DGAP-News: VTG Aktiengesellschaft: VTG posts a good start into 2010
(firmenpresse) - VTG Aktiengesellschaft / Quarter Results
26.05.2010 08:31
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Press Release
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, from36.3 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. ChangeAbout VTG:
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).
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
26.05.2010 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
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