.688-2.296
-4.9699.681
-2.580-3.495
1.4632.359
-7.120-8.272
0759
-4190
-93-15
-8.749-8.664
34.8790
23.289 30.960
-34.950-30.711
8521.294
-2.513-3.100
21.557 -1.557
7.839-540
-130111
7.709-429
9.3819.810
17.0909.381
4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Notes 7.2.2.1 | |||||
Issued share | Treasury shares | Additional paid-in | Retained earnings | ||
capital | capital | ||||
kEUR | |||||
01.01.2022 | 13.415 | -54 | 54.020 | -17.397 | |
Net income | - | - | - | -11.664 | |
Consolidated other comprehensive income before taxes | - | - | - | 1 | |
Deferred taxes on other comprehensive income | - | - | - | - | |
Consolidated other comprehensive income | - | - | - | 1 | |
Consolidated total comprehensive income | - | - | - | -11.663 | |
31.12.2022 | 13.415 | -54 | 54.020 | -29.059 | |
01.01.2023 | 13.415 | -54 | 54.020 | -29.059 | |
Net income | - | - | - | -22.741 | |
Consolidated other comprehensive income | - | - | - | 104 | |
Consolidated total comprehensive income | - | - | - | -22.637 | |
Total capital increase | 1.342 | 0 | 33.537 | - | |
31.12.2023 | 14.757 | -54 | 87.557 | -51.696 | |
Notes 7.2.2.1 | Equity | ||||
Cumulative other comprehensive | attributable to | Total equity | |||
income | parent company | ||||
owners | |||||
Currency | Derivative | ||||
translation | financial | ||||
kEUR | reserves | instruments | |||
01.01.2022 | -42 | 42 | 49.984 | 49.984 | |
Net income | - | - | -11.664 | -11.664 | |
Consolidated other comprehensive income before taxes | -145 | 749 | 605 | 605 | |
Deferred taxes on other comprehensive income | - | -228 | -228 | -228 | |
Consolidated other comprehensive income | -145 | 521 | 377 | 377 | |
Consolidated total comprehensive income | -145 | 521 | -11.287 | -11.287 | |
31.12.2022 | -187 | 564 | 38.699 | 38.699 | |
01.01.2023 | -187 | 564 | 38.699 | 38.699 | |
Net income | - | - | -22.741 | -22.741 | |
Consolidated other comprehensive income | 97 | -139 | 62 | 62 | |
Consolidated total comprehensive income | 97 | -139 | -22.679 | -22.679 | |
Total capital increase | - | - | 34.879 | 34.879 | |
31.12.2023 | -90 | 425 | 50.899 | 50.899 |
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4 General information
4.1 Information about the company
The company va-Q-tec AG, which has its headquarters at Alfred-Nobel-Strasse 33, 97080 Würzburg, Germany, is entered in the commercial register of Würzburg under commercial register sheet number 7368. Besides va- Q-tec AG itself, the consolidated financial statements of va-Q-tec AG also include its subsidiaries (hereinafter also referred to as "va-Q-tec", the "va-Q-tec Group" or the "company"). va-Q-tec is a technologically leading provider of highly efficient products and solutions in the thermal insulation area. The company develops, produces and markets innovative products for reliable and energy-efficient temperature control and insulation
- vacuum insulation panels ("VIPs") and phase change materials ("PCMs"). Furthermore, va-Q-tec produces passive thermal packaging systems (containers and boxes) through optimally combining of VIPs and PCMs. To implement temperature-sensitive logistics chains, va-Q-tec offers, within a global partner network, the rental of containers and boxes that meet demanding thermal protection standards. Along with Healthcare & Logistics as the main market, va-Q-tec addresses the following further markets: Appliances & Food, Technics & Industry, Building, and Mobility.
These consolidated financial statements of va-Q-tec for the financial year from 1 January to 31 December 2023 were approved by the Supervisory Board on 25 April 2024 and released for publication by the Management Board.
4.2 Basis of preparation of the financial statements
va-Q-tec AG is the parent company of an international group. The company itself is majority-owned by Fahrenheit AcquiCo GmbH, which in turn is a subsidiary of the EQT Group. va-Q-tec prepares its consolidated financial statements as of 31 December 2023 in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) in conjunction with (3) HGB. The term IFRS also comprises all still valid International Accounting Standards (IAS) as well as all interpretations and amendments of the International Financial Reporting Standards Interpretations Committee (IFRS IC) - formerly the International Financial Reporting Interpretations Committee (IFRIC) - and of the former Standing Interpretations Committee (SIC).
The consolidated financial statements have been prepared by the Management Board on the basis of the going concern assumption in accordance with IAS 1.25 f.
These consolidated financial statements were prepared on the basis of historical cost. Exceptions to this include derivative financial instruments and investments that were recognized at fair value on the reporting date. The corresponding note is provided as part of the respective accounting policies.
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Historical cost is generally based on fair value, which represents the consideration rendered in exchange for the asset.
Fair value is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. This applies irrespective of whether the price is directly observable, or has to be estimated by applying a valuation method.
The fair value that is to be determined for certain disclosures and calculation methods is not always available as a market price. Frequently, it has to be calculated on the basis of various measurement parameters. Depending on the availability of observable parameters and the significance of such parameters for fair value measurement overall, the fair value is allocated to one of the levels 1, 2 or 3 (fair value hierarchy). This allocation is implemented on the following basis:
- Level 1 inputs comprise quoted prices (unadjusted) on active markets for identical assets or liabilities to which va-Q-tec can access at the measurement date.
- Level 2 inputs comprise inputs other than Level 1 quoted prices, for which the value of the asset or liability is either directly observable, or can be derived indirectly from other prices.
- Level 3 inputs are unobservable inputs for the asset or liability.
As a rule, the Group classifies assets and liabilities as current if they will be realized or settled prospectively within twelve months after the reporting date. If assets and liabilities comprise both a current and a non- current element, they are divided into their term components and reported as current and non-current assets or liabilities in accordance with the balance sheet structure.
The consolidated income statement is prepared according to the nature of expense method.
The consolidated financial statements are prepared in thousands of euros (kEUR), which is both the functional and the reporting currency of va-Q-tec. Differences of up to one unit (EUR, %) relate to arithmetic rounding differences.
4.3 Effects of new accounting standards
The va-Q-tec Group has applied uniform accounting methods for all the periods presented in its IFRS consolidated financial statements. These comply with IFRS entailing mandatory application in the EU in the 2023 financial year.
The accounting policies applied correspond to those applied in the previous year, as a matter of principle.
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The following standards and interpretations or amendments to existing standards and interpretations have been adopted by the IASB, although some of them have not yet been endorsed by the EU for financial years beginning after 1 January 2024. The company has not applied these regulations early.
Standard
IAS 1
IAS 1
Amendments to IFRS 16
IAS 7 and IFRS 7
IAS 21
Title
Classification of Liabilities as Current or Non- current - Deferral of Effective Date
Clarification regarding the classification of debt with covenants as current or non- current
Lease Liability in a Sale and Leaseback
Supplier Finance Arrangements
Exchangeability of currencies into another currency and related disclosures in the notes to financial statements
Mandatory application for financial
years commencing from
01/01/2024
01/01/2024
01/01/2024
01/01/2024
01/01/2025
All standards listed are applied by va-Q-tec only from the date of mandatory first-time adoption.
The amendments to IAS 1 are intended to clarify the criteria for classifying liabilities as current or non-current. In the future, only "rights" existing at the end of the reporting period will be decisive for the classification of a liability. With regard to the classification of liabilities as current or non-current, the amendments to IAS 1 clarify that only ancillary conditions that an entity must fulfil on or before the reporting date affect such classification.
For the 2024 financial year, the other amendments listed will not have any material impact on accounting and measurement.
4.4 Accounting judgements and estimates
In applying the accounting policies, the Group's management has made discretionary decisions that affect the amounts reported in the consolidated financial statements. Accordingly, assumptions and estimates are to be made to a certain extent when preparing consolidated financial statements that affect the amount and the reporting of recognized assets and liabilities, income and expenses, and contingent liabilities in the reporting period.
8
The assumptions and estimates are based on premises that in all cases reflect the currently available status of information at the time of each case. The expected future business trend also particularly reflects the circumstances prevailing at the time when the consolidated financial statements were prepared, as well as a realistically imputed future trend in the environment. As a consequence of developments in these overall conditions differing from the management's assumptions and lying outside its sphere of influence, the resultant amounts can differ from the originally expected estimated values. In 2023, the business activities of va-Q-tec AG continued to be influenced by the after-effects of the Covid-19 pandemic and by Russia's war against Ukraine, which began in February 2022, and its far-reaching consequences, which also had a significant impact on the assumptions and estimates made in the reporting period. Due to the ongoing war in Ukraine, the Management Board assumes that future assumptions and estimates will also be influenced by developments in relation to this topic, whereas the significance of the pandemic for future business trends is expected to diminish further. This uncertainty in relation to estimates could have a significant impact on the financial position and performance in subsequent years.
The estimates and assumptions that are applied are presented in the notes to the individual items of the statement of financial position and income statement in section 6 "Accounting policies". The main effects impacting the amounts arise in the following areas:
- Determination of economic useful lives for intangible assets and for property, plant and equipment, including assets leased by way of finance leases, as well as the assessment of the lease term and the determination of the relevant discount rate when recognizing leases on the balance sheet, and the assessment of sale and leaseback agreements.
- Impairment testing of assets based on appraisal of identifiable risks.
- Impairment testing of deferred tax assets in relation to tax loss carryforwards.
- Assessing the derecognition criteria of trade receivables as part of factoring agreements.
- Estimating market yield curves as part of measuring derivative financial instruments.
- Best estimate of the most probable settlement amount as part of the recognition and measurement of provisions.
- Best estimate of the event probability and the settlement amount in the context of the accounting and measurement of litigation risk.
- Recognition of additional costs during the period of initiation of contracts with customers.
- Determination of the expected credit loss using the simplified approach for trade receivables and con- tract assets.
- Assessment of the application of IFRS 5 criteria in connection with the planned spin-off of divisions
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5 Consolidation
5.1 Consolidation scope
The consolidation scope is derived by applying IFRS 10 (Consolidated Financial Statements). In the consolidated financial statements of va-Q-tec AG as of 31 December 2023, the following subsidiaries were fully consolidated:
Equity interest | Equity interest | ||
Name | Headquarters | 31.12.2023 | 31.12.2022 |
va-Q-tec Ltd. (UK) | Rochester, UK | 100% | 100% |
va-Q-tec Inc. (USA) | East Rutherford, NJ, USA | 100% | 100% |
va-Q-tec Ltd. (Korea) | Joong-gu, Incheon, Republik Korea | 100% | 100% |
va-Q-tec Switzerland AG (Schweiz) | Zürich, Schweiz | 100% | 100% |
va-Q-tec Japan G.K. (Japan) | Tokyo, Japan | 100% | 100% |
va-Q-tec Uruguay S.A. (Uruguay) | Montevideo, Uruguay | 100% | 100% |
va-Q-tec SG PTE. Ltd. (Singapur) | Singapur, Singapur | 100% | 100% |
va-Q-tec India Ltd. (Indien) | New Delhi, Indien | 100% | 100% |
va-Q-tec do Brasil Ltda. (Brasilien) | Sao Paulo, Brasilien | 100% | 100% |
va-Q-tec Shanghai Ltd. - (China) | Shanghai, China | 100% | 100% |
va-Q-tec France SARL - (France) | Paris, Frankreich | 100% | 100% |
va-Q-tec Austria GmbH - (Austria) | Salzburg, Österreich | 100% |
va-Q-tec AG and its subsidiaries together form the va-Q-tec Group. Please see the segment reporting for key financial information about the subsidiaries. No significant restrictions exist on the Group's ability to access or utilize assets and to settle liabilities.
5.2 Consolidation scope changes and other acquisitions and disposals
In December 2023, va-Q-tec divested the company va-Q-tec Austria GmbH. The company, which was only founded in the 2022 financial year, did not generate any significant revenues and the divestiture did not have any significant impact on earnings.
The 13.2% interest in SUMTEQ GmbH (previous year: 14.1%) is recognised at fair value under financial assets.
The entirety of the 20.0% interest (previous year: 15.0%) in ING3D GmbH was written down in the financial year under review. va-Q-tec AG does not exert any significant influence companies on these companies.
5.3 Consolidation principles
The consolidated financial statements are based on uniform accounting principles. The annual financial statements of the companies included in the consolidation scope were adjusted where required in order to align them with the accounting policies applied in the Group. All of the annual financial statements of the companies included in the consolidated financial statements are prepared on the basis of the reporting date of the consolidated financial statements.
Subsidiaries are those companies where the Group holds existing rights that endow it with the current capability to manage the companies' relevant activities. Relevant activities are those activities that significantly
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va-Q-tec AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 10:17:41 UTC.