va-Q-tec AG

Earnings Release • Nov 14, 2019

va-Q-tec AG 9M 2019 Earnings Release

November 14th, 2019

• Highlights and Business Update
• Financial Performance 9M 2019
• Outlook 2019
• Q&A

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

va-Q-tec with outstanding growth in 9M 2019

Strong growth performance Revenue +28% to 47.3 Mio. EUR

Continued stellar growth in "Services" Revenue +66%

Cost ratios: EBITDA margin increases from 5% to 13%

Revenue guidance raised to 23-26%

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Continued outstanding growth in "Services" …

Total Revenue by business line

Strong EBITDA increase by 215%

P&L
In EUR Mio. and % of total income		FY			COMMENTS
	9M/19	9M/18	Delta
Revenues	47.3	37.1	10.2	 
					 Significant improvement due to
Total Income	53.3	46.4	6.9		accelerated Services revenues,
COST OF MATERIALS AND SERVICES	-21.7	-20.5	1.2	 	increased GM
GROSS PROFIT	31.5 59%	26.0 56%	5.5	 	 Improved ratio and under-proportional growth (+11%)
PERSONNEL EXPENSES	-16.6	-14.9	1.7	
	31%	32%
OPEX	-8.3	-8.9	0,6		 Significantly improved ratio, absolute number declined
	16%	19%
EBITDA	6.7	2.1	4.6	 	
	13%	5%
D&A	-9.0	-7.2	1.8
					 Increase due to high CAPEX in 2017 &
Earnings before interest and tax (EBIT)	-2.3	-5.0	2.7		2018

COMMENTS

in EUR Mio.	9M/19	9M/18
Operating cash flow before changes in Working Capital	3.6	-1.1
Operating cash flow	3.2	-4.2
Investing cash flow *net of dissolution of EUR 9 Mio. short-term investments	-6.7	-8.6*
thereof payments for investments in property, plant and equipment	-6.5	-17.1
Financing cash flow	-2.5	16.3
Net change in cash	-5.9	3.6

• Operating CF before WC positive, clear upward trend
• OCF break even achieved, upward momentum visible
• Investing CF reflecting softer investments after a heavy investment period following the IPO, 9M 2018 influenced by 9 Mio. EUR dissolution of short-term investments (IPO funds)

In EUR Mio.

LIQUIDITY DEVELOPMENT, 12/2018 – 09/2019

BALANCE SHEET

Outlook 2019

Topline: 23-26% growth (=Strong revenue growth)

EBITDA: 11-14% Margin

A focus topic in 9M 2019: Last mile TempChain logistics

• Pharma importer kohlpharma buys several thousand multi-use va-Q-med® thermoboxes
• Major order underscores growth momentum in va-Q-tec's TempChain business
• va-Q-med® thermoboxes secure temperature-controlled pharmacy supplies at no additional cost and energy for refrigerated vehicles

New regulation: German federal government already agreed on a draft from the ministry of health that going forward drug specific temperatures have to be met until the end-consumer receives it. For very sensitive drugs this has to be monitored.

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:GY Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668

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