DGAP-News: VTG pushes up revenue and net profit in first half of 2013
(firmenpresse) - DGAP-News: VTG Aktiengesellschaft / Key word(s): Half Year
Results/Interim Report
VTG pushes up revenue and net profit in first half of 2013
15.08.2013 / 07:30
---------------------------------------------------------------------
VTG pushes up revenue and net profit in first half of 2013
- Revenue increases by 6.5 percent, EBITDA by 9.3 percent
- Investment in construction of new wagons has positive impact on
business
- Logistics divisions continue to face difficult market environment
- Forecast for 2013 re-affirmed with added specificity
Hamburg, August 15, 2013. VTG Aktiengesellschaft (WKN: VTG999), one of
Europe's leading wagon hire and rail logistics companies, pushed up both
revenue and profit in the first half of 2013. Compared with the same period
of 2012, revenue for the Group increased by 6.5 percent to EUR 404.4
million (H1 2012: EUR 379.9 million). There was also a positive trend in
EBITDA, with an increase of 9.3 percent to EUR 89.6 million (H1 2012: EUR
82.0 million).
'We are very satisfied with the positive trend in our revenue and profit in
a generally weak European economic environment, even though our logistics
divisions are currently operating in a difficult market. Our investment in
the construction of new wagons has had a positive effect in the first half
of the year', says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft,
adding: 'We therefore still consider ourselves on course to achieve the
targets we have set ourselves for the year.'
In the first half of the year, EBIT increased above average by 18.2 percent
to EUR 37.1 million (H1 2012: EUR 31.4 million). Accordingly, EBT also more
than doubled, increasing from EUR 6.2 million to EUR 12.6 million. The same
was the case for net profit for the Group, which rose to EUR 7.9 million
(H1 2012: EUR 3.9 million). Accordingly, earnings per share grew from EUR
0.14 to EUR 0.33. The overall improvement in net profit and the positive
trend in working capital were reflected in operating cash flow, which rose
to EUR 76.1 million (H1 2012: EUR 64.9 million).
Capital expenditures
With the construction of some 800 new wagons, VTG further modernized its
fleet in 2013. Most of the capital invested in this area was used for the
European market, with around half going into chemical and mineral oil
wagons. VTG also continued to invest in freight wagons, delivering many
newly built wagons to a range of different customers. Moreover, in the
first half of the year, VTG strengthened its still-young business in Russia
with the completion of some 150 new mineral oil wagons. In response to the
sideways economic trend, the management decided to adapt the fleet and
revise plans for investment. Thus the wagons in the fleet were assessed for
their suitability for lease over the medium term within the framework of
VTG's continued fleet management. This resulted in a reduction in fleet
size from 54,400 to 53,400 wagons. Furthermore, VTG postponed some plans
for investment in the construction of new wagons for which orders have not
yet been placed. These investments are now to take place in the next years.
Railcar Division
In the first six months of 2013, revenue in the Railcar Division increased
by 8.7 percent to EUR 169.0 million (H1 2012: EUR 155.5 million). EBITDA
amounted to EUR 88.3 million, representing a 13.6 percent rise on the first
half of 2012 (EUR 77.7 million). A key factor contributing to this result
was the investment in newly built wagons in 2012 and 2013. Meanwhile, due
to the economic climate, capacity utilization declined during the reporting
period from 90.4 percent to 89.7 percent.
Logistics divisions
In the first half of 2013, Rail Logistics saw a positive trend in business
in petrochemical goods, its strongest segment in terms of revenue. The
division also successfully continued to expand its new industrial goods
segment. The persistent weakness in the agricultural segment, however,
continued to have a negative impact on the trend in business in Rail
Logistics. In the first six months of the new financial year, revenue in
Rail Logistics increased by a total of 7.6 percent to EUR 156.3 million (H1
2012: EUR 145.4 million). Compared with the previous year, EBITDA decreased
by EUR 1.9 million to a level of EUR 2.7 million (H1 2012: EUR 4.6
million).
For the first half of the year, revenue in Tank Container Logistics
amounted to EUR 79.0 million, thereby reaching the same level as in the
equivalent period of 2012. EBITDA fell by EUR 0.4 million to EUR 5.5
million (H1 2012: EUR 5.9 million). In the first six months of the year,
total orders for the division remained at the level of the first half of
2012.
Forecast for 2013 re-affirmed, with added specificity
The Executive Board re-affirms its forecast for 2013, with revenue expected
to be in the range of EUR 780 to 830 million and EBITDA in the range of EUR
180 to 190 million. Due to the reduced expectations regarding economic
growth in Europe and the increased competition in the logistics divisions,
the Executive Board however now expects the level of EBITDA generated to be
at the lower end of the range stated in the forecast for the Group.
The orders for newly built wagons already completed and delivered to
customers in 2012 and 2013 in addition to those still awaiting completion
are expected to have a generally positive impact on the business of the VTG
Group.
Key figures for the VTG Group
1.1. - 30.6. 1.1. - 30.6. ChangeAbout VTG:
Financial year 2013 2012 in %
Revenue in EUR million 404.4 379.9 6.5
EBITDA in EUR million 89.6 82.0 9.3
EBIT in EUR million 37.1 31.4 18.2
EBT in EUR million 12.6 6.2 102.6
Group profit in EUR million 7.9 3.9 101.0
Depreciation and amortization
in EUR million 52.5 50.6 3.8
Capital expenditure in EUR million 85.8 80.1 7.2
Operating cash flow in EUR million 76.1 64.9 17.3
Earnings per share in EUR 0.33 0.14 135.7
Railcar Division
Revenue in EUR million 169.0 155.5 8.7
EBITDA in EUR million 88.3 77.7 13.6
EBITDA margin in % 52.3 50.0
Rail Logistics Division
Revenue in EUR million 156.3 145.4 7.6
EBITDA in EUR million 2.7 4.6 -41.5
EBITDA margin in % 23.7 34.6
Tank Container Logistics Division
Revenue in EUR million 79.0 79.0 0.0
EBITDA in EUR million 5.5 5.9 -5.9
EBITDA margin in % 43.8 46.5
Change
30.06.2013 30.06.2012 in %
Number of employees 1,184 1,203 -1.6
- in Germany 831 818 1.6
- abroad 353 385 -8.3
Change
30.06.2013 31.12.2012 in%
Balance sheet total in EUR million 1,529.4 1,527.9 0.1
Non-current assets in EUR million 1,312.6 1,309.4 0.2
Current assets in EUR million 216.8 218.5 -0.8
Shareholders equity in EUR million 313.3 311.7 0.5
Liabilities in EUR million 1,216.1 1,216.2 0.0
Equity ratio in % 20.5 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 53,400 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
Phone: +49 (0) 40 23 54-1341
Fax: +49 (0) 40 23 54-1340
Email: monika.gabler(at)vtg.com
Investor Relations contact:
Christoph Marx
Head of Investor Relations
Phone: +49 (0) 40 23 54-1351
Fax: +49 (0) 40 23 54-1350
Email: christoph.marx(at)vtg.com
Further information at www.vtg.com
End of Corporate News
---------------------------------------------------------------------
15.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
225946 15.08.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.08.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 287986
Anzahl Zeichen: 13093
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 244 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: VTG pushes up revenue and net profit in first half of 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
VTG Aktiengesellschaft (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
