VTG Aktiengesellschaft / Quarter Results
17.11.2008
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 increases revenues and results significantly for the first nine months
and re-affirms forecast for 2008
- Group revenue increased by 12.0 per cent
- EBITDA up 18.9 per cent
- Continued high demand for rail freight transport
- North American wagon fleet expanded
- Sales and EBITDA forecast for 2008 as a whole re-affirmed
Hamburg, 17th November 2008. VTG Aktiengesellschaft (SCN: VTG999), one of
Europes leading rail logistics and wagon hire companies, has successfully
continued on its path of growth in the first nine months of 2008. Revenues
and operating profit EBITDA improved significantly against the previous
year, with group revenue rising by 12.0 per cent to EUR 450.7 million, and
EBITDA increasing by 18.9 per cent to EUR 116.9 million. At EUR 113.8
million, cash flow from operating activities exceeded the amount for the
same period in the previous year by a considerable 50.5 per cent. Due to
the continuing positive development of operations, the Hamburg-based
company re-affirmed its previous forecasts and continues to expect a rise
in revenues of 8.0 to 10.0 per cent to an amount of EUR 585.0 to 595.0
million and an increase in EBITDA of 11.0 to 14.0 per cent, resulting in
EUR 152.0 to 156.0 million.
The positive development of business in the last nine months shows that,
even in a difficult economic environment, VTG is in a solid position with
its long-term business model. Demand for rail freight transports is high,
as these offer clear cost advantages compared with road transports and
allows for the efficient use of resources. 'With our wagons, we transport
goods that meet industrys basic supply requirements', says Dr. Heiko
Fischer, CEO of VTG Aktiengesellschaft. 'This service is not a trend that
can simply be displaced, but keeps the wheels of industry turning.'
Wagon hire strengthens its position in Europe and North America
The wagon hire division made a key contribution to the positive figures for
the group in the first three quarters of 2008. In the core market of
Europe, VTG continues to report high demand for freight space. This is also
reflected in the order of 1,700 new wagons, with more than 80 per cent of
these already hired. In the North American rail freight market, in which
VTG has been operational since January 2008, the companys wagon fleet was
also expanded by 80 per cent to around 1,800 through targeted purchases.
Overall, as at 30th September, the VTG fleet consisted of around 49,300
wagons. The utilization rate was 93.9 per cent, increased even more from
the very high level of the previous year of 92.3 per cent.
Revenues for the wagon hire division increased on the previous year by 13.6
per cent to EUR 216.9 million (previous year: EUR 190.9 million). EBITDA
rose to a similar extent, by 13.8 per cent from EUR 99.1 million to EUR
112.7 million. The EBITDA margin related to revenue thus rose to 52.0 per
cent (previous year: 51.9 per cent).
Rail logistics takes advantage of high demand for international transports
The rail logistics division specializes in cross-border rail transport and
benefited from a continued increase in demand in this area. VTGs expertise
and many years experience in selecting and combining different carriers as
well as customized quality, safety and emergency management are key
competitive advantages of the company.
Similarly to the positive development of business, revenues for this
division increased by 11.8 per cent to EUR 131.0 million. EBITDA rose by
78.0 per cent to EUR 6.3 million; this figure includes the result from the
sale of the VTG share in the railway company RAIL4CHEM. Without the effect
of the sale, EBITDA would have risen to EUR 5.1 million, representing an
increase on the previous year of 42.7 per cent. The EBITDA margin on gross
result as adjusted for this special effect increased from 40.6 to 47.8 per
cent.
Tank container logistics grows through transports to Eastern and
South-Eastern Europe
While business in the tank container logistics division in Europe was in
line with general market growth, transports to Russia, the CIS and Turkey
increased significantly. In China, VTG also has promising growth prospects
in transports within the country via Shanghai Cosco VOTG Tanktainer, a
joint venture with Cosco Logistics.
Accordingly, revenues for this division increased by 8.9 per cent to EUR
102.8 million. EBITDA rose in the period by 18.1 per cent to EUR 7.2
million. The EBITDA margin on gross result increased from 42.6 per cent in
the same period of 2007 to 46.0 per cent.
Outlook: forecast for 2008 re-affirmed, dividend payment for 2008 intended
VTG anticipates continued positive development in all divisions for the
remainder of the financial year. On this basis, the company re-affirms its
improved revenues and EBITDA forecasts from August to apply to the whole
year. The expectation remains the same that in 2008 group revenue will rise
by 8.0 to 10.0 per cent to an amount of EUR 585.0 to 595.0 million and
EBITDA for the group by 11.0 to 14.0 per cent, resulting in EUR 152.0 to
156.0 million. The Company also intends to be able, for the first time
since the IPO, to pay out a dividend in 2009 of EUR 0.30 per share for the
financial year 2008. Dr. Kai Kleeberg, CFO of VTG Aktiengesellschaft: 'The
high demand for rail freight space, long-term customer contracts and our
long-term refinancing strategy give us the right balance between security
and room to maneuver for further growth'.
Figures for the VTG Group<pre>
01.01. 30.09. 01.01. 30.09. Change
2008 2007 in %
Revenue in m 450.7 402.6 12.0
EBITDA in m 116.9 98.4 18.9
EBIT in m 58.0 49.8 16.5
EBT in m 34.0 22.2 53.3
Group profit in m 22.0 30.9 - 28.6
Group profit
(comparable) in m* 22.0 12.2 80.9
Impairment, amortization
and depreciation in m 59.0 48.6 21.4
Capital
expenditure in m 108.6 89.8 20.9
Cash flow in m** 113.8 75.6 50.5
Earnings per share in 0.99 3.20 - 69.1
Earnings per share
(comparable) in *, *** 0.99 0.57 73.7
30.09. 30.09. Change
2008 2007 in %
Numbers of employees 850 808 5.2
in Germany 522 501 4.2
Abroad 328 307 6.8
30.09. 31.12. Change
2008 2007 in %
Balance sheet
total in m 1,236.1 1,165.9 6.0
Non current assets in m 1,051.9 990.6 6.2
Current assets in m 184.2 175.3 5.1
Shareholders
equity in m 299.5 278.7 7.4
Total liabilities in m 936.6 887.2 5.6
Equity ratio in % 24.2 23.9 0.3 % points</pre>
* In 2007 adjusted for special tax effects.
** Comparable figures have been adjusted.
*** The Group profit attributable to the shareholders relating to the
weighted number of shares in issue during the period under review (for
greater ease of comparison, the number of shares in issue in 2008 was
compared with the result of the previous year).
Note for the press:
The VTG report for the first nine months of 2008 can be downloaded at
www.vtg.de
About VTG:
VTG Aktiengesellschaft is one of Europes leading rail logistics and wagon
hire companies. The company has the largest private wagon fleet in Europe.
Globally the fleet consists of about 49,300 rail freight cars with a focus
on tank cars and state of the art high capacity freight cars and flat cars.
In addition to the hiring of rail freight cars, the Group offers global
tank container transport and comprehensive multi-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 30 June
2008 VTG employed 833 employees worldwide in consolidated companies. Since
June 2007 VTG AG has been listed on the official Prime Standard market of
the Frankfurt Stock Exchange since September 2008 also on the SDAX (SCN:
VTG999).
Media contact:
Tanja Laube
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: tanja.laube@vtg.com
Further information at www.vtg.de
DGAP 17.11.2008
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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
Indices: SDAX
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 increases revenues and results significantly for the first nine months and re-affirms forecast for 2008
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