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va-Q-tec AG
Investor Presentation • May 11, 2021
459_ip_2021-05-11_0aa395d8-3ba8-4b33-b05d-0126828b5cf5.pdf
Investor Presentation
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va-Q-tec AG Q1 2021 Earnings Release Call
Dr. Joachim Kuhn CEO, Stefan Döhmen CFO
May 11th, 2021
- Highlights and Business Update
- Financial Performance Q1 2021
- Outlook 2021
- Q&A
Dr. Joachim Kuhn (CEO) Stefan Döhmen (CFO)
va-Q-tec with a very strong start into the year
Very good growth performance Revenue +27% to 22.4 Mio. EUR (Q1 2020: 17.6 Mio. EUR)
Systems revenue +42% YoY to 6.8 Mio. EUR
(Q1 2020: 4.8 Mio. EUR)
EBITDA +63% to 4.6 Mio. EUR (Q1 2020: 2.8 Mio. EUR)
EBIT 1.4 Mio. EUR
(Q1 2020: -0.2 Mio. EUR)
Major part of CoVid-19 business still to come
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Sunday, May 9th: CoVid-19-Vaccines making their way to India
Group revenues grew by 27%
Record high revenues in all business lines
| P&L | |||||
|---|---|---|---|---|---|
| In EUR Mio. and % of total income, calculated on the basis of full figures |
Q1 2021 | Comments | |||
| Q1 2021 | Q1 2020 | Delta % | |||
| Revenues | 22.4 | 17.6 | +27% | | |
| Total Income | 28.4 | 20.4 | +40% | | |
| COST OF MATERIALS AND SERVICES | -12.4 | -8.4 | +48% | ||
| GROSS PROFIT | 16.0 | 12.0 | +34% | | |
| PERSONNEL EXPENSES | 56% -7.8 |
59% -6.2 |
+26% | | Improved Ratio |
| 27% | 30% | Improved Ratio |
|||
| OTHER OPEX |
-3.6 13% |
-3.0 15% |
+23% | |
|
| EBITDA | 4.6 16% |
2.8 14% |
+63% | |
|
| D&A | -3.2 | -3.0 | +6% | ||
| EBIT | 1.4 | -0.2 | |
Positive EBIT |
Cash Flow Summary
| in EUR Mio. | Q1 21 | Q1 20 |
|---|---|---|
| Operating cash flow before changes in Working Capital |
4.6 | 2.0 |
| Operating cash flow | 1.3 | 1.5 |
| Investing cash flow |
-5.0 | -2.1 |
| thereof payments for investments in property, plant and equipment |
-4.9 | -1.8 |
| Financing cash flow |
-2.1 | -2.3 |
| Net change in cash | -5.7 | 1.6 |
| Free Cash flow | -3.7 | -0.6 |
| Cash and Cash equivalents | 11.4 | 9.2 |
Comments
- Operating CF before WC more than doubled
-
Accelerated investing CF to ramp-up capacity for CoVid-19 logistics and long term growth
-
Positive free CF postponed due to ramp-up of investments
- Available lines + cash = 22 Mio. EUR
Solid equity ratio of 35%, no goodwill
Comments
- Vaccines must be continuously stored at refrigerator temperature (2°C to 8°C) before they are vaccinated
- To meet this requirement, va-Q-tec has developed a special inlay for the thermal transport solution va-Q-tray within two weeks
- Stackable, secure solution for the temperature-stable storage and intra-logistics in vaccination centers
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 [email protected]
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Q&A
Symbol: VQT Bloomberg: VQT:GR Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668
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| In mEUR | Q1 2021 | in % | Q1 2020 | in % | Difference in % |
|---|---|---|---|---|---|
| Revenue | 22.359 | 100.0% | 17.587 | 100.0% | 27.1% |
| Change in inventory | 1.492 | 19 | 7.752.6% | ||
| Own work capitalized (primarily building of own container fleet) | 3.523 | 1.639 | 115.0% | ||
| Other operating income |
1.071 | 1.130 | -5.2% | ||
| Total income | 28.445 | 20.375 | 39.6% | ||
| COGS | -12.400 | -8.377 | 48.0% | ||
| Gross profit | 16.045 | 72% | 11.998 | 68% | 33.7% |
| Personnel expenses |
-7.811 | -6.209 | 25.8% | ||
| Other operating expense | -3.646 | -2.974 | 22.6% | ||
| EBITDA | 4.588 | 21% | 2.815 | 16% | 63.0% |
| Depreciation & amortization | -3.163 | -2.984 | 6.0% | ||
| EBIT | 1.425 | 6% | -169 | -1% | -943.2% |
| Valuation and result from equity investments | 0 | 0 | 0% | ||
| Financial result | -528 | -270 | 95.6% | ||
| EBT | 897 | 4% | -439 | -2% | -304.3% |
| Income taxes | 156 | -96 | -262.5% | ||
| Net income | 1.053 | 5% | -535 | -3% | -296.8% |
| In mEUR | 31.03.2021 | 31.12.2020 | Difference in % |
|---|---|---|---|
| Cash & cash equivalents | 11.363 | 17.134 | -33.7% |
| Trade receivables | 8.366 | 6.532 | 28.1% |
| Inventories | 14.176 | 11.615 | 22.1% |
| Other current assets | 3.558 | 2.479 | 43.5% |
| Total current assets | 37.463 | 37.760 | -0.8% |
| Tangible fixed assets | 72.076 | 69.636 | 3.5% |
| Intangible assets | 2.736 | 2.955 | -7.4% |
| Other noncurrent assets | 8.999 | 8.717 | 3.2% |
| Total noncurrent assets | 83.811 | 81.308 | 3.1% |
| Total assets | 121.274 | 119.068 | 1.9% |
| Short-term financial liabilities |
18.551 | 16.605 | 17.6% |
| Other short-term liabilities |
5.404 | 4.595 | 17.6% |
| Long-term financial liabilities |
50.276 | 51.187 | -8.2% |
| Other long-term liabilities |
4.980 | 5.425 | -8.2% |
| Total provisions and liabilities | 79.211 | 77.812 | 1.8% |
| Total equity | 42.063 | 41.256 | 2.0% |
| Total liabilities and equity | 121.274 | 119.068 | 1.9% |
| In mEUR | Q1 2021 | Q1 2020 | Difference in % |
|---|---|---|---|
| Cash flow from operating activities before change in NWC | 4.586 | 2.016 | 227.5% |
| Cash flow from operating activities after change in NWC | 1.305 | 1.489 | 87.6% |
| Cash flow from investing activities | -4.981 | -2.119 | 235.1% |
| Free cash flow | 6.286 | 3.608 | 174.2% |
| Cash flow from financing activities | -2.054 | 2.273 | 90.4% |
| Effects of exchange rate changes | -41 | 39 | -5.1% |
| Net cash inflow/outflow | -5.771 | 1.682 | 343.1% |
| Cash and cash equivalents per | 17.134 | 7.490 | 228.8% |
| Cash and cash equivalents per | 11.363 | 9.172 | 123.9% |