Aves One grows significantly in first nine months of 2018 and expects strong fourth quarter
Nine-month results confirm dynamic growth
Revenue with EUR 50.4 million significantly above previous year
EBITDA increased by 65.5% to EUR 35.2 million
Positive outlook: Forecast for full-year 2018 with revenue of EUR 75 million to EUR 78 million and EBITDA of EUR 53 million to EUR 55 million
Aves One AG, a strongly expanding holder of logistics assets, achieved record results in the first nine months of the 2018 financial year: Both sales and earnings increased significantly compared to the same period of the previous year.
Sales revenue reached EUR 50.4 million in the first nine months of the current financial year. This exceeded the previous year's level of EUR 39.6 Mio by 27.2%. EBITDA also increased significantly compared to the previous year, amounting to EUR 35.2 million – an increase of 65.8% (9M 2017: EUR 21.2 million). In the third quarter 2018 alone, EBITDA amounted to EUR 13.3 million. The Company's increasing profitability is evident in the marked rise in the EBITDA margin, which reached 69.9% (9M 2017: 53.6%). Earnings before interest and taxes (EBIT) increased by 131.4% to EUR 21.6 million. Earnings before tax also improved significantly to EUR 2.6 million after adjustments for exchange rate effects in the financial result (9M 2017: EUR -10.3 million).
The positive business performance is based on the successful expansion of the asset volume to a total of EUR 530.2 million as at 30 September 2018 (31 December 2017: EUR 448.5 million) and the continuous high utilisation of the freight car and container stock of around 96% and 98%.
There is further growth potential from the NACCO transaction, which will contribute to sales and earnings in the fourth quarter of 2018. After the closing of the transaction at the start of October 2018, the Aves One fleet's freight car stock nearly doubled to almost 8,900 freight cars. Due to the positive operative development and the acquisitions the Management Board expects sales of EUR 75 million to EUR 78 million for full-year 2018 (FY 2017: EUR 53.4 million). EBITDA is expected to be between EUR 53 million and EUR 55 million (FY 2017: EUR 29.1 million).
Jürgen Bauer, CEO of Aves One AG:
“The figures confirm that we've successfully and sustainably completed the turnaround and are growing both dynamically and profitably. Completing the NACCO transaction in the fourth quarter further expanded our freight car fleet to around 8,900 units and significantly strengthened our core business. The acquisition will result in a significant positive contribution to earnings. We will therefore also further increase our profitability. And we're heading for the billion mark in terms of total asset volume.”