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DGAP-News: In 2012, VTG focuses on integration, innovation and investment

VTG Aktiengesellschaft / Key word(s): Preliminary Results/Forecast

20.02.2013 / 07:30

Press Release

In 2012, VTG focuses on integration, innovation and investment

- Revenue rises by 2.3 percent, EBITDA by 3.0 percent

- Capacity utilization at 90.4 percent

- Innovation and investment in construction of new wagons increase competitiveness

- Logistics divisions: difficult market environment but also new businesses

- VTG continues with dividend policy, with proposal of EUR 0.37

- Further investment planned for 2013, with anticipated growth in income

Hamburg, February 20, 2013. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading wagon hire and rail logistics companies, today announced its preliminary unaudited figures for the financial year 2012. Compared with the previous year, revenue for the Group increased by 2.3 percent to EUR 767.0 million. Operating profit (EBITDA) increased by 3.0 percent compared with 2011, reaching a level of EUR 173.8 million. These figures fell within the middle of the range forecast in February 2012, with the overall result in fact more positive than anticipated mid-year 2012. In addition to this positive development, the year was one of many innovations and substantial investment in the wagon fleet as well as new business in the Rail Logistics Division.

'We ended the last year much better than expected. Primarily as a result of the positive trend in the Railcar Division, we were able to make up ground and iron out the slight dent from the first half of the year and achieve a pleasing overall result', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft, adding: 'In 2012, we worked intensively on the expansion and competitiveness of our wagon fleet. Thus more than 1,700 new wagons were constructed, delivered and hired out to customers directly. The technological solutions that we have realized for our customers represent a clear step forward in terms of innovation, process optimization and quality.' Moreover, VTG has integrated the new operations in Russia into the Group and made the preparations there for further growth.

Innovation in new wagon construction, strict cost management in Railcar Division
For the Railcar Division, 2012 was a year of substantial investment in the construction of new wagons. Both VTG's own construction plant Graaff and other plants in different European countries worked together with VTG technology experts from Hamburg to realize innovations. One example is the new grain wagon, which allows a maximum payload with the lowest possible tare weight and optimal user-friendliness. The overall 1,700 new wagons of different types were hired out directly to both new and existing customers, some with long-term rental contracts. This as well as higher prices for the existing fleet resulted in an increase in revenue in the Railcar Division of 3.5 percent to EUR 314.6 million and an increase of EBITDA of 7 percent to EUR 167.4 million. During the course of the year, fleet capacity utilization fell from an initial 91.5 percent to 90.0 percent at the end of the third quarter. It then went on to recover, ending the year at a level of 90.4 percent.

A mixed picture in the logistics divisions
In the financial year 2012, the Rail Logistics Division pushed up its revenue by 0.9 percent to EUR 296.8 million. EBITDA shrank by 36.2 percent to EUR 7.7 million. However, the fact that certain items positively influenced the 2011 result limits the scope for direct comparison. Adjusted, the decrease would have been no more than 20.8 percent. In a generally difficult market environment and overshadowed by the effects of a customer insolvency and weak business in agricultural goods, the overall performance of the division was below expectations. However, the strategic reorientation of the division - with a focus on the product segments petrochemical products, agricultural and industrial goods - delivered its first promising results. Many new business operations were realized, particularly in the industrial goods segment. For example, the division is in charge of the transport logistics operations for aluminium coils and copper anodes for the companies Novelis and Aurubis. Since October 2012, a block train has been transporting the Aurubis products from Bulgaria to Germany and Belgium at weekly intervals.

The Tank Container Logistics Division competed on the global markets in 2012. Slight excesses of capacity, strong price pressure and higher costs, however, resulted in generally restrained growth. Revenue increased by 2.5 percent to EUR 155.5 million, while EBITDA shrank by 8.7 percent to EUR 11.9 million. A total of 10,100 containers were in use for Tank Container Logistics. To respond to the pressure on the margins, the focus remained on optimizing transport processes, with improved productivity in loading and unloading. Moreover, VOTG transported its first loaded containers by rail from Shanghai via Vladivostok to Germany. This route, which is being operated for the first time from east to west, represents a possible alternative to sea transport in the event of disturbances, for instance in transport via the Suez Canal.

As of December 31, 2012, VTG had 1,188 employees worldwide, an increase of 18 on 2011. Of these, 838 were employed in Germany (previous year: 778), 385 in Hamburg (previous year: 360). The number of employees in the companies outside Germany was therefore 350 (previous year: 392).

In 2013, VTG focuses on further investment and expansion of growth areas
Through further investment in the entire fleet, VTG guarantees its customers high quality, state-of-the-art wagons, thereby making a key contribution to a smooth value chain. In Russia, the fleet is being expanded to 1,000 wagons with the addition of 150 newly built mineral oil wagons. In 2013, the logistics divisions intend to concentrate on their strategic areas of growth and expect a rather positive trend in business. For the financial year 2013, the Executive Board of VTG AG expects the Group to generate revenue of between EUR 780 and 830 million and EBITDA of between EUR 180 and 190 million.

The Executive Board of VTG intends to propose to the 2013 Annual General Meeting the payment of a dividend of EUR 0.37 for the financial year 2012. This dividend increase of about 6 percent reflects the policy of VTG Aktiengesellschaft of reliably continued payment of dividends.

About VTG:

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 54,100 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).

Media contact:

Monika Gabler

Head of Corporate Communications

Telephone: +49 (0) 40 23 54-1341

Fax: +49 (0) 40 23 54-1340


Investor Relations contact:

Felix Zander

Head of Investor Relations

Telephone: +49 (0) 40 23 54-1351

Fax: +49 (0) 40 23 54-1350


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