DGAP-News: VTG Aktiengesellschaft: VTG reports solid half-year results and increases full-year forecast
(firmenpresse) - VTG Aktiengesellschaft / Half Year Results/Quarter Results
25.08.2010 08:30
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Press Release
VTG reports solid half-year results and increases full-year forecast
- Group revenue increased by 6.9 percent to EUR 307.1 million
- EBITDA of EUR 75.1 million at level of previous year
- Increasing wagon fleet capacity utilization
- Logistics divisions continue on path of growth
- Forecast for financial year 2010 raised
Hamburg, August 25, 2010. The positive trend in the Hamburg based wagon
hire and rail logistics company VTG Aktiengesellschaft (WKN: VTG999)
continued in all three divisions for the first six months of 2010. Revenue
rose by 6.9 percent, from EUR 287.3 million in 2009, to EUR 307.1 million
in the first half year of 2010. Operating profit (EBITDA) - at EUR 75.1
million - stayed strong at around the level of the previous year (EUR 75.4
million). Cash flow from operating activities decreased by 16.3 percent to
EUR 64.8 million. This was due to the increase in revenue in the logistics
divisions and the higher trade receivables associated with this. Due to the
good business development the Group is raising its forecast and expects an
increase in revenue and EBITDA in the financial year 2010 compared with
2009.
Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft, comments on the good
half-year results: 'In our largest division, Wagon Hire, demand for wagons
is increasing again. Our customers are hiring additional wagons from us and
ask increasingly for even more transport capacities. This is the clearest
sign that our customers have largely overcome the recession and that, not
only in the logistics divisions but also in Wagon Hire, we are back on
track for growth.'
Wagon Hire - capacity utilization increases
In the first six months of 2010, the Wagon Hire Division has continued
recovering. After the slowdown in the decline in capacity utilization in
2009 and into 2010, VTG was able to hire out more wagons again. The level
of capacity utilization has increased from the previous quarter's level of
87.0 percent to 87.4 percent that is just 1.5 percentage points below the
previous year. This is the first increase of the utilization rate in six
quarters. Revenue in this division, at EUR 142.6 million, was 1.1 percent
higher than that of the first six months of 2009 (EUR 141.0 million). This
is largely due to a major contract awarded in 2009 to the Waggonbau Graaff
wagon construction plant. Due to the slightly lower level of capacity
utilization compared with 2009, EBITDA was at EUR 72.1 million, 3.0 percent
below the figure for the previous year (EUR 74.3 million). The EBITDA
margin related to revenue narrowed slightly, from 52.7 percent in the
previous year to 50.6 percent in the first six months of 2010.
Rail Logistics continues on its successful course
Rail Logistics benefited from new customers, optimizing traffic flows for
customers, and concentrating on international transports. Moreover, the
division expanded its services to include new types of goods for transport,
such as vehicles, vehicle parts, metal powders, and industrial sugar. This
is reflected in the division's 5.3 percentincrease in revenue, from EUR
91.2 million in the first six months of 2009 to EUR 96.1 million in the
same period of 2010. EBITDA showed an increase of 19.1 percent, rising from
EUR 3.3 million in the previous year to EUR 3.9 million. There was a sharp
increase in the EBITDA margin on gross profit, from 41.9 percent to 50.5
percent.
Tank Container Logistics continues to grow
Tank Container Logistics is continuing to benefit from the rising demand
for transports with tank containers in all regions served by the division
and across all product groups. The division has also successfully expanded
its tank container fleet from 7,600 containers at the end of the first six
months of 2009 to 8,900. Beyond this, the division further strengthened its
business relationships in Turkey and Russia. With its flexible logistics
concepts and even closer collaboration with local agents, Russian export
customers can now also be served in a systematic way, while transport
business with Turkey has been stepped up significantly.
In line with these developments, revenue for the division increased by 24.3
percent, from EUR 55.1 million to EUR 68.5 million. The EBITDA of EUR 4.6
million was 44.9 percent higher than that of the previous year (EUR 3.2
million). The EBITDA margin on gross profit increased from 38.9 percent in
the previous year to 42.5 percent in the first half of 2010.
Outlook for 2010 - forecast raised
The good results achieved in the first half of 2010 show that VTG remains
on course to smooth out the small decline in 2009. Moreover, the Group is
strengthening itself through other measures, including taking over some 720
used rail freight cars of the Rexwal Group, as was announced back in April.
Another such measure, announced in July, is VTG's entry into the European
rail transport market for grain, subject to approval by the antitrust
authorities. Based on the expectation that the positive trend seen in the
first six months will continue in the second half of 2010, the Executive
Board of VTG is raising its forecast for growth in the financial year 2010.
It is anticipated that revenue of between EUR 600 and 630 million will be
generated in the current financial year, what would equal an amount 3 to 8
percent higher than in 2009. Furthermore, the Executive Board is expecting
EBITDA of between EUR 150 and 155 million, representing moderate growth of
around 0.5 - 3.5 percent.
Key figures for the VTG Group
Financial year 1.1. - 30.6. 1.1. - 30.6. ChangeAbout VTG:
2010 2009 in %
Revenue in EUR million 307.1 287.3 6.9
EBITDA in EUR million 75.1 75.4 -0.5
EBIT in EUR million 31.0 35.3 -12.2
EBT in EUR million 16.1 19.7 -18.5
Group profit in EUR million 10.2 12.5 -18.7
Depreciation and amortization
in EUR million 44.1 40.1 9.9
Total capital expenditure
in EUR million 56.1 54.1 3.7
Cash flow from operating
activities in EUR million 64.8 77.4 -16.3
Earnings per share in EUR 0.45 0.56 -19.6
Wagon Hire
Revenue in EUR million 142.6 141.0 1.1
EBITDA in EUR million 72.1 74.3 -3.0
EBITDA margin in % 50.6 52.7
Rail Logistics
Revenue in EUR million 96.1 91.2 5.3
EBITDA in EUR million 3.9 3.3 19.1
EBITDA margin in % 50.5 41.9
Tank Container Logistics
Revenue in EUR million 68.5 55.1 24.3
EBITDA in EUR million 4.6 3.2 44.9
EBITDA margin in % 42.5 38.9
30.6.30.6. Change
2010 2009 in %
Number of employees 957 1,006 -4.9
- in Germany 684 672 1.8
- abroad 273 334 -18.3
30.6. 31.12. Change
2010 2009 in %
Balance sheet total
in EUR million 1,309.8 1,277.2 2.6
Non-current assets
in EUR million 1,124.5 1,124.9 0.0
Current assets
in EUR million 185.2 152.3 21.7
Shareholders' equity
in EUR million 300.9 296.7 1.4
Total liabilities
in EUR million 1,008.9 980.4 2.9
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
25.08.2010 08:30 Ad hoc announcement, Financial News and Press 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 Hamburg, München, Düsseldorf, Berlin, Hannover, Stuttgart
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