DGAP-News: VTG Aktiengesellschaft: VTG continues its path of growth

DGAP-News: VTG Aktiengesellschaft / Key word(s): Interim Report
VTG Aktiengesellschaft: VTG continues its path of growth

16.11.2011 / 07:31

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VTG continues on its path of growth 

  - Group revenue reported at EUR 558.3 million, a 20.6 percent rise from
    2010

  - EBITDA increases by 10.9 percent to EUR 126.0 million

  - Wagon capacity utilization up once again

Hamburg, November 16, 2011. With its third-quarter results, the Hamburg
based wagon hire and rail logistics company VTG Aktiengesellschaft (WKN:
VTG999) saw the positive trend of the first six months of 2011 continue.
There was clear growth in all three divisions, with overall revenue rising
from EUR 462.8 million to EUR 558.3 million, an increase of 20.6 percent
compared with same the period of 2010. Operating profit (EBITDA) amounted
to EUR 126.0 million, a year-on-year rise of 10.9 percent.

'The third quarter met our expectations and confirmed our forecast for the
year. We are continuing our path of growth and have further strengthened
our position in the international rail freight traffic market with
acquisitions in Italy and Russia', comments Dr. Heiko Fischer, CEO of VTG
Aktiengesellschaft, adding: 'I am looking optimistically to the future,
given our long-term contracts and a well-filled order book with more than
2,000 wagons.'

Wagon Hire: Capacity utilization climbs to 91.3 percent

In the first nine months of 2011, the Wagon Hire Division generated revenue
of EUR 224.0 million. This represents a year-on-year increase of EUR 12.1
million, or 5.7 percent. EBITDA amounted to EUR 117.8 million, increasing
by EUR 9.8 million, or 9.1 percent, against the same period in 2010. The
EBITDA margin related to revenue also grew, increasing to 52.6 percent
compared with 50.9 percent in the previous year.

Wagon Hire saw a general trend of increasing demand for wagons across all
segments in the first nine months of 2011. As of September 30, 2011,
capacity utilization was at a level of 91.3 percent, increasing over the
previous quarter. It rose sharply in line with demand from a level of 88.2
percent at the end of the third quarter of 2010.

Rail Logistics: Continued upward trend

As of September 30, 2011, revenue in Rail Logistics had risen against the
first nine months of 2010 by 51.9 percent to EUR 218.4 million (previous
year: EUR 143.8 million). At EUR 9.0 million, EBITDA was also up by 36.9
percent from the previous year (EUR 6.5 million). The EBITDA margin on
gross profit was 48.0 percent, compared with 52.7 percent for the same
period of the previous year. The division successfully continued its
positive trend in the first nine months of the year, particularly in
eastern and southeastern Europe. Revenue and EBITDA are also positively
influenced by including the Polish subsidiary of Transpetrol into the
consolidation scope of the VTG group. Without the consolidation effect of
the Polish subsidiary, EBITDA for Rail Logistics would have been EUR 7.3
million in the reporting period, representing an increase of 12.1 percent.

With the recent establishment of an ethanol wagon pooling system in
cooperation with the Wagon Hire Division, Rail Logistics has managed to
make access to rail freight transport easier for customers with small
quantities and short-notice requirements while also taking traffic off the
roads and onto the railway. This shows that the Rail Logistics Division's
Europe-wide network of haulage partners and its access to the fleet of the
Wagon Hire Division can provide customers with the right transport service
and the right wagons.

Tank Container Logistics: Improved year-on-year trend 

In the first nine months of 2011, Tank Container Logistics achieved an
increase in revenue of 8.2 percent, to EUR 115.8 million (previous year:
EUR 107.1million). There was a year-on-year increase in EBITDA of EUR 8.3
million, or 12.8 percent, to EUR 9.3 million. The EBITDA margin on gross
profit increased to 48.5 percent (previous year: 45.0 percent). These
increases are largely due to an improved trend in business, with an
increase in demand for transports against the same period of the previous
year. However, in recent weeks, demand for transport capacities in Asia has
weakened somewhat.

As of September 30, 2011, the deployed fleet comprised 9,970 tank
containers, 970 more units than at September 30, 2010.

VTG Group remains confident for 2011 and re-affirms forecast 

The weakening of the global economy as described by some observers has so
far had very little impact on the trend in VTG's business. Given its stable
business model, VTG expects to report a solid 2011 result. Capacity
utilization in Wagon Hire is expected to remain at a high level over the
remaining months of 2011. Even if the logistics divisions await more
moderate growth rates, the company expects to be able to continue
successfully on its path of growth.

The Executive Board of VTG AG re-affirms its previous forecast for the
financial year 2011 and is confident of achieving levels of revenue and
EBITDA in the upper half of the target ranges  (EUR 720 -760 million and
EUR 165 - 170 million, respectively).

VTG remains committed to issuing solid dividends reliably over the long
term.

 
 

Key figures for the VTG Group

<pre>

Financial year                             1.1-30.9.  1.1.-30.9.   Change
                                               2011        2010      in %
Revenue in EUR million                        558.3       462.8      20.6
EBITDA in EUR million                         126.0       113.6      10.9
EBIT in EUR million                            54.4        46.9      16.0
EBT in EUR million without refinancing*        23.8        24.7      -4.0
Group profit in EUR million without
refinancing**                                  15.0        15.7      -4.4
Depreciation and amortization in EUR
million                                        71.6        66.7       7.4
Capital expenditure in EUR million            105.1       115.2      -8.7
Operating cash flow in EUR million             99.5        99.5       0.0
Earnings per share in EUR without
refinancing***                                 0.64        0.69      -7.2
Wagon Hire Division
Revenue in EUR million                        224.0       211.9       5.7
EBITDA in EUR million                         117.8       108.0       9.1
EBITDA margin in %                             52.6        50.9
Rail Logistics Division
Revenue in EUR million                        218.4       143.8      51.9
EBITDA in EUR million                           9.0         6.5      36.9
EBITDA margin in %                             48.0        52.7
Tank Container Logistics Division
Revenue in EUR million                        115.8       107.1       8.2
EBITDA in EUR million                           9.3         8.3      12.8
EBITDA margin in %                             48.5        45.0
                                              30.9.       30.9.    Change
                                               2011        2010      in %
Number of employees                           1,115         995      12.1
- in Germany                                    769         696      10.5
- abroad                                        346         299      15.7
                                              30.9.      31.12.    Change
                                               2011        2010      in %
Balance sheet total in EUR million          1,479.1     1,355.2       9.1
Non-current assets in EUR million           1,194.8     1,174.8       1.7
Current assets in EUR million                 284.4       180.4      57.6
Shareholders equity in EUR million            311.8       313.0      -0.4
Liabilities in EUR million                  1,167.3     1,042.2      12.0
Equity ratio in %                              21.1        23.1


</pre>

* EBT Q3/2011 with refinancing =  EUR 0.5 million = -97.9%

** Group profit Q3/2011 with refinancing = EUR  0.3 million = -97.9%

*** Earnings per share Q3/2011 with refinancing =  EUR -0.05  = -107.2%

 About VTG:

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 51,200 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, paper and agricultural industries.

In the financial year 2010, VTG generated revenue of EUR 629.4 million and
operating profit (EBITDA) of EUR 154.4 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 2010, VTG had
999 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@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@vtg.com

Further information at www.vtg.com


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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@vtg.de                                            
Internet:    www.vtg.de                                             
ISIN:        DE000VTG9999                                           
WKN:         VTG999                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,  
             München, Stuttgart                                     
 
 
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