DGAP-News: VTG Aktiengesellschaft: VTG with growth in the first quarter 2008
VTG Aktiengesellschaft / Quarter Results
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VTG with growth in the first quarter 2008
- Revenues up by 10.0 per cent to EUR 147.6 million
- EBITDA increased by 19.9 per cent
- Forecast for full year 2008 confirmed
Hamburg, 27 Mai 2008. Hamburg-based VTG Aktiengesellschaft (SCN: VTG999), one of Europe’s leading rail logistics companies, was able to continue the positive trend and reported strong business in the first quarter 2008. VTG increased Group revenues by 10.0 per cent to EUR 147.6 million and EBITDA by 19.9 per cent to EUR 36.4 million. Operating cash flow improved from EUR 11.5 million to EUR 31.1 million.
'The excellent results of the first quarter show that VTG is well positioned in an economic environment with decelerated growth, too. The continuing high demand for transport capacities and logistic solutions in the rail sector led to strong growth in our business. Additionally, we benefited from the increasing use of railway as an environmentally friendly and very safe mode of transport, especially for long distances' explained CEO Dr. Heiko Fischer.
Wagon Hire Division with further growth
VTG’s Wagon Hire Division was able to benefit between January and March from increased demand for rail freight services and therefore further expanded its leading market position in private wagon hire business. In January, the company completed the acquisition of the Texas Railcar Leasing Company, based in McAllen, Texas, entering the North American market for rail freight transport. The utilisation rate of the rail car fleet with 48,400 wagons was improved from 91.3 per cent in the first quarter 2007 to 93.9 per cent at the end of March 2008. Accordingly, revenues by this division grew by 17.2 per cent to EUR 71.9 million. EBITDA grew to EUR 36.4 million, exceeding the result of the first quarter 2007 by 18.2 per cent. The EBITDA margin based on revenue increased from 50.3 per cent to 50.7 per cent.
Rail Logistics Division with increased international traffic
International transports to and from Eastern Europe as well as cross-border transports of liquefied gas led to continued positive business development in the Rail Logistics Division. Furthermore, VTG got new contracts for transports of products beyond the mineral oil and chemical sector. The division generated revenues of EUR 42.9 million (previous year EUR 42.8 million) and thus reached the previous year’s level. In contrast, EBITDA increased significantly by 14.7 per cent to EUR 1.2 million. The gross profit based EBITDA margin reached 37.8 per cent (previous year 35.9 per cent).
Tank Container Logistics Division benefits from growth in international trade
Positive business development in the Tank Container Logistics Division was provided by the dynamic overseas markets and higher higher transport volumes to Russia, the CIS, and to Turkey. In the first quarter 2008, VTG increased revenues in this division by 9.0 per cent to EUR 32.9 million. Even more grew EBITDA by 14.7 per cent to EUR 2.1 million. The gross profit based EBITDA margin climbed from 39.2 per cent to 41.4 per cent.
Outlook: Previously announced increase of revenues and EBITDA confirmed
VTG expects continued good market conditions and high demand for logistics services for 2008. 'We adhere to our expectations for increased revenue and result for the current financial year. Moreover, we are very confident regarding VTG’s further development in 2008.' says CFO Dr. Kai Kleeberg. Annual revenues are expected to reach EUR 560 to EUR 570 million, representing an increase of 3.5 to 5.5 per cent. Furthermore, VTG expects EBITDA to improve by 5 to 8 per cent compared to the year before to EUR 144 to 148 million. VTG is still expecting to be able to pay a dividend of EUR 0.30 in 2009 for the financial year 2008.
Key figures VTG AG
Financial year 01.01.-31.03. 01.01.-31.03. Change in 2008 2007 % Revenue in € million 147.6 134.2 10.0 EBITDA in € million 36.4 30.4 19.9 EBIT in € million 17.4 14.7 17.8 Group result in € million 6.3 2.9 115.3 Depreciation and amortization 19.1 15.6 21.9 in € million
Investments in fixed assets in 31.8 40.0 - 20.5 € million
Cash flow in € million 31.1 11.5 169.4 Earnings per share (comparable) 0.29 0.13 123.1 in €*
31.03.2008 31.03.2007 Number of employees 831 780 6.5 In Germany 508 488 4.1 Abroad 323 292 10.6 31.03.2008 31.12.2007 Total assets in € million 1,221.3 1,165.9 4.7 Non-current assets in € million 1.013,6 990.6 2.3 Current assets in € million 207.6 175.3 18.4 Shareholders’ equity in € 282.4 278.7 1.3 million
Borrowings in € million 938.9 888.1 1.3 Equity ratio in % 23.1 23.9 - 0.8
* Group profit attributable to the shareholders of VTG AG divided by the weighted average number of shares in issue during the period under review. For comparability reasons previous years' result was divided by the weighted average number of shares during first quarter 2008.
Note to editorial staff:
The VTG report for the first quarter 2008 is available for download under www.vtg.de.
VTG Aktiengesellschaft is one of Europe’s leading rail logistics and wagon hire companies. With about 48,400 rail freight cars, VTG has Europe’s largest private wagon fleet. In addition to the hiring of rail freight cars, the Group offers global tank container transport and comprehensive mulit-modal logistics services mainly around rail transport.
With the combination of its three interrelated divisions Wagon Hire, Rail Logistics and Tank Container Logistics VTG offers its clients a high-performance platform for international transport of their freight. The Group has many years of experience and specific know-how in particular in the transport of liquid and sensitive goods. Its customers include numerous well-known companies from almost all industrial sectors such as, for example, chemicals, mineral oil, the automobile or paper industries.
In the financial year 2007 VTG generated operating revenues of EUR 541.4 million and an operating result (EBITDA) of EUR 137.0 million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, Asia and North America. As at 31 March 2008 VTG employed 831 employees worldwide in consolidated companies. Since June 2007 VTG AG has been listed on the official Prime Standard market of the Frankfurt Stock Exchange (SCN: VTG999).
Telephone: +49 (0) 211 430 79-70
Fax: +49 (0) 211 430 79-79
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Information also available under www.vtg.de
27.05.2008 Financial News transmitted by DGAP
Issuer: VTG Aktiengesellschaft
Phone: 040 2354 0
Fax: 040 2354 1199
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
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