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va-Q-tec AG Earnings Release 2022
459_ip_2022-08-11_ce15f8ee-7acf-420f-84cc-de0b46f05cbb.pdf
Earnings Release
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va-Q-tec H1 2022 Earnings Release Presentation
2022-08-11
VQT with continued strong growth in H1
Revenue up +17 % in H1 2022 to EUR 55,4 million compared to EUR 47,3 million in H1 2021
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Outstanding growth in the Services (+30 %) and Systems (+21 %) divisions
Strong growth in the non-Covid-related TempChain business of +28% y-o-y in the first half of 2022, above growth of overall TempChain business of +25%
Significantly improved operating cash flow and capex reduction; free cash flow in H1 2022 up by around EUR 7.5 million year-on-year, FCF break-even in sight
Revenues by business line
Group revenues grew by 17%
Group revenues grew by 17%
Revenue Shares TempChain 74% Corona-related Business 13% Revenue Shares TempChain 78% Corona-related Business 13% H1 2021 47,3 Mio. EUR H1 2022 55,4 Mio. EUR +17% Services Systems Products 17,4 25,9 Services 10,6 Systems Products 12,5 14,4 19,9 H1 2021 H1 2022
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Consolidated income statement
Breakdown by cost position
| H1 22 In TEUR |
H1 21 In TEUR |
Difference in % |
|
|---|---|---|---|
| Revenue | 55.421 | 47.288 | +17% |
| Total income | 65.608 | 59.063 | +11% |
| Cost of Materials and Services | -25.268 | -25.009 | - |
| Gross profit | 40.340 | 34.054 | +18% |
| Personnel expenses | -18.608 | -16.390 | +14% |
| Other operating expense | -12.604 | -8.541 | +48% |
| EBITDA | 9.128 | 9.123 | 0% |
| Depreciation & amortization | -7.316 | -6.487 | +13% |
| EBIT | 1.812 | 2.636 | |
| Financial result | -1.277 | -1.052 | |
| EBT | 535 | 1.584 |
Anticipated future business Higher logistics and energy costs, normalized travel costs
Cash flow summary
Cash generation strongly improved
| In Mio. EUR | H1 22 | H1 21 | Comments | |
|---|---|---|---|---|
| Operating cash flow before changes in Working Capital |
6,9 | 7,4 | ||
| Operating cash flow | 1,8 | 0,4 | term growth mainly done | |
| Investing cash flow | -5,4 | -11,5 | ||
| Thereof payments for investments in property, plant and equipment* |
-5,4 | -10,9 | improvement | |
| Financing cash flow | 4,4 | 2,0 | 2022 | |
| Net change in cash | 0,2 | -5,8 | ||
| Free cash flow | -3,6 | -11,1 | ||
| Cash and cash equivalents | 10,8 | 8,0 | Available lines + cash = |
Comments
- Operating CF with a good improvement
- Accelerated investments to ramp-up capacity for CoVid-19 logistics and midterm growth mainly done
- Strongly improved FCF, +7.5 Mio. EUR improvement
- Continuing to expect a positive FCF in 2022
c. 25 Mio. EUR
Solid equity ratio of 34%, no goodwill No Goodwill, Net Debt excl. mortgage loans: 2.1 x last 12 months EBITDA
Short-term outlook
Guidance confirmed
| Guidance FY22e | Assumptions | |
|---|---|---|
| Revenues | 115-122 Mio. EUR | • With ~75% Healthcare revenues in 2022E, stable business assumed • No major negative impact from geopolitical tensions • Supply chain constraints and increased inflation considered to some extent |
| EBITDA | Growing – stable Margins |
Game changer for secure transport and delivery of frozen food
Blue-Chip partnerships for secure TempChains
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
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Symbol: VQT Bloomberg: VQT:GY Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668