va-Q-tec AG — Earnings Release 2020

Mar 23, 2021

va-Q-tec AG FY 2020 Earnings Release Call

Dr. Joachim Kuhn CEO, Stefan Döhmen CFO

March 29th, 2021

• Highlights and Business Update
• Financial Performance FY 2020
• Outlook 2021
• Q&A

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

va-Q-tec with dynamic growth in FY 2020

Good growth performance Revenue +12% to 72.1 Mio. EUR (FY 2019: 64.7 Mio. EUR)

Systems revenue up 30% YoY to 19.5 Mio. EUR

(FY 2019: 15.1 Mio. EUR)

EBITDA +27% to 12.2 Mio. EUR* (FY 2019: 9.7 Mio. EUR)

*adj. for F/X effects

Healthcare Business with 74% Revenue share (FY 2019: 69%)

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Group revenues grew by 12%, Healthcare & Logistics with 74% Revenue share

Strong growth fuelled by Services and Systems

Cash Flow Summary: Continued strong operating CF performance

Comments

Operating CF before and after WC positive, clear upward trend

Accelerated investing CF, as a consequence of spike in demand (CoVid-19)

Positive free CF postponed due to ramp-up of investments

Solid equity ratio of 35%, no goodwill

From production to vaccination –

VQT involded in all major steps of global distribution campaing

Moderna CoVid-19 vaccine arrives at US bases in Japan

Comments Reliable, safe handling using special thermo-boxes and containers for the delivery of raw materials for the production of vaccines is already necessary during their manufacture

• International shipment of large quantities of finished vaccines often at sub-zero temperatures between -20°C and -70°C
• Information on storage between 2°C and 8°C often refers only to the "last mile", where the vaccine must be stored for a maximum of a few days
• Strong ties with all major vaccine manufacturers
• Exclusive contract with one major vaccine player

Strategic development of Thermal Energy Efficiency Business

va-Q-tec and Uponor: Energy-efficient and form-flexible pipe insulation

• Ecoflex VIP reduces heat losses in local and district heating networks by up to 60% save space massively
• A new level of energy efficiency local and district heating networks.

va-Q-tec and Hutchinson: A Game Changer for VIPs in mobility applications

• Energy efficiency of modern mobility solutions can be massively increased by using VQT's VIPs
• Optimized thermal management of e.g. passenger cabins and batteries leads to significant increase in range of modern e-vehicles

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

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In mEUR	FY 2020	in %	FY 2019	in %	Difference in %
Revenue	72.106	100.0%	64.667	100.0%	11.0%
Change in inventory	0.978		-0.295		431.5%
Own work capitalized (primarily building of own container fleet)	6.379		3.947		61.6%
Other operating income	4.669		4.498		+3.8%
Total income	84.132		72.817		15.5%
COGS	-32.751		-28.993		13.0%
Gross profit	51.381	71%	43.824	68%	17.2%
Personnel expenses	-26.111		-22.389		16.6%
Other operating expense	-13.871		-11.762		17.9%
EBITDA	11.399	16%	9.673	15%	17.8%
Depreciation & amortization	-12.299		-12.232		0.6%
EBIT	-0.900	-1%	-2.559	-4%	64.8%
Valuation and result from equity investments	-0.647		1.703		-62.0%
Financial result	1.259		-1.063		18.4%
EBT	-1.512	-2%	-1.919	-3%	21.2%
Income taxes	0.077		-0.647		111.9%
Net income	-1.435	-2%	-2.566	-4%	44.1%

In mEUR	31.12.2020	31.12.2019	Difference in %
Cash & cash equivalents	17.134	7.490	128.8%
Trade receivables	6.532	6.666	-2.0%
Inventories	11.615	10.676	8.8%
Other current assets	2.479	2.180	13.7%
Total current assets	37.760	27.012	39.8%
Tangible fixed assets	69.636	68.879	1.1%
Intangible assets	2.955	2.233	32.3%
Other noncurrent assets	8.717	7.665	13.7%
Total noncurrent assets	81.308	78.777	3.2%
Total assets	119.068	105.789	12.6%
Short-term financial liabilities	16.561	23.194	-28.6%
Other short-term liabilities	4.639	5.095	-8.9%
Long-term financial liabilities	51.187	28.246	81.2%
Other long-term liabilities	5.425	6.547	-17.1%
Total provisions and liabilities	77.812	63.082	23.4%
Total equity	41.256	42.707	-3.4%
Total liabilities and equity	119.068	105.789	12.6%

In mEUR	FY 2020	FY 2019	Difference in %
Cash flow from operating activities before change in NWC	6.745	5.808	16.1%
Cash flow from operating activities after change in NWC	7.405	7.188	3.0%
Cash flow from investing activities	-11.819	-8.942	-32.2%
Free cash flow	-3.946	-1.558	-153.3%
Cash flow from financing activities	14.124	-2.972	575.2%
Effects of exchange rate changes	-66	62	-206.5%
Net cash inflow/outflow	9.710	-4.726	305.5%
Cash and cash equivalents per 31.12.2019	7.490	12.154	-38.4%
Cash and cash equivalents per 31.12.2020	17.134	7.490	128.8%