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DGAP-News: VTG ends the 2014 fiscal year with a very good result and reinforces its position by acquiring AAE

VTG Aktiengesellschaft / Key word(s): Final Results

2015-04-14 / 10:01

Press release

VTG ends the 2014 fiscal year with a very good result and reinforces its position by acquiring AAE

- Group revenue increases by 4.4 percent, EBITDA by 4.0 percent

- Railcar Division utilization rate continually increasing

- Logistics units paint a heterogeneous picture

- 7 percent dividend increase proposed

- VTG acquires AAE: 2015 revenues should hit the billion mark

Hamburg, April 14, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading wagon hire and rail logistics companies, successfully enhanced its business, continued its course of growth and implemented key strategic measures in 2014. The Group presented its audited figures for 2014 at its financial statements press conference in Hamburg today. According to these results, Group revenue increased by 4.4 percent to EUR 818.3 million. Operating profit (EBITDA) also developed at a positive rate, rising by 4.0 percent to EUR 191.0 million.

"I am delighted that we were yet again able to close the year with a very good result", said Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "In acquiring AAE, we have not only significantly expanded our wagon fleet in terms of structure and size, but we have also increased our product range and have thereby managed to make rail transportation even more attractive for our customers. We now have to fully integrate the new business into our existing operations and also make effective use of the new opportunities available to our logistics units. It is important that we maintain the neutrality of all of our business divisions in the process."

Disproportionate increase in Group revenue
Earnings before interest and taxes (EBIT) increased by 7.4 percent in 2014 from EUR 77,7 million to EUR 83.5 million. Net income rose by 9.2 percent from EUR 17,2 million to EUR 18.8 million and operating cash flow increased by 6.7 percent from EUR 149,8 million to EUR 159.9 million. VTG invested heavily in expanding its fleet in 2014: a total of EUR 219.2 million (previous year: EUR 166.0 million) was allocated primarily to acquiring a multitude of new and used wagons. As of December 31, 2014 the equity ratio was 20.3 percent.

Positive development in the Railcar Division
Revenue in the Railcar Division increased by 3.7 percent in 2014, from EUR 332.9 million to EUR 345.4 million. EBITDA rose by 7.3 percent, from EUR 181.1 million to EUR 194.4 million and at 56.3 percent, the EBITDA margin related to revenue also increased in comparison to the previous year (54.4 percent).

The principle reason behind this positive development was the delivery of approximately 1,800 new-build wagons. For instance, 350 bulk freight wagons enhanced the fleet in Russia and additional new-build wagons were constructed for the steel, agricultural and oil industries. Fleet utilization increased to 91.0 percent (2013: 89.8 percent).

Logistics units exhibiting a mixed picture
At the beginning of 2014, the acquisition of Kuehne + Nagel's rail logistics activities enabled the Rail Logistics Division to expand in terms of geographical location, personnel and customer groups. To that effect, revenue increased by 7.9 percent, from EUR 298.4 million to EUR 322.0 million. Overall, the progression of the joint venture for the 2014 fiscal year did not meet expectations. The reason for this was the political tension in Russia and Ukraine, which almost brought transports to a complete standstill. In addition to these developments in the industrial goods segment a stronger competition had a negative impact on revenue for the transport of liquid goods. A further aspect was the extraordinary expenditures which arose from a process optimization and structural change program. Consequently, EBITDA amounted to EUR -0.2 million and was thereby EUR 4.1 million below the previous year's rate (EUR 3.8 million). The EBITDA margin on gross income fell to -0.9 percent (previous year: 16.8 percent).

Despite fierce competition in the market, the Tank Container Logistics Division was able to maintain its position in 2014. Various developments also occurred in the individual regional markets: although the number of European transports increased, the Asian and American markets were only able to remain stable. As a consequence, Tank Container Logistics revenue amounted to EUR 150.9 million and therefore almost achieved the previous year's result (EUR 152.3 million). At EUR 12.8 million, EBITDA was 38.7 percent over the previous year's figure (EUR 9.2 million) and the EBITDA margin on gross income, which reached 48.9 percent, was also above the previous year's result (38.1 percent).

2015 strategy: growth course and dividend increase
The acquisition of AAE signifies that the Railcar Division will have an even greater impact on the Group's development in the future. The existing strategy of making use of attractive opportunities for growth and thereby expanding VTG's position even further shall therefore be maintained. The Executive Board expects positive business development in 2015, with revenues of between EUR 1.0 and 1.1 billion and EBITDA of EUR 325 to 350 million. It intends to propose the payment of a dividend for the 2014 financial year of EUR 0.45 to the 2015 Annual General Meeting. This represents a dividend increase of 7 percent.

As of December 31, 2014, the number of VTG Group employees increased to 1,312 (previous year: 1,191). The increase is primarily due to the implemented merger with Kuehne + Nagel's rail logistics activities. 909 employees worked in Germany (previous year: 846), of which 398 were in Hamburg (previous year: 390). Therefore 403 employees worked at the foreign subsidiaries (previous year: 345).

Key figures for the VTG Group

Financial Year 2014 2013 Change
in %
Revenue in EUR million 818.3 783.7 4.4
EBITDA in EUR million 191.0 183.8 4.0
EBIT in EUR million 83.5 77.7 7.4
EBT in EUR million 29.8 27.4 8.6
Group profit in EUR million 18.8 17.2 9.2
Depreciation and amortization
in EUR million
107.5 106.0 1.4
Capital expenditure in EUR million 219.2 166.0 32.0
Operating cash flow in EUR million 159.9 149.8 6.7
Earnings per share in EUR 0.93 0.71 30.4
Railcar Division
Revenue in EUR million 345.4 332.9 3.7
EBITDA in EUR million 194.4 181.1 7.3
EBITDA margin in % 56.3 54.4
Rail Logistics Division
Revenue in EUR million 322.0 298.4 7.9
EBITDA in EUR million -0.2 3.8 -106.2
EBITDA margin* in % -0.9 16.8
Tank Container Logistics Division
Revenue in EUR million 150.9 152.3 -0.9
EBITDA in EUR million 12.8 9.2 38.7
EBITDA margin* in % 48.9 38.1
31.12.2014 31.12.2013 Change
in %
Number of employees 1,312 1,191 10.2
- in Germany 909 846 7.4
- abroad 403 345 16.8
31.12.2014 31.12.2013 Change
in %
Balance sheet total in EUR million 1,673.4 1,550.8 7.9
Non-current assets in EUR million 1,418.2 1,332.2 6.5
Current assets in EUR million 252.4 218.6 15.5
Shareholders equity in EUR million 340.5 321.3 6.0
Liabilities in EUR million 1,332.9 1,229.5 8.4
Equity ratio in % 20.3 20.7

* EBITDA margin related to gross income
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.

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 2014, VTG generated revenue of EUR 818.3 million and operating profit (EBITDA) of EUR 191.0 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 2014, VTG had 1,312 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).

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

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