Interim / Quarterly Report • Aug 13, 2015
Interim / Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Interim Report January to June 2015
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1–6 2015 | 1–6 2014 | Change | |
| Revenues and Earnings | ||||
| Revenue | 585.1 | 595.7 | - 1.8 % | |
| EBITDA | 142.9 | 140.8 | 1.5 % | |
| EBITDA margin in% | 24.4 | 23.6 | 0.8 pp | |
| EBIT | 82.6 | 81.4 | 1.5 % | |
| EBIT margin in% | 14.1 | 13.7 | 0.4 pp | |
| Profit after tax | 50.2 | 44.0 | 14.1 % | |
| Profit after tax and minority interests | 37.5 | 26.0 | 44.0 % | |
| Cash flow statement and Investments | ||||
| Cash flow from operating activities | 97.8 | 109.4 | - 10.6 % | |
| Investments | 64.0 | 56.9 | 12.5 % | |
| Performance trend | ||||
| Container throughput in thousand TEU | 3,404 | 3,783 | - 10.0 % | |
| Container transport in thousand TEU | 654 | 633 | 3.2 % | |
| in € million | 30.06.2015 | 31.12.2014 | Change | |
| Balance sheet | ||||
| Balance sheet total | 1,745.3 | 1,788.1 | - 2.4 % | |
| Equity | 558.4 | 546.7 | 2.1 % | |
| Equity ratio in% | 32.0 | 30.6 | 1.4 pp | |
| Employees | ||||
| Number of employees | 5,292 | 5,194 | 1.9 % |
| Port Logistics subgroup1, 2 | Real Estate subgroup1,3 | |||||
|---|---|---|---|---|---|---|
| in € million | 1–6 2015 | 1–6 2014 | Change | 1–6 2015 | 1–6 2014 | Change |
| Revenues | 569.8 | 581.7 | - 2.0 % | 18.0 | 16.7 | 8.3 % |
| EBITDA | 132.1 | 131.3 | 0.6 % | 10.8 | 9.5 | 13.7 % |
| EBITDA margin in% | 23.2 | 22.6 | 0.6 pp | 60.0 | 57.2 | 2.8 pp |
| EBIT | 74.1 | 73.9 | 0.3 % | 8.3 | 7.3 | 14.0 % |
| EBIT margin in% | 13.0 | 12.7 | 0.3 pp | 46.2 | 43.9 | 2.3 pp |
| Profit after tax and minority interests | 33.2 | 21.9 | 51.5 % | 4.2 | 4.1 | 3.3 % |
| Earnings per share in € 4 | 0.47 | 0.31 | 51.5 % | 1.56 | 1.51 | 3.3 % |
1 Before consolidation between the subgroups
2 Class A shares, publicly listed.
3 Class S shares, not publicly listed.
4 Basic and diluted
| 31.03.2015 – 30.06.2015 | HHLA | SDAX | DAX |
|---|---|---|---|
| Change | - 7.2% | 1.9% | - 8.5% |
| Closing 31.03.2015 | €19.55 | 8,417 | 11,966 |
| Closing 30.06.2015 | €18.15 | 8,578 | 10,945 |
| High | €20.87 | 8,878 | 12,375 |
| Low | €17.88 | 8,401 | 10,945 |
Although all benchmark indices started the year with strong growth in the first quarter of 2015, the stock markets were depressed in particular by the ongoing uncertainty surrounding a possible Greek exit from the eurozone in the second quarter. In mid-April, for example, fears of an imminent Grexit weakened the upward trend of the first three months. There were further strong fluctuations in May. At the beginning of the month, weak data from the USA and speculation that the Federal Reserve would soon be reversing its interest rate policy put further pressure on the market. Temporary relief only came halfway through the month, when the European Central Bank's announcement that it would further ramp up its bond-buying programme in June and July coincided with a weak euro. However, the general situation in Greece and a weak US stock market once again depressed share prices in early June. As a consequence, the DAX fell to 11,001 points on 9 June and subsequently continued to be strongly influenced by daily developments in negotiations with Greece. As the repayment deadline for Greece passed, the markets continued to hope for a positive conclusion to the ongoing talks. However, negotiations were suspended at the end of the month without an agreement. The DAX reached a quarterly low of 10,945 points on 30 June. This meant that Germany's benchmark index lost 8.5% compared to the start of the quarter. However, it has still gained a total of 11.6% in the course of 2015 to date. By contrast, the SDAX rose 1.9% in the second quarter to close at 8,578 points. The small-cap index grew by 19.4% over the first six months.
The HHLA share continued to develop largely in line with the markets in the second quarter of 2015. It was buoyed by positive market sentiment at the beginning of April and started the second quarter with gains. The average trading volume tripled on 21 April following substantial block purchases. Towards the end of the month, the share price remained stable despite a nervous market environment before profiting from an increasingly dynamic market in early May. The market was pleasantly surprised by the quarterly results published mid-month. Although container throughput was down, the operating result (EBIT) was considerably higher than the market had expected. This prompted the share to reach its quarterly high of € 20.87 on 19 May and settle above the € 20 mark. At the end
of May, the HHLA share was no longer able to escape the downbeat market mood and dropped below €20 in line with the general market trend. The Annual General Meeting took place in Hamburg on 11 June 2015 and was attended by around 900 shareholders and guests. Overall, 82.5 % of HHLA's share capital was represented. A dividend of €0.52 per listed Class A share was adopted with a clear majority. The payout ratio amounted to 69.7% of the relevant annual net profit and was thus at the top end of the payout range of 50 to 70%. The HHLA share price rose to €19.49 ahead of the Annual General Meeting. However, it was traded with the usual dividend discount from the next day onwards. In mid-June, the market responded critically to the EU agreement to extend sanctions against Russia due to the ongoing conflict with Ukraine. The share was subsequently traded at a substantially lower price and hit its quarterly low of €17.88 on 19 June. Dropping below the €18 mark also acted as a chart signal, which prompted the trading volume to double on the same day. The share closed the quarter at €18.15.
HHLA continued its proactive IR activities in the second quarter and was represented on the capital markets at a number of roadshows and investor conferences. Discussions at these events centred on the situation in Ukraine and how the sanctions imposed on Russia by the European Union would affect business developments at HHLA. Towards the end of the quarter, the company also received a growing number of enquiries in connection with the European Court of Justice's ruling on the Water Framework Directive, scheduled for 1 July 2015, which is relevant to the dredging of the river Elbe. A total of 20 financial analysts covered HHLA's business development in the second quarter. More than half of them continued to recommend either buying or holding the share.
Source: Datastream
The latest prices and additional information on the HHLA share can be found online at www.hhla.de/en/investor-relations
Hamburger Hafen und Logistik AG continues to face a challenging operating environment. Growth in both the global economy and world trade slowed in the first half of 2015. China, the most important economy for us, is experiencing the most sluggish growth it has seen for six years. Meanwhile, Russia – which is still the Port of Hamburg's second most important partner for seaborne container traffic – remains mired in an economic crisis. Despite this operating environment, we succeeded in increasing our Group's operating result (EBIT) by 1.5 percent compared to the first six months of the previous year, taking it to €82.6 million. At the same time, there was a slight fall in revenues of 1.8 percent.
The encouraging development of the Intermodal segment remains our company's strongest growth driver. HHLA's rail companies, Metrans and Polzug, achieved year-on-year growth in transport volumes. There was above-average growth in volumes transported by our trains between the Adriatic ports and Central and Eastern Europe, as well as volumes carried to and from the Polish seaports. The segment's revenue growth outstripped volume growth in the first half of 2015. In fact, the operating result (EBIT) more than doubled in comparison with the opening six months of the previous year. The investments made by our intermodal subsidiary Metrans in procuring its own locomotives, wagons and hinterland terminals are now taking full effect and significantly increasing our value added. We are therefore continuing to invest in assets of this kind.
Over the six months just ended, seaborne handling in the Container segment was down 10 percent on the same period of the previous year. This was primarily attributable to falling feeder volumes between Hamburg and Russia; and because a number of services were relocated. Traffic to and from Russia dropped by almost 40 percent compared to the first half of 2014. This is now also affecting Far East cargo, some of which was previously handled by our Hamburg terminals en route to and from Russia. Thanks in part to ongoing moderate growth in high-margin rail container handling at our Hamburg terminals, the fall in revenues of the Container segment was less marked than the volume trend suggests. However, the segment's operating result (EBIT) was down considerably on the prior-year figure.
As a result of these developments, we have adjusted our full-year forecast. In the Container segment, we now anticipate a moderate decrease in volumes and an EBIT result of between € 125 million and € 135 million for the year as a whole. By contrast, we expect the Intermodal segment to record strong earnings growth rather than the significant rise previously forecast. On Group level we assume a slight decrease in revenues compared to previous year. The Executive Board of Hamburger Hafen und Logistik AG is upholding its forecast for the full year 2015 with an operating result (EBIT) at the previous year's level.
Our solid financial situation and profitability enable us to successfully compete in the current operating environment. Against the background of the current operating environment, however, we are also aware that we can no longer generate growth on the scale seen prior to 2008. With this in mind, we are continuing to work on optimising our facilities, processes and structures so that we can react even more quickly and flexibly to changing market requirements in future. We are well positioned to successfully capitalise on opportunities that arise in our competitive environment in the remainder of the financial year.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
Global economic growth lost momentum in the first few months of 2015. In early July, the International Monetary Fund (IMF) updated its economic outlook, downgrading its forecast for the first quarter of 2015 by 0.8 percentage points to growth of 2.2%. The IMF cited an unexpectedly weak US economy as the main reason for this amendment. Against this background, world trade is also expected to decrease by 1.5% during the first three months of 2015, compared to the fourth quarter of 2014.
Following a tangible economic recovery in 2014, gross domestic product (GDP) of the advanced economies improved by just 0.2% in the first three months of 2015. The US economy in particular generated very little momentum for growth as a result of weather-related production stoppages and prolonged port strikes. Growth rates also fell markedly in the emerging and developing countries. Although the Asian economies outside China and India maintained their strong momentum, GDP growth in China was stuck at 7.0 % – its lowest level since 2009. In view of the falling demand for commodities, economic growth in Latin America also slowed considerably. The Russian economy was burdened by persistently low oil prices and EU sanctions, which were extended by six months in June. Russia's GDP shrank by 2.2% in the first three months of the year, with the recession expected to deepen in the second quarter. The Ukrainian economy is also suffering as a result of the crisis, registering a 17.6% slump in the first quarter. However, this decline is expected to slow in the second quarter. Despite ongoing political discussions about the situation in Greece, the eurozone continued its economic recovery. Following a 0.4% increase in GDP for the period January to March 2015, sentiment indicators point to stable growth in the second quarter. Outside the Eurozone, the Czech Republic and Poland in particular experienced year-on-year growth in the first quarter of 2015
compared to the same period of the previous year. Experts forecast that Germany's GDP will enjoy robust growth of 0.5% on the previous quarter in the three months to June. Compared to the same period last year, German exports charted strong growth of 5.7% in the five months from January to May, while imports were up 2.3%.
Global container throughput was weaker than anticipated in the first quarter of 2015. Whereas the market research institute Drewry projected growth of 4.3% in spring, updated estimates for the first three months of 2015 now suggest a year-on-year increase of 3.9% in the light of weak exports from China. Experts anticipate growth of 4.3% for the second quarter. This growth is likely to be driven by the trades of South and South-East Asia, as well as East Africa. By contrast, seasonal effects and weak exports meant that throughput growth in China was only modest. Drewry also downscaled its first-quarter outlook for North-West Europe by 0.9 percentage points. An increase of 2.3% is now anticipated for both the first and second quarters. Container traffic in the Baltic Sea dropped sharply. After projecting a slight dip of 0.6% for the first quarter in April, experts now believe that container handling will slump by 13.7% compared to the same quarter of 2014. A fall of 12.7% is forecast for the second quarter.
There was a mixed picture at the major container ports of the North Range. Rotterdam posted yearon-year growth in container throughput of 3.7% for the first half of 2015, but grew by just 0.2% in the second quarter compared to the previous year. Antwerp recorded an increase of 9.5% in the first six months. Throughput from January to June 2015 at the Bremen ports was down 3.5% on the same period last year.
In container shipping, supply once again outstripped demand in the first half of 2015. Compared to the previous year, the global fleet's carrying capacity increased by 7.4% to 19.0 million TEU in the first six months. At the same time, shipping companies faced weak transport demand, especially on East-West routes. Poor capacity utilisation meant that competition intensified noticeably. As a consequence, freight rates at the end of June were around a third lower than the prior-year level.
European rail freight traffic decreased in the first quarter. Transport volumes for Europe as a whole fell 4.2% year-on-year in the first three months of 2015. Compared to the same period last year, 3.4% less freight was transported by rail in Central and Eastern Europe. Transport services – the product of transport volumes and distances – fell by 1.9% throughout Europe in the first quarter. Here too, the decrease in Central and Eastern Europe was less marked at 1.0%. In Germany, rail freight traffic in spring was affected by the wage dispute at Deutsche Bahn. Compared to the previous year, transport volumes fell strongly by 4.9% in the four months from January to April. The decrease in transport services was somewhat less pronounced at 2.6%. There was a particularly strong dip in intermodal traffic: in the first four months of 2015, transport volumes dropped by 14.2% year-on-year.
| in €million | 1–6 2015 | 1–6 2014 | Change |
|---|---|---|---|
| Revenues | 585.1 | 595.7 | - 1.8 % |
| EBITDA | 142.9 | 140.8 | 1.5 % |
| EBITDA margin in% | 24.4 | 23.6 | 0.8 pp |
| EBIT | 82.6 | 81.4 | 1.5 % |
| EBIT margin in% | 14.1 | 13.7 | 0.4 pp |
| Profit after tax and minority interests | 37.5 | 26.0 | 44.0 % |
| Earnings from associates (using the equity method) | 2.6 | 2.8 | - 6.3 % |
| ROCE in% | 12.8 | 12.4 | 0.4 pp |
In the period under review, negative exchange rate effects arose from the devaluation of the local Ukrainian currency. This had a significant impact on the Group's net assets, earnings and financial position. There were no further effects that had a material impact on the HHLA Group's revenues or earnings.
There is normally no long-term order backlog for handling and transport services, and thus no use is made of this particular reporting figure.
Against the background of the economic environment described above, HHLA recorded a year-onyear decrease in throughput volumes in the first half of 2015. Container throughput declined by 10.0% to 3,404 thousand TEU (previous year: 3,783 thousand TEU). This was due to a consistent fall in feeder volumes, a sharp drop in traffic to and from Russia and weak domestic demand in Ukraine. Transport volumes increased by 3.2% to 654 thousand TEU (previous year: 633 thousand TEU).
Revenues for the HHLA Group amounted to € 585.1 million in the reporting period and were thus down slightly by 1.8% on the previous year (€ 595.7 million). Although the decrease in revenues in the Container segment was disproportionately smaller than the decrease in volumes, it could not be fully offset by higher revenues in the other segments.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenues of € 569.8 million in the reporting period (previous year: € 581.7 million). This decrease in the Port Logistics subgroup almost matched the trend for the Group as a whole. The non-listed Real Estate subgroup raised revenues by 8.3% to € 18.0 million (previous year: € 16.7 million) and accounted for 2.6% of Group revenues.
Changes in inventories (€ - 0.7 million) did not have a noticeable effect on consolidated net profit. Own work capitalised increased to € 5.2 million (previous year: € 3.9 million).
The rise in other operating income to € 18.6 million (previous year: € 16.8 million) was primarily due to a provision for legal risks formed in the previous year, part of which was reversed through profit and loss.
The 1.8 % decrease in operating expenses to €525.6 million was largely in line with the development of revenues (previous year: €535.5 million).
The cost of materials fell by 6.3% in the reporting period to € 183.2 million (previous year: € 195.6 million). This significant decrease in the cost of materials ratio to 31.3% (previous year: 32.8%) continued to result from cost structure deviations from the expansion of the company's own traction in intermodal traffic between the German North Sea ports and the Czech Republic since the beginning of the year.
Personnel expenses rose year-on-year by 2.5% to € 210.2 million (previous year: € 205.1 million). In addition to higher union wage rates, this absolute rise was due to growth in the Intermodal segment's workforce following the expansion of its own traction. The personnel expenses ratio climbed substantially to 35.9% (previous year: 34.4%). This higher ratio was largely attributable to a slight rise in personnel expenses and lower revenues in the Container segment.
Other operating expenses increased by 4.5% to €71.9 million (previous year: €75.3 million). This fall was mainly due to one-off expenses in the previous year for the formation of a balance sheet provision for legal risks. Their share of revenues decreased from 12.6% in the previous year to 12.3%.
As a result of these developments, the HHLA Group saw its operating result before depreciation and amortisation (EBITDA) increase by 1.5 % to € 142.9 million (previous year: € 140.8 million). The EBITDA margin improved to 24.4% during the reporting period (previous year: 23.6%).
Depreciation and amortisation rose by 1.4 % to € 60.3 million (previous year: € 59.4 million). This increase mainly stemmed from ramped-up investments in rolling stock in the Intermodal segment.
At Group level, the operating result (EBIT) was up 1.5% at €82.6 million (previous year: €81.4 million). The EBIT margin also improved to 14.1% (previous year: 13.7%). The Port Logistics and Real Estate subgroups contributed 89.7% and 10.3% to EBIT, respectively.
Net expenses from the financial result fell by € 1.9 million to € 15.7 million (previous year: € 17.6 million), mainly due to an improved interest result. The financial result includes negative exchange rate effects in the amount of €5.3 million (previous year: € 5.5 million) arising from the devaluation of the Ukrainian currency.
At 25.1 %, the Group's effective tax rate was down on the previous year (31.1 %). This was caused by the absence of a one-off gain that drove up the previous year's tax rate and the fact that a higher proportion of profits was generated by foreign subsidiaries.
Profit after tax increased by 14.1 % from € 44.0 million to € 50.2 million. There was a disproportionately strong year-on-year increase in profit after tax and minority interests of 44.0 % to € 37.5 million (previous year: € 26.0 million) due to the positive development of HHLA's majority-owned companies. At € 0.52, earnings per share were also 44.0% up on the prior-year figure of € 0.36. The listed Port Logistics subgroup achieved a 51.5% increase in earnings per share to € 0.47 (previous year: € 0.31). Earnings per share of the non-listed Real Estate subgroup also improved, with a 3.3% rise taking them to € 1.56 (previous year: € 1.51). The return on capital employed (ROCE) rose by 0.4 percentage points to 12.8% (previous year: 12.4%).
| in € million | 1–6 2015 | 1–6 2014 | Change |
|---|---|---|---|
| Revenues | 351.9 | 374.3 | - 6.0 % |
| EBITDA | 100.3 | 122.5 | - 18.1 % |
| EBITDA margin in % | 28.5 | 32.7 | - 4.2 pp |
| EBIT | 57.5 | 79.1 | - 27.3 % |
| EBIT margin in % | 16.3 | 21.1 | - 4.8 pp |
| Earnings from associates (using the equity method) | 0.4 | 0.4 | - 12.2 % |
| Container throughput in thousand TEU | 3,404 | 3,783 | - 10.0 % |
At 3,404 thousand standard containers (TEU), throughput at the HHLA terminals in Hamburg and Odessa in the first six months of 2015 was 10.0% below the previous year's figure (previous year: 3,783 thousand TEU).
In Ukraine, the Container Terminal Odessa managed to reduce the impact of further market shrinkage by gaining market share. The throughput volume in Odessa decreased by 5.9% in the second quarter of 2015 compared to the previous year – a significantly smaller decline than in the first quarter (down 13.4% on Q1 2014).
The decrease at the Hamburg terminals was once again due to dwindling feeder traffic with the Baltic Sea ports, which was down 20.9% on the first half of 2014. In addition to the re-routing of individual shipping companies, this was primarily due to the decrease in traffic to and from Russia, which fell almost 40% compared to the previous year. The feeder ratio saw a corresponding drop to 23.4% (previous year: 26.7%). As every feeder container loss generally means one less overseas container, the throughput for ocean-going vessels also fell strongly by 6.1%. In addition to this, hinterland throughput volumes for HHLA's Hamburg terminals in the first half of 2015 were just 0.5% higher than one year earlier.
The considerable decline in throughput volumes and lower storage fees year-on-year led to falling revenues, which were down 6.0% to €351.9 million in the first half of the year (previous year: €374.3 million). However, an ongoing change in the cargo mix – and the associated reduced proportion of lower-margin feeder traffic – led to higher average revenues per seaborne handled standard container. Consequently, average revenues rose by 4.5% in the first half of 2015 compared to the same period last year.
The segment's EBIT costs were roughly on a par with the figure from the previous year and could not be reduced in proportion to lower seaborne throughput. This was mainly due to cost items with a high ratio of fixed expenses. Although much less use was made of external staff, personnel expenses rose slightly overall. The main reasons for this were collective wage increases and the hiring of additional staff to handle peak loads. Maintenance costs were also up considerably on the previous year's figures. Due to high capacity utilisation at the facilities last year, some of the maintenance work needed in 2014 had to be postponed to 2015. As a result, the segment's unit costs were 10.8% higher in total than in the previous year. This development led to a 27.3% decrease in the operating result (EBIT) to €57.5 million (previous year: €79.1 million). The EBIT margin fell correspondingly to 16.3% (previous year: 21.1%).
Efforts to improve facilities in preparation for the growing use of ultra large container vessels are continuing as required. Two container gantry cranes have been ordered for the Container Terminal Tollerort (CTT), which will enable the site to handle the latest generation of ships. The addition of four blocks to expand the block storage facility at the Container Terminal Burchardkai (CTB) has also been commissioned. The additional storage yard will be available in 2017.
| in € million | 1–6 2015 | 1–6 2014 | Change |
|---|---|---|---|
| Revenues | 180.8 | 170.1 | 6.3 % |
| EBITDA | 38.2 | 23.3 | 63.6 % |
| EBITDA margin in % | 21.1 | 13.7 | 7.4 pp |
| EBIT | 26.8 | 13.1 | 104.0 % |
| EBIT margin in % | 14.8 | 7.7 | 7.1 pp |
| Container transport in thousand TEU | 654 | 633 | 3.2 % |
HHLA's rail and road-based transport companies achieved moderate growth in the highly competitive market for container traffic in the hinterland of major seaports. With growth of 3.2%, transport volumes climbed to 654 thousand standard containers (TEU) compared to 633 thousand TEU in the same period last year. After recording strong growth of 9.3% in the first three months of 2015, the second quarter was down slightly by 2.4% compared to the high volumes reached in the same quarter last year.
The trend in the first half of 2015 was primarily driven by the growth in railway transportation, with links between the Adriatic ports and Central and Eastern Europe growing above-average. Transport volumes from the Polish seaports were also increased significantly.
With growth of 6.3% to €180.8 million (previous year: €170.1 million), revenues outpaced volume gains. In addition to price adjustments for individual products, the main reasons were a change in the route mix and a rise in the average transportation distance, due in part to an increase in the share of railway traffic from 74.1% to 75.6% of HHLA's total intermodal transportation.
Compared to the first half of 2014, the operating result (EBIT) doubled to € 26.8 million (previous year: € 13.1 million) and significantly outperformed volume and revenue growth. The expansion of the company's own traction since the beginning of 2015 with the acquisition of additional locomotives had a particularly positive effect on productivity rates and led to improved cost structures. Better utilisation of trains, made possible by a more beneficial mix of import and export volumes compared to last year, also had a positive effect on segment earnings. This encouraging development in segment earnings was also helped by improvements in the cost structure and the implementation of restructuring measures by the Polzug Group, which continues to operate in a very challenging competitive environment.
HHLA's Intermodal companies are continuing to drive the expansion of the intermodal network. For example, Metrans has been calling at the Schwarzheide inland terminal in Brandenburg, Germany, since June and offers regular train links between this terminal, the Port of Hamburg and HHLA's Czech hub terminal, Ceska Trebova. The last of the 20 new multi-system locomotives were also received and put into operation by Metrans at the beginning of April.
| in € million | 1–6 2015 | 1–6 2014 | Change |
|---|---|---|---|
| Revenues | 33.1 | 31.9 | 3.7% |
| EBITDA | - 0.4 | - 0.4 | neg. |
| EBITDA margin in % | - 1.3 | - 1.3 | 0.0 pp |
| EBIT | - 1.1 | - 1.0 | neg. |
| EBIT margin in % | - 3.2 | - 3.1 | - 0.1 pp |
| Earnings from associates (using the equity method) | 2.2 | 2.4 | - 5.3 % |
Since 2014, the key financial figures for the Logistics segment have only included vehicle logistics, project and contract logistics, consultancy activities and cruise logistics business divisions. The results from bulk cargo and fruit logistics have been included in earnings from associates, accounted for using the equity method, since 2014 and 2012 respectively.
The performance of the individual business fields within the segment varied widely in the first half of 2015. Overall, the companies included in earnings from associates succeeded in raising volumes, revenues and earnings. Due to a change in disclosed taxes, however, earnings from associates were slightly down on the previous year. Developments at the other companies were modest – and in some cases negative – in the first six months of 2015. However, revenues and earnings picked up in the second quarter following a weak opening three months. As a result, segment revenues in the first six months were up 3.7% year-on-year at €33.1 million. EBIT of €- 1.1 million was only slightly down on the previous year (previous year: €- 1.0 million).
The individual business divisions developed as follows:
Volumes in the vehicle logistics division fell in the second quarter of 2015. A total of 722 thousand tonnes were handled in the first half-year, including packing. This was 6.2 % less than the volume processed in the first six months of 2014, partly due to shipping cancellations and changes in rotation.
At 95.8 thousand tonnes, vehicle handling fell 7.7% short of the figure achieved in the first half of 2014. Revenues and EBIT failed to match the previous year's levels.
After a subdued start to the year, consultancy activities picked up considerably in the second quarter. Both revenues and EBIT in the first half of 2015 were well above the corresponding prioryear figures.
The market environment for project and contract logistics remained challenging in the reporting period. Revenues exceeded the prior-year figure while earnings were slightly down on the first half of 2014, which included income from other accounting periods.
With 78 ships (- 7.1%) and 247 thousand passengers (- 6.7 %) in the first half of 2015, the cruise logistics division was unable to match its prior-year figures. Revenues and earnings in this division were also down on the previous year.
At 7.8 million tonnes, seaborne handling volumes in bulk cargo logistics were up 12.3 % year-on-year in the first half of 2015. This was due to both ore and coal handling. Revenues and earnings also improved compared to the first half of 2014.
The fruit logistics division increased volumes by 4.1% to 295 thousand tonnes in the first six months of 2015. Revenues and earnings were also up strongly on the first half of 2014.
| in € million | 1–6 2015 | 1–6 2014 | Change |
|---|---|---|---|
| Revenues | 18.0 | 16.7 | 8.3 % |
| EBITDA | 10.8 | 9.5 | 13.7% |
| EBITDA margin in % | 60.0 | 57.2 | 2.8 pp |
| EBIT | 8.3 | 7.3 | 14.0 % |
| EBIT margin in % | 46.2 | 43.9 | 2.3 pp |
In the second quarter of 2015, the market for office space in Hamburg built on the high level of lettings seen in the opening three months of the year. According to the office market overview by Grossmann & Berger, 251,000 m² of space was let in the first six months – approximately 12% more than in the first half of the previous year. As before, this was primarily due to a high proportion of owner-occupied office properties, with the majority of large contracts over 5,000 m² being signed with owner-occupiers in the first half of 2015. Adjusted for the proportion of owner-occupation, lettings merely remained on a par with the previous year at 180,000 m².
According to Jones Lang LaSalle, Hamburg's vacancy rate at the end of the first six months of 2015 amounted to 6.7%.
Against this background, HHLA's properties in the Speicherstadt historical warehouse district and the fish market area on the northern bank of the river Elbe continued to make good progress with revenue growth of 8.3% compared to the first half of 2014. Besides the high occupancy rate, with almost full occupancy in both quarters, this rise was also attributable to income growth in connection with the new hotel that opened in the Speicherstadt historical warehouse district in autumn 2014.
The operating result (EBIT) improved by 14.0% to €8.3 million (previous year: €7.3 million). Due to planned maintenance work in the Speicherstadt in the second half of the year for which preparations are already under way, the further increase in earnings is expected to weaken over the course of the year.
The company has owned the Speicherstadt for more than 125 years. On 5 July 2015, this historical warehouse district – along with the Kontorhaus area – was designated as a UNESCO World Heritage Site. This confirms in a special way HHLA's strategy of further developing the Speicherstadt whilst maintaining its historical and cultural heritage.
| in € million | 1–6 2015 | 1–6 2014 |
|---|---|---|
| Financial funds as of 01.01 | 185.6 | 151.1 |
| Cash flow from operating activities |
97.8 | 109.4 |
| Cash flow from investing activities |
- 17.4 | - 46.3 |
| Free cash flow | 80.4 | 63.1 |
| Cash flow from financing activities |
- 79.8 | - 62.3 |
| Change in financial funds |
0.6 | 0.9 |
| Change in financial funds due to exchange rates |
- 1.7 | - 3.2 |
| Financial funds as of 31.06 | 184.5 | 148.7 |
The cash inflow from operating activities (operating cash flow) fell by € 11.6 million in the first half of 2015 to € 97.8 million (previous year: €109.4 million). This was largely due to a higher payment of income taxes as well as a slight yearon-year rise in current financial liabilities. Several factors had the opposite effect, including a slight increase in assets – especially receivables from related parties.
Investing activities led to cash outflows of €17.4 million (previous year: €46.3 million). This decrease of €28.9 million was due to a €40.0 million reduction in short-term bank deposits. There was an opposing increase in capital expenditure on property, plant and equipment and investment property of €9.6 million.
Free cash flow, defined as the total of cash flow from operating activities plus the cash flow from investing activities, amounted to €80.4 million at the end of the reporting period (previous year: €63.1 million). It was therefore up €17.3 million on the same period of 2014.
Increased cash outflow for financing activities of € 79.8 million (previous year: € 62.3 million) resulted from €25.5 million higher loan redemptions and a €5.6 million rise in dividend payments compared to the previous year. This was partly offset by higher borrowing amounting to €12.0 million.
As of the reporting date, the changes described above resulted in financial funds of €184.5 million (30 June 2014: €148.7 million), which were thus almost unchanged from the beginning of the year (31 December 2014: €185.6 million). Including short-term deposits, the Group's available liquidity totalled € 224.5 million (30 June 2014: €208.7 million).
In the reporting period, the investment volume amounted to € 64.0 million and was therefore up on the previous year's total of €56.9 million. Property, plant and equipment accounted for € 60.0 million (previous year: € 52.1 million) of capital expenditure, while intangible assets accounted for €4.0 million (previous year: €4.8 million). The majority of the investments were for expansion work.
A large proportion of the capital expenditure in the first half of 2015 was for the purchase of new locomotives, the continued expansion of the Container Terminal Burchardkai and the acquisition of a new terminal site in Budapest.
For the remainder of the 2015 financial year, capital expenditure will continue to focus on increasing productivity in the existing terminal areas and expanding the high-performance hinterland connections in line with market demands.
| in € million | ||
|---|---|---|
| Assets | 30.06.2015 | 31.12.2014 |
| Non-current assets | 1,305.1 | 1,308.1 |
| Current assets | 440.2 | 480.0 |
| 1,745.3 | 1,788.1 | |
| Equity and liabilities | ||
| Equity | 558.4 | 546.7 |
| Non-current liabilities | 921.1 | 918.9 |
| Current liabilities | 265.8 | 322.5 |
| 1,745.3 | 1,788.1 |
Compared with the end of 2014, the HHLA Group's balance sheet total decreased as of the reporting date by a total of €42.8 million to €1,745.3 million.
At € 1,305.1 million, non-current assets were € 3.0 million lower than in the previous year (31 December 2014: €1,308.1 million). This was mainly due to scheduled depreciation on property, plant and equipment as well as currency translation adjustments for HHLA's Ukrainian subsidiary. Capital expenditure in this period, especially for property, plant and equipment, investment property and an increase in deferred tax assets had the opposite effect.
At € 440.2 million as of 30 June 2015, current assets were €39.8 million below the corresponding figure on 31 December 2014 (€480.0 million). This decrease was mainly due to an € 84.1 million reduction in cash and cash equivalents. By contrast, receivables from related parties grew by €34.8 million in connection with the cash clearing system.
Equity rose by € 11.7 million to € 558.4 million as of the reporting date (31 December 2014: €546.7 million). This increase stemmed largely from profit after tax (€+ 50.2 million). Moreover, there was a slight rise in other comprehensive income of the parent company. Actuarial gains less deferred taxes of €9.3 million were once again almost offset by losses of €7.5 million from translation differences. Equity was reduced by the distribution of dividends totalling €40.5 million. At the end of the first six months, the equity ratio had risen to 32.0% (31 December 2014: 30.6%).
The increase in non-current liabilities of €2.2 million to €921.1 million compared to the end of the year (31 December 2014: €918.9 million) was largely due to the €15.7 million rise in non-current financial liabilities, especially as a result of borrowing. A €12.3 million reduction in pension provisions due to adjusted actuarial parameters had the opposite effect.
The decrease in current liabilities of €56.7 million to €265.8 million (31 December 2014: €322.5 million) is partly due to the reduction in current financial liabilities of €44.1 million primarily caused by the payment of a profit share for 2014 to a non-controlling shareholder as well as loan redemptions.
HHLA's workforce totalled 5,292 on 30 June 2015. This figure represents a slight increase of 1.9%, or 98 employees, since 31 December 2014. Headcount growth was particularly strong in the Intermodal segment due to the expansion of services: its workforce increased by 8.6% or 114 employees. Six new people were hired in the Real Estate segment, leading to a rise of 16.7% compared to the end of 2014. Headcount in the other segments remained comparatively constant. The number of staff in the Container segment decreased by 0.3%, or nine employees. Headcount in the Logistics segment rose by 2.6%, or six employees. The number of staff in the Holding/Other division decreased by 3.2%, or 19 employees.
| 3,013 Container |
|---|
| 1,433 Intermodal |
| 569 Holding/Other |
| 235 Logistics |
42 Real Estate
There are various contracts between the Free and Hanseatic City of Hamburg and/or the Hamburg Port Authority and companies in the HHLA Group for the lease of land and quay walls in the Port of Hamburg and in the Speicherstadt historical warehouse district. Moreover, the HHLA Group lets office space to other enterprises and public institutions affiliated with the Free and Hanseatic City of Hamburg. Further information about these business relationships can be found in the Consolidated Financial Statements as of 31 December 2014.
There were no significant events after the balance sheet date of 30 June 2015.
Given the world economy's sluggish start to the year, the International Monetary Fund (IMF) has downscaled its growth forecast for global gross domestic product in 2015 by 0.2 percentage points to 3.3%. Growth is expected to be driven in particular by persistently low oil prices and favourable financing terms mainly in the advanced economies. The key factors for HHLA, however, are still growth in China – which is set to become even weaker than in previous years at 6.8% over the full twelve months of 2015 – and the Russian economy, which is expected to shrink by 3.4%. The IMF anticipates that the Eurozone (+ 1.5%), the emerging economies in Central and Eastern Europe (+ 2.9%) and the German economy (+1.6%) will all remain stable.
Despite downgrading its outlook for the global economy slightly, the IMF has raised its forecast for world trade by 0.4 percentage points to 4.1%. Consequently, growth in world trade would be slightly above global GDP again.
Due to this slightly gloomier economic outlook, the market research institute Drewry has lowered its expectations for global container throughput by 0.9 percentage points and now anticipates growth of 4.3% for the full year 2015. This will not be distributed evenly across all trades, however. Substantial growth is expected in South Asia (+ 7.9%), East Africa (+ 6.8%) and the Middle East (+ 6.5%). However, Drewry has once again substantially downgraded its latest volume forecast for China, the Port of Hamburg's most important shipping region, and now expects growth of just 4.9%. The market research institute has also revised its outlook for container volumes at the north-west European ports, reducing its projection by 0.7 percentage points since the beginning of the year. It now forecasts a 2.2% increase for the full year 2015. Drewry made the most substantial correction to its container throughput forecast for the Scandinavian/Baltic region: after projecting in spring that container traffic on the Baltic trade would merely stagnate, the institute now forecasts a significant decline of 12.5 % in connection with Russia's economic slump.
According to estimates of the market research institute Alphaliner, the total capacity of the container shipping fleet will continue to grow at a faster rate than global container volumes at the ports. As a result, the pressure on freight rates is expected to continue.
Following a marked fall in transport volumes at the beginning of the year, the sentiment indicators now paint a brighter picture for European rail freight traffic in 2015. There is an increasingly optimistic outlook for Western European traffic. Sentiment indicators for Eastern European trades are also looking more positive again. Nevertheless, most experts still tend towards a negative trend in transport volumes. The expectations for intermodal traffic are somewhat more modest. Although volume projections for the Western European market are still below the prior-year level, they are pointing upwards. Sentiment regarding Eastern Europe is brightening, there is now a 50:50 split between positive (rising volumes) and negative (falling volumes) forecasts for the full year 2015.
HHLA has updated its 2015 earnings guidance for the Group. This decision was made in the light of a gloomier economic outlook, lower expectations for container throughput – especially in the Chinese and Baltic submarkets of relevance to HHLA – and the development of earnings in the first half of the year.
With this in mind, HHLA now anticipates a moderate decrease (previous guidance: slight increase) in volumes in its Container segment for the full year 2015 at which a seasonal stronger second half is assumed. Moderate growth is still projected for container transport. At Group level, these volume expectations lead to a slight fall (previous guidance: slight increase) in revenues in 2015 compared to the previous year. As before, the operating result (EBIT) is expected to remain on a par with the previous year.
Developments at the Port Logistics subgroup in 2015 are likely to follow the relative changes in these key figures for the Group. Unlike the Port Logistics subgroup, revenues of the Container segment will follow the anticipated volume trend with a moderate decline. Depending on capacity utilisation, segment earnings are likely to be between € 125 million and € 135 million (previous guidance: moderate year-on-year decrease).
Revenues in the Intermodal segment are also likely to follow the volume trend and achieve moderate growth – in contrast to developments at the Port Logistics subgroup. Based on the earnings trend in the first half of the year, a strong increase in earnings is expected for the year as a whole (previous guidance: significant increase).
Both revenues and EBIT of the Real Estate subgroup are still expected to be on a par with the prior-year figures in 2015.
Earnings in the Port Logistics subgroup and at Group level may also be depressed by exchange rate factors reported below EBIT as part of the financial result.
Capital expenditure at Group level in 2015 is still expected to be in the region of € 170 million, almost all of which will go towards the Port Logistics subgroup.
HHLA still expects the balance sheet figures to develop as projected in the 2014 Annual Report. In contrast to its original assumption, however, current interest rate trends lead HHLA to assume that interest rates will remain at the same level as year-end 2014 (previous guidance: possible potential for a further interest rate reduction).
HHLA still aims to pursue its earnings-orientated dividend policy. In order to achieve this target and enable further value-oriented growth, maintaining financial stability is the company's top priority.
With regard to the HHLA Group's risk and opportunity position, the statements made on pages 76 to 82 of the Management Report section of the 2014 Annual Report continue to apply, unless this report indicates otherwise. This section of the Annual Report describes the risk and opportunity factors associated with the HHLA Group's business activities. The risks identified still do not threaten the ongoing existence of the Group. As far as the future is concerned, there are also no discernible risks at present which could jeopardise the continued existence of the company.
| in € thousand | 1–6 2015 | 1–6 2014 | 4–6 2015 | 4–6 2014 |
|---|---|---|---|---|
| Revenue | 585,141 | 595,733 | 288,209 | 302,248 |
| Changes in inventories | - 704 | 410 | - 718 | - 143 |
| Own work capitalised | 5,227 | 3,917 | 3,098 | 1,958 |
| Other operating income | 18,597 | 16,799 | 10,936 | 8,243 |
| Cost of materials | - 183,221 | - 195,616 | - 89,612 | - 99,573 |
| Personnel expenses | - 210,201 | - 205,100 | - 104,995 | - 102,048 |
| Other operating expenses | - 71,944 | - 75,315 | - 37,152 | - 39,297 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 142,895 | 140,828 | 69,766 | 71,388 |
| Depreciation and amortisation | - 60,256 | - 59,441 | - 30,121 | - 29,345 |
| Earnings before interest and taxes (EBIT) | 82,639 | 81,388 | 39,645 | 42,044 |
| Earnings from associates accounted for using the equity method | 2,601 | 2,775 | 1,461 | 1,781 |
| Interest income | 13,752 | 8,924 | 3,617 | 4,078 |
| Interest expenses | - 32,977 | - 29,696 | - 7,999 | - 12,521 |
| Other financial result | 944 | 404 | 944 | 404 |
| Financial result | - 15,680 | - 17,593 | - 1,977 | - 6,258 |
| Earnings before tax (EBT) | 66,959 | 63,795 | 37,668 | 35,786 |
| Income tax | - 16,782 | - 19,823 | - 7,515 | - 11,051 |
| Profit after tax | 50,177 | 43,972 | 30,153 | 24,735 |
| of which attributable to non-controlling interests | 12,699 | 17,937 | 5,226 | 9,178 |
| of which attributable to shareholders of the parent company | 37,478 | 26,035 | 24,927 | 15,557 |
| Earnings per share, basic, in € | ||||
| Group | 0.52 | 0.36 | 0.35 | 0.22 |
| Port Logistics | 0.47 | 0.31 | 0.32 | 0.19 |
| Real Estate | 1.56 | 1.51 | 0.79 | 0.76 |
| Earnings per share, diluted, in € | ||||
| Group | 0.52 | 0.36 | 0.35 | 0.22 |
| Port Logistics | 0.47 | 0.31 | 0.32 | 0.19 |
| Real Estate | 1.56 | 1.51 | 0.79 | 0.76 |
| in € thousand | 1–6 2015 | 1–6 2014 | 4–6 2015 | 4–6 2014 |
|---|---|---|---|---|
| Profit after tax | 50,177 | 43,972 | 30,153 | 24,735 |
| Components, which cannot be transferred to Income Statement | ||||
| Actuarial gains/losses | 13,737 | - 21,520 | 44,995 | - 10,215 |
| Deferred taxes | - 4,435 | 6,945 | - 14,520 | 3,228 |
| Total | 9,302 | - 14,575 | 30,475 | - 6,987 |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | 203 | 97 | 149 | 40 |
| Foreign currency translation differences | - 7,536 | - 23,170 | 2,260 | - 3,772 |
| Deferred taxes | - 89 | 53 | - 11 | 45 |
| Other | 71 | 28 | - 128 | 30 |
| Total | - 7,351 | - 22,992 | 2,270 | - 3,657 |
| Income and expense recognised directly in equity | 1,951 | - 37,567 | 32,745 | - 10,643 |
| Total Comprehensive Income | 52,128 | 6,406 | 62,897 | 14,093 |
| of which attributable to non-controlling interests | 12,612 | 17,892 | 5,195 | 9,152 |
| of which attributable to shareholders of the parent company | 39,516 | - 11,486 | 57,702 | 4,941 |
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 18
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2015 Group |
1–6 2015 Port Logistics |
1–6 2015 Real Estate |
1–6 2015 Consolidation |
|---|---|---|---|---|
| Revenue | 585,141 | 569,805 | 18,033 | - 2,697 |
| Changes in inventories | - 704 | - 705 | 1 | 0 |
| Own work capitalised | 5,227 | 5,070 | 0 | 157 |
| Other operating income | 18,597 | 16,093 | 2,927 | - 423 |
| Cost of materials | - 183,221 | - 179,716 | - 3,555 | 50 |
| Personnel expenses | - 210,201 | - 209,031 | - 1,170 | 0 |
| Other operating expenses | - 71,944 | - 69,445 | - 5,412 | 2,913 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 142,895 | 132,071 | 10,824 | 0 |
| Depreciation and amortisation | - 60,256 | - 57,924 | - 2,489 | 157 |
| Earnings before interest and taxes (EBIT) | 82,639 | 74,147 | 8,335 | 157 |
| Earnings from associates accounted for using the equity method | 2,601 | 2,601 | 0 | 0 |
| Interest income | 13,752 | 13,793 | 21 | - 62 |
| Interest expenses | - 32,977 | - 30,652 | - 2,387 | 62 |
| Other financial result | 944 | 944 | 0 | 0 |
| Financial result | - 15,680 | - 13,314 | - 2,366 | 0 |
| Earnings before tax (EBT) | 66,959 | 60,833 | 5,969 | 157 |
| Income tax | - 16,782 | - 14,886 | - 1,858 | - 38 |
| Profit after tax | 50,177 | 45,947 | 4,111 | 119 |
| of which attributable to non-controlling interests | 12,699 | 12,699 | 0 | |
| of which attributable to shareholders of the parent company | 37,478 | 33,248 | 4,230 | |
| Earnings per share, basic, in € | 0.52 | 0.47 | 1.56 | |
| Earnings per share, diluted, in € | 0.52 | 0.47 | 1.56 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2015 Group |
1–6 2015 Port Logistics |
1–6 2015 Real Estate |
1–6 2015 Consolidation |
|---|---|---|---|---|
| Profit after tax | 50,177 | 45,947 | 4,111 | 119 |
| Components, which cannot be transferred to 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 Income Statement | ||||
| Cash flow hedges | 203 | 203 | 0 | |
| Foreign currency translation differences | - 7,536 | - 7,536 | 0 | |
| Deferred taxes | - 89 | - 89 | 0 | |
| Other | 71 | 71 | 0 | |
| Total | - 7,351 | - 7,351 | 0 | |
| Income and expense recognised directly in equity | 1,951 | 1,905 | 46 | 0 |
| Total Comprehensive Income | 52,128 | 47,852 | 4,157 | 119 |
| of which attributable to non-controlling interests | 12,612 | 12,612 | 0 | |
| of which attributable to shareholders of the parent company | 39,516 | 35,240 | 4,276 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2014 Group |
1–6 2014 Port Logistics |
1–6 2014 Real Estate |
1–6 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 595,733 | 581,667 | 16,657 | - 2,591 |
| Changes in inventories | 410 | 410 | 0 | 0 |
| Own work capitalised | 3,917 | 3,915 | 0 | 2 |
| Other operating income | 16,799 | 14,723 | 2,569 | - 493 |
| Cost of materials | - 195,616 | - 192,535 | - 3,081 | 0 |
| Personnel expenses | - 205,100 | - 203,990 | - 1,110 | 0 |
| Other operating expenses | - 75,315 | - 72,882 | - 5,515 | 3,082 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 140,828 | 131,308 | 9,520 | 0 |
| Depreciation and amortisation | - 59,441 | - 57,388 | - 2,210 | 157 |
| Earnings before interest and taxes (EBIT) | 81,388 | 73,920 | 7,311 | 157 |
| Earnings from associates accounted for using the equity method | 2,775 | 2,775 | 0 | 0 |
| Interest income | 8,924 | 8,832 | 161 | - 69 |
| Interest expenses | - 29,696 | - 27,610 | - 2,155 | 69 |
| Other financial result | 404 | 404 | 0 | 0 |
| Financial result | - 17,593 | - 15,599 | - 1,994 | 0 |
| Earnings before tax (EBT) | 63,795 | 58,321 | 5,317 | 157 |
| Income tax | - 19,823 | - 18,444 | - 1,341 | - 38 |
| Profit after tax | 43,972 | 39,877 | 3,976 | 119 |
| of which attributable to non-controlling interests | 17,937 | 17,937 | 0 | |
| of which attributable to shareholders of the parent company | 26,035 | 21,940 | 4,095 | |
| Earnings per share, basic, in € | 0.36 | 0.31 | 1.51 | |
| Earnings per share, diluted, in € | 0.36 | 0.31 | 1.51 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2014 Group |
1–6 2014 Port Logistics |
1–6 2014 Real Estate |
1–6 2014 Consolidation |
|---|---|---|---|---|
| Profit after tax | 43,972 | 39,877 | 3,976 | 119 |
| Components, which cannot be transferred to Income Statement | ||||
| Actuarial gains/losses | - 21,520 | - 21,182 | - 338 | |
| Deferred taxes | 6,945 | 6,836 | 109 | |
| Total | - 14,575 | - 14,346 | - 229 | |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | 97 | 97 | 0 | |
| Foreign currency translation differences | - 23,170 | - 23,170 | 0 | |
| Deferred taxes | 53 | 53 | 0 | |
| Other | 28 | 28 | 0 | |
| Total | - 22,992 | - 22,992 | 0 | |
| Income and expense recognised directly in equity | - 37,567 | - 37,338 | - 229 | 0 |
| Total Comprehensive Income | 6,406 | 2,540 | 3,747 | 119 |
| of which attributable to non-controlling interests | 17,892 | 17,892 | 0 | |
| of which attributable to shareholders of the parent company | - 11,486 | - 15,352 | 3,866 |
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 20
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4–6 2015 Group |
4–6 2015 Port Logistics |
4–6 2015 Real Estate |
4–6 2015 Consolidation |
|---|---|---|---|---|
| Revenue | 288,209 | 280,173 | 9,322 | - 1,286 |
| Changes in inventories | - 718 | - 720 | 2 | 0 |
| Own work capitalised | 3,098 | 3,014 | 0 | 84 |
| Other operating income | 10,936 | 9,784 | 1,380 | - 228 |
| Cost of materials | - 89,612 | - 87,963 | - 1,674 | 25 |
| Personnel expenses | - 104,995 | - 104,392 | - 603 | 0 |
| Other operating expenses | - 37,152 | - 35,605 | - 2,952 | 1,405 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 69,766 | 64,291 | 5,475 | 0 |
| Depreciation and amortisation | - 30,121 | - 28,953 | - 1,246 | 78 |
| Earnings before interest and taxes (EBIT) | 39,645 | 35,338 | 4,229 | 78 |
| Earnings from associates accounted for using the equity method | 1,461 | 1,461 | 0 | 0 |
| Interest income | 3,617 | 3,637 | 11 | - 31 |
| Interest expenses | - 7,999 | - 6,835 | - 1,195 | 31 |
| Other financial result | 944 | 944 | 0 | 0 |
| Financial result | - 1,977 | - 793 | - 1,184 | 0 |
| Earnings before tax (EBT) | 37,668 | 34,545 | 3,045 | 78 |
| Income tax | - 7,515 | - 6,541 | - 955 | - 19 |
| Profit after tax | 30,153 | 28,004 | 2,090 | 59 |
| of which attributable to non-controlling interests | 5,226 | 5,226 | 0 | |
| of which attributable to shareholders of the parent company | 24,927 | 22,778 | 2,149 | |
| Earnings per share, basic, in € | 0.35 | 0.32 | 0.79 | |
| Earnings per share, diluted, in € | 0.35 | 0.32 | 0.79 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4–6 2015 Group |
4–6 2015 Port Logistics |
4–6 2015 Real Estate |
4–6 2015 Consolidation |
|---|---|---|---|---|
| Profit after tax | 30,153 | 28,004 | 2,090 | 59 |
| Components, which cannot be transferred to Income Statement | ||||
| Actuarial gains/losses | 44,995 | 44,443 | 552 | |
| Deferred taxes | - 14,520 | - 14,342 | - 178 | |
| Total | 30,475 | 30,101 | 374 | |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | 149 | 149 | 0 | |
| Foreign currency translation differences | 2,260 | 2,260 | 0 | |
| Deferred taxes | - 11 | - 11 | 0 | |
| Other | - 128 | - 128 | 0 | |
| Total | 2,270 | 2,270 | 0 | |
| Income and expense recognised directly in equity | 32,745 | 32,371 | 374 | 0 |
| Total Comprehensive Income | 62,897 | 60,375 | 2,463 | 59 |
| of which attributable to non-controlling interests | 5,195 | 5,195 | 0 | |
| of which attributable to shareholders of the parent company | 57,702 | 55,180 | 2,522 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4–6 2014 Group |
4–6 2014 Port Logistics |
4–6 2014 Real Estate |
4–6 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 302,248 | 295,282 | 8,250 | - 1,284 |
| Changes in inventories | - 143 | - 142 | - 1 | 0 |
| Own work capitalised | 1,958 | 1,956 | 0 | 2 |
| Other operating income | 8,243 | 7,310 | 1,169 | - 236 |
| Cost of materials | - 99,573 | - 98,056 | - 1,517 | 0 |
| Personnel expenses | - 102,048 | - 101,496 | - 552 | 0 |
| Other operating expenses | - 39,297 | - 38,084 | - 2,731 | 1,518 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 71,388 | 66,770 | 4,618 | 0 |
| Depreciation and amortisation | - 29,345 | - 28,328 | - 1,096 | 79 |
| Earnings before interest and taxes (EBIT) | 42,044 | 38,442 | 3,523 | 79 |
| Earnings from associates accounted for using the equity method | 1,781 | 1,781 | 0 | 0 |
| Interest income | 4,078 | 4,100 | 12 | - 34 |
| Interest expenses | - 12,521 | - 11,476 | - 1,079 | 34 |
| Other financial result | 404 | 404 | 0 | 0 |
| Financial result | - 6,258 | - 5,191 | - 1,067 | 0 |
| Earnings before tax (EBT) | 35,786 | 33,251 | 2,456 | 79 |
| Income tax | - 11,051 | - 10,582 | - 450 | - 19 |
| Profit after tax | 24,735 | 22,669 | 2,006 | 60 |
| of which attributable to non-controlling interests | 9,178 | 9,178 | 0 | |
| of which attributable to shareholders of the parent company | 15,557 | 13,491 | 2,066 | |
| Earnings per share, basic, in € | 0.22 | 0.19 | 0.76 | |
| Earnings per share, diluted, in € | 0.22 | 0.19 | 0.76 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4–6 2014 Group |
4–6 2014 Port Logistics |
4–6 2014 Real Estate |
4–6 2014 Consolidation |
|---|---|---|---|---|
| Profit after tax | 24,735 | 22,669 | 2,006 | 60 |
| Components, which cannot be transferred to Income Statement | ||||
| Actuarial gains/losses | - 10,215 | - 10,058 | - 157 | |
| Deferred taxes | 3,228 | 3,178 | 50 | |
| Total | - 6,987 | - 6,880 | - 107 | |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | 40 | 40 | 0 | |
| Foreign currency translation differences | - 3,772 | - 3,772 | 0 | |
| Deferred taxes | 45 | 45 | 0 | |
| Other | 30 | 30 | 0 | |
| Total | - 3,657 | - 3,657 | 0 | |
| Income and expense recognised directly in equity | - 10,643 | - 10,537 | - 107 | 0 |
| Total Comprehensive Income | 14,093 | 12,133 | 1,900 | 60 |
| of which attributable to non-controlling interests | 9,152 | 9,152 | 0 | |
| of which attributable to shareholders of the parent company | 4,941 | 2,981 | 1,960 |
Equity and liabilities
| in € thousand | ||
|---|---|---|
| Assets | 30.06.2015 | 31.12.2014 |
| Non-current assets | ||
| Intangible assets | 75,768 | 77,844 |
| Property, plant and equipment | 938,199 | 938,016 |
| Investment property | 195,051 | 199,196 |
| Associates accounted for using the equity method | 14,310 | 11,717 |
| Financial assets | 23,389 | 17,746 |
| Deferred taxes | 58,366 | 63,558 |
| 1,305,083 | 1,308,077 | |
| Current assets | ||
| Inventories | 25,001 | 24,026 |
| Trade receivables | 140,994 | 140,221 |
| Receivables from related parties | 70,977 | 36,202 |
| Other financial receivables | 2,586 | 1,982 |
| Other assets | 24,058 | 23,789 |
| Income tax receivables | 8,477 | 1,568 |
| Cash, cash equivalents and short-term deposits | 168,103 | 252,217 |
| 440,196 | 480,004 | |
| 1,745,279 | 1,788,081 |
| Equity | ||
|---|---|---|
| Subscribed capital | 72,753 | 72,753 |
| Subgroup Port Logistics | 70,048 | 70,048 |
| Subgroup Real Estate | 2,705 | 2,705 |
| Capital reserve | 141,584 | 141,584 |
| Subgroup Port Logistics | 141,078 | 141,078 |
| Subgroup Real Estate | 506 | 506 |
| Retained earnings | 383,896 | 386,900 |
| Subgroup Port Logistics | 357,333 | 360,510 |
| Subgroup Real Estate | 26,563 | 26,390 |
| Other comprehensive income | - 81,689 | - 83,728 |
| Subgroup Port Logistics | - 81,830 | - 83,823 |
| Subgroup Real Estate | 141 | 95 |
| Non-controlling interests | 41,844 | 29,232 |
| Subgroup Port Logistics | 41,844 | 29,232 |
| Subgroup Real Estate | 0 | 0 |
| 558,388 | 546,741 | |
| Non-current liabilities | ||
| Pension provisions | 431,286 | 443,558 |
| Other non-current provisions | 69,910 | 70,770 |
| Non-current liabilities to related parties | 106,482 | 106,644 |
| Non-current financial liabilities | 298,729 | 282,998 |
| Deferred taxes | 14,727 | 14,904 |
| 921,134 | 918,874 | |
| Current liabilities | ||
| Other current provisions | 7,838 | 11,540 |
| Trade liabilities | 79,718 | 83,372 |
| Current liabilities to related parties | 74,832 | 73,740 |
| Current financial liabilities | 79,299 | 123,446 |
| Other liabilities | 21,179 | 24,834 |
| Income tax liabilities | 2,891 | 5,534 |
| 265,757 | 322,466 | |
| 1,745,279 | 1,788,081 |
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 30.06.2015 Group |
30.06.2015 Port Logistics |
30.06.2015 Real Estate |
30.06.2015 Consolidation |
|---|---|---|---|---|
| Non-current Assets | ||||
| Intangible Assets | 75,768 | 75,759 | 9 | 0 |
| Property, plant and equipment | 938,199 | 918,174 | 4,691 | 15,334 |
| Investment Property | 195,051 | 42,095 | 180,973 | - 28,017 |
| Associates accounted for using the equity method | 14,310 | 14,310 | 0 | 0 |
| Financial Assets | 23,389 | 20,046 | 3,343 | 0 |
| Deferred Taxes | 58,366 | 70,590 | 0 | - 12,224 |
| 1,305,083 | 1,140,975 | 189,016 | - 24,908 | |
| Current Assets | ||||
| Inventories | 25,001 | 24,929 | 72 | 0 |
| Trade receivables | 140,994 | 140,075 | 919 | 0 |
| Receivables from related parties | 70,977 | 84,459 | 85 | - 13,567 |
| Other financial receivables | 2,586 | 2,453 | 133 | 0 |
| Other assets | 24,058 | 22,491 | 1,567 | 0 |
| Income tax receivables | 8,477 | 9,013 | 0 | - 536 |
| Cash, cash equivalents and short-term deposits | 168,103 | 167,273 | 830 | 0 |
| 440,196 | 450,693 | 3,606 | - 14,103 | |
| 1,745,279 | 1,591,668 | 192,622 | - 39,011 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
|---|---|---|---|---|
| Retained earnings | 383,896 | 357,333 | 36,098 | - 9,535 |
| Other comprehensive income | - 81,689 | - 81,830 | 141 | 0 |
| Non-controlling interests | 41,844 | 41,844 | 0 | 0 |
| 558,388 | 528,473 | 39,450 | - 9,535 | |
| Non-current liabilities | ||||
| Pension provisions | 431,286 | 424,552 | 6,734 | 0 |
| Other non-current provisions | 69,910 | 67,908 | 2,002 | 0 |
| Non-current liabilities to related parties | 106,482 | 106,482 | 0 | 0 |
| Non-current financial liabilities | 298,729 | 257,788 | 40,941 | 0 |
| Deferred taxes | 14,727 | 18,289 | 11,811 | - 15,373 |
| 921,134 | 875,019 | 61,488 | - 15,373 | |
| Current liabilities | ||||
| Other current provisions | 7,838 | 7,578 | 260 | 0 |
| Trade liabilities | 79,718 | 76,239 | 3,479 | 0 |
| Current liabilities to related parties | 74,832 | 7,721 | 80,678 | - 13,567 |
| Current financial liabilities | 79,299 | 73,244 | 6,055 | 0 |
| Other liabilities | 21,179 | 20,522 | 657 | 0 |
| Income tax liabilities | 2,891 | 2,872 | 555 | - 536 |
| 265,757 | 188,176 | 91,684 | - 14,103 | |
| 1,745,279 | 1,591,668 | 192,622 | - 39,011 |
Equity and liabilities
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2014 Group |
31.12.2014 Port Logistics |
31.12.2014 Real Estate |
31.12.2014 Consolidation |
|---|---|---|---|---|
| Non-current Assets | ||||
| Intangible Assets | 77,844 | 77,835 | 9 | 0 |
| Property, plant and equipment | 938,016 | 917,673 | 4,749 | 15,594 |
| Investment Property | 199,196 | 44,785 | 182,847 | - 28,436 |
| Associates accounted for using the equity method | 11,717 | 11,717 | 0 | 0 |
| Financial Assets | 17,746 | 14,953 | 2,793 | 0 |
| Deferred Taxes | 63,558 | 74,689 | 0 | - 11,131 |
| 1,308,077 | 1,141,652 | 190,398 | - 23,973 | |
| Current Assets | ||||
| Inventories | 24,026 | 23,972 | 54 | 0 |
| Trade receivables | 140,221 | 139,353 | 868 | 0 |
| Receivables from related parties | 36,202 | 47,941 | 35 | - 11,774 |
| Other financial receivables | 1,982 | 1,967 | 15 | 0 |
| Other assets | 23,789 | 22,635 | 1,154 | 0 |
| Income tax receivables | 1,568 | 1,568 | 155 | - 155 |
| Cash, cash equivalents and short-term deposits | 252,217 | 251,496 | 721 | 0 |
| 480,004 | 488,932 | 3,001 | - 11,929 | |
| 1,788,081 | 1,630,584 | 193,399 | - 35,902 |
| Equity | ||||
|---|---|---|---|---|
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 386,900 | 360,510 | 36,044 | - 9,654 |
| Other comprehensive income | - 83,728 | - 83,823 | 95 | 0 |
| Non-controlling interests | 29,232 | 29,232 | 0 | 0 |
| 546,741 | 517,045 | 39,350 | - 9,654 | |
| Non-current liabilities | ||||
| Pension provisions | 443,558 | 436,656 | 6,902 | 0 |
| Other non-current provisions | 70,770 | 68,800 | 1,970 | 0 |
| Non-current liabilities to related parties | 106,644 | 106,644 | 0 | 0 |
| Non-current financial liabilities | 282,998 | 240,003 | 42,995 | 0 |
| Deferred taxes | 14,904 | 17,869 | 11,354 | - 14,319 |
| 918,874 | 869,972 | 63,221 | - 14,319 | |
| Current liabilities | ||||
| Other current provisions | 11,540 | 11,240 | 300 | 0 |
| Trade liabilities | 83,372 | 76,909 | 6,463 | 0 |
| Current liabilities to related parties | 73,740 | 8,242 | 77,272 | - 11,774 |
| Current financial liabilities | 123,446 | 117,680 | 5,767 | 0 |
| Other liabilities | 24,834 | 23,827 | 1,007 | 0 |
| Income tax liabilities | 5,534 | 5,670 | 19 | - 155 |
| 322,466 | 243,567 | 90,828 | - 11,929 | |
| 1,788,081 | 1,630,584 | 193,399 | - 35,902 |
| in € thousand | 1–6 2015 | 1–6 2014 |
|---|---|---|
| 1. Cash flow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 82,639 | 81,388 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets | 60,522 | 59,441 |
| Decrease in provisions | - 8,053 | - 4,751 |
| Result arising from the disposal of non-current assets | - 478 | 337 |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities | - 9,816 | - 18,879 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 12,724 | 20,171 |
| Interest received | 1,732 | 1,438 |
| Interest paid | - 10,128 | - 9,464 |
| Income tax paid | - 25,884 | - 16,116 |
| Exchange rate and other effects | - 5,466 | - 4,154 |
| Cash flow from operating activities | 97,792 | 109,411 |
| 2. Cash flow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 497 | 1,220 |
| Payments for investments in property, plant and equipment and investment property | - 62,252 | - 52,637 |
| Payments for investments in intangible assets | - 4,016 | - 4,824 |
| Proceeds from disposal of non-current financial assets | 100 | 0 |
| Payments for investments in non-current financial assets | - 1,686 | 0 |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 0 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | - 36 |
| Proceeds from short-term deposits | 50,000 | 10,000 |
| Cash flow from investing activities | - 17,357 | - 46,277 |
| 3. Cash flow from financing activities | ||
| Dividends paid to shareholders of the parent company | - 40,482 | - 34,903 |
| Dividends/settlement obligation paid to non-controlling interests | - 30,307 | - 30,645 |
| Redemption of lease liabilities | - 2,329 | - 3,619 |
| Proceeds from the issuance of (financial) loans | 33,138 | 21,112 |
| Payments for the redemption of (financial) loans | - 39,995 | - 14,471 |
| Exchange rate effects | 130 | 275 |
| Cash flow from financing activities | - 79,845 | - 62,251 |
| 4. Financial funds at the end of the period | ||
| Change in financial funds (subtotals 1.– 3.) | 590 | 883 |
| Change in financial funds due to exchange rates | - 1,704 | - 3,214 |
| Financial funds at the beginning of the period | 185,617 | 151,069 |
| Financial funds at the end of the period | 184,503 | 148,738 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2015 Group |
1–6 2015 Port Logistics |
1–6 2015 Real Estate |
1–6 2015 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 82,639 | 74,145 | 8,335 | 159 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
60,522 | 58,192 | 2,489 | - 159 |
| Decrease in provisions | - 8,053 | - 7,856 | - 197 | |
| Result arising from the disposal of non-current assets | - 478 | - 473 | - 5 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 9,816 | - 8,209 | - 1,200 | - 407 |
| Change in trade payables and other liabilities not attributable to investing or financing activities |
12,724 | 14,145 | - 1,828 | 407 |
| Interest received | 1,732 | 1,773 | 21 | - 62 |
| Interest paid | - 10,128 | - 7,879 | - 2,311 | 62 |
| Income tax paid | - 25,884 | - 25,152 | - 732 | |
| Exchange rate and other effects | - 5,466 | - 5,466 | 0 | |
| Cash flow from operating activities | 97,792 | 93,220 | 4,572 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
497 | 492 | 5 | |
| Payments for investments in property, plant and equipment and investment property |
- 62,252 | - 61,696 | - 556 | |
| Payments for investments in intangible assets | - 4,016 | - 4,014 | - 2 | |
| Proceeds from disposal of non-current financial assets | 100 | 100 | 0 | |
| Payments for investments in non-current financial assets | - 1,686 | - 1,686 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 0 | 0 | |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | 0 | 0 | |
| Proceeds from short-term deposits | 50,000 | 50,000 | 0 | |
| Cash flow from investing activities | - 17,357 | - 16,804 | - 553 | 0 |
| 3. Cash flow from financing activities | ||||
| Dividends paid to shareholders of the parent company | - 40,482 | - 36,425 | - 4,057 | |
| Dividends/settlement obligation paid to non-controlling interests | - 30,307 | - 30,307 | 0 | |
| Redemption of lease liabilities | - 2,329 | - 2,329 | 0 | |
| Proceeds from the issuance of (financial) loans | 33,138 | 33,138 | 0 | |
| Payments for the redemption of (financial) loans | - 39,995 | - 37,942 | - 2,053 | |
| Exchange rate effects | 130 | 130 | 0 | |
| Cashflow from financing activities | - 79,845 | - 73,735 | - 6,110 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 590 | 2,681 | - 2,091 | 0 |
| Change in financial funds due to exchange rates | - 1,704 | - 1,704 | 0 | |
| Financial funds at the beginning of the period | 185,617 | 190,896 | - 5,279 | |
| Financial funds at the end of the period | 184,503 | 191,873 | - 7,370 | 0 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–6 2014 Group |
1–6 2014 Port Logistics |
1–6 2014 Real Estate |
1–6 2014 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 81,388 | 73,920 | 7,311 | 157 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
59,441 | 57,389 | 2,209 | - 157 |
| Decrease in provisions | - 4,751 | - 4,592 | - 159 | |
| Result arising from the disposal of non-current assets | 337 | 341 | - 4 | |
| Change in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 18,879 | - 19,533 | 826 | - 172 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
20,171 | 17,210 | 2,789 | 172 |
| Interest received | 1,438 | 1,346 | 161 | - 69 |
| Interest paid | - 9,464 | - 7,500 | - 2,033 | 69 |
| Income tax paid | - 16,116 | - 14,328 | - 1,788 | |
| Exchange rate and other effects | - 4,154 | - 4,154 | 0 | |
| Cash flow from operating activities | 109,411 | 100,099 | 9,312 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,220 | 997 | 223 | |
| Payments for investments in property, plant and equipment and investment property |
- 52,637 | - 42,794 | - 9,843 | |
| Payments for investments in intangible assets | - 4,824 | - 4,824 | 0 | |
| Proceeds from disposal of non-current financial assets | 0 | 0 | 0 | |
| Payments for investments in non-current financial assets | 0 | 0 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 51 | 0 | - 51 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
- 36 | - 36 | - 51 | 51 |
| Proceeds from short-term deposits | 10,000 | 10,000 | 0 | |
| Cash flow from investing activities | - 46,277 | - 36,606 | - 9,671 | 0 |
| 3. Cash flow from financing activities | ||||
| Dividends paid to shareholders of the parent company | - 34,903 | - 31,522 | - 3,381 | |
| Dividends/settlement obligation paid to non-controlling interests | - 30,645 | - 30,645 | 0 | |
| Redemption of lease liabilities | - 3,619 | - 3,619 | 0 | |
| Proceeds from the issuance of (financial) loans | 21,112 | 21,112 | 0 | |
| Payments for the redemption of (financial) loans | - 14,471 | - 12,418 | - 2,053 | |
| Exchange rate effects | 275 | 275 | 0 | |
| Cashflow from financing activities | - 62,251 | - 56,817 | - 5,434 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 883 | 6,676 | - 5,793 | 0 |
| Change in financial funds due to exchange rates | - 3,214 | - 3,214 | 0 | |
| Financial funds at the beginning of the period | 151,069 | 139,788 | 11,281 | |
| Financial funds at the end of the period | 148,738 | 143,250 | 5,488 | 0 |
in € thousand; business segments;
| annex to the condensed notes | Subgroup Port Logistics | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Container Intermodal |
Logistics Holding/Other |
||||||||
| 1–6 2015 | 1–6 2014 | 1–6 2015 | 1–6 2014 | 1–6 2015 | 1–6 2014 | 1–6 2015 | 1–6 2014 | ||
| Segment Revenue | |||||||||
| Segment revenue from non-affiliated third parties |
349,992 | 373,235 | 179,962 | 169,231 | 29,704 | 28,889 | 8,644 | 9,042 | |
| Inter-segment revenue | 1,909 | 1,048 | 817 | 830 | 3,439 | 3,059 | 59,364 | 53,492 | |
| Total segment revenue | 351,901 | 374,283 | 180,779 | 170,061 | 33,143 | 31,948 | 68,008 | 62,534 | |
| Earnings | |||||||||
| EBITDA | 100,328 | 122,452 | 38,199 | 23,346 | - 433 | - 424 | - 6,024 | - 14,066 | |
| EBITDA margin | 28.5% | 32.7% | 21.1% | 13.7% | - 1.3% | - 1.3% | - 8.9% | - 22.5% | |
| EBIT | 57,530 | 79,085 | 26,819 | 13,147 | - 1,077 | - 984 | - 9,263 | - 17,529 | |
| EBIT margin | 16.3% | 21.1% | 14.8% | 7.7% | - 3.2% | - 3.1% | - 13.6% | - 28.0% | |
| Assets | |||||||||
| Segment assets | 821,263 | 893,400 | 364,114 | 297,352 | 24,367 | 19,235 | 155,413 | 82,940 | |
| Other segment information | |||||||||
| Investments | |||||||||
| Property, plant and equipment and investment property |
14,569 | 26,471 | 43,867 | 14,718 | 136 | 134 | 877 | 896 | |
| Intangible assets | 3,774 | 4,305 | 73 | 278 | 5 | 41 | 190 | 124 | |
| Depreciation of property, plant and equipment and investment property |
37,395 | 38,725 | 11,201 | 10,034 | 621 | 530 | 2,765 | 3,019 | |
| of which impairment | 279 | ||||||||
| Amortisation of intangible assets | 5,403 | 4,642 | 179 | 165 | 24 | 29 | 474 | 444 | |
| Earnings from associates accounted for using the equity method |
354 | 403 | 0 | 0 | 2,247 | 2,372 | 0 | 0 | |
| Non-cash items | 12,190 | 10,335 | 1,270 | 1,136 | 880 | 930 | 6,256 | 12,853 | |
| Container throughput in thousand TEU |
3,404 | 3,783 | |||||||
| Container transport in thousand TEU | 654 | 633 | |||||||
| Total | Consolidation and reconciliation with Group |
Group | |||||
|---|---|---|---|---|---|---|---|
| 1–6 2014 | 1–6 2015 | 1–6 2015 | 1–6 2014 | 1–6 2015 | 1–6 2014 | ||
| 595,733 | 585,141 | 0 | 0 | 585,141 | 595,733 | ||
| 59,750 | 66,723 | - 66,723 | - 59,750 | 0 | |||
| 655,483 | 651,864 | ||||||
| 140,828 | 142,895 | 0 | 0 | 142,895 | 140,828 | ||
| 81,031 | 82,344 | 295 | 357 | 82,639 | 81,388 | ||
| 1,472,998 | 1,556,899 | 188,380 | 230,516 | 1,745,279 | 1,703,514 | ||
| 52,064 | 60,005 | 0 | 0 | 60,005 | 52,064 | ||
| 4,748 | 4,044 | - 28 | 76 | 4,016 | 4,824 | ||
| 54,517 | 54,469 | - 212 | - 213 | 54,257 | 54,305 279 |
||
| 0 279 |
0 | ||||||
| 5,281 | 6,082 | - 83 | - 144 | 5,999 | 5,136 | ||
| 2,775 | 2,601 | 0 | 0 | 2,601 | 2,775 | ||
| 20,646 | 25,393 | 8 | 4 | 20,654 | 25,398 |
in € thousand
| Parent company | ||||||
|---|---|---|---|---|---|---|
| Subscribed capital | Capital reserve | Retained consolidated earnings |
Reserve for foreign currency translation |
|||
| A division | S division | A division | S division | |||
| Balance as of 31.12.2013 | 70,048 | 2,705 | 141,078 | 506 | 363,000 | - 18,828 |
| Dividends | - 34,903 | |||||
| First consolidation of interests in related parties |
||||||
| Total comprehensive income | 26,034 | - 23,168 | ||||
| Balance as of 30.06.2014 | 70,048 | 2,705 | 141,078 | 506 | 354,132 | - 41,996 |
| Balance as of 31.12.2014 | 70,048 | 2,705 | 141,078 | 506 | 386,900 | - 50,220 |
| Dividends | - 40,482 | |||||
| Total comprehensive income | 37,478 | - 7,527 | ||||
| Balance as of 30.06.2015 | 70,048 | 2,705 | 141,078 | 506 | 383,896 | - 57,747 |
| Total consolidated equity |
Non-controlling interests |
Parent company interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 600,103 | 21,700 | 578,402 | 11,576 | - 3,967 | 12,783 | - 500 |
| - 34,903 | 0 | - 34,903 | ||||
| - 38 | - 38 | 0 | ||||
| 6,406 | 17,892 | - 11,486 | 19 | 6,978 | - 21,447 | 97 |
| 571,568 | 39,555 | 532,013 | 11,595 | 3,011 | - 8,664 | - 403 |
| 546,741 | 29,232 | 517,509 | 11,686 | 21,203 | - 66,196 | - 201 |
| - 40,482 | 0 | - 40,482 | ||||
| 52,129 | 12,612 | 39,517 | 65 | - 4,561 | 13,858 | 203 |
| 558,388 | 41,844 | 516,544 | 11,751 | 16,642 | - 52,338 | 2 |
Statement of Changes in Equity HHLA Subgroup Port Logistics (A division) Statement of Changes in Equity HHLA Subgroup Real Estate (S division)
in € thousand; annex to the condensed notes
| Parent company | ||||
|---|---|---|---|---|
| Subscribed capital |
Capital reserve |
Retained consolidated earnings |
Reserve for foreign currency translation |
|
| Balance as of 31.12.2013 | 70,048 | 141,078 | 339,888 | - 18,828 |
| Dividends | - 31,522 | |||
| First consolidation of interests in related parties |
||||
| Total comprehensive income subgroup | 21,939 | - 23,168 | ||
| Balance as of 30.06.2014 | 70,048 | 141,078 | 330,305 | - 41,996 |
| Balance as of 31.12.2014 | 70,048 | 141,078 | 360,510 | - 50,220 |
| Dividends | - 36,425 | |||
| Total comprehensive income subgroup | 33,248 | - 7,527 | ||
| Balance as of 30.06.2015 | 70,048 | 141,078 | 357,333 | - 57,747 |
in € thousand; annex to the condensed notes
| Balance as of 31.12.2013 | |
|---|---|
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.06.2014 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.06.2014 | |
| Balance as of 31.12.2014 | |
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.06.2015 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.06.2015 | |
| Total subgroup consolidated equity |
Non-controlling interests |
Parent company interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 572,891 | 21,700 | 551,191 | 11,576 | - 3,542 | 11,471 | - 500 |
| - 31,522 | 0 | - 31,522 | ||||
| - 38 | - 38 | 0 | ||||
| 2,540 | 17,892 | - 15,352 | 19 | 6,869 | - 21,109 | 97 |
| 543,871 | 39,555 | 504,316 | 11,595 | 3,327 | - 9,638 | - 403 |
| 517,045 | 29,232 | 487,813 | 11,686 | 21,250 | - 66,338 | - 201 |
| - 36,425 | 0 | - 36,425 | ||||
| 47,852 | 12,612 | 35,240 | 65 | - 4,539 | 13,790 | 203 |
| 528,473 | 41,844 | 486,629 | 11,751 | 16,711 | - 52,547 | 2 |
| Total subgroup consolidated equity |
Other comprehensive income | ||||
|---|---|---|---|---|---|
| Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Retained consolidated earnings |
Capital reserve |
Subscribed capital |
|
| 37,103 | - 424 | 1,312 | 33,005 | 506 | 2,705 |
| - 3,381 | - 3,381 | ||||
| 3,747 | 109 | - 338 | 3,976 | ||
| 37,470 | - 314 | 974 | 33,600 | 506 | 2,705 |
| 119 | 119 | ||||
| - 9,892 | - 9,892 | ||||
| - 9,773 | - 9,773 | ||||
| 27,697 | - 314 | 974 | 23,827 | 506 | 2,705 |
| 39,350 | - 45 | 140 | 36,044 | 506 | 2,705 |
| - 4,057 | - 4,057 | ||||
| 4,157 | - 22 | 68 | 4,111 | ||
| 39,450 | - 67 | 209 | 36,098 | 506 | 2,705 |
| 119 | 119 | ||||
| - 9,654 | - 9,654 | ||||
| - 9,535 | - 9,535 | ||||
| 29,915 | - 67 | 209 | 26,563 | 506 | 2,705 |
Notes to the Condensed Interim Consolidated Financial Statements Basic Information on the Group Significant Events in the Reporting Period Consolidation, Accounting and Valuation Principles Purchase and Sale of Shares in Subsidiaries 34
The Group's parent company is Hamburger Hafen und Logistik Aktiengesellschaft, Bei St. Annen 1, 20457 Hamburg (HHLA), registered in the Hamburg Commercial Register under HRB 1902. The holding company above the HHLA Group is HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg.
The Condensed Interim Consolidated Financial Statements, and therefore the information in the Notes, are presented in euros (€). For the sake of clarity, the individual items are shown in thousands of euros (€ thousand) unless otherwise indicated. Due to the use of rounding procedures, it is possible that some figures do not add up to the stated sums.
The political crisis in Ukraine continued in the second quarter of 2015. Due to the crisis, the Ukrainian currency – the hryvnya – depreciated by over 18 % against the euro between 31 December 2014 and the end of June 2015. This resulted in exchange rate effects which had a negative impact on the HHLA Group's net assets, earnings and financial position. Equity fell by € 7.5 million, with no effect on net income, and net interest income declined by €5.3 million.
The Condensed Interim Consolidated Financial Statements for the period from 1 January to 30 June 2015 were prepared in compliance with the rules of IAS 34 Interim Financial Reporting.
The IFRS requirements which apply in the European Union have been met in full.
The Condensed Interim Consolidated Financial Statements have been reviewed by the auditors and should be read in conjunction with the audited Consolidated Financial Statements as of 31 December 2014.
The accounting and valuation methods used for the preparation of the Condensed Interim Consolidated Financial Statements correspond to the methods used in the preparation of the Consolidated Financial Statements as of 31 December 2014.
The company started applying the following new standards on 1 January 2015:
Applying these standards had no significant impact on the Condensed Interim Consolidated Financial Statements.
Real Estate company METRANS Konténer Kft., Budapest, Hungary, (previously: Loacker Konténer Kft.) was included in HHLA's Consolidated Financial Statements for the first time as of 30 June 2015. For more information, please refer to Note 4.
In the first quarter of 2015, METRANS (Danubia) Kft., Gyor, Hungary, which is not included in HHLA's group of consolidated companies, acquired 100 % of the shares in both Univer Trans Kft, Budapest, Hungary, and Loacker Konténer Kft., Budapest, Hungary.
Loacker Konténer Kft. was renamed METRANS Konténer Kft. in the second quarter of 2015. METRANS (Danubia) Kft. subsequently sold all of the shares in METRANS Konténer Kft. and all of the shares in Univer Trans Kft. to METRANS (Danubia) a.s., Dunajská Streda, Slovakia, which is part of HHLA's consolidated group.
There were no other acquisitions or disposals of shares in subsidiaries.
The following table illustrates the calculation for basic earnings per share for the Group:
| 1–6 2015 | 1–6 2014 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
37,478 | 26,035 |
| Number of common shares in circulation | 72,753,334 | 72,753,334 |
| Basic earnings per share (Group) in € | 0.52 | 0.36 |
The basic earnings per share were calculated for the Port Logistics subgroup as follows:
| 1–6 2015 | 1–6 2014 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
33,248 | 21,940 |
| Number of common shares in circulation | 70,048,834 | 70,048,834 |
| Basic earnings per share (Subgroup Port Logistics) in € |
0.47 | 0.31 |
The basic earnings per share were calculated for the Real Estate subgroup as follows:
| 1–6 2015 | 1–6 2014 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
4,230 | 4,095 |
| Number of common shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share (Subgroup Real Estate) in € |
1.56 | 1.51 |
The diluted earnings per share are identical to basic earnings per share as there were no conversion or option rights in circulation during the reporting period.
At the Annual General Meeting held on 11 June 2015, shareholders approved the proposal by the Executive Board and Supervisory Board to distribute a dividend of €0.52 per share to shareholders of the Port Logistics subgroup and of €1.50 per share to shareholders of the Real Estate subgroup. The dividend of €40,482 thousand was paid accordingly on 12 June 2015.
The Segment Report is presented as an annex to the Notes to the Condensed Interim Consolidated Financial Statements.
The HHLA Group's Segment Report is prepared in accordance with the provisions of IFRS 8 Operating Segments. IFRS 8 requires reporting on the basis of the internal reports made to the Executive Board for the purpose of controlling the company's activities.
The segment performance indicator used is the internationally customary key figure EBIT (earnings before interest and taxes), which serves to measure the performance of each segment and therefore aids the internal control function. For further information, please refer to the Consolidated Financial Statements as of 31 December 2014.
The accounting and valuation principles applied for internal reporting comply with the principles used for the HHLA Group as described in Note 6 'Accounting and Valuation Principles' in the Notes to the Consolidated Financial Statements as of 31 December 2014.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and is classified in accordance with the activities of the HHLA Group's business segments. These are organised and managed autonomously in accordance with the type of services being offered.
The HHLA Group still operates in four business units: the Container, Intermodal, Logistics and Real Estate segments.
The Holding/Other division used for segment reporting does not represent an independent business segment as defined by the IFRS standards. However, it has been allocated to the segments within the Port Logistics subgroup in order to provide a complete and clear picture.
The reconciliation of segment assets with Group assets incorporates not only items for which consolidation is mandatory, but also claims arising from current and deferred income taxes, cash and cash equivalents, short-term deposits and financial assets which are not to be assigned to segment assets.
The reconciliation of the segment variable EBIT with consolidated earnings before taxes (EBT) incorporates not only transactions between the segments and the subgroups for which consolidation is mandatory, but also the proportion of companies accounted for using the equity method, net interest income and other financial result.
Notes to the Condensed Interim Consolidated Financial Statements Segment Reporting Equity Pension Provisions Investments 36
| in € thousand | 1–6 2015 | 1–6 2014 |
|---|---|---|
| Segment earnings (EBIT) | 82,344 | 81,031 |
| Elimination of business relations between the segments and subgroups |
295 | 357 |
| Group earnings (EBIT) | 82,639 | 81,388 |
| Earnings from associates accounted for using the equity method |
2,601 | 2,775 |
| Net interest income | - 19,225 | - 20,772 |
| Other interest income | 944 | 404 |
| Earnings before tax (EBT) | 66,959 | 63,795 |
The breakdown and development of HHLA's equity for the period from 1 January to 30 June of the years 2015 and 2014 are presented in the statement of changes in equity.
The calculation of pension provisions as of 30 June 2015 was based on an interest rate of 2.00 % (31 December 2014: 1.75 %; 30 June 2014: 3.00 %). Actuarial gains/losses changed as follows. These are recognised in equity without effect on profit and loss.
| 13,737 | - 21,520 |
|---|---|
| - 65,731 | 12,737 |
| 2015 | 2014 |
A 0.25 % increase in the interest rate would reduce the present value of the pension obligation by around €13.5 million and thus lead to further actuarial gains.
As of 30 June 2015, total capital expenditure throughout the HHLA Group amounted to €64.0 million (30 June 2014: €56.9 million).
The largest investments up to the end of the first half of 2015 were made in the Intermodal and Container segments. HHLA invested in locomotives and handling equipment at sites in the Czech Republic and Germany, and in extending other facilities.
As of 30 June 2015, the Container segment accounted for the bulk of investment commitments at €87.7 million.
The table below shows the carrying amounts and fair value of financial assets and financial liabilities, as well as their level in the fair value hierarchy.
| in € thousand | Carrying amount | Fair value | |||||
|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial assets at fair value | |||||||
| Financial assets (securities) | 3,950 | 3,950 | 3,950 | 3,950 | |||
| 0 | 3,950 | 3,950 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 13,350 | 6,089 | 19,439 | ||||
| Trade receivables | 140,994 | 140,994 | |||||
| Receivables from related parties | 70,977 | 70,977 | |||||
| Other financial receivables | 2,586 | 2,586 | |||||
| Cash, cash equivalents and short-term deposits | 168,103 | 168,103 | |||||
| 396,010 | 6,089 | 402,099 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other financial liabilities |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial liabilities measured at fair value | ||||||||
| Financial liabilities (interest rate swaps used for hedging transactions) |
106 | 237 | 343 | 343 | 343 | |||
| 106 | 237 | 0 | 343 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (liabilities from bank loans) | 276,861 | 276,861 | 281,582 | 281,582 | ||||
| Financial liabilities (finance lease liabilities) | 41,062 | 41,062 | 41,062 | 41,062 | ||||
| Financial liabilities (other) | 59,762 | 59,762 | ||||||
| Trade liabilities | 79,718 | 79,718 | ||||||
| Liabilities to related parties (finance lease liabilities) |
106,760 | 106,760 | 106,760 | 106,760 | ||||
| Liabilities to related parties (other) | 74,554 | 74,554 | ||||||
| 0 | 0 | 638,717 | 638,717 |
| in € thousand | Carrying amount | Fair value | |||||
|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial assets at fair value | |||||||
| Financial assets (securities) | 3,901 | 3,901 | 3,901 | 3,901 | |||
| 0 | 3,901 | 3,901 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 8,775 | 4,496 | 13,271 | ||||
| Trade receivables | 159,387 | 159,387 | |||||
| Receivables from related parties | 40,835 | 40,835 | |||||
| Other financial receivables | 3,072 | 3,072 | |||||
| Cash, cash equivalents and short-term deposits | 180,289 | 180,289 | |||||
| 392,358 | 4,496 | 396,854 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other financial liabilities |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial liabilities measured at fair value | ||||||||
| Financial liabilities (interest rate swaps used for hedging transactions) |
302 | 487 | 789 | 789 | 789 | |||
| 302 | 487 | 0 | 789 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (liabilities from bank loans) | 295,469 | 295,469 | 300,843 | 300,843 | ||||
| Financial liabilities (finance lease liabilities)1 | 8,354 | 8,354 | 8,354 | 8,354 | ||||
| Financial liabilities (other) | 70,599 | 70,599 | ||||||
| Trade liabilities | 77,280 | 77,280 | ||||||
| Liabilities to related parties (finance lease liabilities) |
106,975 | 106,975 | 106,975 | 106,975 | ||||
| Liabilities to related parties (other) | 72,090 | 72,090 | ||||||
| 0 | 0 | 630,767 | 630,767 |
1 Due to changes in calculation parameters, the reported fair value has changed compared to the previous year interim report.
In the first half of 2015, gains of € 87 thousand (previous year: € 119 thousand) were recognised in the income statement on financial assets and/or liabilities held at fair value through profit and loss. These primarily relate to interest rate hedges with no effective hedging relationship as per IAS 39.
In the reporting year, changes of €127 thousand (previous year: €97 thousand) in the fair value of financial instruments designated as hedging instruments (interest rate swaps) were recognised directly in equity.
The interest rate swaps disclosed covered a total amount of € 10,265 thousand (previous year: €14,089 thousand). Of these, financial instruments covering an amount of € 6,604 thousand (previous year: € 7,682 thousand) with a market value of € - 237 thousand (previous year: € - 487 thousand) were held as part of cash flow hedging relationships to hedge future cash flows from interest-bearing liabilities as of the balance sheet date. The hedged cash flows are expected to occur within the next two years. The amount covered by interest rate swaps is restated in line with the anticipated repayment of the loans over the term of the derivative. The fixed interest rate for the financial liabilities (interest rate swaps) is 3.82 % to 4.33 %. The remaining term of the derivatives is up to two years.
There are no material differences between the carrying amounts and fair values of the financial instruments reported under non-current financial liabilities. The discount rates used for liabilities to related parties (particularly the finance lease liabilities included in this item) are between 4.21 % and 5.56 %.
The valuation methods and key unobservable input factors for calculating fair value are described in the Notes to the Consolidated Financial Statements as of 31 December 2014.
There were no notable events after the balance sheet date 30 June 2015.
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
To the best of our knowledge, and in accordance with the applicable accounting principles for interim financial reporting, the Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Interim Management Report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remainder of the financial year.
Hamburg, 13 August 2015
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
To Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg
We have reviewed the condensed interim consolidated financial statements, comprising the statement of financial position, the income statement, the statement of comprehensive income, the statement of cash flows, the statement of changes in equity and selected explanatory notes, and the interim group management report of Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg, for the period from 1 January 2015 to 30 June 2015, which are part of the six-monthly financial report pursuant to Sec. 37w WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act]. The company's management is responsible for preparation of the condensed interim consolidated financial statements in accordance with IFRSs [International Financial Reporting Standards] on interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the WpHG applicable to interim group management reports. Our responsibility is to issue a report on the condensed interim consolidated financial statements and the interim group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU and that the
interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of financial statements. In accordance with our engagement, we have not performed an audit and, accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU or that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.
Hamburg, 13 August 2015
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
Grummer Brorhilker Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Germany 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]
Kirchhoff Consult AG
For specialist terminology and financial terms see the Annual Report 2014, page 166 et seq.
This document contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). Forward-looking statements are characterised by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by HHLA and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside the control of HHLA and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. HHLA neither plans nor undertakes to update any forward-looking statements.
HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Bei St. Annen 1, 20457 Hamburg, Germany, Phone: +49 40 3088-0, Fax: +49 40 3088-3355, www.hhla.de, [email protected]
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