DGAP-News

va-Q-tec continues on growth track in Q1 2017

DGAP-News: va-Q-tec AG / Key word(s): Quarter Results va-Q-tec continues on growth track in Q1 2017 23.05.2017 / 07:30 The issuer is solely responsible for the content of this announcement. Press release

va-Q-tec continues on growth track in Q1 2017

• Q1 2017 revenue at EUR 11.4 million compared with EUR 8.2 million in 2016 (+39%)
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• EBITDA Q1 2017: EUR 2.4 million compared with EUR 1.6 million of adjusted EBITDA in Q1 2016 (+50%)
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• Very strong Products business and strong Services business contribute to growth
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• Continued investments to expand container fleet and boost efficiency of the existing production and logistics infrastructure
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• Formation of a subsidiary in Switzerland to expand service business
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Würzburg, 23 May 2017. 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, has today published its quarterly statement on business trends during the first three months of 2017 and announces further strong growth in both revenue and EBITDA.

The va-Q-tec Group grew its revenue by 39% in Q1 2017, from EUR 8.2 million in Q1 2016 to EUR 11.4 million, according to unaudited IFRS figures. Total income was up by 33% from EUR 10.0 million in the previous year to EUR 13.3 million in Q1 2017. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew from EUR 1.6 million (adjusted for special effects due to the IPO) to EUR 2.4 million. The EBITDA margin amounts to 18%, compared to 16% (adjusted) in Q1 2016.

The growth is attributable to the very positive performance of the Products and Services businesses. Growth in the Product business - the sale of vacuum insulation panels (VIPs) - was driven by higher demand for high-performance insulation for refrigerators and hot water storage. Revenue in the Products business amounted to EUR 3.9 million during the first three months of 2017, up 95% compared with Q1 2016, when the company generated EUR 2.0 million of revenue. The Services business (rental of thermal containers and thermal boxes) reported strong growth, too. Thanks to the higher number of container rentals at the UK subsidiary as well as further success in the box rental business, revenue with Services rose to EUR 4.2 million during the first three months of the year. It was thereby 40% higher than in Q1 2016 at EUR 3.0 million. Revenue with Systems (sale of thermal packaging) of EUR 3.2 million remained at the level of the prior-year period (EUR 3.2 million).