Veganz Group AG: Postponed payment of subsidies for new production facility leads to deferral of earnings at Veganz Group AG

Feb 24, 2022 3:01 PM

Veganz Group AG / Key word(s): Profit Warning
Veganz Group AG: Postponed payment of subsidies for new production facility leads to deferral of earnings at Veganz Group AG

24-Feb-2022 / 15:01 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Postponed payment of subsidies for new production facility leads to deferral of earnings at Veganz Group AG

(Berlin, 24 February 2022) According to preliminary calculations, Veganz Group AG (veganz.de) will not achieve the guidance published in October 2021 for the key figures EBITDA and net loss for the 2021 fiscal year, mainly due to the subsidy payment from the State of Brandenburg for the new production site in Werder (Havel), Germany, which was originally planned for 2021 and will now only be received in 2022, as the largest single effect.

Instead of the most recently targeted EBITDA of minus EUR 5.5 million, the Company now expects an EBITDA of minus EUR 9.8 million for the fiscal year 2021 according to preliminary calculations (2020: minus EUR 3.2 million). In addition to the postponement of the subsidy payment unexpectedly higher financing costs in connection with the IPO in November 2021 and for the structuring and subsequent full placement of the bond in October 2021 contributed to this. Adjusted for the one-time expenses mainly for the private placement in June 2021 and the subsequent IPO, the EBITDA would have been minus EUR 5.3 million based on preliminary calculations.
Veganz now expects the net loss for 2021 at a preliminary EUR 12.9 million instead of a most recently expected net loss of EUR 8.0 million (2020: net loss of EUR 4.9 million).

Despite the negative impact of the corona omicron variant on business and the resulting temporary supply chain disruptions in the fourth quarter of 2021, sales (net sales) were only slightly below the guidance of around EUR 32 million, with a preliminary EUR 30.4 million and a year-on-year increase of around 14% (2020: EUR 26.8 million).

The Annual Report as of 31 December 2021 will be published in May 2022.

Explanations of the financial performance measure EBITDA are available in section 2.10 of the securities prospectus dated 26 October 2021 on the Company’s website (https://veganz.de/wp-content/uploads/2021/10/2021-10-26-prospekt.pdf).

Contact:
Vanina Hoffmann
Investor Relations Manager
T: +49 (0)170 6837016
vanina.hoffmann@veganz.de

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