DGAP-News: VTG shows stable development
VTG Aktiengesellschaft / Key word(s): Half Year Results/Quarter Results
VTG shows stable development
- Group revenue equal to previous year, EBITDA increased slightly
- Disproportionate earnings growth in Railcar Division
- Liquid natural gas (LNG) innovation project: prototypes under construction
- Mixed picture in logistics sectors
- Group forecast reaffirmed
Hamburg, August 21, 2014. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, continued to steadily develop its business in the first half of 2014 despite global economic and political challenges. The many new build wagons in the core Railcar Division, particularly contributed to this trend. Overall, Group revenue was on a par with the previous year and reached EUR 404.7 million (previous year: EUR 404.4 million). The EBITDA increased by 0.6 percent to EUR 90.2 million (previous year: EUR 89.6 million).
"Consistently good capacity utilization levels and numerous new build wagons have enabled the Railcar Division to make a disproportionately high contribution to Group results. This provides fresh evidence of the effectiveness of our stable business model," says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. He adds, "We have managed to sustain positive business development, despite the impact of the troubled situation in the Ukraine on the Rail Logistics Division."
Wagon fleet investments are paying off
Around 800 new build wagons and investments of more than EUR 100 million enabled further expansion to the wagon fleet in the first half of the year. 600 of these wagons are being used in Europe, primarily by customers from the steel and agricultural industries. An additional 200 new wagons were hired out in Russia, which is a strategically important market in the long term. Fleet utilization capacity could also be increased to 90.2 percent in comparison to both the start of the year (Q1/2014: 90.1 percent) and the previous year (Q2/2013: 89.7 percent).
Innovations in wagon construction
Logistics units remain under pressure
Revenue in the Tank Container Logistics Division stagnated as a result of pricing pressures and global overcapacities. It amounted to EUR 74.2 million and was therefore 6.0 percent below the previous year's value (EUR 79.0 million). Nevertheless, revenues remained stable in comparison to the first quarter of 2014. By contrast, the EBITDA was exactly in line with the previous year, at EUR 5.5 million. At 44.9 percent, the EBITDA margin related to gross profit rose slightly above the previous year (43.8 percent).
VTG reaffirms forecast
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).
Investor Relations contact:
Further information at www.vtg.com
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