Quarterly Report • May 16, 2013
Quarterly Report
Open in ViewerOpens in native device viewer
hamburger hafen und logistik aktiengesellschaft Interim Report January to March 2013
| HHLA Group | |||
|---|---|---|---|
| in € million | 1–3 2013 | 1–3 2012 | Change |
| Revenue and Earnings | |||
| Revenue | 279.0 | 286.8 | - 2.7 % |
| EBITDA | 69.1 | 64.0 | 7.9 % |
| EBITDA margin in% | 24.7 | 22.3 | 2.4 pp |
| EBIT | 38.5 | 34.0 | 13.2 % |
| EBIT margin in% | 13.8 | 11.9 | 1.9 pp |
| Profit after tax | 22.3 | 19.1 | 16.8 % |
| Profit after tax and minority interests | 14.4 | 9.7 | 48.1 % |
| Cash Flow and Investments | |||
| Cash flow from operating activities | 41.6 | 53.0 | - 21.4 % |
| Investments | 36.6 | 30.4 | 20.1 % |
| Volume Data | |||
| Container throughput in thousand TEU | 1,818 | 1,731 | 5.0 % |
| Container transport 1 in thousand TEU | 290 | 454 | - 36.1 % |
| in € million | 31.03.2013 | 31.12.2012 | Change |
| Balance Sheet | |||
| Total assets | 1,798.7 | 1,768.5 | 1.7 % |
| Equity | 588.1 | 562.0 | 4.6 % |
| Equity ratio in% | 32.7 | 31.8 | 0.9 pp |
| Employees | |||
| Number of employees | 4,943 | 4,915 | 0.6 % |
| 1–3 2013 | 1–3 2012 | Change | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|---|---|
| 272.2 | 280.2 | - 2.8 % | 8.1 | 8.0 | 1.2 % |
| 64.3 | 60.5 | 6.3 % | 4.8 | 3.5 | 35.8 % |
| 23.6 | 21.6 | 2.0 pp | 58.7 | 43.7 | 15.0 pp |
| 34.8 | 31.5 | 10.4 % | 3.7 | 2.5 | 49.8 % |
| 12.8 | 11.2 | 1.6 pp | 45.3 | 30.6 | 14.7 pp |
| 12.8 | 8.8 | 46.1 % | 1.6 | 1.0 | 66.7 % |
| 0.18 | 0.13 | 46.0 % | 0.59 | 0.35 | 66.7 % |
Transport volume was fully consolidated.
Before consolidation between the subgroups
Listed Class A shares
4 Non-listed Class S shares
5 Basic and diluted
Financial Calendar/Imprint
| 31.12.2012 – 31.03.2013 | HHLA | MDAX | DAX |
|---|---|---|---|
| Change | - 4.4% | 11.8% | 2.4% |
| Closing 31.12.2012 | 17.82 € | 11,914 | 7,612 |
| Closing 31.03.2013 | 17.03 € | 13,322 | 7,795 |
| High | 19.81 € | 13,515 | 8,058 |
| Low | 17.03 € | 12,149 | 7,581 |
In the first quarter of 2013, the leading German indices largely trended favourably. The preliminary agreement on the US budget deliberations, cautiously optimistic economic forecasts and persistently high liquidity helped the international stock markets get off to a good start in the new trading year. Despite a few ups and downs, the DAX largely trended sideways as a result. After new concerns about the European Union's ability to manage the debt crisis in the wake of parliamentary elections in Italy, the difficulties with forming a government darkened the sentiment on the stock markets in late February. Nevertheless, the DAX turned out from its sideways phase at the beginning of March and reached the 8,000-point mark. In mid-March, the financial difficulties in Cyprus triggered uncertainty throughout the capital markets. The bailout package subsequently agreed by the EU, ECB and IMF was met with relief and also bolstered the German indices at the end of the quarter. The leading German index DAX closed the first quarter at 7,795 points, representing a rise of 2.4% over its year-end level in 2012. The MDAX made further strong progress, closing 11.8% higher at 13,322 points.
The HHLA share also began the year with a strong recovery on the back of unexpected good throughput figures from Chinese ports and generally sounder economic prospects. The positive view lifted the share above the €19 mark to reach a quarterly high of €19.81 on 10 January. Further support came from HHLA's preliminary figures for the 2012 financial year, which were well received by the capital markets in early February and raised the share price by a good 5%. As it became more and more evident that the strong performance in Asia at the beginning of the year was largely due to advance shipping of container volumes, which would fall back to more modest levels after the Chinese New Year, the share lost most of the ground it had gained and flattened out in the second half of February at just over €18.
Re-emerging economic concerns in view of the electoral stalemate in Italy and fiscal situation in Cyprus heaped further pressure on the share price. Furthermore, the temporary closure of the Kiel canal for maintenance work at the beginning of March once again highlighted the importance of public infrastructure projects for the Port of Hamburg, such as the maintenance and dredging of key waterways including that of the river Elbe. Even the proposal to repeat the previous year's dividend of 65 cents per share – announced in late March together with the 2012 annual financial statements and guidance for 2013 – was unable to reverse the trend. Consequently, the share price closed the quarter on 28 March at a low of €17.03.
During the first quarter again, numerous talks were held with investors and analysts. HHLA also took part in investor conferences held in the US and continental Europe. Discussions focused primarily on the dredging of the river Elbe's navigation channel, the modernisation work at the Container Terminal Burchardkai and the handling of peak loads caused by the development in ship sizes. The number of financial analysts covering the HHLA share remained stable at 25. The majority of them recommend the HHLA share as a hold or a buy. Despite the disappointing share performance, HHLA's communications activities were positively assessed once again by the capital markets. In a survey of around 2,400 capital market participants conducted by the US magazine Institutional Investor, HHLA ranked first in the category "Europe's Best Investor Relations Professional" in the transport sector.
Source: Datastream
The 2013 financial year started well for Hamburger Hafen und Logistik AG. We achieved strong volume growth in our core business sectors and increased earnings year on year – an achievement all the more remarkable in view of the persistently challenging environment. In addition to the ongoing uncertainty of the general economic outlook, these challenges include the current economic weaknesses in many parts of our target markets in Central and Eastern Europe, the unsatisfactory earnings position of many shipping lines, rising overcapacities at terminals in Northern Europe and further delays in commencing work to dredge the navigation channel of the river Elbe. In addition, permanent construction work on the Kiel canal means that it remains an infrastructural burden for Hamburg as a logistics hub.
Against this background, our strategy of focusing on boosting the performance of our container terminals and realigning our Intermodal segment served us well in the first three months of the 2013 financial year. Once again, we succeeded in underlining the geographical benefits of the Port of Hamburg with regard to transportation. These efforts were also supported by the significant increase in container rail transport services offered by our realigned Intermodal companies, particularly in Austria and Germany. These services have been very well received and secure additional cargo flows for the Port of Hamburg.
Our good start to 2013 – despite the persistently high degree of economic uncertainty and ongoing challenges in our direct market environment – means that we stand by our recent forecast. We expect container throughput to remain on a par with the previous year and anticipate a significant increase in container transport for the 2013 financial year. On this basis, we aim to achieve a slight year-on-year increase in revenue. General cost increases will have a negative impact on earnings as container throughput remains flat. The rising earnings potential of our rail companies will only have a limited effect on the result in 2013 due to additional costs for penetrating new markets. It will be unable to compensate for the one-off gain of €17 million recorded in 2012 from the realignment of the Intermodal segment. We therefore aim to generate an operating result (EBIT) in the range of €155 million to €175 million for the full year 2013.
We are continuing to make targeted, carefully considered investments in our transport network and our container terminals in the current financial year. By doing so, we are ensuring that we have every opportunity to fully realise our medium and long-term growth potential.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
Floating ice on the river Elbe: a container ship from the Japanese shipping company MOL
Global economic growth became firmer in early 2013 following a noticeable slowdown in the previous year. In the majority of the emerging and developing economies in particular, there was a marked upturn in the pace of economic expansion. Gross domestic product (GDP) growth in China, however, remained comparatively flat at 7.7% in the first quarter of 2013.
The mood in many industrialised countries has brightened. Among these nations, it is the US economy that is driving growth – early indicators point to robust growth in the world's largest economy. Nevertheless, significant structural risks still exist, such as the high level of sovereign debt in the US, Japan and large areas of the eurozone.
According to initial estimates by market research institutes, macroeconomic activity in the eurozone has become more stable. In the first three months of 2013, GDP will remain unchanged on the previous quarter. The eurozone is benefiting in part from an upswing in exports. Capital spending is expected to benefit from increased foreign demand from the USA and emerging and developing countries, as well as from reduced uncertainty on the financial markets.
The German economy is enjoying a renewed upturn in the spring of 2013, with GDP growth of 0.5% in the three months to 31 March. The country's weak economic performance in the last quarter of 2012 appears to have been a temporary blip. In the first two months, however, exports remained unchanged year on year, after being adjusted for calendar and seasonal effects, while imports fell by 1.6%.
Container throughput had still not returned to its former growth rates at the beginning of 2013. Whereas the rate of increase in global container volumes usually exceeded GDP growth by a factor of two or three prior to the financial crisis, initial analyses suggest that the global economy and container throughput are now largely developing in step with one another. As a result, global container throughput in the first quarter of 2013 is expected to grow at just 3.1 % year on year according to current estimates by the market research institute Drewry.
At the same time, the situation on the container shipping market remains tense in view of a persistent disequilibrium between supply and demand. This will be exacerbated by the large number of newbuilds set to be delivered in the course of the year, 40 of which will have a capacity of more than 10,000 standard containers (TEU).
HHLA's direct competitors developed heterogeneously. The Bremen ports, with a strong climbing volume number in 2012, reported a decline in container volumes of 13.7% for the first two months of 2013. In Antwerp, where handling volumes flatlined in 2012, there was a fall of 2.8% in the first three months. By contrast, Rotterdam posted a 4.2% increase in throughput for the first quarter of 2013.
No reliable data on the development of cargo transport by road, rail and inland waterways is yet available. Sentiment indicators point to a largely unchanged level.
| in € million | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|
| Revenue | 279.0 | 286.8 | - 2.7 % |
| EBITDA | 69.1 | 64.0 | 7.9 % |
| EBITDA margin in% | 24.7 | 22.3 | 2.4 pp |
| EBIT | 38.5 | 34.0 | 13.2 % |
| EBIT margin in% | 13.8 | 11.9 | 1.9 pp |
| Profit after tax and minority interests | 14.4 | 9.7 | 48.1 % |
| ROCE in% | 11.2 | 10.2 | 1.0 pp |
As of the second quarter of 2012, HHLA's consolidated financial statements have included the effects of realigning shareholdings in the rail operating companies of the Intermodal segment. This realignment led to the deconsolidation of TFG Transfracht and to the full consolidation of the Polzug Group. Both of these companies were consolidated pro rata in the first quarter of 2012.
There were no further effects at Group level resulting from changes in exchange rates or consolidation that had a material impact on the development of revenue and earnings in the reporting period.
There is normally no long-term order backlog for handling and transport services, and thus no use is made of this particular reporting figure.
Despite moderate economic growth and an environment still marked by considerable uncertainty, HHLA was able to increase its handling performance, both year on year and quarter on quarter, in the first three months of 2013. Container throughput rose by 5.0% to 1,818 thousand TEU (previous year: 1,731 thousand TEU). This positive trend is primarily driven by growth in existing liner services, notably in Odessa, as well as to a continued rise in lower-margin feeder traffic. The reported fall in transport volumes of 36.1% to 290 thousand TEU is, first and foremost, the result of the deconsolidation of the rail company mentioned above in the second quarter of 2012 (previous year: 454 thousand TEU). Taking the
new ownership structure in the Intermodal segment into account, transport volumes actually rose by 23.9 % (previous year: 234 thousand TEU), with the set up of new train connections having a positive effect.
Revenue for the HHLA Group came to € 279.0 million in the reporting period, down 2.7% on last year (previous year: € 286.8 million) due to the deconsolidation effects mentioned above. Taking the new Group structure into account, the rise in revenue largely followed the performance trend.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenue of €272.2 million in the reporting period (previous year: €280.2 million). In line with the Group as a whole, revenue in the Port Logistics subgroup decreased mainly as a result of the new ownership structure in the Intermodal segment. By contrast, the non-listed Real Estate subgroup raised revenue by 1.2% to €8.1 million (previous year: € 8.0 million), and accounted for 2.4% of Group revenue.
Changes in inventories at Group level were lower than last year at €1.0 million (previous year: €1.6 million). Own work capitalised came to € 1.9 million (previous year: €2.2 million).
Other operating income stood at €12.2 million (previous year: €7.3 million), an increase which was largely due to an accounting gain from the sale of property in the Logistics segment.
Operating expenses fell by 3.1% largely due to consolidation. Taking the new ownership structure into account, the increase virtually shadowed the trends in performance and revenue.
The cost of materials fell to €89.6 million in the reporting period, primarily as a result of consolidation (previous year: €106.2 million). The cost-ofmaterials ratio fell accordingly to 32.1% (previous year: 37.0%). Adjusted for the realignment of the Intermodal segment, this item tracked volume growth and for the most part was therefore a variable expense.
Personnel expenses rose year-on-year by 6.7% to €100.2 million (previous year: €93.9 million), while the personnel expenses ratio increased to 35.9% (previous year: 32.7%). In addition to wage increases, the change in working practices at the largest container terminal in Hamburg had a negative impact.
Other operating expenses climbed by 4.4% to €35.3 million (previous year: €33.8 million) in the reporting period. While expenses for consultancy work and external maintenance services for the terminals in Hamburg fell, rental and leasing expenses increased. The ratio of expenses to revenue was slightly higher than last year at 12.6% (previous year: 11.8%).
As a result of these developments, the HHLA Group saw its operating result before depreciation and amortisation (EBITDA) rise by 7.9% to €69.1 million (previous year: €64.0 million). The EBITDA margin for the reporting period of 24.7% was therefore also higher than last year (previous year: 22.3%).
Depreciation and amortisation was just above the previous year's level at €30.5 million (previous year: €30.0 million), which was due to investments made in the current and previous year.
At Group level, the operating result (EBIT) increased by 13.2% to €38.5 million (previous year: €34.0 million), primarily as a result of an improvement in earnings in the Container segment and the accounting gain from the sale of property in the Logistics segment. The EBIT margin rose by 1.9 percentage points from 11.9% in the previous year to 13.8%. The Port Logistics and Real Estate subgroups contributed 90.2% and 9.8% to EBIT, respectively.
Net financial expenses of € 8.0 million remained unchanged year on year (previous year: €8.0 million).
As a result of deferred taxes on exchange rate differences for a foreign subsidiary which were recognised as an expense, the Group's effective tax rate increased marginally to 27.0% (previous year: 26.8%).
Foloowing the operating result (EBIT), profit after tax increased by 16.8% from €19.1 million to €22.3 million. Profit after tax and minority interests climbed year on year by 48.1% to €14.4 million (previous year: €9.7 million). The accounting gain mentioned above is fully reflected in earnings attributable to shareholders of the parent company.
Earnings per share of €0.20 were also 48.1% above last year's figure of €0.13. The listed Port Logistics subgroup reported a 46.0% rise in earnings per share to €0.18 (previous year: €0.13). Earnings per share of the non-listed Real Estate subgroup increased by 66.7% to €0.59 (previous year: € 0.35). Largely due to the higher operating result (EBIT), the return on capital employed (ROCE) increased by 1.0 percentage point to 11.2% (previous year: 10.2%).
| in € million | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|
| Revenue | 175.4 | 166.1 | 5.6 % |
| EBITDA | 53.8 | 51.4 | 4.6 % |
| EBITDA margin in% | 30.7 | 31.0 | - 0.3 pp |
| EBIT | 31.8 | 28.7 | 10.9 % |
| EBIT margin in% | 18.1 | 17.3 | 0.8 pp |
| Container throughput in thousand TEU | 1,818 | 1,731 | 5.0 % |
The economic environment for the segment is still dominated by a number of challenges. These include modest economic growth, the delay in dredging the river Elbe and the defective condition of the locks of the Kiel canal resulting in significant restrictions to operations.
Despite this challenging environment, the HHLA container terminals in Hamburg and Odessa were able to increase their throughput by 5.0% to 1,818 thousand TEU. This was largely driven by growth of 6.7% in Asian traffic, a further increase in feeder traffic by sea to the Eastern European states on the Baltic coast (+7.4%) and a significant rise in container throughput in Odessa. Traffic to North America, which enjoyed strong growth last year, settled at a high level for Hamburg with a small decrease of 3.0%.
Revenue growth largely shadowed volume increases with a rise of 5.6% to €175.4 million (previous year: €166.1 million). Slightly higher storage fees were able to compensate for the opposing effects of a higher proportion of low-margin feeder traffic amounting to 27.7% (previous year: 26.7%).
Compared with the weak opening quarter of the previous year, the operating result (EBIT) at segment level improved considerably, rising by 10.9% to €31.8 million (previous year: €28.7 million). This was largely due to volume-driven growth and a slight fall in depreciation and amortisation, given that some equipment no longer need to be depreciated in the eleventh year following the opening of the Container Terminal Altenwerder. Delays in the dredging of the navigation channel of the river Elbe continued to burden earnings as well as the enduring reorganisation of Container Terminal Burchardkai. In view of the ever-rising number of mega-ships with a carrying capacity of more than 10,000 TEU, expenses are increasing as additional personnel and equipment are needed to ensure that these vessels are ready to depart during the partially narrow time slots often available.
In the first three months of the 2013 financial year, further investments were made to improve the performance of HHLA container terminals, particularly at the Container Terminal Burchardkai and at the Container Terminal Odessa.
HHLA Container Terminal Burchardkai: straddle carrier on its way to the automated block storage area
| in € million | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|
| Revenue | 73.4 | 88.3 | - 16.9 % |
| EBITDA | 10.3 | 10.8 | - 4.6 % |
| EBITDA margin in% | 14.0 | 12.2 | 1.8 pp |
| EBIT | 5.4 | 6.8 | - 20.3 % |
| EBIT margin in% | 7.3 | 7.7 | - 0.4 pp |
| Container transport1 in thousand TEU |
290 | 454 | - 36.1 % |
Transport volume was fully consolidated.
Due to the realignment of the Intermodal segment in the second quarter of 2012, volume, revenue and earnings levels are not directly comparable with the same quarter of the previous year. For instance, the strong decline in volume is due solely to the traffic of TFG Transfracht which was included in the previous year. By the same token, the fall in revenue is largely attributable to Transfracht, which generated relatively low revenue in relation to transport volume as a company with a low level of value added.
By contrast, the transport companies still included in the segment – the rail companies Metrans and Polzug, as well as the trucking company CTD – were able to increase volumes substantially with a rise of more than 20% in a market environment that, according to early indications, is stagnating. Key contributing factors here were the new connections to Austria, Germany and the seaports in Poland.
The new hub terminal in the Czech town of Ceska Trebova also gave additional momentum to the expansion of the German seaports' hinterland network in the first quarter. It relieves the pressure on the Metrans hub in Prague and offers additional capabilities of increasing services in Austria. Thus, the inland terminal in the Austrian port of Krems on the river Danube, acquired in 2012, contributed to the increase in traffic volume.
Revenue was unable to match the increase in volumes. It was impacted by tougher competition on many routes, which led to some price incentives. There was also a rising number of short-haul connections (e.g. trips within Poland).
Furthermore, segment earnings were burdened by ramp-up costs for numerous newly established connections as well as considerably higher depreciation and amortisation expenses, partly due to the addition of extra container wagons to the Metrans fleet. The restructuring of the rail subsidiary Polzug has already led to considerable volume increases. However, ramp-up and restructuring costs – especially a contractual obligation towards a former shareholder until the end of 2013 – continue to restrict segment earnings.
Overall, the development of revenue and earnings at segment level showed signs of an upward tendency.
New container wagons at Metrans: fit for rising transport volumes
| in € million | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|
| Revenue | 20.8 | 22.7 | - 8.1 % |
| EBITDA | 4.5 | 2.1 | 109.6 % |
| EBITDA margin in% | 21.4 | 9.4 | 12.0 pp |
| EBIT | 3.7 | 1.3 | 194.3% |
| EBIT margin in% | 17.8 | 5.6 | 12.2 pp |
In the first quarter of 2013, sluggish economic growth affected the individual companies of the Logistics segment in very different ways. The segment as a whole recorded an 8.1% decline in revenue to €20.8 million (previous year: €22.7 million). This development was largely due to modest revenue in vehicle logistics, particularly in view of the weaker automotive sector.
The strong increase of almost 200% in the operating result (EBIT) to €3.7 million (previous year: €1.3 million) is attributable to the recognition of hidden reserves from the sale of the property of the Altenwerder logistics centre, which was required for restructuring expenses in project and contract logistics.
Business developed as follows in the different areas.
Vehicle logistics, which also includes container throughput and container packing, was able to increase its seaborne throughput by 8.5% year on year to 425 thousand tonnes. At the same time, vehicle throughput fell by a total of 7.0% to 45.4 thousand vehicles as a result of fewer vehicle exports. Overall, both revenue and earnings were down year-on-year.
Bulk cargo logistics reported a drop in throughput of 7.5% to 3.4 million tonnes in the first quarter due to a postponement in ore handling volumes. Revenue and earnings also remained below the previous year's level.
Project and contract logistics activities were pooled at the Übersee-Zentrum storage and distribution centre in the first quarter of 2013. This was made possible by the new port development plan in Hamburg, which guarantees the use of this land for port purposes in the foreseeable future. This site is now being developed for value-added contract logistics by means of restructuring and modernisation measures. Revenue in this business exceeded the prior-year level. The one-off gain from the sale of the Altenwerder logistics centre was partially required for restructuring expenses.
Despite a slight fall in revenue, consulting activities reported higher earnings in the first three months of the financial year with a good level of order intake.
Due to seasonal factors, cruise logistics registered only a low level of activity with six ships and 24,400 passengers – which was still twice that of the previous year.
Contract and project logistics at HHLA Logistics: modernised warehouse at the Übersee-Zentrum
| in € million | 1–3 2013 | 1–3 2012 | Change |
|---|---|---|---|
| Revenue | 8.1 | 8.0 | 1.2 % |
| EBITDA | 4.8 | 3.5 | 35.8 % |
| EBITDA margin in% | 58.7 | 43.7 | 15.0 pp |
| EBIT | 3.7 | 2.5 | 49.8 % |
| EBIT margin in% | 45.3 | 30.6 | 14.7 pp |
According to the market overview by Jones Lang LaSalle for the first quarter of 2013, the market for office space in Germany's seven top real estate locations weakened considerably year on year with an overall decline in revenue of 21%. By contrast, the office rental market in Hamburg trended positively.
The previous year's level was exceeded by 18%, with 110,400 m² of space being let. Despite a similarly strong rise in the volume of new building, the vacancy rate fell slightly from 8.3% in the first quarter of 2012 to 8.0%. Prime rent remained unchanged on the previous quarters at €24 per square metre.
In this market, the HHLA properties in the Speicherstadt historical warehouse district and around the Fischmarkt on the northern bank of the river Elbe were able to increase their revenue by 1.2% to €8.1 million (previous year: €8.0 million) compared with the first quarter of 2012. High occupancy rates of nearly 100% in both quarters contributed to this performance. This revenue trend was given a further boost by the successful placement of new projects.
The improvement in the operating result (EBIT) easily outperformed this revenue trend: at € 3.7 million it was up 49.8% on the prior-year figure of €2.5 million. This was due to considerably lower maintenance costs compared with the previous year as a result of weather-related delays.
One example of the way the Real Estate segment is developing parts of the Speicherstadt is the completion of the restoration and refurbishment project "Bei St. Annen 2", directly opposite the headquarters of the HHLA Group. This office building is designated as a historical landmark and used to house the Hamburg Free Port Office. The building, by the well-known post-war architect Werner Kallmorgen, was carefully converted into modern offices in line with the regulations which apply to landmarked buildings. Erected in 1952/53, the seven-storey building demonstrates how modern architectural aesthetics can be integrated sensitively into the neo-Gothic surroundings of the Speicherstadt historical warehouse district. It was handed over to further of Hamburg's best-known advertising agencies at the beginning of 2013. This will strengthen the profile of the Speicherstadt as an important location for the media industry.
New creative agency in the historical warehouse district: successful project development by HHLA Real Estate
| in € million | 1–3 2013 | 1–3 2012 |
|---|---|---|
| Financial funds as of 01.01 | 188.9 | 294.8 |
| Cash flow from operating activities |
41.6 | 53.0 |
| Cash flow from investing activities |
- 32.4 | - 130.4 |
| Free cash flow | 9.2 | - 77.4 |
| Cash flow from financing activities |
- 7.0 | - 6.7 |
| Change in financial funds |
2.2 | - 84.1 |
| Change in financial funds due to exchange rates |
- 0.2 | 0.8 |
| Financial funds as of 31.03. |
190.9 | 211.5 |
Cash flow from operating activities decreased year on year from €53.0 million to €41.6 million. This was largely due to an increase in trade receivables and a rise in receivables from related parties. The same period last year had seen a decrease in trade receivables. There was an opposing rise in current financial liabilities and other liabilities, which also fell in the same period last year.
Investing activities led to cash outflows of €32.4 million (previous year: €130.4 million). The decline of €98.0 million resulted from a smaller increase in short-term bank deposits compared with the previous year in the amount of €93.0 million as well as from proceeds from disposals of non-current assets held for sale totalling €17.7 million. Meanwhile, higher investments in property, plant and equipment and in investment property amounting to €13.9 million had the opposite effect. Without the transfer of cash to short-term deposits, cash outflow for investing activities would have come to €22.4 million (previous year: €27.4 million).
Free cash flow – defined as the total cash flow from operating and investing activities – came to €9.2 million at the end of the reporting period (previous year: €-77.4 million) and therefore improved strongly over the previous year.
Cash outflows from financing activities of € 7.0 million (previous year: € 6.7 million) were due to principal repayment on loans as well as the redemption of lease liabilities. The figure came in slightly higher than in the previous year.
As of the reporting date, the changes described above resulted in financial funds of €190.9 million (previous year: €211.5 million), which was slightly higher than at the beginning of the year (€188.9 million). Including short-term deposits, the Group's available liquidity amounted to €190.1 million in total (previous year: € 327.6 million). HHLA continues to have sufficient financial reserves to pursue its value-oriented corporate development strategy.
The investment volume in the reporting period totalled € 36.6 million and was thus well above last year's figure of €30.4 million. Capital expenditure comprised €32.8 million for property, plant and equipment (previous year: € 28.2 million) and € 3.8 million for intangible assets (previous year: € 2.2 million). The investment was mostly for extension work.
A large proportion of capital expenditure in the first quarter of 2013 was for the purchase of new handling equipment and locomotives, the continued modernisation of the Container Terminal Burchardkai and the expansion of the container terminal in Odessa, Ukraine.
In the 2013 financial year, capital expenditure will continue to focus on increasing the productivity of existing terminal areas, expanding the highperformance hinterland connections in line with market demands and extending the Container Terminal Odessa.
Compared with the end of 2012, the HHLA Group's balance sheet total increased as of the reporting date by a total of €30.2 million to €1,798.7 million.
Non-current assets of €1,329.1 million were €4.5 million higher than at year-end 2012 (€1,324.6 million). The main reasons for this development were investments in property, plant and equipment during the reporting period as well as scheduled depreciation with an opposing effect.
| in € million | ||
|---|---|---|
| Assets | 31.03.2013 | 31.12.2012 |
| Non-current assets | 1,329.1 | 1,324.6 |
| Current assets | 469.6 | 443.9 |
| 1,798.7 | 1,768.5 | |
| Equity and liabilities | ||
| Equity | 588.1 | 562.0 |
| Non-current liabilities | 872.7 | 880.0 |
| Current liabilities | 337.9 | 326.5 |
| 1,798.7 | 1,768.5 |
At €469.6 million, current assets exceeded the comparative figure as of 31 December 2012 (€443.9 million) by €25.7 million. Cash and cash equivalents fell due to the HHLA Group's inclusion in the HGV cash clearing system. At the same time, however, receivables from affiliated companies increased by €53.8 million. Furthermore, trade receivables rose by €12.6 million to €140.6 million. The disposal of assets held for sale had an abating effect on the level of current assets (down €12.4 million).
Equity increased by €26.1 million to €588.1 million as of the reporting date (31 December 2012: €562.0 million). This rise is due to the quarterly result. As a consequence, the equity ratio also increased and stood at 32.7% at the end of the quarter (31 December 2012: 31.8%).
The €7.3 million fall in non-current liabilities to € 872.7 million compared with year-end 2012 (€880.0 million) was largely the result of a reduction in non-current financial liabilities (down €6.4 million) caused by the repayment of long-term loans.
The increase in current liabilities was spread across various items, including current liabilities to related parties (up €5.9 million), current financial liabilities (up €5.5 million) and other liabilities (up €5.7 million). Income tax liabilities had an opposing effect (down €3.4 million) and consequently the balance of current liabilities increased by €11.4 million to €337.9 million.
The HHLA Group employed a total of 4,943 people as of 31 March 2013. This represents an increase of 3.5% over the first quarter of 2012. Compared with the figure of 4,915 as of 31 December 2012, there was a slight increase of 0.6%. The most considerable year-on-year changes were the recruitment of 157 employees, or 17.5% of the workforce, in the Intermodal segment due to the new ownership structure of the rail companies and the decline in the Logistics segment to 301 employees or 9.1%.
There are various contracts between the Free and Hanseatic City of Hamburg and/or the Hamburg Port Authority and companies in the HHLA Group for the lease of land and quay walls in the Port of Hamburg and in the Speicherstadt historical warehouse district. Moreover, the HHLA Group lets office space to other enterprises and public institutions affiliated with the Free and Hanseatic City of Hamburg. Further information about these business relationships can be found in the Consolidated Financial Statements as of 31 December 2012.
Number of employees in the HHLA Group as of 31.03.2013
Ongoing structural changes to the market in the fruit business after the reporting date of 31 March 2013 may lead to a change in the recognition or valuation of individual assets over the remainder of the financial year.
In addition, there were no events of special significance in the period up until 14 May 2013.
With regard to the HHLA Group's risk position, the statements made on pages 113 to 122 of the Management Report section of the 2012 Annual Report continue to apply, unless stated otherwise in this report. The risk factors associated with the HHLA Group's business activities are described there in the chapter 'Risk and Opportunity Report'. The risks identified, 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. Newly identified opportunities in the quarter under review are presented in the 'Business Forecast' section of this report.
The general economic development in the first three months of 2013 largely confirmed the expectation announced in the 2012 Annual Report of moderate, global economic growth. Although a number of business confidence and other early indicators pointed towards an economy recovery at the beginning of the year, the global economic environment continued to be fraught with uncertainty. The greatest risks to the global economy are still an escalation of the eurozone debt crisis, the sovereign debt crisis in the USA and a possible economic downturn in the emerging and developing economies. Against this background, the International Monetary Fund (IMF) has downgraded its growth expectations slightly for the full year 2013 by 0.2 percentage points. Nevertheless,
the IMF still forecasts an improvement over the course of the year and expects moderate global growth of 3.3% over 2012.
The slightly revised outlook is also reflected in expectations for the emerging and developing economies, where the IMF has cut its forecast for economic growth by 0.2 percentage points to 5.3%. The main reason for this weaker performance is the slowdown in Chinese economic growth caused by faltering demand from abroad. Nevertheless, according to its most recent forecast, the IMF expects the Chinese economy to expand by 8.0%. Meanwhile, the industrialised economies are likely to experience modest growth of just 1.2%. Despite structural problems in the US economy, sentiment indicators here brightened noticeably early in the year. This is reflected by forecasts of robust economic growth of 1.9%. Compared with the USA, the eurozone is in a far worse condition: economic growth is being hampered in particular by high unemployment and weak domestic demand. The IMF has downgraded its forecast by 0.2 percentage points and no longer expects the eurozone's economy to recover this year. Against the background of a challenging economic environment, the outlook for the German economy in 2013 is also restrained. Total economic output is expected to increase by 0.6% during the year.
In view of the expected economic upswing in the course of 2013, the market research institute Drewry forecasts stronger growth in global container throughput. Following 4.0% in the previous year, container volume is set to increase by 4.7% in 2013. In line with economic forecasts, container volume is likely to develop at different speeds across the regions. Measured by container throughput at the ports, the growth markets are still expected to be trade relations to the Far East (up 5.9%) and Eastern Europe (up 7.3%), as well as South America (up 4.2%) and the Middle East (up 6.7%). Container throughput in the Northern European ports, however, is likely to rise by a modest 0.8%.
The market situation for container shipping is set to remain tense in 2013. Container ships with a total capacity of 1.7 million TEU are due to go into service in 2013, adding to the current imbalance between supply and demand. In view of the lack of growth in Northern European port handling, preward- and onward-carriage systems' transport volumes in the hinterland are hardly likely to increase substantially. Moreover, expenses for both road and rail transportation traffic are expected to increase as a result of rising operating costs.
The outlook for logistics services remains gloomy as a result of the uncertain economic environment. The pressure on contract logistics will continue to be high. In anticipation of an economic improvement in 2013, modest growth is forecast in the automotive and steel industries. In contrast, the number of cruise ships berthing at the port indicates a further strong rise in handling services.
HHLA continues to target Group revenue of in a range € 1.1 billion to € 1.2 billion for the year as a whole, and still expects to generate an operating result (EBIT) of between € 155 million and € 175 million at Group level. EBIT of the Port Logistics subgroup is likely to be in the range of € 142 million to € 162 million. As far as the Real Estate subgroup is concerned, the company expects business to remain stable and satisfactory with an operating result on a par with the previous year.
| HHLA Group | |
|---|---|
| Container throughput |
Similar to previous year in the region of 7.2 million TEU |
| Container transport1 | Above market growth in the region of 1.1 million TEU |
| Revenue | In a range of €1.1 billion to €1.2 billion |
| EBIT | In a range of €155 million to €175 million |
| Investments | In the region of €160 million |
Based on the new ownership structure in the Intermodal segment
In 2013, the following key developments are expected in the earnings position of the operating segments which make up the listed Port Logistics subgroup.
In accordance with the modest assessment of volume growth at the Northern European ports presented above, HHLA continues to forecast throughput in the Container segment for the full year 2013 roughly similar to previous year. Due to uncertainties surrounding economic growth and shipping company scheduling, however, deviations from this figure cannot be ruled out. This was also highlighted by the unexpected strong pace of growth in container throughput in the first quarter of the reporting year, which was largely attributable to scheduling effects among feeder traffic. In view of the expected stagnation in container throughput, a modest increase in revenue is deemed possible. However, this assumption is fraught with uncertainty due to the fiercely competitive environment for container traffic. In terms of cost, the primary objective is to achieve the productivity targets set for the ongoing reorganisation of operational and work processes at the Container Terminal Burchardkai. However, this project will continue to depress earnings in 2013 as a whole, leading to a year-on-year decrease in the segment's operating result due to additions to handling equipment coupled with general cost inflation and greater depreciation and amortisation.
In the Intermodal segment, the volume trend seen in the first three months of the reporting year supports the full-year forecast for 2013, which anticipates a transport volume in the region of 1.1 million TEU. Indeed, this increase in volume should result in a marked rise in the segment's contribution to revenue and based on continuing operations to a figure in excess of that posted in 2012. However, the acquisition of new traffic involves ramp-up costs. The restructuring of Polish traffic will continue in 2013. Tangible cost savings, for example as old traction contracts expire, will probably only be felt from 2014 onwards. Against this background, the segment will not yet be able to build on the previous year's result, which included one-off gain of €17.6 million from the realignment of Intermodal activities.
The outlook also remains unchanged in the Logistics segment: the accounting gain from the sale of property recorded in the course of reorganising contract logistics will not be sufficient to compensate for associated expenses and unsatisfactory earnings. Moreover, vehicle logistics will presumably be unable to build on the operating result of the previous year. With business development in the other business units remaining largely stable and revenue increasing slightly, the segment's operating result – including the accounting gain from the sale of property – is expected to be on a par with the previous year.
HHLA still expects capital expenditure in a region of €160 million at Group level in 2013, of which around €140 million will be attributable to the Port Logistics subgroup. A similar level of investment is currently planned for both the Group and the subgroups in 2014, whereby these assumptions are based on further improvements in economic stability. HHLA's policy of adjusting capital expenditure to demand, however, may lead to different figures over the course of time.
HHLA expects the balance sheet total in 2013 to increase again slightly compared with the previous year. An increase in property, plant and equipment is to be expected on the assets side due to planned capital expenditure. Meanwhile, equity is set to grow further in consideration of the expected net profit for the year and proposed dividend payment, as well as the ongoing reduction of an equalisation liability. Aside from this, financial liabilities may increase due to the need for project-related funding. Overall, HHLA's balance sheet policy remains focused on safeguarding earnings power and grasping opportunities while retaining stable capital structures.
With regard to HHLA's medium-term development, it is vital that the public infrastructure project to dredge the navigation channel in the river Elbe is completed as quickly as possible. Furthermore, it is essential for the business development of HHLA that the global economy returns to stable and reliable growth, meaning that the emerging economies are once again more strongly integrated into the international division of labour as the underlying driver of growth. Providing this happens, HHLA's business model should enable it to raise revenue and earnings both in 2014 and the medium term. HHLA's strategic considerations will take particular account of rising terminal capacities and the behaviour of shipping companies with regard to Baltic Sea traffic. As a core element of HHLA's service portfolio, the successful expansion of hinterland transportation will play a particularly important role.
HHLA will provide more detailed guidance regarding its earnings and financial position during the course of 2013.
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 2012 and remain valid.
| Areas in which no material changes occurred in the reporting period |
|---|
| (Page numbers refer to the Annual Report 2012) |
| Company goals/strategies page 77 et seq. |
| Main services page 72 et seq. |
| Sales markets/competitive position page 73 et seq. |
| Research and development page 86 et seq. |
| Legal parameters page 79 et seq. |
| Principles and goals of financial management page 103 |
| Future services, sales markets/competitive position, R&D activities page 127 |
| Dividend policy page 127 |
| Medium-term development page 128 |
| in € thousand | 1 - 3 2013 | 1 - 3 2012 |
|---|---|---|
| Revenue | 279,034 | 286,800 |
| Changes in inventories | 956 | 1,601 |
| Own work capitalised | 1,927 | 2,167 |
| Other operating income | 12,169 | 7,327 |
| Cost of materials | - 89,585 | - 106,242 |
| Personnel expenses | - 100,180 | - 93,909 |
| Other operating expenses | - 35,266 | - 33,765 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 69,055 | 63,979 |
| Depreciation and amortisation | - 30,527 | - 29,951 |
| Earnings before interest and taxes (EBIT) | 38,528 | 34,028 |
| Earnings from associates accounted for using the equity method | 101 | 25 |
| Interest income | 866 | 1,801 |
| Interest expenses | - 9,007 | - 9,818 |
| Financial result | - 8,040 | - 7,992 |
| Earnings before tax (EBT) | 30,488 | 26,036 |
| Income tax | - 8,226 | - 6,974 |
| Profit after tax | 22,262 | 19,062 |
| of which attributable to non-controlling interests | 7,875 | 9,350 |
| of which attributable to shareholders of the parent company | 14,387 | 9,712 |
| Earnings per share, basic, in € | ||
| Group | 0.20 | 0.13 |
| Port Logistics | 0.18 | 0.13 |
| Real Estate | 0.59 | 0.35 |
| Earnings per share, diluted, in € | ||
| Group | 0.20 | 0.13 |
| Port Logistics | 0.18 | 0.13 |
| Real Estate | 0.59 | 0.35 |
| in € thousand | 1 - 3 2013 | 1 - 3 2012 |
|---|---|---|
| Profit after tax | 22,262 | 19,062 |
| Components, which can not be transferred to Income Statement | ||
| Actuarial gains/losses | 0 | - 18,114 |
| Deferred taxes | 0 | 5,812 |
| Total | 0 | - 12,302 |
| Components, which can be transferred to Income Statement | ||
| Cash flow hedges | 106 | - 22 |
| Foreign currency translation differences | 1,902 | - 1,513 |
| Deferred taxes | - 30 | 31 |
| Other | 41 | 7 |
| Total | 2,019 | - 1,497 |
| Income and expense recognised directly in equity | 2,019 | - 13,799 |
| Total Other Comprehensive Income | 24,281 | 5,263 |
| of which attributable to non-controlling interests | 7,863 | 9,410 |
| of which attributable to shareholders of the parent company | 16,418 | - 4,147 |
Income Statement HHLA Subgroups Statement of Other Comprehensive Income HHLA Subgroups
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2013 Group |
1–3 2013 Port Logistics |
1–3 2013 Real Estate |
1–3 2013 Consolidation |
|---|---|---|---|---|
| Revenue | 279,034 | 272,199 | 8,135 | - 1,300 |
| Changes in inventories | 956 | 953 | 3 | 0 |
| Own work capitalised | 1,927 | 1,892 | 0 | 35 |
| Other operating income | 12,169 | 10,776 | 1,609 | - 216 |
| Cost of materials | - 89,585 | - 87,724 | - 1,861 | 0 |
| Personnel expenses | - 100,180 | - 99,644 | - 536 | 0 |
| Other operating expenses | - 35,266 | - 34,172 | - 2,575 | 1,481 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 69,055 | 64,280 | 4,775 | 0 |
| Depreciation and amortisation | - 30,527 | - 29,514 | - 1,090 | 77 |
| Earnings before interest and taxes (EBIT) | 38,528 | 34,766 | 3,685 | 77 |
| Earnings from associates accounted for using the equity method | 101 | 101 | 0 | 0 |
| Interest income | 866 | 857 | 51 | - 42 |
| Interest expenses | - 9,007 | - 7,680 | - 1,369 | 42 |
| Financial result | - 8,040 | - 6,722 | - 1,318 | 0 |
| Earnings before tax (EBT) | 30,488 | 28,044 | 2,367 | 77 |
| Income tax | - 8,226 | - 7,377 | - 830 | - 19 |
| Profit after tax | 22,262 | 20,667 | 1,537 | 58 |
| of which attributable to non-controlling interests | 7,875 | 7,875 | 0 | |
| of which attributable to shareholders of the parent company | 14,387 | 12,792 | 1,595 | |
| Earnings per share, basic, in € | 0.20 | 0.18 | 0.59 | |
| Earnings per share, diluted, in € | 0.20 | 0.18 | 0.59 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2013 Group |
1–3 2013 Port Logistics |
1–3 2013 Real Estate |
1–3 2013 Consolidation |
|---|---|---|---|---|
| Profit after tax | 22,262 | 20,667 | 1,537 | 58 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | 0 | 0 | 0 | |
| Deferred taxes | 0 | 0 | 0 | |
| Total | 0 | 0 | 0 | |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | 106 | 106 | 0 | |
| Foreign currency translation differences | 1,902 | 1,902 | 0 | |
| Deferred taxes | - 30 | - 30 | 0 | |
| Other | 41 | 41 | 0 | |
| Total | 2,019 | 2,019 | 0 | |
| Income and expense recognised directly in equity | 2,019 | 2,019 | 0 | 0 |
| Total Other Comprehensive Income | 24,281 | 22,686 | 1,537 | 58 |
| of which attributable to non-controlling interests | 7,863 | 7,863 | 0 | |
| of which attributable to shareholders of the parent company | 16,418 | 14,823 | 1,595 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| Revenue | 286,800 | 280,155 | 8,039 | - 1,394 |
| Changes in inventories | 1,601 | 1,604 | - 3 | 0 |
| Own work capitalised | 2,167 | 2,155 | 0 | 12 |
| Other operating income | 7,327 | 6,215 | 1,320 | - 208 |
| Cost of materials | - 106,242 | -104,537 | - 1,706 | 1 |
| Personnel expenses | - 93,909 | - 93,342 | - 567 | 0 |
| Other operating expenses | - 33,765 | - 31,788 | - 3,566 | 1,589 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 63,979 | 60,462 | 3,517 | 0 |
| Depreciation and amortisation | - 29,951 | 28,970 | - 1,057 | 76 |
| Earnings before interest and taxes (EBIT) | 34,028 | 31,492 | 2,460 | 76 |
| Earnings from associates accounted for using the equity method | 25 | 25 | 0 | 0 |
| Interest income | 1,801 | 1,811 | 19 | - 29 |
| Interest expenses | - 9,818 | - 8,673 | - 1,174 | 29 |
| Financial result | - 7,992 | - 6,837 | - 1,155 | 0 |
| Earnings before tax (EBT) | 26,036 | 24,655 | 1,305 | 76 |
| Income tax | - 6,974 | - 6,550 | - 406 | - 18 |
| Profit after tax | 19,062 | 18,105 | 899 | 58 |
| of which attributable to non-controlling interests | 9,350 | 9,350 | 0 | |
| of which attributable to shareholders of the parent company | 9,712 | 8,755 | 957 | |
| Earnings per share, basic, in € | 0.13 | 0.13 | 0.35 | |
| Earnings per share, diluted, in € | 0.13 | 0.13 | 0.35 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| Profit after tax | 19,062 | 18,105 | 899 | 58 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 18,114 | - 17,798 | - 316 | |
| Deferred taxes | 5,812 | 5,711 | 101 | |
| Total | - 12,302 | - 12,087 | - 215 | |
| Components, which can be transferred to Income Statement | ||||
| Cash flow hedges | - 22 | - 22 | 0 | |
| Foreign currency translation differences | - 1,513 | - 1,513 | 0 | |
| Deferred taxes | 31 | 31 | 0 | |
| Other | 7 | 7 | 0 | |
| Total | - 1,497 | - 1,497 | 0 | |
| Income and expense recognised directly in equity | - 13,799 | - 13,584 | - 215 | 0 |
| Total Other Comprehensive Income | 5,263 | 4,521 | 684 | 58 |
| of which attributable to non-controlling interests | 9,410 | 9,410 | 0 | |
| of which attributable to shareholders of the parent company | - 4,147 | - 4,889 | 742 |
| in € thousand | ||
|---|---|---|
| Assets | 31.03.2013 | 31.12.2012 |
| Non-current assets | ||
| Intangible assets | 84,064 | 82,642 |
| Property, plant and equipment | 1,009,178 | 1,002,307 |
| Investment property | 179,820 | 180,851 |
| Associates accounted for using the equity method | 2,140 | 2,039 |
| Financial assets | 13,472 | 13,935 |
| Deferred taxes | 40,406 | 42,826 |
| 1,329,080 | 1,324,600 | |
| Current assets | ||
| Inventories | 23,118 | 21,743 |
| Trade receivables | 140,599 | 128,037 |
| Receivables from related parties | 78,723 | 24,928 |
| Other financial receivables | 3,233 | 2,382 |
| Other assets | 25,542 | 14,957 |
| Income tax receivables | 8,296 | 9,345 |
| Cash, cash equivalents and short-term deposits | 190,080 | 230,072 |
| Non-current assets held for sale | 0 | 12,442 |
| 469,591 | 443,906 | |
| 1,798,671 | 1,768,506 | |
| 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 | 371,875 | 355,690 |
| Subgroup Port Logistics | 349,943 | 335,366 |
| Subgroup Real Estate | 21,932 | 20,324 |
| Other comprehensive income | - 4,596 | - 6,626 |
| Subgroup Port Logistics | - 5,053 | - 7,083 |
| Subgroup Real Estate | 457 | 457 |
| Non-controlling interests | 6,462 | - 1,411 |
| Subgroup Port Logistics | 6,462 | - 1,411 |
| Subgroup Real Estate | 0 | 0 |
| 588,078 | 561,990 | |
| Non-current liabilities | ||
| Pension provisions | 385,086 | 384,235 |
| Other non-current provisions | 51,912 | 54,221 |
| Non-current liabilities to related parties | 114,052 | 114,089 |
| Non-current financial liabilities | 307,654 | 314,016 |
| Deferred taxes | 13,998 | 13,419 |
| 872,702 | 879,980 | |
| Current liabilities | ||
| Other current provisions | 22,790 | 25,569 |
| Trade liabilities | 66,375 | 65,850 |
| Current liabilities to related parties | 76,431 | 70,580 |
| Current financial liabilities | 143,795 | 138,314 |
| Other liabilities | 27,473 | 21,765 |
| Income tax liabilities | 1,027 | 4,458 |
| 337,891 | 326,536 | |
| 1,798,671 | 1,768,506 |
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.03.2013 Group |
31.03.2013 Port Logistics |
31.03.2013 Real Estate |
31.03.2013 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 84,064 | 84,059 | 5 | 0 |
| Property, plant and equipment | 1,009,178 | 987,774 | 5,047 | 16,357 |
| Investment property | 179,820 | 54,171 | 155,392 | - 29,743 |
| Associates accounted for using the equity method | 2,140 | 2,140 | 0 | 0 |
| Financial assets | 13,472 | 11,385 | 2,087 | 0 |
| Deferred taxes | 40,406 | 51,061 | 0 | - 10,655 |
| 1,329,080 | 1,190,590 | 162,531 | - 24,041 | |
| Current assets | ||||
| Inventories | 23,118 | 22,997 | 121 | 0 |
| Trade receivables | 140,599 | 139,957 | 642 | 0 |
| Receivables from related parties | 78,723 | 82,654 | 2,713 | - 6,644 |
| Other financial receivables | 3,233 | 3,222 | 11 | 0 |
| Other assets | 25,542 | 25,268 | 274 | 0 |
| Income tax receivables | 8,296 | 8,533 | 0 | - 237 |
| Cash, cash equivalents and short-term deposits | 190,080 | 189,695 | 385 | 0 |
| Non-current assets held for sale | 0 | 0 | 0 | 0 |
| 469,591 | 472,326 | 4,146 | - 6,881 | |
| 1,798,671 | 1,662,916 | 166,677 | - 30,922 |
| Equity and liabilities | ||||
|---|---|---|---|---|
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 371,875 | 349,943 | 31,999 | - 10,067 |
| Other comprehensive income | - 4,596 | - 5,053 | 457 | 0 |
| Non-controlling interests | 6,462 | 6,462 | 0 | 0 |
| 588,078 | 562,478 | 35,667 | - 10,067 | |
| Non-current liabilities | ||||
| Pension provisions | 385,086 | 378,462 | 6,624 | 0 |
| Other non-current provisions | 51,912 | 50,403 | 1,509 | 0 |
| Non-current liabilities to related parties | 114,052 | 114,052 | 0 | 0 |
| Non-current financial liabilities | 307,654 | 279,517 | 28,137 | 0 |
| Deferred taxes | 13,998 | 18,299 | 9,673 | - 13,974 |
| 872,702 | 840,733 | 45,943 | - 13,974 | |
| Current liabilities | ||||
| Other current provisions | 22,790 | 22,359 | 431 | 0 |
| Trade liabilities | 66,375 | 63,986 | 2,389 | 0 |
| Current liabilities to related parties | 76,431 | 6,069 | 77,006 | - 6,644 |
| Current financial liabilities | 143,795 | 139,120 | 4,675 | 0 |
| Other liabilities | 27,473 | 27,202 | 271 | 0 |
| Income tax liabilities | 1,027 | 969 | 295 | - 237 |
| 337,891 | 259,705 | 85,067 | - 6,881 | |
| 1,798,671 | 1,662,916 | 166,677 | - 30,922 |
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2012 Group |
31.12.2012 Port Logistics |
31.12.2012 Real Estate |
31.12.2012 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 82,642 | 82,639 | 3 | 0 |
| Property, plant and equipment | 1,002,307 | 980,772 | 5,068 | 16,467 |
| Investment property | 180,851 | 55,597 | 155,183 | - 29,929 |
| Associates accounted for using the equity method | 2,039 | 2,039 | 0 | 0 |
| Financial assets | 13,935 | 11,937 | 1,998 | 0 |
| Deferred taxes | 42,826 | 51,934 | 0 | - 9,108 |
| 1,324,600 | 1,184,918 | 162,252 | - 22,570 | |
| Current assets | ||||
| Inventories | 21,743 | 21,673 | 70 | 0 |
| Trade receivables | 128,037 | 127,377 | 660 | 0 |
| Receivables from related parties | 24,928 | 28,873 | 2,472 | - 6,417 |
| Other financial receivables | 2,382 | 2,377 | 5 | 0 |
| Other assets | 14,957 | 14,777 | 180 | 0 |
| Income tax receivables | 9,345 | 9,505 | 0 | - 160 |
| Cash, cash equivalents and short-term deposits | 230,072 | 229,614 | 458 | 0 |
| Non-current assets held for sale | 12,442 | 12,442 | 0 | 0 |
| 443,906 | 446,638 | 3,845 | - 6,577 | |
| 1,768,506 | 1,631,556 | 166,097 | - 29,147 |
| Equity and liabilities | ||||
|---|---|---|---|---|
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 355,690 | 335,366 | 30,449 | - 10,125 |
| Other comprehensive income | - 6,626 | - 7,083 | 457 | 0 |
| Non-controlling interests | - 1,411 | - 1,411 | 0 | 0 |
| 561,990 | 537,998 | 34,116 | - 10,125 | |
| Non-current liabilities | ||||
| Pension provisions | 384,235 | 377,591 | 6,644 | 0 |
| Other non-current provisions | 54,221 | 52,720 | 1,501 | 0 |
| Non-current liabilities to related parties | 114,089 | 114,089 | 0 | 0 |
| Non-current financial liabilities | 314,016 | 284,618 | 29,398 | 0 |
| Deferred taxes | 13,419 | 16,507 | 9,357 | - 12,445 |
| 879,980 | 845,525 | 46,900 | - 12,445 | |
| Current liabilities | ||||
| Other current provisions | 25,569 | 21,364 | 4,205 | 0 |
| Trade liabilities | 65,850 | 61,942 | 3,908 | 0 |
| Current liabilities to related parties | 70,580 | 5,239 | 71,758 | - 6,417 |
| Current financial liabilities | 138,314 | 133,567 | 4,747 | 0 |
| Other liabilities | 21,765 | 21,463 | 302 | 0 |
| Income tax liabilities | 4,458 | 4,458 | 160 | - 160 |
| 326,536 | 248,033 | 85,080 | - 6,577 | |
| 1,768,506 | 1,631,556 | 166,097 | - 29,147 |
| in € thousand | 1–3 2013 | 1–3 2012 |
|---|---|---|
| 1. Cash flow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 38,527 | 34,028 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets | 30,528 | 29,951 |
| Decrease in provisions | - 7,298 | - 597 |
| Result arising from the disposal of non-current assets | - 5,348 | - 45 |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities | - 26,486 | - 3,348 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 22,492 | 9,434 |
| Interest received | 619 | 1,762 |
| Interest paid | - 4,278 | - 4,880 |
| Income tax paid | - 7,645 | - 11,714 |
| Exchange rate and other effects | 519 | - 1,625 |
| Cash flow from operating activities | 41,630 | 52,966 |
| 2. Cash flow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 640 | 90 |
| Proceeds from disposal of non-current assets held for sale | 17,672 | 0 |
| Payments for investments in property, plant and equipment and investment property | - 36,954 | - 23,072 |
| Payments for investments in intangible assets | - 3,745 | - 2,194 |
| Proceeds from disposal of non-current financial assets | 2 | 15 |
| Payments for investments in non-current financial assets | - 38 | - 142 |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
0 | - 2,076 |
| Payments for short-term deposits | - 10,000 | - 103,000 |
| Cash flow from investing activities | - 32,423 | - 130,379 |
| 3. Cash flow from financing activities | ||
| Redemption of lease liabilities | - 1,364 | - 1,162 |
| Payments for the redemption of (financial) loans | - 5,653 | - 5,523 |
| Cash flow from financing activities | - 7,017 | - 6,685 |
| 4. Financial funds at the end of the period | ||
| Change in financial funds (subtotals 1. – 3.) | 2,190 | - 84,098 |
| Change in financial funds due to exchange rates | - 178 | 757 |
| Financial funds at the beginning of the period | 188,872 | 294,803 |
| Financial funds at the end of the period | 190,884 | 211,462 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2013 Group |
1–3 2013 Port Logistics |
1–3 2013 Real Estate |
1–3 2013 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 38,527 | 34,765 | 3,686 | 76 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
30,528 | 29,514 | 1,090 | - 76 |
| Change in provisions | - 7,298 | - 3,455 | - 3,843 | |
| Result arising from the disposal of non-current assets | - 5,348 | - 5,185 | - 163 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 26,486 | - 26,151 | - 462 | 127 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
22,492 | 19,059 | 3,560 | - 127 |
| Interest received | 619 | 610 | 51 | - 42 |
| Interest paid | - 4,278 | - 2,981 | - 1,339 | 42 |
| Income tax paid | - 7,645 | - 7,266 | - 379 | |
| Exchange rate and other effects | 519 | 519 | 0 | |
| Cash flow from operating activities | 41,630 | 39,429 | 2,201 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
640 | 314 | 326 | |
| 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 |
- 36,954 | - 35,513 | - 1,441 | |
| Proceeds from disposal of non-current financial assets | - 3,745 | - 3,743 | - 2 | |
| Payments for investments in non-current financial assets | 2 | 2 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 38 | - 38 | 0 | |
| Payments for short-term deposits | - 10,000 | - 10,000 | 0 | |
| Cash flow from investing activities | - 32,423 | - 31,306 | - 1,117 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 1,364 | - 1,364 | 0 | |
| Payments for the redemption of (financial) loans | - 5,653 | - 4,396 | - 1,257 | |
| Cash flow from financing activities | - 7,017 | - 5,760 | - 1,257 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 2,190 | 2,363 | - 173 | 0 |
| Change in financial funds due to exchange rates | - 178 | - 178 | 0 | |
| Financial funds at the beginning of the period | 188,872 | 188,914 | - 42 | |
| Financial funds at the end of the period | 190,884 | 191,099 | - 215 | 0 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 34,028 | 31,492 | 2,460 | 76 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
29,951 | 28,970 | 1,057 | - 76 |
| Change in provisions | - 597 | - 831 | 234 | |
| Result arising from the disposal of non-current assets | - 45 | - 45 | 0 | |
| Change in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 3,348 | - 3,089 | 123 | - 382 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
9,434 | 7,678 | 1,374 | 382 |
| Interest received | 1,762 | 1,772 | 19 | - 29 |
| Interest paid | - 4,880 | - 3,497 | - 1,412 | 29 |
| Income tax paid | - 11,714 | - 11,460 | - 254 | |
| Exchange rate and other effects | - 1,625 | - 1,625 | 0 | |
| Cash flow from operating activities | 52,966 | 49,365 | 3,601 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
90 | 90 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 23,072 | - 21,819 | - 1,253 | |
| Payments for investments in intangible assets | - 2,194 | - 2,194 | 0 | |
| Proceeds from disposal of non-current financial assets | 15 | 15 | 0 | |
| Payments for investments in non-current financial assets | - 142 | - 142 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 2,076 | - 2,076 | 0 | |
| Payments for short-term deposits | - 103,000 | - 103,000 | 0 | |
| Cash flow from investing activities | - 130,379 | - 129,126 | - 1,253 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 1,162 | - 1,162 | 0 | |
| Payments for the redemption of (financial) loans | - 5,523 | - 4,391 | - 1,132 | |
| Cash flow from financing activities | - 6,685 | - 5,553 | - 1,132 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | - 84,098 | - 85,314 | 1,216 | 0 |
| Change in financial funds due to exchange rates | 757 | 757 | 0 | |
| Financial funds at the beginning of the period | 294,803 | 303,575 | - 8,772 | |
| Financial funds at the end of the period | 211,462 | 219,018 | - 7,556 | 0 |
| annex to the condensed notes | Subgroup Port Logistics | ||
|---|---|---|---|
| 1–3 2013 | Container | Intermodal | Logistics |
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 174,820 | 72,934 | 19,011 |
| Inter-segment revenue | 595 | 456 | 1,800 |
| Total segment revenue | 175,415 | 73,390 | 20,811 |
| Earnings | |||
| EBITDA | 53,801 | 10,265 | 4,460 |
| EBITDA margin | 30.7 % | 14.0% | 21.4% |
| EBIT | 31,808 | 5,390 | 3,705 |
| EBIT margin | 18.1% | 7.3% | 17.8% |
| Segment assets | 941,656 | 299,602 | 44,884 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment | |||
| and investment property | 20,096 | 9,352 | 395 |
| Intangible assets | 1,946 | 43 | 0 |
| Depreciation of property, plant and equipment and investment property |
19,879 | 4,773 | 707 |
| Amortisation of intangible assets | 2,113 | 102 | 48 |
| Non-cash items | 4,330 | 251 | 192 |
| Container throughput in thousand TEU | 1,818 | ||
| Container transport in thousand TEU | 290 | ||
| 1–3 2012 | |||
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 165,495 | 87,890 | 20,987 |
| Inter-segment revenue | 599 | 429 | 1,669 |
| Total segment revenue | 166,094 | 88,319 | 22,656 |
| Earnings | |||
| EBITDA | 51,412 | 10,765 | 2,128 |
| EBITDA margin | 31.0% | 12.2% | 9.4% |
| EBIT | 28,685 | 6,762 | 1,259 |
| EBIT margin | 17.3% | 7.7% | 5.6% |
| Segment assets | 899,482 | 266,104 | 50,672 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment and investment property |
21,326 | 4,392 | 779 |
| Intangible assets | 1,960 | 95 | 7 |
| Depreciation of property, plant and equipment and investment property |
20,833 | 3,929 | 817 |
| Amortisation of intangible assets | 1,894 | 74 | 52 |
| Non-cash items | 5,280 | 542 | 1,324 |
| Container throughput in thousand TEU | 1,731 | ||
| in thousand TEU Container transport1 |
454 |
The transport volume was fully consolidated.
| 279,034 69,055 38,528 1,798,671 32,815 28,153 |
0 - 33,686 0 216 142,781 0 0 - 104 - 111 |
279,034 33,686 312,720 69,055 38,312 1,655,890 32,815 3,745 |
Real Estate 7,485 650 8,135 4,775 58.7% 3,685 45.3% 166,292 1,441 |
Holding/Other 4,784 30,185 34,969 - 4,246 - 12.1% - 6,276 - 17.9% 203,456 1,531 |
|---|---|---|---|---|
| 2 | 1,754 | |||
| 28,257 | 1,090 | 1,808 | ||
| 2,486 | 1 | 222 | ||
| 7 | 8,432 | 204 | 3,455 | |
| 286,800 | 0 | 286,800 | 7,399 | 5,029 |
| - 30,899 | 30,899 | 641 | 27,561 | |
| 317,699 | 8,040 | 32,590 | ||
| 2 | 63,977 | 3,517 | - 3,845 | |
| 43.7% | - 11.8% | |||
| 265 | 33,763 | 2,460 | - 5,403 | |
| 30.6% | - 16.6% | |||
| 1,806,828 | 195,485 | 1,611,343 | 158,886 | 236,199 |
| 0 | 28,238 | 1,253 | 488 | |
| 30 | 2,164 | 0 | 102 | |
| - 108 | 28,038 | 1,056 | 1,403 | |
| - 156 | 2,177 12,033 |
2 322 |
155 4,565 |
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 31.12.2011 | 69,975 | 2,705 | 139,222 | 506 | 385,124 | - 13,547 | |
| Change of consolidation method | - 88 | ||||||
| Total comprehensive income | 9,712 | - 1,594 | |||||
| Other changes | |||||||
| Balance as of 31.03.2012 | 69,975 | 2,705 | 139,222 | 506 | 394,748 | - 15,141 | |
| Balance as of 31.12.2012 | 70,048 | 2,705 | 141,078 | 506 | 355,690 | - 14,967 | |
| Total comprehensive income | 14,387 | 1,917 | |||||
| Other changes | 1,798 | ||||||
| Balance as of 31.03.2013 | 70,048 | 2,705 | 141,078 | 506 | 371,875 | - 13,050 |
| Total consolidated equity |
Non-controlling interests |
Parent company interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 644,662 | 4,258 | 640,404 | 11,498 | - 21,443 | 67,682 | - 1,318 |
| - 3,761 | - 4,029 | 268 | - 169 | - 18 | 543 | |
| 5,263 | 9,410 | - 4,147 | 6 | 5,835 | - 18,084 | - 22 |
| 4 | 4 | |||||
| 646,169 | 9,640 | 636,529 | 11,508 | - 15,777 | 49,580 | - 797 |
| 561,990 | - 1,411 | 563,401 | 11,552 | 1,475 | - 3,868 | - 818 |
| 24,281 | 7,863 | 16,418 | 35 | - 28 | 106 | |
| 1,807 | 9 | 1,798 | ||||
| 588,078 | 6,462 | 581,616 | 11,587 | 1,447 | - 3,868 | - 712 |
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 31.12.2011 | 69,975 | 139,222 | 367,967 | - 13,547 |
| Change of consolidation method | - 88 | |||
| Total comprehensive income subgroup |
8,755 | - 1,594 | ||
| Other changes | ||||
| Balance as of 31.03.2012 | 69,975 | 139,222 | 376,634 | - 15,141 |
| Balance as of 31.12.2012 | 70,048 | 141,078 | 335,366 | - 14,967 |
| Total comprehensive income subgroup |
12,792 | 1,917 | ||
| Other changes | 1,785 | |||
| Balance as of 31.03.2013 | 70,048 | 141,078 | 349,943 | - 13,050 |
in € thousand; annex to the condensed notes
| Balance as of 31.12.2011 | |
|---|---|
| Total comprehensive income subgroup | |
| Balance as of 31.03.2012 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2012 | |
| Balance as of 31.12.2012 | |
| Total comprehensive income subgroup | |
| Other changes | |
| Balance as of 31.03.2013 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2013 | |
| Total subgroup consolidated equity |
Non-controlling interests |
Parent company interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 623,037 | 4,258 | 618,779 | 11,498 | - 20,845 | 65,827 | - 1,318 |
| - 3,761 | - 4,029 | 268 | - 169 | - 18 | 543 | |
| 4,521 | 9,410 | - 4,889 | 6 | 5,734 | - 17,768 | - 22 |
| 4 | 4 | |||||
| 623,802 | 9,640 | 614,162 | 11,508 | - 15,280 | 48,041 | - 797 |
| 537,998 | - 1,411 | 539,409 | 11,552 | 1,693 | - 4,543 | - 818 |
| 22,686 | 7,863 | 14,823 | 35 | - 28 | 106 | |
| 1,794 | 9 | 1,785 | ||||
| 562,478 | 6,462 | 556,016 | 11,587 | 1,665 | - 4,543 | - 712 |
| Total subgroup consolidated equity |
Other comprehensive income | ||||
|---|---|---|---|---|---|
| Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses | Retained consolidated earnings |
Capital reserve | Subscribed capital | |
| 31,983 | - 597 | 1,854 | 27,515 | 506 | 2,705 |
| 684 | 101 | - 316 | 899 | ||
| 32,667 | - 496 | 1,538 | 28,414 | 506 | 2,705 |
| 58 | 58 | ||||
| - 10,358 | - 10,358 | ||||
| - 10,300 | - 10,300 | ||||
| 22,367 | - 496 | 1,538 | 18,114 | 506 | 2,705 |
| 34,117 | - 217 | 675 | 30,449 | 506 | 2,705 |
| 1,537 | 1,537 | ||||
| 13 | 13 | ||||
| 35,667 | - 217 | 675 | 31,999 | 506 | 2,705 |
| 58 | 58 | ||||
| - 10,125 | - 10,125 | ||||
| - 10,067 | - 10,067 | ||||
| 25,600 | - 217 | 675 | 21,932 | 506 | 2,705 |
Notes to the Condensed Interim Consolidated Financial Statements Basic Information on the Group Significant Events in the Reporting Period Consolidation, Accounting and Valuation Principles Purchase and Sale of Shares in Subsidiaries Earnings per Share 32
The Group's parent company is Hamburger Hafen und Logistik Aktiengesellschaft, Bei St. Annen 1, 20457 Hamburg (HHLA), registered in the Hamburg Commercial Register under HRB 1902. The holding company above the HHLA Group is HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg.
The Condensed Interim Consolidated Financial Statements, and therefore the information in the Notes, are presented in euros (€). For the sake of clarity, the individual items are shown in thousands of euros (€ thousand) unless otherwise indicated. Due to the use of rounding procedures it is possible that some figures do not add up to the stated sums.
In January 2013, non-current assets held for sale were sold for a final accounting gain of around € 6 million in the course of restructuring the Logistics segment. Restructuring expenses in project and contract logistics offset this positive one-off effect.
No other significant events occurred in the first quarter of 2013.
The Condensed Interim Consolidated Financial Statements for the period from 1 January to 31 March 2013 were prepared in compliance with the rules of IAS 34 Interim Financial Reporting.
The IFRS requirements which apply in the European Union have been met in full.
The Condensed Interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of 31 December 2012.
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 2012.
In addition, the company is applying the following rules for the first time as of 1 January 2013:
There were no other effects on the Condensed Interim Consolidated Financial Statements.
No shares in subsidiaries were purchased or sold in the first quarter of 2013.
The capital increase from Authorised Capital I completed in April 2012 led to an increase of 73,508 in the number of common shares in circulation. This change is included in the following tables and had no significant effects.
The following table illustrates the calculation for basic earnings per share:
| Basic earnings per share in € | 0.20 | 0.13 |
|---|---|---|
| Number of shares in circulation (weighted average) |
72,753,334 | 72,679,826 |
| Net profit attributable to shareholders of the parent company in € thousand |
14,387 | 9,712 |
| 1–3 2013 | 1–3 2012 |
The basic earnings per share were calculated for the Port Logistics subgroup as follows:
| 1–3 2013 | 1–3 2012 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
12,792 | 8,755 |
| Number of shares in circulation (weighted average) |
70,048,834 | 69,975,326 |
| Basic earnings per share in € | 0.18 | 0.13 |
The basic earnings per share were calculated for the Real Estate subgroup as follows:
| 1–3 2013 | 1–3 2012 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
1,595 | 957 |
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share in € | 0.59 | 0.35 |
Diluted earnings per share are identical to basic EPS as there were no conversion or option rights in circulation during the reporting period.
The Executive Board and Supervisory Board have proposed, in 2013, to distribute a dividend of € 0.65 per share to shareholders of the Port Logistics subgroup and of € 1.20 per share to shareholders of the Real Estate subgroup. On the basis of shares outstanding as of 31 March 2013, this will result in a distribution of € 45,532 thousand for the Port Logistics subgroup and of € 3,245 thousand for the Real Estate subgroup. The Annual General Meeting will make a decision about the dividend payout on 13 June 2013.
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 figure EBIT (earnings before interest and taxes), which serves to measure the performance of each segment and therefore aids the internal control function. For further information, please refer to the Consolidated Financial Statements as of 31 December 2012.
The accounting and valuation principles applied for internal reporting comply with the principles used for the HHLA Group as described in Note 6 'Accounting and Valuation Principles' in the Notes to the Consolidated Financial Statements as of 31 December 2012.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and is classified in accordance with the activities of the HHLA Group's business segments. These are organised and managed autonomously in accordance with the type of services being offered.
The HHLA Group still operates in the four segments Container, Intermodal, Logistics and Real Estate.
The Holding/Other division used for segment reporting does not represent an independent business segment as defined by IFRS standards. However, it has been allocated to the segments within the subgroup Port Logistics in order to provide a complete and clear picture.
The reconciliation of segment assets with Group assets incorporates not only items for which consolidation is mandatory, but also claims arising from current and deferred income taxes, cash and cash equivalents, short-term deposits and financial assets which are not to be assigned to segment assets.
The reconciliation of the segment variable EBIT with consolidated earnings before taxes (EBT) incorporates not only transactions between the segments and the subgroups for which consolidation is mandatory, but also the proportion of companies accounted for using the equity method, net interest income and other financial result.
Notes to the Condensed Interim Consolidated Financial Statements Segment Report Equity Pension Provisions Investments Events after the Balance Sheet Date 34
| in € thousand | 1–3 2013 | 1–3 2012 | |
|---|---|---|---|
| Total segment earnings (EBIT) | 38,312 | 33,763 | |
| Elimination of business relations between segments and subgroups |
216 | 265 | |
| Group (EBIT) | 38,528 | 34,028 | |
| Earnings from associates accounted for using the equity method |
101 | 25 | |
| Net interest | - 8,141 | - 8,017 | |
| Earnings before tax (EBT) | 30,488 | 26,036 | |
The breakdown and development of HHLA's equity for the period from 1 January to 31 March of the years 2013 and 2012 are presented in the statement of changes in equity.
The calculation of pension provisions as of 31 March 2013 was based on an interest rate of 3.25 % (31 December 2012: 3.25 %; 31 March 2012: 4.50 %). This means that there was no change in the actuarial gains or losses to be posted directly to equity for the reporting period.
Consequently, the actuarial gains or losses offset in equity developed as follows:
| in € thousand | 2013 | 2012 |
|---|---|---|
| Actuarial gains (+)/losses (-) as of 01.01. | - 3,966 | 67,851 |
| Change as of 01.01. due to a change in the consolidation method |
0 | - 35 |
| Change during the financial year due to a change in interest rate |
0 | - 18,114 |
| Actuarial gains (+)/losses (-) as of 31.03. | - 3,966 | 49,702 |
As of 31 March 2013, total capital expenditure throughout the HHLA Group amounted to € 36.6 million.
The largest investments made in the first three months of 2013 were in the Container segment. HHLA invested in terminal expansion and handling equipment at sites in Germany, the Czech Republic and Ukraine.
As of 31 March 2013, the Container segment accounted for the bulk of investment commitments at € 78.5 million.
There were no notable events after the balance sheet date 31 March 2013.
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 reporting principles for interim financial reporting, the Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Hamburg, 14 May 2013
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
13 June 2013 Annual General Meeting
14 August 2013 Interim Report January – June 2013
13 November 2013 Interim Report January – September 2013
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 financial terms see the Annual Report 2012, page 218 et seq.
This document contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). Forward-looking statements are characterised by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by HHLA and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside the control of HHLA and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. HHLA neither plans nor undertakes to update any forward-looking statements.
Hamburger Hafen und Logistik Aktiengesellschaft Bei St. Annen 1, 20457 Hamburg, Germany, Phone: +49-40-3088-0, Fax: +49-40-3088-3355, www.hhla.de, [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.