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DGAP-News: VTG is expanding in every division

VTG Aktiengesellschaft / Key word(s): Half Year Results/Interim Report

2015-08-27 / 07:30

Press release

VTG is expanding in every division

- Significant increase in revenue and EBITDA

- AAE acquisition ensures positive trend in earnings

- Turnaround in Rail Logistics proceeding

- Strong development in Tank Container Logistics

- 2015 forecast reaffirmed

Hamburg, August 27, 2015. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, experienced growth in all three divisions in the first half of 2015. Group revenue rose by 26.6 percent, from EUR 404.7 million to EUR 512.3 million. The EBITDA also climbed significantly from EUR 90.2 million to EUR 168.0 million, representing an increase of 86.2 percent. The acquisition of AAE at the beginning of the year is reflected in the figures. In addition, all three divisions have contributed to the growth of the company with their results.

"VTG has taken a significant step forward in the first half of this year. We are on schedule with the integration of AAE and we are already able to demonstrate that the takeover has had a positive impact on our earnings trend", said Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "I am particularly pleased about the progress made in the Rail Logistics Division. The considerable effort and consistent implementation of the newly introduced structure have enabled us to improve our margins yet again."

At EUR 18.1 million, Group profit clearly exceeds the figure for the preceding year (first half of 2014: EUR 7.8 million). On the basis of the additional number of shares issued through the capital increase in January 2015, earnings per share increased to EUR 0.42 (first half of 2014: EUR 0.40). The equity ratio increased by 4.1 percentage points from 20.3 percent to 24.4 percent, thereby benefitting from both the issuance of the new shares at the beginning of the year and from the equity-equivalent hybrid bond, placed by the end of January.

Integration process: the main focus for the Railcar Division
The integration of AAE into VTG was pursued in the first half of 2015. The new structure, which focuses on four centers of competence: rail tank cars, intermodal wagons, standard freight wagons and sliding wall wagons, is intended to give the customer the greatest possible benefits in future. The individual focus on industry-specific customer needs and cargo specifications interacts perfectly with centrally controlled procurement and administration.

In the Railcar Division, revenue reached EUR 272.4 million for the first half of 2015 (previous year: EUR 173.2 million). This 57.3 percent increase is attributed to both the acquisition of AAE as well as the positive performance of the previous VTG Railcar Division. Accordingly, the EBITDA was up by 84.5 percent to EUR 167.6 million, which is significantly higher than the previous year's figure (EUR 90.8 million). The EBITDA margin related to revenue amounted to 61.5 percent (previous year: 52.4 percent). Fleet utilization was exactly on a par with the previous year's level, at 90.2 percent.

The Rail Logistics turnaround is making strides - Positive development in Tank Container Logistics
Revenue in the Rail Logistics Division rose slightly from EUR 157.2 million to EUR 157.7 million in comparison to the previous year and new orders were able to compensate for the downturns in certain regions and sectors. The EBITDA increased significantly and reached EUR 1.2 million (previous year: EUR 0.1 million). The EBITDA margin on gross income amounted to 8.9 percent (previous year: 0.7 percent). The result clearly demonstrates that the restructuring measures which were introduced to the division at the beginning of the year are beginning to take effect, but the upward trend still has to be maintained.

Revenue in the Tank Container Logistics Division increased significantly in the first half of 2015 to EUR 82.2 million, which was EUR 8.0 million above the same period of the previous year (EUR 74.2 million). The EBITDA increased to EUR 6.6 million compared with the EUR 5.5 million achieved in the first half of the previous year. At 49.2 percent, the EBITDA margin on gross income was also above the previous year's 46.1 percent equivalent. The positive development is attributable to three effects: the transport volume in Europe and overseas rose and the appreciation of the US dollar against the euro also had a positive impact on the result, as did a one-off contribution from the sale of a non-consolidated holding company.

VTG expects positive business development for 2015 and reaffirms forecast
In March 2015, VTG released its forecast for the current financial year. According to these calculations, the Executive Board anticipates a Group revenue of between EUR 1.0 and 1.1 billion and an EBITDA of EUR 325 to 350 million. Based upon the success of the first half of this year, the Executive Board can reaffirm these figures.

Key Figures for the VTG Group

Financial year 1.1.-30.6.
in %
Revenue in EUR million 512.3 404.7 26.6
EBITDA in EUR million 168.0 90.2 86.2
EBIT in EUR million 71.4 38.0 88.1
EBT in EUR million 28.2 12.4 126.8
Group profit in EUR million 18.1 7.8 130.4
Depreciation and amortization in EUR million 96.6 52.2 84.9
Capital expenditure in EUR million 93.3 106.6 -12.5
Operating cash flow in EUR million 139.6 82.0 70.2
Earnings per share in EUR 0.42 0.40 5.0
Railcar Division
Revenue in EUR million 272.4 173.2 57.3
EBITDA in EUR million 167.6 90.8 84.5
EBITDA margin in % 61.5 52.4
Rail Logistics Division
Revenue in EUR million 157.7 157.2 0.3
EBITDA in EUR million 1.2 0.1 nm
EBITDA margin in % 8.9 0.7
Tank Container Logistics Division
Revenue in EUR million 82.2 74.2 10.8
EBITDA in EUR million 6.6 5.5 21.5
EBITDA margin in % 49.2 46.1
30.06.2015 30.06.2014 Change
in %
Number of employees 1,433 1,304 9.9
- in Germany 908 888 2.3
- abroad 525 416 26.2
30.06.2015 31.12.2014 Change
in %
Balance sheet total in EUR million 3,082.3 1,673.4 84.2
Non-current assets in EUR million 2,759.5 1,418.2 94.6
Current assets in EUR million 322.9 255.2 27.9
Shareholders equity in EUR million 753.2 340.5 121.2
Liabilities in EUR million 2,329.2 1,332.9 74.7
Equity ratio in % 24.4 20.3 4.1 p

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 rail 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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2015-08-27 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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