Corporate | 13 May 2011 08:00
Hamburger Hafen und Logistik AG / Key word(s): Quarter Results
13.05.2011 / 08:00
Hamburg, 13 May 2011
HHLA interim report for the first quarter of 2011
RECORD GROWTH IN THROUGHPUT AND TRANSPORT
- Container throughput increases by 32.0 %, container transport by 20.1 %
- HHLA gains market share in the North Range
- Operating result (EBIT) up by 24.2 %
Hamburg, Germany, 13 May 2011. With increases of 32.0 % in container
throughput and 20.1 % in container transport, Hamburger Hafen und Logistik
AG (HHLA) achieved its strongest year-on-year growth for many years in the
first quarter of 2011. Revenue rose by 22.3 % to EUR 289.8 million, while
the operating result (EBIT) improved by 24.2 % to EUR 44.0 million. Profit
after tax and minority interests jumped 46.9 % to EUR 16.4 million. HHLA
now anticipates growth rates of well above 10 % in container volumes,
revenue and earnings for the full year 2011.
Commenting on publication of the interim report for the first three months
of 2011, Klaus-Dieter Peters, CEO of HHLA, said: 'The 2011 financial year
got off to a remarkably successful start for us and we were able to further
expand our market share in container throughput and container transport.
Although HHLA's strong performance in the last three quarters of 2010 means
that the pace of year-on-year growth will naturally slow down as the year
progresses, the first-quarter growth rates strengthen our positive
expectations for the rest of 2011.' He added: 'Assuming the positive global
economic trend seen in recent months remains stable, we now expect growth
rates of well above 10 % in container volumes, revenue and earnings for the
full year.'
Far East and Eastern Europe drive growth in throughput
Container throughput at HHLA's terminals in Hamburg increased substantially
in the first three months of 2011, especially involving the shipping
regions which had been hardest hit by the global economic crisis. Driven by
strong European exports (growth of 40.5 % in container throughput destined
for Asia), Asian traffic improved by 35.9 %, while the Far East and China
shipping region recorded an even greater increase of 38.7 %. European
feeder traffic grew still more rapidly, by 40.7 %. Feeder traffic serving
the Eastern European Baltic ports - including Russia - experienced the
sharpest upturn of 64.8 % on the previous year. This meant the share of
throughput at HHLA's terminals accounted for by feeder traffic - known as
the feeder ratio - recovered from 22 to 25 %.
Further gain in market share
With its throughput growth, HHLA again gained market share in the North
Range as container throughput increased at a slower rate in Rotterdam
(approx. + 10 %), Antwerp (+ 7.9 %) and the Bremen ports (+ 24.9). Various
factors are responsible for the dynamic growth at HHLA's terminals.
Alongside the economic upturn in Central and Eastern Europe, the trend is
attributable to the reinstatement of normal operating conditions for feeder
traffic (recovery in charter rates, higher fuel costs) along with the
expansion and ever-improving performance of the HHLA terminals. In March
2011, the shipping line APL once again named the HHLA Container Terminal
Altenwerder Northern Europe's most high-performance facility of 2010. The
efficiency and quality of HHLA's terminals and the new mega-ship berths at
Burchardkai and Tollerort played a major role in enabling the company to
gain five new liner services to the Far East, North America and the
Mediterranean over the past year yet. In the first quarter of 2011, HHLA
continued to invest in modernizing and expanding its container terminals.
The focus of this capital expenditure was on extending the block storage
and integrated terminal management systems at the HHLA Container Terminal
Burchardkai.
New record posted for hinterland traffic
With growth of 20.1 % to a total of 454 thousand standard containers (TEU),
HHLA's intermodal companies transported 3.4 % more boxes by rail and road
in the first quarter of 2011 than in the first three months of 2008, which
was a record year for the company. This trend was driven in particular by
the companies which offer integrated transport chains based on their own
inland terminals and highly productive direct rail and shuttle services,
translating into extended value added. This successful model is gradually
being rolled out in other regions. In Poland, the centrally located new hub
terminal in Poznán will open in summer 2011 - a key requirement for
building up shuttle services. The existing production systems used for rail
transport in Germany, Austria and Switzerland are currently being converted
in favour of a significantly higher proportion of direct rail services.
Initial successes have already been achieved here, with increases of over
50 % in Austrian and Swiss traffic. It must be noted, however, that the
comparative figures were low.
Changes in key Group figures at a glance (January to March 2011)
- Revenue rose by 22.3 % compared with the same period last year to EUR
289.8 million.
- The operating result before depreciation and amortization (EBITDA) was
also 22.3 % up on the previous year at EUR 75.0 million.
- The operating result (EBIT) came in at EUR 44.0 million - a 24.2 %
increase on last year's figure.
- Profit after tax and minority interests climbed 46.9 % to EUR 16.4
million.
At EUR 283.4 million for the period from January to March 2011, the revenue
generated by HHLA's core business - operated by the publicly listed Port
Logistics subgroup - grew by 22.7 % compared to the first quarter of 2010.
The subgroup's operating result (EBIT) rose 27.5 % to EUR 40.7 million.
This means that the Port Logistics subgroup generated 98 % of Group revenue
and 93 % of Group EBIT.
Key figures for the HHLA Group
1-3 I 1-3 I Change
2011 2010
Revenue EUR 289.8 236.9 22.3 %
million
EBITDA EUR 75.0 61.3 22.3 %
million
EBIT EUR 44.0 35.4 24.2 %
million
EBIT margin in % 15.2 14.9 0.3 pp
Profit after tax EUR 25.1 18.7 34.3 %
million
Profit after tax and minority EUR 16.4 11.2 46.9 %
interests million
Container throughput thousand 1,654 1,253 32.0 %
TEU
Container transport thousand 454 378 20.1 %
TEU
31.03.2011 31.12.2010 Change
Equity ratio in % 32.9 33,1 - 0.2 pp
Employees number of 4,707 4,679 0.6 %
Key figures for the Port Logistics subgroup (publicly listed)
1-3 I 1-3 I Change
2011 2010
Revenue EUR 283.4 231.0 22.7 %
million
EBITDA EUR 70.8 56.9 24.3 %
million
EBIT EUR 40.7 31.9 27.5 %
million
EBIT margin in % 14.4 13.8 0.6 pp
Profit after tax and minority EUR 15.0 9.6 57.0 %
interests million
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.
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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
Listed: Regulierter Markt in Frankfurt, Hamburg; Freiverkehr in
Berlin, Düsseldorf, Hannover, München, Stuttgart
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