30.08.2016 VTG Aktiengesellschaft DE000VTG9999
DGAP-News: VTG increases profitability in the first half of 2016 - Revenue slightly below the previous year
DGAP-News: VTG Aktiengesellschaft / Key word(s): Half Year Results VTG increases profitability in the first half of 2016 - Revenue slightly below the previous year 30.08.2016 / 07:30 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press Release VTG increases profitability in the first half of 2016 - Revenue slightly below the previous year - Group net profit up by nearly 50 percent despite small drop in revenue - Substantial reduction in interest expenses combines with synergies from AAE acquisition to drive higher profitability - Earnings per share significantly higher than in the previous year - EBITDA forecast reaffirmed - Revenue expectations for 2016 slightly reduced Hamburg, August 30, 2016. VTG Aktiengesellschaft (WKN: VTG999), one of the leading wagon hire and rail logistics companies in Europe, raised its profitability significantly in the first half of 2016. Although Group revenue of EUR 493.3 million (first half of 2015: EUR 512.3 million) and EBITDA of EUR 165.8 million (first half of 2015: EUR 168 million) were both down by a small amount year on year, Group net profit improved sharply, increasing by around 50 percent to EUR 26.7 million (first half of 2015: EUR 18.1 million). Earnings per share (EPS) climbed even more steeply from EUR 0.42 in the first half of 2015 to EUR 0.71 in the period under review. Successful refinancing in 2015 and the realization of synergies following the acquisition of AAE are two of several reasons for this positive development. "The results for the first half of this year show that we are well on the way to further increasing our profitability. Thanks to successful refinancing and the realization of valuable synergies resulting from the AAE acquisition, we can be pleased with an above-average increase in Group net profit and EPS in the first half-year," says Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft. "The results confirm that we are pursuing the right strategy, even though more positive developments in revenue and EBITDA were hampered by external factors such as the low price of oil and the reduction in truck tolls in Germany. We thus had to slightly reduce our expectations regarding the revenue trend in 2016. However, we still believe that we are well on the way to raising EPS to EUR 2.50 by 2018." Railcar EBITDA margin up - Revenue down slightly In the first half of 2016, the Railcar Division recorded revenue of EUR 254.7 million (first half of 2015: EUR 272.4 million), a decline of 6.5 percent. A large proportion of this decrease is of little or no relevance to Group net profit. However, the low price of diesel shifted transportation to the road, prompting a decline in the intermodal wagon utilization rate in particular. Total fleet utilization thus edged down to 90.1 percent (first half of 2015: 90.2 percent). Since synergies arising from the AAE acquisition compensated for some of the drop in revenue, EBITDA was down only to a minor extent - by 1.3 percent to EUR 165.5 million - compared to the same period in the previous year (EUR 167.6 million). Year on year, the EBITDA margin improved by 3.5 percentage points to 65.0 percent (first half of 2015: 61.5 percent). Capital expenditure of EUR 102.9 million in the first half of 2016 was 10.4 percent higher than the previous year's figure of EUR 93.3 million. Virtually all of this money was invested to expand and modernize the fleet. Substantially better margins at Rail Logistics - Slight revenue increase at Tank Container Logistics The Rail Logistics Division saw revenue fall slightly by 1.3 percent to EUR 155.6 million in the first half of 2016 (first half of 2015: EUR 157.7 million). In addition to customers' production outages and slacker current demand for transportation in the agricultural sector, the discontinuation of low-margin business and an locomotive drivers' strike in France were the main factors contributing to this small drop. Despite declining revenue, the division's EBITDA rose sharply to EUR 2.6 million in the first half of 2016, up from EUR 1.2 million in the same period a year ago. The successful acquisition of new business and the new, more efficient structures in the division were largely responsible for this gain. The gross profit-based EBITDA margin for Rail Logistics thus increased to 18.7 percent in the first half of 2016 (first half of 2015: 8.9 percent). Tank Container Logistics realized a healthy transportation volume with the number of orders rising in Europe and overseas traffic remaining stable. After a weak start to the year, year-on-year revenue edged up from EUR 82.2 million to EUR 83 million, a gain of 0.9 percent. Primarily due to the non- recurrence of an extraordinary result of EUR 1.5 million from the sale of a holding in the first quarter of 2015, EBITDA was down by 12.8 percent, declining from EUR 6.6 million to EUR 5.8 million in line with expectations. Adjusted for this positive extraordinary result, EBITDA was up 13 percent in the first half of 2016 compared to the same period in the previous year. The gross profit-based EBITDA margin thus stood at 38.1 percent, remaining unchanged from the adjusted figure for the first half of 2015. EBITDA forecast for 2016 reaffirmed - Revenue expectations reduced slightly The revenue trend at the VTG Group was lower in the first half of 2016 than in the same period of the previous year. Both the Railcars and Rail Logistics Divisions felt the impact of weaker demand. One reason was that little growth stimulus came from global trade. At the same time, the low price of oil led to transportation being shifted from rail to road in Europe. Efficiency gains in all divisions were able to compensate for much of the decline in revenue that affected Group net profit, with the result that EBITDA was down only slightly on the previous year at the midway mark in 2016. However, in light of only moderate global economic development, the Executive Board is no longer expecting to be able to catch up on lower revenue in the second half of the year. The revenue forecast for 2016 (between EUR 1.03 billion and EUR 1.07 billion) has been adjusted accordingly. The Board now expects revenue to be slightly lower than in the previous year (EUR 1.03 billion). Since a large proportion of the decline in revenue has little impact on Group net profit, the EBITDA range from EUR 345 million to EUR 355 million forecast in February for 2016 as a whole remains unchanged. The Executive Board does, however, believe that this forecast will be met only at the lower end.
Key Figures for the VTG Group Financial year 1.1. - 30.6. 1.1. - 30.6. Change in % 2016 2015 Revenue 493.3 512.3 -3.7 in EUR million EBITDA 165.8 168.0 -1.3 in EUR million EBIT in EUR million 72.7 71.4 1.8 EBT in EUR million 41.1 28.2 45.4 Group net profit 26.7 18.1 47.7 in EUR million Depreciation and 93.1 96.6 -3.6 amortization in EUR million Capital expenditure 102.9 93.3 10.4 in EUR million Operating cash flow 147.8 139.6 5.9 in EUR million Earnings per share 0.71 0.42 69.0 in EUR Railcar Division Revenue 254.7 272.4 -6.5 in EUR million EBITDA 165.5 167.6 -1.3 in EUR million EBITDA margin in % 65.0 51.5 Rail Logistics Division Revenue 155.6 157.7 -1.3 in EUR million EBITDA 2.6 1.2 >100 in EUR million EBITDA margin in % 18.7 8.9 Tank Container Logistics Division Revenue 83.0 82.2 0.9 in EUR million EBITDA 5.8 6.6 -12.8 in EUR million EBITDA margin in % 38.1 49.2 30.6.2016 30.06.2015 Change in % Number of employees 1,406 1,433 -1.9 - in Germany 927 908 2.1 - abroad 479 525 -8.8 30.06.2016 31.12.2015 Change in % Balance sheet total 2,993.9 3,047.1 -1.8 in EUR million Non-current assets 2,678.3 2,708.1 -1.1 in EUR million Current assets 315.0 339.0 -7.1 in EUR million Shareholders equity 734.4 748.2 -1.8 in EUR million Liabilities 2,258.9 2,298.9 -1.7 in EUR million Equity ratio in % 24.5 24.6About VTG: VTG Aktiengesellschaft is one of Europe's leading wagon hire and rail logistics companies, with a fleet consisting of more than 80,000 railcars. VTG offers a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. 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 2015, VTG generated revenue of EUR 1,027.5 million and operating profit (EBITDA) of EUR 336.5 million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, North America, Russia and Asia. As at 31 December 2015, VTG had 1,445 employees worldwide in consolidated companies. VTG AG is listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999). Press contact: Gunilla Pendt Head of Corporate Communications Telephone: +49 (0) 40 23 54-1341 Fax: +49 (0) 40 23 54-1340 Email: [email protected] Investor Relations contact: Christoph Marx Head of Investor Relations Telephone: +49 (0) 40 23 54-1351 Fax: +49 (0) 40 23 54-1350 Email: [email protected] More information at www.vtg.com --------------------------------------------------------------------------- 30.08.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: VTG Aktiengesellschaft Nagelsweg 34 20097 Hamburg Germany Phone: 040 2354 1351 Fax: 040 2354 1350 E-mail: [email protected] Internet: www.vtg.de ISIN: DE000VTG9999 WKN: VTG999 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 496779 30.08.2016
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