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MarketScreener Homepage  >  Equities  >  Xetra  >  Va-Q-tec AG    VQT   DE0006636681

VA-Q-TEC AG

(VQT)
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va-Q-tec AG: Preliminary financial results show dynamic growth in 2019

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02/28/2020 | 02:35am EDT

DGAP-News: va-Q-tec AG / Key word(s): Preliminary Results
va-Q-tec AG: Preliminary financial results show dynamic growth in 2019

28.02.2020 / 08:31
The issuer is solely responsible for the content of this announcement.


Press release

va-Q-tec AG: Preliminary financial results show dynamic growth in 2019

  • Strong revenue and EBITDA growth; increased FY 2019 revenue forecast exceeded; EBITDA reaches upper end of guidance
  • Revenue: +28% from EUR 50.7 million (2018) to EUR 64.7 million (2019)
  • EBITDA more than triples to EUR 9.7 million compared to previous year (EUR 3.0 million); EBITDA margin rises to 13% of total income (14% of revenue)
  • Above-average growth in high-margin Services business
  • Optimistic outlook on 2020

Würzburg, 28 February 2020. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the thermal insulation and TempChain logistics area, reports a very successful 2019 financial year on the basis of preliminary results. va-Q-tec exceeded its original economic targets, in some cases significantly, and at the same time has already laid important foundations for the company's future success by consistently implementing its strategy.

Stefan Döhmen, CFO of va-Q-tec AG: "Thanks to our very positive business trend, we significantly raised our initial growth forecast during the year. With 28% revenue growth for the year as a whole, we even slightly exceeded these expectations in terms of revenue. It is particularly pleasing that this growth is also reflected in our earnings. EBITDA in 2019 has more than tripled to just under EUR 10 million."

Revenue in the 2019 financial year was up by 28% to EUR 64.7 million (previous year EUR 50.7 million). Total income amounted to EUR 72.9 million, reflecting 19% growth (previous year EUR 61.4 million). In the Systems area, sales revenues were up by 33% year-on-year, from EUR 11.3 million to EUR 15.1 million. A project order from kohlpharma, a pharmaceuticals reimporter, was of particular strategic significance for va-Q-tec in 2019. In the future, the va-Q-med(R) technology will ensure reliably constant temperatures during drug distribution, so that kohlpharma's customers will receive temperature-sensitive drugs in top quality. The Services business generated EUR 29.8 million in revenues in the reporting period, an increase of 62% over the previous year. In this area, business with once small or new customers for the "Serviced Rental" of containers and boxes was significantly expanded. Overall, va-Q-tec benefited from a significant expansion of its customer base. At EUR 18.4 million, revenue in the Products business was down slightly on the strong prior-year basis (previous year: EUR 20.1 million). In the refrigerator and freezer area, end-markets are feeling increasing competitive pressure from Asia and Eastern Europe.
Earnings before interest, tax, depreciation and amortization (EBITDA) reported a marked increase to EUR 9.7 million (previous year EUR 3.0 million, +222%). The EBITDA margin measured in terms of total income consequently stood at 13% in the reporting period, compared with 5% in the previous year. In relation to revenue, this represents a 14% margin, compared to 6% in the previous year. In addition to the growth in the high-margin Services business, the successful implementation of the "Power 20+" program also contributed to the operating efficiency enhancement. In this context, cost efficiency in purchasing and production as well as sales processes in the Services business were improved.

Dr. Joachim Kuhn, CEO and founder of va-Q-tec AG, comments: "Our positive business performance reflects fundamental trends such as climate protection and energy efficiency, which are of greater concern to society and business today than ever before. For va-Q-tec as a pioneer in the energy efficiency area and thanks to our vacuum insulation technology, we identify the greatest potential in the coming years in the "TempChain Logistics" area - in other words, safe transport solutions for temperature-sensitive products. With our TempChain portfolio, we create temperature stability for our customers in what is currently the largest life science application area during transport, production and storage of the products, thereby making a significant contribution to product safety and quality." Business with customers from the Healthcare & Logistics sector already accounts for 69% of va-Q-tec's sales. However, the company is not only a recognized partner of the life science industry. Its solutions can be deployed wherever sensitive goods need to be transported or stored safely and at a stable temperature. Furthermore, va-Q-tec is working on thermal solutions for the mobility of the future: thanks to their thin and flexible construction, va-Q-tec vacuum insulation panels are finding completely new application areas in the automotive and aerospace industries.

va-Q-tec 2019 has also continued on its internationalization course. The subsidiaries in the USA and Switzerland have performed well and are making growing contributions to revenue. The subsidiaries in Uruguay and Singapore, which were not established until 2018, have already contributed to Group revenue. va-Q-tec has an international network of seven subsidiaries in total.

In view of market trends and the consistent implementation of the strategy, Dr. Kuhn is very confident about the future: "The very significant improvement in our business results in 2019 underscores our excellent position as a technology leader in structurally growing markets. Current developments, such as the coronavirus outbreak, show that we are already able to help and assist in a concrete way and further illustrate demand for the technology. va-Q-tec contributes with its innovative solutions to maintain the supply of essential drugs to people. Fundamentally, we continue to look to the market potential of our technology with optimism for 2020 and beyond."

va-Q-tec will publish its final audited results for 2019 and its forecast for the 2020 financial year with its annual report on 27 March 2020.


+++END+++


IR contact

va-Q-tec AG
Felix Rau
Tel.: +49 931 35942 - 2973
Email: Felix.Rau@va-Q-tec.com

cometis AG
Claudius Krause
Tel.: +49 611 - 20 585 5-28
Email: krause@cometis.de
 

About va-Q-tec
va-Q-tec is a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain 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, for 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: Appliances & 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



28.02.2020 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


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: IR@va-Q-tec.com
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
EQS News ID: 985875

 
End of News DGAP News Service

985875  28.02.2020 

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© EQS 2020
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Sales 2020 74,0 M
EBIT 2020 -0,50 M
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Debt 2020 35,5 M
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P/E ratio 2020 -90,0x
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Mean consensus BUY
Number of Analysts 3
Average target price 16,67 €
Last Close Price 14,00 €
Spread / Highest target 28,6%
Spread / Average Target 19,0%
Spread / Lowest Target 10,7%
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NameTitle
Joachim Kuhn Chairman-Management Board & CEO
Gerald Hommel Chairman-Supervisory Board
Stefan Döhmen Chief Financial Officer
Winfried Klar Member-Supervisory Board
Eberhard Kroth Member-Supervisory Board
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