Ad-hoc | 15 May 2012 07:59
Hamburger Hafen und Logistik AG / Key word(s): Quarter Results
15.05.2012 07:59
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.
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- Container throughput up by 4.7 %, transport volume on par with last
year
- Temporary high burden from terminal reorganisation
- Operating result (EBIT) decreases by 22.6 % in the first quarter
- HHLA targets EBIT of at least EUR 200 million for the full year
Hamburger Hafen und Logistik AG (HHLA) increased its container throughput
to 1.7 million standard containers (TEU) in the first quarter of 2012.
Revenue decreased by 1.0 percent to EUR 286.8 million including a change in
consolidation. Based on lower earnings quality and expenses for the
reorganisation of a terminal in the Container segment, the operating result
(EBIT) decreased by 22.6 percent to EUR 34.0 million. For the full year
2012, HHLA nevertheless expects EBIT of at least EUR 200 million and Group
revenue of EUR 1.1 billion, not least thanks to the realignment of its
intermodal activities.
Throughput growth at HHLA container terminals
The HHLA container terminals continued on their course of growth in the
first three months of 2012, with an increase of 4.7 percent to 1.7 million
standard containers (TEU). This further strengthens HHLA's position in
relation to the large competitors, Rotterdam (throughput down by 3.8
percent) and Antwerp (throughput up by 0.7 percent). The companies for
container transport in the seaports' European hinterland defended last
year's strong performance in the first quarter of 2012 with transport
volumes of 454 thousand TEU. Revenue and earnings were not able to keep up
with this trend, however. In comparison with last year, revenue decreased
by 1.0 percent to EUR 286.8 million. This was due not only to lower revenue
in the Container segment, but also to a change in the consolidation method
for the fruit logistics companies, which resulted in a lower amount in
revenue in a medium single-digit million range. The decrease of 22.6
percent in the operating result (EBIT) to EUR 34.0 million stems from
adverse effects in the Container segment. The Intermodal and Logistics
segments were able to improve their operating result noticeably in
comparison with the same period last year.
Various factors weighed on the Container segment
The marked decrease of 29.2 percent, or EUR 11.8 million, to EUR 28.7
million in EBIT for the Container segment in the first quarter of 2012 is
down to several factors:
- the higher proportion of low-margin European feeder traffic in the
handling mix,
- the decline in storage fees compared with the first quarter of 2011,
when the long freeze in the Baltic Sea caused a container tailback in
Hamburg,
- the delay in dredging the river Elbe, which causes substantial
additional costs in ship handling and
- the temporarily high additional costs at the HHLA Container Terminal
Burchardkai, where the restructuring and change in the terminal
management system enter a decisive phase in 2012, in which large
sections of the facility will be partially automated for the first
time, with running operations.
Realignment of transport companies
An improvement in HHLA's earnings quality is expected from the unbundling
of the shares held by Deutsche Bahn (DB) and HHLA, announced at the end of
April 2012. As soon as the approval of the applicable antitrust authorities
has been obtained, DB will hand over its shares in the intermodal operators
Polzug (33.3 percent) and Metrans (35 percent) to HHLA. In return, HHLA's
existing 50 percent stake in TFG Transfracht will be transferred to DB.
Once the transactions have been completed, HHLA will hold 86.5 percent of
Metrans and, including a capital increase, 74.5 percent of Polzug
Intermodal, while TFG Transfracht will be wholly owned by DB Mobility
Logistics AG. The reorganisation will make it possible to align HHLA's
European hinterland container transport even more consequently with the
needs of maritime logistics thanks to greater use of own production
resources.
Earnings forecast for the full year 2012
In view of the structural changes ensuing from the realignment of its
intermodal activities and the change in the consolidation method for the
fruit logistics companies, HHLA is now targeting a Group revenue of EUR 1.1
billion and an operating result (EBIT) at Group level of at least EUR 200
million for the full year 2012. Compared with last year's figures, this
represents an almost comparable operating result from a lower revenue base
and therefore an increase in operating profitability.
Changes in key Group figures at a glance (January to March 2012)
- Revenue declined by 1.0 % to EUR 286.8 million compared with the same
period last year including a change in consolidation methods.
- The operating result before depreciation and amortisation (EBITDA) was
14.7 % down on the previous year at EUR 64.0 million.
- The operating result (EBIT) decreased year-on-year by 22.6 % to EUR
34.0 million.
- Profit after tax and minority interests declined by 40.8 % to EUR 9.7
million, because the costs of the ongoing terminal reorganisation
affected a company wholly owned by HHLA and therefore not earnings
attributable to minority interests.
At EUR 280.2 million for the period from January to March 2012, the revenue
generated by HHLA's core business - operated by the publicly listed Port
Logistics subgroup - declined by 1.2 % compared to the first quarter of
2011. The subgroup's operating result (EBIT) declined 22.6 % to EUR 31.5
million. This meant that the Port Logistics subgroup generated 98 % of
Group revenue and 93 % of Group EBIT.
Key Figures HHLA Group
in EUR million 1-3 | 2012 1-3 | 2011 Change
Revenue 286.8 289.8 - 1.0 %
EBITDA 64.0 75.0 - 14.7 %
EBIT 34.0 44.0 - 22.6 %
EBIT margin in % 11.9 15.2 - 3.3 pp
Profit after tax 19.1 25.1 - 24.0 %
Profit after tax and minority 9.7 16.4 - 40.8 %
interests
Container throughput in thousand TEU 1,731 1,654 4.7 %
Container transport in thousand TEU 454 454 0.0 %
31.03.2012 31.03.2011 Change
Equity ratio in % 35.8 35.6 0.2 pp
Employees 4,775 4,707 1.4 %
Key Figures Port Logistics Subgroup
in EUR million 1-3 | 2012 1-3 | 2011 Change
Revenue 280.2 283.4 - 1.2 %
EBITDA 60.5 70.8 - 14.5 %
EBIT 31.5 40.7 - 22.6 %
EBIT margin in % 11.2 14.4 - 3.2 pp
Profit after tax and minority 8.8 15.0 - 41.6 %
interests
15.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Germany
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 (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, Hannover, München,
Stuttgart
End of Announcement DGAP News-Service
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