DGAP-News: VTG pushes up revenue and net profit in first half of 2013
VTG Aktiengesellschaft / Key word(s): Half Year Results/Interim Report
VTG pushes up revenue and net profit in first half of 2013
- Revenue increases by 6.5 percent, EBITDA by 9.3 percent
- Investment in construction of new wagons has positive impact on business
- Logistics divisions continue to face difficult market environment
- Forecast for 2013 re-affirmed with added specificity
Hamburg, August 15, 2013. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading wagon hire and rail logistics companies, pushed up both revenue and profit in the first half of 2013. Compared with the same period of 2012, revenue for the Group increased by 6.5 percent to EUR 404.4 million (H1 2012: EUR 379.9 million). There was also a positive trend in EBITDA, with an increase of 9.3 percent to EUR 89.6 million (H1 2012: EUR 82.0 million).
'We are very satisfied with the positive trend in our revenue and profit in a generally weak European economic environment, even though our logistics divisions are currently operating in a difficult market. Our investment in the construction of new wagons has had a positive effect in the first half of the year', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft, adding: 'We therefore still consider ourselves on course to achieve the targets we have set ourselves for the year.'
In the first half of the year, EBIT increased above average by 18.2 percent to EUR 37.1 million (H1 2012: EUR 31.4 million). Accordingly, EBT also more than doubled, increasing from EUR 6.2 million to EUR 12.6 million. The same was the case for net profit for the Group, which rose to EUR 7.9 million (H1 2012: EUR 3.9 million). Accordingly, earnings per share grew from EUR 0.14 to EUR 0.33. The overall improvement in net profit and the positive trend in working capital were reflected in operating cash flow, which rose to EUR 76.1 million (H1 2012: EUR 64.9 million).
Forecast for 2013 re-affirmed, with added specificity
The Executive Board re-affirms its forecast for 2013, with revenue expected to be in the range of EUR 780 to 830 million and EBITDA in the range of EUR 180 to 190 million. Due to the reduced expectations regarding economic growth in Europe and the increased competition in the logistics divisions, the Executive Board however now expects the level of EBITDA generated to be at the lower end of the range stated in the forecast for the Group.
The orders for newly built wagons already completed and delivered to customers in 2012 and 2013 in addition to those still awaiting completion are expected to have a generally positive impact on the business of the VTG Group.
Key figures for the VTG Group
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 53,400 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).
Further information at www.vtg.com
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