DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarter Results
VTG off to a good start in all divisions
21.05.2015 / 07:30
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VTG off to a good start in all divisions
- Revenue and EBITDA increase significantly
- AAE consolidated for the first time
- Upward trend in the logistics divisions
- 2015 forecast reaffirmed
Hamburg, May 21, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of the
leading wagon hire and rail logistics companies in Europe, got off to a
good start in 2015 in all of its divisions. Accordingly, Group revenue
increased by 26.1 percent for the first quarter of 2015, from EUR 199.6
million to EUR 251.7 million. The EBITDA also recorded a considerable
increase of 90 percent, rising from EUR 44.0 million to EUR 83.6 million.
These increases are largely attributable to the first-time inclusion of
AAE, which was acquired at the beginning of the year. VTG's existing
business operations also made a significant contribution to this positive
development. Both the Railcar Division and the logistics divisions
increased their revenue and operating profit and were successfully able to
expand on their business.
"I am delighted that we have entered the new year with such great momentum,
which has led to a substantial upward trend in all of our business
divisions", says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. He adds,
"In acquiring AAE, we have taken a major step in growth, secured our
position as the largest private wagon hire company in Europe by far and
managed to open up new market potential. This is clearly evident from our
results."
After adjustments for one-off expenditure and extraordinary income in the
first quarter, Group profit grew by 122.4 percent in comparison to the
previous year and reached about EUR 7.5 million. At EUR 0.16, adjusted
earnings per share almost remain at the previous year's level (EUR 0.17),
due to the financing of the AAE acquisition.
Fleet capacity utilization in the Railcar Division increases slightly
The Railcar Division achieved revenue of EUR 132.5 million in the first
three months of 2015 (previous year: EUR 85.4 million). This corresponds to
an increase of 55.1 percent, which is essentially linked to the AAE
takeover. In addition, investments in new build wagons have had a positive
impact on revenue development. The EBITDA also recorded a significant
increase of 86.8 percent as a result of the AAE acquisition, from EUR 44.4
million to EUR 82.8 million. The EBITDA margin related to revenue was 62.5
percent (previous year: 51.9 percent).
Over all, the fleet has increased by a considerable amount as a result of
the acquisition of AAE, rising from more than 50,000 to over 80,000 wagons.
Capacity utilization reached 90.9 percent for the first quarter of 2015 and
thereby exceeded the previous year's rate (90.1 percent), despite the
large-scale fleet expansion.
Upward trend in the logistics divisions
The Rail Logistics Division made a positive start to the year by achieving
an increase in revenue. Positive developments in the project business have
enabled revenue growth of 0.7 percent to be recorded for the first quarter:
from EUR 77.0 million to EUR 77.6 million. Following the regressive
development in the previous year, the EBITDA stabilized and rose by 85.6
percent to EUR 0.2 million (previous year: EUR 0.1 million). The EBITDA
margin related to revenue was 3.8 percent (previous year: 1.9 percent).
The result indicates that the reorganization measures introduced in the
division and the implementation of new structures are beginning to take
effect. New business has already been generated as a consequence, as
demonstrated at the 'transport logistic' fair in Munich in May 2015, for
instance, where a framework agreement was signed with BLG AutoRail GmbH for
automobile transportation by rail.
Tank Container Logistics revenue increased in the first three months of the
new fiscal year in comparison to the previous year by 12.2 percent, from
EUR 37.2 million to EUR 41.7 million. The EBITDA also developed positively
and rose by 66.5 percent from EUR 2.4 million to EUR 4.1 million. This
figure includes one-time gains associated with the sale of a
non-consolidated affiliated company.
The reason behind the positive development in the Tank Container Logistics
Division is an increase in transportation volumes in Europe and overseas,
particularly for transports in the USA and to Asia. Furthermore, the
division benefited from the strength of the US dollar.
VTG reaffirms forecast for 2015
The VTG AG Executive Board re-affirms the forecast it set in March for the
2015 financial year. It anticipates revenue for the Group in the range of
EUR 1.0 and 1.1 billion and EBITDA of EUR 325 to 350 million. The major
part in this increase is associated with the Railcar Division, which will
significantly increase revenue and EBITDA through the inclusion of AAE.
For the 2014 financial year, the VTG AG Executive Board intends to propose
the payment of a dividend of EUR 0.45 per share to the Annual General
Meeting on May 29, 2015. This represents a dividend increase of about 7
percent in comparison to the previous year.
Key Figures for the VTG Group
<pre>
1.1.-31.3. 1.1.-31.3. Change
Financial year 2015 2014 in %
Revenue in EUR million 251.7 199.6 26.1
EBITDA in EUR million 83.6 44.0 90.0
EBIT in EUR million 34.8 18.0 93.8
EBT in EUR million 8.9 5.3 68.2
Group profit in EUR million 5.4 3.3 60.2
Group profit in EUR million adjusted 7.5 3.3 122.4
Depreciation and amortization
in EUR million 48.8 26.1 87.4
Capital expenditure in EUR million 50.5 47.6 6.2
Operating cash flow in EUR million 93.2 30.7 203.4
Earnings per share in EUR 0.10 0.17 -41.2
Earnings per share in EUR adjusted 0.16 0.17 -5.9
Railcar Division
Revenue in EUR million 132.5 85.4 55.1
EBITDA in EUR million 82.8 44.4 86.8
EBITDA margin in % 62.5 51.9
Rail Logistics Division
Revenue in EUR million 77.6 77.0 0.7
EBITDA in EUR million 0.2 0.1 85.6
EBITDA margin in % 3.8 1.9
Tank Container Logistics Division
Revenue in EUR million 41.7 37.2 12.2
EBITDA in EUR million 4.1 2.4 66.5
EBITDA margin in % 57.3 43.4
Change
31.03.2015 31.03.2014 in %
Number of employees 1,446 1,302 11.1
- in Germany 918 878 4.6
- abroad 528 424 24.5
Change
31.03.2015 31.12.2014 in %
Balance sheet total in EUR million 3,156.9 1,673.4 88.7
Non-current assets in EUR million 2,776.8 1,418.2 95.8
Current assets in EUR million 380.1 252.4 50.6
Shareholders equity in EUR million 749.2 340.5 120.1
Liabilities in EUR million 2,407.7 1,332.9 80.6
Equity ratio in % 23.7 20.3
</pre>
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
Email: 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
Email: 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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360297 21.05.2015
DGAP-News: VTG off to a good start in all divisions
| Source: EQS Group AG