Aves One AG (Aves), listed in Frankfurter Stock Exchange’s regulated market (Prime Standard), has published audited figures for the 2017 business year.
Aves again successfully expanded operational business considerably in the 2017 business year. Sales
revenues at group level in the reporting year 2017 increased significantly to EUR 53.4 million
(previous year: EUR 28.7 million), attributable essentially to consolidation for the first time of Aves
Rail GmbH for a whole business year. Sales revenues were distributed almost equally between the
Rail division with EUR 26.3 million (previous year: EUR 7.6 million) and the Container division with
EUR 24.1 million (previous year: EUR 21.8 million).
Improved capacity utilisation and increased rentals in the Container segment as drivers
Growth in capacity utilisation and increased rental rates in the Container unit had a positive effect on
sales revenues, whereby rental rates and capacity utilisation both showed a clearly rising trend at the
year end. The Rail unit was also characterised by stable sales revenues and high capacity utilisation of
almost 100% in 2017.
Strong growth in operating result (EBITDA) in 2017 compared to the previous year
For the business units that were continued in 2017, the effects resulting from operational
improvements in the Rail and Container segments described above led to a marked increase in
earnings before interest, taxes, depreciation, and amortisation (EBITDA) to EUR 29.1 million
(previous year: EUR 10.3 Mio). While Earnings before interest and taxes (EBIT) rose to EUR 9.4 million
(previous year: EUR 1.8 million), the Group’s financial result changed from EUR -8.2 million to EUR -
46.7 million This change in the financial result arises essentially from largely non-cash-effective
currency effects amounting to EUR 21.6 million, other costs of EUR 3.4 million connected with noncash
capital increases carried out in the year under review, and interest expenses amounting to EUR
21.8 million (previous year: EUR 14.1 million). This results in pre-tax earnings (EBT) for the 2017
Business year amounting to EUR -37.3 million (previous year: EUR -6.5 million). The consolidated net
loss remaining after taxes amounts to EUR -35.0 million (previous year: EUR -7.7 million).
Disregarding special effects such as currency effects, expenses arising from non-cash capital
increases and non-recurring depreciations due to depot rationalisation in the Container segment,
Aves earned an improved consolidated result of EUR -6.2 million (previous year: EUR -13.7 million).
Rationalising the container portfolio will ensure increased future earnings
Non-rented containers were disposed of in the past business year to avoid future depot costs. This
involved a total of around 7,000 containers. Although the sale entailed a one-off expense due to
special depreciations amounting to about EUR 3.8 million in 2017, this measure will ensure future
annual depot cost savings of around EUR 1.5 million. In addition, it was possible to use the liquidity
generated thereby to invest in new containers carrying more attractive rental contracts. Thus this
measure makes a further contribution to better capacity utilisation and rejuvenation of the container
fleet.
Focus on further growth continues in the 2018 business year
As already announced some time ago, Aves plans to invest in the Real Estate segment alongside the
Rail and Container segments. The announced entry into holding a portfolio of logistics real estate
properties was implemented by the recent acquisition of a logistics real estate property in Alsdorf
Business Park near Aachen. Logistics properties with an asset volume of around EUR 100 million are
currently at the purchasing due diligence stage. The plan is for a further big expansion of the
managed portfolio of around EUR 448 million (end of 2017) by further build-up of as-new logistics
assets and the acquisition of logistics real estate properties by the end of 2018. Based on measures
currently being implemented, the management board expects higher sales revenues and further
improvement in the operating result for the current business year 2018. For further explanations of
the key figures, we refer to the Annual Report 2017. This is available for download at
www.avesone.com under the heading “Investors”.