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    VQT   DE0006636681

VA-Q-TEC AG

(VQT)
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PRESS RELEASE : va-Q-tec expects exceptionally strong and profitable revenue growth to between EUR 90 million and EUR 100 million in 2021

03/29/2021 | 01:33am EDT
DGAP-News: va-Q-tec AG / Key word(s): Annual Report 
va-Q-tec expects exceptionally strong and profitable revenue growth to between EUR 90 million and EUR 100 million in 
2021 
2021-03-29 / 07:30 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
va-Q-tec expects exceptionally strong and profitable revenue growth to between EUR 90 million and EUR 100 million in 
2021 
- FY 2020 the most successful year in the company's history, despite the pandemic 
- Positive preliminary figures for FY 2020 confirmed: Revenues +12% to EUR 72.1 million with adjusted EBITDA margin 
improving compared with 2019 to 17% of revenues (previous year: 15%) 
- Growth driven by Systems (+30%) and Services (+10%) divisions 
- Management Board expects to benefit strongly from growth in the TempChain business and the climate protection 
megatrend 
- 2021 guidance: Particularly strong revenue growth to EUR 90 million to EUR 100 million with a further increase in the 
EBITDA margin 
Würzburg, 29 March 2021. va-Q-tec, pioneer in highly efficient products and solutions in the area of thermal insulation 
and temperature-controlled supply chains (TempChain logistics), today publishes its 2020 annual report. On the basis of 
final, audited figures, the company confirms its preliminary results and looks back on the most successful business 
year in its nineteen-year history. Its forecast revenue and earnings targets were achieved despite the pandemic and the 
long-term growth trajectory continued unchanged. At the same time, va-Q-tec further expanded its strong positioning as 
the specialist for TempChain logistics worldwide, such as for temperature-stable shipments of CoVid-19 test kits and 
vaccines. Moreover, vacuum insulation technology has been further developed in additional areas in order to benefit 
from the global potential offered by the shift to greater energy efficiency. This makes va-Q-tec confident about the 
further development and growth of the company both in 2021 and beyond. For example, the shipment of test kits partially 
offset revenues foregone in the Products segment due to coronavirus, as well as in the shipment of clinical studies. 
Overall, the company has placed itself in a very promising position for the planned high-volume shipment of CoVid-19 
vaccines. Significant revenues from vaccine shipments are budgeted for 2021. 
In the 2020 financial year, revenues were up by 12% to EUR 72.1 million (previous year: EUR 64.7 million). Total income 
amounted to EUR 84.1 million, reflecting 16% growth (previous year: EUR 72.8 million). The Systems division (sales of 
thermal boxes) performed very well, with a 30% increase in revenues to EUR 19.5 million (previous year: EUR 15.1 
million). The Services business generated EUR 32.7 million of revenues in the reporting period, an increase of 10% over 
the previous year (EUR 29.8 million). Revenues in the Products business remained stable year-on-year at EUR 18.3 
million (previous year: EUR 18.4 million), despite tangible effects from the CoVid-19 pandemic in this area. The rate 
of growth in earnings before interest, tax, depreciation and amortization (operating profit, EBITDA), adjusted for 
higher foreign currency expenses, outstripped the rate of revenue growth. Adjusted EBITDA would have risen by EUR 2.6 
million year-on-year, from EUR 9.6 million in the previous year to EUR 12.2 million (+27%). In terms of revenues, this 
represents a margin improvement from 15% in 2019 to 17% in 2020. The "Power 20+" efficiency program also proved 
effective and is therefore to be continued in 2021. Unadjusted EBITDA rose by 18% to EUR 11.4 million (previous year: 
EUR 9.7 million). The unadjusted EBITDA margin, as a percentage of revenue, rose to 16% from 15% in the previous year. 
va-Q-tec's high-tech vacuum insulation panels offer crucial advantages, especially wherever secure and highly efficient 
insulation solutions are required in the tightest of spaces. Accordingly, the Würzburg-based company is now valued as a 
reliable partner not only in the healthcare and logistics area, but also in numerous other sectors such as the food 
industry (e.g. insulation of refrigerators), in the technics and industry area (e.g. insulation of pipelines), in the 
construction industry (building insulation) as well as in the mobility area (e.g. high-tech insulation in the mobility 
sector). This is underscored, for example, by the recently announced strategic partnerships with Hutchinson for thermal 
management in the mobility sector, and with Uponor in the area of highly energy-efficient and form-flexible pipe 
insulation. 
Given va-Q-tec's strong positioning as a specialist in TempChain logistics as well as fundamental trends such as 
environmental protection and thermal energy efficiency, Dr. Joachim Kuhn, CEO and founder of va-Q-tec AG, believes that 
the company is excellently positioned for the future: "In 2020, we continued our profitable growth trajectory despite 
all the pandemic-related adversities. With our solutions for secure and energy-efficient temperature-controlled 
transports, we will make an important contribution to combating the pandemic, both globally and regionally, during the 
upcoming distribution of coronavirus vaccines. In addition to the currently dominating TempChain business, we see 
va-Q-tec with its innovative high-tech solutions as commanding an excellent long-term position to benefit from the 
megatrend of climate protection through thermal energy efficiency. We have a clear vision to develop va-Q-tec into the 
leading high-performance company in the area of thermal energy efficiency and high-performance thermal packaging for 
TempChain logistics." 
For the 2021 financial year, va-Q-tec expects particularly strong revenue growth to a level of between EUR 90 million 
and EUR 100 million, depending on when and to what extent production levels for CoVid-19 vaccines are ramped up and how 
widespread global distribution is realized, accompanied by a further increase in the EBITDA margin. The first months of 
the current financial year support the confident outlook. 
The complete 2020 annual report is available from today on the website at ir.va-q-tec.com. 
2020 financials compared with the previous year 
kEUR unless stated otherwise        2020   2019  Delta 
Revenue                            72,106 64,667  12% 
EBITDA (currency-adjusted)         12,220 9,598   27% 
EBITDA margin (currency-adjusted)   17%    15%   +2 pp 
Equity ratio                        35%    40%   -5 pp 
Year-average number of employees    519    464    +55 

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

cometis AG Claudius Krause Phone: +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. va-Q-tec deploys this key thermal technology in order to produce passive thermal packaging systems (containers and boxes) that 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 -----------------------------------------------------------------------------------------------------------------------

2021-03-29 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:  1179152 
 
End of News   DGAP News Service 
=------------ 

1179152 2021-03-29

(END) Dow Jones Newswires

March 29, 2021 01:32 ET (05:32 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
UPONOR OYJ 0.76% 23.96 Delayed Quote.31.94%
VA-Q-TEC AG 2.72% 34 Delayed Quote.10.03%
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Financials
Sales 2021 100 M 121 M 121 M
Net income 2021 4,72 M 5,71 M 5,71 M
Net Debt 2021 48,8 M 59,1 M 59,1 M
P/E ratio 2021 94,2x
Yield 2021 -
Capitalization 445 M 538 M 538 M
EV / Sales 2021 4,92x
EV / Sales 2022 4,13x
Nbr of Employees 573
Free-Float 55,3%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 37,80 €
Last Close Price 34,00 €
Spread / Highest target 41,2%
Spread / Average Target 11,2%
Spread / Lowest Target -20,6%
EPS Revisions
Managers and Directors
NameTitle
Joachim Kuhn Chairman-Management Board & CEO
Stefan Döhmen Chief Financial Officer
Gerald Hommel Chairman-Supervisory Board
Winfried Klar Member-Supervisory Board
Eberhard Kroth Member-Supervisory Board
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