Investor Presentation • Nov 18, 2016
Investor Presentation
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18November 2016
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
IMPORTANT NOTICE
The information contained in this Presentation has been provided by va-Q-tec AG (the "Company" and, together with its shareholders, subsidiaries and associated companies, the "Group") and has not been verified independently. Unless otherwise stated, the Company is the source of the information contained herein. For the purposes of this notice, the Presentation includes this document, its contents or any part of it and any related video or oral presentation, any question or answer session and any written or oral material discussed or distributed during the presentation meeting.
Presentations are by their nature abbreviated information and cannot substitute for narrative information. In addition, the information herein is preliminary and is not comprehensive. Consistent with its purpose, this Presentation does not include all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities of the Company.
This Presentation does not constitute or form part of, and should not be construed as an offer or invitation or recommendation to, purchase or sell or subscribe for, or as any solicitation of any offer to purchase or subscribe for, any securities of the Company, in any jurisdiction. Neither this Presentation, nor any part thereof nor anything contained or referred to therein, nor the fact of its distribution, should form the basis of or be relied on in connection with, or serve as an inducement in relation to, a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities.
No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Presentation or on its completeness, accuracy or fairness. Neither the Company, the remainder of its Group nor its shareholders, any of their respective affiliates, directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information or opinions in the Presentation (or whether any information has been omitted from the Presentation) or any other information relating to the Group, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith. In particular, no representation or warranty is given as to the likelihood of achievement or reasonableness of, and no reliance should be placed on, any projections, targets, ambitions, estimates or forecasts contained in this Presentation, and nothing in this Presentation is or should be relied on as a promise or representation as to the future. No statement in this Presentation is intended as a profit forecast or a profit estimate and no statement in this Presentation or any related materials should be interpreted to mean that earnings per share for the future or current financial periods would necessarily match or exceed historical published earning per share.
This Presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. It is up to the recipient of the Presentation to make its own assessment as to the validity of such forward-looking statements and assumptions.
All information in this Presentation is current at the time of publication but may be subject to change in the future. The Company disclaims any obligation to update or revise any statements, in particular forward-looking statements, to reflect future events or developments.
To the extent available, the industry and market data contained in the Presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, the data contained therein has not been independently verified by the Company or anyone else. In addition, certain of the industry and market data contained in the Presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry or market data contained in the Presentation.
Statements contained in this Presentation regarding past events or performance should not be taken as a guarantee of future events or performance.
Recipients of this Presentation should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and must make their own assessments concerning such matters and other consequences of a potential investment in the Company and its securities, including the merits of investing and related risks. Any prospective purchaser of the Securities is recommended to seek its own independent financial advice.
In receiving or otherwise accessing this Presentation, you will be deemed to have represented, agreed and undertaken (i) that you are permitted, in accordance with all applicable laws, to receive such information, (ii) that you are solely responsible for your own assessment of the business and financial position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company and (iii) that you have read and agree to comply with the contents of this notice.
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Neither this Presentation nor any part or copy of it may be taken or transmitted into the United States of America ("United States") or distributed, directly or indirectly, in the United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state in the United States and may not be offered or sold in the United States except in reliance on an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This Presentation and the information contained therein, is not directed to, or intended for viewing, release, distribution, publication or use by (directly or indirectly, in whole or in part), any person or entity that is a citizen of, or resident or located in, the United States, Australia, Canada or Japan or any jurisdiction where applicable laws prohibit its viewing, release, distribution, publication or use.
| Financial highlights 9M 2016 | |||
|---|---|---|---|
| in €m | 9M 2016 | FY 2015 | |
| Revenues | 24.3 | 22.5 | |
| Total Income | 30.6 | 29.6 | |
| EBITDA (adj.) | 5.0 | 3.6 | |
| EBITDA margin (adj.) |
16% | 12% |
Dr. Joachim Kuhn, Co-Founder and CEO va-Q-tec
"The IPO proceeds are a cornerstone for our further growth.
In Q3 2016, we made large steps towards achieving our revenue and profitability goals for the full year. Our healthcare & logistics business remains the key growth driver, complemented by exciting projects in our other end markets. We have also successfully introduced new products into the market."
Continued strong growth momentum throughout 2016 9M 2016 revenues 54% higher than same period in 2015 9M 2016 revenues already 8% above full year 2015 figures Growth driven equally by Products, Systems and Services Stable outlook for Q4 2016 with high visibility on revenues
Several one-off sales effects in Q1 2016, mainly in the Systems segment (NHS project in UK, catch-up of major Swiss pharma player from slow 2015)
Notes: Total revenues also include "Other revenues". "Other revenues" primarily comprise state funded R&D which amounted to 373 T€ in the first nine months of 2016 (408 T€ in 2015 9M).
Notes: Personnel cost and other OPEX adjusted for non-recurring items, namely one-off cost associated with the offering like accrued IPO compensation in the form of employee stock options (worth €168k) and issuance costs (€1.54m)
Notes: EBITDA and EBIT adjusted for non-recurring items, namely one-off cost associated with the offering like accrued IPO compensation in the form of employee stock options (worth €168k) and issuance costs (€1.54m)
Notes: EBITDA aadjusted for non-recurring items, namely one-off cost associated with the offering like accrued IPO compensation in the form of employee stock options (worth €168k) and issuance costs (€1.54m)
Net debt: € 23.1 m
Net debt/EBITDA: 3.9x
| • Products: continued strength in Appliance & Food as well as Technics & Industry |
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|---|---|---|---|
| Commercial | • Systems: Box sales to Swiss Post and large Nordic customer |
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| • Services: |
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| • Container rental: lanes with several large Pharma customers have started ramping up |
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| • Box rental: continued progress on existing and prospective projects |
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| Investments | • Ordered new VIP-production line |
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| • Kicked-off site expansions in Kölleda and Würzburg to enhance production and logistics capacity and enhance efficiency |
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| • Increased equity stake in high-tech materials company SUMTEQ GmbH, supporting our drive towards higher performance / lower cost insulation |
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| Financial | • Decreased lease funding costs from >8% to 4.6% on next container fleet investments |
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| • Re-payment of expensive mezzanine (€500k, replaced by lower cost short-term debt) |
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| • Use of equity proceeds |
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| • Majority is parked risk-free at 0% interest, avoiding negative interest cost |
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| • Partially used to reduce use of working capital revolving lines, reducing interest costs; use of working capital lines can be increased again at any time |
Mission : Be the global leader in high end insulation solutions
Karl-Ferdinand-Braun-Straße 7 97080 Würzburg Tel.: +49 931 35942-0 Fax: +49 931 35942-0 [email protected]
Symbol: VQT Bloomberg: VQT:GR Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668
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