Aves One reflects on a positive first half of 2021 and confirms its 2021 full-year forecast
Half-year sales of core business increased by 5.9 % to EUR 50.3 million (PY adjusted: EUR 47.5 million)
EBITDA increases to EUR 36.1 million (PY: EUR 33.5 million)
EBT (adjusted) of EUR 4.0 million (PY: EUR 4.6 million)
Hamburg, 30 September 2021 – Aves One AG, an owner of durable rail assets, reflects on a positive first half of 2021. The figures for the first half of the year are marked by the streamlining of the portfolio and the strategic focus on the Rail business, after the Company sold virtually all of its sea container portfolio in the first quarter of 2021.
Rail core business delivers strong performance in terms of both sales and results
In a challenging market environment Aves One was able to increase the sales volume of the rail and swap body activities by approximately 5.9 % to EUR 50.3 million compared to the same period of last year (PY adjusted: EUR 47.5 million). The sales growth results predominantly from the high investment activity in the expansion of the Rail business over the last 12 months. Accordingly, the Rail segment contributed sales of EUR 44.5 million (PY: EUR 41.2 million). The Container segment's contribution to sales amounted to EUR 5.5 million (PY: EUR 5.5 million).
The result before interest, income taxes, depreciation and amortisation (EBITDA) increased significantly to EUR 36.1 million (PY: EUR 33.5 million) – up 7.8 % versus the comparative period of the prior year. At the same time, the EBITDA margin, adjusted for the one-off revenue from the sale of the logistics real estate in the prior year, increased from 70.5 % to 71.8 %. The positive development is attributable in particular to a strong performance by the Rail segment. Accordingly, the Rail segment's EBITDA contribution improved significantly by EUR 2.7 million to EUR 35.1 million. The EBITDA contribution of the Container segment amounted to EUR 4.2 million (PY: EUR 4.1 million). EBT adjusted for effects in the financial result came to EUR 4.0 million (PY: EUR 4.6 million).
“The first half-year was still marked by the effects of the COVID-19 pandemic. In this challenging phase, the stability of our Rail portfolio has once again proven its worth. The Rail segment delivered approximately 88 per cent of sales and approximately 97 per cent of EBITDA to the half-year result - a significant increase compared to the prior year. This development shows that with the strategic focus on the Rail business, we have positioned Aves One excellently to grow steadily and profitably, even in challenging times”, commented Tobias Aulich, Member of the Management Board of Aves One AG.
As of 30 June 2021, the assets held in the Group`s own portfolio had a total volume of approximately EUR 794 million. In the first half of 2021, 216 tank and Intermodal wagons with a volume of approximately EUR 19.6 million were taken into stock. In addition, Aves has a well-filled pipeline at its disposal to further expand the Rail portfolio.
2021 full-year forecast confirmed
Mainly in the course of the second quarter 2021, there was a noticeable upturn in demand on the part of freight wagon operators, which is also reflected in a comparison of the quarterly results in the current year. Thus, revenues in the second quarter of 2021 increased by approximately 4 % to EUR 25.6 million compared to the first three months of the financial year. EBITDA improved by approx. 3 % to EUR 18.3 million in the second quarter of 2021. Given this positive trend and the steady business development of the Rail segment, the Management Board confirms the forecast for the financial year 2021. Sven Meißner, Member of the Management Board of Aves One AG: “We are developing extremely steadily in a challenging environment and remain on track. We expect revenues of more than EUR 100 million for the 2021 financial year. Furthermore, we confirm our EBITDA forecast of more than EUR 70 million for the current financial year.”
For further commentary of the key financial indicators, please refer to the half-year report H1-2021, which is available for download at the following link: www.avesone.com/de/finanzberichte.