VTG reports successful integration of Nacco and new customer business

Revenue up 16.6% in the first six months of 2019; railcar capacity utilization at a constant high level worldwide

VTG reports successful integration of Nacco and new customer business Bild: VTG AG

VTG is pleased with the first half of the 2019 financial year. The results published today continue the positive trend witnessed in recent quarters: At EUR 599.3 million, Group revenue was 16.6% higher than in the same period a year ago (EUR 513.8 million). EBITDA rose sharply, increasing by 42.2% to EUR 247.0 million for the first six months of 2019 (first half of 2018: EUR 173.7 million).

This development is attributable partly to the successful integration of the Nacco fleet, but also to the consistently high level of fleet utilization (93.0%) worldwide – together with a substantially larger fleet as well as positive revenue trends in the logistics divisions. First-time adoption of the new IFRS 16 accounting standard for operating leases also had a positive effect on EBITDA.

“In line with our forecast, VTG is benefiting from the successful acquisition and integration of Nacco. The numbers prove that this was the right decision for the future of our company. At the same time, constant high capacity utilization across our fleet shows that the market trusts our products and services. Further confirmation comes from positive revenue development and the acquisition of new customer business by the logistics divisions,” says Dr. Heiko Fischer, Chairman of the Executive Board of VTG AG.