DGAP-News: VTG with a solid start into the year and promising developments in all three divisions
(firmenpresse) - DGAP-News: VTG Aktiengesellschaft / Key word(s): Interim Report
VTG with a solid start into the year and promising developments in all
three divisions
16.05.2013 / 07:30
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Press Release
VTG with a solid start into the year and promising developments in all
three divisions
- Significant rise in revenue and EBITDA
- Member of the Executive Board for Logistics and Safety leaves company
- Capacity utilization down slightly, as expected
- Innovation: New bogie type increases payload of new build wagons
- New projects initiated in logistics divisions
- Forecast for 2013 re-affirmed
Hamburg, May 16, 2013. VTG Aktiengesellschaft (WKN: VTG999), one of the
leading wagon hire and rail logistics companies in Europe, expanded its
business in all three operational divisions in the first quarter of 2013.
Revenue for the Group increased by 5.3 percent compared to the first
quarter of 2012, from EUR 191.8 million to EUR 202.1 million. There was
also an upward trend in EBITDA, which reached EUR 45.0 million, an increase
of 9.5 percent on the same period of the previous year (EUR 41.1 million).
Operating cash flow increased by EUR 9.2 million to EUR 44.2 million.
'We had a very pleasing start to the new year, with our market position
remaining solid', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. He
adds: 'After a year of consolidation, we are now again looking out for new
opportunities for growth and are confident about the negotiations with
Kuehne + Nagel aimed at expanding our rail logistics portfolio'. VTG is
currently investigating the possibility of a merger of the Rail Logistics
Division with some of the rail forwarding operations of the Kuehne + Nagel
group of companies, with VTG as majority shareholder. A letter of intent
regarding this was signed in April, with a final decision expected in the
second half of 2013.
Femke Scholten, Member of the Executive Board for Logistics and Safety,
leaves the company
Femke Scholten, VTG Chief Logistics&Safety Officer is returning to the
international corporate sector and left VTG by May 15th 2013. Scholten
initiated successfully a major change program in VTG Rail Logistics to
enable future growth. Under her leadership, she furthermore developed and
started with the execution of mid-term strategies for both logistics
divisions to achieve profitable growth. The Supervisory Board thanks
Scholten for her achievements and dedication to the company and wishes her
all the best for her future endeavors. CEO Dr. Heiko Fischer and CFO Dr.
Kai Kleeberg will be stepping in provisionally and will initially be
responsible for what were previously Scholten's executive duties. The Rail
Logistics Division and the area of Safety will be headed by Fischer until a
successor is found. Kleeberg will be taking charge of the Tank Container
Logistics Division, which he had already headed for many years before
Scholten's appointment.
Railcar Division performs well due to large number of completed orders for
new wagons
In the Railcar Division, revenue rose by 6.4 percent, from EUR 77.9 million
in the first quarter of 2012 to EUR 83.0 million. The trend in EBITDA was
also positive, increasing by 12.6 percent from EUR 38.7 million to EUR 43.5
million. The EBITDA margin related to revenue increased compared with the
same period of 2012, from 49.6 percent to 52.5 percent. These good results
were due mainly to the completion of orders for newly built wagons in 2012
and price adjustments in the Railcar Division.
The level of capacity utilization in the fleet of more than 54,400 wagons
declined slightly in the first quarter. Having stood at 90.6 percent on
March 31, 2012 and at 90.4 percent at the end of 2012, the level fell to
89.9 percent. Capacity utilization thus still remains at a high level but
is being affected by the decline in demand typically seen at the end of
winter as well as by the general economic situation. Furthermore VTG
actively took the decision to take some wagons back from customers who did
not want to accept the full extent of necessary price adjustments arising
from new and costly maintenance requirements.
As part of VTG's drive for innovation, all chemical tank wagons built at
Waggonbau Graaff in Elze are currently being fitted with a new type of
bogie. This new feature increases the load capacity of the wagon, meaning
that the existing tank capacity can be better utilized, or, if required,
the size of tank itself can be enlarged. This measure increases cost
efficiency and makes rail transports even more environmentally friendly.
Rail Logistics negotiates with Kuehne + Nagel
In the first quarter of 2013, Rail Logistics generated revenue of EUR 79.6
million, a 5.8 percent increase on the first quarter of 2012 (EUR 75.3
million). EBITDA shrank by 29.2 percent to EUR 1.7 million (Q1 2012:
EUR 2.4 million). However, comparison with the figure for the fourth
quarter of 2012, of EUR 1.1 million, reveals that the division indeed
managed to push EBITDA up again slightly. Compared with the first quarter
of 2012, the EBITDA margin on gross profit shrank from 36.2 percent to 28.0
percent, but again this was also higher than the figure for the fourth
quarter of 2012 (19.3 percent).
The new year got off to a positive start in the petrochemical goods and
industrial goods product segments. In industrial goods, the new transports
of aluminum and copper initiated in 2012 are continuing in 2013. The
collaborative venture under negotiation with Kuehne + Nagel would greatly
strengthen this product segment. The division's performance is however
being affected by the fact that the market for agricultural transports
remains very difficult in some regions.
Tank Container Logistics holds its own and develops new services
In the first three months of the financial year, revenue in Tank Container
Logistics amounted to EUR 39.5 million. This represented a 2.3 percent
increase on the first quarter of 2012 (EUR 38.6 million). EBITDA shrank by
6.4 percent compared with the first quarter of 2012, standing at EUR 2.9
million (Q1 2012: EUR 3.1 million). The EBITDA margin on gross profit
shrank to 44.4 percent (Q1 2012: 48.5 percent).
In the first quarter of 2013, the division continued to operate in a highly
competitive environment. Thus Tank Container Logistics took on only
carefully selected orders and curbed expansion of transport volume. These
measures were taken to systematically eliminate no-load transports in its
international flows of transport and so increase profitability. The
division thus continued with its strategy of achieving further growth by
concentrating on a select group of customers in specific product areas.
This strategy is underpinned by carefully targeted investment in
appropriate technical features and equipment, enabling the division to meet
in particular the requirements of those customers who demand a higher level
of service than that provided with purely standard transports. In this
regard, the division has decided to add to the range of services it offers
to customers the future option of overland transports within China using
its own equipment.
VTG expects continued upward trend in business
Based on economic estimates and the expected impact on the VTG divisions,
the Executive Board anticipates a continued positive trend in business.
This applies especially to the Railcar Division, which will benefit in
particular in 2013from the orders for new wagons completed in the previous
year. Both logistics divisions face the challenge of holding their own in a
demanding market. The Executive Board of VTG re-affirms its forecast,
anticipating that the VTG Group will achieve revenue in the range EUR 780 -
830 million and EBITDA in the range EUR 180 - 190 million.
At the Annual General Meeting next week, VTG will be proposing the payment
of a dividend of EUR 0.37 per share for the financial year 2012. This
represents an increase of some 6,0 percent on the previous year.
Key Figures for the VTG Group
1.1. - 31.3. 1.1. - 31.3. ChangeAbout VTG:
Financial year 2013 2012 in %
Revenue in EUR million 202.1 191.8 5.3
EBITDA in EUR million 45.0 41.1 9.5
EBIT in EUR million 18.6 15.9 16.9
EBT in EUR million 6.6 3.0 119.5
Group profit in EUR million 4.1 1.9 117.8
Depreciation and amortization in
EUR million 26.4 25.2 4.7
Capital expenditure in EUR million 47.3 42.4 11.7
Operating cash flow in EUR million 44.2 35.0 26.2
Earnings per share in EUR 0.18 0.07 157.1
Railcar Division
Revenue in EUR million 83.0 77.9 6.4
EBITDA in EUR million 43.5 38.7 12.6
EBITDA margin in % 52.5 49.6
Rail Logistics Division
Revenue in EUR million 79.6 75.3 5.8
EBITDA in EUR million 1.7 2.4 -29.2
EBITDA margin in % 28.0 36.2
Tank Container Logistics Division
Revenue in EUR million 39.5 38.6 2.3
EBITDA in EUR million 2.9 3.1 -6.4
EBITDA margin in % 44.4 48.5
Change
31.03.2013 31.03.2012 in %
Number of employees 1,182 1,205 -1.9
- in Germany 830 816 1.7
- abroad 352 389 -9.5
Change
31.03.2013 31.12.2012 in %
Balance sheet total in EUR million 1,562.4 1,527.9 2.3
Non-current assets in EUR million 1,321.4 1,309.4 0.9
Current assets in EUR million 241.0 218.5 10.3
Shareholders equity in EUR million 317.2 311.7 1.8
Liabilities in EUR million 1,245.2 1,216.2 2.4
Equity ration in % 20.3 20.4
VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail
logistics companies. The company has the largest private railcar fleet in
Europe. Globally, the fleet consists of some 54,400 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 2012, VTG generated revenue of EUR 767.0 million and
operating profit (EBITDA) of EUR 173.8 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 2012,
VTG had 1,188 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:
Andreas Hunscheidt
Senior Investor Relations Manager
Telephone: +49 (0) 40 23 54-1352
Fax: +49 (0) 40 23 54-1350
Email: andreas.hunscheidt(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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211356 16.05.2013
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