DGAP-News: VTG Aktiengesellschaft: VTG gets off to a solid start in 2016
DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarter Results
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
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
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
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).
Investor Relations contact:
More information at www.vtg.com
|Phone:||040 2354 1351|
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|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart|
|End of News||DGAP News Service|