DGAP-News: VTG Aktiengesellschaft / Key word(s): Preliminary Results
Preliminary figures: VTG looks back on a satisfying 2013

19.02.2014 / 07:32


Preliminary figures: VTG looks back on a satisfying 2013

  - Turnover increases to EUR 783.7 million, EBITDA increases to EUR 183.8

  - The Railcar Division generates revenues and income growth

  - Market environment under pressure in the logistics divisions

  - Suggested dividend increase to  EUR 0.42

  - Good business development expected for 2014

Hamburg, February 19, 2014.  VTG Aktiengesellschaft (WKN: VTG999), one of
the leading wagon hire and rail logistics companies in Europe, has
increased revenues and earnings in 2013 according to the preliminary
unaudited figures today. Group revenues climbed by 2.2 percent to EUR 783.7
million in comparison with the previous year. Operating profit (EBITDA)
also rose by a total of 5.7 percent to EUR 183.8 million.

'We were able to continue to improve despite the economically challenging
year. This was especially driven by the Railcar Division, which has
benefited from disproportionate results through further investments in our
diversified fleet,' explains Dr. Heiko Fischer, CEO of VTG AG. 'In
comparison, our logistics divisions had to struggle with continuing
pressure on margins and a partial downturn in demand,' adds Fischer.

Investments lay the foundation for success in the Railcar Division

Due to continuingly positive market opportunities in 2013, VTG was able to
benefit from sustained investment in the expansion of its wagon fleet. A
total of approximately 1,300 new build wagons were added and went directly
to customers as part of long-term rental contracts. Overall, revenue in the
Railcar Division increased by 5.8 percent to EUR 332.9 million and the
EBITDA rose by 8.2 percent to EUR 181.1 million. Capacity utilization of
the wagons decreased slightly in the course of the year to 89.8 percent.
This low fluctuation margin underscores the degree of stability in the
Railcar Division.

Margin pressure and falling demand in the logistics divisions

Last year the Rail Logistics Division underwent both structural and
staffing changes. In addition, difficult market conditions, particularly in
the agricultural goods segment, had a negative impact on revenue and
profit. As a result, revenue only rose slightly by 0.5 percent to EUR 298.4
million and the EBITDA fell by 50.3 percent to EUR 3.8 million.

The joint venture between VTG and Kuehne + Nagel to consolidate rail
logistics activities commenced operations on January 1, 2014 under the name
VTG Rail Logistics. The focus for 2014 comprises the integration of
employees as well as the future strategic alignment of the business.
Additional income in this current year will be accompanied by similarly
high associated integration costs. Positive contributions to profit from
the new businesses are expected from 2015.

The difficult market environment and a further rise in margin pressure
triggered a slight decline in revenue in the Tank Container Logistics
Division. At EUR 152.3 million, revenue was 2.0 percent lower than the
previous year and the EBITDA declined by 23.0 percent to EUR 9.2 million.

However, the downturn in the logistics units was more than compensated by
the positive development in the Railcar Division.

Focus for 2014: Investments in the wagon fleet and internal process

VTG anticipates additional opportunities for growth for 2014, especially in
the Railcar Division. The company will therefore continue to invest in
expanding the wagon fleet in order to provide its customers with modern and
innovative rolling stock. Furthermore, the Executive Board expects results
from the logistics divisions to once again improve. Taking into account the
growth VTG has experienced in recent years, the company intends to pursue
constant improvements to the organizational and process structures. The aim
of these measures is to intensify the networking of the individual
activities and reduce costs and thereby ensure competitiveness over the

Overall, the VTG Executive Board expects positive business development for
2014. On the basis of additional wagon fleet investments and the initial
integration of the rail logistics activities of Kuehne + Nagel, revenues
should significantly increase and are anticipated to amount to between EUR
850 million and EUR 950 million. The EBITDA is projected to reach between
EUR 188 million and EUR 200 million. Moreover, the Executive Board intends
to propose the payment of a dividend of EUR 0.42 for the 2013 financial
year at the 2014 Annual General Meeting.

About VTG:

VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail
logistics companies. The company has the largest private railcar fleet in
Europe. Globally, the fleet consists of some 52,700 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 2012, VTG generated revenue of EUR 767.0 million and
operating profit (EBITDA) of EUR 173.8 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 2012,
VTG had 1,188 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  
Telefon: +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 
Telefon: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
E-Mail: christoph.marx@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                                          
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                                     
End of News    DGAP News-Service  
253202 19.02.2014