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DGAP-News: VTG significantly expands its 2014 business

VTG Aktiengesellschaft / Key word(s): Preliminary Results

2015-03-04 / 07:30

Press Release

VTG significantly expands its 2014 business

- Revenue increases by 4.4 percent, EBITDA by 4.0 percent

- Railcar Division remains strong, logistics divisions paint a diverse picture

- Foundations laid for full-service for rail transport

- 2015 focus: Integration of the AAE acquisition

- EUR 0.45 proposed dividend

Hamburg, March 4, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, has built upon the growth it experienced in 2014 and has, again, increased revenue and results. The unaudited figures released today confirm turnover growth of 4.4 percent (EUR 818.3 million). Operating profit (EBITDA) rose by a total of 4.0 percent, to EUR 191.0 million. The acquisition of Ahaus Alstätter Eisenbahn Holding AG - AAE will clearly have an effect on VTG's revenue and results in 2015.

"We have successfully built upon our business in 2014 and, in purchasing AAE, we have taken a considerable strategic step", explains Dr. Heiko Fischer, CEO of VTG AG. "In the coming months, we will set our focus on integration, develop sector and customer-oriented service packages and bundle our procurement and service activities with the intention of generating significant increases in productivity."

Continued positive business developments in the Railcar Division

Even in 2014, the positive business developments in the Railcar Division were founded in the distribution of numerous new wagons to various customers and good cost management as well as a slight increase in fleet utilization levels. Revenues increased by 3.7 percent, from EUR 332.9 million to EUR 345.4 million. The EBITDA rose by 7.3 percent, from EUR 181.1 million to EUR 194.4 million and the utilization levels increased to 91.0 percent (previous year: 89.8 percent).

Logistics divisions with differing developments

The European political situation in 2014 was particularly reflected in the results of the Rail Logistics Division. In terms of turnover, in the industrial goods segment, the Rail Logistics Division benefited from consolidating the VTG and Kühne + Nagel rail logistic activities at the start of 2014. However, tensions between Russia and Ukraine almost led to a complete halt of traffic in this region. Import and export flows were also heavily disrupted. In addition, heavier competition led to sales losses in the liquid goods segment. Correspondingly, contrary to the expectations associated with the joint venture, revenue rose by only 7.9 percent from EUR 298.4 million to EUR 322.0 million. Furthermore, the clearly expanded cost structure had a particular impact on the EBITDA which was EUR 4.1 million under the previous year's EUR 3.8 million, and amounted to EUR -0.2 million in the period under review. The introduction of a new structure and the process optimization measures which are already in place have ensured that the foundations allowing the Rail Logistics Division to make a positive contribution to the company's net profit in 2015 have already been laid.

In spite of a further decline of prices, the turnover in the Tank Container Logistics Division was almost at the same level as last year and stands at EUR 150.9 million, only 0.9 percent below last year's EUR 152.3 million. The EBITDA appears to be much more positive: as a result of one-off investments, it increased by 38.7 percent, from EUR 9.2 million to EUR 12.8 million.

2015's focus: the integration of AAE

With the purchase of AAE, VTG has consolidated its position as the largest private wagon hire company in Europe. As the approximate sum of 30,000 wagons owned by AAE have been added to the current 50,000 already belonging to VTG, the VTG fleet is now around 80,000 wagons strong. With the addition of new types of wagons, mostly from the intermodal section, VTG is closing an important gap in its product portfolio and will soon be able to offer a full range of rail services for almost all shipping and railway companies as well as freight carriers. The acquisition of AAE is leading to a clear increase in revenue and operative results but integration costs will have to be taken into consideration.

Overall, the VTG AG Executive Board expects positive business developments in 2015. They anticipate revenue of between EUR 1.0 billion and 1.1 billion as well as an EBITDA of between EUR 325 and 350 million. Moreover, the Board intends to propose the payment of a dividend of EUR 0.45 for the 2014 financial year at the Annual General Meeting, which represents an increase of seven percent.

About VTG:

VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail logistics companies, with a fleet consisting of more than 80,000 railcars. VTG offers a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. In addition to the hiring of wagons, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports.

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).

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.

Press contact:
Monika Gabler
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340

Investor Relations contact:
Christoph Marx
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350

For more information visit

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