Interim / Quarterly Report • May 12, 2017
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1–3 2017 | 1–3 2016 | Change | |
| Revenue and earnings | ||||
| Revenue | 305.1 | 284.8 | 7.1 % | |
| EBITDA | 75.1 | 70.4 | 6.6 % | |
| EBITDA margin in % | 24.6 | 24.7 | - 0.1 pp | |
| EBIT | 45.2 | 41.0 | 10.4 % | |
| EBIT margin % | 14.8 | 14.4 | 0.4 pp | |
| Profit after tax | 31.5 | 26.0 | 21.3 % | |
| Profit after tax and minority interests | 24.4 | 18.1 | 34.4 % | |
| Cash flow statement and investments | ||||
| Cash flow from operating activities | 86.8 | 62.0 | 40.1 % | |
| Investments | 39.8 | 27.0 | 47.8 % | |
| Performance data | ||||
| Container throughput in thousand TEU | 1,778 | 1,612 | 10.3 % | |
| Container transport in thousand TEU | 370 | 341 | 8.4 % | |
| in € million | 31.03.2017 | 31.12.2016 | Change | |
| Balance sheet | ||||
| Balance sheet total | 1,850.0 | 1,812.9 | 2.1 % | |
| Equity | 605.2 | 570.8 | 6.0 % | |
| Equity ratio in % | 32.7 | 31.5 | 1.2 pp | |
| Employees | ||||
| Number of employees | 5,538 | 5,528 | 0.2 % |
| Port Logistics Subgroup1, 2 | Real Estate Subgroup1, 3 | |||||
|---|---|---|---|---|---|---|
| in € million | 1–3 2017 | 1–3 2016 | Change | 1–3 2017 | 1–3 2016 | Change |
| Revenue | 297.4 | 277.1 | 7.3 % | 9.3 | 9.2 | 0.8 % |
| EBITDA | 70.4 | 65.4 | 7.6 % | 4.7 | 5.0 | - 7.1 % |
| EBITDA margin in % | 23.7 | 23.6 | 0.1 pp | 50.5 | 54.8 | - 4.3 pp |
| EBIT | 41.7 | 37.1 | 12.4 % | 3.4 | 3.8 | - 8.8 % |
| EBIT margin in % | 14.0 | 13.4 | 0.6 pp | 37.0 | 40.9 | - 3.9 pp |
| Profit after tax and minority interests | 22.4 | 16.0 | 40.1 % | 2.0 | 2.1 | - 8.6 % |
| Earnings per share in €4 | 0.32 | 0.23 | 40.1 % | 0.72 | 0.79 | - 8.6 % |
1 Before consolidation between subgroups
2 Listed Class A shares
3 Non-listed Class S shares
4 Basic and diluted
The economy remains untroubled as yet by the ongoing political uncertainties in many regions of the world. Stable growth rates are buoying global trade. Our container terminals and hinterland traffic are benefiting from this development. Hamburger Hafen und Logistik AG (HHLA) achieved positive results in the first quarter of 2017. The Group's most important performance indicators are mainly well above the corresponding prior-year level. Revenue of € 305.1 million was up 7.1 percent on the same period last year while our operating result (EBIT) of € 45.2 million made similarly strong progress over the prior-year figure of € 41.0 million. Profit after tax and minority interests increased by 34.4 percent year-on-year to € 24.4 million.
In view of the positive forecasts and consistently strong upswing in Germany in particular, we remain confident about our future development. HHLA has solid foundations. This is due in part to the successful progress of negotiations held so far with shipping companies about their new schedules. We believe we have succeeded in securing steady demand for our container terminals from our customers. Nevertheless, we remain aware of the risks that could quickly influence economic developments and have an impact on our business. For example, there is still a real risk of US protectionism. Equally, the post-Brexit realignment of the EU and conflict on the Korean peninsula represent incalculable risks for global trade. On the other hand, we also see many opportunities which innovation and digitalisation offer. We aspire to being the engine of digital change in the Port of Hamburg.
The prerequisites for treading new ground are stability and success in our core business of container throughput and container transport. The performance data for both segments was highly encouraging in the first quarter. 1.8 million standard containers (TEU) were handled in the first quarter – 10.3 percent more than in the same period in 2016. The rising volume trend which started in the second half of 2016 was therefore continued. This development was driven by a recovery in Far East volumes and significant growth in feeder traffic with the Baltic Sea ports at Hamburg's container terminals. There was also an increase in throughput of 5.4 percent yearon-year at our Container Terminal Odessa in Ukraine.
HHLA has solid foundations. We believe we have succeeded in securing steady demand for our container terminals from our customers.
The Intermodal segment also recorded further encouraging volume growth. HHLA's Intermodal companies increased container transport by 8.4 percent year-on-year to 370 thousand TEU in the first quarter of 2017. Both rail and road transport contributed to this growth.
In expectation of a significant increase in container throughput this year, the Executive Board has updated its forecast for the 2017 financial year. For the Container segment, we are forecasting an operating result (EBIT) in the upper half of a range between € 75 million and € 105 million. As such, the Group's EBIT could be in the upper half of a range between € 140 and € 170 million. We revise our outlook irrespective of the ongoing political uncertainties that could have an impact on our business in the course of the year.
We are confident, however, that we can reach our targets by the end of the financial year and meet the expectations of our shareholders. We want to continue to strengthen the future viability and dynamism of the company with the aid of a business development process initiated by the Executive Board and actively implemented by HHLA's management.
Yours,
Angela Titzrath Chairwoman of the Executive Board
| in € million | 1–3 2017 | 1–3 2016 Change | |
|---|---|---|---|
| Revenue | 305.1 | 284.8 | 7.1 % |
| EBITDA | 75.1 | 70.4 | 6.6 % |
| EBITDA margin in % | 24.6 | 24.7 - 0.1 pp | |
| EBIT | 45.2 | 41.0 | 10.4 % |
| EBIT margin in % | 14.8 | 14.4 | 0.4 pp |
| Profit after tax and minority interest | 24.4 | 18.1 | 34.4 % |
| ROCE in % | 13.6 | 12.5 | 1.1 pp |
There were no particular events or transactions during the period under review either in HHLA's operating environment or within the Group that had a significant impact on its earnings position and financial position. Both the economic indicators reported for the first three months of 2017 and HHLA's actual economic performance were largely in line with the performance forecast in the 2016 Annual Report. See results of operations, net assets and financial position
HHLA achieved very encouraging performance data in the first quarter of 2017. At 1,778 thousand TEU, container throughput rose strongly by 10.3 % year-on-year (previous year: 1,612 thousand TEU). This was mainly attributable to an increase in feeder traffic with the Baltic Sea ports and a recovery in Asian routes. Transport volumes also increased significantly by 8.4 % to 370 thousand TEU (previous year: 341 thousand TEU). Both rail- and road-bound transport contributed to this growth.
The HHLA Group's revenue increased significantly by 7.1 % in the period under review to € 305.1 million (previous year: € 284.8 million). This was primarily due to the volume growth in container throughput and transport described above. The performance of the listed Port Logistics subgroup largely outlined that of the HHLA Group. Revenue rose by 7.3 % to € 297.4 million (previous year: € 277.1 million). The non-listed Real Estate subgroup increased its revenue by 0.8 % to € 9.3 million (previous year: € 9.2 million).
Operating expenses rose by 7.4 %, nearly in line with revenue, to € 273.1 million (previous year: € 254.2 million). The only increase was in the cost of materials ratio, which was partly due to maintenance for container gantry cranes at the Hamburg terminals and increased material costs for maintenance work in the Intermodal segment.
The operating result (EBIT) rose by 10.4 % to € 45.2 million in the period under review (previous year: € 41.0 million). The EBIT margin came in at 14.8 % (previous year: 14.4 %). In the Port Logistics subgroup, EBIT rose by 12.4 % to € 41.7 million (previous year: € 37.1 million) while in the Real Estate subgroup, EBIT declined by 8.8 % to 3.4 million (previous year: € 3.8 million) inter alia as a result of maintenance work.
Net expenses from the financial result fell by € 3.4 million or 53.0 % to € 3.1 million (previous year: € 6.5 million). This was mainly due to a reduction of € 1.9 million in negative exchange rate effects, which resulted almost exclusively from the devaluation of the Ukrainian currency. Interest paid to banks and other lenders also decreased.
The profit after tax and minority interests increased by 34.4 % year-on-year to € 24.4 million (previous year: € 18.1 million). Earnings per share rose accordingly to € 0.34 (previous year: € 0.25). The listed Port Logistics subgroup achieved a 40.1 % increase in earnings per share to € 0.32 (previous year: € 0.23). Earnings per share of the non-listed Real Estate subgroup were down on the prior-year figure at € 0.72 (previous year: € 0.79). Return on capital employed (ROCE) reached 13.6 % and was therefore significantly above the prior-year figure.
Compared with year-end 2016, the HHLA Group's balance sheet total grew by a total of € 37.1 million to € 1,850.0 million as of 31 March 2017 (31 December 2016: € 1,812.9 million).
| in € million | 31.03.2017 | 31.12.2016 |
|---|---|---|
| Assets | ||
| Non-current assets | 1,337.4 | 1,329.0 |
| Current assets | 512.6 | 483.9 |
| 1,850.0 | 1,812.9 | |
| Equity and liabilities | ||
| Equity | 605.2 | 570.8 |
| Non-current liabilities | 1,017.0 | 1,028.1 |
| Current liabilities | 227.8 | 214.0 |
| 1,850.0 | 1,812.9 |
On the assets side of the balance sheet, non-current assets increased by € 8.4 million to € 1,337.4 million (31 December 2016: € 1,329.0 million), largely as a result of capital expenditure. Current assets rose by € 28.7 million to € 512.6 million (31 December 2016: € 483.9 million), mainly due to the increase in cash and short-term deposits.
On the liabilities side, equity rose by € 34.4 million to € 605.2 million compared to the year-end figure (31 December 2016: € 570.8 million). This increase was primarily due to the profit for the period of € 31.5 million. The equity ratio increased to 32.7 % (31 December 2016: 31.5 %).
Non-current liabilities declined by € 11.1 million to € 1,017.0 million (31 December 2016: € 1,028.1 million). The decrease is attributable to the € 5.5 million decline in noncurrent financial liabilities and the € 5.0 million reduction in pension provisions. Current liabilities rose by € 13.8 million to € 227.8 million (31 December 2016: € 214.0 million), mainly as a result of the € 10.5 million increase in other liabilities.
The investment volume in the reporting period totalled € 39.8 million, well above last year's figure of € 27.0 million. The increase is mainly due to postponed investments from the previous year.
Capital expenditure in the first quarter of 2017 focused on the acquisition of container gantry cranes and large-scale equipment for horizontal transport at HHLA's container terminals in Hamburg.
Cash flow from operating activities rose year-on-year from € 62.0 million to € 86.8 million. In addition to the improved operating result (EBIT), the increase is largely attributable to the change in trade receivables. The year-on-year increase in income tax payments had an opposing effect.
At € 73.3 million, cash flow from investing activities was significantly higher than in the previous year. This rise in cash outflow was mainly due to an increase in payments for investments in property, plant and equipment and in payments for short-term deposits.
Cash flow from financing activities was down € 2.1 million on the prior-year figure.
Financial funds totalled € 237.2 million as of 31 March 2017 (31 March 2016: € 180.5 million). Including all short-term deposits, the Group's available liquidity at the end of the first quarter of 2017 amounted to € 286.5 million (31 March 2016: € 268.8 million).
| in € million | 1–3 2017 | 1–3 2016 |
|---|---|---|
| Financial funds as of 01.01. | 232.4 | 165.4 |
| Cash flow from operating activities | 86.8 | 62.0 |
| Cash flow from investing activities | - 73.3 | - 36.2 |
| Free cash flow | 13.5 | 25.8 |
| Cash flow from financing activities | - 8.6 | - 10.7 |
| Change in financial funds | 4.7 | 15.1 |
| Financial funds as of 31.03. | 237.2 | 180.5 |
| Short-term deposits | 49.3 | 88.3 |
| Available liquidity | 286.5 | 268.8 |
| in € million | 1–3 2017 | 1–3 2016 Change | |
|---|---|---|---|
| Revenue | 182.8 | 169.2 | 8.0 % |
| EBITDA | 52.9 | 48.6 | 8.7 % |
| EBITDA margin in % | 28.9 | 28.7 | 0.2 pp |
| EBIT | 31.9 | 27.9 | 14.0 % |
| EBIT margin in % | 17.4 | 16.5 | 0.9 pp |
| Container throughput in thousand | |||
| TEU | 1,778 | 1,612 | 10.3 % |
A total of 1,778 thousand standard containers (TEU) were handled at the HHLA container terminals in the first quarter of 2017 or 10.3 % more than in the previous year (1,612 thousand TEU). Container throughput at HHLA's three container terminals was raised by 10.5 % to 1,707 thousand TEU (previous year: 1,545 thousand TEU). This trend was driven by a recovery in Asian routes (+ 10.8 %) and significant growth in feeder traffic with the Baltic Sea ports (+ 22.2 %). The feeder ratio rose accordingly by 2.4 percentage points compared with the prior-year quarter to 25.0 % (previous year: 22.6 %). Container throughput at the Container Terminal Odessa rose 5.4 % yearon-year to 71 thousand TEU in the first quarter of 2017 (previous year: 67 thousand TEU).
This volume growth led to an 8.0 % increase in revenue to € 182.8 million compared to the first quarter of 2016 (previous year: € 169.2 million). Storage fees rose as a result of shipping delays and the associated increase in dwell times for containers at HHLA's container terminals, while the higher proportion of lower-margin feeder traffic in particular led to lower average revenue per container handled at the quayside. Consequently, average revenue declined by 2.1 % compared to the same period last year.
The segment's EBIT costs rose by 6.8 % in the first three months. Despite the growth in volumes, economies of scale on the cost side could not be fully realised. The high utilisation of storage capacity resulting from shipping delays and slightly restricted capacity caused by ongoing extension and maintenance work at the container terminals in Hamburg led to peak loads that could only be managed with the use of additional resources. Nevertheless, the year-on-year increase in the operating result (EBIT) of 14.0 % to € 31.9 million (previous year: € 27.9 million), grew faster than volume. The EBIT margin rose accordingly to 17.4 % (previous year: 16.5 %).
| in € million | 1–3 2017 | 1–3 2016 Change | |
|---|---|---|---|
| Revenue | 101.7 | 92.6 | 9.8 % |
| EBITDA | 22.4 | 22.0 | 1.7 % |
| EBITDA margin in % | 22.0 | 23.8 - 1.8 pp | |
| EBIT | 16.5 | 16.3 | 1.5 % |
| EBIT margin in % | 16.2 | 17.6 - 1.4 pp | |
| Container transport in thousand | |||
| TEU | 370 | 341 | 8.4 % |
In the first quarter of 2017, HHLA's transport companies achieved strong growth in the highly competitive market for container traffic in the hinterland of major seaports. Transport volumes rose by 8.4 % to 370 thousand standard containers (TEU), compared with 341 thousand TEU in the same period last year. In the reporting period, this trend was driven by growth in both rail and road transport. After a strong prioryear quarter, rail transportation rose by a further 7.1 % to 283 thousand TEU (previous year: 264 thousand TEU). Road transport also developed very positively with growth of 12.8 % to 87 thousand TEU (previous year: 77 thousand TEU) as a result of strong freight volumes in the greater Hamburg area.
Revenue outperformed transport volumes, rising by 9.8 % to € 101.7 million (previous year: € 92.6 million). The slight decline in rail's share of HHLA's total intermodal transportation from 77.5 % to 76.6 % was slightly more than offset by longer transport distances in rail transport.
The operating result (EBIT) increased year-on-year to € 16.5 million (previous year: € 16.3 million), well short of volume and revenue growth. In addition to the increased cost of materials for cyclical maintenance work, compared with the previous year, this was due in particular to an uneven mix between import and export volumes as well as changes in the route mix.
| in € million | 1–3 2017 | 1–3 2016 Change | |
|---|---|---|---|
| Revenue | 11.0 | 13.4 - 18.1 % | |
| EBITDA | 0.7 | 0.0 | pos. |
| EBITDA margin in % | 6.2 | 0.3 | 5.9 pp |
| EBIT | - 0.4 | - 1.0 | 58.2 % |
| EBIT margin in % | - 3.7 | - 7.2 | 3.5 pp |
| At-equity earnings | 1.3 | 1.0 | 39.1 % |
The revenue trend of the consolidated companies comprising the Logistics segment was modest on the whole in the first quarter of 2017. At € 11.0 million, segment revenue was down 18.1 % on the previous year (€ 13.4 million), largely due to the discontinuation of contract and project logistics activities. The operating result (EBIT) improved to € - 0.4 million in the first quarter of 2017 (previous year: € - 1.0 million). The absence of losses from project and contract logistics was offset by lower earnings from vehicle logistics and consulting activities.
The companies included in at-equity earnings recorded a significant year-on-year improvement in the first quarter of 2017, mainly as a result of encouraging growth in bulk cargo handling. At-equity earnings rose by 39.1 % to € 1.3 million (previous year: € 1.0 million).
| in € million | 1–3 2017 | 1–3 2016 Change | |
|---|---|---|---|
| Revenue | 9.3 | 9.2 | 0.8 % |
| EBITDA | 4.7 | 5.0 | - 7.1 % |
| EBITDA margin in % | 50.5 | 54.8 - 4.3 pp | |
| EBIT | 3.4 | 3.8 | - 8.8 % |
| EBIT margin in % | 37.0 | 40.9 - 3.9 pp |
HHLA's properties in the Speicherstadt historical warehouse district and the fish market area continued their positive revenue trend at the beginning of 2017. Revenue again increased slightly by 0.8 % year-on-year to € 9.3 million as a result of almost full occupancy in both districts.
By contrast, the operating result (EBIT) fell by 8.8 % to € 3.4 million (previous year: € 3.8 million), mainly due to higher expenses for scheduled maintenance work as part of the necessary refurbishment of rental space, as well as projectrelated expenses in preparation for a new building project.
The positive start into the financial year 2017 and the success of the negotiations with the shipping companies thus far regarding new services led to a better visibility of throughput development in the remainder of the year. The Executive Board of HHLA therefore issued an ad hoc announcement on 5 May 2017 elaborating on its expectations regarding volume and earnings developments in the Container segment and thus also regarding the Group's earnings forecast for the 2017 financial year.
HHLA is now anticipating a significant increase in container throughput (previously: on a par with the previous year). The Container segment's operating result (EBIT) is forecast to be in the upper half of a range between € 75 million to € 105 million (previously: € 65 million to € 95 million) before possible one-off expenses of up to € 15 million. There are no changes to the other segments.
The updated forecast for the throughput volume is likely to result in a moderate increase in Group revenue (previously: on a par with the previous year). Taking into account segment result developments, the Executive Board is forecasting an operating result (EBIT) for the Port Logistics subgroup in the upper half of a range between € 125 million to € 155 million (previously: € 115 million to € 145 million) before possible one-off expenses in the amount of € 15 million for organisational restructuring of the Container segment. As the operating result for the Real Estate subgroup is still expected to be on a par with the previous year, Group EBIT should now be in the upper half of a range between € 140 million to € 170 million (previously: € 130 million to € 160 million) before possible oneoff expenses of up to € 15 million.
All other disclosures made in the 2016 Annual Report about the expected course of business in 2017 remain unchanged.
Hamburg, 8 May 2017
Hamburger Hafen und Logistik Aktiengesellschaft The Executive Board
Angela Titzrath Heinz Brandt
Jens Hansen Dr. Roland Lappin
| 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, in € | 0.34 | 0.32 | 0.72 | |
| Earnings per share, 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 | |
| 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 |
| 1–3 2016 | 1–3 2016 | 1–3 2016 | 1–3 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 284,781 | 277,081 | 9,213 | - 1,513 |
| Changes in inventories | 686 | 686 | 0 | 0 |
| Own work capitalised | 1,662 | 1,562 | 0 | 100 |
| Other operating income | 8,096 | 6,883 | 1,481 | - 268 |
| Cost of materials | - 83,542 | - 81,706 | - 1,864 | 28 |
| Personnel expenses | - 105,336 | - 104,759 | - 577 | 0 |
| Other operating expenses | - 35,916 | - 34,362 | - 3,207 | 1,653 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 70,431 | 65,385 | 5,046 | 0 |
| Depreciation and amortisation | - 29,455 | - 28,260 | - 1,276 | 81 |
| Earnings before interest and taxes (EBIT) | 40,976 | 37,125 | 3,770 | 81 |
| Earnings from associates accounted for using the equity method | 1,110 | 1,110 | 0 | 0 |
| Interest income | 2,027 | 2,067 | 12 | - 52 |
| Interest expenses | - 9,629 | - 8,903 | - 778 | 52 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 6,492 | - 5,726 | - 766 | 0 |
| Earnings before tax (EBT) | 34,484 | 31,399 | 3,004 | 81 |
| Income tax | - 8,523 | - 7,575 | - 928 | - 20 |
| Profit after tax | 25,961 | 23,824 | 2,076 | 61 |
| of which attributable to non-controlling interests | 7,815 | 7,815 | 0 | |
| of which attributable to shareholders of the parent company | 18,146 | 16,009 | 2,137 | |
| Earnings per share, basic, in € | 0.25 | 0.23 | 0.79 | |
| Earnings per share, diluted, in € | 0.25 | 0.23 | 0.79 |
| 1–3 2016 | 1–3 2016 | 1–3 2016 | 1–3 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 25,961 | 23,824 | 2,076 | 61 |
| Components, which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | - 41,276 | - 40,628 | - 648 | |
| Deferred taxes | 13,321 | 13,112 | 209 | |
| Total | - 27,955 | - 27,516 | - 439 | |
| Components, which can be transferred to the Income Statement |
||||
| Cash flow hedges | 53 | 53 | 0 | |
| Foreign currency translation differences | - 3,504 | - 3,504 | 0 | |
| Deferred taxes | - 7 | - 7 | 0 | |
| Other | - 28 | - 28 | 0 | |
| Total | - 3,486 | - 3,486 | 0 | |
| Income and expense recognised directly in equity | - 31,441 | - 31,002 | - 439 | 0 |
| Total comprehensive income | - 5,480 | - 7,178 | 1,637 | 61 |
| of which attributable to non-controlling interests | 7,718 | 7,718 | 0 | |
| of which attributable to shareholders of the parent company | - 13,198 | - 14,896 | 1,698 |
| 31.03.2017 | 31.03.2017 | 31.03.2017 | 31.03.2017 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 74,344 | 74,321 | 23 | 0 |
| Property, plant and equipment | 964,272 | 945,223 | 4,415 | 14,634 |
| Investment property | 181,979 | 34,012 | 174,718 | - 26,751 |
| Associates accounted for using the equity method | 15,500 | 15,500 | 0 | 0 |
| Financial assets | 20,723 | 16,823 | 3,900 | 0 |
| Deferred taxes | 80,593 | 88,407 | 0 | - 7,814 |
| Non-current assets | 1,337,411 | 1,174,286 | 183,056 | - 19,931 |
| Inventories | 22,353 | 22,224 | 129 | 0 |
| Trade receivables | 158,542 | 157,573 | 969 | 0 |
| Receivables from related parties | 81,221 | 77,944 | 6,646 | - 3,369 |
| Other financial receivables | 3,135 | 3,088 | 47 | 0 |
| Other assets | 34,130 | 32,721 | 1,409 | 0 |
| Income tax receivables | 766 | 766 | 0 | 0 |
| Cash, cash equivalents and short-term deposits | 212,473 | 205,863 | 6,610 | 0 |
| Current assets | 512,620 | 500,179 | 15,810 | - 3,369 |
| Balance sheet total | 1,850,031 | 1,674,465 | 198,866 | - 23,300 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 459,727 | 418,621 | 50,212 | - 9,106 |
| Other comprehensive income | - 108,098 | - 107,923 | - 175 | 0 |
| Non-controlling interests | 39,258 | 39,258 | 0 | 0 |
| Equity | 605,224 | 561,082 | 53,248 | - 9,106 |
| Pension provisions | 455,450 | 448,550 | 6,900 | 0 |
| Other non-current provisions | 102,371 | 100,055 | 2,316 | 0 |
| Non-current liabilities to related parties | 105,805 | 105,805 | 0 | 0 |
| Non-current financial liabilities | 333,661 | 225,429 | 108,232 | 0 |
| Deferred taxes | 19,728 | 16,327 | 14,226 | - 10,825 |
| Non-current liabilities | 1,017,015 | 896,166 | 131,674 | - 10,825 |
| Other current provisions | 17,696 | 17,662 | 34 | 0 |
| Trade liabilities | 70,404 | 68,522 | 1,882 | 0 |
| Current liabilities to related parties | 6,350 | 5,942 | 3,777 | - 3,369 |
| Current financial liabilities | 78,620 | 72,644 | 5,976 | 0 |
| Other liabilities | 40,476 | 39,006 | 1,470 | 0 |
| Income tax liabilities | 14,246 | 13,441 | 805 | 0 |
| Current liabilities | 227,792 | 217,217 | 13,944 | - 3,369 |
| Balance sheet total | 1,850,031 | 1,674,465 | 198,866 | - 23,300 |
| 31.12.2016 | 31.12.2016 | 31.12.2016 | 31.12.2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 75,713 | 75,687 | 26 | 0 |
| Property, plant and equipment | 950,936 | 931,871 | 4,325 | 14,740 |
| Investment property | 183,994 | 35,409 | 175,528 | - 26,943 |
| Associates accounted for using the equity method | 14,317 | 14,317 | 0 | 0 |
| Financial assets | 21,270 | 17,318 | 3,952 | 0 |
| Deferred taxes | 82,720 | 90,459 | 0 | - 7,739 |
| Non-current assets | 1,328,950 | 1,165,061 | 183,831 | - 19,942 |
| Inventories | 22,012 | 21,965 | 47 | 0 |
| Trade receivables | 160,440 | 159,013 | 1,427 | 0 |
| Receivables from related parties | 81,736 | 77,113 | 6,527 | - 1,904 |
| Other financial receivables | 2,172 | 2,083 | 89 | 0 |
| Other assets | 39,877 | 38,567 | 1,310 | 0 |
| Income tax receivables | 488 | 488 | 105 | - 105 |
| Cash, cash equivalents and short-term deposits | 177,192 | 173,832 | 3,360 | 0 |
| Current assets | 483,917 | 473,061 | 12,865 | - 2,009 |
| Balance sheet total | 1,812,867 | 1,638,122 | 196,696 | - 21,951 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 435,345 | 396,191 | 48,325 | - 9,171 |
| Other comprehensive income | - 110,938 | - 110,701 | - 237 | 0 |
| Non-controlling interests | 32,094 | 32,094 | 0 | 0 |
| Equity | 570,838 | 528,710 | 51,299 | - 9,171 |
| Pension provisions | 460,530 | 453,488 | 7,042 | 0 |
| Other non-current provisions | 102,644 | 100,328 | 2,316 | 0 |
| Non-current liabilities to related parties | 105,914 | 105,914 | 0 | 0 |
| Non-current financial liabilities | 339,150 | 229,369 | 109,781 | 0 |
| Deferred taxes | 19,801 | 16,578 | 13,994 | - 10,771 |
| Non-current liabilities | 1,028,039 | 905,677 | 133,133 | - 10,771 |
| Other current provisions | 17,712 | 17,678 | 34 | 0 |
| Trade liabilities | 68,106 | 66,370 | 1,736 | 0 |
| Current liabilities to related parties | 9,340 | 8,809 | 2,435 | - 1,904 |
| Current financial liabilities | 76,614 | 71,007 | 5,607 | 0 |
| Other liabilities | 29,946 | 29,156 | 790 | 0 |
| Income tax liabilities | 12,272 | 10,715 | 1,662 | - 105 |
| Current liabilities | 213,990 | 203,735 | 12,264 | - 2,009 |
| Balance sheet total | 1,812,867 | 1,638,122 | 196,696 | - 21,951 |
| 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 | |
| Earnings (-), losses (+) arising 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 investments in non-current financial assets | 0 | 0 | 0 | |
| Proceeds (+), payments (-) from/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 | ||||
| Redemption of lease liabilities | - 1,070 | - 1,070 | 0 | |
| Payments for 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 (subtotal 1.– 3.) | 4,903 | 1,653 | 3,250 | 0 |
| Change in financial funds due to exchange rates | - 150 | - 150 | 0 | |
| Change in financial funds due to consolidation effects | 0 | 0 | 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 |
| 1–3 2016 | 1–3 2016 | 1–3 2016 | 1–3 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 40,976 | 37,127 | 3,770 | 79 |
| Depreciation, amortisation, impairment and reversals on non financial non-current assets |
29,455 | 28,257 | 1,277 | - 79 |
| Increase (+), decrease (-) in provisions | - 295 | - 163 | - 132 | |
| Earnings (-), losses (+) arising from the disposal of non-current assets |
- 224 | - 224 | 0 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 18,490 | - 19,057 | - 307 | 874 |
| Increase (+), decrease (-) in trade payables and other liabilities not attributable to investing or financing activities |
18,093 | 18,991 | - 24 | - 874 |
| Interest received | 664 | 704 | 12 | - 52 |
| Interest paid | - 4,192 | - 3,330 | - 914 | 52 |
| Income tax paid | - 1,156 | - 945 | - 211 | |
| Exchange rate and other effects | - 2,869 | - 2,869 | 0 | |
| Cash flow from operating activities | 61,962 | 58,491 | 3,471 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
409 | 409 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 15,842 | - 15,471 | - 371 | |
| Payments for investments in intangible assets | - 5,435 | - 5,435 | 0 | |
| Payments for investments in non-current financial assets | - 34 | - 34 | 0 | |
| Proceeds (+), payments (-) from/for short-term deposits | - 15,251 | - 15,251 | 0 | |
| Cash flow from investing activities | - 36,153 | - 35,782 | - 371 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 1,271 | - 1,271 | 0 | |
| Payments for redemption of (financial) loans | - 9,435 | - 7,888 | - 1,547 | |
| Cash flow from financing activities | - 10,706 | - 9,159 | - 1,547 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotal 1.– 3.) | 15,103 | 13,550 | 1,553 | 0 |
| Change in financial funds due to exchange rates | - 1,485 | - 1,485 | 0 | |
| Change in financial funds due to consolidation effects | 1,512 | 1,512 | 0 | |
| Financial funds at the beginning of the period | 165,415 | 161,162 | 4,253 | |
| Financial funds at the end of the period | 180,545 | 174,739 | 5,806 | 0 |
Annual Report 2016 Press Conference, Analyst Conference Call
Interim Statement January – March 2017 Analyst Conference Call
Annual General Meeting
14 August 2017
Half-year Financial Report January – June 2017 Analyst Conference Call
Interim Statement January – September 2017 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 12 May 2017. http://report.hhla.de/interim-statement-q1-2017
The 2016 Annual Report is available online at: http://report.hhla.de/annual-report-2016/
This Interim Statement, including its supplemental financial information, has to be read in conjunction with the 2016 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 2016 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.