DGAP-News: VTG Aktiengesellschaft: VTG announces solid half-year results and re-affirms guidance
(firmenpresse) - DGAP-News: VTG Aktiengesellschaft / Key word(s): Half Year
Results/Quarter Results
VTG Aktiengesellschaft: VTG announces solid half-year results and
re-affirms guidance
23.08.2011 / 07:30
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VTG announces solid half-year results and re-affirms guidance
- Clear increase in revenue and EBITDA
- Growth in all business divisions
- New group financing structure opens up further growth opportunities
- VTG enters CIS and Baltic markets
- Wagon fleet capacity utilization continues to increase
- High levels of investment and increased employee numbers
- Re-affirmation of forecast in upper range
Hamburg, August 23, 2011. The Hamburg wagon hire and rail logistics company
VTG Aktiengesellschaft (WKN: VTG999) saw a continued upward trend in
business in the first half of 2011, continuing its path of growth. Revenue
for the first six months of 2011 was EUR 373.8 million, representing a
year-on-year increase of 21.7 percent (first six months of 2010: EUR 307.1
million). Operating profit (EBITDA) rose by 11.8 percent, to EUR 83.9
million. Operating cash flow, at EUR 60.9 million, was 6.1 percent lower
than in the same period of the previous year. This was primarily due to an
increase in receivables as a result of the increased volume of business.
Based on the positive trend in business, the Executive Board re-affirms its
expectation that VTG will achieve levels of revenue and EBITDA for the year
2011 at the higher end of the ranges forecast.
'Despite the current fluctuations in the capital markets, we have
succeeded in achieving the necessary conditions for pushing ahead on our
path of growth. The new financing for the Group at the right time has given
us the flexibility to continue to pursue market opportunities as they
arise', explains Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. VTG
refinanced its financing arrangements in early May, with a US private
placement and a syndicated loan. 'The takeovers of the wagon hire company
Sogerent and the Railcraft group of companies affirm our pursuit of our
strategy of growth, enabling us to access new international customers and
markets', adds Fischer.
Wagon Hire reports rising capacity utilization and continued growth
In Wagon Hire, the first six months saw stable growth and a continued high
level of demand. Accordingly, capacity utilization at the end of the first
half of the year has risen for the fifth consecutive quarter. As of June
30, 2011, it reached a level of 90.8 percent compared with 87.4 percent for
the same period of the previous year. Revenue in this division rose by 3.1
percent, from EUR 142.6 in the first half of 2010 to EUR 147.1 million.
EBITDA increased by 8.1 percent, to EUR 77.9 million (first half of 2010:
EUR 72.1 million). There was a year-on-year increase in the EBITDA margin
related to revenue from 50.6 percent to 53.0 percent.
The VTG Group continued on its path of growth with the takeover of the
Italian wagon hire company Sogerent, with a fleet of 300 wagons, and of the
Railcraft group of companies, with a fleet of 870 mineral oil wagons of
standard Russian design. Moreover, with the Railcraft takeover, VTG has
entered the Baltic market and that of the Commonwealth of Independent
States (CIS), the world's second-largest rail transport market.
Rail Logistics sees clear rise in revenue andEBITDA
In the Rail Logistics Division there was an increase in demand for
transport services, due in part to the positive trend in business in
eastern and southeastern Europe. Other factors that contributed to this
improved trend were the addition of the Polish subsidiary to the group of
consolidated companies, due to its increasing importance for operations,
and the acquisition of the rail logistics company TMF in 2010. As of June
30, 2011, revenue in Rail Logistics stood at EUR 149.4 million. This
represents an increase of 55.5 percent on the same period of the previous
year (EUR 96.1 million). EBITDA, at EUR 6.5 million, was 64.2 percent
higher than the figure for the first six months of 2010 (EUR 3.9 million).
The EBITDA margin on gross profit amounted to 50.2 percent (first half of
2010: 50.5 percent).
Tank Container Logistics benefits from growth in demand
As in Rail Logistics, the positive trend in business in Tank Container
Logistics in the first half of 2011 was primarily due to a continued rise
in demand for transport services. In particular, there was dynamic growth
in demand from customers in the European chemical industry for both
intra-European and intercontinental transports. This in turn was driven by
positive trends in Russia, Turkey and China. Revenue in the Tank Container
Logistics Division rose in the first six months by 12.9 percent, to EUR
77.3 million (first half of 2010: EUR 68.5 million). EBITDA stood at EUR
6.3 million, representing an increase of 38.0 percent on the first six
months of 2010 (EUR 4.6 million). The EBITDA margin on gross profit
increased from 42.5 to 49.4 percent. As of June 30, 2011, the number of
tank containers had risen in line with transport volumes, reaching 9,800,
an increase of 900 units since June 30, 2010.
High levels of investment and increased employee numbers
In the first half of 2011, VTG invested EUR 79.6 million (first half of
2010: EUR 56.1 million). The majority of this investment (EUR 75.6 million)
was in the Wagon Hire Division, with these funds being used for the
modernization of the wagon fleet and the purchase of the fleets of both
Sogerent and the Railcraft group of companies. As of June 30, 2011, the
number of wagons on order and still awaiting delivery amounted to approx.
1,800 units. Orders have grown steadily since the beginning of the year,
with the number almost doubling since the first quarter of 2011. This trend
clearly reflects the increase in customer demand. Delivery of wagons on
order is to take place in the remaining months of 2011 and in 2012.
The upward trend in VTG's business is also reflected in the clear rise in
employee numbers. As of June 30, 2011, the VTG Group had 1,082 employees,
thereof 738 in Germany and 344 in the companies abroad. This represents a
total increase of 125 employees since June 30, 2010. The number of
employees rose in all three business divisions.
Outlook: Forecast re-affirmed, expected in upper range
Based on current economic forecasts and market conditions, the VTG Group is
confident that, in 2011, it will be able to push up performance
significantly in all three divisions compared with the previous year. The
Group also expects a continued upward trend in utilization of fleet
capacity over the second half of the year. It is anticipated that the Rail
Logistics and Tank Container Logistics Divisions will continue on their
path of growth. Forecasts for revenue and EBITDA for the Group for the
financial year 2011 were announced in early February and re-affirmed in the
first quarter of the year. The Executive Board of VTG AG expects to achieve
the higher end of the forecast ranges for 2011 of EUR 720 to 760 million
for revenue and EUR 165 to 170 million for EBITDA. This is subject to the
provision that economic growth is no further depressed by the current
factors causing uncertainty and that no lasting setbacks are suffered by
key VTG industries. Having issued a dividend of EUR 0.33 per share for the
financial year 2010, VTG remains committed to issuing solid dividends
reliably over the long term.
Key figures for the VTG Group
Financial year 1.1-30.6. 1.1.-30.6. ChangeUnadjusted figures compared with the previous year:
2011 2010 in %
Revenue in EUR million 373.8 307.1 21.7
EBITDA in EUR million 83.9 75.1 11.8
EBIT in EUR million 36.8 31.0 18.7
EBT in EUR million
without refinancing* 19.3 16.1 19.7
Group profit in EUR million
without refinancing** 12.1 10.2 19.1
Depreciation and amortization
in EUR million 47.1 44.1 6.9
Capital expenditure
in EUR million 79.6 56.1 41.9
Operating cash flow
in EUR million 60.9 64.8 -6.1
Earnings per share in EUR
without refinancing*** 0.53 0.45 16.4
Wagon Hire
Revenue in EUR million 147.1 142.6 3.1
EBITDA in EUR million 77.9 72.1 8.1
EBITDA margin in % 53.0 50.6
Rail Logistics
Revenue in EUR million 149.4 96.1 55.5
EBITDA in EUR million 6.5 3.9 64.2
EBITDA margin in % 50.2 50.5
Tank Container Logistics
Revenue in EUR million 77.3 68.5 12.9
EBITDA in EUR million 6.3 4.6 38.0
EBITDA margin in % 49.4 42.5
30.6. 30.6. Change
2011 2010 in %
Number of employees 1,082 957 13.1
- in Germany 738 684 7.9
- abroad 344 273 26.0
30.6. 31.12. Change
2011 2010 in %
Balance sheet total
in EUR million 1,473.8 1,355.2 8.8
Non-current assets
in EUR million 1,186.2 1,174.8 1.0
Current assets
in EUR million 287.6 180.4 59.4
Shareholders equity
in EUR million 316.4 313.0 1.1
Liabilities in EUR million 1,157.4 1,042.2 11.1
Equity ratio in % 21.5 23.1
* EBT for first half of 2011 with refinancing = EUR 0.5 million = -97.0%
** Group profit for first half of 2011 with refinancing = EUR 0.3 million
= -97.0%
*** Earnings per share for first half of 2011 with refinancing = EUR -0.03
= -106.7%
About VTG:
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 51,200 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, paper and agricultural industries.
In the financial year 2010, VTG generated revenue of EUR 629.4 million and
operating profit (EBITDA) of EUR 154.4 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 2010, VTG had
999 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).
Media contact:
Monika Gabler
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: monika.gabler(at)vtg.com
Investor Relations contact:
Felix Zander
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Email: felix.zander(at)vtg.com
Further information at www.vtg.com
End of Corporate News
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Language: English
Company: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Germany
Phone: 040 2354 0
Fax: 040 2354 1199
E-mail: info(at)vtg.de
Internet: www.vtg.de
ISIN: DE000VTG9999
WKN: VTG999
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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136519 23.08.2011
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