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DGAP-News: VTG Aktiengesellschaft: VTG gets off to a solid start in 2016

DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarter Results

2016-05-12 / 07:30
The issuer is solely responsible for the content of this announcement.

VTG gets off to a solid start in 2016

- Slight decrease in revenue and EBITDA

- Group net profit more than doubles

- Earnings per share triple

- Corporate strategy 4.0 showing positive effects

- Fleet expansion to more than 82,000 wagons

- 2016 forecast confirmed

Hamburg, May 12, 2016. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, demonstrated sound business development in the first quarter of 2016. With Group revenue at EUR 243.8 million (previous year: EUR 251.7 million), and EBITDA at EUR 81.6 million (previous year: EUR 83.6 million), figures fell just short of the previous year. The Group net profit more than doubled and reached EUR 11.8 million (previous year: EUR 5.3 million). Earnings per share (EPS) even tripled and rose from EUR 0.10 in the first quarter of 2015 to EUR 0.30. Both of these figures reflect the positive impact of VTG's Strategy 4.0, which, inter alia, strives for EPS of EUR 2.50 by 2018.

"We are satisfied with the first quarter results. The remarkable increase in the Group net profit and EPS confirms that our 4.0 Strategy is leading us along the right path", explained Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft, and added: "Our wagon fleet has also expanded even further. We are therefore continuing to pursue our altogether positive business development. A more positive trend in relation to revenue and EBITDA was, however, somewhat curbed over the last months due to the low diesel price, the truck toll reduction in Germany and slightly weaker world trade volumes."

Slight decline in Railcar revenue due to one-time effects - EBITDA margin increases
The Railcar Division attained revenue of EUR 129.0 million (previous year: EUR 132.5 million) in the first three months of 2016. This corresponds to a slight decline of 2.7 percent which is essentially attributable to the sale of a wagon fleet at the end of the first quarter of 2015 and a change in investor pool accounting which did not affect operating results. In addition, the low diesel price led to a shift to road transportation and, consequently, to a slight decrease in the intermodal wagon utilization rate. The utilization of the entire fleet decreased to 90.6 percent (previous year: 90.9 percent). Due to these aspects, EBITDA fell by 1.0 percent to EUR 82.0 million in comparison to the EUR 82.8 million achieved in the same period of the previous year. Nevertheless, at the same time, the EBITDA margin related to revenue increased by 1.1 percentage points to 63.6 percent compared to the previous year (62.5 percent).

At EUR 51.6 million, investments in the first quarter of 2016 were virtually on a par with the previous year's level of EUR 50.5 million. In relation to newbuilds, investments were exclusively made in Europe, where around 400 wagons were added in the first quarter.

New structures taking effect in the logistics divisions - weak US dollar affects revenue
The Rail Logistics Division recorded a slight, 4.3 percent decline in revenue in the first quarter of 2016 to EUR 74.2 million (previous year: EUR 77.5 million). Besides customer production downtimes and the current sluggish demand for transport in the agricultural sector, the mild winter in Europe particularly contributed to this result, leading to reduced demand for the transport and consumption of heating oil and LPG.

Despite the downtrend in revenue, the division's EBITDA significantly improved in the first quarter of 2016, amounting to EUR 1.1 million in comparison to EUR 0.2 million in the same period of the previous year. This is predominantly a result of the successfully implemented reorganization and the new, more efficient processes in place within the division. The EBITDA margin for Rail Logistics increased accordingly in the first quarter of 2016 to 16.1 percent compared to 3.8 percent for the same previous year period.

Tank Container Logistics achieved a good transport volume with an increasing number of orders in Europe and stable levels of overseas transportation. Nevertheless, due to the weak US dollar, revenue in euro terms fell by 2.6 percent from EUR 41.7 to 40.6 million in the first quarter, compared to the previous year. Mostly owned to the absence of extraordinary results of EUR 1.5 million from the sale of a holding in the first quarter of 2015, EBITDA declined, as expected, by 42.3 percent, from 4.1 million to EUR 2.3 million in the reporting quarter. Adjusted for the positive one-time effect, EBITDA was 8.3 percent lower than the previous year (adj. EUR 2.6 million) in the first quarter of 2016. The EBITDA margin therefore amounted to 33.2 percent which was only slightly less than the adjusted figure from the previous year (adj. 36.1 percent).

VTG confirms forecast for 2016
The VTG AG Executive Board confirmed the forecast for the 2016 financial year which was proposed in February. It expects to achieve Group revenue of between EUR 1.03 and 1.07 billion and EBITDA of between EUR 345 to 355 million.

Key Figures for the VTG Group    
Financial year 1.1.-31.3.
1.1.- 1.3.
Change in %
Revenue in EUR million 243.8 251.7 -3.2
EBITDA in EUR million 81.6 83.6 -2.5
EBIT in EUR million 34.9 34.8 0.3
EBT in EUR million 18.1 8.9 103.3
Group net profit
in EUR million
11.8 5.3 120.2
Depreciation and
in EUR million
46.7 48.8 -4.4
Capital expenditure
in EUR million
51.6 50.5 2.2
Operating cash flow
in EUR million
66.3 93.2 -28.9
Earnings per share in EUR 0.30 0.10 200.0
Railcar Division      
Revenue in EUR million 129.0 132.5 -2.7
EBITDA in EUR million 82.0 82.8 -1.0
EBITDA margin in % 63.6 62.5  
Rail Logistics Division      
Revenue in EUR million 74.2 77.5 -4.3
EBITDA in EUR million 1.1 0.2 >100
EBITDA margin in % 16.1 3.8  
Tank Container Logistics Division      
Revenue in EUR million 40.6 41.7 -2.6
EBITDA in EUR million 2.3 4.1 -42.3
EBITDA margin in % 33.2 57.3  
  31.03.2016 31.03.2015 Change in %
Number of employees 1,437 1,446 -0.6
- in Germany 934 918 1.7
- abroad 508 528 -4.7
  31.03.2016 31.12.2015 Change in %
Balance sheet total
in EUR million
3,034.7 3,047.1 -0.4
Non-current assets
in EUR million
2,691.8 2,708.1 -0.6
Current assets
in EUR million
342.9 339.0 1.2
Shareholders equity
in EUR million
739.5 748.2 -1.2
Liabilities in EUR million 2,295.2 2,298.9 -0.2
Equity ratio in % 24.4 24.6  

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 2015, VTG generated revenue of EUR 1,027.5 million and operating profit (EBITDA) of EUR 336.5 million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, North America, Russia and Asia. As at 31 December 2015, VTG had 1,445 employees worldwide in consolidated companies. VTG AG is listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999).

Press contact:
Gunilla Pendt
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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2016-05-12 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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