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Revenue up but one-time events hit VTG earnings
Wagon leasing and rail and tank-container logistics company VTG has announced unaudited group revenue of €1·07bn for 2018, with the 5·7% year-on-year growth attributed to increased demand which saw capacity utilisation reaching 93·5% at the end of the year, the highest for 10 years. The acquisition of Nacco also had a positive impact, adding €22m to Q4 revenue.
EBITDA was up 1·7% at €349m including one-time charges of €19m for the Nacco transaction and €7m relating to the voluntary public takeover bid by Warwick Holding; VTG is to be delisted from the Frankfurt stock exchange in April.
‘The unaudited result shows that our takeover of Nacco was the right move, an important step in the long-term development of the company’, said Heiko Fischer, Chairman of the VTG executive board. ‘Although the cost of the transaction placed a burden on group profit, we are already seeing confirmation that we have strengthened our position for the long-term future. We are confident that we will be able to continue this positive trend in 2019, too, and our shareholders should also reap the benefits of this development.’
VTG’s wagon leasing division experienced ‘very dynamic’ development with revenue up 11·4% to €580m. However the loss of two major orders, a strike in France and a shortage of drivers had a negative impact on the Rail Logistics division, with revenue down 3·6% to €325m.
Looking to 2019, the executive board anticipates further positive developments, as ‘although the economy has lately lost some of its momentum, the economic fundamentals remain solid in all markets of relevance’. Germany’s reduction in freight track access charges is also expected to boost demand.
This article first appeared on www.railwaygazette.com
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