DGAP-News: VTG Aktiengesellschaft / Key word(s): Final Results
VTG Aktiengesellschaft: VTG reports increased profits and continues
its growth for 2011
13.04.2011 / 10:00
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Press Release
VTG reports increased profits and continues its growth for 2011
- Increased revenue and EBITDA compared to the previous year
- Extended wagon fleet with new acquisitions
- High growth in the Logistics Division
- Positive outlook for 2011
- Proposing 10 percent dividend increase to EUR 0.33 per share
Hamburg, April 13, 2011. VTG Aktiengesellschaft (WKN: VTG999) today
announced its figures for the financial year 2010. Compared to the previous
year, Group revenues rose by 8.2 percent to EUR 629.4 million. Operating
profit (EBITDA) rose by 3.4 percent to EUR 154.4 million, achieving the
higher end of previous forecast.
'As an integral component of the value chain in many European industries,
and after completing 2009 without being affected by the crisis, VTG was
again highly successful in 2010. On our growth path, we succeeded in
positively positioning and further developing our business lines in the
market', concludes Dr. Heiko Fischer, Chairman of the Board of VTG
Aktiengesellschaft. In particular, VTG was able to achieve substantial
growth especially in its logistics business, and to concentrate on the
implementation of additional strategic goals. 'With our new acquisitions of
rail freight cars and wagons for agricultural products, we succeeded in
taking a big step towards the diversification of our fleet. We are now
positioned for our future and it allows us to offer our customers a broader
product portfolio', adds Fischer.
In 2010, Group revenues rose by 8.2 percent to EUR 629.4 million. EBITDA
rose by 3.4 percent compared to the previous year, to EUR 154.4 million,
returning to the levels achieved in 2008, the Company's record year. Group
earnings saw a slight decline by EUR 1.9 million to EUR 20.6 million as a
result of higher depreciations. As of December 31, 2010, the Group employed
999 staff, including 709 in Germany and 290 abroad.
Higher Wagon Hire utilization rate
In 2010, revenue in the Wagon Hire Division amounted to EUR 283.6 million,
1.9 percent below the prior year's figure of EUR 289.0 million. The slight
drop in revenue is due to the activities of Graaff wagon manufacturing
plant, which, after a large external contract in 2009, again produced
significantly more wagons for VTG in 2010. Only the Graaff sales from
contracts outside the Group are shown as external revenues. At EUR 145.4
million, EBITDA was 0.6 percent below the previous year's result; the
revenue related EBITDA margin was 51.2 percent and thus 0.6 percentage
points higher than in the previous year. Overall, the year was
characterized by increasingly dynamic business trends, primarily reflected
in the higher utilization rate of 89.1 percent recorded as of December 31,
2010.
The acquisition of some 1,100 grain wagons as well as the purchase of 720
freight cars from the Rexwal Group further strengthened this segment,
helping the company continue its diversification policy in new market
segments. Currently, almost 50,000 VTG wagons are in circulation throughout
Europe.
Rail Logistics develops new customer groups and growth potential
The Rail Logistics Division significantly strengthened its market position
in Europe in 2010, further expanding its business and extending key
customer contracts by several years. Revenue rose by 12.2 percent to EUR
201.4 million. At EUR 8.4 million, EBITDA was 24.8 percent higher than in
the previous year, while gross profit related EBITDA margin rose to 49.2
percent.
With the acquisition of the French rail logistics company TMF, which became
effective at the start of the fourth quarter of 2010, this division
expanded its agricultural product transport related range of services.
Business units in the Czech Republic and in Serbia were also founded. These
strategic measures as well as additional alliances abroad have resulted in
new opportunities for growth in the Rail Logistics Division.
Growth strategy developed for the Tank Container Logistics Division
In this segment, customers have shown a tendency towards preferring
longer-term contracts because of capacity bottlenecks in 2010. Moreover,
Tank Container Logistics also benefited from its advantageous regional
positioning, for example in China and in the growth markets of Eastern and
Southern Europe. Therefore, a detailed strategy was developed to enable
further growth in a highly competitive environment characterized by complex
requirements.
In 2010, high demand for transport services in all regions led to
exponential growth in this devision. Revenue rose by 27.7 percent to EUR
144.5 million, and EBITDA increased by 53.1 percent to EUR 11.2 million.
The EBITDA margin on gross profit could also be increased, from 41.4
percent in 2009 to 45.4 percent in 2010.
Investment in growth and quality
VTG impressively continued on its course of growth in 2010, making
substantial investments in growth and quality. Investments totaled EUR
168.8 million (prior year: EUR 153.5 million) and were again focused on the
Wagon Hire Division (95.7 percent). The company essentially is
self-financed with its operating cashflow, which fell only slightly short
of the previous year's EUR 144.8 million at EUR 137.8 million. At 23.1
percent, the equity ratio as at December 31, 2010 remained at the same
level as in the previous year (23.2 percent). The total assets rose by 6.1
percent to EUR 1,355.2 million, although the balance sheet structure
remained virtually unchanged.
Outlook for 2011: Upward business trends in all three business divisions
For 2011, the VTG Group is counting on distinctly positive trends in all
three of its divisions. The Executive Board therefore assumes that the
utilization rate in Wagon Hire Devision will continue to rise and that the
logistics divisions will continue on their growth paths. The company
expects revenue to increase between EUR 720 and 760 million, with EBITDA of
EUR 165 to 170 million.
VTG's Board intends to propose a payment of a EUR 0.33 dividend for the
financial year 2010 at the 2011 Annual General Meeting, representing a 10
percent dividend increase in conformity with VTG's sustained dividend
policy.
VTG Aktiengesellschaft - Key Figures
|[![CDATA[|[pre|]]]|]
Financial year 2010 2009 Change
in %
Revenue in EUR million 629.4 581.5 8.2
EBITDA in EUR million 154.4 149.4 3.4
EBIT in EUR million 63.0 66.9 -5.9
EBT in EUR million 32.6 35.4 -7.8
Group profit in EUR million 20.6 22.5 -8.5
Depreciation, amortization
in EUR million 91.4 82.5 10.8
Investments in EUR million 168.8 153.5 9.9
Cashflow in EUR million 144.0 151.8 -5.2
Earnings per share
in EUR million 0.91 1.01 -9.9
Wagon Hire
Revenue in EUR million 283.6 289.0 -1.9
EBITDA in EUR million 145.4 146.3 -0.6
EBITDA margin in % 51.2 50.6
Rail Logistics
Revenue in EUR million 201.4 179.4 12.2
EBITDA in EUR million 8.4 6.7 24.8
EBITDA margin in % 49.2 41.7
Tank Container Logistics
Revenue in EUR million 144.5 113.1 27.7
EBITDA in EUR million 11.2 7.3 53.1
EBITDA margin in % 45.4 41.4
31/12/ 31/12/ Change
2010 2009 in %
Number of Employees 999 963 3.7
- in Germany 709 678 4.6
- abroad 290 285 1.8
31/12/ 31/12/ Change
2010 2009 in %
Total assets
in EUR million 1,355.2 1,277.2 6.1
Non-current assets
in EUR million 1,174.8 1,124.9 4.4
Current assets
in EUR million 180.4 152.3 18.5
Shareholders' equity
in EUR million 313.0 296.7 5.5
Liabilities in EUR million 1,042.2 980.4 6.3
Shareholders' equity ratio
in % 23.1 23.2
|[![CDATA[|[/pre|]]]|]
About VTG:
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail
logistics companies. The company has the largest private wagon fleet in
Europe. Globally, the fleet consists of some 50,000 wagons, 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 global tank container
transports and comprehensive multi-modal logistics services, mainly around
rail transport.
With the combination of its three interlinked divisions Wagon Hire, 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 2010, VTG generated revenue of EUR 629.4 million and
operating profit (EBITDA) of EUR 154.4 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 December 2010, VTG had
999 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
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, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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119655 13.04.2011
DGAP-News: VTG Aktiengesellschaft: VTG reports increased profits and continues its growth for 2011
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