Strong operating performance in business year 2017
According to preliminary calculations (unaudited), Aves One AG (Aves) considerably increased both its sales and its operating result (EBITDA) for the whole of 2017. While sales rose by around 87 % to around EUR 53.4 million (2016: 28.6 million), the operating result was improved more than proportionally by 183 % to around EUR 29.1 million (2016: EUR 10.3 million). When adjusted for special and one-off balance sheet effects, the pre-tax result for the whole year improved by around EUR 3.9 million to around EUR -8.5 million (2016: EUR -12.4 million). Costs of around EUR 21.6 million (2016: gain EUR 6.0 million) occurred in the reporting year due solely to currency effects contained in the financial result, the majority of which were non-cash-effective. The substantial operational increase is attributable mainly to the build-up of our own assets portfolio, in addition to improved rental incomes. It was possible for both the Rail and the Container portfolios to be enlarged in 2017.
The fourth quarter of 2017 was characterised by a further improvement in all essential business areas, thus continuing the trend of the previous quarters. Through continuously increasing capacity utilisation and improved rental rates, Aves successfully achieved significant growth in sales revenues in the whole year 2017, especially in the Container segment.
The Rail segment was also marked by a rise in new wagon orders and a further increase in capacity utilization on a high level. Appropriate maintenance actions were implemented and inspections brought forward to secure operational capability for freight wagons in the short term. The majority of these investments in the rail fleet will not be reflected in sales until 2018 onwards. The Container segment is also affected by similar special effects, such as the portfolio streamlining reported in December, whose positive effects will also only be visible during the current business year 2018. While sales in the fourth quarter of 2017 rose to around EUR 13.8 million, (Q4 2016: EUR 10.3 million), the pre-tax result adjusted for special and one-off factors improved at the same time to EUR -1.6 million (Q4 2016: EUR -4.7 million). This result was additionally impaired by the anticipatory effects described above.
The intensification of investment activity, improved market and framework conditions, mainly the increase in capacity utilization, in both the Container and Rail segments will be fully reflected in sales in the 2018 business year. The management board anticipates that the company will considerably improve both its sales and its operating result in the current business year 2018.
The unaudited figures published for the third quarter of 2017 contained an error in calculating of mainly non-cash-effective currency effect. There was also a reclassification of costs, which were initially shown as expense in the EBITDA but are now appropriate presented in the financial result. The EBITDA after the first nine months of 2017 was EUR 21.5 million, not EUR 21.3 million. The accordingly adjusted closing statement for the third quarter 2017 is published on the company website.