Quarterly Report • Nov 25, 2016
Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AG 2016 JANUARY TO SEPTEMBER
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1–9 2016 | 1–9 2015 | Change | |
| Revenue and earnings | ||||
| Revenue | 871.0 | 868.9 | 0.2 % | |
| EBITDA | 218.4 | 214.4 | 1.9 % | |
| EBITDA margin in % | 25.1 | 24.7 | 0.4 pp | |
| EBIT | 126.9 | 123.9 | 2.4 % | |
| EBIT margin % | 14.6 | 14.3 | 0.3 pp | |
| Profit after tax | 83.3 | 77.4 | 7.6 % | |
| Profit after tax and minority interests | 60.9 | 55.9 | 9.0 % | |
| Cash flow statement and investments | ||||
| Cash flow from operating activities | 184.7 | 139.8 | 32.1 % | |
| Investments | 106.3 | 111.8 | - 5.0 % | |
| Performance data | ||||
| Container throughput in thousand TEU | 4,924 | 5,027 | - 2.1 % | |
| Container transport in thousand TEU | 1,055 | 996 | 5.9 % | |
| in € million | 30.09.2016 | 31.12.2015 | Change | |
| Balance sheet | ||||
| Balance sheet total | 1,820.4 | 1,750.4 | 4.0 % | |
| Equity | 544.8 | 580.6 | - 6.2 % | |
| Equity ratio in % | 29.9 | 33.2 | - 3.3 pp | |
| Employees | ||||
| Number of employees | 5,462 | 5,345 | 2.2 % |
| Port Logistics Subgroup1, 2 | Real Estate Subgroup1, 3 | |||||
|---|---|---|---|---|---|---|
| in € million | 1–9 2016 | 1–9 2015 | Change | 1–9 2016 | 1–9 2015 | Change |
| Revenue | 847.5 | 845.6 | 0.2 % | 28.0 | 27.5 | 1.8 % |
| EBITDA | 203.1 | 198.0 | 2.6 % | 15.3 | 16.4 | - 6.6 % |
| EBITDA margin in % | 24.0 | 23.4 | 0.6 pp | 54.8 | 59.7 | - 4.9 pp |
| EBIT | 115.1 | 111.0 | 3.7 % | 11.5 | 12.7 | - 8.9 % |
| EBIT margin in % | 13.6 | 13.1 | 0.5 pp | 41.2 | 46.0 | - 4.8 pp |
| Profit after tax and minority interests | 53.8 | 49.3 | 9.2 % | 7.1 | 6.6 | 7.6 % |
| Earnings per share in €4 | 0.77 | 0.70 | 9.2 % | 2.61 | 2.43 | 7.6 % |
1 Before consolidation between subgroups
2 Listed Class A shares
3 Non-listed Class S shares
4 Basic and diluted
Hamburger Hafen und Logistik AG (HHLA) continued its stable performance in the last nine months. The Group's key performance indicators are now on par with the previous year. Revenue was up slightly year-on-year at € 871 million and the operating result (EBIT) was just above the prior-year figure at almost € 127 million. EBIT for the third quarter of 2016 included one-off income from the premature termination of a lease in the project and contract logistics business division. This income offset the one-off expense of almost € 15 million for the restructuring of the division as reported in our 2016 half-yearly financial report. HHLA turned in a satisfactory performance in view of persistently modest global economic growth, weak global trade, a further slowdown in global container throughput and continued infrastructure deficits.
At 4.9 million standard containers (TEU), container throughput was still around 2 percent lower than in the prior-year period. However, we see a positive trend in the Container segment over the year. Whereas volumes in the first half of 2016 were still significantly down on the previous year, the third quarter saw growth of almost 6 percent over the same period last year. This growth was largely driven by an increase in feeder traffic, particularly between Hamburg and Russia. There was also an encouraging increase in throughput of over 13 percent yearon-year at our Container Terminal Odessa in Ukraine. In addition, we succeeded in adapting our costs to volumes in this segment. Due to higher average revenue per container handled at the quayside, revenue declined more slowly than volumes at just over 1 percent to almost € 513 million. Consequently, the segment's operating result rose by around 4 percent to almost € 87 million.
The Intermodal segment once again recorded encouraging volume growth. Container transport at HHLA's Intermodal companies rose by almost 6 percent to around 1.1 million TEU. The segment's revenue grew in line with volumes and reached almost € 290 million. At € 50 million, the operating result was almost 14 percent higher than in the prior-year period and once again outpaced volume and revenue. This performance was mainly driven by our rail companies, which not only benefited from volume growth, but in particular from an improved importexport ratio and high train utilisation.
HHLA turned in a satisfactory performance given the still subdued global economic growth, weak global trade, a further slowdown in global container throughput and continued infrastructure deficits.
Based on the developments described above, the Executive Board has decided to elaborate on its forecast for the 2016 financial year. We continue to expect container throughput and revenue on par with the previous year, but now only anticipate a moderate increase in container transport and forecast Group EBIT in the range of € 150 million to € 160 million due to the offsetting one-off effects in the project and contract logistics business division.
We are confident that we can reach our targets by the end of the financial year and meet the expectations of our shareholders. Our successfully established and expanded Intermodal segment has become a dynamic earnings driver for our Group and will play a key role in this development.
Klaus-Dieter Peters Chairman of the Executive Board
| in € million | 1–9 I 2016 | 1–9 I 2015 Change | |
|---|---|---|---|
| Revenue | 871.0 | 868.9 | 0.2 % |
| EBITDA | 218.4 | 214.4 | 1.9 % |
| EBITDA margin in % | 25.1 | 24.7 | 0.4 pp |
| EBIT | 126.9 | 123.9 | 2.4 % |
| EBIT margin in % | 14.6 | 14.3 | 0.3 pp |
| Profit after tax and minority | |||
| interests | 60.9 | 55.9 | 9.0 % |
| ROCE in % | 12.8 | 12.7 | 0.1 pp |
The negative impact of the virtually completed restructuring of the Logistics segment in the previous quarter was largely offset by a one-off effect from the termination of the lease for the Übersee-Zentrum in the third quarter. Above and beyond this, there were no particular events or transactions 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 nine months of 2016 and HHLA's actual economic performance were largely in line with the performance forecast in the 2015 Annual Report. However, a change in the interest rate used to calculate pension obligations led to a significant increase in pension provisions along with a corresponding reduction in equity. In addition, HHLA continues to be affected by exchange rate-related changes. See results of operations, net assets and financial position
HHLA posted mixed performance data in the first nine months of 2016. At 4,924 thousand TEU, container throughput was down by 2.1 % year-on-year (previous year: 5,027 thousand TEU). However, the decline was significantly less pronounced than in the first half of the year. By contrast, transport volumes rose by 5.9 % to 1,055 thousand TEU (previous year: 996 thousand TEU).
The HHLA Group's revenue increased slightly by 0.2 % in the period under review to € 871.0 million (previous year: € 868.9 million). This was primarily due to the volume-related increase in revenue from rail transportation.
The performance of the listed Port Logistics subgroup largely mirrored that of the HHLA Group. Revenue rose by 0.2 % to € 847.5 million (previous year: € 845.6 million). The non-listed Real Estate subgroup saw revenue rise by 1.8 % to € 28.0 million (previous year: € 27.5 million).
The increase in other operating income to € 44.3 million (previous year: € 27.5 million) is mainly attributable to the oneoff effect from the termination of the lease for the Übersee-Zentrum.
Operating expenses rose by 1.8 % to € 794.8 million (previous year: € 780.4 million). These include the one-off expenses already recognised in the second quarter in connection with the scaling back of project and contract logistics activities.
The operating result (EBIT) increased by 2.4 % to € 126.9 million in the period under review (previous year: € 123.9 million). The EBIT margin was 14.6 % (previous year: 14.3 %). In the Port Logistics subgroup, EBIT rose by 3.7 % to € 115.1 million (previous year: € 111.0 million). In the Real Estate subgroup, EBIT declined by 8.9 % to € 11.5 million (previous year: € 12.7 million) as a result of maintenance work, among other factors.
Net expenses from the financial result fell by 28.7 % or € 6.3 million to € 15.6 million (previous year: € 21.9 million). This was mainly due to a reduction of € 4.2 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 9.0 % year-on-year to € 60.9 million (previous year: € 55.9 million). Earnings per share rose accordingly by 9.0 % to € 0.84 (previous year: € 0.77). The listed Port Logistics subgroup achieved a 9.2 % increase in earnings per share to € 0.77 (previous year: € 0.70). Earnings per share of the nonlisted Real Estate subgroup were also up on the prior-year figure at € 2.61 (previous year: € 2.43). The return on capital employed (ROCE) was 12.8 % and thus on a par with the previous year.
Compared with year-end 2015, the HHLA Group's balance sheet total increased by a total of € 70.0 million to € 1,820.4 million as of 30 September 2016 (31 December 2015: € 1,750.4 million).
| in € million | 30.09.2016 | 31.12.2015 |
|---|---|---|
| Assets | ||
| Non-current assets | 1,357.9 | 1,305.8 |
| Current assets | 462.5 | 444.6 |
| 1,820.4 | 1,750.4 | |
| Equity and liabilities | ||
| Equity | 544.8 | 580.6 |
| Non-current liabilities | 1,054.5 | 979.2 |
| Current liabilities | 221.1 | 190.6 |
| 1,820.4 | 1,750.4 |
On the assets side of the balance sheet, non-current assets rose by € 52.1 million to € 1,357.9 million (31 December 2015: € 1,305.8 million). Current assets increased by € 17.9 million to € 462.5 million (31 December 2015: € 444.6 million).
On the liabilities side, equity declined by € 35.8 million as against the 2015 year-end to € 544.8 million (31 December 2015: € 580.6 million). The decrease was primarily due to the interest rate-related change of € 55.8 million in actuarial gains and losses, netted with deferred taxes, and the dividend distribution of € 46.8 million. The Group's profit after tax for the reporting period increased equity by € 83.3 million. The equity ratio decreased to 29.9 % (31 December 2015: 33.2 %).
Non-current and current liabilities rose by € 105.8 million to € 1,275.6 million (31 December 2015: € 1,169.8 million). This is mainly attributable to the € 84.8 million increase in pension provisions.
The investment volume in the period under review totalled € 106.3 million, just short of the previous year's figure of € 111.8 million due to reporting date factors.
Capital expenditure in the first nine months of 2016 focused to a large extent on the expansion of the block storage facility at the Container Terminal Burchardkai, the purchase of container gantry cranes for the Burchardkai and Tollerort container terminals, the construction of the Budapest inland terminal and the purchase of wagons for the intermodal subsidiary Metrans.
Cash flow from operating activities rose year-on-year from € 139.8 million to € 184.7 million. The net increase is primarily attributable to higher trade liabilities and lower income tax payments as against the previous year.
At € 50.7 million, cash flow from investing activities was lower than in the previous year. The change was mainly due to the decline in capital expenditure.
Cash flow from financing activities was down € 40.7 million on the prior-year figure. In addition to the acquisition of noncontrolling interests, the net result of a decline in new borrowing and lower principal repayments on loans led to an increase in net cash outflow from financing activities.
Financial funds totalled € 190.3 million as of 30 September 2016 (30 September 2015: € 163.0 million). Including all shortterm deposits, the Group's available liquidity at the end of the third quarter of 2016 amounted to € 229.2 million (30 September 2015: € 233.0 million).
| in € million | 1–9 I 2016 | 1–9 I 2015 |
|---|---|---|
| Financial funds as of 01.01. | 165.4 | 185.6 |
| Cash flow from operating activities | 184.7 | 139.8 |
| Cash flow from investing activities | - 50.7 | - 88.6 |
| Free cash flow | 134.0 | 51.2 |
| Cash flow from financing activities | - 112.5 | - 71.8 |
| Change in financial funds | 21.6 | - 20.6 |
| Change in financial funds due to exchange rates |
- 1.2 | - 2.0 |
| Change in financial funds due to consolidation |
4.5 | 0.0 |
| Financial funds as of 30.09. | 190.3 | 163.0 |
| in € million | 1–9 I 2016 | 1–9 I 2015 Change | |
|---|---|---|---|
| Revenue | 512.7 | 518.7 | - 1.2 % |
| EBITDA | 148.4 | 147.3 | 0.8 % |
| EBITDA margin in % | 28.9 | 28.4 | 0.5 pp |
| EBIT | 86.6 | 83.5 | 3.7 % |
| EBIT margin in % | 16.9 | 16.1 | 0.8 pp |
| Container throughput in thousand TEU |
4,924 | 5,027 | - 2.1 % |
Between January and September 2016, HHLA's container terminals handled a total of 4,924 thousand standard containers (TEU), 2.1 % fewer than in the prior-year period (previous year: 5,027 thousand TEU). Volumes recovered in the third quarter of 2016, growing by 5.6 % year-on-year after lower volumes continued to dominate the first half of 2016. This was due in part to the stabilisation of handling volumes in the Far East shipping region, although these volumes were again down on the prior-year level on a cumulative basis. Feeder traffic to and from Russia, which has gradually recovered over the course of the year following severe slumps in 2015, contributed to volume growth in the third quarter and rose by 10.5 % overall in the reporting period. By contrast, throughput to and from the other Baltic Sea ports, such as in Poland or Sweden, again fell short of the previous year due to mega-ship calls. As a result, handling volumes at the three container terminals in Hamburg were down 2.7 % on the previous year in the first nine months of 2016 at 4,711 thousand TEU (previous year: 4,840 thousand TEU). Container throughput at the Container Terminal Odessa was again very strong, rising by 13.4 % year-on-year to 213 thousand TEU (previous year: 188 thousand TEU) due to cyclical factors.
The fall in volumes led to a corresponding decrease in revenue – albeit at the proportionately slower rate of 1.2 % year-onyear to € 512.7 million (previous year: € 518.7 million). Despite a slightly higher feeder ratio of 23.5 % (previous year: 23.1 %), there was an increase in average revenue per container handled at the quayside.
The segment's EBIT costs were reduced in line with the lower seaborne throughput, despite the high proportion of fixed costs typical of the container business. In particular, personnel expenses per unit remained unchanged as against the previous year. The higher average revenue lifted the operating result (EBIT) by 3.7 % to € 86.6 million (previous year: € 83.5 million). Accordingly, the EBIT margin rose to 16.9 % (previous year: 16.1 %).
| in € million | 1–9 I 2016 | 1–9 I 2015 Change | |
|---|---|---|---|
| Revenue | 289.5 | 272.8 | 6.1 % |
| EBITDA | 67.7 | 61.1 | 10.7 % |
| EBITDA margin in % | 23.4 | 22.4 | 1.0 pp |
| EBIT | 50.0 | 44.0 | 13.8 % |
| EBIT margin in % | 17.3 | 16.1 | 1.2 pp |
| Container transport in thousand TEU |
1,055 | 996 | 5.9 % |
In the first nine months of 2016, HHLA's transport companies achieved significant growth in the highly competitive market for container traffic in the hinterland of major seaports. Transport volumes rose by 5.9 % to 1,055 thousand standard containers (TEU), compared with 996 thousand TEU in the previous year. The trend was driven by growth in rail transportation, which again increased significantly year-on-year by 7.3 % to 818 thousand TEU (previous year: 762 thousand TEU). In a difficult market environment, road transport also made good progress with year-on-year growth of 1.3 % to 237 thousand TEU (previous year: 234 thousand TEU).
With an increase of 6.1 % to € 289.5 million (previous year: € 272.8 million), revenue performed slightly better than transport volumes. This positive trend was partly due to changes in the route mix, as rail's share of HHLA's total intermodal transportation rose from 76.5 % to 77.5 %.
The operating result (EBIT) rose year-on-year to € 50.0 million (previous year: € 44.0 million) and significantly outperformed volume and revenue growth. This was primarily attributable to the higher volumes. Better utilisation of trains and an improved mix of import and export volumes compared to last year also had a positive effect on segment earnings. In a year-on-year comparison, it must be taken into account that the third quarter of 2015 contained positive one-off effects in the amount of € 2.5 million from the sale of a property in Poland.
| in € million | 1–9 I 2016 | 1–9 I 2015 Change | |
|---|---|---|---|
| Revenue | 40.5 | 48.9 - 17.1 % | |
| EBITDA | 0.4 | 2.5 - 83.2 % | |
| EBITDA margin in % | 1.0 | 5.1 - 4.1 pp | |
| EBIT | - 2.6 | - 0.6 | neg. |
| EBIT margin in % | - 6.4 | - 1.3 - 5.1 pp | |
| At-equity earnings | 3.0 | 2.7 | 8.1 % |
The key financial figures for the Logistics segment include the vehicle logistics, project and contract logistics, consultancy activities and cruise logistics business divisions. The results from dry bulk and fruit logistics are included in at-equity earnings.
Revenue generated by the consolidated companies of the Logistics segment declined in the first nine months of 2016. At € 40.5 million, segment revenue was down 17.1 % on the prior-year figure (€ 48.9 million). In addition to the successive scaling back of project and contract logistics activities, this was also due to lower revenue from consulting activities for projectrelated reasons. The operating result (EBIT) in the third quarter of 2016 included one-off effects from the termination of the lease for the Übersee-Zentrum. These were offset in the reporting period as a whole by expenses for provisions recognised in the second quarter for the discontinuation of project and contract logistics activities, which is now largely complete. Compared with the previous year, the segment's operating loss grew to € - 2.6 million in the first nine months (previous year: € - 0.6 million). This was partly a result of the year-on-year decline in operating income from consulting activities and vehicle logistics.
The companies included in at-equity earnings turned in a mixed performance. At-equity earnings totalled € 3.0 million in the reporting period, up 8.1 % on the previous year (€ 2.7 million).
| in € million | 1–9 I 2016 | 1–9 I 2015 Change | |
|---|---|---|---|
| Revenue | 28.0 | 27.5 | 1.8 % |
| EBITDA | 15.3 | 16.4 | - 6.6 % |
| EBITDA margin in % | 54.8 | 59.7 - 4.9 pp | |
| EBIT | 11.5 | 12.7 | - 8.9 % |
| EBIT margin in % | 41.2 | 46.0 - 4.8 pp |
HHLA's properties in the Speicherstadt historical warehouse district and the fish market area continued their positive revenue trend in the third quarter of 2016 amid virtually full occupancy. This is reflected by the 1.8 % increase in revenue to € 28.0 million (previous year: € 27.5 million).
By contrast, the operating result (EBIT) declined by 8.9 % year-on-year to € 11.5 million (previous year: € 12.7 million), primarily due to higher maintenance expenses for the necessary refurbishment of rental space in the Speicherstadt historical warehouse district. In addition, the prior-year figure included extraordinary income of € 0.9 million from an insurance refund.
Based on business developments in the first nine months of 2016 and in light of the unplanned one-off effect in the Logistics segment described above (termination of the lease for the Übersee-Zentrum), the Executive Board of HHLA is elaborating its earnings forecast for the Group in 2016.
While HHLA continues to anticipate container throughput and Group revenue on a par with the previous year, it now expects a moderate increase in container transport (previously: slight increase) compared with the previous year.
An operating result (EBIT) in the range of € 135 million to € 145 million (previously: in the range of € 100 million to € 130 million) is now forecast for the Port Logistics subgroup. 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 between € 150 million and € 160 million (previously: € 115 million to € 145 million). Due to the one-off effect described above, the expected decline in the operating result for the Logistics segment will not be as large as previously forecast.
All other disclosures made in the 2015 Annual Report about the expected course of business in 2016 continue to apply.
Hamburg, 31 October 2016
Hamburger Hafen und Logistik Aktiengesellschaft The Executive Board
Klaus-Dieter Peters
Dr. Stefan Behn
Heinz Brandt Dr. Roland
Lappin
Angela Titzrath
| 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 870,984 | 847,469 | 27,980 | - 4,465 |
| Changes in inventories | 1,743 | 1,743 | 0 | 0 |
| Own work capitalised | 4,640 | 4,408 | 0 | 232 |
| Other operating income | 44,339 | 40,868 | 4,242 | - 771 |
| Cost of materials | - 258,514 | - 252,792 | - 5,818 | 96 |
| Personnel expenses | - 329,662 | - 327,920 | - 1,742 | 0 |
| Other operating expenses | - 115,116 | - 110,692 | - 9,332 | 4,908 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 218,414 | 203,084 | 15,330 | 0 |
| Depreciation and amortisation | - 91,519 | - 87,953 | - 3,810 | 244 |
| Earnings before interest and taxes (EBIT) | 126,895 | 115,131 | 11,520 | 244 |
| Earnings from associates accounted for using the equity method | 3,740 | 3,740 | 0 | 0 |
| Interest income | 4,788 | 4,896 | 46 | - 154 |
| Interest expenses | - 24,128 | - 21,990 | - 2,292 | 154 |
| Other financial result | - 10 | - 10 | 0 | 0 |
| Financial result | - 15,610 | - 13,364 | - 2,246 | 0 |
| Earnings before tax (EBT) | 111,285 | 101,767 | 9,274 | 244 |
| Income tax | - 27,999 | - 25,551 | - 2,389 | - 59 |
| Profit after tax | 83,286 | 76,216 | 6,885 | 185 |
| of which attributable to non-controlling interests | 22,375 | 22,375 | 0 | |
| of which attributable to shareholders of the parent company | 60,911 | 53,841 | 7,070 | |
| Earnings per share, basic, in € | 0.84 | 0.77 | 2.61 | |
| Earnings per share, diluted, in € | 0.84 | 0.77 | 2.61 |
| 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 83,286 | 76,216 | 6,885 | 185 |
| Components, which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | - 82,421 | - 81,149 | - 1,272 | |
| Deferred taxes | 26,601 | 26,191 | 410 | |
| Total | - 55,820 | - 54,958 | - 862 | |
| Components, which can be transferred to the Income Statement |
||||
| Cash flow hedges | 175 | 175 | 0 | |
| Differences from currency translation | - 2,872 | - 2,872 | 0 | |
| Deferred taxes | - 90 | - 90 | 0 | |
| Other | 103 | 103 | 0 | |
| Total | - 2,684 | - 2,684 | 0 | |
| Income and expense recognised directly in equity | - 58,504 | - 57,642 | - 862 | 0 |
| Total Comprehensive Income | 24,782 | 18,574 | 6,023 | 185 |
| of which attributable to non-controlling interests | 21,816 | 21,816 | 0 | |
| of which attributable to shareholders of the parent company | 2,966 | - 3,242 | 6,208 |
| 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 868,902 | 845,634 | 27,483 | - 4,215 |
| Changes in inventories | 382 | 383 | - 1 | 0 |
| Own work capitalised | 7,519 | 7,297 | 0 | 222 |
| Other operating income | 27,535 | 23,166 | 5,019 | - 650 |
| Cost of materials | - 274,485 | - 268,967 | - 5,596 | 78 |
| Personnel expenses | - 307,278 | - 305,493 | - 1,785 | 0 |
| Other operating expenses | - 108,136 | - 103,988 | - 8,713 | 4,565 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 214,439 | 198,032 | 16,407 | 0 |
| Depreciation and amortisation | - 90,537 | - 87,018 | - 3,755 | 236 |
| Earnings before interest and taxes (EBIT) | 123,902 | 111,014 | 12,652 | 236 |
| Earnings from associates accounted for using the equity method | 3,250 | 3,250 | 0 | 0 |
| Interest income | 14,821 | 14,878 | 35 | - 92 |
| Interest expenses | - 40,914 | - 37,436 | - 3,570 | 92 |
| Other financial result | 944 | 944 | 0 | 0 |
| Financial result | - 21,899 | - 18,364 | - 3,535 | 0 |
| Earnings before tax (EBT) | 102,003 | 92,650 | 9,117 | 236 |
| Income tax | - 24,605 | - 21,824 | - 2,724 | - 57 |
| Profit after tax | 77,398 | 70,826 | 6,393 | 179 |
| of which attributable to non-controlling interests | 21,508 | 21,508 | 0 | |
| of which attributable to shareholders of the parent company | 55,890 | 49,318 | 6,572 | |
| Earnings per share, basic, in € | 0.77 | 0.70 | 2.43 | |
| Earnings per share, diluted, in € | 0.77 | 0.70 | 2.43 |
| 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 77,398 | 70,826 | 6,393 | 179 |
| Components, which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | 13,737 | 13,669 | 68 | |
| Deferred taxes | - 4,435 | - 4,413 | - 22 | |
| Total | 9,302 | 9,256 | 46 | |
| Components, which can be transferred to the Income Statement |
||||
| Cash flow hedges | 257 | 257 | 0 | |
| Differences from currency translation | - 8,506 | - 8,506 | 0 | |
| Deferred taxes | - 63 | - 63 | 0 | |
| Other | - 57 | - 57 | 0 | |
| Total | - 8,369 | - 8,369 | 0 | |
| Income and expense recognised directly in equity | 933 | 887 | 46 | 0 |
| Total Comprehensive Income | 78,331 | 71,713 | 6,439 | 179 |
| of which attributable to non-controlling interests | 21,394 | 21,394 | 0 | |
| of which attributable to shareholders of the parent company | 56,937 | 50,319 | 6,618 |
| 7–9 I 2016 | 7–9 I 2016 | 7–9 I 2016 | 7–9 I 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 297,505 | 289,674 | 9,255 | - 1,424 |
| Changes in inventories | 892 | 892 | 0 | 0 |
| Own work capitalised | 1,123 | 1,086 | 0 | 37 |
| Other operating income | 28,198 | 27,075 | 1,360 | - 237 |
| Cost of materials | - 89,901 | - 87,824 | - 2,107 | 30 |
| Personnel expenses | - 105,685 | - 105,095 | - 590 | 0 |
| Other operating expenses | - 39,511 | - 38,027 | - 3,078 | 1,594 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 92,621 | 87,781 | 4,840 | 0 |
| Depreciation and amortisation | - 32,581 | - 31,412 | - 1,251 | 82 |
| Earnings before interest and taxes (EBIT) | 60,040 | 56,369 | 3,589 | 82 |
| Earnings from associates accounted for using the equity method | 1,157 | 1,157 | 0 | 0 |
| Interest income | 605 | 634 | 21 | - 50 |
| Interest expenses | - 6,999 | - 6,306 | - 743 | 50 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 5,237 | - 4,515 | - 722 | 0 |
| Earnings before tax (EBT) | 54,803 | 51,854 | 2,867 | 82 |
| Income tax | - 12,267 | - 11,852 | - 396 | - 19 |
| Profit after tax | 42,536 | 40,002 | 2,471 | 63 |
| of which attributable to non-controlling interests | 7,431 | 7,431 | 0 | |
| of which attributable to shareholders of the parent company | 35,105 | 32,571 | 2,534 | |
| Earnings per share, basic, in € | 0.49 | 0.47 | 0.93 | |
| Earnings per share, diluted, in € | 0.49 | 0.47 | 0.93 |
| 7–9 I 2016 | 7–9 I 2016 | 7–9 I 2016 | 7–9 I 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 42,536 | 40,002 | 2,471 | 63 |
| Components, which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | - 8,936 | - 8,806 | - 130 | |
| Deferred taxes | 2,883 | 2,842 | 41 | |
| Total | - 6,053 | - 5,964 | - 89 | |
| Components, which can be transferred to the Income Statement |
||||
| Cash flow hedges | 2 | 2 | 0 | |
| Differences from currency translation | - 1,787 | - 1,787 | 0 | |
| Deferred taxes | - 37 | - 37 | 0 | |
| Other | 110 | 110 | 0 | |
| Total | - 1,712 | - 1,712 | 0 | |
| Income and expense recognised directly in equity | - 7,765 | - 7,676 | - 89 | 0 |
| Total Comprehensive Income | 34,771 | 32,326 | 2,382 | 63 |
| of which attributable to non-controlling interests | 7,422 | 7,422 | 0 | |
| of which attributable to shareholders of the parent company | 27,349 | 24,904 | 2,445 |
| 7–9 I 2015 | 7–9 I 2015 | 7–9 I 2015 | 7–9 I 2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Revenue | 283,761 | 275,829 | 9,450 | - 1,518 |
| Changes in inventories | 1,086 | 1,088 | - 2 | 0 |
| Own work capitalised | 2,292 | 2,227 | 0 | 65 |
| Other operating income | 8,938 | 7,073 | 2,092 | - 227 |
| Cost of materials | - 91,264 | - 89,251 | - 2,041 | 28 |
| Personnel expenses | - 97,077 | - 96,462 | - 615 | 0 |
| Other operating expenses | - 36,192 | - 34,543 | - 3,301 | 1,652 |
| Earnings before interest, taxes, depreciation and amortisation | ||||
| (EBITDA) | 71,544 | 65,961 | 5,583 | 0 |
| Depreciation and amortisation | - 30,281 | - 29,094 | - 1,266 | 79 |
| Earnings before interest and taxes (EBIT) | 41,263 | 36,867 | 4,317 | 79 |
| Earnings from associates accounted for using the equity method | 649 | 649 | 0 | 0 |
| Interest income | 1,069 | 1,085 | 14 | - 30 |
| Interest expenses | - 7,937 | - 6,784 | - 1,183 | 30 |
| Other financial result | 0 | 0 | 0 | 0 |
| Financial result | - 6,219 | - 5,050 | - 1,169 | 0 |
| Earnings before tax (EBT) | 35,044 | 31,817 | 3,148 | 79 |
| Income tax | - 7,823 | - 6,938 | - 866 | - 19 |
| Profit after tax | 27,221 | 24,879 | 2,282 | 60 |
| of which attributable to non-controlling interests | 8,809 | 8,809 | 0 | |
| of which attributable to shareholders of the parent company | 18,412 | 16,070 | 2,342 | |
| Earnings per share, basic, in € | 0.25 | 0.23 | 0.87 | |
| Earnings per share, diluted, in € | 0.25 | 0.23 | 0.87 |
| 7–9 I 2015 | 7–9 I 2015 | 7–9 I 2015 | 7–9 I 2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| Profit after tax | 27,221 | 24,879 | 2,282 | 60 |
| Components, which can not be transferred to the Income Statement |
||||
| Actuarial gains/losses | 0 | 0 | 0 | |
| Deferred taxes | 0 | 0 | 0 | |
| Total | 0 | 0 | 0 | |
| Components, which can be transferred to the Income Statement |
||||
| Cash flow hedges | 54 | 54 | 0 | |
| Differences from currency translation | - 970 | - 970 | 0 | |
| Deferred taxes | 26 | 26 | 0 | |
| Other | - 128 | - 128 | 0 | |
| Total | - 1,018 | - 1,018 | 0 | |
| Income and expense recognised directly in equity | - 1,018 | - 1,018 | 0 | 0 |
| Total Comprehensive Income | 26,203 | 23,861 | 2,282 | 60 |
| of which attributable to non-controlling interests | 8,782 | 8,782 | 0 | |
| of which attributable to shareholders of the parent company | 17,421 | 15,079 | 2,342 |
| 30.09.2016 | 30.09.2016 | 30.09.2016 | 30.09.2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 74,737 | 74,708 | 29 | 0 |
| Property, plant and equipment | 974,948 | 955,735 | 4,525 | 14,688 |
| Investment property | 184,770 | 35,496 | 176,245 | - 26,971 |
| Associates accounted for using the equity method | 15,909 | 15,909 | 0 | 0 |
| Financial assets | 20,060 | 16,092 | 3,968 | 0 |
| Deferred taxes | 87,522 | 94,481 | 0 | - 6,959 |
| Non-current assets | 1,357,946 | 1,192,421 | 184,767 | - 19,242 |
| Inventories | 23,032 | 22,980 | 52 | 0 |
| Trade receivables | 153,948 | 153,050 | 898 | 0 |
| Receivables from related parties | 97,881 | 94,003 | 5,831 | - 1,953 |
| Other financial receivables | 2,016 | 1,913 | 103 | 0 |
| Other assets | 26,663 | 25,051 | 1,612 | 0 |
| Income tax receivables | 3,027 | 4,093 | 0 | - 1,066 |
| Cash, cash equivalents and short-term deposits | 155,878 | 154,452 | 1,426 | 0 |
| Current assets | 462,445 | 455,542 | 9,922 | - 3,019 |
| Balance sheet total | 1,820,391 | 1,647,963 | 194,689 | - 22,261 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 423,226 | 386,314 | 46,144 | - 9,232 |
| Other comprehensive income | - 135,526 | - 134,975 | - 551 | 0 |
| Non-controlling interests | 42,764 | 42,764 | 0 | 0 |
| Equity | 544,801 | 505,229 | 48,804 | - 9,232 |
| Pension provisions | 500,419 | 492,877 | 7,542 | 0 |
| Other non-current provisions | 77,362 | 75,076 | 2,286 | 0 |
| Non-current liabilities to related parties | 106,023 | 106,023 | 0 | 0 |
| Non-current financial liabilities | 351,802 | 241,516 | 110,286 | 0 |
| Deferred taxes | 18,929 | 15,816 | 13,123 | - 10,010 |
| Non-current liabilities | 1,054,535 | 931,308 | 133,237 | - 10,010 |
| Other current provisions | 26,147 | 26,083 | 64 | 0 |
| Trade liabilities | 83,499 | 81,590 | 1,909 | 0 |
| Current liabilities to related parties | 6,500 | 6,010 | 2,443 | - 1,953 |
| Current financial liabilities | 74,755 | 68,524 | 6,231 | 0 |
| Other liabilities | 24,449 | 23,514 | 935 | 0 |
| Income tax liabilities | 5,705 | 5,705 | 1,066 | - 1,066 |
| Current liabilities | 221,055 | 211,426 | 12,648 | - 3,019 |
| Balance sheet total | 1,820,391 | 1,647,963 | 194,689 | - 22,261 |
| 31.12.2015 | 31.12.2015 | 31.12.2015 | 31.12.2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| ASSETS | ||||
| Intangible assets | 73,851 | 73,842 | 9 | 0 |
| Property, plant and equipment | 947,063 | 927,455 | 4,535 | 15,073 |
| Investment property | 190,603 | 39,448 | 178,754 | - 27,599 |
| Associates accounted for using the equity method | 12,474 | 12,474 | 0 | 0 |
| Financial assets | 20,439 | 16,856 | 3,583 | 0 |
| Deferred taxes | 61,396 | 68,600 | 0 | - 7,204 |
| Non-current assets | 1,305,826 | 1,138,675 | 186,881 | - 19,730 |
| Inventories | 22,583 | 22,544 | 39 | 0 |
| Trade receivables | 128,130 | 127,102 | 1,028 | 0 |
| Receivables from related parties | 58,515 | 54,834 | 4,403 | - 722 |
| Other financial receivables | 3,286 | 3,060 | 226 | 0 |
| Other assets | 28,815 | 27,425 | 1,390 | 0 |
| Income tax receivables | 8,644 | 8,584 | 424 | - 364 |
| Cash, cash equivalents and short-term deposits | 194,565 | 194,212 | 353 | 0 |
| Current assets | 444,538 | 437,761 | 7,863 | - 1,086 |
| Balance sheet total | 1,750,364 | 1,576,436 | 194,744 | - 20,816 |
| EQUITY AND LIABILITIES | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 413,097 | 378,519 | 43,993 | - 9,415 |
| Other comprehensive income | - 77,581 | - 77,890 | 309 | 0 |
| Non-controlling interests | 30,707 | 30,707 | 0 | 0 |
| Equity | 580,560 | 542,462 | 47,513 | - 9,415 |
| Pension provisions | 415,608 | 409,209 | 6,399 | 0 |
| Other non-current provisions | 66,894 | 64,860 | 2,034 | 0 |
| Non-current liabilities to related parties | 106,304 | 106,304 | 0 | 0 |
| Non-current financial liabilities | 371,417 | 257,532 | 113,885 | 0 |
| Deferred taxes | 18,946 | 16,459 | 12,802 | - 10,315 |
| Non-current liabilities | 979,169 | 854,364 | 135,120 | - 10,315 |
| Other current provisions | 11,308 | 11,188 | 120 | 0 |
| Trade liabilities | 52,007 | 49,118 | 2,889 | 0 |
| 6,792 | 1,059 | |||
| Current liabilities to related parties | 7,129 | - 722 | ||
| Current financial liabilities | 92,045 | 85,954 | 6,091 | 0 |
| Other liabilities | 22,843 | 21,950 | 893 | 0 |
| Income tax liabilities | 5,303 | 4,608 | 1,059 | - 364 |
| Current liabilities | 190,635 | 179,610 | 12,111 | - 1,086 |
| Balance sheet total | 1,750,364 | 1,576,436 | 194,744 | - 20,816 |
| 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | 1–9 I 2016 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 126,895 | 115,131 | 11,520 | 244 |
| Depreciation, amortisation, impairment and reversals on non financial non-current assets |
91,519 | 87,953 | 3,810 | - 244 |
| Increase (+), decrease (-) in provisions | 6,623 | 6,646 | - 23 | |
| Earnings (-), losses (+) arising from the disposal of non-current | ||||
| assets | - 1,031 | - 1,031 | 0 | |
| Increase (-), decrease (+) in inventories, trade receivables and | ||||
| other assets not attributable to investing or financing activities | - 30,930 | - 32,267 | 105 | 1,232 |
| Increase (+), decrease (-) in trade payables and other liabilities not | ||||
| attributable to investing or financing activities | 27,443 | 28,507 | 168 | - 1,232 |
| Interest received | 1,844 | 1,952 | 46 | - 154 |
| Interest paid | - 12,196 | - 10,343 | - 2,007 | 154 |
| Income tax paid | - 21,594 | - 20,365 | - 1,229 | |
| Exchange rate and other effects | - 3,886 | - 3,886 | 0 | |
| Cash flow from operating activities | 184,687 | 172,297 | 12,390 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
1,998 | 1,998 | 0 | |
| Payments for investments in property, plant and equipment and | ||||
| investment property | - 77,785 | - 76,729 | - 1,056 | |
| Payments for investments in intangible assets | - 9,008 | - 8,981 | - 27 | |
| Proceeds from disposals of non-current financial assets | 0 | 0 | 0 | |
| Payments for investments in non-current financial assets | - 9 | - 9 | 0 | |
| Proceeds (+) from/Payments (-) for short-term deposits | 34,143 | 34,143 | 0 | |
| Cash flow from investing activities | - 50,661 | - 49,578 | - 1,083 | 0 |
| 3. Cash flow from financing activities | ||||
| Payments for acquiring interests in consolidated companies | - 13,556 | - 13,556 | 0 | |
| Dividends paid to shareholders of the parent company | - 46,062 | - 41,329 | - 4,733 | |
| Dividends/settlement obligation paid to non-controlling interests | - 22,371 | - 22,371 | 0 | |
| Redemption of lease liabilities | - 3,825 | - 3,825 | 0 | |
| Proceeds from the issuance of bonds and (financial) loans | 10,000 | 10,000 | 0 | |
| Payments for the redemption of (financial) loans | - 36,080 | - 32,480 | - 3,600 | |
| Exchange rate effects | - 577 | - 577 | 0 | |
| Cash flow from financing activities | - 112,471 | - 104,138 | - 8,333 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | 21,555 | 18,581 | 2,974 | 0 |
| Change in financial funds due to exchange rates | - 1,242 | - 1,242 | 0 | |
| Change in financial funds due to consolidation | 4,543 | 4,543 | 0 | |
| Financial funds at the beginning of the period | 165,415 | 161,162 | 4,253 | |
| Financial funds at the end of the period | 190,271 | 183,044 | 7,227 | 0 |
| 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | 1–9 I 2015 | |
|---|---|---|---|---|
| in € thousand | Group | Port Logistics | Real Estate | Consolidation |
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 123,902 | 111,014 | 12,652 | 236 |
| Depreciation, amortisation, impairment and reversals on non | ||||
| financial non-current assets | 89,329 | 85,810 | 3,755 | - 236 |
| Increase (+), decrease (-) in provisions | - 12,964 | - 12,692 | - 272 | |
| Earnings (-), losses (+) arising from the disposal of non-current | ||||
| assets | - 1,485 | - 1,475 | - 10 | |
| Increase (-), decrease (+) in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 16,968 | - 14,417 | - 2,917 | 366 |
| Increase (+), decrease (-) in trade payables and other liabilities not | ||||
| attributable to investing or financing activities | 13,032 | 16,974 | - 3,576 | - 366 |
| Interest received | 2,655 | 2,712 | 35 | - 92 |
| Interest paid | - 15,056 | - 11,698 | - 3,450 | 92 |
| Income tax paid | - 36,453 | - 35,339 | - 1,114 | |
| Exchange rate and other effects | - 6,160 | - 6,160 | 0 | |
| Cash flow from operating activities | 139,832 | 134,729 | 5,103 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets, property, plant and equipment and investment property |
8,992 | 4,949 | 4,043 | |
| Payments for investments in property, plant and equipment and investment property |
- 109,173 | - 104,430 | - 4,743 | |
| Payments for investments in intangible assets | - 6,877 | - 6,875 | - 2 | |
| Proceeds from disposals of non-current financial assets | 100 | 100 | 0 | |
| Payments for investments in non-current financial assets | - 1,686 | - 1,686 | 0 | |
| Proceeds (+) from/Payments (-) for short-term deposits | 20,000 | 20,000 | 0 | |
| Cash flow from investing activities | - 88,644 | - 87,942 | - 702 | 0 |
| 3. Cash flow from financing activities | ||||
| Payments for acquiring interests in consolidated companies | 0 | 0 | 0 | |
| Dividends paid to shareholders of the parent company | - 40,482 | - 36,425 | - 4,057 | |
| Dividends/settlement obligation paid to non-controlling interests | - 30,339 | - 30,339 | 0 | |
| Redemption of lease liabilities | - 4,530 | - 4,530 | 0 | |
| Proceeds from the issuance of bonds and (financial) loans | 120,987 | 45,987 | 75,000 | |
| Payments for the redemption of (financial) loans | - 119,542 | - 50,942 | - 68,600 | |
| Exchange rate effects | 2,093 | 2,093 | 0 | |
| Cash flow from financing activities | - 71,813 | - 74,156 | 2,343 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1.–3.) | - 20,625 | - 27,369 | 6,744 | 0 |
| Change in financial funds due to exchange rates | - 1,964 | - 1,964 | 0 | |
| Change in financial funds due to consolidation | 0 | 0 | 0 | |
| Financial funds at the beginning of the period | 185,617 | 190,896 | - 5,279 | |
| Financial funds at the end of the period | 163,028 | 161,563 | 1,465 | 0 |
Annual Report 2016 Press Conference, Analyst Conference
15 May 2017
Interim Statement January–March 2017 Analyst Conference Call
21 June 2017
Annual General Meeting
10 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 10 November 2016. http://report.hhla.de/interim-statement-q3-2016
The 2015 Annual Report is available online at: http://report.hhla.de/annual-report-2015
This Interim Statement, including its supplemental financial information, has to be read in conjunction with the 2015 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 2015 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, Germany Telephone: +49 40 3088-0, fax: +49 40 3088-3355, www.hhla.de, [email protected]
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