DGAP-News: VTG Aktiengesellschaft: VTG achieves annual forecast and reports 2009 results just below results of the previous year
(firmenpresse) - VTG Aktiengesellschaft / Preliminary Results
24.02.2010 08:31
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VTG achieves annual forecast and reports 2009 results just below results of
the previous year
- Revenue decreases by 4.5 percent
- EBITDA decreases by 3.8 percent
- Cautious business strategy and strict cost management lead to success
- In 2010, revenue and EBITDA expected to be around the level of 2009
- Dividend payment of EUR 0.30 planned
Hamburg, February 24, 2010. VTG Aktiengesellschaft (WKN: VTG999), one of
the leading private wagon hire and rail logistics companies in Europe
presented it's preliminary, unaudited figures for 2009. Group revenue
decreased by 4.5 percent to EUR 581.5 million compared to the previous
year. The operating result (EBITDA) decreased by 3.8 percent to EUR 149.4
million compared to the adjusted figure of the previous year. The company
achieved the full year forecast and underlined it's stability.
'2009 was a difficult, but rewarding year', comments Dr. Heiko Fischer, CEO
of VTG Aktiengesellschaft. 'We have proven that our stable business model,
combined with strict cost management and a committed workforce, are capable
of standing up to the enormous challenges presented by the current economic
climate.' VTG's major division, Wagon Hire, supplies its customers with a
unique mobile transport infrastructure. Companies from almost all
industries integrate VTG's high-quality wagons into their transport chains
permanently over many years in order to secure their production processes.
'Production processes are planned and secured on a long-term basis. This is
why our customers do not easily return wagons in difficult economic times,
but make sure they still have them available for the upswing', adds
Fischer.
Divisions with varying developments
VTG customers were hit hard at all three divisions by the economic crisis.
This has had varying impacts on business development. The Wagon Hire
Division experienced a moderate drop in revenue, which was slowing down
already in the second half of the year. In total revenue at the division
decreased slightly in 2009 by 1.7 percent to EUR 289.0 million. The
utilization rate for the some 50,000 wagons decreased in comparison to the
excellent previous year by 3.7 percentage points to 87.4 percent. The Rail
Logistics Division managed to increase its revenue year-on-year by 1.0
percent to EUR 179.4 million, despite the increasing pressure from
competition. The purchase of customer contracts from LOG-O-RAIL, and the
takeover of Bräunert Eisenbahnverkehr GmbH&Co. KG, strengthened the
division and its business at the end of the year. The Tank Container
Logistics Division was heavily hit by the drop in demand from the chemicals
industry, but was able to counter this negative trend by hiring out tank
containers. The division showed some recovery by the second quarter.
Revenue for the year decreased correspondingly by 17.4 percent to EUR 113.1
million compared to the previous year.
Staying on track during difficult economic times
Stability and safety remain top priorities for VTG. For this reason, the
company reduced the speed of investment initially planned for 2009. This
diligent action, strict cost management and the optimization of processes
at the various divisions paid off for the Group in the form of stable
business results.
On 31st December, 2009 VTG employed 963 employees worldwide, 41 fewer than
in 2008. The smaller workforce was the consequence of the strategic focus
on one workshop in France, which has been strengthened with further
investments. This step went hand-in-hand with the closure of a smaller
workshop in France.
2010 revenue and EBITDA expected to be around the level of 2009
VTG will continue to demonstrate stability in 2010. If the current forecast
for moderate economic growth continues, then the Wagon Hire Division will
again succeed in increasing the fleet's utilization rate in 2010 to above
the one of the end of 2009. This means that not only will the positive
trend in the slowdown in returning wagons continue in 2010, but that, in
the course of the year, another increase in wagon hire will take place.
Under the premise of a slow improvement of the economic prospects, the Rail
Logistics Division will continue its course of growth in 2010, and the Tank
Container Logistics Division will also continue on the path of commercial
recovery. In total the Group expects sales and operating profit in 2010 to
be around the level of 2009.
Like in 2009, the Executive Board at VTG will again suggest a dividend
payment of EUR 0.30 per share for the 2009 financial year at the 2010
Annual Shareholders Meeting. In doing so, VTG will continue to pursue its
aim of making long-term and established dividend payments.
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 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 2008, VTG generated revenue of EUR 608.7 million and
operating profit (EBITDA) of EUR 156.4 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 2008, VTG had
1,004 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, since September 2008, also on the SDAX (WKN: VTG999).
Media contact:
Tanja Laube
Head of Corporate Communications
Telephone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: tanja.laube(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
24.02.2010 08:31 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: VTG Aktiengesellschaft
Nagelsweg 34
20097 Hamburg
Deutschland
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, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 24.02.2010 - 08:31 Uhr
Sprache: Deutsch
News-ID 17101
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