va-Q-tec stays on course to success
FY 2016 revenue up 58% to EUR 35.5 million, adjusted EBITDA up 92% to EUR 6.9 million
2016 revenue at EUR 35.5 million compared with EUR 22.5 million in 2015 (+58%)
Adjusted EBITDA 2016: EUR 6.9 million compared with EUR 3.6 million in 2015 (+92%); improvement of adjusted EBITDA margin from 12% to 16% in 2016
2016 revenue and EBITDA expectations considerably exceeded
Strong Product, Systems and Service businesses contribute to growth
va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a technologically leading provider of highly efficient products and solutions in the area of thermal insulation and cold chain logistics, reports stronger revenue growth and considerably faster EBITDA growth than originally expected for the 2016 financial year.
The va-Q-tec Group grew its revenue by 58% in 2016, from EUR 22.5 million in 2015 to EUR 35.5 million, according to preliminary unaudited IFRS figures. Total operating income was up by 45% from EUR 29.6 million in the previous year to EUR 42.8 million in 2016. Earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for one-off costs of the IPO, increased at a faster rate than revenue during the reporting year, jumping 92% from EUR 3.6 million to EUR 6.9 million in 2016. This corresponds to a four percentage point improvement in the adjusted EBITDA margin from 12% in the previous financial year to 16% in 2016.
The exceptionally strong 2016 financial year reflects the growth momentum in all of the Group's business areas - Products, Systems and Services. All three business divisions generated revenue growth in the mid-double-digit percentage range year-on-year. An unexpectedly positive business environment in Q4 2016 with the shortterm awarding of largescale orders in the Systems business division led to expectations being exceeded.
Christopher Hoffmann, CFO of va-Q-tec AG, comments on the substantial revenue and EBITDA growth in 2016: "The marked year-on-year growth acceleration demonstrates not only how attractive our solutions are for our customers but also the scalability of our business model. Especially with our products and services for the pharmaceuticals cold chain, we achieved significant progress in revenue, EBITDA and EBITDA margin. At the same time, the IPO has enabled us to raise strategically important equity capital allowing us to further drive growth and optimisation."
After many years of market development, va-Q-tec succeeded in establishing innovative technologies and services faster than expected in new industries and with new customers in 2016. Largescale orders in the Systems area, such as in Q4 2016 from the Swiss Post, and in the Products area from manufacturers of refrigerators and hot water storage systems, strongly contributed to revenue and EBITDA growth.
Expansion of the Service business was equally crucial to the growth spurt: Numerous new air freight routes in the rental of temperature controlled containers were added to this business area in 2016, with more than 50 added in H2 2016 alone. Revenues generated from small box rental to the pharmaceutical industry also reported a significant increase in 2016.
"We reached another important milestone in 2016. We floated va-Q-tec on the stock market fifteen years after founding the company, thereby successfully continuing on our path from technology pioneer to global player. Our innovations last year focused on the market launch of new solutions that underpin our aspiration to revolutionise the cold chain. We will continue to leverage the qualitative and technological strengths of our technology platform in the future to the benefit of our customers and continue our growth," notes Dr. Joachim Kuhn, cofounder and CEO of va-Q-tec AG.
These results are preliminary and subject to auditor certification. The final financial results for the 2016 financial year, as well as the outlook for the 2017 financial year, will be published on April 27, 2017, and made available on the website at ir.va-q-tec.com.
va-Q-tec is a leading provider of highly efficient tech products and solutions in the field of thermal insulation and cold chain logistics. The Company develops, manufactures and sells innovative, thin vacuum insulation panels ("VIPs") and phase change materials ("PCMs") for reliable and energy efficient temperature control and insulation. Furthermore, by optimally integrating VIPs and PCMs, va-Q-tec manufactures passive thermal packaging solutions (containers and boxes), which offer constant temperature conditions between 24 and over 200 hours without using external energy sources. Within its rental services business, the company has built a global partner network to provide for an extensive fleet of containers and boxes fulfilling highly demanding thermal protection standards in temperature sensitive supply chains. Besides Healthcare & Logistics as main market, va-Q-tec ad-dresses additional markets such as Appliances & Food, Technics & Industry, Building and Mobility. The strongly growing Company was founded in 2001, and has its headquarters in Würzburg. More information on va-Q-tec under www.va-q-tec.com.