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DGAP-News: VTG Aktiengesellschaft: VTG AG revenue for 2017 over one billion euros - Dividend set to increase by 20 %

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

27.03.2018 / 10:00
The issuer is solely responsible for the content of this announcement.

VTG AG revenue for 2017 over one billion euros -
Dividend set to increase by 20 %

- Group revenue rose by 2.8 % to EUR 1,014.4 million

- EBITDA up 2.4 % year on year (excluding one-time effects)

- Earnings before interest and taxes (EBIT) grew by 3.6 %

- Earnings per share (EPS) increased by 23.7 %

- Further gains in revenue and earnings anticipated in 2018

- Nacco closing expected in second half of 2018

- Plans to increase dividend by 20 % to EUR 0.90 per share

Hamburg, March 27, 2018. VTG Aktiengesellschaft (WKN: VTG999), one of Europe's leading railcar leasing and rail logistics companies, brought the 2017 financial year to a successful conclusion. Group net profit increased by 18.5 percent to EUR 68.1 million (previous year: EUR 57.5 million). Today, the Hamburg concern presented its audited figures for 2017, according to which revenue increased by 2.8 percent to EUR 1,014.4 million (previous year: EUR 986.9 million). Due to a one-time charge, the operating result (EBITDA) of EUR 343.4 million was slightly down on the previous year's figure (previous year: EUR 345.3 million), which included positive one-time income of EUR 6 million. Adjusted for these two one-time effects, EBITDA was up 2.4 percent year on year in the 2017 financial year. Earnings before interest and taxes (EBIT) increased by 3.6 percent to EUR 155.1 million (previous year: EUR 149.7 million). Earnings per share (EPS) rose by 23.7 percent to EUR 1.93 (previous year: EUR 1.56) thanks partly to a non-recurring tax impact. All three VTG divisions contributed to the upward trend in the 2017 business year. In the wake of this sustained positive development, the Executive Board proposes that the dividend this year be increased from EUR 0.75 to EUR 0.90 per share.

"2017 was a significant and exciting year in VTG's development. Following a somewhat restrained start to the year, our strategic measures and the positive economic climate have generated a highly satisfactory result overall. The investments to expand our business are now bearing fruit and are a solid basis for 2018," explains Dr. Heiko Fischer, Chairman of the Executive Board of VTG Aktiengesellschaft. "This dynamic development reinforces our conviction that, as planned, we will indeed achieve our financial objectives in the years ahead - which includes increasing EPS to EUR 2.50."

Railcar: Revenue increase - EBITDA up year on year (excluding one-time effects)
Revenue at the Railcar Division was up 0.7 percent to EUR 520.7 million in the 2017 financial year (previous year: EUR 517.2 million). EBITDA rose steadily throughout the year, ending the period under review roughly unchanged from the previous year at EUR 343.6 million (previous year: EUR 344.3 million). It should nevertheless be noted that one-time income of EUR 6 million arising from a compensation payment was received in 2016. Adjusted to accommodate this effect, EBITDA was 1.6 percent higher. Capacity utilization of the global fleet rose to 92.2 percent (previous year: 89.9 percent) - the highest level since the end of 2008.

Rail Logistics: Further substantial gains in revenue and earnings
Tank Container Logistics: Slight increase in EBITDA achieved

In the 2017 financial year, Rail Logistics saw its revenues grow by 7.7 percent to EUR 336.4 million (previous year: EUR 312.3 million). The drivers of this increase were Project Logistics activities and healthy agricultural transportation business. The division's EBITDA thus jumped sharply by 42.9 percent to EUR 8.3 million, up from EUR 5.8 million in the previous year.

Revenue at Tank Container Logistics remained stable at EUR 157.3 million (previous year: EUR 157.4 million). While the transportation volume increased further, lower freight rates prompted a contrary effect in revenue development. At EUR 11.3 million, EBITDA was slightly higher than in the previous year (previous year: EUR 11.2 million).

Further gains in revenue and EBITDA expected - Board to propose dividend increase
The Executive Board of VTG anticipates positive development in revenue and EBITDA in 2018. Following on from the mild increase in revenue in the period under review, this positive trend should continue through the 2018 financial year. Group revenue should thus be slightly higher than in 2017. Group EBITDA is expected to be in the range from EUR 340 million to EUR 370 million in the 2018 financial year. Both of the above statements relate to business development excluding the effects of the planned Nacco Group takeover. This is because, at the present time, it is not possible to make any reliable estimates about either the timing of closure or the transaction's possible impact on earnings in the current financial year. On July 1, 2017, VTG announced its intention to purchase all shares in the Nacco Group from America's CIT Group. Germany's Federal Cartel Office approved the acquisition of the Nacco Group, subject to compliance with certain conditions, on March 21. The decision of the Austrian antitrust court is expected by the end of March.

At this year's Annual General Meeting, the Executive Board will propose that the dividend for the financial year just ended be increased by 20 percent to EUR 0.90 per share (2016: EUR 0.75 per share).


Key figures for the VTG Group    
  1.1. - 31.12. 1.1. - 31.12. Change
Financial Year 2017 2016 in %
Revenue in EUR million 1,014.4 986.9 2.8
EBITDA in EUR million 343.4 345.3 -0.6
EBIT in EUR million 155.1 149.7 3.6
EBT in EUR million 90.2 88.2 2.3
Group profit in EUR million 68.1 57.5 18.5
Depreciation and amortization in EUR million 188.3 195.6 -3.8
Capital expenditure in EUR million 341.6 259.3 31.7
Operating cash flow in EUR million 295.9 326.2 -9.3
Earnings per share in EUR 1.93 1.56 23.7
Railcar division      
Revenue in EUR million 520.7 517.2 0.7
EBITDA in EUR million 343.6 344.3 -0.2
EBITDA margin in % 66.0 66.6  
Rail Logistics division      
Revenue in EUR million 336.4 312.3 7.7
EBITDA in EUR million 8.3 5.8 42.9
EBITDA margin in % 26.1 20.9  
Tank Container Logistics division      
Revenue in EUR million 157.3 157.4 -0.1
EBITDA in EUR million 11.3 11.2 0.7
EBITDA margin in % 37.5 39.4  
  31.12.2017 31.12.2016 in %
Number of employees 1,527 1,443 5.8
- in Germany 1,048 958 9.4
- abroad 479 485 -1.2
  31.12.2017 31.12.2016 in %
Balance sheet total in EUR million 3,085.5 3,001.5 2.8
Non-current assets in EUR million 2,746.4 2,726.2 0.7
Current assets in EUR million 339.1 275.3 23.2
Shareholders equity in EUR million 800.1 774.0 3.4
Liabilities in EUR million 2,285.4 2,227.5 2.6
Equity ratio in % 25.9 25.8  


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 2017, VTG generated revenue of EUR 1,014 million and operating profit (EBITDA) of EUR 343 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 2017, VTG had 1,500 employees worldwide. 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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27.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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