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Aves One looks back on a directional financial year according to preliminary figures, exceptional write-downs shape consolidated result 2020 - Seite 2

Strong rail business shapes preliminary figures 2020

According to preliminary calculations, revenues rose by around 6.1% to approximately EUR 123.9 million (previous year: EUR 116.8 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) remained at a high level of EUR 81.8 million (previous year: EUR 84.5 million). The main driver was the rail business. The division contributed revenues of EUR 83.9 million (previous year: EUR 76.1 million) and EBITDA of EUR 61.6 million (previous year: EUR 54.8 million). Compared to the same period of the previous year, Aves One recorded a slight decline in the utilization of the rail portfolio, also due to the effects of the COVID 19 pandemic. However, the utilization rate remained at a high level of around 90% on average (previous year: 95.5%). Nevertheless, the rail business compensated for the declining performance of the sea container portfolio. In the sea container business, rental price reductions in the context of contract extensions as well as currency effects led to declining revenue and EBITDA contributions.

Aves One also expanded its rail portfolio through acquisitions in the past financial year. The asset volume in the rail segment grew by 12% to over EUR 738.8 million. As a result of the rail investments of around EUR 90.8 million, mainly in new-build wagons, the average age of the freight wagon fleet fell to 15.9 years.

"Our rail portfolio has proven to be a stable and profitable investment in a challenging financial year. With a revenue contribution of about 68% and an EBITDA contribution of about 75%, it contributed significantly to our stable development in a volatile market environment. The liquidity surplus from the sale of the sea container portfolio of around USD 23.8 million and the expansion of our warehouse facility of EUR 75.0 million enables us to continue to consistently strengthen this business unit. The expected cost reductions make it clear that we have reached an important milestone with the sale of our sea container portfolio in order to grow in a focused and profitable manner," says Sven Meißner, Member of the Management Board of Aves One AG.