DGAP-News: VTG continues positive development - All relevant Group indicators improved in the first half of 2018
DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarterly / Interim Statement/Half Year Results
VTG continues positive development - All relevant Group indicators improved in the first half of 2018
- Revenue up by 3 percent
- Strong increase in EBITDA
- Earnings per share up year on year
- Further increase in Railcar capacity utilization
- Positive development at Tank Container Logistics
- Morgan Stanley Infrastructure announces takeover bid
Railcar capacity utilization up again - Sharp improvement in revenue and EBITDA in the first half of 2018
Accordingly, the EBITDA margin edged up 1.1 percent to 65.1 percent (H1 2017: 64.0 percent).
Capital expenditure of EUR 136.3 million in the first half of 2018 was lower than in the same period of the prior year (EUR 150.8 million). More than 90 percent of this sum was channeled into fixed assets in the Railcar Division.
Takeover bid announced by Morgan Stanley Infrastructure
On July 16, after the mid-year balance sheet date, major VTG shareholder Morgan Stanley Infrastructure (MSI) announced a voluntary takeover bid that would offer shareholders EUR 53.00 in cash per share. Kühne Holding, hitherto VTG's second-largest shareholder, stated its willingness to offer its 20 percent stake to MSI. The Executive Board believes that, from a present perspective, the bid price reflects neither the fundamental value nor the full potential of the company, and that it is therefore inadequate. "I see the positive development of the first half-year as the fruit of our sustainable business model and our long-term corporate development strategy," explains Dr. Heiko Fischer. "Seen in this light, Morgan Stanley Infrastructure's desire to step up its commitment comes as a sign of recognition and respect." As soon as the bid documents are available, VTG will conduct an in-depth assessment to determine whether the bid is in the best interests of the company, its employees and its shareholders.
On July 1, 2017, VTG announced its intention to buy all shares in CIT Rail Holding (Europe) SAS, the owner of the Nacco Group, off the American CIT Group. At the end of March, the relevant antitrust authorities approved the takeover subject to certain conditions. These conditions obliged VTG to sell around 30 percent of the Nacco business it intended to acquire to third parties in advance. Only after closure of this sale is VTG authorized to acquire the Nacco Group's remaining 10,000 or so freight cars. There is no way of reliably assessing the outcome of this process, either in terms of its timing or its possible impact on earnings in the 2018 financial year. For this reason, all statements about business expectations relate to developments excluding any effects from the planned takeover of the Nacco Group.
Key figures for the VTG Group
VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail logistics companies, with a fleet consisting of more than 83,000 railcars. VTG offers a full-range service, providing tank cars, intermodal cars, standard freight cars and sliding wall cars. In addition to the leasing of railcars, 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).
Contact Corporate Communications:
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Contact Investor Relations
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
More information at www.vtg.com
|Phone:||040 2354 1351|
|Fax:||040 2354 1350|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|