DGAP-News: VTG Aktiengesellschaft: VTG posts a good start into 2010
VTG Aktiengesellschaft / Quarter Results
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VTG posts a good start into 2010
- Group revenue increases by 6.6 percent to EUR 154.8 million
- EBITDA decreases slightly by 2.6 percent to EUR 37.3 million
- Stable development along the forecasted path of growth
Hamburg, May 26, 2010. For the Hamburg-based wagon hire and rail logistics company VTG Aktiengesellschaft (WKN: VTG999) the positive rebound seen in the later part of 2009 continued in all operational divisions for the first quarter of 2010. Revenue increased by 6.6 percent, from EUR 145.2 million to EUR 154.8 million. Operating profit (EBITDA) decreased slightly compared with the previous year, by 2.6 percent, from EUR 38.3 million to EUR 37.3 million. Cash flow from operating activities decreased by 13.1 percent to EUR 31.6 million.
'Not only did we show in 2009 that we can withstand an economic crisis but we are also already taking advantage of the improving economic situation in all operational divisions', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. 'On the whole, our customers are able to better utilize the capacity of our wagons and, accordingly, are returning fewer wagons. The logistics divisions, Rail Logistics and Tank Container Logistics, are seizing the opportunities for continued as well as new growth.'
Wagon Hire: Fleet capacity utilization level stabilizes
The Wagon Hire division performed well in the first quarter. The decline in capacity utilization continued to slow and decreased only slightly on the previous quarter, by 0.4 percentage points to 87.0% This represents the smallest drop for five quarters and shows that the business from customers continues to pick up. As their business improves the capacity of wagons already on hire are first better utilized and thereafter further wagons will be requested from VTG. Compared with the previous year, capacity utilization dropped by only three percentage points, from 90.0 percent to 87.0 percent. Revenue for this division amounted to EUR 74.0 million, 3.9 percent above that of the same period last year of EUR 71.2 million. This significant rise in revenue is largely due to a major wagon building contract awarded to Waggonbau Graaff in 2009. Due to the fact that capacity utilization was still declining slightly, EBITDA, at EUR 35.9 million, was 6.7 percent below the level of the previous year, but only slightly under the level of the previous quarter of EUR 36.3 million. The EBITDA margin related to revenue decreased from 54.1 percent in the previous year to 48.6 percent in the first quarter of 2010.
Rail Logistics continues to grow
Rail Logistics benefited from, among other things, a significant rise in international single wagon transports, the increase in cross-border block train traffic, and the customer contracts taken over from the company LOG-O-RAIL at the turn of the year. This was reflected by the 6.0 percent in the division's revenue, from EUR 47.1 million in the same quarter last year to EUR 50.0 million in the first quarter of 2010. EBITDA showed an increase of 53.6 percent to EUR 2.0 million. The EBITDA margin on gross profit increased accordingly, from 36.3 percent to 50.0 percent.
Tank Container Logistics successfully continues on path of recovery
Already since the third quarter of 2009, the Tank Container Logistics division showed that it is on its path to recovery from the economic crisis. This development continued in the first quarter of 2010. The rise in demand spanned all regions served by the division, with particular concentration of demand in US and intra-Asian transport routes. Accordingly, revenue for the division increased by 15.0 percent, from EUR 26.8 million to EUR 30.8 million. EBITDA, at EUR 2.1 million, was 32.1 percent above the level of the previous year. The EBITDA margin on gross profit reached 41.9 percent, slightly higher than the level of the previous year of 41.2 percent.
Outlook for 2010
With the good results achieved in the first quarter of 2010, VTG has laid the foundation towards meeting the forecast already announced back in February. As moderate economic growth continues, the positive developments being seen in the three divisions are expected to continue. As a result of this, VTG expects revenue and operating profit for 2010 to be around the levels of 2009.
Key figures for the VTG Group
Financial year 01.01. - 31.03. 01.01. - 31.03. Change 2010 2009 in % Revenue in EUR million 154.8 145.2 6.6 EBITDA in EUR million 37.3 38.3 -2.6 EBIT in EUR million 15.0 18.4 -18.3 EBT in EUR million 7.6 10.8 -29.8 Group profit in EUR million 4.8 6.9 -30.0 Depreciation and amortization
in EUR million 22.3 19.9 11.8 Total capital expenditure
in EUR million 19.7 24.5 -19.6 Cash flow from operating
activities in EUR million 31.6 36.4 -13.1 Earnings per share in EUR 0.22 0.31 -29.0 Wagon Hire
Revenue in EUR million 74.0 71.2 3.9 EBITDA in EUR million 35.9 38.5 -6.7 EBITDA margin in % 48.6 54.1 Rail Logistics
Revenue in EUR million 50.0 47.1 6.0 EBITDA in EUR million 2.0 1.3 53.6 EBITDA margin in % 50.0 36.3 Tank Container Logistics
Revenue in EUR million 30.8 26.8 15.0 EBITDA in EUR million 2.1 1.6 32.1 EBITDA margin in % 41.9 41.2
3/31/ 3/31/ Change 2010 2009 in % Number of employees 954 1,016 -6.1 - in Germany 679 677 0.3 - abroad 275 339 -18.9
3/31/ 12/31/ Change 2010 2009 in % Balance sheet total
in EUR million 1,292.8 1,277.2 1.2 Non-current assets
in EUR million 1,120.5 1,124.9 -0.4 Current assets in EUR million 172.3 152.3 13.1 Shareholders' equity
in EUR million 297.7 296.7 0.3 Total liabilities
in EUR million 995.1 980.4 1.5 Equity ratio in % 23.0 23.2
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail logistics companies. The company has the largest private wagon fleet in Europe. Globally, the fleet consists of some 50,000 wagons, with a focus on tank cars and state-of-the-art high capacity freight cars and flat cars. In addition to the hiring of wagons, the Group offers global tank container transports and comprehensive multi-modal logistics services, mainly around rail transport.
With the combination of its three interlinked divisions Wagon Hire, 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 and paper industries.
In the financial year 2009, VTG generated revenue of EUR 581.5 million and operating profit (EBITDA) of EUR 149.4 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 December 2009, VTG had 963 employees worldwide in consolidated companies. Since June 2007, VTG AG has been listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999).
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Investor Relations contact:
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Further information at www.vtg.com
26.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Company: VTG Aktiengesellschaft
Phone: 040 2354 0
Fax: 040 2354 1199
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
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