VTG Aktiengesellschaft / Quarter Results
27.05.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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VTG with growth in the first quarter 2008
- Revenues up by 10.0 per cent to EUR 147.6 million
- EBITDA increased by 19.9 per cent
- Forecast for full year 2008 confirmed
Hamburg, 27 Mai 2008. Hamburg-based VTG Aktiengesellschaft (SCN: VTG999),
one of Europes leading rail logistics companies, was able to continue the
positive trend and reported strong business in the first quarter 2008. VTG
increased Group revenues by 10.0 per cent to EUR 147.6 million and EBITDA
by 19.9 per cent to EUR 36.4 million. Operating cash flow improved from EUR
11.5 million to EUR 31.1 million.
'The excellent results of the first quarter show that VTG is well
positioned in an economic environment with decelerated growth, too. The
continuing high demand for transport capacities and logistic solutions in
the rail sector led to strong growth in our business. Additionally, we
benefited from the increasing use of railway as an environmentally friendly
and very safe mode of transport, especially for long distances' explained
CEO Dr. Heiko Fischer.
Wagon Hire Division with further growth
VTGs Wagon Hire Division was able to benefit between January and March
from increased demand for rail freight services and therefore further
expanded its leading market position in private wagon hire business. In
January, the company completed the acquisition of the Texas Railcar Leasing
Company, based in McAllen, Texas, entering the North American market for
rail freight transport. The utilisation rate of the rail car fleet with
48,400 wagons was improved from 91.3 per cent in the first quarter 2007 to
93.9 per cent at the end of March 2008. Accordingly, revenues by this
division grew by 17.2 per cent to EUR 71.9 million. EBITDA grew to EUR 36.4
million, exceeding the result of the first quarter 2007 by 18.2 per cent.
The EBITDA margin based on revenue increased from 50.3 per cent to 50.7 per
cent.
Rail Logistics Division with increased international traffic
International transports to and from Eastern Europe as well as cross-border
transports of liquefied gas led to continued positive business development
in the Rail Logistics Division. Furthermore, VTG got new contracts for
transports of products beyond the mineral oil and chemical sector. The
division generated revenues of EUR 42.9 million (previous year EUR 42.8
million) and thus reached the previous years level. In contrast, EBITDA
increased significantly by 14.7 per cent to EUR 1.2 million. The gross
profit based EBITDA margin reached 37.8 per cent (previous year 35.9 per
cent).
Tank Container Logistics Division benefits from growth in international
trade
Positive business development in the Tank Container Logistics Division was
provided by the dynamic overseas markets and higher higher transport
volumes to Russia, the CIS, and to Turkey. In the first quarter 2008, VTG
increased revenues in this division by 9.0 per cent to EUR 32.9 million.
Even more grew EBITDA by 14.7 per cent to EUR 2.1 million. The gross profit
based EBITDA margin climbed from 39.2 per cent to 41.4 per cent.
Outlook: Previously announced increase of revenues and EBITDA confirmed
VTG expects continued good market conditions and high demand for logistics
services for 2008. 'We adhere to our expectations for increased revenue and
result for the current financial year. Moreover, we are very confident
regarding VTGs further development in 2008.' says CFO Dr. Kai Kleeberg.
Annual revenues are expected to reach EUR 560 to EUR 570 million,
representing an increase of 3.5 to 5.5 per cent. Furthermore, VTG expects
EBITDA to improve by 5 to 8 per cent compared to the year before to EUR 144
to 148 million. VTG is still expecting to be able to pay a dividend of EUR
0.30 in 2009 for the financial year 2008.
Key figures VTG AG<pre>
Financial year 01.01.-31.03. 01.01.-31.03. Change in
2008 2007 %
Revenue in million 147.6 134.2 10.0
EBITDA in million 36.4 30.4 19.9
EBIT in million 17.4 14.7 17.8
Group result in million 6.3 2.9 115.3
Depreciation and amortization 19.1 15.6 21.9
in million
Investments in fixed assets in 31.8 40.0 - 20.5
million
Cash flow in million 31.1 11.5 169.4
Earnings per share (comparable) 0.29 0.13 123.1
in *
31.03.2008 31.03.2007
Number of employees 831 780 6.5
In Germany 508 488 4.1
Abroad 323 292 10.6
31.03.2008 31.12.2007
Total assets in million 1,221.3 1,165.9 4.7
Non-current assets in million 1.013,6 990.6 2.3
Current assets in million 207.6 175.3 18.4
Shareholders equity in 282.4 278.7 1.3
million
Borrowings in million 938.9 888.1 1.3
Equity ratio in % 23.1 23.9 - 0.8</pre>
* Group profit attributable to the shareholders of VTG AG divided by the
weighted average number of shares in issue during the period under review.
For comparability reasons previous years' result was divided by the
weighted average number of shares during first quarter 2008.
Note to editorial staff:
The VTG report for the first quarter 2008 is available for download under
www.vtg.de.
About VTG:
VTG Aktiengesellschaft is one of Europes leading rail logistics and wagon
hire companies. With about 48,400 rail freight cars, VTG has Europes
largest private wagon fleet. In addition to the hiring of rail freight
cars, the Group offers global tank container transport and comprehensive
mulit-modal logistics services mainly around rail transport.
With the combination of its three interrelated divisions Wagon Hire, Rail
Logistics and Tank Container Logistics VTG offers its clients a
high-performance platform for international transport of their freight. The
Group has many years of experience and specific know-how in particular in
the transport of liquid and sensitive goods. Its customers include numerous
well-known companies from almost all industrial sectors such as, for
example, chemicals, mineral oil, the automobile or paper industries.
In the financial year 2007 VTG generated operating revenues of EUR 541.4
million and an operating result (EBITDA) of EUR 137.0 million. Via its
subsidiaries and affiliates the company, which has its head office in
Hamburg, is mainly present in Europe, Asia and North America. As at 31
March 2008 VTG employed 831 employees worldwide in consolidated companies.
Since June 2007 VTG AG has been listed on the official Prime Standard
market of the Frankfurt Stock Exchange (SCN: VTG999).
Press contact:
Bettina Fries
Telephone: +49 (0) 211 430 79-70
Fax: +49 (0) 211 430 79-79
Email: bfries@heringschuppener.com
Investor Relations:
Felix Zander
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Email: felix.zander@vtg.com
Information also available under www.vtg.de
DGAP 27.05.2008
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Language: English
Issuer: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Deutschland
Phone: 040 2354 0
Fax: 040 2354 1199
E-mail: info@vtg.de
Internet: www.vtg.de
ISIN: DE000VTG9999
WKN: VTG999
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: VTG Aktiengesellschaft: VTG with growth in the first quarter 2008
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