Airopack Technology Group

EQS-Adhoc: Airopack Technology Group AG: Half year report 2016


EQS Group-Ad-hoc: Airopack Technology Group AG / Schlagwort(e):
Halbjahresergebnis
Airopack Technology Group AG: Half year report 2016

30.09.2016 / 18:00
Veröffentlichung einer Ad-hoc-Mitteilung gemäss Art. 53 KR.


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Publication of 2016 half-year report, business update and outlook

Baar, 30 September 2016 -Today Airopack Technology Group AG ("ATG") has
published its 2016 half-year report.

Half-year report
The consolidated net result in the first half of 2016 amounted to negative EUR
16.2 million. As from the acquisition of the 50% stake in the Airolux AG joint
venture for an amount of EUR 25 million in May 2016, the losses of Airolux AG
and its subsidiaries are fully consolidated in the ATG result. Furthermore, the
consolidated result is strongly influenced by incidental expenses of EUR 5.6
million incurred in connection with the acquisition of the 50% stake in the
Airolux AG joint venture, the financing arrangement entered into with funds
managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (the "Apollo
Funds"), and the relocation of the manufacturing facility from Switzerland to
the Netherlands. The ongoing expansion and strengthening of the organizational
footprint in the Netherlands will better position ATG for the roll-out of
Airopack, but has entailed one-time costs and coincided with a temporary
production halt in the second quarter. 2016 will be a transition year, but Group
Management is confident that the operational result of ATG will rapidly improve
once this transition has been completed and ATG can unlock its growth potential.

As at 30 June 2016, the consolidated net equity amounted to negative EUR 15.2
million. On 7 July 2016, a capital increase of approx. EUR 42 million was
completed. The pro forma shareholders' equity after completion amounted to
approx. EUR 27 million.

The 2016 half-year report is available for download on the ATG
websitewww.airopackgroup.comunder the link - investor relations - reports
(http://www.airopackgroup.com/en/investor-relations/reports/).

Business update
Following the successful acquisition of the 50% stake in the Airolux AG joint
venture, ATG decided to close its manufacturing facility in Switzerland and
transfer manufacturing to the Netherlands, near its global headquarters in
Waalwijk. This move will reduce manufacturing and logistical costs and improve
the organizational footprint. The shut-down of the manufacturing facility in
Switzerland has been carefully managed in close alignment with Airopack's main
customers in order to minimize disruption to their supply chains.

The new state-of-the-art plant in Waalwijk, the Netherlands, which will have an
initial annual capacity of 80 million pieces of Airopack, will commence
operations in the fourth quarter of 2016. In the second phase, the manufacturing
capacity of the Waalwijk plant can be doubled to 160 million pieces annually,
which is scheduled to take place in the second half of 2017. Necessary changes
to the building infrastructure, as well as the delivery and installation of
existing and new machinery, are on track for both timing and cost. Meanwhile,
the first validation runs of the Airopack assembly lines have been successfully
completed and the qualification process of the new factory is also on track. ATG
management has been strengthened on various levels, and the requisite
operational staff has been hired. The knowledge transfer is nearly completed
with the help of a group of key operational employees from the Swiss
manufacturing facility.

 

ATG was able to secure financing for the roll-out of its patented Airopack
technology thanks to its new strategic partnership with the Apollo Funds. The
Airopack global growth strategy will be supported by the further development of
an authorized filler network ("AFN") business platform. The AFN platform offers
qualified filling companies the opportunity to become local filling partners for
Airopack on a license base.

Outlook
Based on the current development of the customer and sales pipeline, ATG expects
an ongoing positive evolution of Airopack sales and results. Once the first
deliveries from the new facility have been shipped, ATG expects to be able to
announce updates on market launches from both existing and new customers.

With its current cost structure, ATG estimates that it will reach EBITDA
break-even once production reaches a run rate of 80 million pieces per year. The
further ramp-up to a run rate of 160 million pieces annually is estimated to
only marginally increase ATG's fixed cost base, thus further increasing future
profitability. ATG continues to be confident that its mid-term goal of a run
rate volume of over 700 million pieces annually can be achieved, compared to a
total aerosol market of 15.48 billion annual units as of the end of 2015 .

Investor day
ATG is pleased to announce it will organize an investor day at its new plant in
Waalwijk, the Netherlands once the production ramp-up has been completed. The
ATG investor day will be hosted by Quint Kelders, CEO of ATG. Further details
will be announced in due time via the ATG website. In the meantime, please
register onnewplantvideo@airopackgroup.comto receive ATG's bi-weekly Airopack
new plant video update.

Key figures

                              in TEUR    in TEUR

                              HY 2016    HY 2015

Consolidated income statement          

Net sales                     6'024      3'189

EBITDA                        -11'605    -2'560

EBIT                          -14'566    -3'538

Net result                    -16'226    -4'209

Net result per share in EUR   -1.15      -0.31

                                          

Consolidated cash flow        3'867      3'515

                                          

Consolidated balance sheet                

Cash and cash equivalents     6'784      4'529

Shareholders' equity          -15'183 1) 11'780

Balance sheet total           82'669     31'058
 
1) On 7 July 2016, a capital increase of approx. EUR 42 million was completed.
The pro forma shareholders' equity after completion amounted to approx. EUR 27
million.

 

For more information:

Investors: Media:
Airopack Technology Group AG Hill + Knowlton Strategies
Quint Kelders, CEO / Frans van der Vorst, CFO Frans van der Grint
Zugerstrasse 76b T: +31 (0) 20 404 4707 / M: + 31 (0) 6 29044053
CH-6340 Baar E-mail: frans.vandergrint@hkstrategies.com
TF: +31 416 300 800
E-mail: quint.kelders@airopackgroup.com
E-mail: frans.vandervorst@airopackgroup.com
www.airopackgroup.com

Airopack Technology Group AG is a leading provider of innovative mechanical and
pressure-controlled dispensing packaging technologies and systems. Its customers
include worldwide manufacturers and suppliers of cosmetics, body care,
pharmaceutical and food products.

The revolutionary and worldwide patented Airopack(R) technology offers a safe,
all-plastic pressurized dispenser that is environmentally and planet friendly.
With deliveries to the world's leading consumer brands, Airopack Technology
Group reached a key milestone in 2015 with respect to commercial market entry
when its technology was embraced by one of the world's leading consumer brands.

Airopack Technology Group is based in Waalwijk, The Netherlands, home to its
Global Management, Research & Development and Customer Service functions.
Airopack Technology Group is in the process of transferring its Ready to Fill
manufacturing site from Bilten, Switzerland to Waalwijk, the Netherlands while
at the same time substantially expanding its production capacity. In addition,
it runs a Full Service Filling operation in Heist-op-den-Berg, Belgium.

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------------------------------------------------------

Sprache:     Deutsch

Unternehmen: Airopack Technology Group AG

             Zugerstrasse 76b

             6340 Baar

             Schweiz

Telefon:     +41 417663500

Fax:         +41 417663509

E-Mail:   frans.vandervorst@airopackgroup.com

Internet: www.airopackgroup.com

ISIN:        CH0242606942

Börsen:      SIX Swiss Exchange


Ende der Mitteilung EQS Group News-Service
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