DGAP-News: VTG Aktiengesellschaft / Key word(s): Final Results
VTG ends the 2014 fiscal year with a very good result and reinforces
its position by acquiring AAE
14.04.2015 / 10:01
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VTG ends the 2014 fiscal year with a very good result and reinforces its
position by acquiring AAE
- Group revenue increases by 4.4 percent, EBITDA by 4.0 percent
- Railcar Division utilization rate continually increasing
- Logistics units paint a heterogeneous picture
- 7 percent dividend increase proposed
- VTG acquires AAE: 2015 revenues should hit the billion mark
Hamburg, April 14, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of
Europe's leading wagon hire and rail logistics companies, successfully
enhanced its business, continued its course of growth and implemented key
strategic measures in 2014. The Group presented its audited figures for
2014 at its financial statements press conference in Hamburg today.
According to these results, Group revenue increased by 4.4 percent to EUR
818.3 million. Operating profit (EBITDA) also developed at a positive rate,
rising by 4.0 percent to EUR 191.0 million.
"I am delighted that we were yet again able to close the year with a very
good result", said Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "In
acquiring AAE, we have not only significantly expanded our wagon fleet in
terms of structure and size, but we have also increased our product range
and have thereby managed to make rail transportation even more attractive
for our customers. We now have to fully integrate the new business into our
existing operations and also make effective use of the new opportunities
available to our logistics units. It is important that we maintain the
neutrality of all of our business divisions in the process."
Disproportionate increase in Group revenue
Earnings before interest and taxes (EBIT) increased by 7.4 percent in 2014
from EUR 77,7 million to EUR 83.5 million. Net income rose by 9.2 percent
from EUR 17,2 million to EUR 18.8 million and operating cash flow increased
by 6.7 percent from EUR 149,8 million to EUR 159.9 million. VTG invested
heavily in expanding its fleet in 2014: a total of EUR 219.2 million
(previous year: EUR 166.0 million) was allocated primarily to acquiring a
multitude of new and used wagons. As of December 31, 2014 the equity ratio
was 20.3 percent.
Positive development in the Railcar Division
Revenue in the Railcar Division increased by 3.7 percent in 2014, from EUR
332.9 million to EUR 345.4 million. EBITDA rose by 7.3 percent, from EUR
181.1 million to EUR 194.4 million and at 56.3 percent, the EBITDA margin
related to revenue also increased in comparison to the previous year (54.4
percent).
The principle reason behind this positive development was the delivery of
approximately 1,800 new-build wagons. For instance, 350 bulk freight wagons
enhanced the fleet in Russia and additional new-build wagons were
constructed for the steel, agricultural and oil industries. Fleet
utilization increased to 91.0 percent (2013: 89.8 percent).
Logistics units exhibiting a mixed picture
At the beginning of 2014, the acquisition of Kuehne + Nagel's rail
logistics activities enabled the Rail Logistics Division to expand in terms
of geographical location, personnel and customer groups. To that effect,
revenue increased by 7.9 percent, from EUR 298.4 million to EUR 322.0
million. Overall, the progression of the joint venture for the 2014 fiscal
year did not meet expectations. The reason for this was the political
tension in Russia and Ukraine, which almost brought transports to a
complete standstill. In addition to these developments in the industrial
goods segment a stronger competition had a negative impact on revenue for
the transport of liquid goods. A further aspect was the extraordinary
expenditures which arose from a process optimization and structural change
program. Consequently, EBITDA amounted to EUR -0.2 million and was thereby
EUR 4.1 million below the previous year's rate (EUR 3.8 million). The
EBITDA margin on gross income fell to -0.9 percent (previous year: 16.8
percent).
Despite fierce competition in the market, the Tank Container Logistics
Division was able to maintain its position in 2014. Various developments
also occurred in the individual regional markets: although the number of
European transports increased, the Asian and American markets were only
able to remain stable. As a consequence, Tank Container Logistics revenue
amounted to EUR 150.9 million and therefore almost achieved the previous
year's result (EUR 152.3 million). At EUR 12.8 million, EBITDA was 38.7
percent over the previous year's figure (EUR 9.2 million) and the EBITDA
margin on gross income, which reached 48.9 percent, was also above the
previous year's result (38.1 percent).
2015 strategy: growth course and dividend increase
The acquisition of AAE signifies that the Railcar Division will have an
even greater impact on the Group's development in the future. The existing
strategy of making use of attractive opportunities for growth and thereby
expanding VTG's position even further shall therefore be maintained. The
Executive Board expects positive business development in 2015, with
revenues of between EUR 1.0 and 1.1 billion and EBITDA of EUR 325 to 350
million. It intends to propose the payment of a dividend for the 2014
financial year of EUR 0.45 to the 2015 Annual General Meeting. This
represents a dividend increase of 7 percent.
As of December 31, 2014, the number of VTG Group employees increased to
1,312 (previous year: 1,191). The increase is primarily due to the
implemented merger with Kuehne + Nagel's rail logistics activities. 909
employees worked in Germany (previous year: 846), of which 398 were in
Hamburg (previous year: 390). Therefore 403 employees worked at the foreign
subsidiaries (previous year: 345).
Key figures for the VTG Group
<pre>
Change
Financial Year 2014 2013 in %
Revenue in EUR million 818.3 783.7 4.4
EBITDA in EUR million 191.0 183.8 4.0
EBIT in EUR million 83.5 77.7 7.4
EBT in EUR million 29.8 27.4 8.6
Group profit in EUR million 18.8 17.2 9.2
Depreciation and amortization
in EUR million 107.5 106.0 1.4
Capital expenditure in EUR million 219.2 166.0 32.0
Operating cash flow in EUR million 159.9 149.8 6.7
Earnings per share in EUR 0.93 0.71 30.4
Railcar Division
Revenue in EUR million 345.4 332.9 3.7
EBITDA in EUR million 194.4 181.1 7.3
EBITDA margin in % 56.3 54.4
Rail Logistics Division
Revenue in EUR million 322.0 298.4 7.9
EBITDA in EUR million -0.2 3.8 -106.2
EBITDA margin* in % -0.9 16.8
Tank Container Logistics Division
Revenue in EUR million 150.9 152.3 -0.9
EBITDA in EUR million 12.8 9.2 38.7
EBITDA margin* in % 48.9 38.1
Change
31.12.2014 31.12.2013 in %
Number of employees 1,312 1,191 10.2
- in Germany 909 846 7.4
- abroad 403 345 16.8
Change
31.12.2014 31.12.2013 in %
Balance sheet total in EUR million 1,673.4 1,550.8 7.9
Non-current assets in EUR million 1,418.2 1,332.2 6.5
Current assets in EUR million 252.4 218.6 15.5
Shareholders equity in EUR million 340.5 321.3 6.0
Liabilities in EUR million 1,332.9 1,229.5 8.4
Equity ratio in % 20.3 20.7
</pre>
* EBITDA margin related to gross income
About VTG:
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail
logistics companies, with a fleet consisting of more than 80,000 railcars.
VTG offers a full-range service, providing tank cars, intermodal wagons,
standard freight wagons and sliding wall wagons. 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 2014, VTG generated revenue of EUR 818.3 million and
operating profit (EBITDA) of EUR 191.0 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 2014,
VTG had 1,312 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).
Press contact:
Monika Gabler
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
E-mail: monika.gabler@vtg.com
Investor Relations contact:
Christoph Marx
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
E-mail: christoph.marx@vtg.com
For more information visit www.vtg.de
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Language: English
Company: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Germany
Phone: 040 2354 1351
Fax: 040 2354 1350
E-mail: ir@vtg.com
Internet: www.vtg.de
ISIN: DE000VTG9999
WKN: VTG999
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News-Service
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343819 14.04.2015
DGAP-News: VTG ends the 2014 fiscal year with a very good result and reinforces its position by acquiring AAE
| Source: EQS Group AG