DGAP-News: VTG: successful financial year for 2013
VTG Aktiengesellschaft / Key word(s): Final Results
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
New Executive Board member for Logistics and Safety
Railcar fleet at a higher quality level
Rail Logistics joint venture with Kuehne + Nagel
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
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
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
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:
Further information at www.vtg.com
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