DGAP-News: VTG Aktiengesellschaft / Key word(s): Final Results
VTG remains on path of growth in 2012
25.03.2013 / 11:00
---------------------------------------------------------------------
Press Release
VTG remains on path of growth in 2012
- Revenue and EBITDA up on previous year
- Focus on integration and consolidation
- Capacity utilization on a high level, at 90.4 percent
- Mixed trends in logistics divisions
- Proposed dividend increase to EUR 0.37 per share
- Positive trend in business expected in 2013
Hamburg, March 25, 2013. VTG Aktiengesellschaft (WKN: VTG999), one of
Europe's leading wagon hire and logistics companies, today presented its
figures for the financial year 2012. Compared with the previous year,
revenue for the Group rose by 2.3 percent, reaching EUR 767.0 million.
Operating profit (EBITDA) increased on the previous year by 3.0 percent to
EUR 173.8 million. These results are in the middle of the range predicted
in the forecast of mid-February 2012.
'In 2012, the focus of our work was on integrating what had been achieved
and, in 2013, we are concentrating on pushing ahead with our strategy of
growth', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. 'In the
Railcar Division, we will also be investing in new rolling stock this year
and making high-quality innovative technology available to our customers.
Rail Logistics is to be further expanded on the way to making it one of the
leading European providers of rail transports.'
Railcar Division with high level of capacity utilization and many new
wagons
In the Railcar Division, the emphasis in 2012 was on expanding the fleet.
With orders on hand at the start of the year for 2,500 wagons, 1,700 were
completed over the year. These wagons were hired out directly to customers,
including some hire contracts for periods of several years. Revenue rose by
3.5 percent, from EUR 303.9 million to EUR 314.6 million. Meanwhile, EBITDA
increased by 7.0 percent, from EUR 156.5 million to EUR 167.4 million. The
EBITDA margin related to revenue improved, growing from 51.5 percent to
53.2 percent. Overall, the restrained economic growth in Europe had only a
minor impact on capacity utilization. After falling slightly from 91.5
percent to 90.0 percent at the end of the third quarter, it went on to
recover by the end of the year despite an economic downturn, reaching 90.4
percent.
The new business in Russia was integrated into the VTG Group in 2012 and is
now being strengthened with 150 new mineral oil wagons built in Russia. All
of these wagons are already on hire. This has increased the Russian fleet
to some 1,000 wagons.
Rail Logistics in difficult market environment
In 2012, business in the Rail Logistics Division did not develop as
expected in all regions and product segments. The petrochemical goods
segment was negatively impacted by a customer insolvency. Transport volumes
in the agricultural segment fell significantly as a result of seasonal
fluctuations. In the still-young industrial goods segment, however, the
division quickly managed to secure longer-term transport contracts with new
customers. The VTG subsidiary Transpetrol also undertook its first
operations as a railway company, using locomotives for customer transports.
Revenue in the Rail Logistics Division increased by 0.9 percent, from EUR
294.3 million to EUR 296.8 million. EBITDA decreased by 36.2 percent, from
EUR 12.1 million to EUR 7.7 million. This figure, however, allows for only
limited comparison with the figure for the previous year, which was
positively influenced by certain items. After adjustment to take account of
this, the drop would be only 20.8 percent. The EBITDA margin on gross
profit was 30.3 percent (previous year: 47.3 percent).
Trend in Tank Container Logistics relatively satisfactory
Given the situation globally in the chemical industry, the trend in the
Tank Container Logistics Division was satisfactory. The division managed to
push up revenue by 2.5 percent, from EUR 151.8 million to EUR 155.5
million. However, EBITDA fell by 8.7 percent to EUR 11.9 million (previous
year: EUR 13.1 million). At the end of the year, the EBITDA margin on gross
profit was 46.8 percent and therefore below the 2011 level of 51.2 percent.
Due to rising transport costs and unforeseeable changes in flows of
transport, there was an overall decline in earnings. Despite the generally
restrained trend in a highly competitive environment, the division managed
to achieve growth with specific customer groups with the focus on complex,
specialized operations. Moreover, the Tank Container Logistics Division
expanded its range of services. This included the first container transport
of products for the food industry, for example palm oil and glycerin.
Major investment in wagon fleet, one-time items affect result
Overall, 2012 was a demanding year for VTG. Uncertain economic framework
conditions and various one-time items slowed down the company's growth
slightly. However, the business model once again proved very stable. With
its ability to develop innovations for the market and successfully realize
large wagon construction projects for customers, VTG was thus able to
remain on its path of growth.
Due to the large number of deliveries of newly constructed wagons in 2012,
VTG's capital expenditure had increased by the end of the year under review
to EUR 220.5 million (previous year: EUR 182.8 million). These funds were
largely invested in the Railcar Division, for procuring new wagons and
modernizing and expanding the fleet. To finance these activities, VTG used
operating cash flow, which, at EUR 136.0 million, was 8.3 percent above the
2011 level of EUR 125.6 million. Funds were also available from the
refinancing of the Group in 2011 as well as from operating leases. As of
December 31, 2012, the equity capital ratio was 20.4 percent (previous
year: 21.7 percent). Total assets increased by 4.5 percent to EUR 1,527.9
million (previous year: 1,461.9 million).
In 2012, VTG thus succeeded in improving its net profit. However, numerous
one-time items had a negative impact on profit. Earnings before interest
and taxes (EBIT) amounted to EUR 68.8 million, which was 4.8 percent below
the level of the previous year.
As of December 31, 2012, VTG had 1,188 employees worldwide, representing an
increase of 18 on 2011. Of these employees, 838 were employed in Germany
(previous year: 778), thereof 385 in Hamburg (previous year: 360). The
remaining 350 employees worked in the companies outside Germany (previous
year: 392).
VTG expects upward trend in business in 2013 although market to remain
difficult in logistics divisions
VTG expects a positive trend in business in all three operational divisions
in 2013. The Executive Board of VTG AG anticipates that the Group will
achieve revenue of between EUR 780 and 830 million and EBITDA of between
EUR 180 and 190 million.
For the financial year 2012, the Executive Board of VTG intends to propose
to the 2013 Annual General Meeting the payment of a dividend of EUR 0.37
per share. This would represent an increase of about 6 percent on the
previous year, thereby enabling shareholders to share in the success of the
company.
Key figures for the VTG Group
<pre>
Change
Financial year 2012 2011 in %
Revenue in EUR million 767.0 750.0 2.3
EBITDA in EUR million 173.8 168.7 3.0
EBIT in EUR million 68.8 72.3 -4.8
EBT in EUR million without refinancing* 16.5 28.4 -42.1
Group profit in EUR million without refinancing** 10.3 17.9 -42.4
Depreciation and amortization in EUR million 105.0 96.4 8.8
Capital expenditure in EUR million 220.5 182.8 20.7
Operating cash flow in EUR million 136.0 125.6 8.3
Earnings per share in EUR without refinancing*** 0.41 0.75 -45.3
Railcar Division
Revenue in EUR million 314.6 303.9 3.5
EBITDA in EUR million 167.4 156.5 7.0
EBITDA margin in % 53.2 51.5
Rail Logistics Division
Revenue in EUR million 296.8 294.3 0.9
EBITDA in EUR million 7.7 12.1 -36.2
EBITDA margin in % 30.3 47.3
Tank Container Logistics Division
Revenue in EUR million 155.5 151.8 2.5
EBITDA in EUR million 11.9 13.1 -8.7
EBITDA margin in % 46.8 51.2
31.12. 31.12. Change
2012 2011 in %
Number of employees 1,188 1,170 1.5
- in Germany 838 778 7.7
- abroad 350 392 -10.7
31.12. 31.12. Change
2012 2011 in %
Balance sheet total in EUR million 1,527.9 1,461.9 4.5
Non-current assets in EUR million 1,309.4 1,225.3 6.9
Current assets in EUR million 218.5 236.7 -7.7
Shareholders equity in EUR million 311.7 317.5 -1.8
Liabilities in EUR million 1,216.2 1,144.5 6.3
Equity ratio in % 20.4 21.7
</pre>
*EBT 2011 adjusted to take account of special effects of refinancing
(unadjusted figure: EUR 5.8 million).
**Group profit 2011 adjusted to take account of special effects of
refinancing (unadjusted figure: EUR 3.7 million).
***Earnings per share 2011 adjusted to take account of special effects of
refinancing (unadjusted figure: EUR 0.08).
About VTG:
VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail
logistics companies. The company has the largest private railcar fleet in
Europe. Globally, the fleet consists of some 54,400 railcars, with a focus
on tank cars and state-of-the-art high capacity freight cars and flat cars.
In addition to the hiring of wagons, the Group offers comprehensive
multi-modal logistics services, mainly around rail transport, and global
tank container transports.
With the combination of its three interlinked divisions Railcar, Rail
Logistics and Tank Container Logistics, VTG offers its customers a
high-performance platform for international transport of their freight. The
Group has many years of experience and specific expertise, in particular in
the transport of liquid and sensitive goods. Its customers include numerous
well-known companies from almost every industrial sector, for example the
chemical, petroleum, automotive, paper and agricultural industries.
In the financial year 2012, VTG generated revenue of EUR 767.0 million and
operating profit (EBITDA) of EUR 173.8 million. Via its subsidiaries and
affiliates the company, which has its head office in Hamburg, is mainly
present in Europe, Asia, Russia and North America. As at 31 December 2012,
VTG had 1,188 employees worldwide in consolidated companies. Since June
2007, VTG AG has been listed on the official Prime Standard market of the
Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999).
Media contact:
Monika Gabler
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: monika.gabler@vtg.com
Investor Relations contact:
Felix Zander
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Email: felix.zander@vtg.com
Further information at www.vtg.com
End of Corporate News
---------------------------------------------------------------------
25.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Germany
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, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
204946 25.03.2013
DGAP-News: VTG remains on path of growth in 2012
| Source: EQS Group AG