Quarterly Report • May 16, 2018
Quarterly Report
Open in ViewerOpens in native device viewer
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1–3 2018 | 1–3 2017 | Change | |
| Revenue and Earnings | ||||
| Revenue | 315.2 | 305.1 | 3.3 % | |
| EBITDA | 77.8 | 75.1 | 3.6 % | |
| EBITDA margin in % | 24.7 | 24.6 | 0.1 pp | |
| EBIT | 47.9 | 45.2 | 5.9 % | |
| EBIT margin in % | 15.2 | 14.8 | 0.4 pp | |
| Profit after tax | 32.8 | 31.5 | 4.1 % | |
| Profit after tax and minority interests | 23.7 | 24.4 | - 2.8 % | |
| Cash flow statement and Investments | ||||
| Cash flow from operating activities | 54.6 | 86.8 | - 37.1 % | |
| Investments | 21.4 | 39.8 | - 46.2 % | |
| Performance data | ||||
| Container throughput in thousand TEU | 1,824 | 1,778 | 2.6 % | |
| Container transport in thousand TEU | 350 | 370 | - 5.3 % | |
| in € million | 31.03.2018 | 31.12.2017 | Change | |
| Balance sheet | ||||
| Balance sheet total1 | 1,839.5 | 1,835.4 | 0.2 % | |
| Equity1 | 589.9 | 602.5 | - 2.1 % | |
| Equity ratio in %1 | 32.1 | 32.8 | - 0.7 pp | |
| Employees | ||||
| Number of employees | 5,621 | 5,581 | 0.7 % |
| Port Logistics Subgroup2, 3 | Real Estate Subgroup2, 4 | |||||
|---|---|---|---|---|---|---|
| in € million | 1–3 2018 | 1–3 2017 | Change | 1–3 2018 | 1–3 2017 | Change |
| Revenue | 307.3 | 297.4 | 3.3 % | 9.4 | 9.3 | 1.4 % |
| EBITDA | 72.9 | 70.4 | 3.6 % | 4.9 | 4.7 | 3.6 % |
| EBITDA margin in % | 23.7 | 23.7 | 0.0 pp | 51.6 | 50.5 | 1.1 pp |
| EBIT | 44.2 | 41.7 | 5.9 % | 3.6 | 3.4 | 5.4 % |
| EBIT margin in % | 14.4 | 14.0 | 0.4 pp | 38.5 | 37.0 | 1.5 pp |
| Profit after tax and minority interests | 21.6 | 22.4 | - 3.9 % | 2.1 | 2.0 | 9.5 % |
| Earnings per share in €5 | 0.31 | 0.32 | - 3.9 % | 0.79 | 0.72 | 9.5 % |
1 The previous year's figures have been retrospectively restated resulting from application of IFRS 9.
2 Before consolidation between subgroups
3 Listed Class A shares
4 Non-listed Class S shares
5 Basic and diluted
Ladies and gentlemen,
Hamburger Hafen und Logistik AG (HHLA) moves thousands of containers at its terminals every day. And we did this with great success in the first quarter. While our revenue rose in line with the overall market, we succeeded in raising consolidated EBIT by almost 6 percent and thus achieving an EBIT margin of 15.2 percent. We believe we are well on the way to achieving our sustainable growth targets for 2018.
Growth requires motion. But which direction do we want to take? In view of the changing macroeconomic environment, this is a question we need to answer. Global change and digitisation are having an increasingly strong impact on the logistics sector. We do not intend to sit back and simply observe these changes – we want to actively shape them. Our aim is to strengthen the future viability and shaping force of HHLA. In the course of a business development process over the past year, the Executive Board and company executives determined the direction we intend to take. One key prerequisite for our sustainable growth is the continued trust our clients place in us. We need to justify their trust on a daily basis if we want to remain successful.
And to ensure we achieve this, we have decided to strengthen our core business. Over the next five years, we will be investing one billion euros in the Container, Intermodal and Real Estate segments with the aim of improving our quality, competitiveness and profitability. We will continue to adapt our terminals to meet the needs of ever-larger ships, modernise our IT infrastructure and make our intermodal fleet more efficient and effective. To ensure that our rail subsidiary Metrans can maintain and expand its leading position in a challenging competitive environment, HHLA has acquired the remaining shares held by Metrans management. The integration of Polzug into the Metrans Group, which has now been largely completed, serves the same aim. This will enable us to make our sales activities even more customer-focused.
In addition to strengthening our core business, we also intend to tap additional growth potential. We are considering future transport flows, such as those along the "New Silk Road".
With our existing transport and logistics network, we already have a strong base in the western part of the "New Silk Road", which we are now expanding with the acquisition of the Estonian terminal operator Transiidikeskuse AS (TK). The transaction should be closed by the end of the second quarter. Acquiring
We want to make the most of the opportunities that increasing digitisation offers. And we are closely monitoring the entire logistics value chain and the changes in production processes.
TK is an investment in HHLA's future. We will be operating in a regional market with promising growth potential. The port of Muuga is an important maritime location in the Baltic region with a connection to the "New Silk Road" hinterland. The acquisition of TK will make HHLA the market leader in container handling in Estonia.
But it is not just goods that will be transported in future. Information highways are becoming an increasingly serious competitor for road and rail. We want to exploit the opportunities that increasing digitisation offers and we are closely monitoring the entire logistics value chain and the changes in production processes. This is just one of the reasons why we decided to acquire a stake in Next Logistics Accelerator, a startup accelerator that will enable us to identify and exploit trends and innovative solutions at an early stage.
HHLA is in motion – and I assure you that it will stay in motion.
Yours,
Angela Titzrath Chairwoman of the Executive Board
| in € million | 1–3 2018 | 1–3 2017 Change | |
|---|---|---|---|
| Revenue | 315.2 | 305.1 | 3.3 % |
| EBITDA | 77.8 | 75.1 | 3.6 % |
| EBITDA margin in % | 24.7 | 24.6 | 0.1 pp |
| EBIT | 47.9 | 45.2 | 5.9 % |
| EBIT margin in % | 15.2 | 14.8 | 0.4 pp |
| Profit after tax and minority | |||
| interests | 23.7 | 24.4 | - 2.8 % |
| ROCE in % | 14.5 | 13.6 | 0.9 pp |
On 26 March 2018, HHLA signed an agreement to acquire 100 % of shares in Transiidikeskuse AS, a terminal operator based in Tallinn, Estonia. The transaction is subject to various conditions precedent and is expected to be closed in the second quarter of 2018.
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 results of operations, net assets and financial position. Both the economic indicators reported for the first three months of 2018 and HHLA's actual economic performance were largely in line with the performance forecast in the 2017 Annual Report. See results of operations, net assets and financial position
HHLA's performance data varied in the first quarter of 2018. Container throughput rose slightly by 2.6 % year-on-year to 1,824 thousand TEU (previous year: 1,778 thousand TEU). This was primarily due to an increase in Asia traffic. By contrast, there was a noticeable decline in container transport of 5.3 % to 350 thousand TEU (previous year: 370 thousand TEU). This development is partially due to the scheduled realignment of POLZUG activities.
The HHLA Group's revenue rose moderately by 3.3 % to € 315.2 million during the reporting period (previous year: € 305.1 million). This was due in part to the increase in container throughput mentioned above as well as to longer transport distances in intermodal traffic.
Other operating income amounted to € 8.0 million (previous year: € 11.4 million).
The 1.5 % increase in operating expenses to € 277.3 million (previous year: € 273.1 million) was considerably less than the growth in revenue. The year-on-year increase resulted mainly from high capacity utilisation of facilities due to ship delays which could only be managed with the aid of additional resources.
The operating result (EBIT) rose significantly by 5.9 % to € 47.9 million in the reporting period (previous year: € 45.2 million). The EBIT margin amounted to 15.2 % (previous year: 14.8 %). In the Port Logistics subgroup, EBIT rose by 5.9 % to € 44.2 million (previous year: € 41.7 million). In the Real Estate subgroup, there was EBIT growth of 5.4 % to € 3.6 million (previous year: € 3.4 million).
Net expenses from the financial result increased by € 0.6 million or 19.8 % to € 3.7 million (previous year: € 3.1 million). The decrease in income from associated companies of € 0.5 million had a considerable impact on this item.
Profit after tax and minority interests was down slightly on the previous year at € 23.7 million (previous year: € 24.4 million). Earnings per share amounted to € 0.33 (previous year: € 0.34). The listed Port Logistics subgroup achieved earnings per share of € 0.31 (previous year: € 0.32). Earnings per share of the non-listed Real Estate subgroup were up on the prior-year figure at € 0.79 (previous year: € 0.72). Return on capital employed (ROCE) reached 14.5 % (previous year: 13.6 %).
Compared with year-end 2017, the HHLA Group's balance sheet total grew by a total of € 4.1 million to € 1,839.5 million as of 31 March 2018 (31 December 2017: € 1,835.4 million).
| 31.12.2017 | ||
|---|---|---|
| in € million | 31.03.2018 | (adjusted) |
| Assets | ||
| Non-current assets1 | 1,335.7 | 1,348.4 |
| Current assets1 | 503.8 | 487.0 |
| 1,839.5 | 1,835.4 | |
| Equity and liabilities | ||
| Equity1 | 589.9 | 602.5 |
| Non-current liabilities | 999.1 | 993.8 |
| Current liabilities | 250.5 | 239.1 |
| 1,839.5 | 1,835.4 |
1 The previous year's figures have been retrospectively restated resulting from application of IFRS 9.
On the assets side of the balance sheet, non-current assets decreased slightly by € 12.7 million to € 1,335.7 million (31 December 2017: € 1,348.4 million). Scheduled depreciation of property, plant and equipment as well as investment properties was opposed by capital expenditure in the reporting period. Current assets increased by € 16.8 million to € 503.8 million (31 December 2017: € 487.0 million). The increase in trade receivables of € 21.2 million and in other assets of € 19.1 million was offset by a decrease in cash and short-term deposits of € 24.1 million.
On the liabilities side, equity fell by € 12.6 million to € 589.9 million compared to the year-end figure (31 December 2017: € 602.5 million). This decrease resulted mainly from the acquisition of further shares in METRANS a.s. amounting to € 49.9 million. Profit for the period under review of € 32.8 million had an opposing effect. The equity ratio decreased to 32.1 % (31 December 2017: 32.8 %).
Non-current liabilities rose by € 5.3 million to € 999.1 million (31 December 2017: € 993.8 million). The increase was mainly due to the development in pension provisions (€ 13.3 million increase). The € 7.0 million decrease in non-current financial liabilities had the opposite effect. Current liabilities rose by € 11.4 million to € 250.5 million (31 December 2017: € 239.1 million), primarily due to the increase in other liabilities of € 9.3 million.
The investment volume in the period under review totalled € 21.4 million and thus fell short of the previous year's figure of € 39.8 million, which was characterised by postponed investments from previous years.
The acquisition of wagons by METRANS made up the majority of capital expenditure in the first quarter of 2018. Investments were also made in expanding the infrastructure at the HHLA container terminals in the Port of Hamburg and in large-scale equipment for horizontal transport and storage cranes. The Speicherstadt historical warehouse district was also developed further in the period under review.
Cash flow from operating activities declined by € 32.2 million to € 54.6 million as of 31 March 2018 (previous year: € 86.8 million). This was largely due to an increase in trade receivables and other assets. Higher provisions had the opposite effect.
Investing activities led to cash outflows of € 20.5 million (previous year: € 73.3 million). This trend was primarily due to the absence of payments for short-term deposits and a yearon-year decrease in investments in property, plant and equipment.
Cash flow from financing activities was € 50.0 million higher than in the previous year. This was due to the acquisition of the remaining shares in METRANS a.s. in the Czech Republic.
Financial funds totalled € 231.4 million as of 31 March 2018 (31 March 2017: € 237.2 million). Including all short-term deposits, the Group's available liquidity at the end of the first quarter of 2018 amounted to € 251.4 million (31 March 2017: € 286.5 million).
| in € million | 1–3 2018 | 1–3 2017 |
|---|---|---|
| Financial funds as of 01.01. | 255.5 | 232.4 |
| Cash flow from operating activities | 54.6 | 86.8 |
| Cash flow from investing activities | - 20.5 | - 73.3 |
| Free cash flow | 34.1 | 13.5 |
| Cash flow from financing activities | - 58.6 | - 8.6 |
| Change in financial funds | - 24.1 | 4.7 |
| Financial funds as of 31.03. | 231.4 | 237.2 |
| Short-term deposits | 20.0 | 49.3 |
| Available liquidity | 251.4 | 286.5 |
| in € million | 1–3 2018 | 1–3 2017 Change | |
|---|---|---|---|
| Revenue | 191.7 | 182.8 | 4.9 % |
| EBITDA | 53.1 | 52.9 | 0.4 % |
| EBITDA margin in % | 27.7 | 28.9 - 1.2 pp | |
| EBIT | 32.7 | 31.9 | 2.6 % |
| EBIT margin in % | 17.1 | 17.4 - 0.3 pp | |
| Container throughput in thousand | |||
| TEU | 1,824 | 1,778 | 2.6 % |
A total of 1,824 thousand standard containers (TEU) were handled at the HHLA container terminals in the first quarter of 2018 – 2.6 % more than in the same period of the previous year (previous year: 1,778 thousand TEU). Container throughput at HHLA's three container terminals was raised by 2.2 % to 1,744 thousand TEU (previous year: 1,707 thousand TEU). This slight growth was mainly driven by the 8.9 % increase in Asia traffic. There was an opposing decline in lower-margin feeder traffic. Compared with the same period last year, container throughput at the North Sea and Baltic Sea ports fell by 5.4 %. There was a corresponding decline in the feeder ratio of 1.9 percentage points to 23.1 % (previous year: 25.0 %). Container throughput at the Container Terminal Odessa rose by 13.7 % to 81 thousand TEU (previous year: 71 thousand TEU).
The growth in volumes led to a disproportionately strong yearon-year increase in revenue, of 4.9 % to € 191.7 million (previous year: € 182.8 million). The average revenue per container handled at the quayside rose by 2.2 % year-on-year. This was caused by the developments in loading structure, mentioned above, which shifted towards overseas transport, and the ongoing high storage fees resulting from ship delays and the associated longer container dwell times at HHLA's container terminals.
The segment's EBIT costs rose by 5.4 % in the first three months of 2018, outstripping throughput volume. This was due to the additional resources required as a result of the previously mentioned ship delays and significant fluctuation in utilisation of the various facilities. Nevertheless, the year-on-year increase in the operating result (EBIT) of 2.6 % to € 32.7 million (previous year: € 31.9 million) was able to match volume growth. At 17.1 %, the EBIT margin was slightly below the prior-year figure (previous year: 17.4 %).
A slot-booking process for trucks was established at the terminals in Hamburg at the end of last year to improve the handling of peak loads in hinterland processing caused by increased ship sizes.
| in € million | 1–3 2018 | 1–3 2017 Change | |
|---|---|---|---|
| Revenue | 101.6 | 101.7 | - 0.1 % |
| EBITDA | 25.1 | 22.4 | 12.2 % |
| EBITDA margin in % | 24.8 | 22.0 | 2.8 pp |
| EBIT | 18.7 | 16.5 | 13.4 % |
| EBIT margin in % | 18.4 | 16.2 | 2.2 pp |
| Container transport in thousand | |||
| TEU | 350 | 370 | - 5.3 % |
The scheduled realignment of Polish traffic resulted in a temporary decline in the transport performance in the first quarter of 2018. Container transport decreased by 5.3 % to 350 thousand standard containers (TEU) (previous year: 370 thousand TEU) in the period under review.
The decline concerned both rail and road transport. Compared with the strong first quarter of 2017, rail transport was down 4.5 % to 270 thousand TEU (previous year: 283 thousand TEU). Due to a significant decrease in freight volume in the greater Hamburg area, road transport fell by 7.8 % year-onyear to 80 thousand TEU (previous year: 87 thousand TEU).
At € 101.6 million, revenue was down 0.1 % against the prioryear figure (previous year: € 101.7 million), but performed much better than transport volume. This stable revenue trend resulted from a slight increase in rail's share of HHLA's total intermodal transportation from 76.6 % to 77.2 %, in combination with longer transport distances.
The operating result (EBIT) increased year-on-year to € 18.7 million (previous year: € 16.5 million). In addition to a decrease in the cost of materials, this trend was due in particular to a stable relationship between import and export volumes and changes in the route mix. The terminal in Budapest, which started operations in mid-2017, also had a positive impact on the efficiency of HHLA's intermodal network. The EBIT margin rose by 2.2 percentage points to 18.4 % (previous year: 16.2 %).
During the period under review, HHLA acquired the remaining shares in the Metrans Group from its management and is now the sole owner of METRANS a.s.
| in € million | 1–3 2018 | 1–3 2017 Change | |
|---|---|---|---|
| Revenue | 12.2 | 11.0 | 11.1 % |
| EBITDA | 1.2 | 0.7 | 81.9 % |
| EBITDA margin in % | 10.2 | 6.2 | 4.0 pp |
| EBIT | 0.1 | - 0.4 | pos. |
| EBIT margin in % | 1.1 | - 3.7 | pos. |
| At-equity earnings | 0.8 | 1.3 - 39.1 % |
The companies of the Logistics segment once again made varying progress in the first quarter of 2018. The consolidated companies reported revenue of € 12.2 million, up 11.1 % on the prior-year figure (previous year: € 11.0 million). This was due in particular to a strong increase in volume in the vehicle logistics division. The operating result (EBIT) of the Logistics segment amounted to € 0.1 million in the period under review, compared to an operating loss of € 0.4 million in the previous year. This improvement resulted mainly from consultancy activities.
At-equity earnings declined by a total of 39.1 % to € 0.8 million in the first three months of 2018. Neither dry bulk handling nor fruit logistics were able to match their prior-year performance.
| in € million | 1–3 2018 | 1–3 2017 Change | |
|---|---|---|---|
| Revenue | 9.4 | 9.3 | 1.4 % |
| EBITDA | 4.9 | 4.7 | 3.6 % |
| EBITDA margin in % | 51.6 | 50.5 | 1.1 pp |
| EBIT | 3.6 | 3.4 | 5.4 % |
| EBIT margin in % | 38.5 | 37.0 | 1.5 pp |
HHLA's properties in the Speicherstadt historical warehouse district and Fischmarkt Hamburg-Altona GmbH continued their positive revenue trend in the first quarter of 2018. Revenue increased slightly again by 1.4 % year-on-year to € 9.4 million as a result of virtually full occupancy in both quarters (previous year: € 9.3 million). Largely due to increased revenue from existing and newly developed properties in the Speicherstadt historical warehouse district, the operating result (EBIT) improved strongly by 5.4 % to € 3.6 million (previous year: € 3.4 million).
There were no events of material importance in the period under review. The disclosures made in the 2017 Annual Report regarding the expected course of business in 2018 continue to apply.
Hamburg, 2 May 2018
Hamburger Hafen und Logistik Aktiengesellschaft The Executive Board
Angela Titzrath Heinz Brandt
Jens Hansen Dr. Roland Lappin
| in € thousand | 1–3 2018 Group |
1–3 2018 Port Logistics |
1–3 2018 Real Estate |
1–3 2018 Consolidation |
|---|---|---|---|---|
| Revenue | 315,215 | 307,335 | 9,422 | - 1,542 |
| Changes in inventories | 675 | 673 | 2 | 0 |
| Own work capitalised | 1,267 | 1,054 | 0 | 213 |
| Other operating income | 8,023 | 7,054 | 1,332 | - 363 |
| Cost of materials | - 88,884 | - 87,047 | - 1,877 | 40 |
| Personnel expenses | - 118,676 | - 118,138 | - 538 | 0 |
| Other operating expenses | - 39,852 | - 38,022 | - 3,482 | 1,652 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
77,768 | 72,909 | 4,859 | 0 |
| Depreciation and amortisation | - 29,843 | - 28,713 | - 1,234 | 104 |
| Earnings before interest and taxes (EBIT) | 47,925 | 44,196 | 3,625 | 104 |
| Earnings from associates accounted for using the equity method | 994 | 994 | 0 | 0 |
| Interest income | 606 | 639 | 9 | - 42 |
| Interest expenses | - 5,258 | - 4,612 | - 688 | 42 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 3,658 | - 2,979 | - 679 | 0 |
| Earnings before tax (EBT) | 44,267 | 41,217 | 2,946 | 104 |
| Income tax | - 11,463 | - 10,552 | - 884 | - 27 |
| Profit after tax | 32,804 | 30,665 | 2,062 | 77 |
| of which attributable to non-controlling interests | 9,114 | 9,114 | 0 | |
| of which attributable to shareholders of the parent company | 23,690 | 21,551 | 2,139 | |
| Earnings per share, basic and diluted, in € | 0.33 | 0.31 | 0.79 |
| 1–3 2018 | 1–3 2018 | 1–3 2018 | 1–3 2018 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 32,804 | 30,665 | 2,062 | 77 |
| Components which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | 5,390 | 5,303 | 87 | |
| Deferred taxes | - 1,752 | - 1,724 | - 28 | |
| Total | 3,638 | 3,579 | 59 | 0 |
| Components which can be transferred to the Income Statement |
||||
| Cash flow hedges | 0 | 0 | 0 | |
| Foreign currency translation differences | 1,012 | 1,012 | 0 | |
| Deferred taxes | 35 | 35 | 0 | |
| Other | - 108 | - 108 | 0 | |
| Total | 939 | 939 | 0 | |
| Income and expense recognised directly in equity | 4,577 | 4,518 | 59 | 0 |
| Total comprehensive income | 37,381 | 35,183 | 2,121 | 77 |
| of which attributable to non-controlling interests | 9,139 | 9,139 | 0 | |
| of which attributable to shareholders of the parent company | 28,242 | 26,044 | 2,198 |
| 1–3 2017 | 1–3 2017 | 1–3 2017 | 1–3 2017 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 305,129 | 297,384 | 9,291 | - 1,546 |
| Changes in inventories | 413 | 409 | 4 | 0 |
| Own work capitalised | 1,406 | 1,326 | 0 | 80 |
| Other operating income | 11,400 | 10,507 | 1,150 | - 257 |
| Cost of materials | - 94,826 | - 93,073 | - 1,785 | 32 |
| Personnel expenses | - 111,814 | - 111,286 | - 528 | 0 |
| Other operating expenses | - 36,652 | - 34,899 | - 3,444 | 1,691 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 75,056 | 70,368 | 4,688 | 0 |
| Depreciation and amortisation | - 29,811 | - 28,649 | - 1,248 | 86 |
| Earnings before interest and taxes (EBIT) | 45,245 | 41,719 | 3,440 | 86 |
| Earnings from associates accounted for using the equity method | 1,506 | 1,506 | 0 | 0 |
| Interest income | 1,041 | 1,078 | 10 | - 47 |
| Interest expenses | - 5,600 | - 4,921 | - 726 | 47 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 3,053 | - 2,337 | - 716 | 0 |
| Earnings before tax (EBT) | 42,192 | 39,382 | 2,724 | 86 |
| Income tax | - 10,690 | - 9,833 | - 835 | - 22 |
| Profit after tax | 31,502 | 29,549 | 1,889 | 64 |
| of which attributable to non-controlling interests | 7,119 | 7,119 | 0 | |
| of which attributable to shareholders of the parent company | 24,383 | 22,430 | 1,953 | |
| Earnings per share, basic and diluted, in € | 0.34 | 0.32 | 0.72 |
| 1–3 2017 | 1–3 2017 | 1–3 2017 | 1–3 2017 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 31,502 | 29,549 | 1,889 | 64 |
| Components which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | 5,714 | 5,623 | 91 | |
| Deferred taxes | - 1,844 | - 1,815 | - 29 | |
| Total | 3,870 | 3,808 | 62 | 0 |
| Components which can be transferred to the Income Statement |
||||
| Cash flow hedges | - 85 | - 85 | 0 | |
| Foreign currency translation differences | - 935 | - 935 | 0 | |
| Deferred taxes | - 17 | - 17 | 0 | |
| Other | 54 | 54 | 0 | |
| Total | - 983 | - 983 | 0 | |
| Income and expense recognised directly in equity | 2,887 | 2,825 | 62 | 0 |
| Total comprehensive income | 34,389 | 32,374 | 1,951 | 64 |
| of which attributable to non-controlling interests | 7,166 | 7,166 | 0 | |
| of which attributable to shareholders of the parent company | 27,223 | 25,208 | 2,015 |
| 31.03.2018 | 31.03.2018 | 31.03.2018 | 31.03.2018 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 69,308 | 69,298 | 10 | 0 |
| Property, plant and equipment | 965,426 | 946,609 | 4,606 | 14,211 |
| Investment property | 181,223 | 28,840 | 178,369 | - 25,986 |
| Associates accounted for using the equity method | 16,171 | 16,171 | 0 | 0 |
| Financial assets | 18,304 | 14,286 | 4,018 | 0 |
| Deferred taxes | 85,237 | 95,204 | 0 | - 9,967 |
| Non-current assets | 1,335,669 | 1,170,408 | 187,003 | - 21,742 |
| Inventories | 22,223 | 22,136 | 87 | 0 |
| Trade receivables | 170,016 | 168,942 | 1,074 | 0 |
| Receivables from related parties | 82,912 | 76,541 | 10,803 | - 4,432 |
| Other financial receivables | 2,929 | 2,899 | 30 | 0 |
| Other assets | 45,967 | 44,514 | 1,453 | 0 |
| Income tax receivables | 2,390 | 1,622 | 768 | 0 |
| Cash, cash equivalents and short-term deposits | 177,370 | 173,507 | 3,863 | 0 |
| Current assets | 503,807 | 490,161 | 18,078 | - 4,432 |
| Balance sheet total | 1,839,476 | 1,660,569 | 205,081 | - 26,174 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 476,119 | 430,377 | 54,591 | - 8,849 |
| Other comprehensive income | - 107,873 | - 107,673 | - 200 | 0 |
| Non-controlling interests | 7,351 | 7,351 | 0 | 0 |
| Equity | 589,934 | 541,181 | 57,602 | - 8,849 |
| Pension provisions | 462,270 | 455,552 | 6,718 | 0 |
| Other non-current provisions | 111,952 | 109,558 | 2,394 | 0 |
| Non-current liabilities to related parties | 105,356 | 105,356 | 0 | 0 |
| Non-current financial liabilities | 297,756 | 193,456 | 104,300 | 0 |
| Deferred taxes | 21,787 | 15,886 | 18,794 | - 12,893 |
| Non-current liabilities | 999,121 | 879,808 | 132,206 | - 12,893 |
| Other current provisions | 31,718 | 31,651 | 67 | 0 |
| Trade liabilities | 79,189 | 74,016 | 5,173 | 0 |
| Current liabilities to related parties | 11,322 | 13,584 | 2,170 | - 4,432 |
| Current financial liabilities | 81,901 | 76,382 | 5,519 | 0 |
| Other liabilities | 41,815 | 39,633 | 2,182 | 0 |
| Income tax liabilities | 4,476 | 4,314 | 162 | 0 |
| Current liabilities | 250,421 | 239,580 | 15,273 | - 4,432 |
| Balance sheet total | 1,839,476 | 1,660,569 | 205,081 | - 26,174 |
| in € thousand | 31.12.2017 Group (adjusted) |
31.12.2017 Port Logistics (adjusted) |
31.12.2017 Real Estate (adjusted) |
31.12.2017 Consolidation |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 69,679 | 69,666 | 13 | 0 |
| Property, plant and equipment | 974,551 | 955,575 | 4,660 | 14,316 |
| Investment property | 179,884 | 29,798 | 176,282 | - 26,196 |
| Associates accounted for using the equity method | 15,215 | 15,215 | 0 | 0 |
| Financial assets1 | 21,881 | 17,851 | 4,030 | 0 |
| Deferred taxes1 | 87,184 | 96,853 | 0 | - 9,669 |
| Non-current assets | 1,348,394 | 1,184,958 | 184,985 | - 21,549 |
| Inventories | 21,340 | 21,266 | 74 | 0 |
| Trade receivables1 | 148,824 | 147,624 | 1,200 | 0 |
| Receivables from related parties | 81,527 | 75,945 | 9,575 | - 3,993 |
| Other financial receivables | 2,651 | 2,613 | 38 | 0 |
| Other assets | 26,828 | 25,519 | 1,309 | 0 |
| Income tax receivables | 4,302 | 3,988 | 1,043 | - 729 |
| Cash, cash equivalents and short-term deposits | 201,514 | 197,132 | 4,382 | 0 |
| Current assets | 486,986 | 474,087 | 17,621 | - 4,722 |
| Balance sheet total | 1,835,380 | 1,659,045 | 202,606 | - 26,271 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings1 | 469,740 | 426,138 | 52,528 | - 8,926 |
| Other comprehensive income | - 112,439 | - 112,180 | - 259 | 0 |
| Non-controlling interests1 | 30,823 | 30,823 | 0 | 0 |
| Equity | 602,461 | 555,907 | 55,480 | - 8,926 |
| Pension provisions | 448,925 | 442,058 | 6,867 | 0 |
| Other non-current provisions | 112,893 | 110,511 | 2,382 | 0 |
| Non-current liabilities to related parties | 105,470 | 105,470 | 0 | 0 |
| Non-current financial liabilities | 304,721 | 198,872 | 105,849 | 0 |
| Deferred taxes | 21,779 | 15,902 | 18,500 | - 12,623 |
| Non-current liabilities | 993,788 | 872,813 | 133,598 | - 12,623 |
| Other current provisions | 34,585 | 34,519 | 66 | 0 |
| Trade liabilities | 77,246 | 73,240 | 4,006 | 0 |
| Current liabilities to related parties | 8,058 | 10,036 | 2,015 | - 3,993 |
| Current financial liabilities | 80,836 | 75,612 | 5,224 | 0 |
| Other liabilities | 32,505 | 31,180 | 1,325 | 0 |
| Income tax liabilities | 5,901 | 5,738 | 892 | - 729 |
| Current liabilities | 239,131 | 230,325 | 13,528 | - 4,722 |
| Balance sheet total | 1,835,380 | 1,659,045 | 202,606 | - 26,271 |
1 The previous year's figures have been retrospectively restated resulting from application of IFRS 9.
| 1–3 2018 | 1–3 2018 | 1–3 2018 | 1–3 2018 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| 1. Cash flow from operating activities | 44,196 | 3,625 | ||
| Earnings before interest and taxes (EBIT) Depreciation, amortisation, impairment and reversals on non |
47,925 | 104 | ||
| financial non-current assets | 29,843 | 28,713 | 1,234 | - 104 |
| Increase (+), decrease (-) in provisions | 12,902 | 12,986 | - 84 | |
| Gains (-), losses (+) from the disposal of non-current assets | - 961 | - 960 | - 1 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 38,937 | - 38,137 | - 1,239 | 439 |
| Increase (+), decrease (-) in trade payables and other liabilities not attributable to investing or financing activities |
17,625 | 15,376 | 2,688 | - 439 |
| Interest received | 306 | 339 | 9 | - 42 |
| Interest paid | - 3,132 | - 2,306 | - 868 | 42 |
| Income tax paid | - 10,752 | - 9,679 | - 1,073 | |
| Exchange rate and other effects | - 183 | - 183 | 0 | |
| Cash flow from operating activities | 54,636 | 50,345 | 4,291 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
1,236 | 1,235 | 1 | |
| Payments for investments in property, plant and equipment and investment property |
- 20,059 | - 16,795 | - 3,264 | |
| Payments for investments in intangible assets | - 1,525 | - 1,525 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 200 | - 200 | 0 | |
| Proceeds (+), payments (-) for short-term deposits | 0 | 0 | 0 | |
| Cash flow from investing activities | - 20,548 | - 17,285 | - 3,263 | 0 |
| 3. Cash flow from financing activities | ||||
| Payments for increasing interests in fully consolidated companies | - 49,908 | - 49,908 | 0 | |
| Redemption of lease liabilities | - 1,099 | - 1,099 | 0 | |
| Payments for the redemption of (financial) loans | - 7,621 | - 6,074 | - 1,547 | |
| Cash flow from financing activities | - 58,628 | - 57,081 | - 1,547 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | - 24,540 | - 24,021 | - 519 | 0 |
| Change in financial funds due to exchange rates | 391 | 391 | 0 | |
| Financial funds at the beginning of the period | 255,514 | 244,632 | 10,882 | |
| Financial funds at the end of the period | 231,365 | 221,002 | 10,363 | 0 |
| in € thousand | 1–3 2017 Group |
1–3 2017 Port Logistics |
1–3 2017 Real Estate |
1–3 2017 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 45,245 | 41,719 | 3,440 | 86 |
| Depreciation, amortisation, impairment and reversals on non | ||||
| financial non-current assets | 29,811 | 28,649 | 1,248 | - 86 |
| Increase (+), decrease (-) in provisions | - 1,633 | - 1,617 | - 16 | |
| Gains (-), losses (+) from the disposal of non-current assets | - 490 | - 490 | 0 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
7,069 | 5,353 | 251 | 1,465 |
| Increase (+), decrease (-) in trade payables and other liabilities not attributable to investing or financing activities |
19,354 | 18,079 | 2,740 | - 1,465 |
| Interest received | 869 | 906 | 10 | - 47 |
| Interest paid | - 3,528 | - 2,610 | - 965 | 47 |
| Income tax paid | - 8,793 | - 7,408 | - 1,385 | |
| Exchange rate and other effects | - 1,105 | - 1,105 | 0 | |
| Cash flow from operating activities | 86,799 | 81,476 | 5,323 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
543 | 543 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 42,061 | - 41,535 | - 526 | |
| Payments for investments in intangible assets | - 1,251 | - 1,251 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
0 | 0 | 0 | |
| Proceeds (+), payments (-) for short-term deposits | - 30,528 | - 30,528 | 0 | |
| Cash flow from investing activities | - 73,297 | - 72,771 | - 526 | 0 |
| 3. Cash flow from financing activities | ||||
| Payments for increasing interests in fully consolidated companies | 0 | 0 | 0 | |
| Redemption of lease liabilities | - 1,070 | - 1,070 | 0 | |
| Payments for the redemption of (financial) loans | - 7,529 | - 5,982 | - 1,547 | |
| Cash flow from financing activities | - 8,599 | - 7,052 | - 1,547 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | 4,903 | 1,653 | 3,250 | 0 |
| Change in financial funds due to exchange rates | - 150 | - 150 | 0 | |
| Financial funds at the beginning of the period | 232,397 | 222,537 | 9,860 | |
| Financial funds at the end of the period | 237,150 | 224,040 | 13,110 | 0 |
Annual Report 2017 Press Conference, Analyst Conference Call
Interim Statement January–March 2018 Analyst Conference Call
Annual General Meeting
14 August 2018
Half-year Financial Report January–June 2018 Analyst Conference Call
Interim Statement January–September 2018 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 Online annual reports and online sustainabilty reports www.nexxar.com
This Interim Statement was published on 15 May 2018. http://report.hhla.de/interim-statement-q1-2018
The 2017 Annual Report is available online at: http://report.hhla.de/annual-report-2017/
This Interim Statement, including its supplemental financial information, should be read in conjunction with the 2017 Annual Report of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). You can find basic information about the Group and its consolidation, accounting and valuation principles in the HHLA 2017 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.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.