DGAP-Adhoc
Airopack Technology Group AG: Airopack reports production and sales growth (deutsch)
Airopack Technology Group AG: Airopack reports production and sales growth
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EQS Group-Ad-hoc: Airopack Technology Group AG / Schlagwort(e):Halbjahresergebnis
Airopack Technology Group AG: Airopack reports production and sales growth
29.09.2017 / 08:34 CET/CEST
Veröffentlichung einer Ad-hoc-Mitteilung gemäss Art. 53 KRFür den Inhalt der Mitteilung ist der Emittent verantwortlich.
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Ad-hoc release / Press Release
Airopack reports production and sales growth
- Strong production growth in H1 2017 with 89% increase to 18.1 millionAiropack dispensers
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- Net loss of EUR 19.5 million due to scale-up of organization andproduction capacity for planned growth
- Substantial progress with multiple new EU and US based global customers
- Annual run rate of 200 million planet friendly aerosols expected end 2018
Baar, 29 September 2017 - Airopack Technology Group AG ("Airopack"),manufacturer of planet friendly aerosols, today announced its results overthe first half of 2017. After the opening of the new
Waalwijk factory inDecember 2016, the first half of 2017 was marked by strong growth inproduction volumes of Airopack dispensers, meeting the highest qualitystandards in the industry. With the
further scale-up of the organization andproduction capacity, the company is on track towards an annual productionand sales run rate of 200 million Airopack dispensers by the end of 2018. Inthe
second half of 2017 the company expects production and sales volumes tocontinue to grow steadily.
Airopack produces a safe, all-plastic pressurized dispenser powered purelyby air that is environmental and planet friendly. It was developed byAiropack Technology Group, which holds the relevant
patents and is worldwidethe sole producer of this unique dispenser.
Quint Kelders, Chief Executive Officer, said: "Our focus in the first halfof 2017 was on a controlled ramp-up of production volumes of Airopackdispensers that meet the highest quality standards in the industry. Weinvested in a further expansion of our sales, marketing and productionorganization, to be ready for the planned growth with our expanded team ofqualified employees. We made substantial progress in commercial discussionswith new customers and passed their qualification tests for both theAiropack dispenser and our state-of-the-art plant in Waalwijk. We arebuilding a solid and balanced sales pipeline to fill the scheduled increaseof installed production capacity to 200 million Airopack dispensers annuallyand are satisfied to have secured the funding for the upscaling."
General
In the first half of 2017, good progress was made with scaling up theorganization, production volumes and sales. While still in the middle of itsproduction ramp-up phase, Airopack produced a total
of 18.1 million Airopackdispensers in the first half of 2017, reflecting an 89% volume increase overthe same period of 2016. Airopack is steadily increasing its monthlyproduction run-rates.
Due to continued strong customer demand and interest, the company startedpreparations to increase its production capacity from the initial 80 millionto 100 million Airopack dispensers annually,
requiring only minor additionalinvestments in moulds expected to be delivered in the last quarter of 2017.A subsequent doubling of installed production capacity is anticipatedthrough a modular
expansion to 200 million Airopack dispensers annually overthe course of 2018. Customers that have launched new product lines using theAiropack dispensing technology include Procter & Gamble for Gillette Venusshave gel, Edgewell for Bulldog shave gel, Abercrombie & Fitch for roomspray, Morning
Glory for shave gel, Saint Tropez Brands for sun care andPeritus Brands for clothing spray.
Airosolutions, the Belgian in-house Airopack full-service filling operationand developer and manufacturer of other innovative packaging solutions forpersonal care customers, successfully launched a new product for Beiersdorf.
At the end of June 2017, Airopack employed 163 people, compared to 93employees by the end of June 2016.
Financial highlights
in TEUR in TEURGeneral HY 2017 HY 2016Consolidated income statement
Net sales 11'181 6'024EBITDA -10'390 -11'605EBIT -17'712 -14'566Net result -19'533 -16'226Net result per share in EUR -1.06 -1.15
Consolidated cash flow 3'814 3'867
Consolidated balance sheet
Cash and cash equivalents 12'157 6'784Shareholders' equity -16'336 1) -15'183Balance sheet total 98'292 82'6691) See events after closing date
Sales
Net sales amounted to EUR 11.2 million, an increase of 86% over the firsthalf of 2016. EUR 7.1 million of net sales were achieved by Airopack(ready-to-fill Airopack dispensers) and EUR 4.1 million
came fromAirosolutions (ready-to-sell-Airopack dispensers and other packagingsolutions).
Result development
The effect of the scale-up of the organization and production capacity ofAiropack's Waalwijk plant is clearly visible in the results for the firsthalf of 2017. Although good progress has been made
with the controlledramp-up of production volumes in the first half of 2017, the actualproduction volume of 18.1 million Airopack dispensers was stillsubstantially below the initial installed
production capacity of 80 millionannually during this ramp-up phase, thereby limiting the sales growth. Atthe same time, the Airopack management, sales, marketing and quality controlorganization is
already sized to support production and sales growth wellbeyond 80 million Airopack dispensers annually.
The significant growth of production volume and sales in the first half of2017 was therefore not yet sufficient to cover the enlarged fixed operatingcosts, which grew by EUR 3.8 million. EBITDA was slightly better than thesame period last year, but still a negative EUR 10.4 million. This includesEUR 2.3 million of exceptional costs, mainly for consultancy servicesrelated to the development of production and quality systems.
Increased amortization and depreciation (EUR 7.3 million), financing costs(EUR 4.2 million) and positive income taxes (EUR 2.4 million) resulted in anet loss of EUR 19.5 million in the first half
of 2017 against an EUR 16.2million loss in the same period in 2016. The increase of amortization mainlyrelates to the goodwill paid with the acquisition of the 50% stake in theAirolux joint venture
in May 2016 and the increase of depreciation mainlyrelates to investments in production equipment for the new facility inWaalwijk.
Outlook
In the first half of 2017 Airopack has made substantial progress withmultiple new global key customers in the personal and home care markets inboth the EU and the US by passing their stringent
qualification tests forboth the Airopack dispenser and the Waalwijk facility. Consequently,concrete contract negotiations with these new customers, including timing ofmarket launches, volumes and
prices, are now in an advanced stage.
Due to the robust commercial pipeline the Board of Directors approved on 21June 2017 a plan to increase installed production capacity at the plant inWaalwijk from the initial 80 million Airopack dispensers annually to 200million. This plan will see a first-step increase in installed productioncapacity to 100 million Airopack dispensers annually by the end of 2017 andthe subsequent doubling of installed production capacity through a modularexpansion towards 200 million Airopack dispensers annually over the courseof 2018. As previously announced, the funding for this project has beensecured with a combination of a capital increase for EUR 12 million, anadditional EUR 10 million debt facility provided by funds managed byaffiliates of Apollo Global Management, LLC as well as lease and factoringfacilities provided by Rabobank and KBC Bank respectively.
Airopack expects production and sales volumes to continue to grow steadilyin the second half of 2017. This is expected to result in an ongoingpositive evolution of results through better coverage of the fixedproduction and organizational cost base and improved operational efficiency.
Airopack expects that it will reach EBITDA break-even at a production andsales run rate of 100 million Airopack dispensers annually.
Airopack's Board of Directors and Group Management remain confident that itsmedium-term goal of a run rate volume of over 700 million Airopackdispensers annually can be achieved, compared to a
total aerosol market of15.48 billion annual units as of the end of 2015*.
Events after closing date
As part of the funding of the expansion plan, a private placement of1,228,955 registered shares in Airopack Technology Group AG with a nominalvalue of CHF 5.00 per share has been fully subscribed by investors at anissue price of CHF 10.65 each. The closing of this private placement andlisting of the new
shares in accordance with the Swiss Reporting Standard ofSIX Swiss Exchange have taken place in July 2017.
* Source: Grand View Research, Inc., U.S.A., publication date: May 2016
The 2017 half year report is available for download on the ATG websitewww.airopackgroup.com under the link - investor relations - reports (http://www.airopackgroup.com/en/investor-relations/reports)
For more information:
For investors :
Airopack Technology Group AG
Quint Kelders, CEO / Liebwin van Lil, CFO
Zugerstrasse 76b
CH-6340 Baar
T: +31 416 300 800
E-Mail: quint.kelders@airopackgroup.com
E-Mail: liebwin.vanlil@airopackgroup.com
For media :
Hill + Knowlton Strategies
Frans van der Grint
T: 31 (0) 20 404 4707
E-Mail: frans.vandergrint@hkstrategies.com
Airopack Technology Group AG is a leading developer and supplier ofmechanical and pressure-controlled dispensing packaging technologiesand systems for manufacturers and suppliers of cosmetics, body
care,home care, pharmaceutical and food products. The revolutionary andpatented Airopack(R) technology offers a safe, all-plastic pressurizeddispenser that is environmentally and planet friendly.
AiropackTechnology Group holds the patent and is worldwide the sole producerof this unique dispenser.
Airopack Technology Group operates a production facility for Airopackready-to-fill dispensers in Waalwijk, The Netherlands and afull-service filling operation for ready-to-sell Airopack
dispensersin Heist-op-den-Berg, Belgium, that also develops and manufacturesother innovative packaging solutions for personal care customers . TheGlobal Research and Development Team and the
Airopack GlobalManagement as well as the Customer Service Organisation are also basedin Waalwijk, The Netherlands.
The shares of the company are listed on the Swiss Reporting Standardof the SIX Swiss Exchange since 2010. (Ticker: AIRN / ISIN:CH0242606942).
www.airopackgroup.com
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Ende der Ad-hoc-Mitteilung
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Sprache: Deutsch
Unternehmen: Airopack Technology Group AG
Zugerstrasse 76b
6340 Baar
Schweiz
Telefon: +41 417663500
Fax: +41 417663509
E-Mail: liebwin.vanlil@airopackgroup.com
Internet: www.airopackgroup.com
ISIN: CH0242606942
Börsen: SIX Swiss Exchange
Ende der Mitteilung EQS Group News-Service
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614351 29.09.2017 CET/CEST
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