DGAP-News: VTG Aktiengesellschaft: Stable start for VTG, with focus on integration of 2011 acquisitions
(firmenpresse) - DGAP-News: VTG Aktiengesellschaft / Key word(s): Quarter Results
VTG Aktiengesellschaft: Stable start for VTG, with focus on
integration of 2011 acquisitions
22.05.2012 / 07:30
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Stable start for VTG, with focus on integration of 2011 acquisitions
- Group revenue up slightly - EBITDA at level of previous year
- Divisions with different business development
- Moderate growth expected in 2012
Hamburg, May 22, 2012. In the first quarter of 2012, the Hamburg wagon hire
and rail logistics company VTG Aktiengesellschaft (WKN: VTG999) achieved a
slight increase in revenue. Operating profit (EBITDA) at the end of the
first quarter remained at the level of the previous year. Compared with the
first quarter of 2011, revenue increased by 2.9 percent, from EUR 186.4
million to EUR 191.8 million. EBITDA amounted to EUR 41.1 million compared
with EUR 41.2 million in the previous year. Operating cash flow rose by EUR
6.7 million to EUR 35.0 million.
'Despite subdued demand from customers in some areas, our revenue increased
as a result of our acquisitions. This drop in demand was the result of the
weak economic phase of the second half of 2011 reaching us now,' explains
Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. 'Internally, we have
concentrated on integrating the acquisitions made in the past year. Our
expansion in Russia and North America requires the integration of staff as
well as the introduction of uniform processes. We expect continued moderate
growth in the second half of the year,' adds Fischer.
Railcar Division: slight drop in capacity utilization
In the first three months of 2012, the Railcar Division generated revenue
of EUR 77.9 million. This represents an increase of EUR 7.2 million, or
10.2 percent, on the previous year (EUR 70.7 million). This primarily is a
result of acquisitions in Russia and North America in the last year. EBITDA
amounted to EUR 38.7 million, an increase on the 2011 figure of EUR 37.9
million. The level of EBITDA was affected by increased costs from the
integration of new acquisitions and new maintenance regulations. The EBITDA
margin related to revenue was 49.6 percent (Q1 2011: 53.6 percent).
In the first three months of 2012, demand for wagons weakened, with the
main decline in Europe. This led to a fall in capacity utilization in the
first quarter, which reached a level of 90.6 percent on March 31, 2012.
This figure was higher than the level for the equivalent period of 2011
(90.1 percent), but below the level at the end of 2011 (91.5 percent). A
key factor in this was the insolvency of a customer from the mineral oil
sector. This rendered a large number of wagons redundant, bringing capacity
utilization down by 0.7 percentage points.
Rail Logistics Division: subdued start to the year
In the first quarter of 2012, revenue for the Rail Logistics Division fell
by 2.2 percent from its 2011 level of EUR 77.0 million to EUR 75.3 million.
EBITDA, at EUR 2.4 million, was also below the level of the previous year
(EUR 3.3 million). The EBITDA margin on gross profit amounted to 36.2
percent (Q1 2011: 50.2 percent). One factor contributing to these
developments was the costs of the strategic repositioning of the division
in the product segments of agricultural goods, liquids and industrial
goods. Customer insolvency also had a negative impact on business in the
Rail Logistics Division. Other factors were declines in sales in the
agricultural sector due to weather conditions, changed product flows and
the fact that one-time items that positively impacted the figures in 2011
no longer apply.
Tank Container Logistics Division: demand satisfactory and at same level as
2011
Revenue in the Tank Container Logistics Division amounted to EUR 38.6
million, remaining at the level of the previous year (EUR 38.7 million).
EBITDA decreased slightly to EUR 3.1 million compared with the 2011 figure
of EUR 3.3 million. The EBITDA margin on gross profit also narrowed
slightly to 48.5 percent (Q1 2011: 49.9 percent).
In the first quarter of 2012, Tank Container Logistics reported good
demand, particularly regarding transport volumes, which were just below the
level for the first quarter of 2011. The trend in intra-European and
intra-Asian transports was particularly positive. While the prospects for
growth for the global chemical industry are generally good, the market is
highly competitive, with high costs for energy and raw materials, which
squeezes the achievable margins.
Significant rise in number of employees
As of March 31, 2012, the VTG Group had 1,205 employees, an increase of 170
since the end of the first quarter of 2011. 816 employees were employed in
Germany (Q1 2011: 720), of which 362 were based in Hamburg (Q1 2011: 333).
389 employees were in the companies abroad (Q1 2011: 315). The number of
employees increased in all divisions.
Outlook for 2012
VTG is confident that, despite a slight decline in business in the first
half of 2012, it will be able to achieve moderate growth overall in the
year 2012. On the basis of the expected developments in the divisions and
the current economic forecasts, the Executive Board of VTG AG reaffirms its
forecast issued in February 2012 for the financial year 2012, predicting
revenue of between EUR 760 and 780 million and EBITDA of between EUR 170
and 178 million.
Key Figures for the VTG Group*These items are adjusted with regard to the extraordinary expenses from
1.1. - 31.3. 1.1. - 31.3. Change
Financial year 2012 2011 in %
Revenue in EUR million 191.8 186.4 2.9
EBITDA in EUR million 41.1 41.2 -0.2
EBIT in EUR million 15.9 17.8 -10.6
EBT in EUR million* 3.0 10.6 -71.8
Group profit in EUR million* 1.9 6.7 -71.8
Depreciation and amortization
in EUR million 25.2 23.4 7.6
Capital expenditure
in EUR million 42.4 39.0 8.7
Operating cash flow
in EUR million 35.0 28.3 23.9
Earnings per share in EUR * 0.07 0.30 -76.7
Railcar Division
Revenue in EUR million 77.9 70.7 10.2
EBITDA in EUR million 38.7 37.9 2.0
EBITDA margin in % 49.6 53.6
Rail Logistics Division
Revenue in EUR million 75.3 77.0 -2.2
EBITDA in EUR million 2.4 3.3 -25.5
EBITDA margin in % 36.2 50.2
Tank Container Logistics Division
Revenue in EUR million 38.6 38.7 -0.2
EBITDA in EUR million 3.1 3.3 -5.1
EBITDA margin in % 48.5 49.9
Change
31.03.2012 31.03.2011 in %
Number of employees 1,205 1,035 16.4
- in Germany 816 720 13.3
- abroad 389 315 23.5
Change31.03.2012 31.12.2011 in %
Balance sheet total
in EUR million 1,482.3 1,461.9 1.4
Non-current assets
in EUR million 1,239.2 1,225.3 1.1
Current assets
in EUR million 243.1 236.6 2.7
Shareholders equity
in EUR million 318.2 317.5 0.2
Liabilities in EUR million 1,164.1 1,144.4 1.7
Equity ration in % 21.5 21.7
the refinancing of the Group in 2011.
About VTG:
VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail
logistics companies. The company has the largest private railcar fleet in
Europe. Globally, the fleet consists of some 53,800 railcars, 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 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 2011, VTG generated revenue of EUR 750.0 million and
operating profit (EBITDA) of EUR 168.7 million. Via its subsidiaries and
affiliates the company, which has its head office in Hamburg, is mainly
present in Europe, Asia, Russia and North America. As at 31 December 2011,
VTG had 1,170 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
Indices: SDAX
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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170520 22.05.2012
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