DGAP-News: VTG Aktiengesellschaft / Key word(s): Half Year
Results/Interim Report
VTG is expanding in every division
27.08.2015 / 07:30
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VTG is expanding in every division
- Significant increase in revenue and EBITDA
- AAE acquisition ensures positive trend in earnings
- Turnaround in Rail Logistics proceeding
- Strong development in Tank Container Logistics
- 2015 forecast reaffirmed
Hamburg, August 27, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of the
leading wagon hire and rail logistics companies in Europe, experienced
growth in all three divisions in the first half of 2015. Group revenue rose
by 26.6 percent, from EUR 404.7 million to EUR 512.3 million. The EBITDA
also climbed significantly from EUR 90.2 million to EUR 168.0 million,
representing an increase of 86.2 percent. The acquisition of AAE at the
beginning of the year is reflected in the figures. In addition, all three
divisions have contributed to the growth of the company with their results.
"VTG has taken a significant step forward in the first half of this year.
We are on schedule with the integration of AAE and we are already able to
demonstrate that the takeover has had a positive impact on our earnings
trend", said Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "I am
particularly pleased about the progress made in the Rail Logistics
Division. The considerable effort and consistent implementation of the
newly introduced structure have enabled us to improve our margins yet
again."
At EUR 18.1 million, Group profit clearly exceeds the figure for the
preceding year (first half of 2014: EUR 7.8 million). On the basis of the
additional number of shares issued through the capital increase in January
2015, earnings per share increased to EUR 0.42 (first half of 2014: EUR
0.40). The equity ratio increased by 4.1 percentage points from 20.3
percent to 24.4 percent, thereby benefitting from both the issuance of the
new shares at the beginning of the year and from the equity-equivalent
hybrid bond, placed by the end of January.
Integration process: the main focus for the Railcar Division
The integration of AAE into VTG was pursued in the first half of 2015. The
new structure, which focuses on four centers of competence: rail tank cars,
intermodal wagons, standard freight wagons and sliding wall wagons, is
intended to give the customer the greatest possible benefits in future. The
individual focus on industry-specific customer needs and cargo
specifications interacts perfectly with centrally controlled procurement
and administration.
In the Railcar Division, revenue reached EUR 272.4 million for the first
half of 2015 (previous year: EUR 173.2 million). This 57.3 percent increase
is attributed to both the acquisition of AAE as well as the positive
performance of the previous VTG Railcar Division. Accordingly, the EBITDA
was up by 84.5 percent to EUR 167.6 million, which is significantly higher
than the previous year's figure (EUR 90.8 million). The EBITDA margin
related to revenue amounted to 61.5 percent (previous year: 52.4 percent).
Fleet utilization was exactly on a par with the previous year's level, at
90.2 percent.
The Rail Logistics turnaround is making strides - Positive development in
Tank Container Logistics
Revenue in the Rail Logistics Division rose slightly from EUR 157.2 million
to EUR 157.7 million in comparison to the previous year and new orders were
able to compensate for the downturns in certain regions and sectors. The
EBITDA increased significantly and reached EUR 1.2 million (previous year:
EUR 0.1 million). The EBITDA margin on gross income amounted to 8.9 percent
(previous year: 0.7 percent). The result clearly demonstrates that the
restructuring measures which were introduced to the division at the
beginning of the year are beginning to take effect, but the upward trend
still has to be maintained.
Revenue in the Tank Container Logistics Division increased significantly in
the first half of 2015 to EUR 82.2 million, which was EUR 8.0 million above
the same period of the previous year (EUR 74.2 million). The EBITDA
increased to EUR 6.6 million compared with the EUR 5.5 million achieved in
the first half of the previous year. At 49.2 percent, the EBITDA margin on
gross income was also above the previous year's 46.1 percent equivalent.
The positive development is attributable to three effects: the transport
volume in Europe and overseas rose and the appreciation of the US dollar
against the euro also had a positive impact on the result, as did a one-off
contribution from the sale of a non-consolidated holding company.
VTG expects positive business development for 2015 and reaffirms forecast
In March 2015, VTG released its forecast for the current financial year.
According to these calculations, the Executive Board anticipates a Group
revenue of between EUR 1.0 and 1.1 billion and an EBITDA of EUR 325 to 350
million. Based upon the success of the first half of this year, the
Executive Board can reaffirm these figures.
Key Figures for the VTG Group
<pre>
1.1.-30.6. 1.1.-30.6. Change
Financial year 2015 2014 in %
Revenue in EUR million 512.3 404.7 26.6
EBITDA in EUR million 168.0 90.2 86.2
EBIT in EUR million 71.4 38.0 88.1
EBT in EUR million 28.2 12.4 126.8
Group profit in EUR million 18.1 7.8 130.4
Depreciation and amortization in EUR million 96.6 52.2 84.9
Capital expenditure in EUR million 93.3 106.6 -12.5
Operating cash flow in EUR million 139.6 82.0 70.2
Earnings per share in EUR 0.42 0.40 5.0
Railcar Division
Revenue in EUR million 272.4 173.2 57.3
EBITDA in EUR million 167.6 90.8 84.5
EBITDA margin in % 61.5 52.4
Rail Logistics Division
Revenue in EUR million 157.7 157.2 0.3
EBITDA in EUR million 1.2 0.1 nm
EBITDA margin in % 8.9 0.7
Tank Container Logistics Division
Revenue in EUR million 82.2 74.2 10.8
EBITDA in EUR million 6.6 5.5 21.5
EBITDA margin in % 49.2 46.1
Change
30.06.2015 30.06.2014 in %
Number of employees 1,433 1,304 9.9
- in Germany 908 888 2.3
- abroad 525 416 26.2
Change
30.06.2015 31.12.2014 in %
Balance sheet total in EUR million 3,082.3 1,673.4 84.2
Non-current assets in EUR million 2,759.5 1,418.2 94.6
Current assets in EUR million 322.9 255.2 27.9
Shareholders equity in EUR million 753.2 340.5 121.2
Liabilities in EUR million 2,329.2 1,332.9 74.7
Equity ratio in % 24.4 20.3 4.1 p
</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 rail 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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389859 27.08.2015
DGAP-News: VTG is expanding in every division
| Source: EQS Group AG