Quarterly Report • Nov 13, 2014
Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Interim Report January to September 2014
| HHLA Group | |||||
|---|---|---|---|---|---|
| in € million | 1– 9 2014 | 1– 9 2013 | Change | ||
| Revenue and Earnings | |||||
| Revenue | 906.7 | 855.3 | 6.0 % | ||
| EBITDA | 219.6 | 208.1 | 5.5 % | ||
| EBITDA margin in % | 24.2 | 24.3 | - 0.1 pp | ||
| EBIT | 131.3 | 118.4 | 10.9 % | ||
| EBIT margin in % | 14.5 | 13.8 | 0.7 pp | ||
| Profi t after tax | 73.7 | 71.1 | 3.6 % | ||
| Profi t after tax and minority interests | 46.9 | 44.6 | 5.2 % | ||
| Cash Flow Statement and Investments | |||||
| Cash fl ow from operating activities | 184.5 | 146.2 | 26.2 % | ||
| Investments | 81.8 | 79.8 | 2.6 % | ||
| Performance Data | |||||
| Container throughput in thousand TEU | 5,701 | 5,681 | 0.3 % | ||
| Container transport in thousand TEU | 973 | 883 | 10.2 % | ||
| in € million | 30.09.2014 | 31.12.2013 | Change | ||
| Balance Sheet | |||||
| Balance sheet total | 1,744.4 | 1,716.0 | 1.7 % | ||
| Equity | 584.5 | 600.1 | - 2.6 % | ||
| Equity ratio in % | 33.5 | 35.0 | - 1.5 pp | ||
| Employees | |||||
| Number of employees | 5,136 | 4,924 | 4.3 % |
| in € million | Port Logistics Subgroup 1, 2 | Real Estate Subgroup 1, 3 | ||||
|---|---|---|---|---|---|---|
| 1– 9 2014 | 1– 9 2013 | Change | 1– 9 2014 | 1– 9 2013 | Change | |
| Revenue | 885.4 | 834.4 | 6.1 % | 25.2 | 24.8 | 1.7 % |
| EBITDA | 205.1 | 194.2 | 5.6 % | 14.4 | 13.9 | 4.0 % |
| EBITDA margin in % | 23.2 | 23.3 | - 0.1 pp | 57.2 | 56.0 | 1.2 pp |
| EBIT | 120.0 | 107.6 | 11.5 % | 11.1 | 10.6 | 5.3 % |
| EBIT margin in % | 13.5 | 12.9 | 0.6 pp | 44.1 | 42.6 | 1.5 pp |
| Profi t after tax and minority interests | 41.0 | 39.8 | 3.2 % | 5.9 | 4.8 | 21.5 % |
| Earnings per share in € 4 | 0.59 | 0.57 | 3.2 % | 2.17 | 1.79 | 21.5 % |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
Before consolidation between subgroups
2 Listed Class A shares
Non-listed Class S shares
4 Basic and diluted
Financial Calendar / Imprint
| 30.06.2014 – 30.09.2014 | HHLA | SDAX | DAX |
|---|---|---|---|
| Change | - 2.5 % | - 7.2 % | - 3.6 % |
| Closing 30.06.2014 | € 19.40 | 7,385 | 9,833 |
| Closing 30.09.2014 | € 18.92 | 6,853 | 9,474 |
| High | € 19.93 | 7,512 | 10,029 |
| Low | € 17.68 | 6,751 | 9,009 |
The international stock markets lost momentum in the period July to September 2014 following a generally strong second quarter. This downward trend was primarily driven by uncertainty due to geopolitical tensions in Ukraine, Iraq and Syria. This was illustrated particularly clearly by the passenger plane crash in eastern Ukraine in July, which heightened investors' risk awareness. Share prices fell as a result until the DAX reached its quarterly low on 8 August. As the month progressed, positive economic data buoyed trading, causing a gradual share price recovery. At the beginning of September, a political rapprochement between Russia and Ukraine helped stabilise the markets. Following an announcement by the US Federal Reserve that it would continue to pursue its policy of low interest rates for the time being, shares in mid-September temporarily approached the high prices seen at the beginning of the quarter. However, they fell again towards the end of the month because of modest economic data from Europe and the US. All in all, Germany's benchmark index, the DAX, lost 3.6 % in the third quarter and closed at 9,474 points. The SDAX stood at 6,853 points on 30 September, down 7.2 % on its opening level for the quarter.
The HHLA share developed largely in line with key indices in the third quarter of 2014. As well as affecting the markets, the Ukraine confl ict put pressure on the HHLA share. Although it started July with encouraging gains and reached a quarterly high of € 19.93 on 3 July, the price fell again in the wake of the market downturn and stabilised at between € 19 and € 19.50 in mid-July. At the end of the month, the HHLA share was unable to escape the general market trend as prices slumped and it briefl y dropped below the € 18 mark. However, in the run-up to publication of the half-year fi gures it was able to regain this ground. Although the company confi rmed its guidance for the full year and earnings developed positively, trading volumes remained comparatively fl at and the share price did not rise noticeably at fi rst. Following a brief upturn prompted by good
industry data, the share trended almost parallel to the SDAX – which was generally weak – and settled at around € 18.50 over the course of the month. As 2 October approached, when the Federal Administrative Court was due to announce its verdict on the dredging of the river Elbe, the share price rose perceptibly and almost reached the € 19 mark. This was helped by one analyst recommending the share as a buy. As a result, the share was quoted at € 18.92 on 30 September. Although this was 2.5 % down on its opening price for the quarter, it was up 6.4 % on the year to date.
The Federal Administrative Court in Leipzig adjourned its verdict on the dredging of the river Elbe to await a ruling by the European Court of Justice on several issues concerning the interpretation and application of the EU's Water Framework Directive. As a consequence, the share lost the ground it had previously gained. The weak economic outlook subsequently also depressed the share price.
HHLA continued its active IR work in the third quarter and main tained a strong presence at roadshows and investor conferences in key fi nancial centres. Meetings with numerous investors and analysts concentrated mainly on the current business development, the dredging of the river Elbe and the impact of the Ukraine confl ict on HHLA's container terminal in Odessa. In total, 22 fi nancial analysts covered HHLA's business development in the third 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 (HHLA) has made strong progress in the 2014 fi nancial year to date. We have
This performance confi rms our strategy even in a diffi cult operating environment: we are expanding capacities, improving the effi ciency of our megaship handling and continuing to drive growth in our hinterland transportation services.
The decline in feeder traffi c to HHLA's Hamburg terminals and the tense situation in Ukraine combined to slow throughput growth in Hamburg and Odessa. The recession in Ukraine – which has seen economic output slump by some 20 % – has led to a marked fall in our container throughput in Odessa. Our Hamburg terminals recorded a decline of approximately 5 % in feeder traffi c with the North Sea and Baltic ports. Against this background, it is all the more remarkable that our Hamburg terminals were able to generally grow their container volume by 1.8 % due to the positive development of Asian traffi c and that our throughput in Odessa has now stabilised, albeit at a lower level.
Revenue and the operating result made encouraging progress: both easily outpaced volume growth. This was due to operational improvements and moves to optimise the cost of coping
with peak loads, which mainly took effect in the third quarter. In addition to this, we are benefi ting from persistently high storage fees and a noticeable increase in the proportion of higher-revenue and higher-margin overseas traffi c in our handling mix. Our intermodal strategy remains successful, which also contributed towards the revenue and earnings trend. Both the established transport links with the Czech Republic, Slovakia and Hungary and our new connections within Germany, Austria and Switzerland reported growth.
Based on the development of business so far this year, we now expect a marginal year-on-year increase in throughput volume for 2014. We still anticipate that volume growth in container transport services will outstrip the general market trend and therefore anticipate a substantial increase here. Our annual revenue should therefore be mod erately higher than the prior-year fi gure. We expect the operating result at Group level to be in the region of the upper end of our guidance range of € 138 million to € 158 million.
We therefore look forward to a successful completion of our fi nancial year 2014. The fact that we look set to achieve this despite further delays in dredging the river Elbe shows that measures such as the introduction of the Feeder Logistics Center and the Nautical Terminal Coordination are taking effect.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
On track for success: a HHLA container train on the section between Decin and Dresden
Global economic growth slowed markedly over the course of the year. The economic recovery faltered in many industrialised nations. Emerging markets also experienced increasingly fl at growth curves. In addition, geopolitical crises and military confl icts had a negative impact on the economies of these regions. Their closest trading partners were also affected. World trade proved weaker, developing largely in line with the global economy and therefore falling short of earlier growth rates.
Growth in global gross domestic product (GDP) was still driven by the rate of expansion in the emerging markets, which admittedly lessened somewhat but is much stronger than in the industrialised nations. The People's Republic of China will probably reach growth of 7.5 % again for the fi rst three quarters of 2014. The Ukrainian economy continued to be burdened strongly by the consequences of the political confl ict.
After experiencing a downturn in GDP-growth in the fi rst quarter due to adverse weather conditions, the US economy was able to make up for this economic dip in the following quarters. In the eurozone, however, the sluggish economic recovery seen in recent years largely came to a halt. The EU countries in Central and Eastern Europe which do not use the single currency also stagnated.
The German economy – which was expanding signifi cantly compared to its European neighbours until recently – also suffered a slowdown in growth. However, Germany's foreign trade performed somewhat better, with exports up by 2.8 % and imports by 1.8 % (January to August 2014).
Driven by another strong increase in traffi c within Asia, global container traffi c was on a stable growth trajectory in the fi rst three quarters of 2014. According to estimates by the market research institute Drewry, throughput volume grew by over 5 % in this period. However, as carrying capacity increased by some 6 %, the imbalance between supply and demand in tonnage continued to grow. Container shipping companies stepped up their efforts to enter into mergers and new alliances with the aim of optimising their vessels' capacity utilisation and improving their fi nancial situation.
Container throughput at the Northern European ports lagged only slightly behind the global trend. The picture at Hamburg's rival ports was mixed: while Rotterdam (+ 4.2 %) and Antwerp (+ 5.0 %) charted growth, the Bremen ports saw container throughput drop by 1.4 % between January and September 2014 after gaining market share in the last two years.
Following strong growth of 5.6 % in the fi rst quarter of 2014, transport fi gures (tonne-kilometres) for European rail freight traffi c lost momentum over the summer months (second quarter 2014: + 1.9 %). Nevertheless, overall growth of 3.7 % was seen in the fi rst half compared to the same period of 2013. The traffi c fi gures for rail freight in Central and Eastern Europe shadowed this trend, rising almost 3.6 % in the fi rst half of 2014, compared to the fi rst six months of the previous year.
| in € million | 1– 9 2014 | 1– 9 2013 | Change |
|---|---|---|---|
| Revenue | 906.7 | 855.3 | 6.0 % |
| EBITDA | 219.6 | 208.1 | 5.5 % |
| EBITDA margin in % | 24.2 | 24.3 | - 0.1 pp |
| EBIT | 131.3 | 118.4 | 10.9 % |
| EBIT margin in % | 14.5 | 13.8 | 0.7 pp |
| Profi t after tax and minority interests | 46.9 | 44.6 | 5.2 % |
| Earnings from associates (using the equity method) | 3.9 | 2.2 | 75.3 % |
| ROCE in % | 13.2 | 11.7 | 1.5 pp |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
Due to a change in IFRS regulations for group accounting, pro rata consolidation of joint ventures – including the joint venture Hansaport – is no longer permitted from the fi nancial year 2014 onwards. These companies will be accounted for in the consolidated fi nancial statements using the equity method. The new regulations will only have a signifi cant impact in the Logistics segment. The corresponding fi gures for the same period of the previous year have been restated accordingly. There were no further effects at Group level resulting from consolidation that had a material impact on the development of revenue and earnings in the reporting period.
In the period under review, negative exchange rate effects arose from the devaluation of the Ukrainian currency. This had a signifi cant impact on the Group's net assets, earnings and fi nancial position.
There is normally no long-term order backlog for handling and transport services, and thus no use is made of this particular reporting fi gure.
Against a background of modest global economic growth which still remains exposed to considerable risks – including geopolitical tensions – HHLA succeeded in posting slight year-on-year growth in throughput during the period under review. The number of containers loaded and unloaded rose by a total of 0.3 % to 5,701 thousand TEU in the fi rst nine months of 2014 (previous year:
5,681 thousand TEU). Throughput in Hamburg continued to increase, while the negative trend in Odessa was unchanged. Throughput in the third quarter fell just short of the levels recorded in the previous quarter and the third quarter of 2013. The transport volume grew strongly by 10.2 % to 973 thousand TEU (previous year: 883 thousand TEU), due primarily to an expansion in transport activities.
Revenue for the HHLA Group rose to € 906.7 million in the reporting period, up 6.0 % on the previous year (€ 855.3 million). In addition to increased volumes, this stemmed mainly from a decrease in lower-revenue feeder traffi c and a temporary year-on-year rise in storage fees due to ships being delayed and the resulting longer container dwell times.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenue of € 885.4 million in the reporting period (previous year: € 834.4 million). Growth in the Port Logistics subgroup almost matched the trend for the Group as a whole. The non-listed Real Estate subgroup raised revenue by 1.7 % to € 25.2 million (previous year: € 24.8 million) – and thus accounted for 2.4 % of Group revenue.
Changes in inventories at Group level were at € 0.5 million (previous year: € 0.7 million) as well as own work capitalised, which came in at € 6.0 million (previous year: € 5.7 million) and showed no signifi cant changes.
Other operating income amounted to € 22.4 million (previous year: € 25.6 million). This decrease was largely due to an accounting gain from the sale of a facility in the Logistics segment in the fi rst quarter of 2013.
Operating expenses increased by 4.6 % to € 804.3 million and thus fell short of revenue growth.
The strongly volume-dependent cost of materials amounted to € 300.3 million and increased by 6.7 % in the reporting period (previous year: € 281.3 million). The cost-of-materials ratio increased slightly to 33.1 % (previous year: 32.9 %). Disproportionately strong growth in the materialintensive Intermodal segment was the main reason for the increase in this item.
Personnel expenses rose year on year by 3.8 % to € 305.3 million (previous year: € 294.1 million). As well as higher union wage rates, this refl ected the larger number of employees needed to handle the high utilisation of storage capacity caused by shipping delays. The output-related increase in headcount in the Intermodal segment also resulted in higher personnel expenses. The personnel expenses ratio decreased slightly to 33.7 % (previous year: 34.4 %).
Other operating expenses increased by 6.3 % to € 110.4 million (previous year: € 103.8 million). This rise was largely due to higher balance sheet provisions for legal risks and an increase in rental and leasing expenses in the growing Intermodal segment. The ratio of these expenses to revenue remained almost unchanged at 12.2 % (previous year: 12.1 %).
As a result of these developments, the operating result before depreciation and amortisation (EBITDA) increased almost in line with revenue by 5.5 % to € 219.6 million (previous year: € 208.1 million). Consequently, the EBITDA margin remained almost constant at 24.2 % (previous year: 24.3 %).
Depreciation and amortisation fell slightly by 1.7 % on the previous year and amounted to € 88.3 million (previous year: € 89.8 million).
At Group level, the operating result (EBIT) improved strongly by 10.9 % to € 131.3 million (previous year: € 118.4 million). The EBIT margin also made good progress, rising to 14.5 % (previous year: 13.8 %). This was mainly due to the signifi cant improvement in the Container segment's operating result. The subgroups Port Logistics and Real Estate contributed 91.4 % and 8.6 % to EBIT, respectively.
Net expenses from the fi nancial result increased by 25.6 % from € 20.7 million in 2013 to € 26.0 million. These additional expenses were mainly due to negative exchange rate effects of € 7.0 million resulting from the devaluation of the Ukrainian currency. Earnings from associates accounted for using the equity method improved by 75.3 % to € 3.9 million (previous year: € 2.2 million).
Due to the absence of a one-off gain in the Logistics segment which had raised earnings in the previous year, as well as the inclusion of the Group's joint ventures accounted for using the equity method and a one-off effect without the corresponding tax expense, the Group's effective tax rate increased to 30.1 % (previous year: 27.2 %).
Profi t after tax rose by 3.6 % from € 71.1 million to € 73.7 million. Profi t after tax and minority interests also rose year on year by 5.2 % to € 46.9 million (previous year: € 44.6 million). The positive overall development was therefore also refl ected in earnings attributable to shareholders of the parent company.
Earnings per share of € 0.64 were 5.2 % up on the prior-year fi gure of € 0.61. The listed Port Logistics subgroup reported a 3.2 % rise in earnings per share to € 0.59 (previous year: € 0.57). Earnings per share in the non-listed Real Estate subgroup rose 21.5 % to € 2.17 (previous year: € 1.79). The return on capital employed (ROCE) climbed 1.5 percentage points to 13.2 % (previous year: 11.7 %).
| in € million | 1– 9 2014 | 1– 9 2013 | Change |
|---|---|---|---|
| Revenue | 565.1 | 539.6 | 4.7 % |
| EBITDA | 186.0 | 169.7 | 9.6 % |
| EBITDA margin in % | 32.9 | 31.4 | 1.5 pp |
| EBIT | 121.9 | 103.4 | 17.9 % |
| EBIT margin in % | 21.6 | 19.2 | 2.4 pp |
| Earnings from associates (using the equity method) | 0.6 | 0.4 | 50.2 % |
| Container throughput in thousand TEU | 5,701 | 5,681 | 0.3 % |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
After nine months, container throughput at HHLA's terminals in Hamburg and Odessa stood at 5,701 thousand standard containers (TEU) – 0.3 % up on the previous year's fi gure of 5,681 TEU. In addition to tensions in Ukraine, which caused domestic demand to slump and consequently triggered a fall of almost 30 % in throughput in Odessa, this was primarily due to a decrease of around 5 % in feeder traffi c between HHLA's Hamburg terminals and the North Sea and Baltic ports. Accordingly the share of feeder traffi c declined from 27.7 % to 25.7 % year-on-year. Nevertheless, the HHLA terminals in Hamburg were able to record total growth of 1.8 % in container throughput due to a strong increase in Far East volumes of 8.5 %. This enabled HHLA to almost retain the recent strong gains it had achieved in its market position in Northern Europe.
The reduction in the feeder ratio meant that transport services delivering stronger revenue accounted for a higher proportion of total throughput. Along with persistently aboveaverage storage fees – due largely to shipping delays – this led to revenue growth of 4.7 % to € 565.1 million (previous year: € 539.6 million).
The segment's earnings situation improved considerably. With an increase in the operating result (EBIT) of 17.9 % to € 121.9 million (previous year: € 103.4 million), the EBIT margin rose to 21.6 % (previous year: 19.2 %). This positive development was attributable to a rise in average revenue. Moreover, the segment succeeded in keeping unit costs relatively stable – despite high additional expenses to cope with peak loads from delays – brought about by further improvements to operational processes.
Delayed ships led to peak loads at the terminals and drove up costs. The new mega-ship berth at the Container Terminal Burchardkai helped the company cope better with the ever-increasing throughput volumes per ship docking at the port. It was put into operation in August and features fi ve of the world's most modern tandem gantry cranes. Together with numerous steps to optimise processes at all container terminals, this further enhanced the capacity and quality of HHLA's mega-ship handling.
Further improvement in handling quality: the new mega-ship berth at the HHLA Container Terminal Burchardkai
| in € million | 1– 9 2014 | 1– 9 2013 | Change |
|---|---|---|---|
| Revenue | 263.4 | 232.9 | 13.1 % |
| EBITDA | 37.4 | 34.6 | 8.0 % |
| EBITDA margin in % | 14.2 | 14.9 | - 0.7 pp |
| EBIT | 22.0 | 19.9 | 10.7 % |
| EBIT margin in % | 8.4 | 8.5 | - 0.1 pp |
| Container transport in thousand TEU | 973 | 883 | 10.2 % |
HHLA's Intermodal companies expanded their market positions strongly in the fi rst nine months of the fi nancial year 2014. They transported 973 thousand standard containers (TEU) in the hinterland of Northern Europe's seaports by road and rail – 10.2 % more than in the same period of the previous year (883 thousand TEU). In a highly competitive market environment, the segment also recorded double-digit growth in both revenue and earnings.
On the one hand, this growth was driven by the transport connections with high value added in the Czech Republic, Slovakia and Hungary. On the other hand, the new services which have been launched in Germany, Austria and Switzerland since the end of 2012 recorded rising volumes due to higher levels of capacity utilisation and more frequent departures – although start-up costs remain high.
With growth of 13.1 % to € 263.4 million (previous year: € 232.9 million), the segment's revenue growth outpaced the volume trend. This is primarily attributable to the rising proportion of rail services, which now account for 74.5 % of the total transport volume (previous year: 71.3 %). Due to the higher average transport distances involved, rail containers deliver higher revenue than truck containers.
Earnings power also continued to improve in the third quarter. Compared to year-on-year growth of 4.6 % at the end of the fi rst half-year, the operating result (EBIT) was up by as much as 10.7 % on the previous year at € 22.0 million as of the end of September (previous year: € 19.9 million). This was due in part to growth in long-distance transport services. The fi gure for the fi rst half was also impacted by additional costs resulting from congestion and hold-ups caused by shipping delays – some of them considerable – at the seaports.
The ongoing restructuring of the Polzug Group made further progress in the fi rst nine months of the fi nancial year. This was largely due to improved terms for the purchasing of services. However, the operating result remained negative, partly due to one-off costs. The new connections with the Polish seaports achieved substantial growth in a highly competitive environment.
HHLA is stepping up investments in its own traction equipment to further enhance product quality and increase its value added. From September 2014, the fi rst 20 new locomotives were delivered to the HHLA subsidiary Metrans. The remaining multi-system locomotives will be delivered by the end of the fi rst quarter of 2015. They will primarily serve the connections with the Czech Republic, Slovakia and Hungary.
Improved value added: new multi-system locomotives for HHLA
HHLA INTERIM REPORT 1– 9 | 2014
| in € million | 1– 9 2014 | 1– 9 2013 | Change |
|---|---|---|---|
| Revenue | 48.7 | 54.3 | - 10.4 % |
| EBITDA | - 0.5 | 2.9 | neg. |
| EBITDA margin in % | - 1.0 | 5.4 | - 6.4 pp |
| EBIT | - 1.3 | 2.1 | neg. |
| EBIT margin in % | - 2.7 | 3.9 | - 6.6 pp |
| Earnings from associates (using the equity method) | 3.3 | 1.8 | 81.1 % |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
Since the start of the fi nancial year 2014, the key fi nancial fi gures for the Logistics segment have only included vehicle logistics, project and contract logistics, consultancy activities and cruise logistics. The fi gures for the previous year have been restated accordingly. Since pro rata consolidation of joint ventures is no longer permitted as of the beginning of this year, the result for bulk cargo logistics is now included in the HHLA Group's earnings from associates, accounted for using the equity method. This has been the case for earnings from fruit logistics since 2012. To ensure that the Logistics segment continues to be presented as fully as possible, earnings from associates are shown in the fi nal line of the above table.
The performance of the individual companies varied strongly in the reporting period. While the companies included in earnings from associates showed a marked improvement, the other companies posted very modest – and in some cases negative – trends in volume, revenue and earnings. Business developed as follows in the segment's various divisions:
In the vehicle logistics segment – which also includes packing and handling containers – the volume of seaborne handling including packing declined by 12.0 % to 1,129 thousand tonnes. Vehicle throughput decreased by 7.2 % to 147 thousand vehicles. This was largely attributable to calling restrictions for vessels due to the ongoing
Ebola epidemic, weather-related shipping service cancellations at the beginning of the year, and new taxes on vehicles in Nigeria. In view of this operating environment, revenue and EBIT were unable to match the respective prior-year fi gures.
There was a substantial increase in long-term orders in the fi eld of consulting activities during the fi rst nine months. The current decreases in revenue and earnings are primarily attributable to customer delays in awarding contracts and the invoicing of a major contract in the same period of the previous year.
The measures to restructure project and contract logistics adopted in 2013 have now been largely completed. As business is still not making the desired progress, however, revenue and the operating result were down on the previous year.
The cruise logistics business was much brisker than in the previous year with 169 ships (+ 12.7 %) and 548 thousand passengers (+ 15.6 %). Revenue and earnings also increased.
With a throughput of 10.5 million tonnes, bulk cargo logistics outperformed the previous year's high volume fi gure by 2.5 %. Revenue and earnings were also above the previous year's level.
The successful turnaround in fruit logistics has now been achieved. In the fi rst nine months of 2014, throughput rose by 16.4 % to 414 thousand tonnes. There was also double-digit growth in revenue. Following a negative result in the previous year, EBIT was clearly positive.
Precise work at the all-purpose port: export vehicles at O'Swaldkai
| in € million | 1– 9 2014 | 1– 9 2013 | Change |
|---|---|---|---|
| Revenue | 25.2 | 24.8 | 1.7 % |
| EBITDA | 14.4 | 13.9 | 4.0 % |
| EBITDA margin in % | 57.2 | 56.0 | 1.2 pp |
| EBIT | 11.1 | 10.6 | 5.3 % |
| EBIT margin in % | 44.1 | 42.6 | 1.5 pp |
The offi ce rental market in Germany's seven real estate hotspots – Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart – has become noticeably more sluggish in the course of 2014. According to the offi ce market overview by Jones Lang LaSalle, 2.06 million m2 of space was let in the fi rst nine months – a decrease of approximately 7 %.
By contrast, the amount of offi ce space let in Hamburg in the fi rst three quarters of 2014 rose by 10.5 % to 375,000 m2 . At 7.1 %, the vacancy rate fell again year-on-year from 8.0 % in the previous year.
Against this background, the Real Estate segment – comprising properties in the Speicherstadt historical warehouse district and the fi sh market area on the northern bank of the river Elbe – achieved further improvements in its key performance indicators. Revenue rose by 1.7 % to € 25.2 million (previous year: € 24.8 million), while the operating result (EBIT) improved by 5.3 % year-on-year to € 11.1 million (previous year: € 10.6 million).
The increase in revenue and earnings was driven in particular by those Speicherstadt properties which were newly placed on the market in the previous year. These comprise the warehouse 'Block R', which was constructed in the late 19th century, and the directly adjacent offi ce building 'Bei St. Annen 2', a post-war property which was designed by the renowned architect Werner Kallmorgen.
HHLA's Real Estate segment added a further highlight to its Speicherstadt development in September 2014 with the handover of the fi rst hotel in the historical warehouse district to a German hotel group. The redevelopment and refurbishment measures were in strict compliance with regulations for landmarked buildings and comprised a complex consisting of the historical coffee exchange and a warehouse previously used as offi ce space. Both buildings were designed by Werner Kallmorgen and constructed in the 1950s as part of work to rebuild those parts of the Speicherstadt historical warehouse district which were damaged in the war.
New highlight: the restaurant in the Speicherstadt hotel
| in € million | 1– 9 2014 | 1– 9 2013 |
|---|---|---|
| Financial funds as of 01.01. | 151.1 | 188.7 |
| Cash fl ow from operating activities |
184.5 | 146.2 |
| Cash fl ow from investing activities |
- 86.5 | - 49.6 |
| Free cash fl ow | 98.0 | 96.6 |
| Cash fl ow from fi nancing activities |
- 71.2 | - 73.5 |
| Change in fi nancial funds |
26.8 | 23.0 |
| Change in fi nancial funds due to |
||
| exchange rates | - 3.6 | 0.3 |
| Financial funds as of 30.09. | 174.2 | 212.0 |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
The cash infl ow from operating activities (operating cash fl ow) increased in the period under review to € 184.5 million (previous year: € 146.2 million). This refl ected the improved operating result and reduced use of provisions as well as a decrease in other assets. In addition, the fi gure for the same period in the previous year included an accounting gain from the sale of a logistics property. This was mainly offset by exchange rate-related effects which resulted, in particular, from the devaluation of the Ukrainian currency.
Investing activities led to cash outfl ows of € 86.5 million (previous year: € 49.6 million). The increase of € 36.9 million was chiefl y due to cash outfl ows for short-term bank deposits (previous year: infl ows) as well as proceeds in the previous year from disposals of non-current assets held for sale totalling € 17.7 million. Without this transfer of cash to short-term deposits, cash outfl ow for investing activities would have come to € 76.5 million (previous year: € 59.6 million).
Free cash fl ow, defi ned as the total of cash fl ow from operating activities and cash fl ow from investing activities, came to € 98.0 million at the end of the reporting period (previous year: € 96.6 million) and therefore increased slightly on the previous year.
The change in cash outfl ow from fi nancing activities of € 2.3 million to € 71.2 million (previous year: € 73.5 million) was due to decreased proceeds from loans compared to the previous year. There was an opposing effect from the payment of dividends to shareholders totalling € 65.6 million (previous year: € 77.0 million) as well as from lower outgoing loan repayments.
As of the reporting date, the changes described above resulted in fi nancial funds of € 174.2 million (previous year: € 212.0 million) – an increase on the fi gure from the beginning of the year (€ 151.1 million). Including short-term deposits, the Group's available liquidity remained on a par with the previous year's at € 254.2 million.
The investment volume in the reporting period totalled € 81.8 million and was thus slightly up on the previous year's fi gure of € 79.8 million. Capital expenditure comprised € 75.4 million for property, plant and equipment (previous year: € 72.6 million) and € 6.4 million for intangible assets (previous year: € 7.2 million). The majority of the investments were for expansion work.
The Container segment accounted for a large proportion of capital expenditure in the fi rst three quarters of 2014, especially for the purchase of new handling equipment and the expansion of the Container Terminal Odessa in Ukraine. Investments in the Intermodal segment centered on additions to rolling stock in the form of locomotives. In the Real Estate subgroup, investments concentrated on the conversion of an existing property into a hotel complex.
For the remainder of the 2014 fi nancial year, investment activities will continue to focus on enhancing productivity in the existing terminal areas, expanding the high-performance hinterland connections in line with market demands and completing the fi rst phase of expansion at the terminal in Odessa.
| in € million | ||
|---|---|---|
| Assets | 30.09.2014 | 31.12.2013 |
| Non-current assets | 1,273.3 | 1,284.6 |
| Current assets | 471.2 | 431.4 |
| 1,744.4 | 1,716.0 | |
| Equity and liabilities | ||
| Equity | 584.5 | 600.1 |
| Non-current liabilities | 853.4 | 826.9 |
| Current liabilities | 306.5 | 289.0 |
| 1,744.4 | 1,716.0 |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
Compared with the end of 2013, the HHLA Group's balance sheet total increased as of the reporting date by a total of € 28.4 million to € 1,744.4 million.
Non-current assets of € 1,273.3 million were € 11.3 million lower than at year-end 2013 (€ 1,284.6 million). This trend was mainly due to scheduled depreciation on property, plant and equipment as well as currency translation adjustments for HHLA's Ukrainian subsidiary. Investments in property, plant and equipment and investment property as well as an increase in deferred taxes had the opposite effect.
At € 471.2 million, current assets grew by € 39.7 million compared to 31 December 2013 (€ 431.4 million). In conjunction with the rise in revenue, trade receivables increased by € 16.4 million to € 155.0 million. Within the scope of the cash clearing system, receivables from related parties increased by € 39.4 million to € 64.4 million. At the same time, cash and cash equivalents decreased by € 15.4 million to € 199.9 million.
Equity fell by € 15.6 million to € 584.5 million as of the reporting date (31 December 2013: € 600.1 million). This decrease is mainly attributable to the dividend payment as well as exchange rate
differences and actuarial losses recognised in other comprehensive income. The result for the year to date of € 73.7 million had the opposite effect. The equity ratio decreased to 33.5 % (31 December 2013: 35.0 %).
Non-current liabilities increased by € 26.5 million to € 853.4 million in comparison with the end of 2013 (€ 826.9 million). An increase in pension provisions of € 47.1 million to € 411.5 million – mainly due to interest rate adjustments and a € 3.4 million increase in non-current provisions – was partly offset by the € 25.3 million decline in non-current fi nancial liabilities, resulting largely from the repayment of long-term loans.
Current liabilities of € 306.5 million as of 30 September 2014 were higher than at the end of 2013 (€ 289.0 million). This was primarily due to an increase in trade liabilities of € 12.5 million and a rise in income tax liabilities and current fi nancial liabilities of € 7.2 million and € 4.8 million, respectively. Several factors had the opposite effect, including a € 3.7 million decline in other current provisions. The rise in current fi nancial liabilities also includes an increase in the short-term share of non-current liabilities, which contrasted with the scheduled fulfi lment of a settlement obligation to a minority shareholder under the profi t and loss transfer agreement.
Interim Management Report Employees Transactions with Respect to Related Parties Events after the Balance Sheet Date Business Forecast 14
234 Logistics 37 Real Estate
Number of employees
On 30 September 2014, HHLA had 5,136 employees. The Group's workforce thus increased by a total of 4.3 % or 212 compared with 31 December 2013. This growth is primarily due to the expansion of capacity in the Intermodal segment, where headcount grew by 12.9 % or 146 employees to 1,274. In order to meet growing peak loads in container handling more fl exibly, headcount in the Container segment was increased by 69 to 2,990. This represents an increase of 2.4 % since the 2013 balance sheet date. Changes in headcount in other segments, including Holding/Other, were only marginal.
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 offi ce space to other enterprises and public institutions affi liated 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 2013.
On 2 October 2014, the 7th division of the Federal Administrative Court (BVerwG) in Leipzig adjourned proceedings against the plan approval for the dredging of the river Elbe. The Federal Administrative Court will only deliver its ruling once the European Court of Justice (ECJ) has clarifi ed a number of issues relating to the interpretation and application of the EU's Water Framework Directive. A more detailed interpretation of EU legislation on water and waterways is expected from the ECJ in May 2015. A decision on whether the planned dredging of the river Elbe is in compliance with EU law and therefore permissible can only be decided once this interpretation has been presented. The BVerwG also ruled that the existing and identifi ed shortcomings in the plan approval for the dredging of the river Elbe with regard to the environmental impact assessment were rectifi able and would not lead to the revocation of plan approval, neither individually nor in their entirety. It is not yet possible to say exactly when the Federal Administrative Court will reach its verdict. Until such time, we remain unable to issue a statement regarding the outcome of proceedings.
There were no other events of special signifi cance after the balance sheet date 30 September 2014.
Following a perceptible upturn in the fi rst half of the year, the pace of global economic growth has slowed considerably. Geopolitical tensions in Ukraine, Syria and Iraq were major reasons for this decline in momentum. The duration and consequences of these confl icts for the world economy remain a signifi cant source of uncertainty. Against this background, the International Monetary Fund (IMF) now anticipates global GDP growth of just 3.3 % for 2014. The expectations for world trade have also been downgraded slightly: the IMF now forecasts growth of 3.8 %. The pace of growth for world trade therefore looks set to outstrip global economic growth once again.
To date, the pace of growth has varied in those economic regions of particular importance for HHLA's business development. The IMF expects the Chinese government to fall slightly short of its 7.5 % growth target and has left its economic forecast unchanged at 7.4 %. By contrast, the US economy's robust upturn is gathering pace again following a weak period in spring due to adverse weather conditions. As a result, the IMF has upgraded its outlook by 0.5 percentage points to 2.2 %. The economic recovery in the eurozone is not likely to continue due in particular to increased uncertainty about the development of the confl ict in Ukraine and the economic impact of the sanctions imposed on Russia. Moreover, market confi dence in a sustainable economic recovery is faltering due to the reform backlog in France and Italy. Although the IMF believes that the eurozone's total economic output will increase in 2014 for the fi rst time in two years, it has reduced its forecast for the full year by 0.3 percentage points to 0.8 %. So far, the Central and Eastern European economies have proved relatively resilient to the economic
slump in the eurozone and the Ukraine crisis. The IMF is therefore upholding its growth forecast of 2.7 % for 2014. In addition to the existing, fundamental structural problems, the Russia-Ukraine confl ict and related sanctions are taking their toll on the Russian economy. Having already substantially downgraded its forecast throughout 2014, the IMF still projects low growth of 0.2 % for 2014. The expansion of the German economy has slowed over the course of the year. In addition to the unexpectedly weak eurozone economy, political uncertainty in connection with the Ukraine crisis has been a key factor for weaker export prospects and an increasing reluctance of companies to invest. The IMF has therefore downgraded its outlook for the German economy by 0.5 percentage points and now anticipates GDP growth of 1.4 % for the current year.
Despite the somewhat weaker economic outlook, the market research institute Drewry has raised its forecast for global container throughput by 0.3 percentage points to 5.2 %. According to Drewry, this accelerated growth will be driven by China (+ 7.1 %), South Asia (+ 8.2 %), North Africa (+ 7.7 %) and the west coast of South America (+ 8.0 %). The volume of containers at Northern Europe's ports is expected to increase by 2.7 %. Within Europe, strong growth is anticipated above all in the eastern Mediterranean and Black Sea regions (+ 4.6 %) as well as the western Mediterranean (+ 4.0 %). Volume growth of 2.6 % is forecast for the Baltic region.
Competition between the North Range ports will continue to intensify on account of the further build-up in capacity from current expansion projects and will exert corresponding pressure on the earnings power of terminal operators. Although shipping companies have been placing fewer orders in recent months, the total capacity of the global container shipping fl eet will continue to outstrip the growth in world demand. Shipping companies are responding to the economic challenges predominantly by rolling out strict cost-cutting programmes and forcing or expanding operating alliances. This is illustrated by the announcement that the world's two largest shipping liners – Maersk and MSC – intend to form the 2M alliance. Meanwhile, CMA CGM intends to enter into the Ocean Three alliance with China Shipping Container Lines (CSCL) and the United Arab Shipping Company (UASC) next
year. The fuel price, which has fallen considerably since June 2014, might contribute to a certain upturn in the cost situation of the shipping companies.
In principle, better throughput prospects for the Northern European ports will translate into rising transport volumes for the pre- and onwardcarriage systems of the European hinterland. However, this volume growth is being driven above all by increases in ship size – thus exerting further pressure on the terminals' handling capacities as well as the quality of the seaports' hinterland links. The trend for those routes served by HHLA is likely to vary in line with the economic trend. Overall market growth of 3.5 % is anticipated for freight traffi c in Germany for the full year 2014. Accordingly, high growth is expected for both road- and rail-bound cargo transportation. A slight increase is anticipated for the European market.
The prospects for the Logistics segment are mixed: the positive outlook for the automotive industry in 2014 has so far been confi rmed due to strong sales in the USA and China. Rising demand is forecast for the steel industry in view of the economic upturn in 2014. By contrast, fruit and contract logistics will remain under intense pressure. The number of cruise ships booked to dock at the port indicates a further strong rise in handling services over the course of the year.
Expected Earnings Position
On the basis of the trend for the fi rst nine months of the current fi nancial year, HHLA still anticipates a moderate increase in Group revenue for the year as a whole (restated fi gure for previous year: approx. € 1,140 million) and expects to realise an operating result (EBIT) in the region of the upper end of the stated range of € 138 million to 158 million (restated fi gure for previous year: approx. € 154 million). EBIT of the Port Logistics subgroup will also be in the region of the upper end of the stated range of between € 125 million and € 145 million (restated fi gure for previous year: approx. € 140 million). The business development of the Real Estate subgroup is expected to remain stable and good with an operating result on a par with the previous year. Furthermore, the following key trends are expected for the operating segments of the Port Logistics subgroup:
Based on the volume trend in the fi rst nine months, HHLA expects throughput in the Container segment to rise only marginally year on year for the full twelve months. A moderate increase in revenue is anticipated for the 2014 fi nancial year due to the exceptional effects associated with shipping delays. EBIT is likely to grow faster than revenue.
In the Intermodal segment, the transport volume handled to date indicates a signifi cant increase in container transport in 2014. Volume growth is expected to contribute to a signifi cant rise in revenue. The company anticipates moderate EBIT growth year on year in 2014, primarily due to ongoing start-up costs for the services in Germany, Austria and Switzerland and the shutdown of some routes in summer due to storms.
As the pro rata consolidation of joint ventures is no longer permitted as of fi nancial year 2014, this will lead to a signifi cant decrease in revenue and EBIT of the Logistics segment. Allowing for the changed regulations, revenue is expected to be considerably lower than the restated fi gure for the previous year (approx. € 72 million). Based on developments in the fi rst nine months, a positive operating result is also not expected for the full year.
Due to expected delays in deliveries, HHLA anticipates capital expenditure in the range of € 150 million at Group level in the fi nancial year 2014. The Port Logistics subgroup is expected to account for around € 130 million of this total. The Group's balance sheet total is likely to increase slightly in 2014. A rise in non-current assets – primarily in the area of property, plant and equipment – i s
| HHLA Group | Forecast in the fi rst half of the year | Forecast in the nine-month report |
|---|---|---|
| Container throughput | Slight increase on previous year (2013: 7.5 million TEU) |
Marginal increase on previous year (2013: 7.5 million TEU) |
| Container transport | Signifi cant increase on previous year (2013: 1.2 million TEU) |
Signifi cant increase on previous year (2013: 1.2 million TEU) |
| Revenue | Moderate increase on the previous year's restated fi gure (previous year restated: approx. € 1,140 million) |
Moderate increase on the previous year's restated fi gure (previous year restated: approx. € 1,140 million) |
| EBIT | In a range of € 138 million to € 158 million (previous year restated: approx. € 154 million) |
In the region of the upper end of a range of € 138 million to € 158 million (previous year restated: approx. € 154 million) |
| Investments | In the region of € 160 million | In the region of € 150 million |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
expected on the assets side. Meanwhile, equity should continue to increase in view of the net profi t less the dividend payment. Changes in other comprehensive income (exchange rate differences, actuarial losses) are likely to have the opposite effect. Moreover, fi nancial liabilities may increase due to the need for project-related funding. Overall, HHLA's balance sheet policy remains focused on preserving earnings power and realising opportunities while retaining a stable capital structure.
HHLA will release its fi nancial position and performance guidance for 2015 when it publishes its annual fi nancial report for 2014.
On account of the continuing uncertainty regarding the situation in Ukraine, further exchange rate effects and a decline in handling demand at the container terminal in Odessa may have a negative impact on the HHLA Group's fi nancial position and performance. Economic sanctions imposed on the Russian Federation may have a temporary adverse effect on seaborne transportation to and from Russia during the remainder of the year. There remains a possibility that balance sheet fi gures may have to be adjusted in the future.
Moreover, with regard to the HHLA Group's risk and opportunity position, the statements made on pages 79 to 85 of the Management Report section of the 2013 Annual Report continue to apply, unless stated otherwise in this report. This section of the Annual Report describes the risk and opportunity factors associated with the HHLA Group's business activities. The risks identifi ed – taken both singularly and cumulatively – still do not threaten the 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.
No material changes with regard to other topics occurred during the reporting period. The following table lists the topics concerned. The relevant disclosures are largely included in the Annual Report for 2013 and remain valid.
| Areas in which no material changes occurred in the reporting period (Page numbers refer to the Annual Report 2013) |
|---|
| Company organisation and structure Page 45 |
| Company goals/strategies Page 51 et seqq. |
| Main services Page 46 et seq. |
| Sales markets/competitive position Page 46 et seqq. |
| Research and development Page 58 et seqq. |
| Legal parameters Page 50 |
| Principles and goals of fi nancial management Page 53 et seq., 71 |
| Acquisitions and disposals of companies Page 74 |
| Future services, sales markets/competitive position, R&D activities Page 78 |
| Dividend policy Page 78 |
| in € thousand | 1–9 2014 | 1– 9 2013 | 7– 9 2014 | 7– 9 2013 |
|---|---|---|---|---|
| Revenue | 906,715 | 855,312 | 310,982 | 288,953 |
| Changes in inventories | 478 | 712 | 68 | - 336 |
| Own work capitalised | 6,019 | 5,747 | 2,102 | 1,462 |
| Other operating income | 22,366 | 25,607 | 5,567 | 5,878 |
| Cost of materials | - 300,326 | - 281,339 | - 104,710 | - 97,226 |
| Personnel expenses | - 305,320 | - 294,112 | - 100,220 | - 94,393 |
| Other operating expenses | - 110,363 | - 103,811 | - 35,048 | - 34,804 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 219,569 | 208,116 | 78,741 | 69,533 |
| Depreciation and amortisation | - 88,263 | - 89,753 | - 28,822 | - 29,861 |
| Earnings before interest and taxes (EBIT) | 131,306 | 118,364 | 49,918 | 39,672 |
| Earnings from associates accounted for using the equity method | 3,931 | 2,242 | 1,156 | 715 |
| Interest income | 11,567 | 2,267 | 2,643 | 550 |
| Interest expenses | - 41,882 | - 25,596 | - 12,186 | - 8,109 |
| Other fi nancial result | 404 | 409 | 0 | 5 |
| Financial result | - 25,980 | - 20,678 | - 8,387 | - 6,839 |
| Earnings before tax (EBT) | 105,326 | 97,686 | 41,531 | 32,833 |
| Income tax | - 31,655 | - 26,542 | - 11,832 | - 8,219 |
| Profi t after tax | 73,671 | 71,143 | 29,699 | 24,612 |
| of which attributable to non-controlling interests | 26,755 | 26,538 | 8,818 | 8,997 |
| of which attributable to shareholders of the parent company | 46,916 | 44,605 | 20,881 | 15,615 |
| Earnings per share, basic, in € | ||||
| Group | 0.64 | 0.61 | 0.28 | 0.21 |
| Port Logistics | 0.59 | 0.57 | 0.28 | 0.20 |
| Real Estate | 2.17 | 1.79 | 0.66 | 0.57 |
| Earnings per share, diluted, in € | ||||
| Group | 0.64 | 0.61 | 0.28 | 0.21 |
| Port Logistics | 0.59 | 0.57 | 0.28 | 0.20 |
| Real Estate | 2.17 | 1.79 | 0.66 | 0.57 |
| in € thousand | 1–9 2014 | 1– 9 2013 | 7– 9 2014 | 7– 9 2013 |
|---|---|---|---|---|
| Profi t after tax | 73,671 | 71,143 | 29,699 | 24,612 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 44,130 | 16,750 | - 22,610 | 10,309 |
| Deferred taxes | 14,243 | - 5,429 | 7,298 | - 3,339 |
| Total | - 29,887 | 11,321 | - 15,312 | 6,970 |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 155 | 267 | 58 | 58 |
| Foreign currency translation differences | - 24,545 | - 2,146 | - 1,375 | - 2,785 |
| Deferred taxes | 37 | - 5 | - 16 | - 10 |
| Other | 23 | - 48 | - 5 | 70 |
| Total | - 24,331 | - 1,932 | - 1,339 | - 2,667 |
| Income and expense recognised directly in equity | - 54,218 | 9,389 | - 16,651 | 4,303 |
| Total Comprehensive Income | 19,453 | 80,532 | 13,047 | 28,915 |
| of which attributable to non-controlling interests | 26,703 | 26,512 | 8,811 | 9,017 |
| of which attributable to shareholders of the parent company | - 7,250 | 54,020 | 4,236 | 19,898 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
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 |
1– 9 2014 Group |
1– 9 2014 Port Logistics |
1– 9 2014 Real Estate |
1– 9 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 906,715 | 885,391 | 25,209 | - 3,885 |
| Changes in inventories | 478 | 479 | - 1 | 0 |
| Own work capitalised | 6,019 | 6,019 | 0 | 0 |
| Other operating income | 22,366 | 19,377 | 3,741 | - 752 |
| Cost of materials | - 300,326 | - 295,529 | - 4,873 | 76 |
| Personnel expenses | - 305,320 | - 303,642 | - 1,678 | 0 |
| Other operating expenses | - 110,363 | - 106,957 | - 7,967 | 4,561 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 219,569 | 205,138 | 14,431 | 0 |
| Depreciation and amortisation | - 88,263 | - 85,177 | - 3,321 | 235 |
| Earnings before interest and taxes (EBIT) | 131,306 | 119,961 | 11,110 | 235 |
| Earnings from associates accounted for using the equity method | 3,931 | 3,931 | 0 | 0 |
| Interest income | 11,567 | 11,497 | 172 | - 102 |
| Interest expenses | - 41,882 | - 38,700 | - 3,284 | 102 |
| Other fi nancial result | 404 | 404 | 0 | 0 |
| Financial result | - 25,980 | - 22,868 | - 3,112 | 0 |
| Earnings before tax (EBT) | 105,326 | 97,093 | 7,998 | 235 |
| Income tax | - 31,655 | - 29,299 | - 2,299 | - 57 |
| Profi t after tax | 73,671 | 67,794 | 5,699 | 178 |
| of which attributable to non-controlling interests | 26,755 | 26,755 | 0 | |
| of which attributable to shareholders of the parent company | 46,916 | 41,039 | 5,877 | |
| Earnings per share, basic, in € | 0.64 | 0.59 | 2.17 | |
| Earnings per share, diluted, in € | 0.64 | 0.59 | 2.17 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 9 2014 Group |
1– 9 2014 Port Logistics |
1– 9 2014 Real Estate |
1– 9 2014 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 73,671 | 67,794 | 5,699 | 178 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 44,130 | - 43,429 | - 701 | |
| Deferred taxes | 14,243 | 14,017 | 226 | |
| Total | - 29,887 | - 29,412 | - 475 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 155 | 155 | 0 | |
| Foreign currency translation differences | - 24,545 | - 24,545 | 0 | |
| Deferred taxes | 37 | 37 | 0 | |
| Other | 23 | 23 | 0 | |
| Total | - 24,331 | - 24,331 | 0 | |
| Income and expense recognised directly in equity | - 54,218 | - 53,743 | - 475 | 0 |
| Total Comprehensive Income | 19,453 | 14,051 | 5,224 | 178 |
| of which attributable to non-controlling interests | 26,703 | 26,703 | 0 | |
| of which attributable to shareholders of the parent company | - 7,250 | - 12,652 | 5,402 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 9 2013 Group |
1– 9 2013 Port Logistics |
1– 9 2013 Real Estate |
1– 9 2013 Consolidation |
|---|---|---|---|---|
| Revenue | 855,312 | 834,402 | 24,784 | - 3,874 |
| Changes in inventories | 712 | 708 | 4 | 0 |
| Own work capitalised | 5,747 | 5,681 | 0 | 66 |
| Other operating income | 25,607 | 22,287 | 4,013 | - 693 |
| Cost of materials | - 281,339 | - 276,256 | - 5,083 | 0 |
| Personnel expenses | - 294,112 | - 292,477 | - 1,635 | 0 |
| Other operating expenses | - 103,811 | - 100,104 | - 8,208 | 4,501 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 208,116 | 194,241 | 13,875 | 0 |
| Depreciation and amortisation | - 89,753 | - 86,662 | - 3,321 | 230 |
| Earnings before interest and taxes (EBIT) | 118,364 | 107,580 | 10,554 | 230 |
| Earnings from associates accounted for using the equity method | 2,242 | 2,242 | 0 | 0 |
| Interest income | 2,267 | 2,305 | 91 | - 129 |
| Interest expenses | - 25,596 | - 22,060 | - 3,665 | 129 |
| Other fi nancial result | 409 | 409 | 0 | 0 |
| Financial result | - 20,678 | - 17,104 | - 3,574 | 0 |
| Earnings before tax (EBT) | 97,686 | 90,476 | 6,980 | 230 |
| Income tax | - 26,542 | - 24,171 | - 2,315 | - 56 |
| Profi t after tax | 71,143 | 66,304 | 4,665 | 174 |
| of which attributable to non-controlling interests | 26,538 | 26,538 | 0 | |
| of which attributable to shareholders of the parent company | 44,605 | 39,766 | 4,839 | |
| Earnings per share, basic, in € | 0.61 | 0.57 | 1.79 | |
| Earnings per share, diluted, in € | 0.61 | 0.57 | 1.79 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 9 2013 Group |
1– 9 2013 Port Logistics |
1– 9 2013 Real Estate |
1– 9 2013 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 71,143 | 66,304 | 4,665 | 174 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | 16,750 | 16,571 | 179 | |
| Deferred taxes | - 5,429 | - 5,371 | - 58 | |
| Total | 11,321 | 11,200 | 121 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 267 | 267 | 0 | |
| Foreign currency translation differences | - 2,146 | - 2,146 | 0 | |
| Deferred taxes | - 5 | - 5 | 0 | |
| Other | - 48 | - 48 | 0 | |
| Total | - 1,932 | - 1,932 | 0 | |
| Income and expense recognised directly in equity | 9,389 | 9,268 | 121 | 0 |
| Total Comprehensive Income | 80,532 | 75,572 | 4,786 | 174 |
| of which attributable to non-controlling interests | 26,512 | 26,512 | 0 | |
| of which attributable to shareholders of the parent company | 54,020 | 49,060 | 4,960 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 22
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2014 Group |
7– 9 2014 Port Logistics |
7– 9 2014 Real Estate |
7–9 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 310,982 | 303,724 | 8,552 | - 1,294 |
| Changes in inventories | 68 | 69 | - 1 | 0 |
| Own work capitalised | 2,102 | 2,104 | 0 | - 2 |
| Other operating income | 5,567 | 4,654 | 1,172 | - 259 |
| Cost of materials | - 104,710 | - 102,994 | - 1,792 | 76 |
| Personnel expenses | - 100,220 | - 99,652 | - 568 | 0 |
| Other operating expenses | - 35,048 | - 34,075 | - 2,452 | 1,479 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 78,741 | 73,830 | 4,911 | 0 |
| Depreciation and amortisation | - 28,822 | - 27,789 | - 1,111 | 78 |
| Earnings before interest and taxes (EBIT) | 49,918 | 46,041 | 3,799 | 78 |
| Earnings from associates accounted for using the equity method | 1,156 | 1,156 | 0 | 0 |
| Interest income | 2,643 | 2,665 | 11 | - 33 |
| Interest expenses | - 12,186 | - 11,090 | - 1,129 | 33 |
| Other fi nancial result | 0 | 0 | 0 | 0 |
| Financial result | - 8,387 | - 7,269 | - 1,118 | 0 |
| Earnings before tax (EBT) | 41,531 | 38,772 | 2,681 | 78 |
| Income tax | - 11,832 | - 10,855 | - 958 | - 19 |
| Profi t after tax | 29,699 | 27,917 | 1,723 | 59 |
| of which attributable to non-controlling interests | 8,818 | 8,818 | 0 | |
| of which attributable to shareholders of the parent company | 20,881 | 19,099 | 1,782 | |
| Earnings per share, basic, in € | 0.28 | 0.28 | 0.66 | |
| Earnings per share, diluted, in € | 0.28 | 0.28 | 0.66 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2014 Group |
7– 9 2014 Port Logistics |
7– 9 2014 Real Estate |
7–9 2014 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 29,699 | 27,917 | 1,723 | 59 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 22,610 | - 22,247 | - 363 | |
| Deferred taxes | 7,298 | 7,181 | 117 | |
| Total | - 15,312 | - 15,066 | - 246 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 58 | 58 | 0 | |
| Foreign currency translation differences | - 1,375 | - 1,375 | 0 | |
| Deferred taxes | - 16 | - 16 | 0 | |
| Other | - 5 | - 5 | 0 | |
| Total | - 1,339 | - 1,339 | 0 | |
| Income and expense recognised directly in equity | - 16,651 | - 16,405 | - 246 | |
| Total Comprehensive Income | 13,047 | 11,511 | 1,477 | 59 |
| of which attributable to non-controlling interests | 8,811 | 8,811 | 0 | |
| of which attributable to shareholders of the parent company | 4,236 | 2,700 | 1,536 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7– 9 2013 Group |
7– 9 2013 Port Logistics |
7– 9 2013 Real Estate |
7– 9 2013 Consolidation |
|---|---|---|---|---|
| Revenue | 288,953 | 281,883 | 8,368 | - 1,298 |
| Changes in inventories | - 336 | - 340 | 4 | 0 |
| Own work capitalised | 1,462 | 1,454 | 0 | 8 |
| Other operating income | 5,878 | 4,855 | 1,231 | - 208 |
| Cost of materials | - 97,226 | - 95,572 | - 1,654 | 0 |
| Personnel expenses | - 94,393 | - 93,909 | - 484 | 0 |
| Other operating expenses | - 34,804 | - 33,304 | - 2,998 | 1,498 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 69,533 | 65,067 | 4,466 | 0 |
| Depreciation and amortisation | - 29,861 | - 28,812 | - 1,126 | 77 |
| Earnings before interest and taxes (EBIT) | 39,672 | 36,255 | 3,340 | 77 |
| Earnings from associates accounted for using the equity method | 715 | 715 | 0 | 0 |
| Interest income | 550 | 586 | 25 | - 61 |
| Interest expenses | - 8,109 | - 7,040 | - 1,130 | 61 |
| Other fi nancial result | 5 | 5 | 0 | 0 |
| Financial result | - 6,839 | - 5,734 | - 1,105 | 0 |
| Earnings before tax (EBT) | 32,833 | 30,521 | 2,235 | 77 |
| Income tax | - 8,219 | - 7,456 | - 745 | - 18 |
| Profi t after tax | 24,612 | 23,064 | 1,490 | 58 |
| of which attributable to non-controlling interests | 8,997 | 8,997 | 0 | |
| of which attributable to shareholders of the parent company | 15,615 | 14,067 | 1,548 | |
| Earnings per share, basic, in € | 0.21 | 0.20 | 0.57 | |
| Earnings per share, diluted, in € | 0.21 | 0.20 | 0.57 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7– 9 2013 Group |
7– 9 2013 Port Logistics |
7– 9 2013 Real Estate |
7– 9 2013 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 24,612 | 23,064 | 1,490 | 58 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | 10,309 | 10,201 | 108 | |
| Deferred taxes | - 3,339 | - 3,304 | - 35 | |
| Total | 6,970 | 6,897 | 73 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 58 | 58 | 0 | |
| Foreign currency translation differences | - 2,785 | - 2,785 | 0 | |
| Deferred taxes | - 10 | - 10 | 0 | |
| Other | 70 | 70 | 0 | |
| Total | - 2,667 | - 2,667 | 0 | |
| Income and expense recognised directly in equity | 4,303 | 4,230 | 73 | 0 |
| Total Comprehensive Income | 28,915 | 27,294 | 1,562 | 58 |
| of which attributable to non-controlling interests | 9,017 | 9,017 | 0 | |
| of which attributable to shareholders of the parent company | 19,898 | 18,277 | 1,621 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
| in € thousand | ||
|---|---|---|
| Assets | 30.09.2014 | 31.12.2013 |
| Non-current assets | ||
| Intangible assets | 79,553 | 81,539 |
| Property, plant and equipment | 915,993 | 962,255 |
| Investment property | 196,814 | 184,256 |
| Associates accounted for using the equity method | 13,389 | 9,710 |
| Financial assets | 17,499 | 12,608 |
| Deferred taxes | 50,003 | 34,188 |
| 1,273,251 | 1,284,557 | |
| Current assets | ||
| Inventories | 23,725 | 21,622 |
| Trade receivables | 155,001 | 138,601 |
| Receivables from related parties | 64,424 | 25,023 |
| Other fi nancial receivables | 3,162 | 3,050 |
| Other assets | 23,681 | 23,819 |
| Income tax receivables | 1,224 | 3,944 |
| Cash, cash equivalents and short-term deposits | 199,946 | 215,364 |
| 471,163 | 431,423 | |
| 1,744,414 | 1,715,980 |
| Equity and liabilities | ||
|---|---|---|
| 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 | 375,065 | 363,000 |
| Subgroup Port Logistics | 349,456 | 339,888 |
| Subgroup Real Estate | 25,609 | 23,113 |
| Other comprehensive income | - 53,101 | 1,065 |
| Subgroup Port Logistics | - 53,515 | 178 |
| Subgroup Real Estate | 414 | 887 |
| Non-controlling interests | 48,208 | 21,700 |
| Subgroup Port Logistics | 48,208 | 21,700 |
| Subgroup Real Estate | 0 | 0 |
| 584,509 | 600,103 | |
| Non-current liabilities | ||
| Pension provisions | 411,499 | 364,414 |
| Other non-current provisions | 55,847 | 52,485 |
| Non-current liabilities to related parties | 106,705 | 106,869 |
| Non-current fi nancial liabilities | 262,788 | 288,086 |
| Deferred taxes | 16,556 | 15,072 |
| 853,395 | 826,926 | |
| Current liabilities | ||
| Other current provisions | 11,484 | 15,141 |
| Trade liabilities | 81,765 | 69,295 |
| Current liabilities to related parties | 74,467 | 74,757 |
| Current fi nancial liabilities | 105,922 | 101,115 |
| Other liabilities | 22,698 | 25,623 |
| Income tax liabilities | 10,174 | 3,020 |
| 306,510 | 288,951 | |
| 1,744,414 | 1,715,980 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 30.09.2014 Group |
30.09.2014 Port Logistics |
30.09.2014 Real Estate |
30.09.2014 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 79,553 | 79,546 | 7 | 0 |
| Property, plant and equipment | 915,993 | 895,499 | 4,792 | 15,702 |
| Investment property | 196,814 | 46,125 | 179,311 | - 28,622 |
| Associates accounted for using the equity method | 13,389 | 13,389 | 0 | 0 |
| Financial assets | 17,499 | 14,701 | 2,798 | 0 |
| Deferred taxes | 50,003 | 61,133 | 0 | - 11,130 |
| 1,273,251 | 1,110,393 | 186,908 | - 24,050 | |
| Current assets | ||||
| Inventories | 23,725 | 23,651 | 74 | 0 |
| Trade receivables | 155,001 | 154,356 | 645 | 0 |
| Receivables from related parties | 64,424 | 75,525 | 379 | - 11,480 |
| Other fi nancial receivables | 3,162 | 3,143 | 19 | 0 |
| Other assets | 23,681 | 22,914 | 767 | 0 |
| Income tax receivables | 1,224 | 1,223 | 1 | 0 |
| Cash, cash equivalents and short-term deposits | 199,946 | 199,529 | 417 | 0 |
| 471,163 | 480,341 | 2,302 | - 11,480 | |
| 1,744,414 | 1,590,734 | 189,210 | - 35,530 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 375,065 | 349,456 | 35,322 | - 9,713 |
| Other comprehensive income | - 53,101 | - 53,515 | 414 | 0 |
| Non-controlling interests | 48,208 | 48,208 | 0 | 0 |
|---|---|---|---|---|
| 584,509 | 555,275 | 38,947 | - 9,713 | |
| Non-current liabilities | ||||
| Pension provisions | 411,499 | 405,050 | 6,449 | 0 |
| Other non-current provisions | 55,847 | 54,230 | 1,617 | 0 |
| Non-current liabilities to related parties | 106,705 | 106,705 | 0 | 0 |
| Non-current fi nancial liabilities | 262,788 | 219,288 | 43,500 | 0 |
| Deferred taxes | 16,556 | 19,496 | 11,397 | - 14,337 |
| 853,395 | 804,769 | 62,963 | - 14,337 | |
| Current liabilities | ||||
| Other current provisions | 11,484 | 11,191 | 293 | 0 |
| Trade liabilities | 81,765 | 79,903 | 1,862 | 0 |
| Current liabilities to related parties | 74,467 | 7,060 | 78,887 | - 11,480 |
| Current fi nancial liabilities | 105,922 | 100,370 | 5,552 | 0 |
| Other liabilities | 22,698 | 22,400 | 298 | 0 |
| Income tax liabilities | 10,174 | 9,766 | 408 | 0 |
| 306,510 | 230,690 | 87,300 | - 11,480 | |
| 1,744,414 | 1,590,734 | 189,210 | - 35,530 |
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2013 Group |
31.12.2013 Port Logistics |
31.12.2013 Real Estate |
31.12.2013 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 81,539 | 81,530 | 9 | 0 |
| Property, plant and equipment | 962,255 | 941,384 | 4,843 | 16,027 |
| Investment property | 184,256 | 50,147 | 163,292 | - 29,183 |
| Associates accounted for using the equity method | 9,710 | 9,710 | 0 | 0 |
| Financial assets | 12,608 | 10,223 | 2,385 | 0 |
| Deferred taxes | 34,188 | 44,640 | 0 | - 10,452 |
| 1,284,557 | 1,137,635 | 170,529 | - 23,608 | |
| Current assets | ||||
| Inventories | 21,622 | 21,556 | 66 | 0 |
| Trade receivables | 138,601 | 137,795 | 806 | 0 |
| Receivables from related parties | 25,023 | 33,287 | 1,968 | - 10,233 |
| Other fi nancial receivables | 3,050 | 3,004 | 46 | 0 |
| Other assets | 23,819 | 23,754 | 65 | 0 |
| Income tax receivables | 3,944 | 4,525 | 0 | - 580 |
| Cash, cash equivalents and short-term deposits | 215,364 | 199,783 | 15,581 | 0 |
| 431,423 | 423,704 | 18,532 | - 10,813 | |
| 1,715,980 | 1,561,339 | 189,062 | - 34,421 | |
| Equity and liabilities Equity |
||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 363,000 | 339,888 | 33,005 | - 9,892 |
| Other comprehensive income | 1,065 | 178 | 887 | 0 |
| Non-controlling interests | 21,700 | 21,700 | 0 | 0 |
| 600,103 | 572,891 | 37,103 | - 9,892 | |
| Non-current liabilities | ||||
| Pension provisions | 364,414 | 358,567 | 5,847 | 0 |
| Other non-current provisions | 52,485 | 50,920 | 1,565 | 0 |
| Non-current liabilities to related parties | 106,869 | 106,869 | 0 | 0 |
| Non-current fi nancial liabilities | 288,086 | 241,034 | 47,052 | 0 |
| Deferred taxes | 15,072 | 18,022 | 10,766 | - 13,716 |
| 826,926 | 775,412 | 65,230 | - 13,716 | |
| Current liabilities | ||||
| Other current provisions | 15,141 | 14,250 | 890 | 0 |
| Trade liabilities | 69,295 | 66,162 | 3,133 | 0 |
| Current liabilities to related parties | 74,757 | 9,739 | 75,251 | - 10,233 |
| Current fi nancial liabilities | 101,115 | 95,367 | 5,748 | 0 |
| Other liabilities | 25,623 | 25,108 | 515 | 0 |
| Income tax liabilities | 3,020 | 2,408 | 1,192 | - 580 |
| 288,951 | 213,035 | 86,729 | - 10,813 | |
| 1,715,980 | 1,561,339 | 189,062 | - 34,421 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
| 1. Cash fl ow from operating activities Earnings before interest and taxes (EBIT) 131,306 118,363 Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets 88,263 89,753 Decrease in provisions - 8,397 - 23,918 Result arising from the disposal of non-current assets 217 - 5,535 Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities - 14,120 - 22,941 Increase in trade payables and other liabilities not attributable to investing or fi nancing activities 28,641 23,103 Interest received 1,987 2,431 Interest paid - 15,502 - 12,331 Income tax paid - 21,585 - 22,295 Exchange rate and other effects - 6,293 - 464 Cash fl ow from operating activities 184,517 146,166 2. Cash fl ow from investing activities Proceeds from disposal of intangible assets and property, plant and equipment 1,429 1,419 Proceeds from disposal of non-current assets held for sale 0 17,672 Payments for investments in property, plant and equipment and investment property - 71,480 - 68,754 Payments for investments in intangible assets - 6,390 - 7,245 Payments for investments in non-current fi nancial assets - 1 - 2,581 Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) 0 119 Payments for acquiring interests in consolidated companies and other business units (including funds purchased) - 61 - 231 Proceeds from / Payments for short-term deposits - 10,000 10,000 Cash fl ow from investing activities - 86,503 - 49,601 3. Cash fl ow from fi nancing activities Dividends paid to shareholders of the parent company - 34,903 - 48,777 Dividends/settlement obligation paid to non-controlling interests - 30,676 - 28,189 Redemption of lease liabilities - 5,286 - 5,011 Proceeds from the issuance of (fi nancial) loans 24,202 39,174 Payments for the redemption of (fi nancial) loans - 24,566 - 30,739 Cash fl ow from fi nancing activities - 71,229 - 73,542 4. Financial funds at the end of the period Change in fi nancial funds (subtotals 1. – 3.) 26,785 23,023 Change in fi nancial funds due to exchange rates - 3,608 277 Financial funds at the beginning of the period 151,069 188,656 Financial funds at the end of the period 174,246 211,956 |
in € thousand | 1–9 2014 | 1– 9 2013 |
|---|---|---|---|
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 9 2014 Group |
1– 9 2014 Port Logistics |
1– 9 2014 Real Estate |
1– 9 2014 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 131,306 | 119,961 | 11,110 | 235 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
88,263 | 85,177 | 3,321 | - 235 |
| Decrease in provisions | - 8,397 | - 7,557 | - 840 | |
| Result arising from the disposal of non-current assets | 217 | 221 | - 4 | |
| Change in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 14,120 | - 14,374 | 707 | - 453 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities |
28,641 | 27,738 | 450 | 453 |
| Interest received | 1,987 | 1,917 | 172 | - 102 |
| Interest paid | - 15,502 | - 12,365 | - 3,239 | 102 |
| Income tax paid | - 21,585 | - 19,360 | - 2,225 | |
| Exchange rate and other effects | - 6,293 | - 6,293 | 0 | |
| Cash fl ow from operating activities | 184,517 | 175,065 | 9,452 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,429 | 1,205 | 224 | |
| Proceeds from disposal of non-current assets held for sale | 0 | 0 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 71,480 | - 51,973 | - 19,507 | |
| Payments for investments in intangible assets | - 6,390 | - 6,390 | 0 | |
| Payments for investments in non-current fi nancial assets | - 1 | - 1 | 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 consolidated companies and other business units (including funds purchased) |
- 61 | - 61 | - 51 | 51 |
| Payments for short-term deposits | - 10,000 | - 10,000 | 0 | |
| Cash fl ow from investing activities | - 86,503 | - 67,169 | - 19,334 | 0 |
| 3. Cash fl ow from fi nancing activities | ||||
| Dividends paid to shareholders of the parent company | - 34,903 | - 31,522 | - 3,381 | |
| Dividends/settlement obligation paid to non-controlling interests | - 30,676 | - 30,676 | 0 | |
| Redemption of lease liabilities | - 5,286 | - 5,286 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 24,202 | 24,202 | 0 | |
| Payments for the redemption of (fi nancial) loans | - 24,566 | - 20,965 | - 3,601 | |
| Cash fl ow from fi nancing activities | - 71,229 | - 64,247 | - 6,982 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | 26,785 | 43,649 | - 16,864 | 0 |
| Change in fi nancial funds due to exchange rates | - 3,608 | - 3,608 | 0 | |
| Financial funds at the beginning of the period | 151,069 | 139,788 | 11,281 | |
| Financial funds at the end of the period | 174,246 | 179,829 | - 5,583 | 0 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 9 2013 Group |
1– 9 2013 Port Logistics |
1– 9 2013 Real Estate |
1– 9 2013 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 118,363 | 107,579 | 10,554 | 230 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
89,753 | 86,662 | 3,321 | - 230 |
| Decrease in provisions | - 23,918 | - 20,205 | - 3,713 | |
| Result arising from the disposal of non-current assets | - 5,535 | - 5,337 | - 198 | |
| Change in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 22,941 | - 23,100 | 136 | 23 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities |
23,103 | 18,488 | 4,638 | - 23 |
| Interest received | 2,431 | 2,469 | 91 | - 129 |
| Interest paid | - 12,331 | - 8,836 | - 3,624 | 129 |
| Income tax paid | - 22,295 | - 21,686 | - 609 | |
| Exchange rate and other effects | - 464 | - 464 | 0 | |
| Cash fl ow from operating activities | 146,166 | 135,570 | 10,596 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,419 | 1,023 | 396 | |
| Proceeds from disposal of non-current assets held for sale | 17,672 | 17,672 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 68,754 | - 59,343 | - 9,411 | |
| Payments for investments in intangible assets | - 7,245 | - 7,233 | - 12 | |
| Payments for investments in non-current fi nancial assets | - 2,581 | - 2,581 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
119 | 119 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 231 | - 231 | 0 | |
| Proceeds from short-term deposits | 10,000 | 10,000 | 0 | |
| Cash fl ow from investing activities | - 49,601 | - 40,574 | - 9,027 | 0 |
| 3. Cash fl ow from fi nancing activities | ||||
| Dividends paid to shareholders of the parent company | - 48,777 | - 45,532 | - 3,245 | |
| Dividends/settlement obligation paid to non-controlling interests | - 28,189 | - 28,189 | 0 | |
| Redemption of lease liabilities | - 5,011 | - 5,011 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 39,174 | 16,773 | 22,401 | |
| Payments for the redemption of (fi nancial) loans | - 30,739 | - 27,720 | - 3,019 | |
| Cash fl ow from fi nancing activities | - 73,542 | - 89,679 | 16,137 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | 23,023 | 5,317 | 17,706 | 0 |
| Change in fi nancial funds due to exchange rates | 277 | 277 | 0 | |
| Financial funds at the beginning of the period | 188,656 | 188,698 | - 42 | |
| Financial funds at the end of the period | 211,956 | 194,292 | 17,664 | 0 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
| annex to the condensed notes | Subgroup Port Logistics | |||
|---|---|---|---|---|
| 1– 9 2014 | Container | Intermodal | Logistics | |
| Segment revenue | ||||
| Segment revenue from non-affi liated third parties | 563,548 | 262,058 | 44,382 | |
| Inter-segment revenue | 1,550 | 1,306 | 4,310 | |
| Total segment revenue | 565,098 | 263,364 | 48,692 | |
| Earnings | ||||
| EBITDA | 186,041 | 37,408 | - 504 | |
| EBITDA margin | 32.9 % | 14.2 % | - 1.0 % | |
| EBIT | 121,856 | 21,996 | - 1,337 | |
| EBIT margin | 21.6 % | 8.4 % | - 2.7 % | |
| Segment assets | 876,842 | 297,333 | 17,758 | |
| Other segment information | ||||
| Investments | ||||
| Property, plant and equipment and investment property | 36,918 | 17,446 | 180 | |
| Intangible assets | 5,811 | 290 | 41 | |
| Depreciation of property, plant and equipment and investment property | 57,189 | 15,164 | 790 | |
| of which impairment | ||||
| Amortisation of intangible assets | 6,996 | 248 | 44 | |
| Earnings from associates accounted for using the equity method | 637 | 3,293 | ||
| Non-cash items | 10,740 | 1,356 | 1,058 | |
| Container throughput in thousand TEU | 5,701 | |||
| Container transport in thousand TEU | 973 | |||
| 1– 9 2013 | ||||
| Segment revenue | ||||
| Segment revenue from non-affi liated third parties | 537,886 | 231,827 | 48,782 | |
| Inter-segment revenue | 1,719 | 1,070 | 5,535 | |
| Total segment revenue | 539,605 | 232,898 | 54,317 | |
| Earnings | ||||
| EBITDA | 169,676 | 34,622 | 2,911 | |
| EBITDA margin | 31.4 % | 14.9 % | 5.4 % | |
| EBIT | 103,393 | 19,872 | 2,118 | |
| EBIT margin | 19.2 % | 8.5 % | 3.9 % | |
| Segment assets | 916,683 | 292,266 | 18,677 | |
| Other segment information | ||||
| Investments | ||||
| Property, plant and equipment and investment property | 49,384 | 9,730 | 833 | |
| Intangible assets | 5,066 | 150 | 11 | |
| Depreciation of property, plant and equipment and investment property | 59,716 | 14,489 | 756 | |
| Amortisation of intangible assets | 6,567 | 261 | 37 | |
| Earnings from associates accounted for using the equity method | 424 | 1,818 | ||
| Non-cash items | 12,892 | 1,074 | 790 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
Container throughput in thousand TEU 5,681
Container transport in thousand TEU 883
| Group | Consolidation and reconciliation with Group |
Total | Subgroup Real Estate | |
|---|---|---|---|---|
| Real Estate | Holding/Other | |||
| 906,715 | 0 | 906,715 | 23,226 | 13,502 |
| 0 | - 88,831 | 88,831 | 1,983 | 79,682 |
| 995,546 | 25,209 | 93,184 | ||
| 219,569 | 0 | 219,569 | 14,431 | - 17,807 |
| 57.2 % | - 19.1 % | |||
| 131,306 | 535 | 130,771 | 11,110 | - 22,854 |
| 44.1 % | - 24.5 % | |||
| 1,744,414 | 286,759 | 1,457,655 | 188,741 | 76,981 |
| 75,455 | 0 | 75,455 | 19,506 | 1,405 |
| 6,390 | 76 | 6,314 | 0 | 173 |
| 80,524 | - 318 | 80,842 | 3,319 | 4,380 |
| 279 | 279 | 279 | ||
| 7,738 | - 218 | 7,956 | 2 | 666 |
| 3,931 | 0 | 3,931 | ||
| 27,107 | 22 | 27,085 | 211 | 13,720 |
| 855,312 | 0 | 855,312 | 22,829 | 13,987 |
| 0 | - 94,486 | 94,486 | 1,955 | 84,207 |
| 949,798 | 24,784 | 98,194 | ||
| 208,117 | - 111 | 208,227 | 13,875 | - 12,856 |
| 56.0 % | - 13.1 % | |||
| 118,364 | 545 | 117,819 | 10,553 | - 18,117 |
| 42.6 % | - 18.4 % | |||
| 1,750,380 | 270,515 | 1,479,865 | 171,406 | 80,833 |
| 72,550 | 0 | 72,550 | 9,411 | 3,192 |
| 7,244 | - 111 | 7,355 | 11 | 2,117 |
| 82,531 | - 312 | 82,843 | 3,318 | 4,564 |
| 7,222 | - 343 | 7,565 | 3 | 697 |
| 2,242 | 0 | 2,242 | ||
| 27,730 | 3 | 27,726 | 931 | 12,039 |
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 31.12.2012 | 70,048 | 2,705 | 141,078 | 506 | 357,485 | - 14,967 | |
| Dividends | - 48,777 | ||||||
| Total comprehensive income | 44,605 | - 2,119 | |||||
| Other changes | 1,795 | ||||||
| Balance as of 30.09.2013 | 70,048 | 2,705 | 141,078 | 506 | 355,108 | - 17,086 | |
| 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/Acquisition of non-controlling interests in consolidated entities |
51 | ||||||
| Total comprehensive income | 46,916 | - 24,571 | |||||
| Balance as of 30.09.2014 | 70,048 | 2,705 | 141,078 | 506 | 375,065 | - 43,399 |
| 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 fl ow hedges |
|||
| 563,794 | - 1,402 | 565,196 | 11,552 | 1,475 | - 3,868 | - 818 |
| - 49,056 | - 279 | - 48,777 | ||||
| 80,532 | 26,512 | 54,020 | - 42 | - 5,429 | 16,738 | 267 |
| 1,803 | 9 | 1,794 | - 1 | |||
| 597,073 | 24,841 | 572,232 | 11,509 | - 3,954 | 12,870 | - 551 |
| 600,103 | 21,700 | 578,402 | 11,576 | - 3,967 | 12,783 | - 500 |
| - 34,934 | - 31 | - 34,903 | ||||
| - 113 | - 164 | 51 | ||||
| 19,453 | 26,703 | - 7,250 | 15 | 14,243 | - 44,007 | 155 |
| 584,509 | 48,208 | 536,301 | 11,591 | 10,276 | - 31,224 | - 345 |
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 31.12.2012 | 70,048 | 141,078 | 337,147 | - 14,967 | |
| Dividends | - 45,532 | ||||
| Total comprehensive income subgroup |
39,766 | - 2,119 | |||
| Other changes | 1,781 | ||||
| Balance as of 30.09.2013 | 70,048 | 141,078 | 333,162 | - 17,086 | |
| Balance as of 31.12.2013 | 70,048 | 141,078 | 339,888 | - 18,828 | |
| Dividends | - 31,522 | ||||
| First consolidation of interests in related parties/Acquisition of non-controlling interests in consolidated entities |
51 | ||||
| Total comprehensive income subgroup |
41,039 | - 24,571 | |||
| Balance as of 30.09.2014 | 70,048 | 141,078 | 349,456 | - 43,399 |
in € thousand; annex to the condensed notes
| Balance as of 31.12.2012 | |
|---|---|
| Dividends | |
| Total comprehensive income subgroup | |
| Other changes | |
| Balance as of 30.09.2013 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2013 | |
| Balance as of 31.12.2013 | |
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.09.2014 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2014 | |
| Total subgroup consolidated equity |
Non-controlling interests |
Parent com pany interests |
|||||
|---|---|---|---|---|---|---|---|
| Other comprehensive income | |||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash fl ow hedges |
||||
| 539,788 | - 1,402 | 541,190 | 11,552 | 1,693 | - 4,543 | - 818 | |
| - 45,811 | - 279 | - 45,532 | |||||
| 75,572 | 26,512 | 49,060 | - 42 | - 5,371 | 16,560 | 267 | |
| 1,789 | 9 | 1,780 | - 1 | ||||
| 571,339 | 24,841 | 546,498 | 11,509 | - 3,678 | 12,017 | - 551 | |
| 572,891 | 21,700 | 551,191 | 11,576 | - 3,542 | 11,471 | - 500 | |
| - 31,553 | - 31 | - 31,522 | |||||
| - 113 | - 164 | 51 | |||||
| 14,051 | 26,703 | - 12,652 | 15 | 14,017 | - 43,306 | 155 | |
| 555,275 | 48,208 | 507,068 | 11,591 | 10,475 | - 31,835 | - 345 |
| Other comprehensive income | Total subgroup consolidated equity |
||||
|---|---|---|---|---|---|
| Subscribed capital |
Capital reserve |
Retained consolidated earnings |
Actuarial gains/losses |
Deferred taxes on changes recognised directly in equity |
|
| 2,705 | 506 | 30,463 | 675 | - 217 | 34,131 |
| - 3,245 | - 3,245 | ||||
| 4,664 | 178 | - 58 | 4,784 | ||
| 14 | 14 | ||||
| 2,705 | 506 | 31,896 | 853 | - 275 | 35,685 |
| 175 | 175 | ||||
| - 10,125 | - 10,125 | ||||
| - 9,950 | - 9,950 | ||||
| 2,705 | 506 | 21,946 | 853 | - 275 | 25,735 |
| 2,705 | 506 | 33,004 | 1,312 | - 424 | 37,103 |
| - 3,381 | - 3,381 | ||||
| 5,699 | - 701 | 226 | 5,224 | ||
| 2,705 | 506 | 35,322 | 611 | - 197 | 38,947 |
| 178 | 178 | ||||
| - 9,892 | - 9,892 | ||||
| - 9,713 | - 9,713 | ||||
| 2,705 | 506 | 25,609 | 611 | - 197 | 29,234 |
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 fi gures do not add up to the stated sums.
The confl ict in Ukraine concerning the country's political future remained unclear during the fi rst nine months of 2014. Ukraine's future political make-up remains highly uncertain. In addition to this, the Ukrainian currency – the hryvnia – depreciated by over 32 % against the euro between 31 December 2013 and the end of September 2014. This resulted in exchange rate effects which had a negative impact on the HHLA Group's net assets, earnings and fi nancial position. Equity fell by € 24.6 million, while fi nancial income was € 7.0 million lower.
3.1 Basis for Preparation of the Financial Statements The Condensed Interim Consolidated Financial Statements for the
period from 1 January to 30 September 2014 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 should be read in conjunction with the audited Consolidated Financial Statements as of 31 December 2013.
With the exception of the changes explained below, 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 2013.
As of 1 January 2014, HHLA applies IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities and the amendments to IAS 27 Separate Financial Statements (amended 2011) and IAS 28 Investments in Associates and Joint Ventures (amended 2011). IFRS 10 establishes a comprehensive control model to determine which companies should be included in consolidated fi nancial statements. IFRS 11 outlines the accounting of joint arrangements on the basis of the rights and obligations arising from the agreement. Since 1 January 2014, HHLA has been using the equity method to account for the joint ventures which were previously considered pro rata. IFRS 12 covers a wide range of disclosure obligations for all kinds of interests in other companies. This information was provided for the fi rst time in the Notes to the Consolidated Financial Statements for the 2014 fi nancial year. Applying these new standards had the following impact on HHLA's Condensed Consolidated Financial Statements:
| in € thousand | 1– 9 2013 | |
|---|---|---|
| Decrease in revenue | - 12,705 | |
| Decrease in earnings before interest, taxes, depreciation and amortisation (EBITDA) |
- 4,598 | |
| Decrease in earnings before interest and taxes (EBIT) | - 3,070 | |
| Decrease in earnings before taxes (EBT) | - 136 | |
| Change in profi t after tax | 0 |
| in € thousand | 01.01.2014 | 31.12.2013 |
|---|---|---|
| Non-current assets | 1,284,557 | 1,296,583 |
| Current assets | 431,423 | 434,783 |
| Total assets | 1,715,980 | 1,731,366 |
| Non-current liabilities | 826,926 | 836,267 |
| Current liabilities | 288,951 | 294,994 |
| Total liabilities | 1,115,877 | 1,131,261 |
| Equity | 600,103 | 600,105 |
Notes to the Condensed Interim Consolidated Financial Statements Consolidation, Accounting and Valuation Principles Purchase and Sale of Shares in Subsidiaries Earnings per Share Dividends Paid 37
| in € thousand | 1– 9 2013 |
|---|---|
| Decrease in cash fl ow from operating activities | - 2,723 |
| Increase in cash fl ow from investing activities | 2,027 |
| Change in cash fl ow from fi nancing activities | 829 |
| Decrease in fi nancial funds | - 83 |
The company also started applying the following new standards on 1 January 2014:
Applying these standards had no signifi cant impact on the Condensed Interim Consolidated Financial Statements.
METRANS Rail (Deutschland) GmbH was included in the Consolidated Financial Statements for the fi rst time on 1 January 2014. Its headquarters moved to Leipzig as of 14 April 2014. In the third quarter of 2014, METRANS (Deutschland) GmbH, Hamburg, was retroactively merged into METRANS Rail (Deutschland) GmbH effective 1 January 2014. All in all, the effects on the Condensed Interim Consolidated Financial Statements were insignifi cant.
The company HHLA Logistics Altenwerder GmbH & Co. KG, Hamburg, Germany, came to an end on 1 January 2014 because the general partner withdrew from the fi rm. The share of assets attributable to the departing general partner was transferred to the limited partner, Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). This intra-Group transaction did not have any effect on the Condensed Interim Consolidated Financial Statements.
HHLA Container-Terminal Altenwerder GmbH, Hamburg, merged into HHLA CTA Besitzgesellschaft mbH, Hamburg, with retroactive effect as of 1 January 2014 based on a merger agreement dated 5 August 2014. On the same date, CTA Besitzgesellschaft mbH was renamed HHLA Container Terminal Altenwerder GmbH. This intra-Group transaction did not have any effect on the Condensed Interim Consolidated Financial Statements.
No signifi cant shares in subsidiaries were purchased or sold in the fi rst three quarters of the 2014 fi nancial year.
The following table illustrates the calculation for basic earnings per share:
| 1– 9 2014 | 1– 9 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in €thousand |
46,916 | 44,605 |
| Number of shares in circulation | 72,753,334 | 72,753,334 |
| Basic earnings per share in € | 0.64 | 0.61 |
The basic earnings per share were calculated for the Port Logistics subgroup as follows:
| 1– 9 2014 | 1– 9 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
41,039 | 39,766 |
| Number of shares in circulation | 70,048,834 | 70,048,834 |
| Basic earnings per share in € | 0.59 | 0.57 |
The basic earnings per share were calculated for the Real Estate subgroup as follows:
| 1– 9 2014 | 1– 9 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
5,877 | 4,839 |
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share in € | 2.17 | 1.79 |
The diluted earnings per share are identical to basic EPS as there were no conversion or option rights in circulation during the reporting period.
At the Annual General Meeting held on 19 June 2014, shareholders approved the proposal by the Executive Board and Supervisory Board to distribute a dividend of € 0.45 per share to shareholders of the Port Logistics subgroup and of € 1.25 per share to shareholders of the Real Estate subgroup. The dividend of € 34,903 thousand was paid accordingly on 20 June 2014.
Notes to the Condensed Interim Consolidated Financial Statements Segment Reporting Equity Pension Provisions Investments 38
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 to the Executive Board for the purpose of controlling the company's activities.
The segment performance indicator used is the internationally customary key fi gure 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 2013.
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 2013.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and is classifi ed 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 defi ned 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 fi nancial 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 fi nancial result.
| in € thousand | 1– 9 2014 | 1– 9 2013 |
|---|---|---|
| Total segment earnings (EBIT) | 130,771 | 117,819 |
| Elimination of business relations between the segments and subgroups |
535 | 545 |
| Group (EBIT) | 131,306 | 118,364 |
| Earnings from associates accounted for using the equity method |
3,931 | 2,242 |
| Net interest income | - 30,315 | - 23,329 |
| Other fi nancial result | 404 | 409 |
| Earnings before tax (EBT) | 105,326 | 97,686 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
The breakdown and development of HHLA's equity for the period from 1 January to 30 September of the years 2014 and 2013 are presented in the statement of changes in equity.
The calculation of pension provisions as of 30 September 2014 was based on an interest rate of 2.50 % (31 December 2013: 3.50 %; 30 September 2013: 3.50 %), while the other valuation parameters remained unchanged compared to 31 December 2013. Actuarial gains/losses changed as follows. These are recognised in equity without effect on profi t and loss.
| in € thousand | 2014 | 2013 |
|---|---|---|
| Cumulative actuarial gains (+)/losses (-) as of 01.01. |
12,737 | - 3,966 |
| Change during the fi nancial year due to a change in interest rate |
- 44,130 | 10,308 |
| Change during the fi nancial year due to changes in other parameters |
0 | 6,442 |
| Cumulative actuarial gains (+)/losses (-) as of 30.09. |
- 31,393 | 12,784 |
A 0.25 % decrease in the interest rate would increase the present value of the pension obligation by around € 11.3 million and thus lead to further actuarial losses.
As of 30 September 2014, total capital expenditure throughout the HHLA Group amounted to € 81.8 million.
The largest investments in the fi rst nine months of the 2014 fi nancial year were made in the Container, Intermodal and Real Estate segments. HHLA invested in terminal expansion and handling equipment at sites in Germany, the Czech Republic and Ukraine. Investments were made in the Real Estate segment as part of a new construction project.
As of 30 September 2014, the Container segment accounted for the bulk of investment commitments at € 21.0 million.
The tables below show the carrying amounts and fair values of fi nancial assets and fi nancial liabilities, as well as their level in the fair value hierarchy. They do not include any information on the fair value of fi nancial assets and fi nancial liabilities which have not been measured at fair value, where the carrying amount serves as a reasonable approximation of the fair value.
| in € thousand | Carrying amount | Fair value | |||||
|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial assets measured at fair value | |||||||
| Financial assets (securities) | 3,896 | 3,896 | 3,896 | 3,896 | |||
| 0 | 3,896 | 3,896 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 9,149 | 4,454 | 13,603 | ||||
| Trade receivables | 155,001 | 155,001 | |||||
| Receivables from related parties | 64,424 | 64,424 | |||||
| Other fi nancial receivables | 3,162 | 3,162 | |||||
| Cash, cash equivalents and short-term deposits | 199,946 | 199,946 | |||||
| 431,682 | 4,454 | 436,136 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other fi nancial 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) |
248 | 429 | 677 | 677 | 677 | |||
| 248 | 429 | 0 | 677 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (amounts due to banks) | 287,991 | 287,991 | 294,205 | 294,205 | ||||
| Financial liabilities (fi nance lease liabilities) | 8,023 | 8,023 | 3,681 | 3,681 | ||||
| Financial liabilities (other) | 72,019 | 72,019 | ||||||
| Trade liabilities | 81,765 | 81,765 | ||||||
| Liabilities to related parties (fi nance lease liabilities) | 106,921 | 106,921 | 106,921 | 106,921 | ||||
| Liabilities to related parties (other) | 74,251 | 74,251 | ||||||
| 0 | 0 | 630,970 | 630,970 |
| in € thousand | Carrying amount | Fair value | |||||
|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial assets measured at fair value | |||||||
| Financial assets (securities) | 3,811 | 3,811 | 3,811 | 3,811 | |||
| 0 | 3,811 | 3,811 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 4,107 | 4,454 | 8,561 | ||||
| Trade receivables | 138,684 | 138,684 | |||||
| Receivables from related parties | 68,075 | 68,075 | |||||
| Other fi nancial receivables | 3,877 | 3,877 | |||||
| Cash, cash equivalents and short-term deposits | 201,857 | 201,857 | |||||
| 416,600 | 4,454 | 421,054 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other fi nancial 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) |
645 | 491 | 1,136 | 1,136 | 1,136 | |||
| 645 | 491 | 0 | 1,136 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (amounts due to banks) | 327,202 | 327,202 | 328,021 | 328,021 | ||||
| Financial liabilities (fi nance lease liabilities) | 12,037 | 12,037 | 5,523 | 5,523 | ||||
| Financial liabilities (other) | 88,008 | 88,008 | ||||||
| Trade liabilities | 74,142 | 74,142 | ||||||
| Liabilities to related parties (fi nance lease liabilities) |
107,086 | 107,086 | 107,086 | 107,086 | ||||
| Liabilities to related parties (other) | 74,978 | 74,978 | ||||||
| 0 | 0 | 683,454 | 683,454 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
Write-backs on securities totalling € 17 thousand (previous year: € 45 thousand) were recognised in the reporting year.
In the fi rst nine months of the 2014 fi nancial year, gains of € 173 thousand (previous year: € 432 thousand) were recognised in the income statement on fi nancial assets and/or liabilities held at fair value through profi t and loss. These primarily relate to interest rate hedges with no effective hedging relationship as per IAS 39.
In the reporting year, changes of € 155 thousand (previous year: € 267 thousand) in the fair value of fi nancial instruments designated as hedging instruments (interest rate swaps) were recognised directly in equity.
The interest rate swaps disclosed covered a total amount of € 13,101 thousand (previous year: € 17,372 thousand). Of these, fi nancial instruments covering an amount of € 7,381 thousand (previous year: € 8,458 thousand) with a market value of € - 430 thousand (previous year: € - 636 thousand) were held as part of cash fl ow hedging relationships to hedge future cash fl ows from interestbearing liabilities as of the balance sheet date.
There are no material differences between the carrying amounts and fair values of the fi nancial instruments reported under fi nancial liabilities. The discount rates used for liabilities to related parties (particularly the fi nance lease liabilities included in this item) are between 4.71 % 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 2013.
On 2 October 2014, the 7th division of the Federal Administrative Court (BVerwG) in Leipzig adjourned the proceedings against the plan approval for the dredging of the river Elbe. The Federal Administrative Court will only deliver its judgement once the European Court of Justice (ECJ) has clarifi ed a number of issues relating to the interpretation and application of the European Water Framework Directive. A more detailed interpretation of the European legislation on water and waterways is expected from the ECJ in May 2015. Only once this has been presented can it be decided whether the planned dredging of the river Elbe is in compliance with EU law and therefore permissible. The Federal Administrative Court also found that the existing and identifi ed shortcomings in the plan approval for the dredging of the river Elbe with regard to the environmental impact assessment were rectifi able and would not lead to the revocation of plan approval either individually or in their entirety. It is not yet possible to say exactly when the Federal Administrative Court will reach a verdict. Until such time, we remain unable to issue a valid statement regarding the outcome of the proceedings.
There were no other notable events after the balance sheet date 30 September 2014.
Hamburg, 13 November 2014
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 fi nancial reporting, the Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, fi nancial position and profi t 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 remaining months of the fi nancial year.
Hamburg, 13 November 2014
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
30 March 2015 Annual Report 2013, Press Conference, Analyst Conference
13 May 2015 Interim Report January – March 2015
11 June 2015 Annual General Meeting
13 August 2015 Interim Report January – June 2015
12 November 2015 Interim Report January – September 2015 Published by
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Phone: +49-40-3088-0 Fax: +49-40-3088-3355 [email protected] www.hhla.de
Investor Relations Phone: +49-40-3088-3100 Fax: +49-40-3088-55-3100 [email protected]
Corporate Communications Phone: +49-40-3088-3520 Fax: +49-40-3088-3355 [email protected]
Design Kirchhoff Consult AG
For specialist terminology and fi nancial terms see the Annual Report 2013, 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 affi liated 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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