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DGAP-News: VTG: successful financial year for 2013

VTG Aktiengesellschaft / Key word(s): Final Results

25.03.2014 / 10:00

Press release

VTG: successful financial year for 2013

- Group revenue increases by 2.2 percent, EBITDA by 5.7 percent

- Railcar Division ensures growth in revenue and earnings

- Rail Logistics concludes joint venture with Kuehne + Nagel

- New Executive Board member for Logistics and Safety from June 2014

- Proposed dividend increase of 14 percent

- Positive outlook for 2014

Hamburg, March 25, 2014. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading wagon hire and logistics companies, presented its figures for the financial year 2013 in Hamburg today. Group revenue rose by 2.2 percent, reaching EUR 783.7 million. Operating profit (EBITDA) increased by 5.7 percent to EUR 183.8 million. This result matches the predicted forecast range.

"In addition to continued high investments in the expansion of our wagon fleet, the focus for 2013 was on the Joint Venture with Kuehne + Nagel in the Rail Logistics Division", says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "We have been able to yet again increase the quality of our fleet through numerous new-build wagons. In the Rail Logistics Division, the joint venture has enabled us to create the prerequisite for a rail logistics network spanning throughout Europe for an even wider array of solutions."

Revenue driven by high investments in the fleet
The delivery of numerous new-build wagons ensured investment volumes of EUR 166.0 million for 2013 (previous year: EUR 220.5 million). Earnings before interest and taxes (EBIT) increased by 12.9 percent from EUR 68.8 million to EUR 77.7 million. Net income rose by 66.3 percent from EUR 10.3 million to EUR 17.2 million. On December 31, 2013, the equity ratio was 20.7 percent (previous year: 20.4 percent). Operating cash flow increased by 10.2 percent, amounting to EUR 149.8 million (previous year: EUR 136.0 million).

New Executive Board member for Logistics and Safety
Günter-Friedrich Maas (44) will assume his role as Executive Board member for Logistics and Safety at VTG Aktiengesellschaft on June 1, 2014. Mr. Maas has a background in logistics and shall join VTG from the international logistics company Hoyer. He has headed the Chemilog business unit at the company for the last four years, which develops and implements transport and logistics solutions for chemical products. "Günter-Friedrich Maas has extensive industry knowledge which he can use to further expand our logistics units", explains Dr. Fischer and adds, "I am delighted that we have been able to enhance our Executive Board by engaging such an industry expert."

Railcar fleet at a higher quality level
Market opportunities for the Railcar Division remained positive in 2013. VTG yet again invested in the qualitative expansion of the fleet and added 1,300 new-build wagons. Revenue in this division increased by a total of 5.8 percent, from EUR 314.6 million to EUR 332.9 million. EBITDA even improved by 8.2 percent from EUR 167.4 million to EUR 181.1 million. The EBITDA margin related to revenue improved from 53.2 percent to 54.4 percent. Utilization fell slightly in comparison to the previous year and stood at 89.8 percent at the end of the year. The size of the fleet decreased to 52,700 wagons, due to a controlled decommissioning process.

Rail Logistics joint venture with Kuehne + Nagel
In terms of growth and new market opportunities, the Rail Logistics Division was able to establish a joint venture with Kuehne + Nagel's conventional rail transport activities in 2013. The integration of more than 100 employees at a total of 20 locations is now being implemented. The extension of the content and geographical scope of our service portfolio has enabled Rail Logistics to offer completely new transport concepts which will generate positive earnings contributions from 2015 onwards.

However project and preparatory costs for the joint venture have had an impact on the division's results. Revenues only rose slightly in 2013, by 0.5 percent, from EUR 296.8 million to EUR 298.4 million. Unadjusted EBITDA decreased by 50.3 percent from EUR 7.7 million to EUR 3.8 million. The EBITDA margin related to revenue was 16.8 percent (previous year: 30.3 percent). When project costs and costs from terminating contracts for surplus wagons after the restructuring of the agricultural segment are taken into account, the decline is far less. Adjusted EBITDA amounting to EUR 6.8 million and the resulting EBITDA margin of 27.6 percent are much closer to the results from the previous year.

Continued pressure on margins in Tank Container Logistics
Exchange rate developments, imbalances in traffic flows and margin pressure triggered by excess capacity caused revenues in the Tank Container Logistics Division to decrease slightly in 2013 by 2.0 percent, from EUR 155.5 million to EUR 152.3 million. EBITDA fell by 23.0 percent to EUR 9.2 million (previous year: EUR 11.9 million). The EBITDA margin, relating to gross income, was 38.1 percent, which was lower than the previous year's margin of 46.8 percent.

In the course of developing new business models, Tank Container Logistics has taken up the role of an industry partner in a global chemical transport alliance. From spring 2014, it will take on the controlling of transport flows of a central product area for the chemical company Bayer, along with other partners.

2014: investments and dividend increase
The VTG Executive Board expects a positive performance for 2014. Additional investments in the railcar fleet and the integration of Kuehne + Nagel rail logistics activities will result in an increase in revenues. The Executive Board assumes that revenues of between EUR 850 and EUR 950 million for the 2014 financial year and EBITDA between EUR 188 and EUR 200 million will be achieved. In addition, the Executive Board intends to propose the payment of a dividend for the 2013 financial year of EUR 0.42 to the 2014 Annual General Meeting. This represents an increase of 14 percent.

As of December 31, 2013, VTG employed 1,191 people worldwide, 3 more than 2012. Of these, 846 were employed in Germany (previous year: 838), of which 390 were in Hamburg (previous year: 385). Therefore 345 employees worked at the foreign subsidiaries (previous year: 350).

Key figures for the VTG Group

Financial Year 2013 2012 Change
in %
Revenue in EUR million 783.7 767.0 2.2
EBITDA in EUR million 183.8 173.8 5.7
EBIT in EUR million 77.7 68.8 12.9
EBT in EUR million 27.4 16.4 66.8
Group profit in EUR million 17.2 10.3 66.3
Depreciation and amortization in EUR million 106.0 105.0 1.0
Capital expenditure in EUR million 166.0 220.5 -24.7
Operating cash flow in EUR million 149.8 136.0 10.2
Earnings per share in EUR 0.71 0.41 73.2
Railcar Division
Revenue in EUR million 332.9 314.6 5.8
EBITDA in EUR million 181.1 167.4 8.2
EBITDA margin in % 54.4 53.2
Rail Logistics Division
Revenue in EUR million 298.4 296.8 0.5
EBITDA in EUR million 3.8 7.7 -50.3
EBITDA margin in % 16.8 30.3
Tank Container Logistics Division
Revenue in EUR million 152.3 155.5 -2.0
EBITDA in EUR million 9.2 11.9 -23.0
EBITDA margin in % 38.1 46.8
31.12.2013 31.12.2012 Change
in %
Number of employees 1,191 1,188 0.3
- in Germany 846 838 1.0
- abroad 345 350 -1.4
31.12.2013 31.12.2012 Change
in %
Balance sheet total in EUR million 1,550.8 1,527.9 1.5
Non-current assets in EUR million 1,332.2 1,309.4 1.7
Current assets in EUR million 218.6 218.5 0.0
Shareholders equity in EUR million 321.3 311.7 3.1
Liabilities in EUR million 1,229.5 1,216.2 1.1
Equity ratio in % 20.7 20.4

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 2013, VTG generated revenue of EUR 783.7 million and operating profit (EBITDA) of EUR 183.8 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 2013, VTG had 1,191 employees worldwide in consolidated companies. Since June 2007, VTG AG has been listed on the official Prime Standard market of the Frankfurt Stock Exchange (WKN: VTG999).

Media contact: Investor Relations contact:
Monika Gabler Christoph Marx
Head of Corporate Communications Head of Investor Relations
Phone: +49 (0) 40 23 54-1341 Phone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1340 Fax: +49 (0) 40 23 54-1350
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