Rise in sales revenues ensures increased result for Aves in Quarter 1 of 2018

• Turnaround completed
• All key figures increased by relevant amounts
• Positive trend expected to continue

Aves One AG (Aves), listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange, substantially increased sales revenues and the result in the 1st quarter of 2018, thus completing the operational turnaround.

Compared to the previous year’s quarter, sales revenues at group level in the first three months of the 2018 business year rose substantially by around 30% to EUR 15.6 million (previous year: EUR 12.0 million). In addition to enlargement of the existing portfolio, the improved revenues situation is attributable to the portfolio’s continuously increased capacity utilisation. Aves is operating in a very positive market environment in both the Container segment and the Rail segment.

The improved revenue situation is also reflected in the Aves Group’s cash flow and earning power. Cash flow from ongoing operating activities rose by around 49% to EUR 6.7 million (previous year: EUR 4.5 million) in the period under review. As a result of the operational improvement in the first quarter of 2018, earnings before interest, taxes, depreciation, and amortization (EBIDTA) rose by around 80% to EUR 9.9 million (previous year: EUR 5.5 million). The result from operating activities before interest and taxes (EBIT) rose more than proportionally by around 314% to EUR 5.8 million (previous year: EUR 1.4 million). On the bottom line in the opening quarter of 2018, Aves achieved a pretax profit (EBT)1 amounting to EUR 0.2 million and a consolidated result1 amounting to EUR 0.4 million. Thus the consolidated result1 improved by around EUR 4.8 million compared to the previous year’s quarter.

Aves One AG Management Board member Jürgen Bauer explains: “We are very satisfied with the first quarter’s operating trend. We have succeeded to manage a solid turnaround now also on adjusted EBT-basis through growth in rental incomes at the same time at stable fixed costs. We plan to continue this trend. Thus the result should continue its positive trend in the future.”

For further explanations of the key figures, please refer to the Quarterly Report Q1/2018. This is available for download at www.avesone.com under the heading “Investors”.

	January to March 2018 in Mio. EUR	January to March 2017 in Mio. EUR	% change
Sales revenues	15.6	12.0	30
EBITDA	9.9	5.5	80
EBIT	5.8	1.4	314
EBT *	0.2	-3.5	106
Consolidated result *	0.4	-4.4	109
Cash flow from operating activities	6.7	4.5	49

* Adjusted for losses arising from currency exchange rate effects in the financial result amounting to EUR 5.1 million in 2018 and EUR 1.9 million in 2017. The majority of these exchange rate effects are non-cash-effective.