va-Q-tec AG

Investor Presentation • Nov 11, 2021

va-Q-tec AG 9M 2021 Earnings Release Presentation

PETIATINE

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Dr. Joachim Kuhn CEO, Stefan Döhmen CFO

November 11th, 2021

• Highlights and Business Update
• Financial Performance 9M 2021
• Outlook 2021
• Q&A

Dr. Joachim Kuhn (CEO) Stefan Döhmen (CFO)

Financial Times "Tech Champion"

Key Highlights

• 325,498 new shares issued at EUR 26.10 per share
• Capital increase of ca. 8.5 Mio. EUR corresponding to approximately 2.5% of the share capital
• Equity increased substancially by approximately 20 %
• Fully subscribed by Lupus alpha Asset Management
• Lupus alpha as a new long-term oriented shareholder

In EUR Mio.

9M 2020: 53,2 Mio. EUR

9M 2021: 73,4 Mio. EUR

Record high in in all business lines

P&L
In EUR Mio. and % of total income, calculated on the basis of full figures	9M 2021				Comments
	9M 2021	9M 2020	Delta %
Revenues	73,4	53,2	+38%	✓
Total Income	89,4	61,5	+45%	✓	▪ Incl. temp workers for capacity
COST OF MATERIALS AND SERVICES	-37,7	-24,0	+58%		increases
GROSS PROFIT	51,7	37,6	+38%	✓
	58%	61%			▪ Improved Ratio
PERSONNEL EXPENSES	-24,5	-18,9	+30%	✓
	28%	31%
OTHER OPEX	-13,6 15%	-9,7 16%	+39%	✓ ✓	▪ Margin on Revenue significantly improved
EBITDA	13,5	9,0	+51%	✓
	15%	15%
D&A	-9,9	-9,2	+8%		▪ Positive EBIT
EBIT	3,7	-0,2	+1852%	✓ ✓ ✓	Net result positive at ~ 1,7 Mio. EUR

WE SOLVE THERMAL CHALLENGES

in EUR Mio.	9M 21	9M 20
Operating cash flow before changes in Working Capital	11,2	6,5
Operating cash flow	0,7	5,9
Investing cash flow	-15,7	-6,6
thereof payments for investments in property, plant and equipment	-14,7	-6,0
Financing cash flow	6,1	4,0
Net change in cash	-8,9	3,3
Free Cash flow	-15,0	-0,7
Cash and Cash equivalents	8,2	10,7

Comments

• Operating CF before WC with a strong development, +73% yoy
• WC build-up mainly for business in Q3/Q4 and for intl. subsidiaries
• Accelerated investing CF to ramp-up capacity for CoVid-19 logistics and mid term growth
• Positive free CF postponed due to ramp-up of investments
• Fully on track to achieve FCF break-even in 2022
• Available lines + cash = 12,7 Mio. EUR

Solid equity ratio of 33%, no goodwill

Accelerated adoption of mRNA-technology further driving VQT's revenues

Recent headlines defining our context

• Great success of mRNAbased Corona vaccines marks a breakthrough for the technology
• mRNA-Players with massive pipelines for infectious diseases and oncology
• Strong demand for Corona vaccination will continue
• mRNA-based vaccines and drugs have to be stored and transported at constant (low) temperatures which marks a very interesting market for VQT

Thank you for your attention!

va-Q-tec AG

Alfred-Nobel-Straße 33 97080 Würzburg Tel.: +49 931 35942-1616 Fax: +49 931 35942-0 IR@va-Q-tec.com

TICKER

Q&A

Symbol: VQT Bloomberg: VQT:GY Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668

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In mEUR	9M 2021	in %	9M 2020	in %	Difference in %
Revenue	73.352	100.0%	53.221	100.0%	37,8
Change in inventory	4.355		981		343,9
Own work capitalized (primarily building of own container fleet)	8.831		4.214		109,6
Other operating income	2.869		3.107		-7,7
Total income	89.407		61.523		45,3
COGS	-37.734		-23.950		57,6
Gross profit	51.673	70%	37.573	71%	37,5
Personnel expenses	-24.547		-18.886		30,0
Other operating expense	-13.580		-9.735		39,5
EBITDA	13.546	18%	8.952	17%	51,3
Depreciation & amortization	-9.885		-9.161		7,9
EBIT	3.661	5%	-209	-0,4%	+1.851,7
Valuation and result from equity investments	0		0		0
Financial result	-1.688		-866		-94,9
EBT	1.973	3%	-1.075	2%	+283,5
Income taxes	-271
Net income	1.702	2%	-1.705	-3%	+199,8

In mEUR	30.09.2021	31.12.2020	Difference in %
Cash & cash equivalents	8.197	17.134	+52,2
Trade receivables	9.390	6.532	+43,8
Inventories	19.779	11.615	+70,3
Other current assets	6.383	2.479	+157,5
Total current assets	43.749	37.760	+15,9
Tangible fixed assets	75.738	69.636	+8,8
Intangible assets	2.305	2.955	-22,0
Other noncurrent assets	9.968	8.717	+14,4
Total noncurrent assets	88.011	81.308	+8,2
Total assets	131.760	119.068	+10,7
Short-term financial liabilities	30.368	16.605	+82,9
Other short-term liabilities	5.926	4.595	+29,0
Long-term financial liabilities	48.079	51.187	-6,1
Other long-term liabilities	4.541	5.425	-16,3
Total provisions and liabilities	88.914	77.812	+14,3
Total equity	42.846	41.256	+3,9
Total liabilities and equity	131.760	119.068	+10,7

In mEUR	9M 2021	9M 2020	Difference in %
Cash flow from operating activities before change in NWC	11.168	6.460	+72.9
Cash flow from operating activities after change in NWC	662	5.909	-88.8
Cash flow from investing activities	-15.650	-6.630	-136.0
Free cash flow	-14.988	-721	-1.978,8
Cash flow from financing activities	6.085	4.008	+51.8
Effects of exchange rate changes	-34	-89	+61.8
Net cash inflow/outflow	-8.937	3.198	-379.5
Cash and cash equivalents per start of period	17.134	7.490	+128.8
Cash and cash equivalents per end of period	8.197	10.688	-23.3