Würzburg, 28 May 2021. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the area of thermal insulation (so-called 'super insulation') and temperature-managed supply chains (so-called 'TempChain logistics'), held its 2021 Annual General Meeting last Friday. As a consequence of the general restrictions imposed by the COVID-19 pandemic, this year's AGM was again conducted completely virtually. Around 56% of the share capital attended the event live from 'The Curve', an innovative, multimedia event room at the Vogel Convention Center in Würzburg. All resolutions were passed with very significant approval rates in excess of 90%. Among other things, the company's purpose was supplemented in the company bylaws to include the development and sale of software. This will enable the company to quickly offer new IT solutions, especially in the service area and in the management of the container fleet (TempChain 4.0).
The Management Board reported in detail on the very positive performance of va-Q-tec AG in the 2020 financial year, for which the actions of the Management and Supervisory boards were approved by a clear majority in each case. Accordingly, despite the pandemic, the forecast revenue and earnings targets were achieved, and the long-term growth trajectory continued unchanged. Revenue rose by 12% to EUR 72.1 million in the 2020 financial year. EBITDA grew at an even faster rate of 27% to reach EUR 12.2 million. At the same time, va-Q-tec further expanded its strong positioning as thespecialist for TempChain logistics worldwide, such as in the context of 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 also makes va-Q-tec optimistic about the further development of the company both in 2021 and beyond.
va-Q-tec continued its positive performance at the beginning of 2021, recording the strongest quarter in the company's history. The revenue level of EUR 20 million in one quarter was clearly surpassed. With a 27% increase in revenue to EUR 22.4 million, the previous quarters' growth momentum accelerated further. This revenue growth was driven by all three divisions, with especially the Products division and the Systems division (sale of thermal packaging) recording enormous increases. The Group's profitability also improved significantly year-on-year. Compared to the same quarter of the previous year, growth in EBITDA exceeded the rate of revenue growth, jumping by 63% to reach EUR 4.6 million, by far the highest level ever achieved by va-Q-tec in a single quarter.
Dr. Joachim Kuhn, CEO and founder of va-Q-tec AG, comments: 'Our success story continues in our 20th anniversary year. We reported on this in detail to our shareholders at the virtual AGM. For example, the increased availability of COVID-19 vaccines in Germany and worldwide is currently leading to higher demand for temperature-controlled transport solutions. va-Q-tec's thermal boxes and containers are being deployed extensively along the entire value chain - from the transportation of raw materials, and all the way to the vaccination center. However, it is not only in the area of TempChain logistics that business is performing very well: our high-tech vacuum insulation panels offer crucial advantages, especially wherever secure and highly efficient insulation solutions are required in the tightest of spaces. This opens up further opportunities for us in the future. 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. Hopefully, we will be able to report on all these topics in person again at our next Annual General Meeting in Würzburg.'
The detailed voting results of the 2021 Ordinary AGM are available for downloading from the corporate website of va-Q-tec within the Investor Relations/Annual General Meeting area.