Corporate | 13 November 2013 07:30


Hamburger Hafen und Logistik AG: HHLA Records Strong Growth in Container Transport


Hamburger Hafen und Logistik AG / Key word(s): Interim Report

13.11.2013 / 07:30

HHLA Interim Report January to September 2013
HHLA Records Strong Growth in Container Transport

– Container transport of companies still included in the Intermodal segment increased by 21.1 %
– Container throughput up by 5.1 %
– Market positions in core business segments expanded further
– Group revenue grew by 2.5 % to EUR 868.0 million
– Operating result (EBIT) decreased slightly to EUR 121.4 million compared to the previous year’s figure adjusted for one-off gain

The remaining transport companies of Hamburger Hafen und Logistik AG (HHLA) significantly increased their container transport by 21.1 % to 883 thousand standard containers (TEU) in the first nine months of the 2013 financial year. This is primarily due to new connections within Germany, with Austria and with the Polish sea ports. Throughput volume at HHLA’s container terminals in Hamburg and Odessa also developed positively. Despite a slight overall decline in volumes at competing ports, HHLA increased its container throughput by 5.1 % to 5.7 million TEU. The operating result (EBIT) was not able to follow volume growth due to continuing expenses for expansion and modernisation, which is necessary to handle the rising number of ever-bigger vessels, as well as burdens due to the flooding in early summer. Compared to the previous year’s figure adjusted for one-off gains, EBIT decreased slightly to EUR 121.4 million. By contrast, Group revenue grew by 2.5 % to EUR 868.0 million.

‘The success of our Intermodal companies in a challenging environment is remarkable. The increase in container transport is primarily the result of our D.A.CH. strategy. We are expanding in the attractive markets of Germany (D), Austria (A) and, since October 2013, also in Switzerland (CH). The growth in transport volumes confirms our strategic approach. We are complementing our technological leadership with high levels of productivity in seaborne handling, by means of our own high-performance and cost-effective rail and road hinterland systems. Here we are increasingly focusing on our own rolling stock and inland terminals. In this way, we are not only gaining market share in the transport business, but are also bundling cargo flows for our container terminals. And it is not least because of this that we have been able to increase our container throughput in the last nine months despite the general market trend. Given the infrastructural restrictions that we and our customers continue to face, this is not something which can be taken for granted. Since the number of ever-bigger vessels grows, the delay in dredging the river Elbe – already long outstanding – poses us considerable challenges,’ said Klaus-Dieter Peters, Chairman of the HHLA Executive Board.

Intermodal Network Expanded Considerably
HHLA successfully expanded its Intermodal network in the European hinterland in the first nine months of 2013 1 . The rail operator Metrans extended its services in Germany and Austria. Since October, Metrans has been operating three weekly services between the German sea ports and Basel. This means that Metrans now offers transport services with Switzerland for the first time. The HHLA rail company Polzug expanded its network to include new connections to Poland’s sea ports. The resulting growth at Metrans and Polzug was only slightly hampered by a temporary fall in volumes during the flooding in May and June. The newly opened hub terminals in Ceska Trebova (2013) and Poznan (2011) registered a marked increase in throughput. The strategy of enhancing value added and the vertical range of production using own equipment has thereby proved successful.

Container Throughput Grows in Contrast to the Market Trend
With throughput growth of 5.1 %, the HHLA container terminals have also further strengthened their market position. At its facilities in Hamburg and Odessa, HHLA achieved container throughput of 5.7 million TEU in the first nine months. The increase in market share resulted primarily from the substantial increase of 10.1 % in feeder traffic to the Baltic states and Russia, as well as the renewed increase of 6.5 % in the handling of containers from and to the Far East. The container terminal in Odessa also increased throughput significantly and gained market share in Ukraine. The higher proportion of total throughput consisting of lower-margin feeder containers made a decisive contribution to the fact that revenue development at segment level remained somewhat behind the growth in volumes. The additional expenses for personnel and equipment incurred by the delayed dredging of the navigation channel of the river Elbe, together with the costs of
modernising and expanding the Container Terminal Burchardkai led in large part to the year-on-year decline in the operating result (EBIT).

Forecast for Revenue and EBIT
On this basis, HHLA is upholding its revenue forecast for the full year 2013. According to this, Group revenue will be between EUR 1.1 billion and EUR 1.2 billion. This requires greater efforts, however. The Group’s operating result (EBIT) is therefore expected to be at the lower end of the announced range of EUR 155 million to EUR 175 million.

Changes in Key Group Figures at a Glance (January to September 2013)

– Revenue rose by 2.5 % to EUR 868.0 million.
– The operating result before depreciation and amortisation (EBITDA) was 9.0 % lower than in the previous year, at EUR 212.7 million.
– The operating result (EBIT) fell by 15.6 % to EUR 121.4 million. Compared to the previous year’s figure adjusted for an one-off gain (the realignment of the Intermodal segment) EBIT only decreased slightly.
– Profit after tax and minority interests fell by 30.3 % to EUR 44.6 million.

At EUR 847.1 million for the period from January to September 2013, the revenue generated by HHLA’s core business – operated by the listed Port Logistics subgroup – rose by 2.5 % on the previous year. The subgroup’s operating result (EBIT) fell by 17.4 % to EUR 110.7 million. Earnings per share decreased 33.3 % to EUR 0.57.

1 The Intermodal segment was realigned in the first half of 2012. For this reason, the volumes, revenue and earnings reported for 2013 are not directly comparable with the previous year’s figures. The 2012 figures still include the volumes transported by TFG Transfracht. Income for 2012 also contains the portion of Transfracht revenue attributable to HHLA based on the 50 % stake it held at the time. Furthermore, EBIT for the first nine months of 2012 includes an one-off gain of EUR 17.3 million, due to the sale of TFG Transfracht shares.

Key Figures HHLA Group

in EUR million 1-9 | 2013 1-9 | 2012 Change
Revenue 868.0 847.2 2.5 %
EBITDA 212.7 233.8 – 9.0 %
EBIT 121.4 143.8 – 15.6 %
EBIT margin in % 14.0 17.0 – 3.0 pp
Profit after tax 71.1 88.0 – 19.2 %
Profit after tax and minority interests 44.6 64.0 – 30.3 %
Container throughput in thousand TEU 5,681 5,405 5.1 %
Container transport 2 in thousand TEU 883 949 – 6.9 %
Container transport 2 of continued operations in thousand TEU 883 729 21.1 %
30.09.2013 31.12.2012 Change
Equity ratio in % 33.8 31.8 2.0 pp
Employees 5,015 4,915 2.0 %

2 Transport volume was fully consolidated in the previous year. The first quarter of 2012 includes the volume of TFG Transfracht, in which HHLA held a stake until its disposal in the second quarter of 2012.

Key Figures Port Logistics Subgroup

in EUR million 1-9 | 2013 1-9 | 2012 Change
Revenue 847.1 826.7 2.5 %
EBITDA 198.8 221.0 – 10.0 %
EBIT 110.7 134.0 – 17.4 %
EBIT margin in % 13.1 16.2 – 3.1 pp
Profit after tax and minority interests 39.8 59.6 – 33.3 %
Profit per Class A share in EUR 0.57 0.85 – 33.3 %



Contact:
Dr. Susanne Umland
Investor Relations

HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de

Tel: +49-40-3088-3397
Fax: +49-40-3088-55-3397
E-mail: investor-relations@hhla.de


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Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Germany
Phone: +49 (0)40-3088-0
Fax: +49 (0)40-3088-3355
E-mail: info@hhla.de
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Düsseldorf, Hannover, München, Stuttgart
End of News DGAP News-Service
239421  13.11.2013