DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarter
Results/Interim Report
VTG reports increase in revenue and profit
15.11.2012 / 07:30
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VTG reports increase in revenue and profit
- Group revenue at EUR 573.0 million, rising 2.6 percent on previous year
- EBITDA increases by 1.8 percent to EUR 128.3 million
- Capacity utilization of wagon fleet at 90.0 percent
Hamburg, November 15, 2012. The Hamburg based wagon hire and rail logistics
company VTG Aktiengesellschaft (WKN: VTG999) has reported a positive
development in revenue and profit at the end of the third quarter of 2012.
There were differences within this trend in each of the three operational
divisions. Revenue rose on the previous year by 2.6 percent, from EUR 558.3
million to EUR 573.0 million. Operating profit (EBITDA), at 128.3 million,
was 1.8 percent higher than the figure for the same period of the previous
year.
'Despite an environment of uncertainty and caution, we are on the right
path towards achieving our objective for 2012', says Dr. Heiko Fischer, CEO
of VTG Aktiengesellschaft. 'Our acquisitions made in 2011 are making a
clear impact on revenue. Thus the strategy of growth we have drawn up is
successfully showing results.' In 2011, VTG doubled its fleet of wagons in
the US and commenced wagon hire operations in the Russian market through
the purchase of the Finnish Railcraft group of companies.
Railcar Division: Capacity utilization at 90.0 percent
Revenue in the Railcar Division increased in the first nine months by 4.4
Percent to EUR 233.9 million (previous year: EUR 224.0 million). EBITDA
amounted to EUR 122.8 million and was therefore up EUR 5.0 million, or 4.3
percent, on the previous year. The EBITDA margin related to revenue, at
52.5 percent, remained at the level of the previous year.
In the third quarter of 2012, the division successfully managed to hire out
again all the wagons that had been left vacant due to the insolvency of a
customer from the mineral oil sector. The division also delivered newly
built wagons, comprising a range of types, to customers. A considerable
number of these were subject to long-term hire conditions. The subdued
economic trend led, however, to longer standing times in some cases, for
example with flat wagons for the automotive industry. This in turn led to a
slight drop in capacity utilization to 90.0 percent (end of first six
months 2012: 90.6 percent).
Rail Logistics Division: Ongoing phase of consolidation
In the first nine months of 2012, revenue in the Rail Logistics Division
amounted to EUR 221.4 million, 1.3 percent above the figure for the same
period of the previous year (EUR 218.4 million). EBITDA declined by EUR 2.4
million, or 26.3 percent, to EUR 6.6 million (previous year: EUR 9.0
million). The EBITDA margin on gross profit amounted to 33.4 percent
(previous year: 48.0 percent). However, the figures for the year 2011 were
positively impacted to the amount of EUR 1.8 million by the inclusion of
one-time items. Thus the actual drop in earnings from operations was much
smaller than that shown in the year-on-year comparison.
In the first nine months, the Rail Logistics Division saw business develop
successfully in the petrochemicals and industrial goods segments of the
market. However, this positive trend was overshadowed by the negative
factor of lower transport volumes in the agricultural sector. This meant
that only part of the operating costs, some of which are fixed, could be
reduced. Additionally, the pre-operating costs incurred by the strategic
repositioning of the division impacted the result for the first nine months
of 2012. Moreover, business in the first half of 2012 was negatively
affected by the customer insolvency mentioned earlier.
Tank Container Logistics: Highly competitive environment affects
performance
The Tank Container Logistics Division generated revenue of EUR 117.7
million since the beginning of the year and was thus 1.6 percent higher
than the figure for the same period of 2011 (EUR 115.8 million). EBITDA
amounted to EUR 8.8 million, thereby falling by EUR 0.5 million, or 5.9
percent, compared with the previous year (EUR 9.3 million). Accordingly,
the EBITDA margin on gross profit declined to 46.6 percent (previous year:
48.5 percent).
The continued high level of demand for transports to Russia and other
eastern European countries compensated for the slightly weaker demand in
the countries of southern Europe that had been badly hit by the euro
crisis. In Russia and Turkey, new rail transport chains were developed.
Moreover, due to interruptions to rail transports such as the closure of
the Gotthard Tunnel and extensive construction work on the route to Turkey,
transport flows had to be re-organized. The division is continuing to face
stiff market competition, so that the increased transport costs are
affecting the achievable margins.
VTG Group expects trend in business to remain constant over the last three
months of 2012
Within the VTG Group, capacity utilization in the Railcar Division remained
at a good level for the first nine months of 2012, standing at 90.0
percent. Further delivery of newly built wagons to customers commenced at
the start of the second half of the year. The wagon fleet thereby increased
to 54,100. For 2012, growth in business in Rail Logistics is expected to be
subdued due to the challenging market environment. In the Tank Container
Logistics, VTG also expects only a moderate increase in business due to the
general mood of uncertainty. Overall, the company anticipates that the
trend in business will remain constant and stable.
Forecast for the Group re-affirmed
The Executive Board of VTG Aktiengesellschaft re-affirms the more detailed
forecast issued in August and expects to achieve a level of revenue in the
lower half of the range forecast (EUR 760 - 800 million) and EBITDA at the
lower end of the range forecast (EUR 170 - 178 million).
<pre>
Key figures
Financial year 1.1. - 30.9. 1.1. - 30.9. Change
2012 2012 in %
Revenue in EUR million 573.0 558.3 2.6
EBITDA in EUR million 128.3 126.0 1.8
EBIT in EUR million 52.4 54.4 -3.6
EBT in EUR million
(without
refinancing expenses*) 13.3 23.8 -44.1
Group profit in EUR million
(without
refinancing expenses **) 8.4 15.0 -44.1
Depreciation in EUR million 75.9 71.6 5.9
Capital expenditure in EUR million 144.9 105.1 37.9
Operating cash flow in EUR million 102.8 99.5 3.4
Earnings per share in EUR
(without
refinancing expenses ***) 0.33 0.64 -48.4
Railcar Division
Revenue in EUR million 233.9 224.0 4.4
EBITDA in EUR million 122.8 117.8 4.3
EBITDA margin in % 52.5 52.6
Rail Logistics Division
Revenue in EUR million 221.4 218.4 1.3
EBITDA in EUR million 6.6 9.0 -26.3
EBITDA margin in % 33.4 48.0
Tank Container Logistics Division
Revenue in EUR million 117.7 115.8 1.6
EBITDA in EUR million 8.8 9.3 -5,9
EBITDA margin in % 46.6 48.5
30.09.2012 30.09.2011 Change in %
Number of employees 1,193 1,115 7.0
- in Germany 837 769 8.8
- abroad 356 346 2.9
30.09.2012 31.12.2011 Change in %
Balance sheet total in EUR million 1,511.6 1,461.9 3.4
Non-current assets in EUR million 1,277.8 1,225.3 4.3
Current assets in EUR million 233.8 236.6 -1.2
Shareholders equity
in EUR million 313.6 317.5 -1.2
Liabilities in EUR million 1,198.0 1,144.4 4.7
Equity ratio in % 20.7 21.7
</pre>
* EBT Q3/2011 adjusted to take account of special effects of refinancing
(unadjusted figure: EUR 0.5 million).
** Group profit Q3/2011 adjusted to take account of special effects of
refinancing (unadjusted figure: EUR 0.3 million).
*** Earnings per share Q3/2011 adjusted to take account of special effects
of refinancing (unadjusted figure: EUR -0.05 million).
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 54,100 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 2011, VTG generated revenue of EUR 750.0 million and
operating profit (EBITDA) of EUR 168.7 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 2011,
VTG had 1,170 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
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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
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193211 15.11.2012
DGAP-News: VTG reports increase in revenue and profit
| Source: EQS Group AG