DGAP-News: VTG meets 2009 forecast and continues to strengthen its business model
(firmenpresse) - VTG Aktiengesellschaft / Final Results
20.04.2010 10:01
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Press Release
VTG meets 2009 forecast and continues to strengthen its business model
- Revenue decreases by 4.5 percent, EBITDA by 3.8 percent: forecast fully
met
- Wagon Hire: fleet diversified and plant and workshops strengthened
- Rail Logistics: international expansion of operations
- Tank Container Logistics: positive development in China
- Revenue and EBITDA for 2010 expected to be around 2009 level
- Dividend payment of EUR 0.30 planned
Hamburg, April 20, 2010. VTG Aktiengesellschaft (WKN: VTG999), one of the
leading private wagon hire and rail logistics companies in Europe, today
announced its figures for the financial year 2009. Group revenue decreased
compared to the previous year by 4.5 percent to EUR 581.5 million.
Operating profit (EBITDA) fell against the adjusted figure for the previous
year, by 3.8 percent to EUR 149.4 million. With these results, the company
has achieved its forecast made in February 2009 for the year as a whole.
'Despite the economic crisis, we used 2009 for further development',
comments Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. 'We were able to
further diversify our wagon fleet, invest in our plant and workshops,
expand Rail Logistics and directed Tank Container Logistics well through
the crisis.' For 2009, VTG has maintained cash flow and profitability in a
difficult economic environment, focused on strengthening the core market of
Europe, and slowed down the rate of expansion into other global markets.
'Even though 2010 will again be a difficult year, I am in no doubt that we
will benefit from the strengthening of our business model, since the
long-term trend of growth in global rail freight traffic has not been
interrupted, even by the economic crisis', adds Fischer.
In the last financial year, Group revenue showed a moderate drop of EUR
27.2 million, to EUR 581.5 million. EBITDA fell only slightly against the
adjusted figure for the previous year, by EUR 5.7 million to EUR 149.4
million. Group profit decreased by EUR 5.4 million to EUR 22.5 million. As
of December 31, 2009, the Group had 963 employees: of these, 678 were in
Germany and 285 abroad.
Wagon Hire with strengthened services in Europe, but moderate drop in
revenue
In the Wagon Hire Division, the company has pushed on with its strategy of
wagon fleet diversification, expanding the fleet with the addition of
wagons for transporting coal, sand, steel coils, iron ore, and limestone.
Additionally, VTG strengthened the plant and workshops and accompanying
services. Waggonbau Graaff, which VTG bought in 2008, was integrated
successfully into the Group and was already back at a production level of
more than 250 wagons per annum and had produced its first wagon
enhancements. Within the European network of repair workshops, the spare
parts management process was optimized and VTG's own workshops were
modernized with investments into the infrastructure, new machinery and
equipment.
Wagon Hire showed a moderate decrease in revenue; a decrease that slowed
again down in the second half of the year. Revenue for the financial year
2009 fell slightly, by 1.7 percent, to EUR 289.0 million. Capacity
utilization of the wagons (numbering some 50,000) fell against the very
positive result of the previous year, by 3.7 percentage points, to 87.4
percent. EBITDA, at EUR 146.3 million, was 4.0 percent below the figure for
the previous year. The EBITDA margin related to revenue was 50.6 percent,
almost reaching the level of the previous year of 51.8 percent.
Rail logistics strengthens European operations and shows growth despite
economic crisis
The Rail Logistics Division has successfully pushed ahead with its strategy
of international expansion. Accordingly, the division opened a sales office
in Rotterdam in August 2009 to raise its market profile in the Benelux
countries. In Hungary, operations were expanded with the transport of
biofuels. In Turkey, new sales opportunities are being opened up through a
partnership entered into in 2009 with a rail forwarder. The newly acquired
southeastern Europe transports, the positive development of block train and
liquefied gas transports, coupled with the expansion of the range of
services and the acquisition of new customers and routes more than
compensated for the downturn in chemical transports. Acquisitions made at
the turn of the year - LOG-O-Rail customer contracts and the takeover of
the company Bräunert Eisenbahnverkehr - will further improve business in
2010.
Rail Logistics successfully increased its revenue, despite growing
competitive pressure, by 1.0 percent compared with the previous year, to
EUR 179.4 million. EBITDA improved to EUR 6.7 million, it was 5.9 percent
higher than the adjusted figure for the previous year. The EBITDA margin on
gross profit, at 41.7 percent, was slightly below the adjusted one of the
previous year (44.7 percent).
Tank Container Logistics on the road to recovery after steep decline in
demand in chemical industry
In 2009, the Tank Container LogisticsDivision was already reaping the
rewards of the joint venture entered into only in 2008 with Cosco Logistics
in China. The economic crisis initially hit the Tank Container Logistics
especially hard: however, in the second half of the year, it began to
recover at a very modest level, benefiting herein particular from the
attractive Chinese market. At the same time, the overall economic recovery
in Asia generated growth in transport early on within the region as well as
from and to Asia. The US export market also increasingly recovered. The
intra-European transport market, however, only pickedup again slightly at
the end of 2009.
These positive trends did lead to slow recovery as of the second quarter,
but could not offset the steep decline in demand in the chemical industry.
Accordingly, for the year as a whole and compared with the previous year,
revenue fell by 17.4 percent, to EUR113.1 million. EBITDA fell by 24.3
percent, to EUR 7.3 million. Due to strict cost management measures, the
EBITDA margin related to revenue shrank only slightly, from 44.3 percent to
41.4 percent.
Secure financing and cautious investment policy
VTG places great importance on stability and security. For this reason, the
company slowed down the rate of investment initially planned for 2009 and
ultimately made investments totaling EUR 153.3 million (previous year: EUR
158.2 million). The focus of investment was Wagon Hire in Europe, with a
96.0 percent share. Even in the economic crisis, thecompany has financed
itself largely from cash flow from operating activities, which, at EUR
144.8 million, almost reached the previous year's level of EUR 149.6
million. With an equity ratio of 23.2 percent, VTG also has a solid balance
sheet structure. The balance sheet total as of December 31, 2009 amounted
to EUR 1,277.2 million, an increase of 3.0 percent on the previous year.
Outlook for 2010: moderate investment and stable growth in difficult
economic environment
In 2010, the executive board expects to prove once again VTG's stability.
If the moderate rate of economic growth continuesas forecast, then the
three operational divisions will develop as follows: in Wagon Hire, the
level of capacity utilization ofthe fleet will again exceed that as of the
end of 2009, Rail Logistics will continue on its path of growth and Tank
Container Logistics will continue to recover. In 2010, VTG will be just as
cautious with investments and adapt to general conditions as already in
2009. Where good opportunities arise and VTG can strengthen its business
model with moderate investments, the Group will act. As a result of this,
VTG expects revenue and operating profit for 2010 to be around the levels
of 2009.
As in 2009, the executive board of VTG intends to propose to the 2010
annual general meeting a dividend payment of EUR 0.30 per share for the
financial year 2009. VTG is thereby adhering to its objective of reliably
continuing to issue payments and doing so over the long term.
Key figures for VTG Aktiengesellschaft
Financial year 2009 2008 Change* Including one-off effect from the sale of a shareholding in 2008: EBITDA
in %
Revenue in EUR million 581.5 608.7 -4.5
EBITDA EUR million
(adjusted for one-off effect) 149.4 155.1 -3.8
EBIT in EUR million 66.9 75.6 -11.6
EBT in EUR million 35.4 43.1 -18.0
Group profit in EUR million 22.5 27.9 -19.3
Depreciation and amortization
in EUR million 82.5 80.8 2.1
Capital expenditure, tangible
fixed assets, in EUR million 153.3 140.9 8.8
Capital expenditure, total, in EUR million 153.5 158.2 -3.0
Cash flow from operating
activities in EUR million 144.8 149.6 -3.2
Earnings per share in EUR 1.01 1.26 -19.8
Wagon Hire Division
Revenue in EUR million 289.0 294.1 -1.7
EBITDA in EUR million 146.3 152.5 -4.0
EBITDA margin in % 50.6 51.8
Rail Logistics Division
Revenue in EUR million 179.4 177.7 1.0
EBITDA in EUR million * 6.7 6.3 5.9
EBITDA margin in % * 41.7 44.7
Tank Container Logistics Division
Revenue in EUR million 113.1 136.8 -17.4
EBITDA in EUR million 7.3 9.6 -24.3
EBITDA margin in % 41.4 44.3
12/31/ 12/31/ Change
2009 2008 in %
No. of employees 963 1,004 -4.1
- in Germany 678 674 0.6
- abroad 285 330 -13.6
12/31/ 12/31/ Change
2009 2008 in %
Balance sheet
total in EUR million 1,277.2 1,240.5 3.0
Non-current assets
in EUR million 1,124.9 1,081.2 4.0
Current assets
in EUR million 152.3 159.3 -4.4
Shareholders' equity
in EUR million 296.7 288.4 2.9
External capital
in EUR million 980.4 952.1 3.0
Equity ratio in % 23.2 23.3 0.0
= EUR 7.6 million, EBITDA margin = 53.5%
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 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).
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
20.04.2010 10:01 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
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