va-Q-tec expects further strong and profitable growth medium-term following record FY 2021
|Update : 31st March, 2022|
Würzburg, 29 March 2022. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the area of thermal insulation (so-called super insulation) and temperature-managed supply chains (so-called TempChain logistics), confirms its 2021 results, which had been published previously on a preliminary and unaudited basis: with an increase of 44 % to EUR 104.1 million (previous year: EUR 72.1 million), Group revenue was well above the upper end of guidance of EUR 95 million to EUR 100 million. This significant business growth was reflected to a disproportionate extent in earnings, with va-Q-tec further improving its profitability in 2021. Earnings before interest, tax, depreciation and amortization (EBITDA) reported a marked increase of 64 %, from EUR 11.4 million in the previous year to EUR 18.7 million. This corresponds to an EBITDA margin on revenue of 18 %, compared with 16 % in the prior-year period.
- Consolidated revenue of EUR 104.1 million generated by va-Q-tec AG in 2021 exceeds previous year’s level by a very significant +44 %, as well as the EUR 100 million revenue level
- EBITDA growth outpaces revenue growth to rise by 64 % to EUR 18.7 million; EBITDA margin on revenue increases to 18 % (previous year: 16 %)
- Revenues expected to grow to between EUR 115 million and EUR 122 million in FY 2022 with disproportionate EBITDA growth
- Medium-term guidance: Revenues expected to increase to between EUR 160 million and EUR 180 million by 2025; targeted EBITDA margin of 22 % to 26 %
Dr. Joachim Kuhn, CEO of va-Q-tec AG, comments on the successful financial year and provides an outlook on further trends: “In 2021, both the increased availability of coronavirus vaccines in Germany and major vaccination campaigns worldwide led to a massive rise in demand for temperature-controlled transport solutions. va-Q-tec’s thermal boxes and containers are deployed extensively along the entire scope of the supply chain. However, it’s not only in the area of TempChain logistics that our business is performing very well: our high-tech vacuum insulation panels offer crucial advantages, especially wherever secure and highly efficient insulation solutions are required in the tightest of spaces. This opens up further opportunities for the future and, following on from an extraordinary record year in 2021, we will consequently maintain a high growth rate in the short and medium term, driven by all va-Q-tec markets.”
For the 2022 financial year, va-Q-tec expects further revenue growth to a revenue range of between EUR 115 million and EUR 122 million. For earnings before interest, tax, depreciation and amortization (EBITDA), the company generally expects a medium year-on-year growth rate in the 2022 financial year, and disproportionately high growth relative to revenue thanks to operational economies of scale and a changed product mix reflecting a growing proportion of higher-margin products and services. Owing to potential additional costs and uncertainties arising from the current geopolitical turmoil, va-Q-tec expects the EBITDA margin to remain constant, or increase slightly, compared to 2021.
Sven Larsen, acting Managing Director of the UK subsidiary, comments: “While we still had a significant share of international Covid vaccine shipments to manage in 2021, more promising projects in international drug distribution are emerging from 2022 onwards. Our excellent reputation as a provider of secure means of transportation for Covid vaccines is having a very positive effect.”
Furthermore, va-Q-tec is strengthening its position as an innovation driver in the thermal energy efficiency area through strategic industry and technology partnerships. In light of the fact that 60 % of primary energy consumption in industrialized countries is harnessed for thermal purposes, the Management Board believes that va-Q-tec is excellently positioned, both technologically and strategically, to benefit sustainably from the megatrend of climate protection through thermal energy efficiency over the coming years.
According to the Management Board, these market-driving trends will also be reflected in significant revenue and EBITDA growth in the medium term. Stefan Döhmen, CFO of va-Q-tec AG, comments: “Specifically, we expect revenues to grow to between EUR 160 million and EUR 180 million by 2025 with a targeted EBITDA margin of 22 to 26 %.” This guidance thereby follows on from va-Q-tec’s profitable growth story over the past few years. Dr. Joachim Kuhn adds: “With an annual growth rate averaging over 24 % over the last five years, we are leaving many competitors far behind and steadily gaining market shares. This performance impressively demonstrates the solid basis we have created at va-Q-tec for the company’s long-term performance and profitability. At the same time, we have established a platform on which we can join forces and drive technology innovations forward. We are thereby constantly developing vacuum insulation and opening up additional application areas for the future.”
The full 2021 Annual Report is available here.
Source : va-Q-tec