Interim / Quarterly Report • Aug 14, 2014
Interim / Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Interim Report January to June 2014
| HHLA Group | |||||
|---|---|---|---|---|---|
| in € million | 1– 6 2014 | 1– 6 2013 | Change | ||
| Revenue and Earnings | |||||
| Revenue | 595.7 | 566.4 | 5.2 % | ||
| EBITDA | 140.8 | 138.6 | 1.6 % | ||
| EBITDA margin in % | 23.6 | 24.5 | - 0.9 pp | ||
| EBIT | 81.4 | 78.7 | 3.4 % | ||
| EBIT margin in % | 13.7 | 13.9 | - 0.2 pp | ||
| Profi t after tax | 44.0 | 46.5 | - 5.5 % | ||
| Profi t after tax and minority interests | 26.0 | 29.0 | - 10.2 % | ||
| Cash Flow Statement and Investments | |||||
| Cash fl ow from operating activities | 109.4 | 85.6 | 27.9 % | ||
| Investments | 56.9 | 55.2 | 3.1 % | ||
| Performance Data | |||||
| Container throughput in thousand TEU | 3,783 | 3,757 | 0.7 % | ||
| Container transport in thousand TEU | 633 | 581 | 9.0 % | ||
| in € million | 30.06.2014 | 31.12.2013 | Change | ||
| Balance Sheet | |||||
| Balance Sheet total | 1,703.5 | 1,716.0 | - 0.7 % | ||
| Equity | 571.6 | 600.1 | - 4.8 % | ||
| Equity ratio in % | 33.6 | 35.0 | - 1.4 pp | ||
| Employees | |||||
| Number of employees | 5,046 | 4,924 | 2.5 % |
| in € million | Port Logistics Subgroup 1, 2 | Real Estate Subgroup 1, 3 | ||||
|---|---|---|---|---|---|---|
| 1– 6 2014 | 1– 6 2013 | Change | 1– 6 2014 | 1– 6 2013 | Change | |
| Revenue | 581.7 | 552.5 | 5.3 % | 16.7 | 16.4 | 1.5 % |
| EBITDA | 131.3 | 129.2 | 1.6 % | 9.5 | 9.4 | 1.2 % |
| EBITDA margin in % | 22.6 | 23.4 | - 0.8 pp | 57.2 | 57.3 | - 0.1 pp |
| EBIT | 73.9 | 71.3 | 3.6 % | 7.3 | 7.2 | 1.3 % |
| EBIT margin in % | 12.7 | 12.9 | - 0.2 pp | 43.9 | 43.9 | – |
| Profi t after tax and minority interests | 21.9 | 25.7 | - 14.6 % | 4.1 | 3.3 | 24.4 % |
| Earnings per share in € 4 | 0.31 | 0.37 | - 14.6 % | 1.51 | 1.22 | 24.4 % |
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
| 31.03.2014 – 30.06.2014 | HHLA | SDAX | DAX |
|---|---|---|---|
| Change | - 1.9 % | 5.6 % | 0.0 % |
| Closing 31.03.2014 | € 17.78 | 6,789 | 9,552 |
| Closing 30.06.2014 | € 17.45 | 7,169 | 9,556 |
| High | € 20.30 | 7,269 | 9,743 |
| Low | € 17.45 | 6,835 | 9,018 |
While the key international indices generally moved sideways in the fi rst quarter of 2014, they largely regained momentum in the second quarter but were affected by the emerging situation in Ukraine. At the start of the quarter in particular, the markets were burdened by uncertainty over political developments in this country. The announce ment of extended EU sanctions against Russia and fears of an outbreak of civil war in Ukraine prompted Germany's leading index to fall to a quarterly low of 9,174 points in mid April, despite positive economic data from the Eurozone and the USA. The indices became more stable in the second half of April, before fears of an escalation in the Ukraine confl ict once again dampened trade momentum towards the end of the month. Strong US labour market data and the announcement by the European Central Bank (ECB) that it would uphold its low interest rate policy provided fresh impetus for the markets in early May. The ECB's decision to decrease its base rate to a new record low of 0.15 % brought Germany's leading index beyond the 10,000-point mark for the fi rst time on 9 June. It passed the 10,000-point mark again in the second half of June, before the political confl icts in Ukraine and Iraq and a weak US stock market began to exert downward pressure on prices. The DAX closed the second quarter at 9,833 points, up 2.9 % on the fi rst quarter. The SDAX's performance was nearly identical, with growth of 3.0 %. It closed the quarter at 7,385 points.
While the HHLA share's performance mirrored the leading indices in the fi rst two months of the quarter, it outperformed them in June. The confl ict in Ukraine had a decisive impact on HHLA's share price trend in early April – the share had lost around 5 % by the middle of the month and fell to a quarterly low of € 16.89. In the second half of the month, however, the upbeat mood of the fi nancial markets pushed it back above the € 17 mark. The net profi t published in HHLA's interim report was burdened by exchange rate effects and fell short of expectations. The share was subsequently traded at a lower price but soon resumed its upward trend. In early June, the HHLA share even outpaced the positive market trend and passed
the € 19 mark ahead of the Annual General Meeting. The AGM was held in Hamburg on 19 June 2014 and attended by over 800 shareholders and guests. A total of 82.3 % of HHLA's share capital was represented. A dividend of € 0.45 per listed Class A share was adopted with a clear majority. The payout ratio amounted to 65.3 % of the relevant annual net profi t and was thus towards the upper end of HHLA's payout range of 50 to 70 %. In the period leading up to the AGM, the HHLA share reached a three-month high of € 19.62, but was traded at a dividend discount from the next day onwards. In late June, the Federal Administrative Court announced the start of the proceedings of dredging of the river Elbe on 15 July 2014 and thus focused market attention on the HHLA share once again. Additional momentum was provided by an update of an analyst, which upgraded its recommendation from 'hold' to 'buy'. At the end of June, the share closed at € 19.40 – an improvement of 11.2 % on the previous quarter.
The Investor Relations department continued its intensive communication activities in the second quarter and held numerous discussions with analysts and investors. HHLA was also represented at several conferences in Continental Europe. Discussions focused on the Ukraine confl ict, the dredging of the river Elbe and the planned merger of the three leading container shipping companies (P3 alliance) and its rejection by the Chinese Antitrust Authorities in mid June. In total, 22 fi nancial analysts covered HHLA's business development in the second quarter. More than half of them continued to recommend either buying or holding the share.
Source: Datastream
The latest prices and additional information on the HHLA share can be found online at www.hhla.de/en/investor-relations
Hamburger Hafen und Logistik AG made good progress in the fi rst half of 2014. We consolidated our signifi cantly expanded market position in container handling and upheld growth in our container transport services with further market share gains. At the same time, we achieved revenue growth and an improvement in earnings – despite the adverse impact of the Ukraine confl ict on our business in the fi rst half of the year.
Feeder traffi c via the Baltic to Russia declined for the fi rst time since 2009. Container throughput in Odessa also fell considerably short of the previous year's fi gures. These factors led to account for overall throughput growth of just 0.7 % in the fi rst six months of the current year. Our three container terminals in Hamburg, however, realised growth of 2.1 % over the same period, buoyed mainly by a strong rise in traffi c from the Far East (8.0 %). In the face of rising competitive pressure caused by growing idle capacities at Northern European terminals and ongoing infrastructure restrictions – e.g. on the river Elbe and the Kiel Canal – this is quite a remarkable achievement which underlines our competitive strength.
Two factors played a key role in growing Group revenue and improving the Group's operating result: the increased proportion of higher-revenue and higher-margin overseas traffi c in the handling mix and consistently higher storage fees due to the shipping delays of several liner services. We originally assumed the situation would return to normal in the second quarter. However, this expectation was met only partially.
We made solid progress in the implementation of our Intermodal strategy: our newly established connections in Germany, Austria and Switzerland (the so-called D.A.CH. services) once again achieved disproportionately strong growth. However, our established transport links with the Czech Republic, Slovakia and Hungary and our transport services for the Polish seaports also captured further market shares.
On the basis of the trend in the fi rst six months, we stand by our expectation of slight volume growth for container handling in 2014 as a whole – provided that the current structure of cargo fl ows remains unchanged. On the other hand, we believe that the container transport services for European hinterland traffi c of our Intermodal companies can achieve growth well above the general market trend. Against this background, we aim to achieve a moderate rise in revenue compared to the previous year. We hold on to our earnings forecast and expect to realise an operating result in the range of € 138 to € 158 million.
However, a number of fundamental uncertainties continue to apply for the rest of the year. This applies in particular to the confl ict in Ukraine and the further consolidation of the container shipping segment. The realignment of liner services entails both risks and opportunities.
On the basis of the development to date in the current fi nancial year as well as our investments aimed at further improving the handling of megaships and the successful expansion of our hinterland transportation services, we are well prepared to successfully cover the challenges which lie ahead of us.
Yours,
Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
New handling record for rail cargo: container rail terminal at HHLA's Hamburg terminal
The global economic upturn started in the second half of 2013 was slightly more subdued in the spring of 2014. With estimated growth of 2.8 % in the fi rst three months of the year, the growth trend – already restrained from a medium-term perspective – continued to level off. Global trade also suffered a loss of momentum, declining even in the fi rst quarter of 2014 by 0.7 % compared to the previous quarter. The global economy continues to be driven by the rising economic output of emerging countries. However, the overall pace of growth has slowed in Asia, Latin America and Eastern Europe. China's growth trajectory remains comparatively high and stable with a year-on-year increase in gross domestic product (GDP) of 7.5 % in the second quarter of 2014. The effects of the Russia/Ukraine confl ict are already being felt by the Russian economy: with growth of just 0.9 % in the fi rst quarter, GDP made only incremental progress.
GDP growth also slowed in the advanced economies during the fi rst half of the current year. This trend also refl ects the unusually cold and snowy winter in the USA which adversely affected output of the world's largest economy in the fi rst half of the year. The slight stabilisation of the eurozone's GDP trend – which increased by 0.2 % in the fi rst quarter and is expected to improve by 0.3 % in the second quarter (in both cases in comparison with the previous quarter) – was also insuffi cient to deliver any growth momentum for the global economy. Progress in the other EU states was varied. While the economic recovery in the Czech Republic, Romania and Bulgaria lost strength, the Polish economy was able to gain momentum. Compared to the other eurozone economies, Germany showed robust growth. Buoyed by an unusually mild winter, the German economy grew by 2.5 % in the fi rst quarter of 2014. Germany's foreign trade development also grew more stable. In the period from January to May, exports increased by 2.6 % on the same period the previous year, while imports grew by 2.7 %.
Global container traffic gained considerable momentum in the fi rst half of 2014. According to esti mates from the market research institute Drewry, the sector grew by almost 5 % in this period. The global container fl eet's carrying capacity increased by 5.6 % to 17.7 million standard containers (TEU). With mergers and new alli ances, container shipping companies are seeking to tackle the continuing imbalance between carrying capacity and demand while improving utilisation of their ever-larger ships. After plans of the three largest shipping lines (Maersk, MSC and CMA/ CGM) to establish their 'P3' alliance were rejected by China's antitrust authorities, Maersk and MSC recently announced their intention to establish a '2M' dual alliance.
According to fi gures published so far, the trend for the Northern European container ports fell well short of the trend for global container traffi c – which was buoyed by the strong increase in traffi c within Asia. Following their stagnation in 2013, however, the Northern European container ports were able to post marked growth again. Only the Bremen ports suffered a decline of 2.8 % in the period from January to June 2014. By contrast, Rotterdam – the largest Northern European port – realised container handling growth of 1.9 % in the fi rst half of 2014, while Antwerp recorded an increase of 2.9 %. The Port of Hamburg enjoyed growth of as much as 8.0 % in the fi rst quarter and – as in 2013 – continued to maintain its market share. German rail freight traffi c showed an upturn at the start of the year. The volume of cargo transported by rail increased by 4.4 % in the fi rst quarter.
| in € million | 1– 6 2014 | 1– 6 2013 | Change |
|---|---|---|---|
| Revenue | 595.7 | 566.4 | 5.2 % |
| EBITDA | 140.8 | 138.6 | 1.6 % |
| EBITDA margin in % | 23.6 | 24.5 | - 0.9 pp |
| EBIT | 81.4 | 78.7 | 3.4 % |
| EBIT margin in % | 13.7 | 13.9 | - 0.2 pp |
| Profi t after tax and minority interests | 26.0 | 29.0 | - 10.2 % |
| Earnings from associates (using the equity method) | 2.8 | 1.5 | 81.7 % |
| ROCE in % | 12.2 | 11.5 | 0.7 pp |
The previous year's fi gures have been restated due to revised IFRS regulations for Group accounting.
Due to a change in the 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 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 the background of only a modest economic recovery and a barely positive sector trend in the reporting period, HHLA succeeded in posting year-on-year growth in its throughput volume. The number of containers loaded and unloaded in the fi rst six months of 2014 rose in total by 0.7 % to 3,783 thousand TEU (previous year: 3,757 thousand TEU). A higher level of utilisation for existing Far East services was partially offset by a decline in container throughput in Odessa. Overall, throughput was raised once again in the second quarter compared to the quarter before, but was unable to match the throughput volume realised in the second quarter of the previous year. The transport volume grew strongly by 9.0 % to 633 thousand TEU (previous year: 581 thousand TEU). This chiefl y refl ected growth in expanded transport activities.
Revenue for the HHLA Group came to € 595.7 million in the reporting period, up 5.2 % on the previous year (€ 566.4 million). Apart from the increase in volumes, this trend mainly refl ected the decrease in lower-revenue feeder traffi c and an increase year on year in storage fees received due to shipping delays. The latter resulted in an unusually high level of storage utilisation, especially in the fi rst quarter.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenue of € 581.7 million in the reporting period (previous year: € 552.5 million). This 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 1.5 % to € 16.7 million (previous year: € 16.4 million) and thus accounted for 2.4 % of Group revenue.
Changes in inventories at Group level were lower than the previous year at € 0.4 million (€ 1.0 million). Own work capitalised came to € 3.9 million (previous year: € 4.3 million).
Other operating income amounted to € 16.8 million (previous year: € 19.7 million). The decrease was largely due to an accounting gain from the sale of property in the Logistics segment in the fi rst quarter of 2013.
Operating expenses increased by 4.4 % to € 535.5 million and thus fell slightly short of revenue growth.
The strongly volume-dependent cost of materials amounted to € 195.6 million and increased by 6.2 % in the reporting period (previous year: € 184.1 million). The cost-of-materials ratio rose slightly to 32.8 % (previous year: 32.5 %). The increase in this expense item was mainly at tributable to the disproportionately strong growth in the material-intensive Intermodal segment.
Personnel expenses rose year on year by 2.7 % to € 205.1 million (previous year: € 199.7 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 in the fi rst half of the year. The output-related increase in headcount in the Intermodal segment also resulted in higher personnel expenses. The strong growth in this segment with lower per sonnel costs caused the personnel expenses ratio to decline to 34.4 % (previous year: 35.3 %).
Other operating expenses increased by 9.1 % to € 75.3 million (previous year: € 69.0 million) in the reporting period. This growth mainly refl ected increased provision in the balance sheet to cover legal risks. There was also a rise in rental and leasing expenses in the growing Intermodal segment. The ratio of these expenses to revenue increased to 12.6 % (previous year: 12.2 %).
As a result of these developments, the operating result before depreciation and amortisation (EBITDA) increased by 1.6 % to € 140.8 million (previous year: € 138.6 million). The EBITDA margin declined to 23.6 % in the reporting period (previous year: 24.5 %).
Depreciation and amortisation decreased slightly on the previous year to € 59.4 million (previous year: € 59.9 million).
At Group level, the operating result (EBIT) increased by 3.4 % to € 81.4 million (previous year: € 78.7 million). The signifi cantly improved operating result in the Container segment was partially offset by the one-off item in other operating expenses. The EBIT margin remained virtually unchanged at 13.7 % (previous year: 13.9 %). The subgroups Port Logistics and Real Estate contributed 90.8 % and 9.2 % to EBIT, respectively.
Net expenses from the fi nancial result increased by 27.1 % from € 13.8 million in the previous year to € 17.6 million. These additional expenses were mainly due to negative exchange rate effects of € 5.5 million resulting from the devaluation of the Ukrainian currency. Earnings from associates accounted for using the equity method improved by 81.7 % to € 2.8 million (previous year: € 1.5 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 changes to accounting for joint ventures using the equity method and a one-off earnings effect without the corresponding tax expense, the Group's effective tax rate increased to 31.1 % (previous year: 28.3 %).
Profi t after tax fell by 5.5 % from € 46.5 million to € 44.0 million. This was largely due to the above-mentioned one-off item in other operating expenses. Profi t after tax and minority interests also fell year on year by 10.2 % to € 26.0 million (previous year: € 29.0 million). This trend is refl ected in earnings attributable to shareholders of the parent company.
Earnings per share of € 0.36 were also 10.2 % below last year's fi gure of € 0.40. The listed Port Logistics subgroup posted a 14.6 % decline in earnings per share to € 0.31 (previous year: € 0.37). Earnings per share in the non-listed Real Estate subgroup rose 24.4 % to € 1.51 (previous year: € 1.22) as a result of the positive earnings development. The return on capital employed (ROCE) rose by 0.7 percentage points to 12.2 % (pre vious year: 11.5 %).
| in € million | 1– 6 2014 | 1– 6 2013 | Change |
|---|---|---|---|
| Revenue | 374.3 | 360.7 | 3.8 % |
| EBITDA | 122.5 | 113.0 | 8.4 % |
| EBITDA margin in % | 32.7 | 31.3 | 1.4 pp |
| EBIT | 79.1 | 68.8 | 15.0 % |
| EBIT margin in % | 21.1 | 19.1 | 2.0 pp |
| Earnings from associates (using the equity method) | 0.4 | 0.2 | 70.0 % |
| Container throughput in thousand TEU | 3,783 | 3,757 | 0.7 % |
The previous year's fi gures have been restated due to revised IFRS regulations for group accounting.
As a result of the Ukraine crisis, throughput growth at HHLA's terminals in Hamburg and Odessa totalled just 0.7 % in the fi rst six months of the current year. Growth at the Hamburg terminals amounted to 2.1 %, enabling the Group to maintain its signifi cantly improved market position. This growth is almost entirely attributable to the strong increase of 8.0 % in cargo for Hamburg's Far East traffi c, which now accounts for 46.1 % of total seaborne handling activities at HHLA's Hamburg terminals. On the other hand, feeder traffi c to Central and Eastern European countries on the Baltic Sea weakened for the fi rst time. Russia's economic crisis is now making itself felt here. All in all, the proportion of seaborne handling activities accounted for by feeder traffi c (feeder ratio) decreased from 27.7 % in the fi rst half of 2013 to 26.4 % at present.
Due to the decline in the feeder ratio, there was an increase in traffi c services delivering stronger revenue as a proportion of overall throughput. Consequently, revenue increased by 3.8 % to € 374.3 million and exceeded the volume trend. The dwell-time related increase in storage fees was a second key driver of this development. Since the start of 2014, export containers in
particular have recorded unusually long storage periods due to shipping delays. This trend had not yet normalised in the second quarter. The decreased feeder ratio and in comparison to the previous year higher storage fees were also key factors for the improved earnings trend of the Container segment in the fi rst half of 2014. Despite additional costs resulting from increasing peak loads – caused mainly by shipping delays – EBIT increased by 15.0 % to € 79.1 million (previous year: € 68.8 million).
All major Northern European ports are currently affected by these peak loads, which are frequently refl ected throughout the entire transport and logistics chain. With numerous measures, HHLA's terminals are trying to cover these challenges. In August 2014 for example, a new mega-ship berth will become fully operational at the Container Terminal Burchardkai, with fi ve state-of-the-art gantry cranes which will be able to handle ships with carrying capacities as high as 18,000 standard containers (TEU). A series of process improvements in truck handling and a further increase in headcount at the Hamburg terminals will also help cope better with peak loads.
Increasing volumes of Far Eastern throughput: handling a mega-ship at the HHLA Container Terminal Altenwerder
| in € million | 1– 6 2014 | 1– 6 2013 | Change |
|---|---|---|---|
| Revenue | 170.1 | 151.5 | 12.2 % |
| EBITDA | 23.3 | 22.3 | 4.7 % |
| EBITDA margin in % | 13.7 | 14.7 | - 1.0 pp |
| EBIT | 13.1 | 12.6 | 4.6 % |
| EBIT margin in % | 7.7 | 8.3 | - 0.6 pp |
| Container transport in thousand TEU | 633 | 581 | 9.0 % |
In the fi rst half of 2014, HHLA's Intermodal companies stepped up their growth momentum signifi cantly. While transport volume growth had reached 5.1 % at the end of the fi rst quarter, after six months it was already 9.0 %. With a rail- and road-based transport volume of 633 thousand standard containers (TEU) (pre vious year: 581 thousand TEU), HHLA's transport com panies have strengthened their position in a highly competitive market environment.
This growth was mainly driven by rising volumes and the improved frequency of the new connections in Germany, Austria and Switzerland within the scope of HHLA's D.A.CH. strategy (abbreviation for Germany, Austria and Switzerland) launched in late 2012. However, HHLA's connections with the Czech Republic, Slovakia and the Polish seaports also contributed to the volume trend.
With growth of 12.2 % to € 170.1 million (previous year: € 151.5 million), the revenue trend outpaced the increase in volume. This is mainly attributable to the increasing proportion of rail services in the total transport volume of this segment. Due to the signifi cantly higher average transport distances involved, rail containers deliver higher revenue than truck containers.
The EBIT trend lagged somewhat behind, however, with growth of 4.6 % to € 13.1 million (previous year: € 12.6 million). This was partly due to additional costs resulting from congestion and hold-ups, caused by often lengthy shipping delays at the seaports.
Moreover, HHLA's new D.A.CH. connections so far haven't reached the high level of utilisation of the transport services for established markets, e.g. the Czech Republic, Slovakia and Hungary.
The restructuring of the Polzug Group's operating activities continues to make progress. This is mainly refl ected in improved conditions for the purchasing of services.
In the fi rst half of 2014, HHLA's major hub terminals in Prague, Ceska Trebova (Czech Republic), Dunajska Streda (Slovakia) and Poznan (Poland) successfully served the hinterland network in Central and Eastern Europe. While the Prague terminal – which had been fully utilised – recorded a planned decrease in volumes, the volumes handled at Ceska Trebova and Dunajska Streda increased signifi cantly.
Set for success: Metrans train on track
HHLA INTERIM REPORT 1– 6 | 2014
| in € million | 1– 6 2014 | 1– 6 2013 | Change |
|---|---|---|---|
| Revenue | 31.9 | 34.9 | - 8.4 % |
| EBITDA | - 0.4 | 2.4 | neg. |
| EBITDA margin in % | - 1.3 | 7.0 | - 8.3 pp |
| EBIT | - 1.0 | 1.9 | neg. |
| EBIT margin in % | - 3.1 | 5.5 | - 8.6 pp |
| Earnings from associates (using the equity method) | 2.4 | 1.3 | 83.9 % |
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 – a signifi cant fi eld of operations for the Logistics segment – 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 activities of the Logistics segment continue 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 once again varied considerably in the fi rst half of 2014. While the companies included in earnings from associates (using the equity method) improved their overall result strongly, the other fi rms reported 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 handling and packing containers – the volume of seaborne handling declined by 13.2 % to 770 thousand tonnes. This was mainly attributable to weather-related cancellations of ships coming into port. By contrast, vehicle throughput rose by 5.7 % to 104 thousand vehicles. The revenue and EBIT fi gures almost reached the levels of the previous year.
Consultancy activities suffered a decline in revenue and earnings in the fi rst half of 2014. This was attributable to customer delays in awarding contracts and the invoicing of a major contract in the previous year.
The restructuring of project and contract logistics has now been largely completed with an expansion of the project logistics business. Due to the unsatisfactory development of existing contract logistics business, however, revenue and earnings fell short of the prior-year fi gure.
With 84 ships (- 5.6 %) and 265 thousand passengers (- 2.0 %), cruise logistics was marginally down on the previous year, as refl ected in its revenue and earnings fi gures.
At 7.0 million tonnes, the throughput volume of bulk cargo logistics was down 3.4 % on the previous year's high level. Revenue and earnings also fell short of their respective prior-year fi gures.
The turnaround in fruit logistics was achieved in the fi rst half of 2014 with an increase in throughput of 15.1 % to 283 thousand tonnes. There was also double-digit growth in revenue and a strongly positive operating result (EBIT).
Meticulous handling of every export vehicle: vehicle throughput on O'Swaldkai
| in € million | 1– 6 2014 | 1– 6 2013 | Change |
|---|---|---|---|
| Revenue | 16.7 | 16.4 | 1.5 % |
| EBITDA | 9.5 | 9.4 | 1.2 % |
| EBITDA margin in % | 57.2 | 57.3 | - 0.1 pp |
| EBIT | 7.3 | 7.2 | 1.3 % |
| EBIT margin in % | 43.9 | 43.9 | — |
Following an increase in the fi rst quarter of 2014, the offi ce rental market in Germany's seven real estate hotspots recorded a half-year decline on the previous year. While the trend varies strongly from one locality to the next, the offi ce market overview published by Jones Lang LaSalle registered an overall decrease in the volume of offi ce space lettings of approx. 3 % on the previous year.
Hamburg's offi ce rental market matched this trend with a fall of 3.3 % to 215,000 m2 . There was also a further decline in the vacancy rate, which amounted to 7.4 % after the fi rst six months compared to 8.2 % in the previous year.
Against this background, the Real Estate segment – comprising the Speicherstadt historical warehouse district and the fi sh market district on the northern banks of the river Elbe – was able to continue its steady upward trend in the reporting period.
Revenue improved by 1.5 % to € 16.7 million (previous year: € 16.4 million). Over the same period, the operating result (EBIT) rose by 1.3 % to € 7.3 million (previous year: € 7.2 million).
High occupancy rates in both districts continued to underpin the stable development of this segment. Speicherstadt properties which were newly placed on the market in the previous year played a particularly important role in raising revenue and earnings.
These comprise 'Block R' – which was constructed between 1894 and 1896 for the storage of coffee – and the directly adjacent offi ce building 'Bei St. Annen 2', a post-war property (1952/1953) designed by the renowned architect Werner Kallmorgen in keeping with the general character of the Speicherstadt district. These two properties previously underwent extensive refurbishment in line with the regulations for landmarked buildings.
A stylish setting for fashion: showroom in the Speicherstadt historical warehouse district
| in € million | 1– 6 2014 | 1– 6 2013 |
|---|---|---|
| Financial funds as of 01.01. | 151.1 | 188.7 |
| Cash fl ow from operating activities |
109.4 | 85.6 |
| Cash fl ow from investing activities |
- 46.3 | - 21.6 |
| Free cash fl ow | 63.1 | 63.9 |
| Cash fl ow from fi nancing activities |
- 62.3 | - 64.6 |
| Change in fi nancial funds |
0.9 | - 0.6 |
| Change in fi nancial funds due to exchange rates |
- 3.2 | - 0.1 |
| Financial funds as of 30.06. | 148.7 | 187.9 |
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 fi rst half of 2014 to € 109.4 million (previous year: € 85.6 million). This refl ected the improved operating result and reduced use of provisions. In addition, the fi gure for the same six-month period in the previous year included the 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 as well as an increase in trade receivables.
Investing activities led to cash outflows of € 46.3 million (previous year: € 21.6 million). The increase of € 24.7 million was chiefl y due to a decrease in short-term bank deposits as well as proceeds in the previous year from disposals of non-current assets held for sale totalling € 17.7 million. Without the transfer of cash to short-term de posits, the cash outfl ow for investing activities would have amounted to € 56.3 million (previous year: € 41.6 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 € 63.1 million at the end of the reporting period (previous year: € 63.9 million), falling only slightly compared with the pre vious year.
The change in cash outfl ow from fi nancing activities of € 2.3 million to € 62.3 million (previous year: € 64.6 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 in the second quarter of 2014 totalling € 65.5 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 € 148.7 million (previous year: € 187.9 million), which fell slightly short of the fi gure at the beginning of the year (€ 151.1 million). Including short-term deposits, the Group's available liquidity came to € 208.7 million in total (previous year: € 217.9 million).
The investment volume in the reporting period totalled € 56.9 million and was thus € 1.7 million higher than the previous year's figure of € 55.2 million. Capital expenditure comprised € 52.1 million for property, plant and equipment (previous year: € 48.9 million) and € 4.8 million for intangible assets (previous year: € 6.3 million). The majority of the investments were for expansion work.
In the fi rst half of 2014, the Container segment accounted for most of this capital expenditure with the acquisition of new container handling equipment and the expansion of the Container Terminal Odessa (CTO). In the Intermodal segment, HHLA entered into project-related investments. Investments in the Real Estate subgroup focused on the renovation and development of existing properties.
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 | 30.06.2014 | 31.12.2013 |
| Non-current assets | 1,269.6 | 1,284.6 |
| Current assets | 433.9 | 431.4 |
| 1,703.5 | 1,716.0 | |
| Equity and liabilities | ||
| Equity | 571.6 | 600.1 |
| Non-current liabilities | 836.7 | 826.9 |
| Current liabilities | 295.2 | 289.0 |
| 1,703.5 | 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 decreased as of the reporting date by a total of € 12.5 million to € 1,703.5 million.
Non-current assets of € 1,269.6 million were € 15.0 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 € 433.9 million, current assets grew by € 2.5 million compared to 31 December 2013 (€ 431.4 million). In conjunction with the rise in revenue, trade receivables increased by € 20.8 mil lion to € 159.4 million. Within the scope of the cash clearing system, receivables from related parties increased by € 15.8 million to € 40.8 million. At the same time, cash and cash equivalents decreased by € 35.1 million to € 180.3 million.
Equity fell by € 28.5 million to € 571.6 as of the reporting date (31 December 2013: € 600.1 million). This decrease is mainly attributable to the dividend
payment in the period under review as well as exchange rate differences and actuarial losses rec ognised in other comprehensive income. The result for the fi rst half of the year of € 44.0 million had the opposite effect. The equity ratio decreased to 33.6 % (31 December 2013: 35.0 %).
Non-current liabilities increased by € 9.8 million to € 836.7 million in comparison with the end of 2013 (€ 826.9 million). An increase in pension provisions of € 24.4 million to € 388.8 million – mainly due to interest rate adjustments and a € 4.9 million increase in non-current provisions – was partly offset by the decline in non-current fi nancial liabilities of € 20.6 million, resulting largely from the repayment of long-term loans.
Current liabilities of € 295.2 million as of 30 June 2014 were higher than at the end of 2013 (€ 289.0 million). This was primarily due to an increase in trade liabilities of € 8.0 million and a rise in current fi nancial liabilities of € 6.6 million. The € 5.0 million decline in other current provisions had the opposite effect. The increase in current fi nancial liabilities includes, among other things, a rise in the short-term share of non-current liabilities and, on the other hand, the scheduled payment 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
On 30 June 2014, HHLA had 5,046 employees. The Group's workforce thus increased by a total of 2.5 % or 122 compared with 31 December 2013. Headcount growth was strongest in the Intermodal segment: due to the increase in capacity, it rose by 7.5 % or 85 employees. In the Container segment, the number of employees was up by 2.0 % or 59. By contrast, headcount in the Logistics segment was nearly constant with a decrease of 0.4 % or 1. The number of personnel in the Holding/Other segment fell by 3.8 % or 23 in comparison with the fi gure on the 2013 balance sheet date. The Real Estate subgroup grew by 5.7 % or 2 employees.
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.
The 7th division of the Federal Administrative Court heard submissions from environmental asso ciations opposing plan approval for the dredging of the river Elbe in the period from 15 to 23 July 2014. These proceedings were concluded on 23 July. On the basis of the arguments put forward, the court is due to deliver its ruling on 2 October 2014. On a positive note, the court has no doubts regarding the need to dredge the navigation channel. The court is now required to determine by 2 October whether all environmental issues have been objectively considered in compliance with applicable legislation. Until this date, no defi nite statement can be issued regarding the outcome of proceedings.
There were no other events of special signifi cance after the balance sheet date 30 June 2014.
The global economy has picked up slightly since the start of the year. Nonetheless, geopolitical tensions remain high and are refl ected in the growth forecasts released by the International Monetary Fund (IMF). In view of the continuing fragility of the economic recovery and fresh downward risks, the IMF downgraded its existing forecast by 0.3 percentage points in July and now expects global GDP to increase by 3.4 % in 2014. Buoyed by the anticipated economic recovery, international trade is likely to pick up over the course of year. Following moderate growth in the past year, a strong increase of 4.0 % is expected for 2014.
To date, the pace of growth has varied in those economic regions that are of particular importance for HHLA's business development. The IMF has downgraded its forecasts for Asia slightly and now expects economic growth of 6.4 % for 2014.At the same time, it has reduced its outlook for China's GDP slightly and now forecasts growth of 7.4 %. However, the IMF has increased its expect ations for the economies of Central and Eastern Europe by 0.4 percentage points to 2.8 %. The outlook for the Russian economy, however, has been strongly revised. Due to the tense political situation and this country's recently weak economic trend, the IMF has downgraded its forecast by 1.1 percentage points and now expects total economic output to increase by just 0.2 %. For the eurozone, the IMF is upholding its forecast of positive but moderate growth of 1.1 %. In view of the improved export momentum, the IMF has upgraded its outlook for the German economy by 0.2 percentage points and expects a slight increase in GDP of 1.9 % for the current year.
In view of the anticipated economic trend, the market research institute Drewry expects global container throughput to increase by 4.9 % in 2014.
The Chinese ports are even expected to realise volume growth of around 7 %. The outlook for the Northern European ports on the other hand is moderate, with throughput growth of approx. 2 %.
Competition between the North Range ports will continue to intensify over the course of the year 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. The market situation for container shipping is also likely to remain tense. According to the market research institute Alphaliner, the increase in total capacity of the global container shipping fl eet will outstrip the growth in world demand despite a consistently high scrapping rate. To stabilise the market and freight rates in the face of this growing idle capacity, many shipping companies are planning to establish or expand joint operations. Now that the Chinese Antitrust Authorities have refused to approve the planned merger of the three industry leaders Maersk, MSC and CMA CGM to establish their P3 alliance, Maersk and MSC have announced a dual alliance. Cooperation between other shipping companies will also contribute to a shift in the balance of power on the transport market.
Despite the modest outlook for Northern European port handling, transport volumes handled by pre- and onward-carriage systems in the hinterland should increase slightly. In principle, the growth in volumes and the continuing rise in vessel capacities means growing 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.
The prospects for the Logistics segment are mixed: the positive outlook for the automotive industry in 2014 has so far been confi rmed and in view of the economic upturn in 2014, rising demand is also expected for the steel industry. 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 six months of the current fi nancial year, HHLA still considers a moderate increase in Group revenue to be possible 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 a range of € 138 to € 158 million (restated fi gure for previous year: approx. € 154 million). EBIT of the Port Logistics subgroup is likely to be in a range of between € 125 million and € 145 million (re stated fi gure for previous year: approx. € 140 mil lion). The business development of the Real Estate subgroup is expected to remain stable and satisfactory 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:
In the Container segment, the fi rst half-year was affected by exceptional effects associated with major shipping delays as well as by higher utilisation of existing liner services in Hamburg. In line with the modest volume forecasts issued by market research institutes for the Northern European ports, HHLA continues to expect a slight year-onyear increase in throughput for the full year. Due to the uncertainty surrounding the political situation in Ukraine and possible short-term changes to shipping company schedules, deviations cannot be ruled out though. Based on current economic data, an increase in revenue slightly in excess of
Forecast 2014
the indicated volume growth is considered possible for fi nancial year 2014. Besides developments in Ukraine and Russia, segment earnings will be shaped by the increasing frequency of peak-load handling situations and general cost infl ation. Against this background, HHLA aims to achieve a slight year-on-year improvement in earnings in the Container segment.
In the Intermodal segment, the transport volume handled in the fi rst six months indicates a signifi cant increase in container transport in 2014. The successful establishment of connections in German-speaking countries and the further expansion of Polzug services remain key factors for this development. Volume growth should contribute to a signifi cant rise in revenue. However, HHLA's rail services face fi erce competition – not only from other providers, but also from alternative carriers in some instances. Both earnings quality and utilisation on the connections established in 2013 will be particularly signifi cant for the development of earnings. A moderate year-on-year improvement in segment EBIT is considered possible in 2014.
As the pro rata consolidation of joint ventures is no longer permitted from 2014 onwards, 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 in the region of the restated fi gure for the previous year (approx. € 72 million). For 2014 as a whole, this segment is not expected to match the restated operating result (EBIT) for 2013 (approx.
| HHLA Group | Forecast for the fi rst quarter | Forecast for the fi rst half of the year |
|---|---|---|
| Container throughput | Slight increase on previous year (2013: 7.5 million TEU) |
Slight increase on previous year (2013: 7.5 million TEU) |
| Container transport | Moderate increase on previous year (2013: 1.2 million TEU) |
Signifi cant increase on previous year (2013: 1.2 million TEU) |
| Revenue | Slight 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 and € 158 million (previous year restated: approx. € 154 million) |
In a range of € 138 million and € 158 million (previous year restated: approx. € 154 million) |
| Investments | In the region of € 160 million | In the region of € 160 million |
The fi gures for the previous year have been restated due to revised IFRS regulations for group accounting.
€ 3 million) due to a positive one-off gain from the sale of a logistics facility in the previous year.
For the fi nancial year 2014, HHLA still anticipates a volume of capital expenditure of around € 160 million at Group level. The Port Logistics subgroup is expected to account for around € 140 million of this total. However, the decision on whether investment projects will be realised basically depends on economic developments.
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 – is expected on the assets side. Meanwhile, equity should continue to climb in view of the net profi t less the dividend payment. Further changes may result from factors affecting other comprehensive income. Moreover, fi nancial liabilities may increase due to the need for projectrelated fi nancing. Over all, HHLA's bal ance sheet policy remains focused on preserving earnings power and realising opportunities while retaining a stable capital structure.
HHLA will specify its fi nancial position and performance guidance for 2014 in more detail as the year progresses.
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 | 1–6 2014 | 1– 6 2013 | 4–6 2014 | 4– 6 2013 |
|---|---|---|---|---|
| Revenue | 595,733 | 566,359 | 302,248 | 291,462 |
| Changes in inventories | 410 | 1,048 | - 143 | 92 |
| Own work capitalised | 3,917 | 4,285 | 1,958 | 2,358 |
| Other operating income | 16,799 | 19,729 | 8,243 | 7,690 |
| Cost of materials | - 195,616 | - 184,113 | - 99,573 | - 94,146 |
| Personnel expenses | - 205,100 | - 199,719 | - 102,048 | - 101,163 |
| Other operating expenses | - 75,315 | - 69,007 | - 39,297 | - 35,268 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 140,828 | 138,583 | 71,388 | 71,026 |
| Depreciation and amortisation | - 59,441 | - 59,892 | - 29,345 | - 29,860 |
| Earnings before interest and taxes (EBIT) | 81,388 | 78,692 | 42,044 | 41,167 |
| Earnings from associates accounted for using the equity method | 2,775 | 1,527 | 1,781 | 598 |
| Interest income | 8,924 | 1,717 | 4,078 | 848 |
| Interest expenses | - 29,696 | - 17,487 | - 12,521 | - 8,613 |
| Other fi nancial result | 404 | 404 | 404 | 404 |
| Financial result | - 17,593 | - 13,839 | - 6,258 | - 6,763 |
| Earnings before tax (EBT) | 63,795 | 64,853 | 35,786 | 34,404 |
| Income tax | - 19,823 | - 18,323 | - 11,051 | - 10,135 |
| Profi t after tax | 43,972 | 46,531 | 24,735 | 24,269 |
| of which attributable to non-controlling interests | 17,937 | 17,541 | 9,178 | 9,666 |
| of which attributable to shareholders of the parent company | 26,035 | 28,990 | 15,557 | 14,603 |
| Earnings per share, basic, in € | ||||
| Group | 0.36 | 0.40 | 0.22 | 0.20 |
| Port Logistics | 0.31 | 0.37 | 0.19 | 0.19 |
| Real Estate | 1.51 | 1.22 | 0.76 | 0.63 |
| Earnings per share, diluted, in € | ||||
| Group | 0.36 | 0.40 | 0.22 | 0.20 |
| Port Logistics | 0.31 | 0.37 | 0.19 | 0.19 |
| Real Estate | 1.51 | 1.22 | 0.76 | 0.63 |
| in € thousand | 1–6 2014 | 1– 6 2013 | 4–6 2014 | 4– 6 2013 |
|---|---|---|---|---|
| Profi t after tax | 43,972 | 46,531 | 24,735 | 24,269 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 21,520 | 6,441 | - 10,215 | 6,441 |
| Deferred taxes | 6,945 | - 2,090 | 3,228 | - 2,090 |
| Total | - 14,575 | 4,351 | - 6,987 | 4,351 |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 97 | 209 | 40 | 103 |
| Foreign currency translation differences | - 23,170 | 639 | - 3,772 | - 1,263 |
| Deferred taxes | 53 | 5 | 45 | 35 |
| Other | 28 | - 118 | 30 | - 159 |
| Total | - 22,992 | 735 | - 3,657 | - 1,284 |
| Income and expense recognised directly in equity | - 37,567 | 5,086 | - 10,643 | 3,067 |
| Total Comprehensive Income | 6,406 | 51,617 | 14,093 | 27,336 |
| of which attributable to non-controlling interests | 17,892 | 17,495 | 9,152 | 9,632 |
| of which attributable to shareholders of the parent company | - 11,486 | 34,122 | 4,941 | 17,704 |
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– 6 2014 Group |
1– 6 2014 Port Logistics |
1– 6 2014 Real Estate |
1– 6 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 595,733 | 581,667 | 16,657 | - 2,591 |
| Changes in inventories | 410 | 410 | 0 | 0 |
| Own work capitalised | 3,917 | 3,915 | 0 | 2 |
| Other operating income | 16,799 | 14,723 | 2,569 | - 493 |
| Cost of materials | - 195,616 | - 192,535 | - 3,081 | 0 |
| Personnel expenses | - 205,100 | - 203,990 | - 1,110 | 0 |
| Other operating expenses | - 75,315 | - 72,882 | - 5,515 | 3,082 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 140,828 | 131,308 | 9,520 | 0 |
| Depreciation and amortisation | - 59,441 | - 57,388 | - 2,210 | 157 |
| Earnings before interest and taxes (EBIT) | 81,388 | 73,920 | 7,311 | 157 |
| Earnings from associates accounted for using the equity method | 2,775 | 2,775 | 0 | 0 |
| Interest income | 8,924 | 8,832 | 161 | - 69 |
| Interest expenses | - 29,696 | - 27,610 | - 2,155 | 69 |
| Other fi nancial result | 404 | 404 | 0 | 0 |
| Financial result | - 17,593 | - 15,599 | - 1,994 | 0 |
| Earnings before tax (EBT) | 63,795 | 58,321 | 5,317 | 157 |
| Income tax | - 19,823 | - 18,444 | - 1,341 | - 38 |
| Profi t after tax | 43,972 | 39,877 | 3,976 | 119 |
| of which attributable to non-controlling interests | 17,937 | 17,937 | 0 | |
| of which attributable to shareholders of the parent company | 26,035 | 21,940 | 4,095 | |
| Earnings per share, basic, in € | 0.36 | 0.31 | 1.51 | |
| Earnings per share, diluted, in € | 0.36 | 0.31 | 1.51 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 6 2014 Group |
1– 6 2014 Port Logistics |
1– 6 2014 Real Estate |
1– 6 2014 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 43,972 | 39,877 | 3,976 | 119 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 21,520 | - 21,182 | - 338 | |
| Deferred taxes | 6,945 | 6,836 | 109 | |
| Total | - 14,575 | - 14,346 | - 229 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 97 | 97 | 0 | |
| Foreign currency translation differences | - 23,170 | - 23,170 | 0 | |
| Deferred taxes | 53 | 53 | 0 | |
| Other | 28 | 28 | 0 | |
| Total | - 22,992 | - 22,992 | 0 | |
| Income and expense recognised directly in equity | - 37,567 | - 37,338 | - 229 | 0 |
| Total Comprehensive Income | 6,406 | 2,540 | 3,747 | 119 |
| of which attributable to non-controlling interests | 17,892 | 17,892 | 0 | |
| of which attributable to shareholders of the parent company | - 11,486 | - 15,352 | 3,866 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 6 2013 Group |
1– 6 2013 Port Logistics |
1– 6 2013 Real Estate |
1– 6 2013 Consolidation |
|---|---|---|---|---|
| Revenue | 566,359 | 552,519 | 16,416 | - 2,576 |
| Changes in inventories | 1,048 | 1,048 | 0 | 0 |
| Own work capitalised | 4,285 | 4,227 | 0 | 58 |
| Other operating income | 19,729 | 17,432 | 2,782 | - 485 |
| Cost of materials | - 184,113 | - 180,684 | - 3,429 | 0 |
| Personnel expenses | - 199,719 | - 198,568 | - 1,151 | 0 |
| Other operating expenses | - 69,007 | - 66,800 | - 5,210 | 3,003 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 138,583 | 129,174 | 9,409 | 0 |
| Depreciation and amortisation | - 59,892 | - 57,850 | - 2,195 | 153 |
| Earnings before interest and taxes (EBIT) | 78,692 | 71,325 | 7,214 | 153 |
| Earnings from associates accounted for using the equity method | 1,527 | 1,527 | 0 | 0 |
| Interest income | 1,717 | 1,719 | 66 | - 68 |
| Interest expenses | - 17,487 | - 15,020 | - 2,535 | 68 |
| Other fi nancial result | 404 | 404 | 0 | 0 |
| Financial result | - 13,839 | - 11,370 | - 2,469 | 0 |
| Earnings before tax (EBT) | 64,853 | 59,955 | 4,745 | 153 |
| Income tax | - 18,323 | - 16,715 | - 1,570 | - 38 |
| Profi t after tax | 46,531 | 43,240 | 3,175 | 116 |
| of which attributable to non-controlling interests | 17,541 | 17,541 | 0 | |
| of which attributable to shareholders of the parent company | 28,990 | 25,699 | 3,291 | |
| Earnings per share, basic, in € | 0.40 | 0.37 | 1.22 | |
| Earnings per share, diluted, in € | 0.40 | 0.37 | 1.22 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 6 2013 Group |
1– 6 2013 Port Logistics |
1– 6 2013 Real Estate |
1– 6 2013 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 46,531 | 43,240 | 3,175 | 116 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | 6,441 | 6,370 | 71 | |
| Deferred taxes | - 2,090 | - 2,067 | - 23 | |
| Total | 4,351 | 4,303 | 48 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 209 | 209 | 0 | |
| Foreign currency translation differences | 639 | 639 | 0 | |
| Deferred taxes | 5 | 5 | 0 | |
| Other | - 118 | - 118 | 0 | |
| Total | 735 | 735 | 0 | |
| Income and expense recognised directly in equity | 5,086 | 5,038 | 48 | 0 |
| Total Comprehensive Income | 51,617 | 48,278 | 3,223 | 116 |
| of which attributable to non-controlling interests | 17,495 | 17,495 | 0 | |
| of which attributable to shareholders of the parent company | 34,122 | 30,783 | 3,339 |
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 |
4– 6 2014 Group |
4– 6 2014 Port Logistics |
4– 6 2014 Real Estate |
4– 6 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 302,248 | 295,282 | 8,250 | - 1,284 |
| Changes in inventories | - 143 | - 142 | - 1 | 0 |
| Own work capitalised | 1,958 | 1,956 | 0 | 2 |
| Other operating income | 8,243 | 7,310 | 1,169 | - 236 |
| Cost of materials | - 99,573 | - 98,056 | - 1,517 | 0 |
| Personnel expenses | - 102,048 | - 101,496 | - 552 | 0 |
| Other operating expenses | - 39,297 | - 38,084 | - 2,731 | 1,518 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 71,388 | 66,770 | 4,618 | 0 |
| Depreciation and amortisation | - 29,345 | - 28,328 | - 1,096 | 79 |
| Earnings before interest and taxes (EBIT) | 42,044 | 38,442 | 3,523 | 79 |
| Earnings from associates accounted for using the equity method | 1,781 | 1,781 | 0 | 0 |
| Interest income | 4,078 | 4,100 | 12 | - 34 |
| Interest expenses | - 12,521 | - 11,476 | - 1,079 | 34 |
| Other fi nancial result | 404 | 404 | 0 | 0 |
| Financial result | - 6,258 | - 5,191 | - 1,067 | 0 |
| Earnings before tax (EBT) | 35,786 | 33,251 | 2,456 | 79 |
| Income tax | - 11,051 | - 10,582 | - 450 | - 19 |
| Profi t after tax | 24,735 | 22,669 | 2,006 | 60 |
| of which attributable to non-controlling interests | 9,178 | 9,178 | 0 | |
| of which attributable to shareholders of the parent company | 15,557 | 13,491 | 2,066 | |
| Earnings per share, basic, in € | 0.22 | 0.19 | 0.76 | |
| Earnings per share, diluted, in € | 0.22 | 0.19 | 0.76 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4– 6 2014 Group |
4– 6 2014 Port Logistics |
4– 6 2014 Real Estate |
4– 6 2014 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 24,735 | 22,669 | 2,006 | 60 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 10,215 | - 10,058 | - 157 | |
| Deferred taxes | 3,228 | 3,178 | 50 | |
| Total | - 6,987 | - 6,880 | - 107 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 40 | 40 | 0 | |
| Foreign currency translation differences | - 3,772 | - 3,772 | 0 | |
| Deferred taxes | 45 | 45 | 0 | |
| Other | 30 | 30 | 0 | |
| Total | - 3,657 | - 3,657 | 0 | |
| Income and expense recognised directly in equity | - 10,643 | - 10,537 | - 107 | 0 |
| Total Comprehensive Income | 14,093 | 12,133 | 1,900 | 60 |
| of which attributable to non-controlling interests | 9,152 | 9,152 | 0 | |
| of which attributable to shareholders of the parent company | 4,941 | 2,981 | 1,960 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4– 6 2013 Group |
4– 6 2013 Port Logistics |
4– 6 2013 Real Estate |
4– 6 2013 Consolidation |
|---|---|---|---|---|
| Revenue | 291,462 | 284,456 | 8,281 | - 1,275 |
| Changes in inventories | 92 | 95 | - 3 | 0 |
| Own work capitalised | 2,358 | 2,335 | 0 | 23 |
| Other operating income | 7,690 | 6,786 | 1,173 | - 269 |
| Cost of materials | - 94,146 | - 92,577 | - 1,568 | - 1 |
| Personnel expenses | - 101,163 | - 100,548 | - 615 | 0 |
| Other operating expenses | - 35,268 | - 34,155 | - 2,635 | 1,522 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 71,026 | 66,392 | 4,634 | 0 |
| Depreciation and amortisation | - 29,860 | - 28,831 | - 1,105 | 76 |
| Earnings before interest and taxes (EBIT) | 41,167 | 37,562 | 3,529 | 76 |
| Earnings from associates accounted for using the equity method | 598 | 598 | 0 | 0 |
| Interest income | 848 | 859 | 15 | - 26 |
| Interest expenses | - 8,613 | - 7,473 | - 1,166 | 26 |
| Other fi nancial result | 404 | 404 | 0 | 0 |
| Financial result | - 6,763 | - 5,612 | - 1,151 | 0 |
| Earnings before tax (EBT) | 34,404 | 31,950 | 2,378 | 76 |
| Income tax | - 10,135 | - 9,376 | - 740 | - 19 |
| Profi t after tax | 24,269 | 22,573 | 1,638 | 58 |
| of which attributable to non-controlling interests | 9,666 | 9,666 | 0 | |
| of which attributable to shareholders of the parent company | 14,603 | 12,907 | 1,696 | |
| Earnings per share, basic, in € | 0.20 | 0.19 | 0.63 | |
| Earnings per share, diluted, in € | 0.20 | 0.19 | 0.63 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
4– 6 2013 Group |
4– 6 2013 Port Logistics |
4– 6 2013 Real Estate |
4– 6 2013 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 24,269 | 22,573 | 1,638 | 58 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | 6,441 | 6,370 | 71 | |
| Deferred taxes | - 2,090 | - 2,067 | - 23 | |
| Total | 4,351 | 4,303 | 48 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 103 | 103 | 0 | |
| Foreign currency translation differences | - 1,263 | - 1,263 | 0 | |
| Deferred taxes | 35 | 35 | 0 | |
| Other | - 159 | - 159 | 0 | |
| Total | - 1,284 | - 1,284 | 0 | |
| Income and expense recognised directly in equity | 3,067 | 3,019 | 48 | 0 |
| Total Comprehensive Income | 27,336 | 25,592 | 1,686 | 58 |
| of which attributable to non-controlling interests | 9,632 | 9,632 | 0 | |
| of which attributable to shareholders of the parent company | 17,704 | 15,960 | 1,744 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
| in € thousand | ||
|---|---|---|
| Assets | 30.06.2014 | 31.12.2013 |
| Non-current assets | ||
| Intangible assets | 80,685 | 81,539 |
| Property, plant and equipment | 927,197 | 962,255 |
| Investment property | 189,456 | 184,256 |
| Associates accounted for using the equity method | 12,456 | 9,710 |
| Financial assets | 17,172 | 12,608 |
| Deferred taxes | 42,584 | 34,188 |
| 1,269,550 | 1,284,557 | |
| Current assets | ||
| Inventories | 22,870 | 21,622 |
| Trade receivables | 159,387 | 138,601 |
| Receivables from related parties | 40,835 | 25,023 |
| Other fi nancial receivables | 3,072 | 3,050 |
| Other assets | 24,713 | 23,819 |
| Income tax receivables | 2,798 | 3,944 |
| Cash, cash equivalents and short-term deposits | 180,289 | 215,364 |
| 433,964 | 431,423 | |
| 1,703,514 | 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 | 354,132 | 363,000 |
| Subgroup Port Logistics | 330,306 | 339,888 |
| Subgroup Real Estate | 23,826 | 23,113 |
| Other comprehensive income | - 36,456 | 1,065 |
| Subgroup Port Logistics | - 37,116 | 178 |
| Subgroup Real Estate | 660 | 887 |
| Non-controlling interests | 39,555 | 21,700 |
| Subgroup Port Logistics | 39,555 | 21,700 |
| Subgroup Real Estate | 0 | 0 |
| 571,568 | 600,103 | |
| Non-current liabilities | ||
| Pension provisions | 388,825 | 364,414 |
| Other non-current provisions | 57,389 | 52,485 |
| Non-current liabilities to related parties | 106,760 | 106,869 |
| Non-current fi nancial liabilities | 267,511 | 288,086 |
| Deferred taxes | 16,259 | 15,072 |
| 836,744 | 826,926 | |
| Current liabilities | ||
| Other current provisions | 10,093 | 15,141 |
| Trade liabilities | 77,280 | 69,295 |
| Current liabilities to related parties | 72,304 | 74,757 |
| Current fi nancial liabilities | 107,700 | 101,115 |
| Other liabilities | 22,243 | 25,623 |
| Income tax liabilities | 5,582 | 3,020 |
| 295,202 | 288,951 | |
| 1,703,514 | 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 | 30.06.2014 Group |
30.06.2014 Port Logistics |
30.06.2014 Real Estate |
30.06.2014 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 80,685 | 80,677 | 8 | 0 |
| Property, plant and equipment | 927,197 | 906,635 | 4,751 | 15,811 |
| Investment property | 189,456 | 47,466 | 170,799 | - 28,809 |
| Associates accounted for using the equity method | 12,456 | 12,456 | 0 | 0 |
| Financial assets | 17,172 | 14,575 | 2,597 | 0 |
| Deferred taxes | 42,584 | 53,021 | 0 | - 10,437 |
| 1,269,550 | 1,114,830 | 178,155 | - 23,435 | |
| Current assets | ||||
| Inventories | 22,870 | 22,787 | 83 | 0 |
| Trade receivables | 159,387 | 158,580 | 807 | 0 |
| Receivables from related parties | 40,835 | 47,665 | 632 | - 7,462 |
| Other fi nancial receivables | 3,072 | 3,057 | 15 | 0 |
| Other assets | 24,713 | 24,283 | 430 | 0 |
| Income tax receivables | 2,798 | 2,958 | 0 | - 160 |
| Cash, cash equivalents and short-term deposits | 180,289 | 173,101 | 7,188 | 0 |
| 433,964 | 432,431 | 9,155 | - 7,622 | |
| 1,703,514 | 1,547,261 | 187,310 | - 31,057 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 354,132 | 330,306 | 33,599 | - 9,773 |
| Other comprehensive income | - 36,456 | - 37,116 | 660 | 0 |
| Non-controlling interests | 39,555 | 39,555 | 0 | 0 |
| 571,568 | 543,871 | 37,470 | - 9,773 | |
| Non-current liabilities | ||||
| Pension provisions | 388,825 | 382,706 | 6,119 | 0 |
| Other non-current provisions | 57,389 | 55,786 | 1,603 | 0 |
| Non-current liabilities to related parties | 106,760 | 106,760 | 0 | 0 |
|---|---|---|---|---|
| Non-current fi nancial liabilities | 267,511 | 222,463 | 45,048 | 0 |
| Deferred taxes | 16,259 | 18,892 | 11,029 | - 13,662 |
| 836,744 | 786,607 | 63,799 | - 13,662 | |
| Current liabilities | ||||
| Other current provisions | 10,093 | 9,200 | 893 | 0 |
| Trade liabilities | 77,280 | 72,184 | 5,096 | 0 |
| Current liabilities to related parties | 72,304 | 5,988 | 73,778 | - 7,462 |
| Current fi nancial liabilities | 107,700 | 102,108 | 5,592 | 0 |
| Other liabilities | 22,243 | 21,933 | 310 | 0 |
| Income tax liabilities | 5,582 | 5,370 | 372 | - 160 |
| 295,202 | 216,783 | 86,041 | - 7,622 | |
| 1,703,514 | 1,547,261 | 187,310 | - 31,057 |
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.
| in € thousand | 1–6 2014 1– 6 2013 |
|---|---|
| 1. Cash fl ow from operating activities | |
| Earnings before interest and taxes (EBIT) | 81,388 78,692 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets | 59,441 59,892 |
| Decrease in provisions | - 4,751 - 16,250 |
| Result arising from the disposal of non-current assets | 337 - 5,382 |
| Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities | - 18,879 - 26,975 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities | 20,171 18,877 |
| Interest received | 1,438 1,774 |
| Interest paid | - 9,464 - 7,877 |
| Income tax paid | - 16,116 - 17,515 |
| Exchange rate and other effects | - 4,154 324 |
| Cash fl ow from operating activities | 109,411 85,560 |
| 2. Cash fl ow from investing activities | |
| Proceeds from disposal of intangible assets and property, plant and equipment | 1,220 976 |
| Proceeds from disposal of non-current assets held for sale | 0 17,672 |
| Payments for investments in property, plant and equipment and investment property | - 52,637 - 52,556 |
| Payments for investments in intangible assets | - 4,824 - 6,282 |
| Payments for investments in non-current fi nancial assets | 0 - 1,529 |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 98 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
- 36 0 |
| Proceeds from short-term deposits | 10,000 20,000 |
| Cash fl ow from investing activities | - 46,277 - 21,621 |
| 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 | - 30,645 - 28,189 |
| Redemption of lease liabilities | - 3,619 - 2,756 |
| Proceeds from the issuance of (fi nancial) loans | 21,387 36,639 |
| Payments for the redemption of (fi nancial) loans | - 14,471 - 21,504 |
| Cash fl ow from fi nancing activities | - 62,251 - 64,587 |
| 4. Financial funds at the end of the period | |
| Change in fi nancial funds (subtotals 1. – 3.) | 883 - 648 |
| Change in fi nancial funds due to exchange rates | - 3,214 - 87 |
| Financial funds at the beginning of the period | 151,069 188,656 |
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– 6 2014 Group |
1– 6 2014 Port Logistics |
1– 6 2014 Real Estate |
1– 6 2014 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 81,388 | 73,920 | 7,311 | 157 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
59,441 | 57,389 | 2,209 | - 157 |
| Decrease in provisions | - 4,751 | - 4,592 | - 159 | |
| Result arising from the disposal of non-current assets | 337 | 341 | - 4 | |
| Change in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 18,879 | - 19,533 | 826 | - 172 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities |
20,171 | 17,210 | 2,789 | 172 |
| Interest received | 1,438 | 1,346 | 161 | - 69 |
| Interest paid | - 9,464 | - 7,500 | - 2,033 | 69 |
| Income tax paid | - 16,116 | - 14,328 | - 1,788 | |
| Exchange rate and other effects | - 4,154 | - 4,154 | 0 | |
| Cash fl ow from operating activities | 109,411 | 100,099 | 9,312 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,220 | 997 | 223 | |
| Proceeds from disposal of non-current assets held for sale | 0 | 0 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 52,637 | - 42,794 | - 9,843 | |
| Payments for investments in intangible assets | - 4,824 | - 4,824 | 0 | |
| Payments for investments in non-current fi nancial assets | 0 | 0 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 51 | 0 | - 51 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
- 36 | - 36 | - 51 | 51 |
| Proceeds from short-term deposits | 10,000 | 10,000 | 0 | |
| Cash fl ow from investing activities | - 46,277 | - 36,606 | - 9,671 | 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 | - 30,645 | - 30,645 | 0 | |
| Redemption of lease liabilities | - 3,619 | - 3,619 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 21,387 | 21,387 | 0 | |
| Payments for the redemption of (fi nancial) loans | - 14,471 | - 12,418 | - 2,053 | |
| Cash fl ow from fi nancing activities | - 62,251 | - 56,817 | - 5,434 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | 883 | 6,676 | - 5,793 | 0 |
| Change in fi nancial funds due to exchange rates | - 3,214 | - 3,214 | 0 | |
| Financial funds at the beginning of the period | 151,069 | 139,788 | 11,281 | |
| Financial funds at the end of the period | 148,738 | 143,250 | 5,488 | 0 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 6 2013 Group |
1– 6 2013 Port Logistics |
1– 6 2013 Real Estate |
1– 6 2013 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 78,692 | 71,325 | 7,214 | 153 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
59,892 | 57,850 | 2,195 | - 153 |
| Decrease in provisions | - 16,250 | - 12,842 | - 3,408 | |
| Result arising from the disposal of non-current assets | - 5,382 | - 5,187 | - 195 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 26,975 | - 26,567 | - 827 | 419 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities |
18,877 | 19,191 | 105 | - 419 |
| Interest received | 1,774 | 1,776 | 66 | - 68 |
| Interest paid | - 7,877 | - 5,468 | - 2,477 | 68 |
| Income tax paid | - 17,515 | - 16,897 | - 618 | |
| Exchange rate and other effects | 324 | 324 | 0 | |
| Cash fl ow from operating activities | 85,560 | 83,505 | 2,055 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
976 | 587 | 389 | |
| 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 |
- 52,556 | - 48,096 | - 4,460 | |
| Payments for investments in intangible assets | - 6,282 | - 6,270 | - 12 | |
| Payments for investments in non-current fi nancial assets | - 1,529 | - 1,529 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
98 | 98 | 0 | |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | 0 | 0 | |
| Proceeds from short-term deposits | 20,000 | 20,000 | 0 | |
| Cash fl ow from investing activities | - 21,621 | - 17,538 | - 4,083 | 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 | - 2,756 | - 2,756 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 36,639 | 14,238 | 22,401 | |
| Payments for the redemption of (fi nancial) loans | - 21,504 | - 20,033 | - 1,471 | |
| Cash fl ow from fi nancing activities | - 64,587 | - 82,272 | 17,685 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | - 648 | - 16,305 | 15,657 | 0 |
| Change in fi nancial funds due to exchange rates | - 87 | - 87 | 0 | |
| Financial funds at the beginning of the period | 188,656 | 188,698 | - 42 | |
| Financial funds at the end of the period | 187,921 | 172,306 | 15,615 | 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– 6 2014 | Container | Intermodal | Logistics | |
| Segment revenue | ||||
| Segment revenue from non-affi liated third parties | 373,235 | 169,231 | 28,889 | |
| Inter-segment revenue | 1,048 | 830 | 3,059 | |
| Total segment revenue | 374,283 | 170,061 | 31,948 | |
| Earnings | ||||
| EBITDA | 122,452 | 23,346 | - 424 | |
| EBITDA margin | 32.7 % | 13.7 % | - 1.3 % | |
| EBIT | 79,085 | 13,147 | - 984 | |
| EBIT margin | 21.1 % | 7.7 % | - 3.1 % | |
| Segment assets | 893,400 | 297,352 | 19,235 | |
| Other segment information | ||||
| Investments | ||||
| Property, plant and equipment and investment property | 26,471 | 14,718 | 134 | |
| Intangible assets | 4,305 | 278 | 41 | |
| Depreciation of property, plant and equipment and investment property | 38,725 | 10,034 | 530 | |
| of which impairment | ||||
| Amortisation of intangible assets | 4,642 | 165 | 29 | |
| Earnings from associates accounted for using the equity method | 403 | 2,372 | ||
| Non-cash items | 10,335 | 1,136 | 930 | |
| Container throughput in thousand TEU | 3,783 | |||
| Container transport in thousand TEU | 633 | |||
| 1– 6 2013 | ||||
| Segment revenue | ||||
| Segment revenue from non-affi liated third parties | 359,638 | 150,766 | 31,140 | |
| Inter-segment revenue | 1,076 | 783 | 3,732 | |
| Total segment revenue | 360,714 | 151,549 | 34,872 | |
| Earnings | ||||
| EBITDA | 113,012 | 22,298 | 2,432 | |
| EBITDA margin | 31.3 % | 14.7 % | 7.0 % | |
| EBIT | 68,786 | 12,567 | 1,901 | |
| EBIT margin | 19.1 % | 8.3 % | 5.5 % | |
| Segment assets | 941,309 | 294,625 | 20,304 | |
| Other segment information | ||||
| Investments | ||||
| Property, plant and equipment and investment property | 32,861 | 8,660 | 400 | |
| Intangible assets | 4,253 | 146 | 1 | |
| Depreciation of property, plant and equipment and investment property | 39,918 | 9,548 | 507 | |
| Amortisation of intangible assets | 4,308 | 183 | 25 | |
| Earnings from associates accounted for using the equity method | 237 | 1,290 | ||
| Non-cash items | 7,763 | 451 | 486 | |
| Container throughput in thousand TEU | 3,757 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
Container transport in thousand TEU 581
| Subgroup Real Estate | Total | Consolidation and reconciliation with Group |
Group | |
|---|---|---|---|---|
| Holding/Other | Real Estate | |||
| 9,042 | 15,336 | 595,733 | 0 | 595,733 |
| 53,492 | 1,321 | 59,750 | - 59,750 | 0 |
| 62,534 | 16,657 | 655,483 | ||
| - 14,066 | 9,520 | 140,828 | 0 | 140,828 |
| - 22.5 % | 57.2 % | |||
| - 17,529 | 7,311 | 81,031 | 357 | 81,388 |
| - 28.0 % | 43.9 % | |||
| 82,940 | 180,071 | 1,472,998 | 230,516 | 1,703,514 |
| 896 | 9,844 | 52,064 | 0 | 52,064 |
| 124 | 0 | 4,748 | 76 | 4,824 |
| 3,019 | 2,208 | 54,517 | - 213 | 54,305 |
| 279 | 279 | 279 | ||
| 444 | 1 | 5,281 | - 144 | 5,136 |
| 2,775 | 0 | 2,775 | ||
| 12,853 | 139 | 25,393 | 4 | 25,398 |
| 9,701 | 15,114 | 566,359 | 0 | 566,359 |
| 57,819 | 1,301 | 64,712 | - 64,712 | 0 |
| 67,521 | 16,416 | 631,071 | ||
| - 8,568 | 9,409 | 138,583 | 0 | 138,583 |
| - 12.7 % | 57.3 % | |||
| - 12,210 | 7,214 | 78,257 | 434 | 78,692 |
| - 18.1 % | 43.9 % | |||
| 110,136 | 168,548 | 1,534,921 | 206,078 | 1,740,999 |
| 2,491 | 4,461 | 48,872 | 0 | 48,872 |
| 1,872 | 11 | 6,283 | 0 | 6,283 |
| 3,188 | 2,194 | 55,354 | - 208 | 55,146 |
| 455 | 2 | 4,972 | - 226 | 4,746 |
| 1,527 | 0 | 1,527 | ||
| 8,520 | 538 | 17,758 | - 1 | 17,757 |
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 | 28,990 | 666 | |||||
| Other changes | 1,795 | ||||||
| Balance as of 30.06.2013 | 70,048 | 2,705 | 141,078 | 506 | 339,493 | - 14,301 | |
| Balance as of 31.12.2013 | 70,048 | 2,705 | 141,078 | 506 | 363,000 | - 18,828 | |
| Dividends | - 34,903 | ||||||
| First consolidation of interests in related parties |
|||||||
| Total comprehensive income | 26,034 | - 23,168 | |||||
| Balance as of 30.06.2014 | 70,048 | 2,705 | 141,078 | 506 | 354,132 | - 41,996 |
| 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 | ||||
| 51,617 | 17,495 | 34,122 | - 103 | - 2,090 | 6,451 | 209 |
| 1,803 | 9 | 1,794 | - 1 | |||
| 568,159 | 15,824 | 552,335 | 11,448 | - 615 | 2,583 | - 609 |
| 600,103 | 21,700 | 578,402 | 11,576 | - 3,967 | 12,783 | - 500 |
| - 34,903 | 0 | - 34,903 | ||||
| - 38 | - 38 | 0 | ||||
| 6,406 | 17,892 | - 11,486 | 19 | 6,978 | - 21,447 | 97 |
| 571,568 | 39,555 | 532,013 | 11,595 | 3,011 | - 8,664 | - 403 |
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 |
25,698 | 666 | |||
| Other changes | 1,781 | ||||
| Balance as of 30.06.2013 | 70,048 | 141,078 | 319,094 | - 14,301 | |
| Balance as of 31.12.2013 | 70,048 | 141,078 | 339,888 | - 18,828 | |
| Dividends | - 31,522 | ||||
| First consolidation of interests in related parties |
|||||
| Total comprehensive income subgroup |
21,939 | - 23,168 | |||
| Balance as of 30.06.2014 | 70,048 | 141,078 | 330,305 | - 41,996 |
in € thousand; annex to the condensed notes
| Balance as of 31.12.2012 | |
|---|---|
| Dividends | |
| Total comprehensive income subgroup | |
| Other changes | |
| Balance as of 30.06.2013 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.06.2013 | |
| Balance as of 31.12.2013 | |
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.06.2014 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.06.2014 | |
| Parent com pany interests |
Non-controlling interests |
Total subgroup consolidated equity |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Cash fl ow hedges |
Actuarial gains/losses |
Deferred taxes on changes recognised directly in equity |
Other | |||
| - 818 | - 4,543 | 1,693 | 11,552 | 541,190 | - 1,402 | 539,788 |
| - 45,532 | - 279 | - 45,811 | ||||
| 209 | 6,380 | - 2,067 | - 103 | 30,783 | 17,495 | 48,278 |
| - 1 | 1,780 | 9 | 1,789 | |||
| - 609 | 1,837 | - 374 | 11,448 | 528,221 | 15,824 | 544,045 |
| - 500 | 11,471 | - 3,542 | 11,576 | 551,191 | 21,700 | 572,891 |
| - 31,522 | 0 | - 31,522 | ||||
| 0 | - 38 | - 38 | ||||
| 97 | - 21,109 | 6,869 | 19 | - 15,352 | 17,892 | 2,540 |
| - 403 | - 9,638 | 3,327 | 11,595 | 504,316 | 39,555 | 543,871 |
| 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 | ||||
| 3,175 | 71 | - 23 | 3,223 | ||
| 14 | 14 | ||||
| 2,705 | 506 | 30,406 | 746 | - 240 | 34,123 |
| 116 | 116 | ||||
| - 10,124 | - 10,124 | ||||
| - 10,008 | - 10,008 | ||||
| 2,705 | 506 | 20,398 | 746 | - 240 | 24,115 |
| 2,705 | 506 | 33,004 | 1,312 | - 424 | 37,103 |
| - 3,381 | - 3,381 | ||||
| 3,976 | - 338 | 109 | 3,747 | ||
| 2,705 | 506 | 33,599 | 974 | - 314 | 37,470 |
| 119 | 119 | ||||
| - 9,892 | - 9,892 | ||||
| - 9,773 | - 9,773 | ||||
| 2,705 | 506 | 23,826 | 974 | - 314 | 27,697 |
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 continued to escalate during the fi rst half of 2014. Ukraine's future political make-up remains highly uncertain. In addition to this, the Ukrainian currency – the hryvnia – depreciated by over 31 % against the euro between 31 December 2013 and the end of June 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 € 23.2 million, while the fi nancial result was € 5.5 million lower.
The Condensed Interim Consolidated Financial Statements for the period from 1 January to 30 June 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 have been reviewed by the auditors and should be read in conjunction with the audited Consolidated Financial Statements as of 31 December 2013.
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 com panies 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. As of 1 January 2014, HHLA has used the equity method for joint ventures 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 the previous year's fi gures from the HHLA's Consolidated Financial Statements:
| in € thousand | 1– 6 2013 |
|---|---|
| Decrease in revenue | - 8,813 |
| Decrease in earnings before interest, taxes, depreciation and amortisation (EBITDA) |
- 3,308 |
| Decrease in earnings before interest and taxes (EBIT) | - 2,289 |
| Decrease in earnings before taxes (EBT) | - 84 |
| 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– 6 2013 |
|---|---|
| Decrease in cash fl ow from operating activities | - 1,710 |
| Increase in cash fl ow from investing activities | 1,832 |
| Change in cash fl ow from fi nancing activities | 1 |
| Decrease in fi nancial funds | - 93 |
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, Germany, which has had its headquarters in Leipzig since 14 April 2014, was included in the Consolidated Financial Statements for the fi rst time as of 1 January 2014.
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 attrib utable 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.
No signifi cant shares in subsidiaries were purchased or sold in the fi rst half of 2014.
The following table illustrates the calculation for basic earnings per share:
| 1– 6 2014 | 1– 6 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of | ||
| the parent company in € thousand | 26,035 | 28,990 |
| Number of shares in circulation | 72,753,334 | 72,753,334 |
| Basic earnings per share in € | 0.36 | 0.40 |
The basic earnings per share were calculated for the Port Logistics subgroup as follows:
| 1– 6 2014 | 1– 6 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
21,940 | 25,699 |
| Number of shares in circulation | 70,048,834 | 70,048,834 |
| Basic earnings per share in € | 0.31 | 0.37 |
The basic earnings per share were calculated for the Real Estate subgroup as follows:
| 1– 6 2014 | 1– 6 2013 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
4,095 | 3,291 |
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share in € | 1.51 | 1.22 |
The diluted earnings per share are identical to the 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 des cribed 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– 6 2014 | 1– 6 2013 | ||
|---|---|---|---|---|
| Total segment earnings (EBIT) | 81,031 | 78,257 | ||
| Elimination of business relations between the segments and subgroups |
357 | 434 | ||
| Group (EBIT) | 81,388 | 78,692 | ||
| Earnings from associates accounted for using the equity method |
2,775 | 1,527 | ||
| Net interest income | - 20,772 | - 15,770 | ||
| Other fi nancial result | 404 | 404 | ||
| Earnings before tax (EBT) | 63,795 | 64,853 |
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 June of the years 2014 and 2013 are presented in the statement of changes in equity.
The calculation of pension provisions as of 30 June 2014 was based on an interest rate of 3.00 % (31 December 2013: 3.50 %; 30 June 2013: 3.25 %). 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 |
- 21,520 | 0 |
| Change during the fi nancial year due to changes in other parameters |
0 | 6,442 |
| Cumulative actuarial gains (+)/losses (-) as of 30.06 |
- 8,783 | 2,476 |
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 June 2014, total capital expenditure throughout the HHLA Group amounted to € 56.9 million.
The largest investments up to the end of the fi rst half of 2014 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 June 2014, the Container segment accounted for the bulk of investment commitments at € 41.2 million.
The table below shows the carrying amounts and fair values of fi nancial assets and fi nancial liabilities, as well as their level in the fair value hierarchy. This does 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) | 3,901 | 3,901 | 3,901 | 3,901 | |||
| 0 | 3,901 | 3,901 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 8,775 | 4,496 | 13,271 | ||||
| Trade receivables | 159,387 | 159,387 | |||||
| Receivables from related parties | 40,835 | 40,835 | |||||
| Other fi nancial receivables | 3,072 | 3,072 | |||||
| Cash, cash equivalents and short-term deposits | 180,289 | 180,289 | |||||
| 392,358 | 4,496 | 396,854 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other 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) |
302 | 487 | 789 | 789 | 789 | |||
| 302 | 487 | 0 | 789 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (amounts due to banks) | 295,469 | 295,469 | 300,843 | 300,843 | ||||
| Financial liabilities (fi nance lease liabilities) | 8,354 | 8,354 | 4,361 | 4,361 | ||||
| Financial liabilities (other) | 70,599 | 70,599 | ||||||
| Trade liabilities | 77,280 | 77,280 | ||||||
| Liabilities to related parties (fi nance lease liabilities) |
106,975 | 106,975 | 106,975 | 106,975 | ||||
| Liabilities to related parties (other) | 72,090 | 72,090 | ||||||
| 0 | 0 | 630,767 | 630,767 |
| 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) | 3,741 | 3,741 | 3,741 | 3,741 | |||
| 0 | 3,741 | 3,741 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 4,068 | 4,224 | 8,292 | ||||
| Trade receivables | 141,078 | 141,078 | |||||
| Receivables from related parties | 42,776 | 42,776 | |||||
| Other fi nancial receivables | 2,934 | 2,934 | |||||
| Cash, cash equivalents and short-term deposits | 195,821 | 195,821 | |||||
| 386,677 | 4,224 | 390,901 |
| 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) |
702 | 561 | 1,264 | 1,264 | 1,264 | |||
| 702 | 561 | 0 | 1,264 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (amounts due to banks) | 335,001 | 335,001 | 336,338 | 336,338 | ||||
| Financial liabilities (fi nance lease liabilities) | 13,354 | 13,354 | 6,971 | 6,971 | ||||
| Financial liabilities (other) | 87,354 | 87,354 | ||||||
| Trade liabilities | 68,643 | 68,643 | ||||||
| Liabilities to related parties (fi nance lease liabilities) |
114,163 | 114,163 | 114,163 | 114,163 | ||||
| Liabilities to related parties (other) | 73,950 | 73,950 | ||||||
| 0 | 0 | 692,465 | 692,465 |
The previous year's fi gures were retrospectively restated due to the effects of applying IFRS 11.
Write-backs on securities totalling € 14 thousand (previous year: € 13 thousand) were recognised in the reporting year.
In the fi rst half of 2014, gains of € 119 thousand (previous year: € 363 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 € 97 thousand (previous year: € 209 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 € 14,089 thousand (previous year: € 18,360 thousand). Of these, fi nancial instruments covering an amount of € 7,682 thousand ( previous year: € 8,760 thousand) with a market value of € - 487 thousand (previous year: € - 694 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 differences between the carrying amounts and fair values of fi nancial instruments reported under non-current 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.
From 15–23 July 2014, over a period of fi ve days, the 7th di vision of Germany's Federal Administrative Court heard submissions from environmental associations opposing plan approval for the dredging of the River Elbe. These proceedings were concluded on 23 July. The court is due to deliver its decision on 2 October 2014 on the basis of the arguments put forward during these proceedings. On a positive note, the court is in no doubt regarding the need to deepen the navigation channel. The court must now determine by 2 October whether all of the environmental concerns have been considered objectively and in compliance with applicable legislation. Only then will it be possible to issue a valid statement regarding the outcome of the proceedings.
There were no other notable events after the balance sheet date 30 June 2014.
Hamburg, 14 August 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, 14 August 2014
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
To Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg
We have reviewed the condensed interim consolidated fi nancial statements, comprising the statement of fi nancial position, the income statement, the statement of other comprehensive income, the statement of cash fl ows, the statement of changes in equity and selected explanatory notes – and the interim group management report of Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg, for the period from 1 January to 30 June 2014, which are part of the six-monthly fi nancial report pursuant to Sec. 37w WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act]. The preparation of the condensed interim consolidated fi nancial statements in accordance with IFRSs [International Financial Reporting Standards] on interim fi nancial reporting as adopted by the EU and of the group management report in accordance with the provisions of the WpHG applicable to interim group management reports. Our responsibility is to issue a report on the condensed interim consolidated fi nancial statements and the interim group management report based on our review.
We conducted our review of the condensed interim consolidated fi nancial statements and the interim group management report in accordance with the German generally accepted standards for the review of fi nancial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude that the condensed interim consolidated fi nancial statements are not prepared, in all material respects, in accordance with IFRSs on interim fi nancial reporting as adopted by the EU and that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to making enquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of fi nancial statements. In accordance with our engagement, we have not performed an audit and, accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated fi nancial statements are not prepared, in all material respects, in accordance with IFRSs on interim fi nancial reporting as adopted by the EU or that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.
Hamburg, 14 August 2014
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
Grummer Brorhilker Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor)
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Phone: +49-40-3088-0 Fax: +49-40-3088-3355 [email protected] www.hhla.de
Phone: +49-40-3088-3100 Fax: +49-40-3088-55-3100 [email protected]
Phone: +49-40-3088-3520 Fax: +49-40-3088-3355 [email protected]
Kirchhoff Consult AG
For specialist terminology and 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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