DGAP-News: VTG Aktiengesellschaft: VTG increases operating profit in 2011 and realizes growth targets
VTG Aktiengesellschaft / Key word(s): Final Results
VTG increases operating profit in 2011 and realizes growth targets
- Revenue and EBITDA up significantly on previous year
- Wagon fleet expands due to acquisitions and building of new wagons
- Rail Logistics with a new structure
- New financing of the Group provides foundation for further growth
- Proposed dividend increase to EUR 0.35 per share
- Modest growth expected in 2012
Hamburg, March 28, 2012. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading wagon hire and rail logistics companies, today presented its figures for the financial year 2011. Compared with 2010, revenue for the Group rose by 19.2 percent, reaching EUR 750.0 million. Operating profit (EBITDA) also developed positively, increasing by 9.3 percent on the previous year to EUR 168.7 million. This was in the upper half of the range forecasted by VTG.
Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft, provides his analysis: 'In 2011, its 60th year, VTG managed to expand its business significantly, particularly at an international level. Our growth is supported both by organic developments in the divisions and by acquisitions'. He goes on: 'New business and the strengthening of customer relationships have brought a sharp rise in revenue, particularly in Rail Logistics. In the Railcar Division, we have focused equally on acquisitions and modernizing our fleet.'
In 2011, Group revenue rose by 19.2 percent to EUR 750.0 million. EBITDA increased on the previous year by 9.3 percent, reaching EUR 168.7 million. Net profit for the Group, adjusted to take account of the costs of refinancing, fell by EUR 2.7 million to EUR 17.9 million. This was mainly due to higher interest expenses. As of December 31, 2011, the Group employed 1,170 employees, thereof 778 in Germany and 392 abroad.
Steady growth in Railcar Division
The Railcar Division was strengthened further in 2011 through various acquisitions. With the acquisition of the fleet of the Italian competitor Sogerent in the first quarter, VTG was able to consolidate its market position in Europe. With the takeover of the Railcraft group of companies in May 2011, VTG successfully commenced operations in the Russian market. In December 2011, with the takeover of the operations of the US railcar leasing company SC Rail Leasing America, VTG more than doubled its number of railcars in North America and broadened its customer base significantly.
Rail Logistics expands division and creates unified market presence
For Rail Logistics, in addition to its many new customers and business operations, the 2010 acquisition of the rail logistics company TMF (a specialist in the agricultural sector) had a positive impact. The addition of the Polish subsidiary of the Transpetrol Group to the group of consolidated companies also contributed to the positive trend. Furthermore, Rail Logistics reorganized its structure to enable it to integrate the most recent acquisitions and also created a unified market presence. In future, its focus will be on the three product segments of liquids, agricultural products and industrial goods. The expansion of the product range also involves the setting up of new locations. With this further development, the general objective is to expand into new regions and gain new customers throughout Europe and take more traffic off the road and onto the railway.
Tank Container Logistics continues on path of growth in global markets
For Tank Container Logistics, the year 2011 began with a significant rise in demand for transport services. However, demand fell off slightly in the third quarter, stabilizing at this level in the final quarter. The reason for this was the growing uncertainty about future developments in the markets relevant for the chemical industry. The Division reported good performance in the intra-European transport market. For overseas transports, however, the picture was mixed: whereas North American and European export transports increased in the year under review, traffic within Asia and exports from Asia declined slightly.
New Group financing structure provides secure basis for growth
In 2011, capital expenditure rose from EUR 168.8 million to EUR 182.8 million. These funds were largely invested in the new acquisitions and in modernizing and expanding the wagon fleet. They were also used to expand the logistics divisions. The funds came mainly from operating cash flow, which, at EUR 125.6 million, was 8.8 percent below the figure for 2010 (EUR 137.8 million). Funds from the new financing arrangements for the Group were also used. As of December 31, 2011, VTG's equity ratio was 21.7 percent (previous year: 23.1 percent). Total assets increased by 7.9 percent, from EUR 1,355.2 million to EUR 1,461.9 million.
VTG expects slight upward trend in business in 2012
The Executive Board of VTG intends to propose to the 2012 Annual General Meeting the payment of a dividend for the financial year 2011 of EUR 0.35 per share.
Key figures for the VTG Group
*EBT 2011 with refinancing = EUR 5.8 million = -82.1%
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 53,800 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).
Investor Relations contact:
Further information at www.vtg.com
End of Corporate News
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
|Phone:||040 2354 0|
|Fax:||040 2354 1199|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart|
|End of News||DGAP News-Service|