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va-Q-tec AG
Investor Presentation • Aug 12, 2021
459_ip_2021-08-12_6080846b-dfeb-4f7f-b43d-c505be9229c5.pdf
Investor Presentation
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va-Q-tec AG H1 2021 Earnings Release Presentation
Dr. Joachim Kuhn CEO, Stefan Döhmen CFO
August 12th, 2021
- Highlights and Business Update
- Financial Performance H1 2021
- Outlook 2021
- Q&A
Dr. Joachim Kuhn (CEO) Stefan Döhmen (CFO)
In EUR Mio.
H1 2020: 35.7 Mio. EUR
H1 2021: 47.3 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 |
H1 2021 | Comments | ||||
| Revenues | H1 2021 47.3 |
H1 2020 35.7 |
Delta % +33% |
| ||
| Total Income | 59.1 | 41.4 | +43% | | Incl. temp workers for capacity increases |
|
| COST OF MATERIALS AND SERVICES | -25.0 | -16.6 | +51% | |||
| GROSS PROFIT | 34.0 58% |
24.8 60% |
+37% | | Improved Ratio |
|
| PERSONNEL EXPENSES | -16.4 28% |
-12.6 31% |
+30% | | ||
| OTHER OPEX EBITDA |
-8.5 15% 9.1 |
-5.9 14% 6.3 |
+44% +45% |
|
Margin on Revenue improved |
|
| D&A | 15% -6.5 |
15% -6.1 |
+7% | |||
| EBIT | 2.6 | 0.2 | |
Positive EBIT, x12 |
Cash Flow Summary
| in EUR Mio. | H1 21 | H1 20 | |
|---|---|---|---|
| Comments | |||
| Operating cash flow before changes in Working Capital |
7.4 | 4.6 | Operating CF before WC with a |
| Operating cash flow | 0.4 | 2.3 | strong development, +61% yoy WC build-up mainly for business |
| Investing cash flow |
-11.5 | -4.5 | in H2 and for intl. subsidiaries Accelerated investing CF to |
| thereof payments for investments in property, plant and equipment |
-10.9 | -3.9 | ramp-up capacity for CoVid-19 logistics and long term growth |
| Financing cash flow |
2.0 | 5.1 | Positive free CF postponed due to ramp-up of investments |
| Net change in cash | -9.2 | 2.8 | |
| Free Cash flow | -11.1 | -2.2 | |
| Cash and Cash equivalents | 8.0 | 10.3 | Available lines + cash = 13.3 Mio. EUR |
Comments
- Operating CF before WC with a strong development, +61% yoy
- WC build-up mainly for business in H2 and for intl. subsidiaries
- Accelerated investing CF to ramp-up capacity for CoVid-19 logistics and long term growth
- Positive free CF postponed due to ramp-up of investments
Solid equity ratio of 34%, no goodwill
Ongoing CoVid Business adding to a structurally growing market in TempChain space
Clear strategic priorities in H1 2021: Bringing new applications to light
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 [email protected]
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Q&A
Symbol: VQT Bloomberg: VQT:GY Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668
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| In mEUR | H1 2021 | in % | H1 2020 | in % | Difference in % |
|---|---|---|---|---|---|
| Revenue | 47.288 | 100.0% | 35.651 | 100.0% | 32.6% |
| Change in inventory | 2.826 | 680 | 315.6% | ||
| Own work capitalized (primarily building of own container fleet) | 6.999 | 2.903 | 141.1% | ||
| Other operating income |
1.950 | 2.151 | -9.3% | ||
| Total income | 59.063 | 41.385 | 42.7% | ||
| COGS | -25.009 | -16.573 | 50.9% | ||
| Gross profit | 34.054 | 72% | 24.812 | 69% | 37.2% |
| Personnel expenses |
-16.390 | -12.607 | 30.0% | ||
| Other operating expense | -8.541 | -5.914 | 44.4% | ||
| EBITDA | 9.123 | 19% | 6.291 | 18% | 45.0% |
| Depreciation & amortization | -6.487 | -6.089 | 6.5% | ||
| EBIT | 2.636 | 5% | 202 | 0.5% | 1.204.9% |
| Valuation and result from equity investments | 0 | 0 | 0% | ||
| Financial result | -1.052 | -552 | 90.6% | ||
| EBT | 1.584 | 3% | -350 | 1% | -552.6% |
| Income taxes | 297 | 0 | 100.0% | ||
| Net income | 1.881 | 4% | -350 | 1% | -637.4% |
| In mEUR | 30.06.2021 | 31.12.2020 | Difference in % |
|---|---|---|---|
| Cash & cash equivalents | 7.974 | 17.134 | -53.5% |
| Trade receivables | 9.504 | 6.532 | 45.5% |
| Inventories | 17.419 | 11.615 | 50.0% |
| Other current assets | 5.073 | 2.479 | 104.6% |
| Total current assets | 39.970 | 37.760 | 5.9% |
| Tangible fixed assets | 75.248 | 69.636 | 8.1% |
| Intangible assets | 2.492 | 2.955 | -15.7% |
| Other noncurrent assets | 9.491 | 8.717 | 8.9% |
| Total noncurrent assets | 87.231 | 81.308 | 7.3% |
| Total assets | 127.201 | 119.068 | 6.8% |
| Short-term financial liabilities |
25.422 | 16.605 | 53.1% |
| Other short-term liabilities |
5.371 | 4.595 | 16.9% |
| Long-term financial liabilities |
48.779 | 51.187 | -4.2% |
| Other long-term liabilities |
4.875 | 5.425 | -10.1% |
| Total provisions and liabilities | 84.447 | 77.812 | 8.5% |
| Total equity | 42.754 | 41.256 | 3.6% |
| Total liabilities and equity | 127.201 | 119.068 | 6.8% |
| In mEUR | H1 2021 | H1 2020 | Difference in % |
|---|---|---|---|
| Cash flow from operating activities before change in NWC | 7.417 | 4.572 | 62.2% |
| Cash flow from operating activities after change in NWC | 383 | 2.290 | -83.3% |
| Cash flow from investing activities | -11.492 | -4.519 | 154.3% |
| Free cash flow | 11.875 | 6.809 | 74.4% |
| Cash flow from financing activities | 2.028 | 5.061 | -59.9% |
| Effects of exchange rate changes | -79 | -50 | 58.0% |
| Net cash inflow/outflow | -9.160 | 2.782 | 429.3% |
| Cash and cash equivalents per | 17.134 | 7.490 | 128.8% |
| Cash and cash equivalents per | 7.974 | 10.272 | -22.4% |