DGAP-News

VTG significantly expands its 2014 business - Seite 2

start of 2014. However, tensions between Russia and Ukraine almost led to a
complete halt of traffic in this region. Import and export flows were also
heavily disrupted. In addition, heavier competition led to sales losses in
the liquid goods segment. Correspondingly, contrary to the expectations
associated with the joint venture, revenue rose by only 7.9 percent from
EUR 298.4 million to EUR 322.0 million. Furthermore, the clearly expanded
cost structure had a particular impact on the EBITDA which was EUR 4.1
million under the previous year's EUR 3.8 million, and amounted to EUR -0.2
million in the period under review. The introduction of a new structure and
the process optimization measures which are already in place have ensured
that the foundations allowing the Rail Logistics Division to make a
positive contribution to the company's net profit in 2015 have already been
laid.

In spite of a further decline of prices, the turnover in the Tank Container
Logistics Division was almost at the same level as last year and stands at
EUR 150.9 million, only 0.9 percent below last year's EUR 152.3 million.
The EBITDA appears to be much more positive: as a result of one-off
investments, it increased by 38.7 percent, from EUR 9.2 million to EUR 12.8
million.

2015's focus: the integration of AAE

With the purchase of AAE, VTG has consolidated its position as the largest
private wagon hire company in Europe. As the approximate sum of 30,000
wagons owned by AAE have been added to the current 50,000 already belonging
to VTG, the VTG fleet is now around 80,000 wagons strong. With the addition
of new types of wagons, mostly from the intermodal section, VTG is closing
an important gap in its product portfolio and will soon be able to offer a
full range of rail services for almost all shipping and railway companies
as well as freight carriers. The acquisition of AAE is leading to a clear
increase in revenue and operative results but integration costs will have
to be taken into consideration.

Overall, the VTG AG Executive Board expects positive business developments
in 2015. They anticipate revenue of between EUR 1.0 billion and 1.1 billion
as well as an EBITDA of between EUR 325 and 350 million. Moreover, the
Board intends to propose the payment of a dividend of EUR 0.45 for the 2014
financial year at the Annual General Meeting, which represents an increase