Quarterly Report • May 18, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
| HHLA Group | |||
|---|---|---|---|
| in € million | 1–3 2021 | 1–3 2020 | Change |
| Revenue and earnings | |||
| Revenue | 348.7 | 335.7 | 3.9 % |
| EBITDA | 88.4 | 77.5 | 14.1 % |
| EBITDA margin in % | 25.3 | 23.1 | 2.2 pp |
| EBIT | 46.3 | 36.7 | 26.4 % |
| EBIT margin in % | 13.3 | 10.9 | 2.4 pp |
| Profit after tax | 28.2 | 17.9 | 57.6 % |
| Profit after tax and minority interests | 21.3 | 10.1 | 110.5 % |
| Cash flow statement and investments | |||
| Cash flow from operating activities | 68.2 | 78.9 | - 13.5 % |
| Investments | 42.7 | 51.0 | - 16.3 % |
| Performance data | |||
| Container throughput in thousand TEU | 1,677 | 1,796 | - 6.6 % |
| Container transport in thousand TEU | 418 | 378 | 10.7 % |
| in € million | 31.03.2021 | 31.12.2020 | Change |
| Balance sheet | |||
| Balance sheet total | 2,721.1 | 2,591.1 | |
|---|---|---|---|
| 5.0 % | |||
| Equity | 603.3 | 567.0 | 6.4 % |
| Equity ratio in % | 22.2 | 21.9 | 0.3 pp |
| Employees | |||
| Number of employees | 6,404 | 6,312 | 1.5 % |
| Port Logistics subgroup1,2 | Real Estate subgroup1,3 | |||||
|---|---|---|---|---|---|---|
| in € million | 1–3 2021 | 1–3 2020 | Change | 1–3 2021 | 1–3 2020 | Change |
| Revenue | 342.0 | 327.4 | 4.4 % | 9.1 | 10.1 | - 10.2 % |
| EBITDA | 83.7 | 71.6 | 16.8 % | 4.7 | 5.8 | - 19.5 % |
| EBITDA margin in % | 24.5 | 21.9 | 2.6 pp | 51.7 | 57.6 | - 5.9 pp |
| EBIT | 43.3 | 32.5 | 33.4 % | 2.9 | 4.1 | - 28.4 % |
| EBIT margin in % | 12.7 | 9.9 | 2.8 pp | 32.1 | 40.3 | - 8.2 pp |
| Profit after tax and minority interests | 19.6 | 7.7 | 155.5 % | 1.7 | 2.5 | - 30.5 % |
| Earnings per share in €4 | 0.27 | 0.11 | 155.5 % | 0.63 | 0.91 | - 30.5 % |
1 Before consolidation between subgroups
2 Listed class A shares
3 Non-listed class S shares
4 Basic and diluted
When a container ship became stuck in the Suez Canal in March, preventing hundreds of other ships from passing through, the consequences of a blockage in one of the world's busiest shipping lanes were brought into sharp relief. The incident demonstrated once again just how closely intertwined our global supply chains are. Any disruption to transport flows can lead to significant delays and jeopardise the supply of goods to consumers and companies.
Our facilities in the ports of Hamburg, Odessa, Tallinn and Trieste, as well as the terminals of our rail subsidiary METRANS in the European hinterland, are part of a network that transports essential goods and supplies every single day. We are acutely aware of this special responsibility. This is why we continue to insist on strict adherence to hygiene and social distancing regulations throughout the Group in order to prevent coronavirus infections. In this way, we ensure that our operational stability is maintained at all times.
We too have felt the effects of delays to operations at other ports since the start of the year. Hardly any of the ships currently arriving at our quays are on time. Schedules are not being adhered to, resulting in containers being left where they are not needed or missing where they are needed. These late arrivals result from delayed processing at European ports, where coronavirus infections have led to a shortage of staff. The adjustments necessitated by Brexit at the start of the year have also left their mark. The blocking of the Suez Canal over several days further exacerbated the situation. At one point, 390 ships were waiting at the north and south entry points to the canal. While teams were still attempting to free the grounded vessel, it was forecast that the Port of Hamburg would face a stern challenge as soon as the canal was re-opened. I can assure you that we will master this challenge together! Our customers at the quayside and in the hinterland can count on us to handle and transport their goods safely and reliably, while doing everything we can to help reduce the delays already caused.
One prerequisite for this is the mutual trust and close coordination of all involved – the port operators, shipping companies, forwarders and shippers. HHLA was quick to adapt to the emerging challenges. By activating additional space near our terminals, we facilitated the storage of thousands of extra containers. Once again, HHLA demonstrated its flexibility and consistent ability to ensure the reliable flow of goods. Our employees deserve special praise for enabling this.
In the first three months of the 2021 financial year, HHLA continued to successfully navigate the ongoing crisis. Although container throughput volumes in the first quarter were down on the previous year – primarily due to the loss of a Far East service in mid-May 2020 – container transport volumes made good progress. This also applies to key financial indicators, such as revenue, EBIT and the EBIT margin. The multi-function terminal in Trieste that we acquired last year was put into operation. In my introduction, I mentioned the consequences of disruptions to supply chains. It is not only bad weather, the coronavirus pandemic or shipping accidents that can have a negative impact, but also political conflicts. As the operator of a terminal in the port of Odessa, we are concerned about the ongoing developments in Ukraine. Peace, stability and security are just as important for the proper functioning of global transport flows in our interconnected world as unrestricted passage through the Suez Canal.
Yours,
Angela Titzrath Chairwoman of the Executive Board
| in € million | 1–3 2021 | 1–3 2020 | Change |
|---|---|---|---|
| Revenue | 348.7 | 335.7 | 3.9 % |
| EBITDA | 88.4 | 77.5 | 14.1 % |
| EBITDA margin in % | 25.3 | 23.1 | 2.2 pp |
| EBIT | 46.3 | 36.7 | 26.4 % |
| EBIT margin in % | 13.3 | 10.9 | 2.4 pp |
| Profit after tax and minority interests |
21.3 | 10.1 | 110.5 % |
| ROCE in % | 8.7 | 7.0 | 1.7 pp |
The first-time consolidation of 50.01 % of shares in Piattaforma Logistica Trieste S.r.l., Trieste, Italy (renamed HHLA PLT Italy S.r.l.), took place on the acquisition date of 7 January 2021. The company was included in HHLA's consolidated group as a fully consolidated company on 31 March 2021.
The first-time consolidation of 80.0 % of shares in Mülheim an der Ruhr-based iSAM AG took place on the acquisition date of 19 January 2021. The company was included in HHLA's consolidated group as a fully consolidated company on 31 March 2021.
Within the Port Logistics and Real Estate subgroups, both the key economic indicators for the first quarter of 2021 and HHLA's actual economic performance were largely in line with the performance forecast in the 2020 Combined Management Report.
There were no other particular events or transactions during the reporting period, either in HHLA's operating environment or within the Group, that had a significant impact on its earnings position, net assets and financial position. Earnings position, net assets and financial position
In the first three months of 2021, container throughput decreased significantly by 6.6 % year-on-year to 1,677 thousand TEU (previous year: 1,796 thousand TEU). This decrease was primarily recorded at the Hamburg container terminals and largely due to the loss of a Far East service in mid-May 2020, as well as to lower feeder volumes. By contrast, there was only a minor decrease in handling volumes at the international terminals.
In the reporting period, container transport grew strongly by 10.7 % to 418 thousand TEU (previous year: 378 thousand TEU). Rail transportation in particular continued its recovery started in the second half of 2020.
The HHLA Group's revenue increased by 3.9 % to € 348.7 million in the reporting period (previous year: € 335.7 million). In addition to higher container transport volumes, this increase was largely due to temporary spikes in storage fees, as well as to the acquisition of shares and associated first-time consolidation of two new companies.
Other operating income totalled € 8.8 million (previous year: € 8.3 million).
Operating expenses rose by 1.3 % to € 312.9 million (previous year: € 309.0 million). This increase was primarily attributable to the first-time consolidation of the two new companies. There was also a minor increase in depreciation and amortisation.
There was a strong increase in the operating result (EBIT) of 26.4 % to € 46.3 million during the reporting period (previous year: € 36.7 million). The increase was mainly driven by high storage fees and container transport volumes. The EBIT margin amounted to 13.3 % (previous year: 10.9 %). In the Port Logistics subgroup, EBIT rose by 33.4 % to € 43.3 million (previous year: € 32.5 million). Due in part to pandemic-related revenue shortfalls, EBIT in the Real Estate subgroup declined by 28.4 % to € 2.9 million (previous year: € 4.1 million).
Net expenses from the financial result fell by € 4.2 million or 37.9 % to € 6.8 million (previous year: € 10.9 million).
There was a strong year-on-year increase in profit after tax and minority interests to € 21.3 million (previous year: € 10.1 million). Earnings per share amounted to € 0.29 (previous year: € 0.14). The listed Port Logistics subgroup achieved earnings per share of € 0.27 (previous year: € 0.11). Earnings per share of the non-listed Real Estate subgroup were down on the prior-year figure at € 0.63 (previous year: € 0.91). Return on capital employed (ROCE) amounted to 8.7 % (previous year: 7.0 %).
Compared with year-end 2020, the HHLA Group's balance sheet total rose by a total of € 130.0 million to € 2,721.1 million as of 31 March 2021 (31 December 2020: € 2,591.1 million).
| Balance sheet structure | ||
|---|---|---|
| -- | -- | ------------------------- |
| in € million | 31.03.2021 | 31.12.2020 |
|---|---|---|
| Assets | ||
| Non-current assets | 2,252.9 | 2,150.9 |
| Current assets | 468.2 | 440.2 |
| 2,721.1 | 2,591.1 | |
| Equity and liabilities | ||
| Equity | 603.3 | 567.0 |
| Non-current liabilities | 1,777.6 | 1,724.7 |
| Current liabilities | 340.2 | 299.4 |
| 2,721.1 | 2,591.1 |
On the assets side of the balance sheet, the increase in noncurrent assets of € 102.0 million to € 2,252.9 million, which was mainly in property, plant and equipment due to the firsttime consolidation of two new companies (31 December 2020: € 2,150.9 million). Current assets rose by € 27.9 million to € 468.2 million (31 December 2020: € 440.2 million). This was mainly attributable to the increase in trade receivables, as well as in cash, cash equivalents and short-term deposits.
On the liabilities side, equity rose by € 36.3 million to € 603.3 million compared to the year-end figure for 2020 (31 December 2020: € 567.0 million). The increase was mainly due to the positive result for the reporting period of € 28.2 million, the interest-related change in actuarial gains including tax effects outside profit or loss, as well as the increase in noncontrolling interests as a result of the first-time consolidation of two new companies. There was an opposing effect in connection with the first-time consolidation from the reclassification to financial liabilities of the potential obligation from a put option. The equity ratio increased slightly to 22.2 % (31 December 2020: 21.9 %).
Non-current liabilities rose by € 52.9 million to € 1,777.6 million (31 December 2020: € 1,724.7 million). The increase is primarily due to the rise in non-current financial liabilities totalling € 70.2 million. The interest-related decrease in pension provisions had an opposing effect. The rise in current liabilities of € 40.8 million to € 340.2 million (31 December 2020: € 299.4 million) is primarily a result of the increase in trade payables and other non-financial liabilities.
Capital expenditure in the reporting period totalled € 42.7 million, well below the prior-year figure of € 51.0 million. In the first quarter of 2021, capital expenditure focused mainly on the acquisition of large-scale equipment for horizontal transport, storage cranes and container gantry cranes at HHLA's container terminals in the Port of Hamburg, the expansion of the hinterland terminals and the purchase of container wagons in the METRANS Group, as well as the development of the Speicherstadt historical warehouse district in Hamburg.
Cash flow from operating activities declined by € 10.7 million to € 68.2 million as of 31 March 2021 (previous year: € 78.9 million). This was largely due to higher tax payments compared to the same period last year. The year-onyear increase in EBIT had an opposing effect.
Investing activities led to a net cash outflow of € 42.4 million (previous year: € 64.3 million). This development was primarily the result of lower payments for investments in property, plant and equipment, and lower payments for short-term deposits. Increased payments for the acquisition of shares in consolidated companies had an opposing effect.
Cash flow from financing activities of € 24.0 million was € 5.1 million up on the prior-year figure of € 18.9 million. This was primarily due to higher payments for the redemption of (financial) loans than in the previous year.
Financial funds totalled € 170.8 million as of 31 March 2021 (31 March 2020: € 202.1 million). Including all short-term deposits, the Group's available liquidity at the end of the first quarter of 2021 amounted to € 211.8 million (31 March 2020: € 257.1 million).
| in € million | 1–3 2021 | 1–3 2020 |
|---|---|---|
| Financial funds as of 01.01. | 168.8 | 208.0 |
| Cash flow from operating activities | 68.2 | 78.9 |
| Cash flow from investing activities | - 42.4 | - 64.3 |
| Free cash flow | 25.8 | 14.6 |
| Cash flow from financing activities | - 24.0 | - 18.9 |
| Change in financial funds | 2.0 | - 5.9 |
| Financial funds as of 31.03. | 170.8 | 202.1 |
| Short-term deposits | 41.0 | 55.0 |
| Available liquidity | 211.8 | 257.1 |
| in € million | 1–3 2021 | 1–3 2020 | Change |
|---|---|---|---|
| Revenue | 198.1 | 195.6 | 1.3 % |
| EBITDA | 57.6 | 49.8 | 15.7 % |
| EBITDA margin in % | 29.1 | 25.4 | 3.7 pp |
| EBIT | 32.7 | 25.8 | 26.6 % |
| EBIT margin in % | 16.5 | 13.2 | 3.3 pp |
| Container throughput in thousand TEU |
1,677 | 1,796 | - 6.6 % |
During the first three months of 2021, total throughput volume at HHLA's container terminals decreased year-onyear by 6.6 % to 1,677 thousand standard containers (TEU) (previous year: 1,796 thousand TEU).
At 1,533 thousand TEU, throughput volume at the three Hamburg container terminals was down 7.2 % on the same period last year (previous year: 1,652 thousand TEU). This was mainly due to the loss of a Far East service in mid-May 2020. Cargo volumes for Far East services subsequently decreased slightly, while volumes for Middle East services fell strongly. There was also a strong year-on-year decline in the UK shipping region. Feeder traffic in the Baltic region was also down significantly. The proportion of seaborne handling by feeders was down 1.2 percentage points to 19.7 % (previous year: 20.9 %).
Handling volumes at the international container terminals in Odessa and Tallinn fell slightly by 0.3 % to 143.8 thousand TEU (previous year: 144.3 thousand TEU). The container terminal in Trieste did not yet process any container ships in the first quarter.
Revenue increased year-on-year by 1.3 % to € 198.1 million in the first quarter of 2021 (previous year: € 195.6 million). Volume shortfalls were more than offset by an increase in revenue quality. The average revenue per container handled at the quayside rose significantly by 8.5 % year-on-year. This was due to an advantageous modal split with a high proportion of hinterland volumes and a temporary increase in storage fees resulting from longer dwell times caused by pandemic-related delays to sailings.
EBIT costs decreased by 2.5 % year-on-year during the reporting period, due in particular to the volume-related decline in material and personnel expenses. Adjustments were made primarily in the use of external staff.
The year-on-year increase in the operating result (EBIT) of 26.6 % to € 32.7 million (previous year: € 25.8 million), primarily attributable to the improved revenue quality. The EBIT margin rose by 3.3 percentage points to 16.5 %.
In the first quarter of 2021, HHLA continued to invest in climatefriendly handling equipment. For example, HHLA Container Terminal Tollerort (CTT) and HHLA Container Terminal Burchardkai (CTB) took delivery of eight and six new hybrid transport vehicles respectively, with much lower consumption than diesel-powered equipment. With the expansion and partial retrofit of its existing block storage system (YCS, yard crane system), the Container Terminal Burchardkai (CTB) helped to further modernise and boost the efficiency of our terminals. At the HHLA Container Terminal Altenwerder (CTA), the fleet was expanded with additional lower-emission battery-powered automated guided vehicles (AGVs) with electric charging function. The HHLA terminals abroad also invested in site expansion and more energy-efficient equipment.
| in € million | 1–3 2021 | 1–3 2020 | Change |
|---|---|---|---|
| Revenue | 124.7 | 116.8 | 6.8 % |
| EBITDA | 32.9 | 28.3 | 16.4 % |
| EBITDA margin in % | 26.4 | 24.2 | 2.2 pp |
| EBIT | 21.6 | 17.2 | 25.4 % |
| EBIT margin in % | 17.3 | 14.7 | 2.6 pp |
| Container transport in thousand TEU |
418 | 378 | 10.7 % |
In the highly competitive market for container traffic in the hinterland of major seaports, HHLA's transport companies recorded a significant increase in volumes during the first three months of 2021. Container transport increased by 10.7 % to 418 thousand TEU (previous year: 378 thousand TEU). Rail continued to benefit more than road from the recovery in freight volumes that began in the second half of 2020. Rail transport increased by 12.1 % year-on-year to 336 thousand TEU (previous year: 300 thousand TEU). There was a significant increase in traffic from both the North German and Adriatic seaports. However, the strong year-on-year growth was mainly attributable to the rise in continental traffic. The upward trend of the previous quarters continued for road transport. In a persistently challenging market environment, transport volumes increased year-on-year by 5.4 % to 82 thousand TEU (previous year: 78 thousand TEU).
At € 124.7 million, revenue was significantly up by 6.8 % on the prior-year figure (previous year: € 116.8 million). However, this increase failed to match the strong rise in transport volumes. This was due to the fact that, despite a slight increase in the rail share of HHLA's total intermodal transportation from 79.4 % to 80.4 %, average revenue per TEU decreased as a result of changes to the structure of freight flows.
The operating result (EBIT) rose by 25.4 % to € 21.6 million in the reporting period (previous year: € 17.2 million). This strong increase was primarily due to the positive trend in volume and revenue.
| in € million | 1–3 2021 | 1–3 2020 | Change |
|---|---|---|---|
| Revenue | 17.9 | 14.2 | 25.9 % |
| EBITDA | 1.1 | 1.1 | 5.0 % |
| EBITDA margin in % | 6.3 | 7.6 | - 1.3 pp |
| EBIT | - 0.7 | - 0.6 | neg. |
| EBIT margin in % | - 3.9 | - 4.2 | neg. |
| At-equity earnings | 1.1 | 0.4 | 187.7 % |
The consolidated companies reported revenue of € 17.9 million in the first quarter, up 25.9 % on the prior-year figure (previous year: € 14.2 million). The first-time consolidation of iSAM AG, an automation technology specialist, in the first quarter of 2021 made a particularly significant contribution to this positive trend. The vehicle logistics division was also able to boost its revenue due to increased volumes, while consultancy activities fell short of the strong prior-year performance.
The operating result (EBIT) recorded a loss of € 0.7 million in the reporting period (previous year: € - 0.6 million). This was caused by scheduled start-up losses of new activities.
The companies included in at-equity earnings posted a strong overall increase in revenue for the first three months of 2021. At-equity earnings improved to € 1.1 million, primarily as a result of bulk cargo handling (previous year: € 0.4 million).
| in € million | 1–3 2021 | 1–3 2020 | Change |
|---|---|---|---|
| Revenue | 9.1 | 10.1 | - 10.2 % |
| EBITDA | 4.7 | 5.8 | - 19.5 % |
| EBITDA margin in % | 51.7 | 57.7 | - 6.0 pp |
| EBIT | 2.9 | 4.1 | - 28.4 % |
| EBIT margin in % | 32.1 | 40.3 | - 8.2 pp |
In the first quarter of 2021, Hamburg's office rental market stabilised again following the drop in revenue in the prior-year quarter caused by the coronavirus pandemic. According to the Grossmann & Berger's latest market report, 130,000 m2 of office space was let, exceeding the prior-year figure by 36.8 % and thus almost matching the figure for the first quarter of 2019 of 135,000 m2 . Despite a slight increase in rental space available, the vacancy rate in Hamburg increased noticeably yearon-year from 3.0 % to 3.8 %.
By contrast, HHLA's properties in the Speicherstadt historical warehouse district and the Fischmarkt area were largely unaffected by these market fluctuations and still boasted almost full occupancy at the end of the first quarter of 2021.
Despite the high occupancy rate, however, revenue of € 9.1 million at 31 March 2021 was 10.2 % below the prioryear level (previous year: € 10.1 million). In addition to the partial waiving of rent deferrals, the decrease was primarily due to uncollectible revenue-based rent as a result of public orders.
While maintenance volumes remained constant, the cumulative operating result (EBIT) fell short of last year's figure by 28.4 % at € 2.9 million (previous year: € 4.1 million).
In April 2021, the International Monetary Fund (IMF) largely confirmed its macroeconomic forecast issued at the beginning of the year and still anticipates a significantly positive economic trend for 2021 on the whole.
| Growth expactation in % | Forecast January |
Forecast March |
|---|---|---|
| World | 5.5 | 6.0 |
| Advanced economies | 4.3 | 5.1 |
| USA | 5.1 | 6.4 |
| Emerging economies | 6.3 | 6.7 |
| China | 8.1 | 8.4 |
| Russia | 3.0 | 3.8 |
| Eurozone | 4.2 | 4.4 |
| Central and Eastern Europe (emerging european economies) |
4.0 | 4.4 |
| Germany | 3.5 | 3.6 |
| World trade | 8.1 | 8.4 |
Source: International Monetary Fund
By contrast, the market research institute Drewry recently significantly upgraded its sector outlook for 2021 as compared with December 2020. While the forecast for China was raised by 3.3 percentage points, the outlook for throughput in the European shipping regions has worsened considerably.
| Growth expectation in % | Forecast December |
Forecast March |
|---|---|---|
| World | 8.9 | 8.7 |
| Asia | 9.0 | 9.7 |
| China | 9.1 | 12.4 |
| Europe as a whole | 7.7 | 4.0 |
| North-West Europe | 8.1 | 0.3 |
| Scandinavia and the Baltic region | 10.5 | 4.1 |
| Western Mediterranean | 9.3 | 7.3 |
| Eastern Mediterranean and the Black Sea | 4.8 | 7.7 |
Source: Drewry Maritime Research
HHLA already took this sector trend into account in its guidance issued in March 2021.
There were no new events of material importance in the reporting period.
The disclosures made in the 2020 Annual Report regarding the expected course of business in 2021 continue to apply.
Hamburg, 3 May 2021
Hamburger Hafen und Logistik Aktiengesellschaft The Executive Board
Angela Titzrath Jens Hansen
Dr. Roland Lappin Torben Seebold
| 1–3 2021 | 1–3 2021 | 1–3 2021 | 1–3 2021 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 348,725 | 341,955 | 9,109 | - 2,339 |
| Changes in inventories | 748 | 748 | 0 | 0 |
| Own work capitalised | 1,016 | 694 | 0 | 322 |
| Other operating income | 8,786 | 7,456 | 1,693 | - 363 |
| Cost of materials | - 101,072 | - 99,501 | - 1,714 | 143 |
| Personnel expenses | - 135,426 | - 134,853 | - 573 | 0 |
| Other operating expenses | - 34,418 | - 32,847 | - 3,809 | 2,238 |
| Earnings before interest, taxes, depreciation and | ||||
| amortisation (EBITDA) | 88,359 | 83,652 | 4,706 | 0 |
| Depreciation and amortisation | - 42,032 | - 40,359 | - 1,780 | 107 |
| Earnings before interest and taxes (EBIT) | 46,327 | 43,294 | 2,926 | 107 |
| Earnings from associates accounted for using the equity method | 1,243 | 1,243 | 0 | 0 |
| Interest income | 143 | 163 | 7 | - 27 |
| Interest expenses | - 8,172 | - 7,545 | - 654 | 27 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 6,786 | - 6,140 | - 647 | 0 |
| Earnings before tax (EBT) | 39,540 | 37,154 | 2,280 | 107 |
| Income tax | - 11,364 | - 10,683 | - 653 | - 28 |
| Profit after tax | 28,176 | 26,471 | 1,627 | 78 |
| of which attributable to non-controlling interests | 6,833 | 6,833 | 0 | |
| of which attributable to shareholders of the parent company | 21,343 | 19,638 | 1,705 | |
| Earnings per share, basic and diluted, in € | 0.29 | 0.27 | 0.63 |
| in € thousand | 1–3 2021 Group |
1–3 2021 Port Logistics |
1–3 2021 Real Estate |
1–3 2021 Consolidation |
|---|---|---|---|---|
| Profit after tax | 28,176 | 26,471 | 1,627 | 78 |
| Components which cannot be transferred to the income statement |
||||
| Actuarial gains/losses | 23,001 | 22,719 | 282 | |
| Deferred taxes | - 7,423 | - 7,332 | - 91 | |
| Total | 15,577 | 15,386 | 191 | 0 |
| Components which can be transferred to the income statement |
||||
| Foreign currency translation differences | 2,344 | 2,344 | 0 | |
| Deferred taxes | 0 | 0 | 0 | |
| Other | - 1 | - 1 | 0 | |
| Total | 2,343 | 2,343 | 0 | 0 |
| Income and expense recognised directly in equity | 17,920 | 17,729 | 191 | 0 |
| Total comprehensive income | 46,096 | 44,200 | 1,818 | 78 |
| of which attributable to non-controlling interests | 7,340 | 7,340 | 0 | |
| of which attributable to shareholders of the parent company | 38,757 | 36,860 | 1,897 |
| in € thousand | 1–3 2020 Group |
1–3 2020 Port Logistics |
1–3 2020 Real Estate |
1–3 2020 Consolidation |
|---|---|---|---|---|
| Revenue | 335,657 | 327,401 | 10,144 | - 1,888 |
| Changes in inventories | 444 | 444 | 0 | 0 |
| Own work capitalised | 1,274 | 1,043 | 0 | 231 |
| Other operating income | 8,308 | 7,289 | 1,397 | - 378 |
| Cost of materials | - 100,387 | - 98,504 | - 2,037 | 154 |
| Personnel expenses | - 133,821 | - 133,239 | - 582 | 0 |
| Other operating expenses | - 34,016 | - 32,823 | - 3,074 | 1,881 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
77,459 | 71,611 | 5,848 | 0 |
| Depreciation and amortisation | - 40,807 | - 39,154 | - 1,759 | 106 |
| Earnings before interest and taxes (EBIT) | 36,652 | 32,457 | 4,089 | 106 |
| Earnings from associates accounted for using the equity method | 421 | 421 | 0 | 0 |
| Interest income | 840 | 872 | 0 | - 32 |
| Interest expenses | - 12,097 | - 11,423 | - 706 | 32 |
| Other financial result | - 100 | - 100 | 0 | 0 |
| Financial result | - 10,936 | - 10,230 | - 706 | 0 |
| Earnings before tax (EBT) | 25,716 | 22,227 | 3,383 | 106 |
| Income tax | - 7,838 | - 6,803 | - 1,009 | - 26 |
| Profit after tax | 17,878 | 15,424 | 2,374 | 80 |
| of which attributable to non-controlling interests | 7,737 | 7,737 | 0 | |
| of which attributable to shareholders of the parent company | 10,141 | 7,687 | 2,454 | |
| Earnings per share, basic and diluted, in € | 0.14 | 0.11 | 0.91 |
| 1–3 2020 | 1–3 2020 | 1–3 2020 | 1–3 2020 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 17,878 | 15,424 | 2,374 | 80 |
| Components which cannot be transferred to the income statement |
||||
| Actuarial gains/losses | 46,160 | 45,545 | 615 | |
| Deferred taxes | - 14,898 | - 14,700 | - 198 | |
| Total | 31,262 | 30,845 | 417 | 0 |
| Components which can be transferred to the income statement |
||||
| Foreign currency translation differences | - 10,688 | - 10,688 | 0 | |
| Deferred taxes | 7 | 7 | 0 | |
| Other | - 21 | - 21 | 0 | |
| Total | - 10,702 | - 10,702 | 0 | 0 |
| Income and expense recognised directly in equity | 20,560 | 20,143 | 417 | 0 |
| Total comprehensive income | 38,438 | 35,567 | 2,791 | 80 |
| of which attributable to non-controlling interests | 8,411 | 8,411 | 0 | |
| of which attributable to shareholders of the parent company | 30,027 | 27,156 | 2,871 |
| 31.03.2021 | 31.03.2021 | 31.03.2021 | 31.03.2021 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 121,679 | 121,650 | 29 | 0 |
| Property, plant and equipment | 1,760,266 | 1,728,932 | 18,392 | 12,942 |
| Investment property | 201,255 | 22,637 | 202,293 | - 23,675 |
| Associates accounted for using the equity method | 18,711 | 18,711 | 0 | 0 |
| Non-current financial assets | 17,093 | 13,422 | 3,671 | 0 |
| Deferred taxes | 133,913 | 146,590 | 0 | - 12,677 |
| Non-current assets | 2,252,916 | 2,051,943 | 224,385 | - 23,412 |
| Inventories | 31,978 | 31,904 | 74 | 0 |
| Trade receivables | 185,912 | 183,537 | 2,375 | 0 |
| Receivables from related parties | 82,049 | 80,242 | 2,571 | - 764 |
| Current financial assets | 3,990 | 3,865 | 125 | 0 |
| Other non-financial assets | 28,815 | 27,703 | 1,112 | 0 |
| Income tax receivables | 1,074 | 1,074 | 809 | - 809 |
| Cash, cash equivalents and short-term deposits | 134,341 | 132,787 | 1,554 | 0 |
| Current assets | 468,159 | 461,111 | 8,621 | - 1,573 |
| Balance sheet total | 2,721,075 | 2,513,054 | 233,006 | - 24,985 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 74,405 | 71,700 | 2,705 | 0 |
| Capital reserve | 164,599 | 164,093 | 506 | 0 |
| Retained earnings | 488,088 | 434,158 | 61,995 | - 8,065 |
| Other comprehensive income | - 138,043 | - 137,331 | - 712 | 0 |
| Non-controlling interests | 14,210 | 14,210 | 0 | 0 |
| Equity | 603,259 | 546,830 | 64,494 | - 8,065 |
| Pension provisions | 512,573 | 505,632 | 6,941 | 0 |
| Other non-current provisions | 158,230 | 155,206 | 3,024 | 0 |
| Non-current liabilities to related parties | 455,191 | 444,171 | 11,020 | 0 |
| Non-current financial liabilities | 628,899 | 526,330 | 102,569 | 0 |
| Deferred taxes | 22,693 | 16,827 | 21,212 | - 15,346 |
| Non-current liabilities | 1,777,587 | 1,648,167 | 144,766 | - 15,346 |
| Other current provisions | 27,699 | 27,635 | 64 | 0 |
| Trade liabilities | 114,019 | 104,000 | 10,019 | 0 |
| Current liabilities to related parties | 44,175 | 40,114 | 4,825 | - 764 |
| Current financial liabilities | 91,560 | 85,977 | 5,582 | 0 |
| Other non-financial liabilities | 55,626 | 54,132 | 1,494 | 0 |
| Income tax liabilities | 7,150 | 6,198 | 1,761 | - 809 |
| Current liabilities | 340,229 | 318,057 | 23,746 | - 1,573 |
| Balance sheet total | 2,721,075 | 2,513,054 | 233,006 | - 24,985 |
| 31.12.2020 | 31.12.2020 | 31.12.2020 | 31.12.2020 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 100,840 | 100,807 | 33 | 0 |
| Property, plant and equipment | 1,677,635 | 1,646,536 | 18,051 | 13,048 |
| Investment property | 197,138 | 23,462 | 197,564 | - 23,888 |
| Associates accounted for using the equity method | 17,418 | 17,418 | 0 | 0 |
| Non-current financial assets | 16,427 | 12,475 | 3,952 | 0 |
| Deferred taxes | 141,420 | 152,686 | 0 | - 11,266 |
| Non-current assets | 2,150,879 | 1,953,384 | 219,600 | - 22,105 |
| Inventories | 25,554 | 25,485 | 70 | 0 |
| Trade receivables | 166,913 | 165,025 | 1,887 | 0 |
| Receivables from related parties | 85,283 | 79,147 | 7,124 | - 988 |
| Current financial assets | 3,134 | 3,040 | 94 | 0 |
| Other non-financial assets | 31,133 | 29,540 | 1,593 | 0 |
| Income tax receivables | 1,369 | 1,369 | 809 | - 809 |
| Cash, cash equivalents and short-term deposits | 126,858 | 126,264 | 594 | 0 |
| Current assets | 440,245 | 429,869 | 12,172 | - 1,797 |
| Balance sheet total | 2,591,123 | 2,383,253 | 231,772 | - 23,902 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 74,405 | 71,700 | 2,705 | 0 |
| Capital reserve | 164,599 | 164,093 | 506 | 0 |
| Retained earnings | 487,544 | 435,320 | 60,368 | - 8,144 |
| Other comprehensive income | - 155,456 | - 154,553 | - 903 | 0 |
| Non-controlling interests | - 4,089 | - 4,089 | 0 | 0 |
| Equity | 567,003 | 512,471 | 62,676 | - 8,144 |
| Pension provisions | 531,144 | 523,866 | 7,278 | 0 |
| Other non-current provisions | 155,658 | 152,645 | 3,013 | 0 |
| Non-current liabilities to related parties | 457,149 | 445,633 | 11,516 | 0 |
| Non-current financial liabilities | 558,693 | 454,635 | 104,058 | 0 |
| Deferred taxes | 22,069 | 15,112 | 20,918 | - 13,961 |
| Non-current liabilities | 1,724,714 | 1,591,891 | 146,784 | - 13,961 |
| Other current provisions | 25,581 | 25,515 | 67 | 0 |
| Trade liabilities | 90,913 | 81,776 | 9,137 | 0 |
| Current liabilities to related parties | 39,552 | 36,357 | 4,182 | - 988 |
| Current financial liabilities | 88,075 | 82,686 | 5,389 | 0 |
| Other non-financial liabilities | 37,512 | 36,933 | 579 | 0 |
| Income tax liabilities | 17,774 | 15,625 | 2,958 | - 809 |
| Current liabilities | 299,406 | 278,891 | 22,312 | - 1,797 |
| Balance sheet total | 2,591,123 | 2,383,253 | 231,772 | - 23,902 |
| in € thousand | 1–3 2021 Group |
1–3 2021 Port Logistics |
1–3 2021 Real Estate |
1–3 2021 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 46,327 | 43,294 | 2,926 | 107 |
| Depreciation, amortisation, impairment and reversals on non financial non-current assets |
42,032 | 40,359 | 1,780 | - 107 |
| Increase (+), decrease (-) in provisions | 6,295 | 6,357 | - 62 | |
| Gains (-), losses (+) from the disposal of non-current assets | 152 | 152 | 0 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 17,431 | - 17,497 | 290 | - 224 |
| Increase (+), decrease (-) in trade payables and other liabilities not attributable to investing or financing activities |
18,938 | 16,963 | 1,751 | 224 |
| Interest received | 64 | 84 | 7 | - 27 |
| Interest paid | - 7,010 | - 6,661 | - 376 | 27 |
| Income tax paid | - 20,855 | - 19,210 | - 1,645 | |
| Exchange rate and other effects | - 299 | - 299 | 0 | |
| Cash flow from operating activities | 68,213 | 63,542 | 4,671 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
91 | 91 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 23,060 | - 17,099 | - 5,961 | |
| Payments for investments in intangible assets | - 2,307 | - 2,307 | 0 | |
| Payments for investments in associates accounted for using the equity method |
0 | 0 | 0 | |
| Proceeds from disposal of non-current financial assets | 125 | 125 | 0 | |
| Payments for investments in non-current financial assets | - 33 | - 33 | 0 | |
| Payments for the acquisition of interests in consolidated companies and other business units (including funds purchased) |
- 16,247 | - 16,247 | 0 | |
| Proceeds (+), payments (-) for short-term deposits | - 1,000 | - 1,000 | 0 | |
| Cash flow from investing activities | - 42,431 | - 36,470 | - 5,961 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 12,308 | - 11,606 | - 702 | |
| Payments for the redemption of (financial) loans | - 11,721 | - 10,173 | - 1,548 | |
| Cash flow from financing activities | - 24,029 | - 21,779 | - 2,250 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | 1,753 | 5,293 | - 3,540 | 0 |
| Change in financial funds due to exchange rates | 152 | 152 | 0 | |
| Financial funds at the beginning of the period | 168,847 | 161,253 | 7,594 | |
| Financial funds at the end of the period | 170,752 | 166,698 | 4,054 | 0 |
| in € thousand | 1–3 2020 Group |
1–3 2020 Port Logistics |
1–3 2020 Real Estate |
1–3 2020 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 36,652 | 32,457 | 4,089 | 106 |
| Depreciation, amortisation, impairment and reversals on non financial non-current assets |
40,807 | 39,154 | 1,759 | - 106 |
| Increase (+), decrease (-) in provisions | 5,629 | 5,564 | 65 | |
| Gains (-), losses (+) from the disposal of non-current assets | - 257 | - 257 | 0 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 12,448 | - 13,104 | - 2,176 | 2,832 |
| Increase (+), decrease (-) in trade payables and other liabilities not attributable to investing or financing activities |
18,761 | 19,188 | 2,405 | - 2,832 |
| Interest received | 181 | 213 | 0 | - 32 |
| Interest paid | - 7,593 | - 7,189 | - 436 | 32 |
| Income tax paid | - 3,663 | - 3,296 | - 367 | |
| Exchange rate and other effects | 796 | 796 | 0 | |
| Cash flow from operating activities | 78,865 | 73,526 | 5,339 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
330 | 330 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 52,063 | - 51,856 | - 207 | |
| Payments for investments in intangible assets | - 2,148 | - 2,147 | - 1 | |
| Payments for investments in associates accounted for using the equity method |
- 400 | - 400 | 0 | |
| Proceeds from disposal of non-current financial assets | 0 | 0 | 0 | |
| Payments for investments in non-current financial assets | 0 | 0 | 0 | |
| Payments for the acquisition of interests in consolidated companies and other business units (including funds purchased) |
- 54 | - 54 | 0 | |
| Proceeds (+), payments (-) for short-term deposits | - 10,000 | - 10,000 | 0 | |
| Cash flow from investing activities | - 64,335 | - 64,127 | - 208 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 11,377 | - 7,651 | - 3,726 | |
| Payments for the redemption of (financial) loans | - 7,488 | - 5,940 | - 1,548 | |
| Cash flow from financing activities | - 18,865 | - 13,591 | - 5,274 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | - 4,335 | - 4,192 | - 143 | 0 |
| Change in financial funds due to exchange rates | - 1,593 | - 1,593 | 0 | |
| Financial funds at the beginning of the period | 208,022 | 187,240 | 20,782 | |
| Financial funds at the end of the period | 202,094 | 181,455 | 20,639 | 0 |
2020 Annual Report Analyst Conference Call
Interim Statement January–March 2021 Analyst Conference Call
Annual General Meeting
Half-Yearly Financial Report January–June 2021 Analyst Conference Call
Interim Statement January–September 2021 Analyst Conference Call
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Phone +49 40 3088 – 0 Fax +49 40 3088 – 3355 [email protected] www.hhla.de
Phone +49 40 3088 – 3100 Fax +49 40 3088 – 55 3100 [email protected]
Phone +49 40 3088 – 3520 Fax +49 40 3088 – 3355 [email protected]
nexxar GmbH, Vienna www.nexxar.com
This Interim Statement was published on 12 May 2021. https://report.hhla.de/interim-statement-q1-2021
The 2020 Annual Report is available online at: https://report.hhla.de/annual-report-2020
This Interim Statement, including its supplemental financial information, should be read in conjunction with the 2020 Annual Report of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). Basic information about the Group and its consolidation, accounting and valuation principles can be found in the HHLA 2020 Annual Report. This document also contains forward-looking statements that are based on the current assumptions and expectations of the HHLA management team. Forward-looking statements are indicated through the use of words such as expect, intend, plan, anticipate, assume, believe, estimate and other similar formulations. These statements are not guarantees that these predictions will prove to be correct. The future development and the actual results achieved by HHLA and its affiliated companies are dependent on a wide range of risks and uncertainties and may therefore deviate greatly from the forward-looking statements. Many of these factors are outside of HHLA's control and therefore cannot be accurately estimated, such as the future economic environment and the actions of competitors and others involved in the marketplace. HHLA neither plans nor undertakes any special obligation to update the forward-looking statements.
HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Bei St. Annen 1, 20457 Hamburg Telephone: +49 40 3088-0, Fax: +49 40 3088-3355, www.hhla.de, [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.