Corporate | 15 May 2009 08:01
Hamburger Hafen und Logistik AG / Quarter Results
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Against the background of a worldwide collapse of industrial production and
volumes transported, Hamburger Hafen und Logistik AG (HHLA) has reported
distinct downturns in revenues and earnings. In the first three months of
2009 revenues fell back by 20 percent to 256.5 million euros and earnings
before interest and taxes (EBIT) sank by 45 percent to 51.0 million euros.
By contrast, equity ratio improved by 2.4 percentage points to 43.2
percent.
'Against a dramatic deterioration in the economic environment, in the first
quarter of 2009 Hamburger Hafen und Logistik AG has systematically adhered
to its course of active crisis management while preserving future growth
opportunities. Despite a steep drop in volumes handled and transported, for
instance, HHLA has kept the downturn in revenues within bounds, achieved
respectable earnings and continued its policy of having a sound balance
sheet structure. Cost-reduction measures implemented at short notice made
important contribution here,' explained Klaus-Dieter Peters, HHLA CEO, as
HHLA's interim report for January to March 2009 was released. At 19.9
percent, a high EBIT margin continued to be achieved.
As yet, during the 2009 financial year no indications of a fundamental
reversal of the trend in the current situation of the economy have been
apparent. For the year as a whole, HHLA is therefore continuing to assume a
pronounced double-digit decline in volumes handled and transported as well
as significant reductions in revenues and earnings. With its measures to
reduce costs and spread out investments, however, even for 2009 as a whole
HHLA anticipates to achieve a continued clearly positive operating result.
An overview of key Group figures (January to March 2009)
- Revenues fell by 20.0 percent to 256.5 million euros.
- Earnings before interest, taxes, depreciation and amortization (EBITDA)
declined by 34.0 percent to 76.3 million euros.
- Earnings before interest and taxes (EBIT) fell by 45.0 percent to 51.0
million euros.
- At 29.5 million euros, the result after taxes was 50.5 percent below the
corresponding figure in the previous year.
- Equity ratio as of 31.3.2009 was 43.2 percent (previous year: 40.8
percent).
- Throughput in the Container segment was down by 31.8 percent at 1,247
million standard containers.
- Transport volume in the Intermodal segment fell back by 16.6 percent to
0,366 million standard containers.
In the first three months of 2009, revenues of the stock exchange listed
subgroup Port Logistics, HHLA's core business, fell by 20.6 percent to
249.4 million euros. The subgroup's EBIT dropped by 46.9 percent to 47.8
million euros. The Port Logistics subgroup was therefore responsible for
97.0 percent of Group revenues and 93.7 percent of Group EBIT.
Just those markets that in recent years have mainly contributed to HHLA's
disproportionate growth are now reporting above-average downturns (feeder
services in the Baltic region, overseas trades with East Asia, hinterland
services with Central and Eastern Europe). HHLA has responded to this
challenge in a variety of ways. In the Container segment, for instance, a
greater proportion of high-value services at least partly compensated for
the volume trend, and here the service-intensive combination of handling,
storage and hinterland services (especially by rail) once again proved
itself. In the Intermodal segment the prime consideration was the retention
and expansion of market positions. The package of measures to reduce costs
along with the systematic realization of savings that could be effected in
the short term have also made an impact. In the second half of 2009, HHLA
will be noticeably reducing staff costs by mounting a training initiative
for its staff in combination with short-time working. Furthermore, spending
on investments will once again be adjusted to the development of the
economy. Investments in long-term growth and in boosting efficiency will be
maintained, and by contrast those to boost capacity will be staggered and
deferred.
Klaus-Dieter Peters, Chairman of the HHLA Executive Board, commented: 'HHLA
is thus well equipped to continue to successfully master the current
economic crisis, to remain capable of exploiting the opportunities in an
economic recovery and to keep a firm eye on its long-term growth
prospects.'
HHLA Group: Key figures
1-3 I 2009 1-3 I 2008 Change
Revenue EUR million 256.5 320.8 -20.0%
EBITDA EUR million 76.3 115.5 -34.0%
EBIT EUR million 51.0 92.6 -45.0%
Earnings after taxes EUR million 29.5 59.6 -50.5%
Earnings after taxes and
minority interests EUR million 20.0 42.7 -53.3%
Equity ratio in percent 43.2 40.8 2.4 pp
Staff on 31.03. 4,930 4,656 5.9%
Subgroup Port Logistics (stock exchange listed): Key figures
1-3 I 2009 1-3 I 2008 Change
Revenues EUR million 249.4 314.3 -20.6%
EBITDA EUR million 72.1 112.0 -35.6%
EBIT EUR million 47.8 90.0 -46.9%
Earnings after taxes EUR million 28.2 58.8 -52.1%
Earnings after taxes
and minority interests EUR million 18.7 42.0 -55.5%
Container throughput
Thousand TEU 1,247 1,827 -31.8%
Containers transported
Thousand TEU 366 439 -16.6%
About HHLA
Hamburger Hafen und Logistik AG (HHLA) is one of the leading port logistics
groups in the European North Range. With its Container, Intermodal and
Logistics segments, HHLA is positioned vertically along the transport
chain. Efficient container terminals, high-capacity transport systems and a
full range of logistics services form a complete network between the
overseas port and its European hinterland.
Contact:
Matthias Funk
Investor Relations
HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de
Tel: +49-40-3088-3397
Fax: +49-40-3088-3339
E-mail: investor-relations@hhla.de
15.05.2009 Financial News transmitted by DGAP
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Language: English
Issuer: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Deutschland
Phone: +49 (0)40-3088-1
Fax: +49 (0)40-3088-3355
E-mail: info@hhla.de
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Indices: MDAX
Listed: Regulierter Markt in Frankfurt, Hamburg; Freiverkehr in
Berlin, Hannover, Stuttgart, München, Düsseldorf
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