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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

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VIPsight International

Article Index

VIPsight - December 2015




VTG: On the right track

Railway logistics expert VTG AG is forecasting a group turnover for this year of between 1 and 1.1 billion Euros. Results coming in for the third quarter of 2015 confirm an increase in turnover to some 764 million Euros, a 25 percent rise over the corresponding period of last year.

EBITDA has increased to approximately 256 million Euros, almost 83 percent higher than last year. The SDax-listed company commented that the increase is mainly a result of the AEE takeover of rolling stock rental. The EBITDA of this specific area alone is up by more than 80 percent on the corresponding period of last financial year and stands at approximately 254 million Euros. The performance of other business areas in logistics, such as rail logistics or tank containers on rail, has also improved over the last nine months. From next year on, VTG intends to lower its financial burden which, combined with other measures to be adopted by the end of 2018 will yield 2,50 Euro per share.


GfK: light growth

SDax-listed market research company GfK SE has improved its turnover and profit over the last 9 months compared to the corresponding period of last financial year. The company has announced a rise of 6 percent in turnover which now stands at 1.12 billion Euros. EBIT, by contrast rose by more than 3 percent to 100 million Euros. While business in North Europe has dipped slightly, remaining unchanged in the South and East, sales in other areas have gone up. It is also true, however, that GfK SE has been favoured by positive currency shifts.


Cewe: The home straight

Cewe Stiftung& Co. KgaA, SDax-listed producer of online photograph books and prints, is forecasting an increase in turnover and revenue for 2015. With group turnover up by almost 3 percent to approximately 338 million Euros for the first nine months accompanied by an increase in EBIT of almost 13 percent, the company feels confident in confirming this year’s forecast turnover of between 515 and 535 million Euros, and an EBIT of between 32 and 38 million Euros. In the quarter leading up to Christmas, online prints and photofinish are known to register sizeable increases so it seems perfectly reasonable that Cewe succeeds in achieving its targets for 2015.