DGAP-News: VTG off to a good start in all divisions
VTG Aktiengesellschaft / Key word(s): Quarter Results
VTG off to a good start in all divisions
- Revenue and EBITDA increase significantly
- AAE consolidated for the first time
- Upward trend in the logistics divisions
- 2015 forecast reaffirmed
Hamburg, May 21, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, got off to a good start in 2015 in all of its divisions. Accordingly, Group revenue increased by 26.1 percent for the first quarter of 2015, from EUR 199.6 million to EUR 251.7 million. The EBITDA also recorded a considerable increase of 90 percent, rising from EUR 44.0 million to EUR 83.6 million. These increases are largely attributable to the first-time inclusion of AAE, which was acquired at the beginning of the year. VTG's existing business operations also made a significant contribution to this positive development. Both the Railcar Division and the logistics divisions increased their revenue and operating profit and were successfully able to expand on their business.
"I am delighted that we have entered the new year with such great momentum, which has led to a substantial upward trend in all of our business divisions", says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. He adds, "In acquiring AAE, we have taken a major step in growth, secured our position as the largest private wagon hire company in Europe by far and managed to open up new market potential. This is clearly evident from our results."
After adjustments for one-off expenditure and extraordinary income in the first quarter, Group profit grew by 122.4 percent in comparison to the previous year and reached about EUR 7.5 million. At EUR 0.16, adjusted earnings per share almost remain at the previous year's level (EUR 0.17), due to the financing of the AAE acquisition.
Fleet capacity utilization in the Railcar Division increases slightly
Over all, the fleet has increased by a considerable amount as a result of the acquisition of AAE, rising from more than 50,000 to over 80,000 wagons. Capacity utilization reached 90.9 percent for the first quarter of 2015 and thereby exceeded the previous year's rate (90.1 percent), despite the large-scale fleet expansion.
Upward trend in the logistics divisions
The result indicates that the reorganization measures introduced in the division and the implementation of new structures are beginning to take effect. New business has already been generated as a consequence, as demonstrated at the 'transport logistic' fair in Munich in May 2015, for instance, where a framework agreement was signed with BLG AutoRail GmbH for automobile transportation by rail.
Tank Container Logistics revenue increased in the first three months of the new fiscal year in comparison to the previous year by 12.2 percent, from EUR 37.2 million to EUR 41.7 million. The EBITDA also developed positively and rose by 66.5 percent from EUR 2.4 million to EUR 4.1 million. This figure includes one-time gains associated with the sale of a non-consolidated affiliated company.
The reason behind the positive development in the Tank Container Logistics Division is an increase in transportation volumes in Europe and overseas, particularly for transports in the USA and to Asia. Furthermore, the division benefited from the strength of the US dollar.
VTG reaffirms forecast for 2015
For the 2014 financial year, the VTG AG Executive Board intends to propose the payment of a dividend of EUR 0.45 per share to the Annual General Meeting on May 29, 2015. This represents a dividend increase of about 7 percent in comparison to the previous year.
Key Figures for the VTG Group
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).
Investor Relations contact:
For more information visit www.vtg.de
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