Corporate | 12 November 2010 08:00
Hamburger Hafen und Logistik AG / Key word(s): Quarter Results
12.11.2010 08:00
---------------------------------------------------------------------------
(Hamburg, 12 November 2010) The recovery in throughput and transport
volumes at Hamburger Hafen und Logistik AG (HHLA) accelerated further in
the course of 2010. After nine months, throughput volume of the container
terminals in Hamburg and Odessa was 15.4 % above the previous year's level,
while the volume transported by HHLA's intermodal companies improved by
13.4 %. For the first time, revenue (791.9 million euros, + 6,2 %) and
EBIT (141.5 million euros, + 8,9 %) were substantially above the previous
year's level again. For the whole year 2010, HHLA now reckons with
throughput growth above 15 %, revenue of over one billion euros and EBIT in
the region of 180 million euros.
'The strong economic recovery from spring 2010 onwards continued and
strengthened in the third quarter. After the first nine months of 2010,
revenue and profit for the Group as a whole are for the first time
distinctly higher than the previous year's figures. Admittedly, there are
signs of a slackening in the world economy and world trade in the fourth
quarter. Nevertheless, and despite the continuing risks of a reverse, for
instance from excessive public debt and currency risks, we are currently
witnessing a stabilization and normalization in long-term growth trends,'
stated Klaus-Dieter Peters, Chairman of the HHLA Executive Board, when
presenting the interim report for the months January to September 2010.
High volume momentum for throughput and transport
After the first three quarters of 2010, at 4.3 million standard containers
(TEU) throughput volume of HHLA's container terminals in Hamburg and Odessa
was 15.4 % above the previous year's level. The surprisingly strong
recovery in volumes commenced in March 2010. Not least, six additional
container liner services ensured a marked acceleration in the speed of
growth. Following the return in March and April of two Far East services
suspended during the crisis, four new services followed in May, August and
October. Serving as one example of these is the new FAL 5/AE 8 East Asia
service operated by the CMA CGM and Maersk shipping lines. Mega-ships of
the latest generation with a carrying capacity of up to 14,000 standard
containers (TEU) are deployed on this service. Also contributing to the
growth have been the feeder services to the Baltic that had collapsed
disproportionately during the crisis and picked up substantially now. One
example is APL shipping company's feeder services that reverted from
Rotterdam to Hamburg at the end of August. The decisive factors here were
the increase in feeder system costs (charter rates and bunker costs) that
again brought the advantages of Hamburg's geographical location into play,
as well as the quality of feeder handling in the Port of Hamburg.
Having transported 1.3 million standard containers (TEU), with their
hinterland services by rail and truck HHLA's intermodal systems were 13.4 %
ahead of the previous year. On intermodal services, the recovery had
already started in summer 2009. Services in the hub-shuttle system (e.g.,
to Prague) developed especially dynamically, already exceeding the record
level of 2008.
Good prospects
In view of how the year has gone so far, despite a weaker fourth quarter
caused by seasonal factors, for the year as a whole HHLA expects to boost
throughput volume by more than 15 % on the previous year and volume
transported by more than 11 %. On this basis, revenues of over one billion
euros and an operating result (EBIT) in the region of 180 million euros is
considered to be obtainable.
Provided that the timetables for the deepening of the navigation channel of
the river Elbe are kept and the economic recovery is stabilized, for 2011
HHLA expects further revenue growth and improvements in profits.
Short-time working ceased on 1 November
The measures adopted to keep employment at the Hamburg location as part of
HHLA's 'Securing the future' project proved effective. The combination of
flexible and needs-related use of short-time working with customized
vocational training measures, enabled work volume to be adjusted to the
development of the economy, with the workforce being retained and given
additional training at the same time. Thanks to the economic recovery, as
from 1 November 2010 HHLA discontinued the short-time working introduced in
summer 2009. The only exception is at the HHLA Logistics subsidiary.
Setting the course for future growth
HHLA has further developed its activities with a large number of projects,
securing the conditions for future growth. Among these projects are:
- The new mega-containership berth at Container Terminal Burchardkai. The
new system at Burchardkai, with modern tandem container gantry cranes, a
largely automated block storage system and new, integrated terminal
control, has meanwhile successfully proved itself.
- The expansion of Container Terminal Odessa. With an investment volume of
70 million euros, the essential conditions have been secured for handling
larger vessels and further throughput growth. At the same time, the
existing terminal agreement has been extended by 20 years to 2044.
- The IPN Inland Port Network joint venture (with Eurogate). IPN is making
the preparations for a network of full-service terminals in Germany meeting
the qualitative requirements of maritime logistics and providing improved
conditions for a sustained increase in the proportion of containers being
moved by rail.
- The CTI Container Inland Trucking Joint Venture by HHLA subsidiary CTD
and the Bremen-based transport company EKB. This is developing a nationwide
delivery service for the 'final mile' between the customer and the inland
terminal for use by multimodal traffic and maritime logistics in Germany.
- The Katowice Inland terminal. To link the economic region of Silesia in
Southern Poland more closely with the Port of Hamburg, in June 2010 HHLA
erected a modern container terminal for use by multimodal traffic in
Katowice.
- The Poznan inland terminal. HHLA will be opening a container terminal in
Poznan in 2011 to serve as a 'Hub terminal' to facilitate the build-up of
efficient shuttle services between the Hamburg terminals and Poland.
Overview of key group figures (January to September 2010)
- Revenue at 791.9 million euros were 6.2% above the previous year's
figure.
- Earnings before interest, taxes, depreciation and amortization (EBITDA)
at 222.6 million euros were 3.5 % above the previous year's figure.
- Earnings before interest and taxes (EBIT) at 141.5 million euros were 8.9
% above the previous year's figure, while profit after tax and minority
interests improved by no less than 21.7 % to 55.5 million euros.
- At due date 30 September 2010 the equity ratio was 40.0 %.
For the period January to September 2010, revenues of the publicly listed
Subgroup Port Logistics, HHLA's core business, were at 770.0 million euros,
6.2 % higher than the previous year's level. The Subgroup's earnings before
interest and tax (EBIT) at 131.3 million euros were 9.9 % higher. The
Subgroup Port Logistics therefore generated 97 % of Group revenue and 93 %
of Group EBIT.
Key Figures HHLA Group
1-9 I 2010 1-9 I 2009 Change
Revenues EUR million 791.9 746.0 6.2 %
EBITDA EUR million 222.6 215.1 3.5 %
EBIT EUR million 141.5 130.0 8.9 %
EBIT margin % 17.9 17.4 0.5 PP
EBIT from continuing
activities EUR million 139.6 143.6 - 2.8 %
EBIT margin from
continuing activities % 17.6 19.3 - 1.7 PP
Profit after tax EUR million 82.1 72.1 13.9 %
Profit after tax
and minority interests EUR million 55.5 45.6 21.7 %
Equity ratio on 30.9 % 40.0 41.9 - 1.9 PP
Staff on 30.9 4,711 4,778 - 1.4 %
Container throughput TEU '000 4,252 3,685 15.4 %
Container transport TEU '000 1,261 1,112 13.4 %
Key Figures Subgroup Port Logistics (publicly quoted)
1-9 I 2010 1-9 I 2009 Change
Revenues EUR million 770.0 724.8 6.2 %
EBITDA EUR million 209.5 201.7 3.9 %
EBIT EUR million 131.3 119.5 9.9 %
EBIT from continuing
activities* EUR million 129.3 133.1 - 2.8 %
Profit after tax and
minority interests EUR million 50.8 40.9 24.2 %
* EBIT shown here is without the one-time effects caused by restructuring
at CTL (previous year: CTL and combisped).
About HHLA
Hamburger Hafen und Logistik AG (HHLA) is a leading port logistics group in
Europe. 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.
Kontakt:
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
12.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: 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
München, Düsseldorf, Berlin, Stuttgart, Hannover
End of Announcement DGAP News-Service
---------------------------------------------------------------------------