APTG AG
Airopack Technology Group AG: Airopack Technology Group AG successfully begins production in its
new plant and announces 2016 results
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EQS Group-Ad-hoc: Airopack Technology Group AG / Schlagwort(e):
Jahresergebnis
Airopack Technology Group AG: Airopack Technology Group AG successfully
begins production in its new plant and announces 2016 results
24.03.2017 / 18:17 CET/CEST
Veröffentlichung einer Ad-hoc-Mitteilung gemäss Art. 53 KR
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Airopack Technology Group AG successfully begins production in its new plant
and announces 2016 results
Baar, 24 March 2017 - Airopack Technology Group AG ("ATG") is pleased to
confirm the successful ramp-up of Airopack production from its new 18.000m2
manufacturing site in Waalwijk, built in only 168 days, which started
operations in December 2016.
Improvement of our operational footprint
In 2016 ATG completed the acquisition of the 50% stake in Airolux from its
former joint-venture partner. Following this acquisition, ATG improved and
expanded its operational footprint by consolidating all Airopack
manufacturing operations into one site. As a result all Airopack production
was relocated from Bilten (CH) to Waalwijk (NL), where our new
state-of-the-art production facility was completed in December 2016, after
only 168 days, in line with budget, scope and manufacturing specifications.
Since December 2016, shipment of Airopack products has started from our new
Waalwijk factory, which produces Airopack under the strictest quality
control and at market-leading manufacturing cost at full capacity. The
modular layout of the new plant provides for straightforward upscaling of
capacity, with minimal business disruption and the prospect for further cost
efficiencies to come.
The new plant in Waalwijk, has an initial annual capacity of 80 million
Airopack units. ATG is in the advanced stages of exploring doubling its
manufacturing capacity of the plant to 160 million pieces per annum,
provisionally scheduled to start in the second half of 2017.
The shut-down of the manufacturing facility in Switzerland in 2016 was
carefully planned and managed in close alignment with Airopack's main
customers in order to minimize disruption to their supply chains. We were
delighted to see that our customers continued to support us during this
transition. As in the previous year the majority of our volumes were shipped
to leading global personal care companies. Several orders for Airopack were
also filled by our Belgian company Airosolutions, which allows us to offer
an in-house filling service. Airosolutions also offers its own products and
expanded its product offering in 2016 through the development of innovative
packaging solutions for personal care customers.
To finance the acquisition and the subsequent investment in Airopack's
manufacturing capabilities in the Netherlands, ATG entered into a strategic
partnership with funds managed by affiliates of Apollo Global Management LLC
(NYSE:APO), which committed equity and loans for EUR 122 million in an
operation approved by the General Assembly of Shareholders on 23 June 2016.
2016 Results
The 2016 results are summarized on the next pages. The full Annual Report
will be made available on 5 April 2017 by following this link to our
website: http://www.airopackgroup.com/en/investor-relations/reports
Outlook
With production activities online at our new site in Waalwijk (NL) we are
well positioned to accelerate Airopack sales volumes. The market today is
showing a healthy demand for our products and as production at the new plant
continues to ramp up, we expect to leave the transition phase behind us and
to fully focus on growth and enhanced production efficiencies. Due to
continued growth throughout the year, 2017 will not fully reflect our growth
and efficiency initiatives, although a significant improvement over 2016 is
expected. The Board of Directors and Group Management therefore believe that
the business will achieve its medium term goals of a run-rate volume of over
700 million pieces annually compared to a total aerosol market of 15.48
billion annual units as of the end of 2015 and are confident that we will
continue to enjoy the trust and loyalty of our customers and shareholders.
Source: Grand View Research, Inc., U.S.A., publication date: May 2016
CONSOLIDATED INCOME STATEMENT
in in
TEUR TEUR
2016 2015
Net sales 11.282 7.996
Other operating income 440 726
Change in inventory of finished and semi-finished 605 481
goods
Operating income 12.327 9.203
Raw material expense -11.61- -7.75-
1 8
Personnel expense -11.42- -4.74-
2 5
Other operating expense -17.74- -7.31-
9 0
Operating expense -40.78- -19.8-
2 13
Earnings before interest, taxes, depreciation and -28.45- -10.6-
amortization (EBITDA) 5 10
Depreciation of tangible fixed assets -3.248 -1.24-
4
Amortization of intangible assets -8.239 -741
Earnings before interest and taxes (EBIT) -39.94- -12.5-
2 95
Financial result -6.227 -3.66-
1
Earnings before taxes (EBT) -46.16- -16.2-
9 56
Income taxes 3.852 -
Net result -42.31- -16.2-
7 56
Result development
From the acquisition in May 2016 of the remaining 50% shareholding in the
former Airolux joint venture, the results of Airolux AG and its subsidiaries
are fully consolidated in the ATG results. Furthermore a full year of sales
from Airosolutions (acquired during 2015), is included for 2016.
The changes to the consolidation perimeter had a positive effect on sales,
which grew to EUR 11.3 million, a 41% increase over 2015. Airosolutions
sales contributed EUR 7.9 million, while during the second half of 2016, the
relocation of production capacity resulted in lower sales of Airopacks, with
only limited quantities being delivered from existing inventory.
The cost of the wind-down of the Bilten plant and the simultaneous start-up
of the new plant in Waalwijk were fully included in the 2016 results and are
reflected as higher material and personnel costs, as well as higher
operating expenses. Other operating expenses include furthermore EUR11.3
million exceptional and non-recurring costs, related to fund raising and the
termination of the joint-venture.
Due to the acquisition of the 50% joint venture shareholding goodwill was
created, which is being amortized over 5 years.
As a result of the changes in the consolidation perimeter, the changes in
the operational footprint and the exceptional and non-recurring cost, the
net result of the Group amounted to a loss of EUR 42.3 million.
CONSOLIDATED BALANCE SHEET
in TEUR in TEUR
Assets 31.12.2016 31.12.2015
Cash and cash equivalents 8.340 2.918
Trade accounts receivable 2.054 2.941
Other receivables 679 1.128
Inventories 3.445 2.354
Prepayments and accrued income 458 186
Current assets 14.976 9.527
Financial assets 4.314 8.927
Tangible fixed assets 28.341 6.736
Intangible assets 46.265 7.444
Non current assets 78.920 23.107
Total assets 93.896 32.634
Liabilities and shareholders' equity
Current liabilities 10.282 6.375
Non current liabilities 80.930 26.103
Liabilities 91.212 32.478
Share capital 74.500 55.276
Capital reserves 10.753 -13.733
Cumulative translation adjustments 912 32
Accumulated losses -83.481 -41.419
Shareholders' equity 2.684 156
Total Liabilities and Shareholders' equity 93.896 32.634
Balance sheet
The balance sheet reflects important changes to the Group's financing and
asset base. Higher current assets and liabilities are mainly the result of
the full consolidation of Airolux. Non-current assets have grown due to the
inclusion of acquisition goodwill, while non-current liabilities show the
long term debt contracted with the Apollo Funds. The shareholders' equity
slightly increased as the net loss of the Group was absorbed by the capital
increase of July 2016.
CONSOLIDATED CASH FLOW STATEMENT
in in
TEUR TEUR
2016 2015
Cash flow from operating activities -22.10- -13.72-
7 6
Tangible and intangible assets
Invest- -19.16- -4.104
ments 8
Dispo- 1.516 -
sals
Payment for the acquisition of -25.09- -
consolidated organisations (less cash) 1
Outflow from long term receivables from -2.030 -1.550
joint venture
Cash flow from investing activities -44.77- -5.654
3
Inflow / (Outflow) from current financial -31.71- 85
liabilities third parties 7
Inflow / (Outflow) from shareholder loan 65.145 -2.824
(Outflow) / Inflow from long-term -3.754 13.383
financial liabilities
Inflow from capital increase 42.636 10.657
Cash flow from financing activities 72.310 21.301
Total Cash flow 5.430 1.921
Cash and cash equivalents as at 1 January 2.918 956
Total Cash flow 5.430 1.921
Impact of currency translation -8 41
Cash and cash equivalents as at 31 8.340 2.918
December
Cash flow statement
The cash flow statement shows the effect of the operating loss, the
acquisition of 50% of the former Airolux joint venture and the significant
investment in the new Waalwijk plant. All was funded by the cash inflow from
the Apollo Funds, which contributed both debt and shareholder equity
financing. Cash increased to EUR 8.3 million at 31 December 2016.
For more information:
Investors:
Airopack Technology Group AG
Quint Kelders, CEO / Liebwin van Lil, CFO
Zugerstrasse 76b
CH-6340 Baar
TF: +31 416 300 800
E-Mail: quint.kelders@airopackgroup.com
E-Mail: liebwin.vanlil@airopackgroup.com
www.airopackgroup.com
Airopack Technology Group AG is a leading developer and supplier of
mechanical and pressure-controlled dispensing packaging technologies
and systems for manufacturers and suppliers of cosmetics, body care,
pharmaceutical and food products. The revolutionary and worldwide and
solely by ATG patented Airopack(R) technology offers a safe,
all-plastic pressurized dispenser that is environmentally and planet
friendly
Airopack Technology Group operates a Airopack Ready to Fill
manufacturing facility in Waalwijk, The Netherlands and a Full-Service
Filling operation in Heist-op-den-Berg Belgium, an Global Research and
Development Team and the Airopack Global Management and Customer
Service Organisation in Waalwijk, The Netherlands.
The shares of the company are listed on the Swiss Reporting Standard
of 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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558203 24.03.2017 CET/CEST
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Airopack Technology Group AG: Airopack Technology Group AG successfully begins production in its new plant and announces 2016 results
Am 24. März 2017 um 18:18 Uhr
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