DGAP-News: Aves One AG / Key word(s): Preliminary Results
Aves One looks back on a directional financial year according to preliminary figures, exceptional write-downs shape consolidated result 2020
Hamburg, 22 April 2020 - Aves One AG, an asset owner of durable rail assets, publishes its preliminary figures for 2020. The preliminary figures confirm the strategic decision of the Management Board to sell the sea container business and to concentrate in future on the consistent expansion of the stable and profitable rail business. The sale of the sea container portfolio in March 2021 has an impact on the preliminary figures for 2020, as the effects on earnings were largely taken into account in the annual financial statements for 2020. In the course of focusing on the rail business, the Management Board expects cost reductions of more than EUR 1.5 million p.a. in the future. The company will also benefit from a reduction in the average nominal interest rate of debt financing by 0.3% to around 3.1% p.a.
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.
Exceptional write-downs shape earnings development in 2020
According to preliminary figures, write-downs of EUR 72.2 million were made in the reporting period 2020 (previous year EUR 32.9 million). These include the already announced exceptional write-downs on the sea container fleet of around EUR 33.1 million. As a result of this effect, the result from operating activities (EBIT) fell significantly to EUR 9.6 million (previous year EUR 51.7 million). EBT adjusted for the exchange rate effects shown in the financial result fell to EUR -36.3 million (previous year: EUR 11.1 million).
Outlook 2021: good prospects for sustainable rail business
Tobias Aulich, Member of the Management Board of Aves One AG: "With a first-class rail portfolio, consistently high utilisation rates and a well-filled acquisition pipeline, Aves One is optimally positioned. We are accordingly confident about the future. For the 2021 financial year, we are aiming for continuous expansion of the rail business. We are planning a revenue volume of more than EUR 100 million for the continuing business divisions rail and swap bodies - of which more than EUR 92 million from the rail division (previous year rail: around EUR 83 million). For the Aves One Group we forecast an EBITDA of more than EUR 70 million in the current financial year - of which EUR 64 million from the rail division (previous year rail: around EUR 62 million). By focusing on the rail business, we expect a further increase in profitability for the transition year 2021 and especially beyond. "
About Aves One AG
Aves One AG is an asset owner of durable rail assets with a modern and profitable freight wagon portfolio. Aves One is an established participant in the European rail freight market. Its strategy is geared towards continuous optimisation and further expansion of its rail portfolio. With registered office in Hamburg, Aves One AG is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (ISIN: DE000A168114; WKN: A16811).
22.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Aves One AG
Große Elbstrasse 61
040 696528 350
040 696528 359
Regulated Market in Frankfurt (Prime Standard), Hamburg, Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart; London
EQS News ID:
End of News
DGAP News Service