DGAP-News: VTG pushes up revenue and net profit in first

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 <pre> 1.1. - 30.6. 1.1. - 30.6. Change 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 </pre> About VTG: 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@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@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@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