va-Q-tec AG

Investor Presentation • Apr 12, 2018

va-Q-tec – Always the right temperature

FY 2017 Earnings Release (IFRS)

April 12th , 2018

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• Highlights 2017
• Financial Performance 2017
• Outlook 2018
• Q+A

Dr. Joachim Kuhn (CEO) Stefan Döhmen (CFO) Today's presentersToday's presenters:

Very strong product (+59%) and strong services business (+32%) contribute to growth

Internationalization accelerated with new subsidiaries opened in Switzerland and Japan and expanded footprint in the US

Largest Passive Container

Fleet in the Market (1,500/+500 in 2017)

New and enhanced capacities

in Kölleda and Würzburg to meet accelerated demand

Maintained technological leadership

Group revenues FY 2017 Strong topline growth fueled by products and services

Strong top line growth as VIP technology is reaching an inflection point in many industries

Our products, systems and services are tailored to markets which require excellent

thermal insulation and have space restrictions

Note: (1) 2017 consolidated IFRS financials (2) Other revenues primarily comprise state funded research & development projects (2016: c. 1.8%) which can partially be allocated to va-Q-tec's key end markets (3) Excluding revenues from R&D projects

Total income & Gross profit

• Includes capitalization of fleets and deferred income from special reserves for grants as well from container sale-and-leaseback transactions

• Progress on gross margin of container rental business • Lower gross margin of strongly growing products business weighs on group gross margin

Key cost ratios

• Continued hiring of talent across the business in order to enable growth and innovation
• Key people hired from international blue chip players

• Economies of Scale expected as we grow the business

• Increased spending on rent, IT, marketing & sales, and external consulting, IR expenses mainly reflected in OPEX as well

• Significant expenditure for additional rented facilities in Würzburg will decline over time (reduction of sites from 3 to 1)

EBITDA and EBIT

processes, BizDev and internationalization

*Notes: OPEX and personnel expenses in 9M 2016 adjusted for non-recurring items, namely one-off cost associated with the IPO (EUR1.6m)

Segment performance

• Stellar revenue growth driven by Products (VIPs), container sales and box rental services, 3rd party sales growing as well

Revenues /// va-Q-tec UK

(in €m)

• Continued growth of container rental business (+28%) • Significantly increased EBITDA margin as cost to serve of global container logistics

*Notes: OPEX and personnel expenses in 9M 2016 adjusted for non-recurring items, namely one-off cost associated with the IPO (EUR1.6m)

in €m			FY 2017	FY 2016
Operating cash flow			1.5	-1.1
Investing cash flow			-1.1	-35.3
Financing cash flow			0.3	39.9
Net change in cash			0.6	3.4
	…thereof from acquisition of PP&E EURm 22 compared to
Operating cash flow (IFRS)	EURm 5 in FY 2016		1.5	-1.1
Adjustment for IPO costs in ops	CF		-	1.6
Operating cash flow (adjusted)		1.5	0.5

+1mEUR increased operating cash flow

Outlook 2018 for va-Q-tec Group

Objective	Metric	Outlook FY 2018	Comment
Growth	Revenue growth	We target revenue of 56-63 Mio. EUR	Q1 2018 revenues expected slightly above very strong Q1 2017, as planned
Profitability	EBITDA	We target strong improvement vs. FY 2017

Service growth: Harvest existing opportunities in container rental as well as new ones via strengthened local management	Increase capacity and efficiency	Further expand international footprint
Organization	Drive innovation	Trusted
and	across	partnership
people	all market	with
development	segments	customers

Serviced container rental – Serviced box rental continental (since 2015) Domestic last mile services and products (2018+)

Global (since 2011)

Container & box sales

(since 2003)

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

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

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Consolidated Statement of P&L

	2017	2016
kEUR
Revenues	46.926	35.529
Change in inventories	671	743
Work performed by the company and capitalised	6.702	4.507
Other operating income	3.148	2.099
Total Income	57.447	42.878
Cost of materials and services	-24.676	-17.325
Gross profit	32.771	25.553
Personnel expenses	-15.616	-11.815
Other operating expenses	-9.945	-8.522
EBITDA	7.210	5.216
Depreciation, amortization and impairment losses	-7.528	-5.639
Earnings before interest and tax (EBIT)	-318	-423
Result from equity accounted investments	-79	-59
Finance Income	387	4
Finance expenses	-900	-1.623
Net financial result	-513	-1.619
Earnings before tax (EBT)	-910	-2.101
Income tax	52	313
Net income	-858	-1.788
Consolidated net income attributable to owners of va-Q-tec AG	-858	-1.727
Consolidated net income attributable to non-controlling interests	-	-61
Earnings per share - basic in EUR	-0.07	-0.17
Earnings per share - diluted in EUR	-	-0,17

Consolidated Balance Sheet

ASSETS	31.12.2017	31.12.2016
kEUR
Non-current assets
Intangible assets	885	441
Property, plant and equipment	55.402	31.411
Investment property	1.614	-
Equity accounted interests	357	436
Financial assets	283	67
Other non-financial assets	634	234
Deferred tax assets	2.880	2.839
Total non-current assets	62.055	35.428
Current assets
Inventories	8.942	5.684
Trade receivables	8.005	7.142
Other financial assets of which deposits (6 - 12 months): 9.000 (previous year: 30.000)	9.117	30.184
Current tax assets	67	378
Other non-financial assets	2.104	748
Cash and cash equivalents	5.201	4.600
Total current assets	33.436	48.736
Total assets	95.491	84.164

Consolidated Balance Sheet

Equity and liabilities	31.12.2017	31.12.2016
kEUR
Equity
Issued share capital	13.090	13.090
Treasury shares	-54	-471
Additional paid-in capital	46.158	46.666
Consolidated total other comprehensive income	-28	-33
Retained earnings	-6.174	-5.316
Total equity	52.992	53.936
Non-current liabilities
Provisions	39	17
Bank borrowings	11.146	2.173
Other financial liabilities	3.949	4.012
Other non-financial liabilities	8.438	7.151
Total non-current liabilities	23.572	13.353
Current liabilities
Provisions	38	38
Bank borrowings	2.958	5.410
Other financial liabilities	6.507	5.791
Trade payables	5.244	2.347
Tax liabilities	15	215
Other non-financial liabilities	4.165	3.074
Total current liabilities	18.927	16.875
Total Equity and liabilities	95.491	84.165

Cashflow

Consolidated statement of cash flow

kEUR	2017	2016
Cash flow from operating activities
Net income	-858	-1.788
Current income taxes recognised income statement	-7	-163
Income taxes paid	-	4
Net finance costs recognised income statement	513	1.619
Interest received	1	-
Interest paid	-1.387	-1.200
Non-cash losses from equity accounted investments	79	59
Depreciation, amortisation and impairment losses	7.528	5.639
Gain/loss from disposal of non-current assets	-418	-386
Change in other assets	-1.578	-790
Change in other liabilities	1.649	790
Change in provisions	23	-69
Other non-cash expenses or income	-2.355	-1.610
Cash flow from operating activities before working capital changes	3.190	2.105
Change in inventories	-3.147	-1.197
Change in trade receivables	-862	-2.726
Change in trade payables	2.289	714
Net cash flow from operating activities	1.470	-1.104
Cash flow from investing activities
Payments for investment in intangible assets	-581	-181
Proceeds from disposal of property, plant and equipment	921	385
Payments for investments in property, plant and equipment	-22.439	-5.412
Proceeds from the release from of short-term deposits	21.000	-
Payments for investments in short-term deposits	-	-30.000
Payments for acquisition of interests in associates	-	-125
Net cash flow from investing activities	-1.099	-35.333

Cashflow

kEUR
Cash flow from financing activities	2017	2016
Proceeds from equity increases	-	46.125
Proceeds from shareholders' reimbursement for equity transaction	-	469
Payments to purchase treasury shares	-92	-763
Payments for equity transaction costs	-	-2.327
Proceeds from bank loans	5.411	1.367
Repayments of bank loans	-5.060	-2.694
Repayment of other financial liabilities	-	-1.323
Proceeds from sale-and-finance-leaseback transactions	6.726	4.087
Proceeds from government grants	795	-
Payments for finance leases liabilities	-7.486	-5.091
Net cash flow from financing activities	294	39.850
Change in cash and cash equivalents before exchange rate effects	665	3.413
Effect of exchange rate changes on cash and cash equivalents	-64	1
Net change in cash and cash equivalents	601	3.414
Cash and cash equivalents at start of period	4.600	1.186
Cash and cash equivalents at end of period	5.201	4.600

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