Interim / Quarterly Report • Nov 14, 2011
Interim / Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Interim Report January to September 2011
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1– 9 2011 | 1– 9 2010 | Change | |
| Revenue and Earnings | ||||
| Revenue | 912.5 | 788.1 | 15.8 % | |
| EBITDA | 254.4 | 222.6 | 14.3 % | |
| EBITDA margin in % | 27.9 | 28.2 | - 0.3 pp | |
| EBIT | 164.5 | 141.5 | 16.2 % | |
| EBIT margin in % | 18.0 | 18.0 | 0.0 pp | |
| Profi t after tax | 97.3 | 82.1 | 18.5 % | |
| Profi t after tax and minority interests | 65.4 | 55.5 | 17.9 % | |
| Cash Flow and Investments | ||||
| Cash fl ow from operating activities | 200.1 | 164.4 | 21.7 % | |
| Investments | 105.7 | 102.5 | 3.1 % | |
| Performance Data | ||||
| Container throughput in thousand TEU | 5,305 | 4,252 | 24.8 % | |
| Container transport 1 in thousand TEU |
1,425 | 1,261 | 13.0 % | |
| 30.09.2011 | 31.12.2010 | Change | ||
| Balance Sheet | ||||
| Total assets | 1,837.1 | 1,715.1 | 7.1 % | |
| Equity | 629.6 | 567.0 | 11.0 % | |
| Equity ratio in % | 34.3 | 33.1 | 1.2 pp | |
| Employees | ||||
| Number of employees | 4,778 | 4,679 | 2.1 % |
| in € million | 1– 9 2011 | 1– 9 2010 | Change | 1– 9 2011 | 1– 9 2010 | Change |
|---|---|---|---|---|---|---|
| Revenue | 892.7 | 769.3 | 16.0 % | 23.6 | 22.1 | 7.0 % |
| EBITDA | 242.2 | 209.5 | 15.6 % | 12.2 | 13.1 | - 7.1 % |
| EBITDA margin in % | 27.1 | 27.2 | - 0.1 PP | 51.6 | 59.4 | - 7.8 pp |
| EBIT | 155.3 | 131.3 | 18.3 % | 9.0 | 10.0 | - 10.4 % |
| EBIT margin in % | 17.4 | 17.1 | 0.3 PP | 38.1 | 45.4 | - 7.3 pp |
| Profi t after tax and minority interests | 61.4 | 50.8 | 20.7 % | 3.9 | 4.4 | - 13.2 % |
| Earnings per share in € 5 | 0.88 | 0.73 | 20.7 % | 1.49 | 1.71 | - 13.0 % |
The transport volume was fully consolidated
2 Before consolidation between subgroups
Listed A shares
4 Non-listed S shares
5 Basic and diluted
Financial Calendar / Imprint
| 30.06.2011 – 30.09.2011 | HHLA | MDAX | DAX |
|---|---|---|---|
| Change | - 30.1 % | - 23.7 % | - 25.4 % |
| Closing 30.06.2011 | € 29.96 | 10,932 | 7,376 |
| Closing 30.09.2011 | € 20.94 | 8,341 | 5,502 |
| High | € 30.63 | 11,187 | 7,471 |
| Low | € 19.85 | 8,146 | 5,072 |
The German stock market and fi nancial centres around the world suffered heavy losses in the period July to September. The fi nancial crisis adversely affected market sentiment once again. Investors and rating agencies alike focused mainly on the eurozone's southern periphery – causing widespread uncertainty. However, the creditworthiness of other industrialised states was increasingly called into question too. Sentiment reached its lowest point with Standard & Poor's downgrading of the USA's credit rating in early August. Despite strong half-year corporate results published in the middle of the third quarter, especially in Germany, growing fears of a new fi nancial crisis and ensuing downturn deeply unsettled the capital markets. The fear of recession began to dominate market trading: the blue-chip DAX index slid by 25.4 % to 5,502 points, while the mid-cap MDAX shed 23.7 % to close at 8,341. Shares in cyclical industries suffered disproportionately high.
The HHLA share mostly mirrored the performance of the DAX and MDAX indices during the third quarter. Once the concerns prompted by the European debt crisis had grown into a broadly based fear of recession, shares in cyclical sectors – including the HHLA share – came under severe pressure. In view of the overwhelmingly pessimistic expectations for future economic growth, both the encouraging development of volume and resulting market share gains achieved by HHLA began to take a back seat. Shares were also hit by media reports speculating about further delays or postponements to vital public infrastructure work, including such relevant projects for HHLA as the deepening of the navigation channel in the river Elbe or maintenance work on the Kiel canal. The shipping industry continues to suffer from persistently low freight rates and numerous shipping companies are once again reporting operating losses. Such news served to depress the general mood of the transport and logistics industry in addition. These factors were amplifi ed further by HHLA's limited free fl oat (32 %), as experience shows that limited trading volumes tend to result in more pronounced share price fl uctuations. Against this background, the HHLA share closed on 30 September 2011 at € 20.94 – around 30.1 % below the closing price of the previous quarter – with a market capitalisation of € 1.47 billion.
In the diffi cult environment of the third quarter, HHLA continued to actively pursue its IR work with a strong capital market presence via numerous road shows and investor conferences. Several fi nancial analysts who track and regularly comment on the company's performance believe the latest share price adjustments were overdone. Nonetheless, the banks' economists have repeatedly downgraded their general economic forecasts, prompting a reduction of short-term price targets. On average, however, the share's upside target remains above its current trading price. As a result, most analysts still recommend investors to "buy" or "hold" the share.
Source: Datastream
Based on the strong increase in its throughput and transport volumes, Hamburger Hafen und Logistic AG (HHLA) once again strengthened its position in its core markets during the fi rst nine months of the 2011 fi nancial year, achieving double-digit growth in revenue and earnings. This is all the more impressive in view of growing uncertainty during the third quarter concerning the global economy's future prospects. The assumption is now that economic growth will slow considerably. Our immediate market environment is also suffering as a result of the strained earnings situation in container shipping, the creation of excess capacity at the North Range terminals and delays to the dredging of the lower Elbe's navigation channel.
Despite these adverse conditions, we consider revenue for the full year 2011 in the region of € 1.2 billion to be possible and expect to achieve an operating result (EBIT) in the region of € 210 million. However, given the current economic slowdown, impairments with respect to German intermodal traffi c and fruit logistics can no longer be ruled out. Such adjustments could have a low doubledigit impact on the operating result. With regard to throughput and transport volumes, we expect growth to be at the upper end of the forecast range of 15 to 20 %. Container transport is anticipated to achieve growth in the middle of the expected 10 to 15 % range.
In the fi rst nine months of the 2011 fi nancial year, rapid growth in Far East and Eastern European traffi c handled by our facilities and transport systems played a major role in our performance.
It forms the basis for total growth rates of around 25 % in container throughput and 13 % in container transport. The resulting strengthening of our market position is due, in no small part, to the considerable efforts we make in terms of investment, operations and sales to meet the evergrowing requirements of maritime logistics.
In this respect, our new mega-ship berths in Hamburg have already proven their worth. By accelerating ship handling and dealing fl exibly with high peak loads, they offer tailor-made solutions for the rapidly growing number of vessels with a carrying capacity of over 10,000 standard containers. One example of the expansion of our hinterland systems is the opening of our modern inland terminal in Poznán, which went into operation in September 2011. This now enables us to extend the successful hub and shuttle concept in Czech traffi c to hinterland traffi c between German sea ports and Poland.
The services we offer for integrated transport and logistics chains between overseas ports and customers in the European hinterland help us secure market opportunities even in times of economic downturn, while at the same time enhancing our growth potential.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
The global economy has cooled over the course of the year and the rate of growth is slowing. This development has been brought about by the faltering recovery of the world's advanced economies and the gradual diminishing of the boom in emerging markets. In view of the ongoing debt crisis in Europe and the USA, economic growth in the industrialised nations is now only marginal.
By contrast, growth in developing and emerging markets is still robust on the whole, albeit somewhat slower. China, for example, is trying to compensate for decreasing demand from the USA and Europe by expanding its trade with emerging markets – not least Eastern Europe – and increasing domestic demand. In the third quarter of 2011, Chinese GDP was therefore still able to grow by 9.1 %.
In the eurozone, the sovereign debt crisis placed an increasingly heavy burden on macroeconomic output. The economies of Germany, France and the Netherlands – the main drivers of growth at the beginning of the year – have all cooled appreciably. According to leading economic research institutes, economic growth came to a virtual standstill throughout the eurozone during the third quarter. The economies of other EU member states however – apart from Britain – made comparatively good progress.
Although the economic climate has cooled considerably, the fundamental momentum of the German economy is still robust. Following a weak second quarter, German GDP grew by 0.4 % in the third quarter of 2011 according to DIW estimates. Germany's foreign trade picked up noticeably in August, adding momentum. In August 2011, German imports were up 12.6 % on last year and exports increased by as much as 14.6 %.
Despite initial signs that the rapid pace of growth is slowing, global container throughput increased strongly in the fi rst nine months of 2011. After a rise of 7.6 % in the fi rst half-year, the third quarter is expected to grow by 6.7 %. At the same time, a large number of new vessels went into service – especially in the class of more than 10,000 standard containers. The result of this rapid fl eet growth was that the number of laid-up container ships increased again slightly. After a low in the middle of the year, October saw the percentage of laid-up ships in relation to the entire fl eet rise to 2.5 %. At the same time, there has been a substantial decrease in freight rates due to overcapacities in shipping and the battle for market share. They are now around 40 % below their mid-2010 levels.
The HHLA container terminals improved their market position in the Hamburg–Antwerp Range (Hamburg, Bremen, Rotterdam, Antwerp) signifi cantly over the course of the 2011 fi nancial year. Their market share rose in the fi rst half-year by 2.6 percentage points to 18.7 %. According to the latest available fi gures, this trend seems to have continued in the third quarter. HHLA increased their throughput volume in the fi rst nine months of 2011 by 24.8 % compared with the same period in the previous year, while container growth was up 7.7 % in Rotterdam and 3.1 % in Antwerp after the fi rst nine months of this year.
The high growth rate in container throughput in the Container segment was driven primarily by strong growth in core markets for the HHLA terminals. With a rise of 24.7 %, Far East traffi c once again formed the backbone of this volume expansion and accounts for nearly 50 % of HHLA's total throughput. There was even more dynamic growth in European feeder traffi c, which enjoyed a year-on-year increase of 36.9 %. Baltic Sea traffi c to Poland, the Baltic states and the Russian Federation alone rose by 59.1 %.
Boom in Baltic Sea traffi c: feeder vessel at the Container Terminal Burchardkai
| in € million | 1– 9 2011 | 1– 9 2010 | Change |
|---|---|---|---|
| Revenue | 912.5 | 788.1 | 15.8 % |
| EBITDA | 254.4 | 222.6 | 14.3 % |
| EBITDA margin in % | 27.9 | 28.2 | - 0.3 pp |
| EBIT | 164.5 | 141.5 | 16.2 % |
| EBIT margin in % | 18.0 | 18.0 | 0.0 pp |
| Profi t after tax and minority interest | 65.4 | 55.5 | 17.9 % |
| ROCE in % | 16.3 | 14.3 | 2.0 pp |
There is normally no long-term order backlog for throughput and transport services, and thus no use is made of this particular reporting fi gure. As the company completed the sale respectively suspension of its discontinued activities last year, the additional disclosure of "EBIT from continuing activities" is no longer necessary. EBIT is the indicator used to track operating performance. In order to show net rental income more precisely – a key fi gure for the Real Estate subgroup – incidental rental expenses charged on to tenants are reported under other operating income rather than revenue as of the 2011 fi nancial year. Income for the Port Logistics subgroup was also similarly reclassifi ed. The fi gures for the previous year have been restated accordingly. This does not affect the operating result. See also p. 34 of the Notes.
A lease with the Hamburg Port Authority (HPA) for port areas used mainly for an empty container centre came to an end on 30 June 2011. A compensation payment agreed with HPA for the early release of the areas was made in the third quarter and recognised under other operating income (€ 15 million). The amount was recognised almost completely in profi t and loss and was subject to normal taxation. See also Container Segment, p. 8, and p. 36 of the Notes.
Several companies in the Group were merged retroactively as of 1 January 2011. At Group level, this had no effect on revenue and earnings performance. However, the services exchanged between the Container and Holding/Other segments were reduced due to a cross-segment
merger with a corresponding decrease in intersegment revenue. There were no effects at Group level resulting from changes in exchange rates or in the group of consolidated companies that had a material impact on the developments in revenue and earnings in the reporting period. See also p. 36 of the Notes.
In an increasingly diffi cult economic environment, the HHLA Group's business in the fi rst nine months of the year progressed in line with its previously published forecast. After strong growth in the fi rst half-year, HHLA succeeded in raising its performance fi gures once again in the third quarter of 2011. Despite the delayed dredging of the river Elbe, previously postponed maintenance work and ongoing reorganisation measures, the Group was able to strengthen its market position with substantial input of manpower and equipment. Thanks to consistently strong growth in Asian and Eastern European traffi c, throughput in the Container segment rose by 24.8 % in the fi rst nine months; transport volumes in the Intermodal segment increased by 13.0 %. As a result of this growth in volumes, the HHLA Group raised revenue by 15.8 % to € 912.5 million (previous year: € 788.1 million). As in the previous quarter, the publicly listed subgroup Port Logistics contributed around 98 % of total revenue and was largely responsible for growth dynamics. With its Container, Intermodal and Logistics segments, the Port Logistics subgroup achieved revenue growth of 16.0 % to € 892.7 million in the reporting period (previous year: € 769.3 million). In the non-listed subgroup Real Estate, revenue rose by 7.0 % to € 23.6 million (previous year: € 22.1 million). Due
to incentives to regain feeder traffi c and corresponding shifts in handling ratios, growth in revenue lagged behind the increase in ship handling volumes. Aided by higher, yet gradually declining storage charges and price increases for rail services, however, revenue quality was up on year-end 2010 over the entire period ending 30 September 2011. Changes in inventories at Group level contributed € 0.9 million (previous year: € 0.1 million) to the overall performance. Own work capitalised of € 5.1 million was roughly the same as last year. Other operating income increased year on year to € 32.4 million, largely due to a compensation payment of € 15 million from HPA for the early release of port areas (previous year: € 26.2 million, including non-recurring income of € 2.3 million for write-backs on container gantry cranes in Lübeck and € 4.2 million from the reversal of a provision for demolition costs). See also p. 34 of the Notes.
Operating expenses rose by 16.0 % in the fi rst nine months of 2011. The increase was roughly in line with revenue growth and less than the rise in throughput and transport volumes. The cost of materials increased by 19.7 % to a total of € 324.7 million (previous year: € 271.3 million) from January to September. This fi gure is mainly determined by changes in volume. In addition to increased maintenance work by the company's workshops and higher purchases of rail services for hinterland transport, expenses were driven above all by higher fuel prices. As a result, the cost of materials ratio in relation to revenue rose to 35.6 % (previous year: 34.4 %). Personnel expenses went up year on year by 13.1 % to € 265.2 million (previous year: € 234.5 million). Although the third quarter saw a further increase in output, the ratio of personnel expenses to revenue was reduced to 29.1 % (previous year: 29.8 %). Furthermore, improved capacity utilisation made it possible to more than make up for the end of short-time working hours, disproportionate volume growth at the more personnelintensive terminals and extra expenses resulting from the new collective wage agreement introduced in June 2011. Other operating expenses increased by 17.6 % to € 106.6 million (previous year: € 90.6 million) in the reporting period. While lease expenses for land and quay walls remained largely unchanged, outsourced main-
tenance costs rose markedly. This resulted from an intense use of facilities and equipment along with servicing work previously postponed and repairs to weather-related surface damage. The ratio of expenses to revenue was slightly higher than last year at 11.7 % (11.5 %). As a result of these developments, the HHLA Group increased its operating result before depreciation and amortisation (EBITDA) by 14.3 % to € 254.4 million (previous year: € 222.6 million). After the fi rst nine months of the year, the EBITDA margin of 27.9 % did not quite reach the prior-year fi gure (28.2 %). Depreciation and amortisation increased by 10.9 % to € 89.9 million – partly due to a non-recurring effect from the revaluation of demolition obligations at the beginning of the year. Adjusted for this effect, the increase of € 6.6 million was largely due to ongoing investment in the Container segment. At Group level, the operating result (EBIT) rose 16.2 % to € 164.5 million (previous year: € 141.5 million). At 18.0 %, EBIT was on a par with last year. The Port Logistics and Real Estate subgroups contributed 94.4 % and 5.6 %, respectively, to EBIT. Although interest income increased to € 5.5 million (previous year: € 3.5 million), mainly due to a higher level of liquidity, interest expenses of € 30.4 million remained virtually unchanged (previous year: € 30.0 million) despite increased fi nancial liabilities. Due largely to above-average earnings contributions by affi liates with higher tax rates and lower utilisation of tax loss carry-forwards, the effective tax rate rose to 30.6 % (previous year: 28.9 %). Against this background, the Group posted an increase of 17.9 % in consolidated profi t after tax and minority interests, taking the fi gure to € 65.4 million (previous year: € 55.5 million). Earnings per share improved correspondingly by 17.9 % to € 0.90 (previous year: € 0.76). The publicly listed Port Logistics subgroup achieved a 20.7 % increase in earnings per share to € 0.88 (previous year: € 0.73). However, earnings per share of the non-listed Real Estate subgroup fell 13.0 % to € 1.49 (previous year: € 1.71). Thanks to a disproportionately strong improvement in operating result (EBIT) in relation to the increased capital commitment, the return on capital employed (ROCE) rose by 2.0 percentage points to 16.3 % (previous year: 14.3 %).
| in € million | 1–9 2011 | 1–9 2010 | Change |
|---|---|---|---|
| Revenue | 535.5 | 444.7 | 20.4 % |
| EBITDA1 | 215.8 | 176.1 | 22.5 % |
| EBITDA margin in % | 40.3 | 39.6 | 0.7 pp |
| EBIT1 | 150.5 | 117.9 | 27.6 % |
| EBIT margin in % | 28.1 | 26.5 | 1.6 pp |
| Container throughput in thousand TEU | 5,305 | 4,252 | 24.8 % |
1 Including a compensation payment of € 15 million
With an increase of 24.8 % to 5,305 thousand standard containers (TEU), the HHLA container terminals in Hamburg and Odessa enjoyed stronger than average growth in throughput volumes in the fi rst nine months of the 2011 fi nancial year. High volume growth in Far Eastern traffi c and a steep rise in European traffi c both contributed to this improvement. Particularly remarkable was the profound growth in Eastern European traffi c across the Baltic Sea (+ 59.1 %). Its share of total throughput at the HHLA container terminals in Hamburg improved year on year by 2.8 percentage points to 13.3 %.
North American traffi c also reported strong growth of 41.4 % (share of throughput: 6.1 %). Far Eastern traffi c continues to dominate, accounting for 48.4 % of throughput. HHLA's efforts in terms of investment, operations and sales are an important prerequisite for this success. These include the new mega-ship berths at the HHLA terminals Burchardkai and Tollerort, competitive price incentives for feeder traffi c and numerous different measures to optimise processes and increase effi ciency.
These all played a decisive role in responding adequately to growth in ship size, attracting overseas services to Hamburg and enabling above-
average growth in feeder traffi c. In an adverse market environment characterised by terminal overcapacities and low freight rates, the Group was able to translate a large part of its volume growth into revenue – despite a higher proportion of feeder traffi c. While inter-segment income was lower due to the merger of several Group companies, revenue rose by 20.4 % to € 535.5 million (previous year: € 444.7 million). This increase was topped by EBITDA growth of 22.5 % to € 215.8 million (previous year: € 176.1 million) and EBIT growth of 27.6 % to € 150.5 million (previous year: € 117.9 million). These earnings fi gures include the one-off effect from a € 15 million compensation payment for the early termination of a lease mainly used for an empty container centre in the middle section of the free port. The payment was made in July 2011. See also p. 34 of the Notes.
HHLA continued to pursue its modernisation and expansion programme in the fi rst nine months of 2011. The work is concentrated at the Container Terminal Tollerort as well as at the Container Terminal Burchardkai, where the focus is on expanding the modern block storage. As of July 2011, large container ships with a carrying capacity of 13,000 TEU are now also handled here on a regular basis.
Rapid growth: container throughput at the Container Terminal Altenwerder
| in € million | 1–9 2011 | 1–9 2010 | Change |
|---|---|---|---|
| Revenue | 267.5 | 234.1 | 14.2 % |
| EBITDA | 31.6 | 29.6 | 6.6 % |
| EBITDA margin in % | 11.8 | 12.6 | - 0.8 pp |
| EBIT 1 | 20.0 | 18.6 | 7.5 % |
| EBIT margin 1 in % |
7.5 | 7.9 | - 0.4 pp |
| Container transport 2 in thousand TEU |
1,425 | 1,261 | 13.0 % |
1 Previous year's fi gure including an exceptional gain of € 2.3 million 2 The transport volume was fully consolidated
In what is still a highly competitive market, transport volumes carried on HHLA's intermodal systems in the fi rst nine months of the 2011 fi nancial year were up on the equivalent fi gure for the record year 2008. Strong growth of 13.0 % to 1,425 thousand standard containers (TEU) was once again mainly driven by those highly integrated companies which own their own terminals and wagons. The HHLA inland terminals in the Czech Republic, Poland and Slovakia also reported strong growth. In the period ending 30 September 2011, they raised handling volumes by 10.3 % to 1,012 thousand TEU. German intermodal traffi c however fell short of expectations due to delays in the complex realignment of scheduling and management processes still showing an unsatisfactory earnings situation.
With growth of 14.2 % to € 267.5 million (previous year: € 234.1 million), segment revenue outpaced the increase in volume. Although costs remained largely constant, the company succeeded in raising prices in certain areas. If the prior-year EBIT fi gure is adjusted for the special item from the disposal of container gantry cranes after activities in Lübeck were discontinued in 2010, EBIT of € 20.0 million at the end of the third quarter of 2011 represents year-on-year growth of 20 %.
The main drivers of this dynamic development are those integrated transport solutions where the handling and transport processes – from sea port to inland terminal to customers in the European hinterland – are all precisely coordinated. These also include maritime transport chains organised according to the hub-and-shuttle system. This entails shuttle trains running back and forth between the sea port terminals and the inland terminals that act as hubs, from where the last mile is carried out by rail and road.
With the opening of the fi rst Polish hub terminal in Poznán on 27 September 2011, an important step was taken towards establishing hub-andshuttle traffi c for seaport–hinterland traffi c with Poland – a system already successfully used for maritime container logistics in the Czech Republic and Slovakia. The use of shuttle trains reduces transport times between Hamburg and Poznán alone by over a third.
Other important projects included the inauguration of a new Czech inland terminal in Ostrava and the opening of a branch offi ce in Munich by the joint venture Container Inland Trucking (CIT).
Expansion of the hinterland network: hub terminal opened in Poznán
| in € million | 1–9 2011 | 1–9 2010 | Change |
|---|---|---|---|
| Revenue | 94.0 | 90.1 | 4.4 % |
| EBITDA | 8.2 | 11.1 | - 26.4 % |
| EBITDA margin in % | 8.7 | 12.3 | - 3.6 pp |
| EBIT | 2.7 | 5.8 | - 54.1 % |
| EBIT margin in % | 2.8 | 6.4 | - 3.6 pp |
Business in the Logistics segment was characterised by highly varied developments in the individual markets of HHLA companies over the fi rst nine months of 2011. Cruise logistics and bulk goods reported an encouraging upward trend in volumes. The performance of the company's consultancy business, however, was more restrained. Fruit logistics continued to weaken and missed to reach a satisfactory level. Contract logistics stabilised at the prior-year level, but still failed to make any decisive improvement with regard to earnings.
After a weak start to the year in the fi rst quarter, segment earnings stabilised appreciably in the second and third quarters. The 4.4 % rise in revenue to € 94.0 million (previous year: € 90.1 million) was attributable to the intra-Group settling of a major IT contract worth some € 7 million in the consultancy division. Adjusted for this item, segment revenue declined in comparison with last year.
Earnings fi gures were substantially below last year, with EBITDA decreasing by 26.4 % to € 8.2 million (previous year: € 11.1 million) and EBIT losing 54.1 % to € 2.7 million (previous year: € 5.8 million). Compared with the fi rst quarter of 2011, however, in which segment EBIT amounted to € 0.1 million and the EBIT margin merely achieved 0.4 %, these fi gures have recovered somewhat. The EBIT margin improved to 2.8 % for the fi rst nine months. The successful costcutting programmes in fruit and contract logistics made a major contribution to this improvement. These measures included the pooling of operations of the two companies HHLA Logistics and HHLA Logistics Altenwerder in a single company as of 1 October 2011.
Fruit handling at the multi-function terminal O'Swaldkai recorded a further 6 % decline in tonnage to 551 thousand tons. This was due to a change in the allocation of reefer vessels combined with a trend towards the use of reefer containers. Vehicle handling, on the other hand, was 7.8 % up on last year's fi gure at 137 thousand units. Thanks in particular to rising coal imports, bulk cargo handling of ore and coal picked up by 7.2 % to 10.8 million tons.
Cruise logistics outperformed with 105 ships and 295,000 passengers, which represent growth rates indicating a new volume record for the Port of Hamburg. Not least in view of its continued positive prospects, cruise logistics received the German Cruise Prize on 27 September 2011, giving Hamburg the title "Port of the Year 2012".
Increasing coal imports: bulker at Hansaport
| in € million | 1–9 2011 | 1–9 2010 | Change |
|---|---|---|---|
| Revenue | 23.6 | 22.1 | 7.0 % |
| EBITDA | 12.2 | 13.1 | - 7.1 % |
| EBITDA margin in % | 51.6 | 59.4 | - 7.8 pp |
| EBIT | 9.0 | 10.0 | - 10.4 % |
| EBIT margin in % | 38.1 | 45.4 | - 7.3 pp |
The positive trend on Hamburg's offi ce letting market continued in the third quarter of 2011, despite the general deterioration of the economic outlook. According to the latest market overview from Jones Lang LaSalle, new offi ce lets exceeded last year's fi gure by 7.2 % with a cumulative total of 378,600 m2 . At 8.8 %, the vacancy rate fell below last year's for the fi rst time in the current fi nancial year. Due to a fall in new building volume, Jones Lang LaSalle has revised its previous trend forecasts and now expects a further fall in vacancy rates.
With a revenue increase of 7.0 % to € 23.6 million (previous year: € 22.1 million), the HHLA properties in the Speicherstadt historical warehouse district and at Fischmarkt Hamburg-Altona GmbH on the northern bank of the Elbe continued along their growth trajectory. This is largely due to the successful expansion of letting business in both areas. Large-scale maintenance and refurbishment expenses in the Speicherstadt historical warehouse district meant that the positive revenue trend was not refl ected accordingly in earnings. As a result, EBITDA fell 7.1 % to € 12.2 million (previous year: € 13.1 million), while EBIT dropped 10.4 % to € 9.0 million (previous year: € 10.0 million). Nevertheless, high earnings margins of 51.6 % (EBITDA) and 38.1 % (EBIT) continue to underline the segment's strong profitability. The reclassifi cation of incidental rental expenses charged on to tenants, which are no longer shown as revenue but as other operating income from 2011, led to changes in the absolute fi gures for revenue and profi t margins. In order to facilitate comparison, the fi gures for last year have been restated accordingly. See also p. 36 of the Notes.
The 2011 fi nancial year has so far been dominated by a large number of new projects. One highlight was the strengthening of the district's standing as an important fashion venue with the successful letting of the fully refurbished Speicherblock Q warehouse, which offers an attractive mixture of showrooms and offi ces. The tea emporium "Wasserschloss Speicherstadt" opened in late October 2011, underlining the traditional function of the Speicherstadt historical warehouse district as one of the world's largest tea-trading centres. Two further projects complete the future profi le of the Speicherstadt historical warehouse district: in November 2011, modernisation work begins on a large historical building which will be occupied by an advertising agency. HHLA has also attracted a well-known hotel operator for the fi rst hotel in the Speicher stadt. According to current planning, the fi rst guests are expected in 2013.
New highlight: the tea emporium Wasserschloss Speicherstadt (centre)
| in € million | 1– 9 2011 | 1– 9 2010 |
|---|---|---|
| Financial funds as of 01.01. | 233.7 | 179.2 |
| Cash fl ow from operating activities |
200.1 | 164.4 |
| Cash fl ow from investing activities |
- 83.7 | - 64.1 |
| Free cash fl ow | 116.4 | 100.3 |
| Cash fl ow from fi nancing activities |
- 28.9 | - 86.4 |
| Change in fi nancial funds | 87.4 | 13.9 |
| Change in fi nancial funds due to exchange rates |
0.4 | - 0.6 |
| Financial funds as of 30.09. | 321.5 | 192.4 |
The positive development of the HHLA Group's earnings position meant that cash in-fl ows from operating activities increased to € 200.1 million (previous year: € 164.4 million) in the period from January to September 2011. Cash out-fl ows from investing activities of € 83.7 million exceeded last year's fi gure of € 64.1 million, mainly as a result of higher payments for property, plant and equipment. The previous year's amount was also reduced by payments received on asset disposals.
The cumulative effect of these developments was that the Group generated a higher free cash fl ow of € 116.4 million (previous year: € 100.3 million), comprising the aggregate cash fl ows of operating and investing activities. Cash out-fl ows from fi nancing activities amounted to € 28.9 million (previous year: € 86.4 million). This fi gure results from dividend payments made to shareholders and minority interests in the second quarter of 2011 as well as settlement payments made under profi t and loss transfer agreements. The fi gure was reduced by borrowing of € 65.7 million.
Financial funds, made up of cash and cash equivalents (€ 259.8 million) and cash pooling (€ 67.5 million), netted with other fi nancial liabilities (€ 5.7 million), amounted to € 321.5 million as of 30 September 2011 and were thus clearly above the opening balance for the year (€ 233.7 million).
Capital expenditure in the reporting period totalled € 105.7 million and was thus slightly above last year's fi gure of € 102.5 million. Funds were used primarily for expansion projects and replacements, largely in the Container and Intermodal segments. In the Container segment, completed projects included the quay wall for a new mega-ship berth at the Container Terminal Burchardkai, which was leased from the related party Hamburg Port Authority. This new asset is valued at € 28.1 million. As the underlying agreement has been classifi ed as a fi nance lease, the amount is not recognised as a direct cash expense but is spread over the duration of the contract in the form of future lease payments (previous year's addition from fi nance lease: € 30.4 million). For the full 2011 fi nancial year, capital expenditure will continue to focus on increasing productivity in the existing terminal areas by using the latest handling technology and on expanding the high-performance hinterland connections in line with market demands.
Compared with the end of 2010, the HHLA Group's balance sheet total increased by an amount of € 122.0 million to € 1,837.1 million as of 30 September 2011.
At € 1,301.6 million, non-current assets were above the comparable fi gure as of 31 December 2010 (€ 1,290.7 million). The reason for the change was the recognition of the new quay wall for mega-ships mentioned above, in combination with ongoing depreciation of property, plant and equipment.
The increase in current assets of € 111.1 million to € 535.5 million as of 30 September 2011 was mainly due to the rise in receivables from related parties as a result of higher balances from the pooling of short-term deposits with HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH. An increase of € 29.3 million in trade receivables to € 155.8 million and of € 24.3 million in cash and cash equivalents to € 259.8 million also contributed towards the growth in current assets. A decline in income tax receivables of € 16.6 million to € 4.4 million had the opposite effect.
| in € million | ||
|---|---|---|
| Assets | 30.09.2011 | 31.12.2010 |
| Non-current assets | 1,301.6 | 1,290.7 |
| Current assets | 535.5 | 424.4 |
| 1,837.1 | 1,715.1 | |
| Equity and Liabilities | ||
| Equity | 629.6 | 567.0 |
| Non-current liabilities | 897.5 | 849.9 |
| Current liabilities | 310.0 | 298.2 |
| 1,837.1 | 1,715.1 |
Compared with year-end 2010, equity increased by € 62.6 million to € 629.6 million as of the reporting date. The change was largely due to the positive profi t after taxes for the reporting period less the dividend payment. The equity ratio as of the reporting date improved to 34.3 % (as of 31 December 2010: 33.1 %).
At € 897.5 million, non-current liabilities were € 47.6 million higher than at year-end 2010 (€ 849.9 million). The increase resulted principally from the recognition of the leasing liability in connection with the new mega-ship berth at the Container Terminal Burchardkai, as well as from new borrowing. The change was offset by scheduled repayments on other project-related fi nancial liabilities and the reduction of pension provisions due to an increase in the discount rate used to determine net present value. Current liabilities rose by € 11.8 million to € 310.0 million (31 December 2010: € 298.2 million). This was largely due to higher income tax liabilities and trade liabilities. The compensation payment made to a minority shareholder had the opposite effect.
There were off-balance-sheet obligations as of the balance sheet date. These were mainly payment obligations under long-term leases for port areas and quay walls. See also p. 164 of the 2010 Annual Report.
The HHLA Group employed a total of 4,778 people as of 30 September 2011. This represents an increase of 1.4 % over the same date last year.
Compared with the fi gure of 4,679 employees as of 31 December 2010, the increase was 2.1 %. The most notable year-on-year changes were the recruitment of 107 employees, or 13.8 % of the workforce, in the Intermodal segment and the decline in the Logistics segment of 34 employees or 7.5 %. The training programme launched by HHLA during the crisis has now come to a successful end. A total of 480 employees took part in the programme – some 300 of them on extended courses offering a formal occupational qualifi cation.
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. In addition, 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 fi nancial statements as of 31 December 2010.
There were no transactions of major signifi cance after the balance sheet date of 30 September 2011.
Future demand for handling and transport services will depend to a considerable extent on the stability of the fi nancial markets in light of the sovereign debt crisis. Increased risks due to surplus capacity and greater competition can therefore not be ruled out. This may also result in increasing pressure on prices. With respect to customers, possible company insolvencies may affect consortia, service and volume structures.
With regard to the HHLA Group's risk position, the statements made on pages 93 to 98 of the management report section of the 2010 Annual Report and in the Interim Reports for 2011 continue to apply, unless this report indicates otherwise. The risk factors associated with the HHLA Group's business activities are described there in the chapter "Risk and opportunity report". From a current perspective, there are still no discernible risks which could jeopardise the continued existence of the company. Opportunities arising in the past quarter have been described in the "Business forecast" section of this report.
The outlook for the global economy has deteriorated considerably over the past months. In view of an escalating debt crisis, the need for sweeping public-sector spending cuts and mutually reinforcing effects between industrial and emerging markets, global economic growth is likely to slow signifi cantly. These developments recently led the International Monetary Fund (IMF) to downgrade its growth forecast for 2011. However, in view of strong growth in the fi rst halfyear, the IMF still expects the global economy to grow by 4 % this year. Weaker growth is now also predicted for global trade. Despite a more signifi cant redemption, however, it is still expected to reach a good 7 %.
In those economic regions of particular importance for HHLA's business, growth rates will continue to diverge in the remaining months of 2011. The IMF forecasts only slightly lower economic growth of around 8 % for Asia, but China's gross domestic product (GDP) could still rise by as much as 9 %. The economies of Central and Eastern Europe are expected to expand by a more moderate 5 %, with a major contribu-
tion coming from Russia. Restrained economic growth of below 2 % is anticipated for those industrialised countries in the eurozone mainly affected by the debt crisis, while Germany's GDP still looks set to rise by almost 3 %.
In view of the increasingly diffi cult economic environment, market research institutes such as Drewry have also cut their forecasts for global container handling and are now predicting a rise of around 7 %. This will be driven mainly by South-East Asia, the Far East and Eastern Europe. While above-average growth is predicted particularly for container traffi c intra-Asia, the forecasts for Northern European ports suggest lower growth of just under 6 %. It is therefore expected that the market environment will continue to be dominated by fi erce competition in handling and transport services until the end of the year. At the same time, container shipping companies are exposed to both rising fuel costs and persistent pressure on earnings due to surplus capacity. As a result of realised and planned expansion projects in Northern Europe, the increase in handling capacity is also likely to exceed volume growth for the foreseeable future.
Thanks to the high volumes seen in the fi rst half of the year, Europe's land-based pre-carriage and on-carriage systems are expected to enjoy growth in transport volumes of around 6 %, despite the economic downturn. Depending on the target region served, growth rates are likely to vary. Transport prices should show signs of recovery as the year progresses. However, the strength of this recovery will vary according to carrier type and route.
The market environment remains heterogeneous for the HHLA companies in the Logistics segment. Overcapacities in container shipping are accelerating the trend towards transporting fruit in reefer containers rather than in conventional reefer vessels, thus presenting the specialised with the challenge of persistent structural change. At the same time, the shift in consignment activities to the regions for which the goods are intended is putting strong competitive pressure on port-based contract logistics. The rate of German steel production, on the other hand, an indicator for bulk goods handling of iron ore and coal, could increase more than 2 % on its already high level, although a noticeable decline is expected towards the end of the year. Growth
is also expected in passenger car exports, with the export of new vehicles anticipated to outstrip that of used vehicles.
Although the economy is facing greater challenges than originally expected, HHLA is still aiming to substantially improve year-on-year revenue. In light of the results of the fi rst nine months, HHLA believes it can achieve consolidated Group revenue in the region of € 1.2 billion for the year as a whole.
In order to reach this goal, faster ship handling and smooth management of high peak loads must increasingly offset the disadvantages caused by the delayed dredging of the river Elbe's navigation channel. At the same time, HHLA is taking important steps to tap future earnings potential with the aid of extensive maintenance work, technological developments and restructuring projects. By pursuing both these objectives – exploiting current market opportunities and developing future competitive strengths – the Group aims to reach an operating result (EBIT) of around € 210 million. As the perspectives for an improvement of the unsatisfactory earnings development of German intermodal traffi c and fruit logistics are further limited in the light of the economic slowdown, impairments in these business activities can no longer be ruled out by the end of the year. Should adjustments be made, EBIT would be expected in the region of € 200 million. In this case an increase in operating margin does not seem to be feasible. The minority shareholders' relative proportion of the after-tax result would increase.
Revenue and earnings will continue to be driven predominantly by the listed subgroup Port Logistics. Providing volume trends do not tail off towards year-end by more than the normal seasonal variation, the Container segment is now expected to report volume growth at the upper end of the 15 to 20 % range. However, pressure on earnings is likely to remain high for the time being. At the same time, the above-mentioned cost factors are expected to have a considerable impact on ship handling in particular. Nevertheless, HHLA aims to improve its operating margin. The compensation payment of € 15 million received for the early return of leased areas will also help to achieve this target.
Providing the macroeconomic environment remains stable, the Intermodal segment will probably be able to increase its transport volume in the mid-range of between 10 and 15 %. Revenue growth is likely to be similarly strong and a number of routes have potential for improved earnings quality. In line with the expansion of the hinterland network, the company also aims to enhance added value for the segment's operative business development. However, the EBIT margin could be signifi cantly impacted by an amount in the single-digit millions range in the event of an impairment at the German intermodal traffi c.
Owing to the increasing containerisation of perishable goods and the ensuing structural changes in fruit handling, HHLA expects a continuing diffi cult situation for volumes and earnings. The operating margin is thus likely to remain signifi cantly below the previous year's level, to which an impairment in the single-digit millions range may contribute.
Despite the challenging environment, the company expects to see slightly higher revenue than last year in the non-listed Real Estate subgroup. As a result of the planned large-scale maintenance work, however, the EBIT margin is expected to be lower than in the previous year. Whereas the Holding/Other division helped reduce costs in 2010 – mainly by altering the models for phased early retirement – additional
| HHLA Group | Forecast in half-year report | Forecast in nine-month report |
|---|---|---|
| Container throughput |
Growth of 15 to 20 % | Growth of 15 to 20 %, upper end |
| Container transport | Growth of 10 to 15 % | Growth of 10 to 15 %, medium range |
| Revenue | Increase in the region of 15 % |
in the region of € 1.2 billion |
| EBIT | Margin improvement | in the region of € 210 million before in the region of € 200 million after risks |
| Investments | Ranging from € 180 to € 220 million |
Ranging from € 160 to € 180 million |
services as part of company development and the general overhaul of a fl oating crane will result in considerably higher expenses in 2011.
The Group's balance sheet total for the year as a whole is expected to rise as a result of ongoing capital expenditure. As well as investing in modernisation work at the container terminals – including an initial project to expand handling operations in Odessa on the Black Sea – the company will focus on ramping up hinterland traffi c to further strengthen its vertical integration along the transport chain. Due to the postponing of activities in Odessa, the HHLA Group's planned overall capital expenditure will be now lower, at between € 160 million and € 180 million (previously: € 180 to € 220 million).
A rise in non-current assets, primarily in the area of property, plant and equipment, can therefore be expected on the assets side. On the liabilities side, equity is currently expected to develop in line with the level of net profi t generated. Financial liabilities for the realisation of investment projects are also expected to increase.
Otherwise, the further development of business will mainly be fi nanced by the available liquid-
ity reserves and the positive cash fl ows from current business activities. HHLA's good credit standing offers further fi nancing possibilities. Overall, HHLA therefore has suffi cient funds at its dis posal for value-enhancing corporate development.
For the further development of HHLA's business in 2012, it is vital that planning approval is granted to dredge the Elbe waterway and that work can begin at the beginning of the year. Providing economic growth continues in HHLA's core markets, despite the current economic downturn, HHLA is confi dent it can expand its market position in the North Range and fully exploit further developments in global freight volumes. Against this background, HHLA will once again target further growth in revenue and earnings, aided by technological refi nements, the reorganisation of work structures and the expansion of the hinterland network. In view of the current uncertainties, however, HHLA is also preparing for other scenarios in order to safeguard where necessary the Group's earnings power and fi nancial stability – as it succeeded in doing during the fi nancial and economic crisis of 2009.
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 2010 and remain valid.
| Areas in which no material changes occurred in the reporting period |
|---|
| (Page numbers refer to the Annual Report 2010) |
| Company organization and structure See front fl ap, page 54 et seq. |
| Company goals/strategies See page 60 et seq. |
| Main services See page 56 et seq. |
| Sales markets/competitive position See page 57 et seq. |
| Research and development See page 68 et seq. |
| Legal parameters See page 62 et seq. |
| Principles and goals of fi nancial management See page 82 |
| Company disposals and acquisitions See page 84 et seq. |
| Planned changes to structure/organization and strategy/goals See page 102 |
| Future services, sales markets/competitive position, R&D activities See page 102 |
| Dividend policy See page 102 |
| Medium-term developments See page 102 et seq. |
| in €thousand | 1–9 2011 | 1–9 2010 | 7–9 2011 | 7–9 2010 |
|---|---|---|---|---|
| Revenue 1 | 912,481 | 788,098 | 316,439 | 285,485 |
| Changes in inventories | 852 | 115 | 633 | 579 |
| Own work capitalised | 5,093 | 4,728 | 1,636 | 1,764 |
| Other operating income 1 | 32,426 | 26,171 | 20,406 | 10,619 |
| Cost of materials | - 324,682 | - 271,331 | - 113,529 | - 99,136 |
| Personnel expenses | - 265,196 | - 234,549 | - 88,588 | - 80,770 |
| Other operating expenses | - 106,574 | - 90,643 | - 35,831 | - 30,600 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 254,400 | 222,589 | 101,166 | 87,941 |
| Depreciation and amortisation | - 89,865 | - 81,045 | - 29,734 | - 27,777 |
| Earnings before interest and taxes (EBIT) | 164,535 | 141,544 | 71,432 | 60,164 |
| Earnings from associates accounted for using the equity method | 253 | 167 | 107 | 120 |
| Interest income | 5,497 | 3,471 | 1,875 | 1,844 |
| Interest expenses | - 30,392 | - 29,971 | - 10,519 | - 9,493 |
| Other financial result | 283 | 336 | 0 | 162 |
| Financial result | - 24,359 | - 25,997 | - 8,537 | - 7,367 |
| Earnings before tax (EBT) | 140,176 | 115,547 | 62,895 | 52,797 |
| Income tax | - 42,915 | - 33,448 | - 18,663 | - 15,575 |
| Profit after tax | 97,261 | 82,099 | 44,232 | 37,222 |
| of which attributable to non-controlling interests | 31,868 | 26,635 | 13,585 | 10,301 |
| of which attributable to shareholders of the parent company | 65,393 | 55,464 | 30,647 | 26,921 |
| Earnings per share, basic, in € | ||||
| Group | 0.90 | 0.76 | 0.42 | 0.37 |
| Port Logistics | 0.88 | 0.73 | 0.42 | 0.36 |
| Real Estate | 1.49 | 1.71 | 0.51 | 0.56 |
| Earnings per share, diluted, in € | ||||
| Group | 0.90 | 0.76 | 0.42 | 0.37 |
| Port Logistics | 0.88 | 0.73 | 0.42 | 0.36 |
| Real Estate | 1.49 | 1.71 | 0.51 | 0.56 |
| in €thousand | 1–9 2011 | 1–9 2010 | 7–9 2011 | 7–9 2010 |
|---|---|---|---|---|
| Profit after tax | 97,261 | 82,099 | 44,232 | 37,222 |
| Actuarial gains/losses | 18,792 | 1,163 | 878 | 772 |
| Cash flow hedges | - 374 | - 940 | - 775 | - 156 |
| Foreign currency translation differences | - 1,514 | 3,144 | 2,866 | - 5,211 |
| Deferred taxes on changes recognised directly in equity | - 5,923 | - 120 | - 50 | - 208 |
| Other | - 126 | - 23 | - 106 | 30 |
| Income and expense recognised directly in equity | 10,855 | 3,224 | 2,813 | - 4,773 |
| Total comprehensive income | 108,116 | 85,323 | 47,045 | 32,449 |
| of which attributable to non-controlling interests | 31,800 | 26,771 | 13,390 | 10,467 |
| of which attributable to shareholders of the parent company | 76,316 | 58,551 | 33,655 | 21,981 |
1 For the purposes of comparison the previous year's figures have been restated due to the reclassification of the incidental rental expenses.
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 18
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| Revenue | 912,481 | 892,653 | 23,614 | - 3,786 |
| Changes in inventories | 852 | 849 | 3 | 0 |
| Own work capitalised | 5,093 | 5,093 | 0 | 0 |
| Other operating income | 32,426 | 29,538 | 3,577 | - 689 |
| Cost of materials | - 324,682 | - 319,877 | - 4,807 | 2 |
| Personnel expenses | - 265,196 | - 263,536 | - 1,660 | 0 |
| Other operating expenses | - 106,574 | - 102,494 | - 8,553 | 4,473 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 254,400 | 242,226 | 12,174 | 0 |
| Depreciation and amortisation | - 89,865 | - 86,909 | - 3,186 | 230 |
| Earnings before interest and taxes (EBIT) | 164,535 | 155,317 | 8,988 | 230 |
| Earnings from associates accounted for using the equity method | 253 | 253 | 0 | 0 |
| Interest income | 5,497 | 5,530 | 60 | - 93 |
| Interest expenses | - 30,392 | - 27,024 | - 3,461 | 93 |
| Other financial result | 283 | 283 | 0 | 0 |
| Financial result | - 24,359 | - 20,958 | - 3,401 | 0 |
| Earnings before tax (EBT) | 140,176 | 134,359 | 5,587 | 230 |
| Income tax | - 42,915 | - 41,124 | - 1,736 | - 55 |
| Profit after tax | 97,261 | 93,235 | 3,851 | 175 |
| of which attributable to non-controlling interests | 31,868 | 31,868 | 0 | 0 |
| of which attributable to shareholders of the parent company | 65,393 | 61,367 | 3,851 | 175 |
| Earnings per share, basic, in € | 0.90 | 0.88 | 1.49 | |
| Earnings per share, diluted, in € | 0.90 | 0.88 | 1.49 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| Profit after tax | 97,261 | 93,235 | 3,851 | 175 |
| Actuarial gains/losses | 18,792 | 18,549 | 243 | |
| Cash flow hedges | - 374 | - 374 | 0 | |
| Foreign currency translation differences | - 1,514 | - 1,514 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 5,923 | - 5,845 | - 78 | |
| Other | - 126 | - 126 | 0 | |
| Income and expense recognised directly in equity | 10,855 | 10,690 | 165 | 0 |
| Total comprehensive income | 108,116 | 103,925 | 4,016 | 175 |
| of which attributable to non-controlling interests | 31,800 | 31,800 | ||
| of which attributable to shareholders of the parent company | 76,316 | 72,125 | 4,191 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2010 Group |
1–9 2010 Port Logistics |
1–9 2010 Real Estate |
1–9 2010 Consolidation |
|---|---|---|---|---|
| Revenue 1 | 788,098 | 769,280 | 22,075 | - 3,257 |
| Changes in inventories | 115 | 141 | - 26 | 0 |
| Own work capitalised | 4,728 | 4,720 | 0 | 8 |
| Other operating income 1 | 26,171 | 22,973 | 3,828 | - 630 |
| Cost of materials | - 271,331 | - 267,279 | - 4,060 | 9 |
| Personnel expenses | - 234,549 | - 232,755 | - 1,794 | 0 |
| Other operating expenses | - 90,643 | - 87,596 | - 6,918 | 3,870 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 222,589 | 209,484 | 13,105 | 0 |
| Depreciation and amortisation | - 81,045 | - 78,199 | - 3,075 | 230 |
| Earnings before interest and taxes (EBIT) | 141,544 | 131,285 | 10,030 | 230 |
| Earnings from associates accounted for using the equity method | 167 | 167 | 0 | 0 |
| Interest income | 3,471 | 3,363 | 209 | - 101 |
| Interest expenses | - 29,971 | - 26,258 | - 3,815 | 101 |
| Other financial result | 336 | 336 | 0 | 0 |
| Financial result | - 25,997 | - 22,392 | - 3,606 | 0 |
| Earnings before tax (EBT) | 115,547 | 108,893 | 6,424 | 230 |
| Income tax | - 33,448 | - 31,422 | - 1,989 | - 36 |
| Profit after tax | 82,099 | 77,471 | 4,435 | 194 |
| of which attributable to non-controlling interests | 26,635 | 26,635 | 0 | 0 |
| of which attributable to shareholders of the parent company | 55,464 | 50,836 | 4,435 | 194 |
| Earnings per share, basic, in € | 0.76 | 0.73 | 1.71 | |
| Earnings per share, diluted, in € | 0.76 | 0.73 | 1.71 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2010 Group |
1–9 2010 Port Logistics |
1–9 2010 Real Estate |
1–9 2010 Consolidation |
|---|---|---|---|---|
| Profit after tax | 82,099 | 77,471 | 4,435 | 194 |
| Actuarial gains/losses | 1,163 | 1,099 | 64 | |
| Cash flow hedges | - 940 | - 940 | 0 | |
| Foreign currency translation differences | 3,144 | 3,144 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 120 | - 100 | - 21 | |
| Other | - 23 | - 23 | 0 | |
| Income and expense recognised directly in equity | 3,224 | 3,180 | 43 | 0 |
| Total comprehensive income | 85,323 | 80,651 | 4,478 | 194 |
| of which attributable to non-controlling interests | 26,771 | 26,771 | 0 | |
| of which attributable to shareholders of the parent company | 58,551 | 53,880 | 4,671 |
1 For the purposes of comparison the previous year's figures have been restated due to the reclassification of the incidental rental expenses.
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 |
7–9 2011 Group |
7–9 2011 Port Logistics |
7–9 2011 Real Estate |
7–9 2011 Consolidation |
|---|---|---|---|---|
| Revenue | 316,439 | 309,653 | 8,003 | - 1,217 |
| Changes in inventories | 633 | 630 | 3 | 0 |
| Own work capitalised | 1,636 | 1,636 | 0 | 0 |
| Other operating income | 20,406 | 19,465 | 1,162 | - 221 |
| Cost of materials | - 113,529 | - 111,907 | - 1,622 | 1 |
| Personnel expenses | - 88,588 | - 88,101 | - 487 | 0 |
| Other operating expenses | - 35,831 | - 34,065 | - 3,203 | 1,437 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 101,166 | 97,311 | 3,856 | 0 |
| Depreciation and amortisation | - 29,734 | - 28,746 | - 1,065 | 77 |
| Earnings before interest and taxes (EBIT) | 71,432 | 68,565 | 2,791 | 77 |
| Earnings from associates accounted for using the equity method | 107 | 107 | 0 | 0 |
| Interest income | 1,875 | 1,886 | 19 | - 30 |
| Interest expenses | - 10,519 | - 9,490 | - 1,059 | 30 |
| Financial result | - 8,537 | - 7,497 | - 1,040 | 0 |
| Earnings before tax (EBT) | 62,895 | 61,068 | 1,751 | 77 |
| Income tax | - 18,663 | - 18,217 | - 428 | - 18 |
| Profit after tax | 44,232 | 42,851 | 1,323 | 58 |
| of which attributable to non-controlling interests | 13,585 | 13,585 | 0 | 0 |
| of which attributable to shareholders of the parent company | 30,647 | 29,266 | 1,323 | 58 |
| Earnings per share, basic, in € | 0.42 | 0.42 | 0.51 | |
| Earnings per share, diluted, in € | 0.42 | 0.42 | 0.51 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2011 Group |
7–9 2011 Port Logistics |
7–9 2011 Real Estate |
7–9 2011 Consolidation |
|---|---|---|---|---|
| Profit after tax | 44,232 | 42,851 | 1,323 | 58 |
| Actuarial gains/losses | 878 | 916 | - 38 | |
| Cash flow hedges | - 775 | - 775 | 0 | |
| Foreign currency translation differences | 2,866 | 2,866 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 50 | - 63 | 13 | |
| Other | - 106 | - 106 | 0 | |
| Income and expense recognised directly in equity | 2,813 | 2,838 | - 25 | 0 |
| Total comprehensive income | 47,045 | 45,689 | 1,298 | 58 |
| of which attributable to non-controlling interests | 13,390 | 13,390 | 0 | |
| of which attributable to shareholders of the parent company | 33,655 | 32,299 | 1,356 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2010 Group |
7–9 2010 Port Logistics |
7–9 2010 Real Estate |
7–9 2010 Consolidation |
|---|---|---|---|---|
| Revenue 1 | 285,485 | 278,971 | 7,595 | - 1,081 |
| Changes in inventories | 579 | 580 | - 1 | 0 |
| Own work capitalised | 1,764 | 1,756 | 0 | 8 |
| Other operating income 1 | 10,619 | 9,584 | 1,189 | - 154 |
| Cost of materials | - 99,136 | - 97,760 | - 1,376 | 1 |
| Personnel expenses | - 80,770 | - 80,185 | - 585 | 0 |
| Other operating expenses | - 30,600 | - 29,344 | - 2,483 | 1,226 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 87,941 | 83,602 | 4,339 | 0 |
| Depreciation and amortisation | - 27,777 | - 26,828 | - 1,025 | 77 |
| Earnings before interest and taxes (EBIT) | 60,164 | 56,774 | 3,314 | 77 |
| Earnings from associates accounted for using the equity method | 120 | 120 | 0 | 0 |
| Interest income | 1,844 | 1,808 | 69 | - 33 |
| Interest expenses | - 9,493 | - 8,270 | - 1,257 | 33 |
| Other financial result | 162 | 162 | 0 | 0 |
| Financial result | - 7,367 | - 6,180 | - 1,188 | 0 |
| Earnings before tax (EBT) | 52,797 | 50,594 | 2,126 | 77 |
| Income tax | - 15,575 | - 14,898 | - 664 | - 12 |
| Profit after tax | 37,222 | 35,696 | 1,462 | 65 |
| of which attributable to non-controlling interests | 10,301 | 10,301 | 0 | 0 |
| of which attributable to shareholders of the parent company | 26,921 | 25,395 | 1,462 | 65 |
| Earnings per share, basic, in € | 0.37 | 0.36 | 0.56 | |
| Earnings per share, diluted, in € | 0.37 | 0.36 | 0.56 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2010 Group |
7–9 2010 Port Logistics |
7–9 2010 Real Estate |
7–9 2010 Consolidation |
|---|---|---|---|---|
| Profit after tax | 37,222 | 35,696 | 1,462 | 65 |
| Actuarial gains/losses | 772 | 784 | - 12 | |
| Cash flow hedges | - 156 | - 156 | 0 | |
| Foreign currency translation differences | - 5,211 | - 5,211 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 208 | - 213 | 4 | |
| Other | 30 | 30 | 0 | |
| Income and expense recognised directly in equity | - 4,773 | - 4,766 | - 8 | 0 |
| Total comprehensive income | 32,449 | 30,930 | 1,454 | 65 |
| of which attributable to non-controlling interests | 10,467 | 10,467 | 0 | |
| of which attributable to shareholders of the parent company | 21,981 | 20,463 | 1,518 |
1 For the purposes of comparison the previous year's figures have been restated due to the reclassification of the incidental rental expenses.
| in €thousand | ||
|---|---|---|
| Assets | 30.09.2011 | 31.12.2010 |
| Non-current assets | ||
| Intangible assets | 84,573 | 83,850 |
| Property, plant and equipment | 995,524 | 978,583 |
| Investment property | 181,854 | 185,568 |
| Associates accounted for using the equity method | 1,873 | 1,620 |
| Financial assets | 9,926 | 8,284 |
| Deferred taxes | 27,859 | 32,766 |
| 1,301,609 | 1,290,671 | |
| Current assets | ||
| Inventories | 22,717 | 20,965 |
| Trade receivables | 155,831 | 126,516 |
| Receivables from related parties | 72,087 | 2,704 |
| Other financial receivables | 5,771 | 2,607 |
| Other assets | 14,939 | 15,209 |
| Income tax receivables | 4,372 | 20,972 |
| Cash and cash equivalents | 259,764 | 235,493 |
| 535,481 | 424,466 | |
| 1,837,090 | 1,715,137 | |
| Equity and liabilities | ||
| Equity | ||
| Subscribed capital | 72,680 | 72,680 |
| Subgroup Port Logistics | 69,975 | 69,975 |
| Subgroup Real Estate | 2,705 | 2,705 |
| Capital reserve | 139,728 | 139,728 |
| Subgroup Port Logistics | 139,222 | 139,222 |
| Subgroup Real Estate | 506 | 506 |
| Retained earnings | 360,998 | 337,337 |
| Subgroup Port Logistics | 345,080 | 322,200 |
| Subgroup Real Estate | 15,918 | 15,137 |
| Other comprehensive income | 40,438 | 29,514 |
| Subgroup Port Logistics | 39,172 | 28,412 |
| Subgroup Real Estate | 1,266 | 1,102 |
| Non-controlling interests | 15,715 | - 12,257 |
| Subgroup Port Logistics | 15,715 | - 12,257 |
| Subgroup Real Estate | 0 | 0 |
| 629,559 | 567,002 | |
| Non-current liabilities Pension provisions |
314,842 | 331,134 |
| Other non-current provisions | 50,914 | 52,565 |
| Non-current liabilities to related parties | 93,610 | 65,747 |
| Non-current financial liabilities | 423,364 | 387,612 |
| Deferred taxes | 14,809 | 12,897 |
| 897,539 | 849,955 | |
| Current liabilities | ||
| Other current provisions | 24,589 | 21,896 |
| Trade liabilities | 86,704 | 77,026 |
| Current liabilities to related parties | 71,648 | 67,986 |
| Current financial liabilities | 77,791 | 91,136 |
| Other liabilities | 32,306 | 34,577 |
| Income tax liabilities | 16,954 | 5,559 |
| 309,992 | 298,180 |
1,837,090 1,715,137
Equity and liabilities
in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| 30.09.2011 | 30.09.2011 | 30.09.2011 | 30.09.2011 | |
|---|---|---|---|---|
| Consolidation | Real Estate | Port Logistics | Group | Assets |
| Non-current assets | ||||
| 0 | 12 | 84,561 | 84,573 | Intangible assets |
| 17,017 | 5,791 | 972,716 | 995,524 | Property, plant and equipment |
| - 30,863 | 150,213 | 62,504 | 181,854 | Investment property |
| 0 | 0 | 1,873 | 1,873 | Associates accounted for using the equity method |
| 0 | 1,412 | 8,514 | 9,926 | Financial assets |
| - 4,027 | 25 | 31,861 | 27,859 | Deferred taxes |
| - 17,873 | 157,453 | 1,162,029 | 1,301,609 | |
| Current assets | ||||
| 0 | 86 | 22,631 | 22,717 | Inventories |
| 0 | 570 | 155,261 | 155,831 | Trade receivables |
| - 13,459 | 150 | 85,396 | 72,087 | Receivables from related parties |
| 0 | 42 | 5,729 | 5,771 | Other financial receivables |
| 0 | 282 | 14,657 | 14,939 | Other assets |
| - 78 | 78 | 4,372 | 4,372 | Income tax receivables |
| 0 | 234 | 259,530 | 259,764 | Cash and cash equivalents |
| - 13,537 | 1,442 | 547,576 | 535,481 | |
| - 31,410 | 158,895 | 1,709,605 | 1,837,090 |
| Equity | ||||
|---|---|---|---|---|
| Subscribed capital | 72,680 | 69,975 | 2,705 | 0 |
| Capital reserve | 139,728 | 139,222 | 506 | 0 |
| Retained earnings | 360,998 | 345,080 | 26,333 | - 10,415 |
| Other comprehensive income | 40,438 | 39,172 | 1,266 | 0 |
| Non-controlling interests | 15,715 | 15,715 | 0 | 0 |
| 629,559 | 609,164 | 30,810 | - 10,415 | |
| Non-current liabilities | ||||
| Pension provisions | 314,842 | 309,441 | 5,401 | 0 |
| Other non-current provisions | 50,914 | 49,454 | 1,460 | 0 |
| Non-current liabilities to related parties | 93,610 | 93,610 | 0 | 0 |
| Non-current financial liabilities | 423,364 | 400,774 | 22,590 | 0 |
| Deferred taxes | 14,809 | 15,078 | 7,189 | - 7,458 |
| 897,539 | 868,357 | 36,640 | - 7,458 | |
| Current liabilities | ||||
| Other current provisions | 24,589 | 21,836 | 2,753 | 0 |
| Trade liabilities | 86,704 | 84,271 | 2,433 | 0 |
| Current liabilities to related parties | 71,648 | 4,152 | 80,955 | - 13,459 |
| Current financial liabilities | 77,791 | 73,851 | 3,940 | 0 |
| Other liabilities | 32,306 | 31,638 | 668 | 0 |
| Income tax liabilities | 16,954 | 16,336 | 696 | - 78 |
| 309,992 | 232,084 | 91,445 | - 13,537 | |
| 1,837,090 | 1,709,605 | 158,895 | - 31,410 |
in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2010 Group |
31.12.2010 Port Logistics |
31.12.2010 Real Estate |
31.12.2010 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 83,850 | 83,831 | 19 | 0 |
| Property, plant and equipment | 978,583 | 955,772 | 5,464 | 17,347 |
| Investment property | 185,568 | 66,715 | 150,276 | - 31,423 |
| Associates accounted for using the equity method | 1,620 | 1,620 | 0 | 0 |
| Financial assets | 8,284 | 7,082 | 1,202 | 0 |
| Deferred taxes | 32,766 | 36,439 | 25 | - 3,698 |
| 1,290,671 | 1,151,459 | 156,986 | - 17,774 | |
| Current assets | ||||
| Inventories | 20,965 | 20,906 | 59 | 0 |
| Trade receivables | 126,516 | 125,831 | 685 | 0 |
| Receivables from related parties | 2,704 | 11,951 | 39 | - 9,286 |
| Other financial receivables | 2,607 | 2,535 | 72 | 0 |
| Other assets | 15,209 | 15,062 | 147 | 0 |
| Income tax receivables | 20,972 | 24,053 | 240 | - 3,321 |
| Cash and cash equivalents | 235,493 | 235,220 | 273 | 0 |
| 424,466 | 435,558 | 1,515 | - 12,607 | |
| 1,715,137 | 1,587,017 | 158,501 | - 30,381 | |
| Equity | ||||
| Subscribed capital | 72,680 | 69,975 | 2,705 | 0 |
| Capital reserve | 139,728 | 139,222 | 506 | 0 |
| Retained earnings | 337,337 | 322,200 | 25,728 | - 10,591 |
| Other comprehensive income | 29,514 | 28,412 | 1,102 | 0 |
| Non-controlling interests | - 12,257 | - 12,257 | 0 | 0 |
| 567,002 | 547,552 | 30,041 | - 10,591 | |
| Non-current liabilities | ||||
| Pension provisions | 331,134 | 325,386 | 5,748 | 0 |
| Other non-current provisions | 52,565 | 51,143 | 1,422 | 0 |
| Non-current liabilities to related parties | 65,747 | 65,747 | 0 | 0 |
| Non-current financial liabilities | 387,612 | 362,657 | 24,955 | 0 |
| Deferred taxes | 12,897 | 13,431 | 6,649 | - 7,183 |
| 849,955 | 818,364 | 38,774 | - 7,183 | |
| Current liabilities | ||||
| Other current provisions | 21,896 | 19,984 | 1,912 | 0 |
| Trade liabilities | 77,026 | 73,748 | 3,278 | 0 |
| Current liabilities to related parties | 67,986 | 2,001 | 75,271 | - 9,286 |
| Current financial liabilities | 91,136 | 86,979 | 4,157 | 0 |
| Other liabilities | 34,577 | 34,252 | 325 | 0 |
Income tax liabilities 5,559 4,137 4,743 - 3,321
298,180 221,101 89,686 - 12,607 1,715,137 1,587,017 158,501 - 30,381
| in €thousand | 1– 9 2011 | 1–9 2010 |
|---|---|---|
| 1. Cash flow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 164,535 | 141,544 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets | 90,054 | 79,202 |
| Decrease in provisions | - 12,432 | - 13,586 |
| Gains/losses arising from the disposal of non-current assets | - 787 | 151 |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities | - 37,299 | - 31,518 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 21,071 | 37,747 |
| Interest received | 5,767 | 3,554 |
| Interest paid | - 15,738 | - 17,642 |
| Income tax paid | - 14,014 | - 35,429 |
| Exchange rate and other effects | - 1,088 | 368 |
| Cash flow from operating activities | 200,069 | 164,391 |
| 2. Cash flow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 1,491 | 8,871 |
| Payments for investments in property, plant and equipment and investment property | - 78,708 | - 65,534 |
| Payments for investments in intangible assets | - 5,748 | - 5,391 |
| Proceeds from disposal of non-current financial assets | 12 | 4 |
| Payments for investments in non-current financial assets | - 768 | - 1,802 |
| Payments for acquiring interests in consolidated companies and other business units | 0 | - 259 |
| Proceeds from disposal of interests in consolidated companies and other business units | 0 | 1 |
| Cash flow from investing activities | - 83,721 | - 64,110 |
| 3. Cash flow from financing activities | ||
| Dividends paid to shareholders of the parent company | - 41,732 | - 30,695 |
| Dividends/settlement obligation paid to non-controlling interests | - 27,798 | - 27,166 |
| Redemption of lease liabilities | - 3,202 | - 3,010 |
| Proceeds from the issuance of (financial) loans | 65,733 | 0 |
| Payments for the redemption of (financial) loans | - 21,938 | - 25,523 |
| Cash flow from financing activities | - 28,937 | - 86,394 |
| 4. Financial funds at the end of the period | ||
| Change in financial funds (subtotals 1. – 3.) | 87,411 | 13,887 |
| Change in financial funds due to exchange rates | 439 | - 629 |
| Financial funds at the beginning of the period | 233,682 | 179,156 |
| Financial funds at the end of the period | 321,532 | 192,414 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 164,535 | 155,317 | 8,988 | 230 |
| Depreciation, amortisation, impairment and reversals on non-financial non current assets |
90,054 | 87,098 | 3,186 | - 230 |
| Change in provisions | - 12,432 | - 12,993 | 561 | |
| Gains/losses arising from the disposal of non-current assets | - 787 | - 786 | - 1 | |
| Change in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 37,299 | - 40,112 | - 360 | 3,173 |
| Change in trade payables and other liabilities not attributable to investing or financing activities |
21,071 | 19,189 | 5,055 | - 3,173 |
| Interest received | 5,767 | 5,800 | 60 | - 93 |
| Interest paid | - 15,738 | - 12,103 | - 3,728 | 93 |
| Income tax paid | - 14,014 | - 8,854 | - 5,160 | |
| Exchange rate and other effects | - 1,088 | - 1,088 | 0 | |
| Cash flow from operating activities | 200,069 | 191,468 | 8,601 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,491 | 1,484 | 7 | |
| Payments for investments in property, plant and equipment and investment property |
- 78,708 | - 75,260 | - 3,448 | |
| Payments for investments in intangible assets | - 5,748 | - 5,747 | - 1 | |
| Proceeds from disposal of non-current financial assets | 12 | 12 | 0 | |
| Payments for investments in non-current financial assets | - 768 | - 768 | 0 | |
| Cash flow from investing activities | - 83,721 | - 80,279 | - 3,442 | 0 |
| 3. Cash flow from financing activities | ||||
| Dividends paid to shareholders of the parent company | - 41,732 | - 38,487 | - 3,245 | |
| Dividends/settlement obligation paid to non-controlling interests | - 27,798 | - 27,798 | 0 | |
| Redemption of lease liabilities | - 3,202 | - 3,202 | 0 | |
| Proceeds from the issuance of (financial) loans | 65,733 | 65,733 | 0 | |
| Payments for the redemption of (financial) loans | - 21,938 | - 19,585 | - 2,353 | |
| Cash flow from financing activities | - 28,937 | - 23,339 | - 5,598 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 87,411 | 87,850 | - 439 | 0 |
| Change in financial funds due to exchange rates | 439 | 439 | 0 | |
| Financial funds at the beginning of the period | 233,682 | 238,009 | - 4,327 | |
| Financial funds at the end of the period | 321,532 | 326,298 | - 4,766 | 0 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2010 Group |
1–9 2010 Port Logistics |
1–9 2010 Real Estate |
1–9 2010 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 141,544 | 131,284 | 10,030 | 230 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
79,202 | 76,357 | 3,075 | - 230 |
| Change in provisions | - 13,586 | - 14,039 | 453 | |
| Gains/losses arising from the disposal of non-current assets | 151 | 151 | 0 | |
| Change in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 31,518 | - 31,317 | 857 | - 1,058 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
37,747 | 34,300 | 2,389 | 1,058 |
| Interest received | 3,554 | 3,591 | 64 | - 101 |
| Interest paid | - 17,642 | - 13,781 | - 3,962 | 101 |
| Income tax paid | - 35,429 | - 34,088 | - 1,341 | |
| Exchange rate and other effects | 368 | 368 | 0 | |
| Cash flow from operating activities | 164,391 | 152,826 | 11,565 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
8,871 | 8,871 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 65,534 | - 62,325 | - 3,209 | |
| Payments for investments in intangible assets | - 5,391 | - 5,391 | 0 | |
| Proceeds from disposal of non-current financial assets | 4 | 4 | 0 | |
| Payments for investments in non-current financial assets | - 1,802 | - 1,801 | - 1 | |
| Payments for acquiring interests in consolidated companies and other business units |
- 259 | - 259 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units |
1 | 1 | 0 | |
| Cash flow from investing activities | - 64,110 | - 60,900 | - 3,210 | 0 |
| 3. Cash flow from financing activities | ||||
| Dividends paid to shareholders of the parent company | - 30,695 | - 27,990 | - 2,705 | |
| Dividends paid to non-controlling interests | - 27,166 | - 27,166 | 0 | |
| Redemption of lease liabilities | - 3,010 | - 3,010 | 0 | |
| Payments for the redemption of (financial) loans | - 25,523 | - 23,170 | - 2,353 | |
| Cash flow from financing activities | - 86,394 | - 81,336 | - 5,058 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 13,887 | 10,590 | 3,297 | 0 |
| Change in financial funds due to exchange rates | - 629 | - 629 | 0 | |
| Financial funds at the beginning of the period | 179,156 | 183,538 | - 4,382 | 0 |
| Financial funds at the end of the period | 192,414 | 193,499 | - 1,085 | 0 |
| annex to the condensed notes | Subgroup Port Logistics | ||
|---|---|---|---|
| 1–9 2011 | Container | Intermodal | Logistics |
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 531,356 | 266,032 | 81,324 |
| Inter-segment revenue | 4,156 | 1,441 | 12,693 |
| Total segment revenue | 535,512 | 267,473 | 94,017 |
| Earnings | |||
| EBITDA | 215,753 | 31,561 | 8,163 |
| EBITDA margin | 40.3% | 11.8% | 8.7% |
| EBIT | 150,453 | 19,971 | 2,667 |
| EBIT margin | 28.1% | 7.5% | 2.8% |
| Segment assets | 926,040 | 274,410 | 98,731 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment and investment property |
70,138 | 23,445 | 2,978 |
| Intangible assets | 4,263 | 478 | 58 |
| Depreciation of property, plant and equipment and investment property |
60,472 | 11,319 | 5,332 |
| Amortisation of intangible assets | 4,828 | 270 | 164 |
| Non-cash items | 10,700 | 1,775 | 2,499 |
| Container throughput in thousand TEU | 5,305 | ||
| Container transport1 in thousand TEU | 1,425 | ||
| 1–9 2010 | |||
| Segment revenue2 | |||
| Segment revenue from non-affiliated third parties | 436,966 | 232,848 | 86,992 |
| Inter-segment revenue | 7,693 | 1,296 | 3,071 |
| Total segment revenue | 444,659 | 234,144 | 90,063 |
| Earnings | |||
| EBITDA | 176,108 | 29,601 | 11,093 |
| EBITDA margin | 39.6% | 12.6% | 12.3% |
| EBIT | 117,889 | 18,584 | 5,808 |
| EBIT margin | 26.5% | 7.9% | 6.4% |
| EBIT from continuing activities3 | 117,889 | 16,641 | 5,808 |
| Segment assets | 875,439 | 254,463 | 106,490 |
| Other segment information | |||
| Other segment information | |||
|---|---|---|---|
| Investments | |||
| Property, plant and equipment and investment property |
76,895 | 13,953 | 1,923 |
| Intangible assets | 3,669 | 320 | 35 |
| Depreciation of property, plant and equipment and investment property |
55,579 | 10,784 | 5,111 |
| Amortisation of intangible assets | 2,640 | 233 | 174 |
| Non-cash items | 5,027 | 2,156 | 2,138 |
| Container throughput in thousand TEU | 4,252 | ||
| Container transport1 in thousand TEU | 1,261 |
The transport volume was fully consolidated.
2 For the purposes of comparison the revenue figures have been presented without income from incidental rental expenses.
3 EBIT from continuing activities does not contain the result from CTL.
In the figures for the current financial year an individual disclosure was dispensed with for reasons of materiality.
| Group | Consolidation and reconciliation with Group |
Total | Subgroup Real Estate | |
|---|---|---|---|---|
| Real Estate | Holding/Other | |||
| 912,481 | 0 | 912,481 | 21,730 | 12,039 |
| - 102,315 | 102,315 | 1,884 | 82,141 | |
| 1,014,796 | 23,614 | 94,180 | ||
| 254,400 | - 1,290 | 255,690 | 12,174 | - 11,961 |
| 51.6% | - 12.7% | |||
| 164,535 | 177 | 164,358 | 8,988 | - 17,721 |
| 38.1% | - 18.8% | |||
| 1,837,090 | 298,543 | 1,538,547 | 158,558 | 80,808 |
| - 1,243 | 101,176 | 3,448 | 1,167 | |
| 198 | 5,550 | 1 | 750 | |
| - 803 | 85,636 | 3,178 | 5,335 | |
| - 662 | 5,695 | 8 | 425 | |
| 129 | 23,306 | 481 | 7,851 | |
| 0 | 788,098 | 20,236 | 11,056 | |
| - 109,660 | 109,660 | 1,839 | 95,761 | |
| 897,758 | 22,075 | 106,817 | ||
| 468 | 222,121 | 13,105 | - 7,786 | |
| 59.4% | - 7.3% | |||
| 2,079 | 139,465 | 10,030 | - 12,846 | |
| 2,044 | 137,522 | 45.4% 10,030 |
- 12.0% - 12,846 |
|
| 183,399 | 1,475,825 | 155,429 | 84,004 | |
| 1,659,224 | ||||
| 0 | 97,155 | 3,209 | 1,175 | |
| 631 | 4,760 | 0 | 736 | |
| - 763 | 79,168 | 3,066 | 4,628 | |
| - 848 182 |
3,488 17,249 |
9 740 |
432 7,188 |
in €thousand
| Parent company | |||||
|---|---|---|---|---|---|
| Retained consolidated earnings |
Reserve for foreign currency translation |
||||
| A division | S division | A division | S division | ||
| 69,975 | 2,705 | 139,222 | 506 | 291,805 | - 18,624 |
| - 30,695 | |||||
| 55,464 | 2,787 | ||||
| 69,975 | 2,705 | 139,222 | 506 | 316,574 | - 15,836 |
| 69,975 | 2,705 | 139,222 | 506 | 337,337 | - 15,046 |
| - 41,732 | |||||
| 65,393 | - 1,525 | ||||
| 69,975 | 2,705 | 139,222 | 506 | 360,998 | - 16,571 |
| Subscribed capital | Capital reserve |
| Total consolidated equity |
Non-controlling interests |
Parent com pany interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 636,985 | 102,225 | 534,760 | 11,687 | - 17,808 | 56,161 | - 869 |
| - 57,861 | - 27,166 | - 30,695 | ||||
| 85,322 | 26,771 | 58,551 | - 19 | - 225 | 1,191 | - 647 |
| 664,446 | 101,830 | 562,616 | 11,668 | - 18,033 | 57,352 | - 1,516 |
| 567,002 | - 12,257 | 579,260 | 11,585 | - 15,698 | 49,700 | - 1,026 |
| - 45,561 | - 3,829 | - 41,732 | ||||
| 108,115 | 31,800 | 76,315 | - 111 | - 5,962 | 18,764 | - 244 |
| 1 | 1 | 1 | ||||
| 629,559 | 15,715 | 613,844 | 11,475 | - 21,660 | 68,464 | - 1,270 |
Interim Financial Statements 32
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 31.12.2009 | 69,975 | 139,222 | 280,300 | - 18,624 |
| Dividends | - 27,990 | |||
| Total comprehensive income subgroup |
50,836 | 2,787 | ||
| Balance as of 30.09.2010 | 69,975 | 139,222 | 303,146 | - 15,836 |
| Balance as of 31.12.2010 | 69,975 | 139,222 | 322,200 | - 15,046 |
| Dividends | - 38,487 | |||
| Total comprehensive income subgroup |
61,367 | - 1,525 | ||
| Other changes | ||||
| Balance as of 30.09.2011 | 69,975 | 139,222 | 345,080 | - 16,571 |
in €thousand; annex to the condensed notes
| Balance as of 31.12.2009 | |
|---|---|
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.09.2010 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2010 | |
| Balance as of 31.12.2010 | |
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.09.2011 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2011 | |
| Total subgroup consolidated equity |
Non-controlling interests |
Parent com pany interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 621,076 | 102,225 | 518,851 | 11,687 | - 17,240 | 54,400 | - 869 |
| - 55,156 | - 27,166 | - 27,990 | ||||
| 80,650 | 26,771 | 53,879 | - 19 | - 205 | 1,127 | - 647 |
| 646,570 | 101,830 | 544,740 | 11,668 | - 17,445 | 55,527 | - 1,516 |
| 547,552 | - 12,257 | 559,810 | 11,585 | - 15,174 | 48,074 | - 1,026 |
| - 42,316 | - 3,829 | - 38,487 | ||||
| 103,924 | 31,800 | 72,125 | - 111 | - 5,883 | 18,521 | - 244 |
| 2 | 1 | 1 | 1 | |||
| 609,164 | 15,715 | 593,449 | 11,475 | - 21,057 | 66,595 | - 1,270 |
| 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 | |
| 28,013 | - 568 | 1,761 | 23,610 | 506 | 2,705 |
| - 2,705 | - 2,705 | ||||
| 4,478 | - 21 | 64 | 4,435 | ||
| 29,787 | - 589 | 1,825 | 25,340 | 506 | 2,705 |
| 194 | 194 | ||||
| - 12,105 | - 12,105 | ||||
| - 11,912 | - 11,912 | ||||
| 17,875 | - 589 | 1,825 | 13,429 | 506 | 2,705 |
| 30,041 | - 524 | 1,626 | 25,728 | 506 | 2,705 |
| - 3,245 | - 3,245 | ||||
| 4,015 | - 79 | 243 | 3,851 | ||
| 30,810 | - 603 | 1,869 | 26,333 | 506 | 2,705 |
| 175 | |||||
| - 10,590 | - 10,590 | ||||
| - 10,415 | - 10,415 | ||||
| 20,395 | - 603 | 1,869 | 15,918 | 506 | 2,705 |
The Group's parent company is Hamburger Hafen und Logistik Aktiengesellschaft, Bei St. Annen 1, 20457 Hamburg (in the following, 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, some figures may not add up to the stated sums.
A settlement was reached in 2010 between the Hamburg Port Authority AöR, Hamburg (HPA), UNIKAI Hafenbetrieb GmbH, Hamburg (UNIKAI), and LZU Leercontainer Zentrum Unikai GmbH, Hamburg (LZU), on the early termination of leases for port areas with effect from 30 June 2011. In the second quarter the settlement reached in 2010 was supplemented by a temporary lease. This postponed the return of the properties and the entitlement to compensation by one month until 31 July 2011 but did not affect the early termination of the lease. Operations ceased as of 30 June 2011. HPA is a related party of HHLA and paid total compensation of € 15,000 thousand to UNIKAI and LZU in the third quarter for the loss of income for the leased areas.
In accordance with a merger agreement dated 13 July 2011 and approved by a shareholders' meeting on 13 and 14 July 2011, CTL Container Terminal Lübeck GmbH, Lübeck, was merged with HHLA Intermodal GmbH, Hamburg. All the assets were transferred and the company was dissolved. The merger took effect on 22 August 2011 when it was entered in the commercial register for the acquiring company.
The merger agreement between GHL Erste Gesellschaft für Hafenund Lagereiimmobilien-Verwaltung mbH, Hamburg, and GHL Zweite Gesellschaft für Hafen- und Lagereiimmobilien-Verwaltung mbH, Hamburg, was signed before a notary on 14 July 2011 and approved by a shareholders' meeting. It became effective when it was entered into the commercial register on 27 July 2011.
The merger agreement between GHL Gesellschaft für Hafen- und Lagereiimmobilien-Verwaltung Block T mbH, Hamburg, and GHL Gesellschaft für Hafen- und Lagereiimmobilien-Verwaltung Bei St. Annen mbH, Hamburg, was also signed before a notary on 14 July 2011 and approved by a shareholders' meeting. It became effective when it was entered into the commercial register on 27 July 2011.
A merger agreement between HHLA Energiehandelsgesellschaft mbH, Hamburg, and HHLA Container Terminals Gesellschaft mit beschränkter Haftung, Hamburg, was also signed before a notary and approved by a shareholders' meeting on 20 July 2011. It became effective when it was entered into the commercial register on 5 August 2011.
There was a change among the shareholder representatives on HHLA's Supervisory Board. Mr. Peter Wenzel left the Supervisory Board of HHLA at the close of the Annual General Meeting on 16 June 2011. At the Annual General Meeting Mr. Michael Pirschel, a senior civil servant at the Hamburg Ministry for the Economy, Transport and Innovation, was elected to replace him. He took his seat as of 16 June 2011 for the remaining period of office of the Supervisory Board.
Among the employee representatives, Mr. Uwe Schröder resigned his Supervisory Board seat as trade union representative on entering retirement on 30 June 2011. With effect from 1 July 2011 the Hamburg Local Court appointed Mr. Torsten Ballhause, ver.di trade union secretary for the Harbours work group, to succeed him.
The condensed interim consolidated financial statements for the period from 1 January to 30 September 2011 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 2010.
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 2010.
In addition, the company is applying the following rules for the first time as of 1 January 2011:
Income from incidental rental expenses, which was previously recognized in revenue, has been accounted for differently since the first quarter of 2011. This income was reclassified as other operating income for the first time as of 31 March 2011 and relates primarily to the Real Estate subgroup. The item includes income for operating costs that can be charged to tenants. This income does not constitute revenue due to its transitory nature. The corresponding figures in the income statement for last year have been adjusted accordingly. The following overview can be used for comparison purposes:
| in €thousand | Revenues | Other operating income |
|||
|---|---|---|---|---|---|
| 1–9 2011 | 1–9 2010 | 1–9 2011 | 1–9 2010 | ||
| Before reclassification |
916,206 | 791,913 | 28,701 | 22,356 | |
| Reclassification | - 3,725 | - 3,815 | 3,725 | 3,815 | |
| After reclassification | 912,481 | 788,098 | 32,426 | 26,171 |
For the first time, a financial settlement payable to a minority shareholder calculated using estimated future shares of earnings was included in the non-current financial liabilities as of 31 December 2010. The estimated figure used as a basis for this liability was retained unchanged. It will be updated as and when new information becomes available.
Apart from that, there were no significant effects on the condensed interim consolidated financial statements.
No shares in subsidiaries were purchased or sold in the period to 30 September 2011.
The following table illustrates the calculation for basic earnings per share:
| 1–9 2011 | 1–9 2010 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
65,393 | 55,464 |
| Number of shares in circulation | 72,679,826 | 72,679,826 |
| Basic earnings per share in € | 0.90 | 0.76 |
The basic earnings per share were calculated for the Port Logistics subgroup as follows:
| 1–9 2011 | 1–9 2010 | |
|---|---|---|
| Net profit attributable to shareholders of | ||
| the parent company in € thousand | 61,367 | 50,836 |
| Number of shares in circulation | 69,975,326 | 69,975,326 |
| Basic earnings per share in € | 0.88 | 0.73 |
The basic earnings per share were calculated for the Real Estate subgroup as follows:
| 1–9 2011 | 1–9 2010 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in € thousand |
4,026 | 4,629 |
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share in € | 1.49 | 1.71 |
Diluted earnings per share are identical to basic earnings per share as there were no conversion or option rights in circulation during the reporting period.
At the Annual General Meeting held on 16 June 2011, shareholders approved the proposal by the Executive Board and Supervisory Board to distribute a dividend of € 0.55 per share to shareholders of the Port Logistics subgroup and of € 1.20 per share to shareholders of the Real Estate subgroup. The dividend of € 41,732 thousand was paid accordingly on 17 June 2011.
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 success in each segment and therefore serves the internal control function. In the previous year, internal reporting was extended to include EBIT from continuing activities. For further information, please refer to the consolidated financial statements as of 31 December 2010. Since the first quarter of 2011, the EBIT margin has been reported in addition to the standard EBIT figure.
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 2010.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and continues to be classified in accordance with the activities of the HHLA Group's business segments. These are organized and managed autonomously in accordance with the type of services being offered.
The HHLA Group operates unchanged in the following four segments:
This segment encompasses services relating to containers and ship handling. With its high-performance container terminals, HHLA maintains the Port of Hamburg's outstanding importance as a logistics hub for general cargo traffic.
The companies allocated to HHLA's Intermodal segment provide a comprehensive transport network encompassing rail, road and sea which links the German seaports with their hinterland in Europe.
This segment combines a wide range of services – including special handling, contract logistics and advisory services – which go to make up Hamburg's diversity as an all-purpose port.
HHLA's Real Estate segment owns properties in and around the Port of Hamburg which are not used specifically for port handling. These include properties in the historical Speicherstadt warehouse district and the fish market area on the northern banks of the river Elbe.
The Holding/Other division used for segment reporting does not represent an independent business segment as defined by the IFRS standards. However, it has been allocated to the segments within the 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, 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.
| in €thousand | 1–9 2011 | 1–9 2010 |
|---|---|---|
| Total segment earnings (EBIT) | 164,358 | 139,465 |
| Elimination of intercompany relations between segments and subgroups |
177 | 2,079 |
| Group (EBIT) | 164,535 | 141,544 |
| Earning from associated accounted for using the equity method |
253 | 167 |
| Net interest | - 24,895 | - 26,500 |
| Other financial result | 283 | 336 |
| Earnings before tax (EBT) | 140,176 | 115,547 |
The change of € 1,525 thousand in the reserve for foreign currency translation differences results mainly from exchange rate movements for the Ukrainian hryvnia.
The breakdown and development of HHLA's equity for the first nine months of 2011 and 2010 are presented in the statement of changes in equity.
The calculation of pension provisions as of 30 September 2011 was based on an interest rate of 5.0 % (31 December 2010: 4.50 %; 30 September 2010: 4.75 %). This means that there was one 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 | 2011 | 2010 |
|---|---|---|
| Accumulated actuarial gains on 1 January |
49,838 | 56,253 |
| Change in financial year | 18,792 | 1,163 |
| Accumulated actuarial gains on 30 September |
68,630 | 57,416 |
As of 30 September 2011, total investments throughout the HHLA Group amounted to € 105.7 million.
The largest investments up to the end of the third quarter of 2011 were made in the Container and Intermodal segments. In the Container segment this mainly concerned the lease of a berth at HHLA Container Terminal Burchardkai GmbH, Hamburg, in the form of a finance lease contract.
Of the most significant investment commitments as of 30 September 2011, the Container segment accounted for € 43.4 million and the Intermodal segment by € 19.9 million.
Companies within the HHLA Group were involved in legal disputes within the scope of their commercial activities as of 30 September 2011. As of the balance sheet date there are no legal disputes which could have a substantial effect on the Group's financial position.
Appropriate provisions for the risks and costs of litigation have been made to cover any financial expense from court proceedings if the event took place before the balance sheet date and the company's legal representatives estimate the probability of an outflow of economic resources at more than 50 %.
As of 1 October 2011, the operating business of HHLA Logistics GmbH, Hamburg, and HHLA Logistics Altenwerder GmbH & Co. KG, Hamburg, was bundled in HHLA Logistics GmbH.
There were no other notable events after the balance sheet date 30 September 2011.
Hamburg, 11 November 2011
Hamburger Hafen und Logistik Aktiengesellschaft
The Management Board
Klaus-Dieter Peters Dr. Stefan Behn Heinz Brandt
Dr. Sebastian Jürgens Dr. Roland Lappin
HHLA Interim Report 1–9|2011
We herewith give our assurance that, to the best of our knowledge, the consolidated interim financial statements convey a true and fair view of the net assets, financial position and results of operations of the Group in accordance with the applicable accounting principles, and that in the Group management report for the interim period the course of business, including the business earnings, and the situation of the Group are described such that a true and fair view is conveyed, and that there is a description of the principal opportunities and risks of probable development of the Group in the remainder of the financial year.
Hamburg, 11 November 2011
Hamburger Hafen und Logistik Aktiengesellschaft
The Management Board
Klaus-Dieter Peters Dr. Stefan Behn Heinz Brandt
Dr. Sebastian Jürgens Dr. Roland Lappin
HHLA Interim Report 1–9|2011
30 March 2012 Annual Report 2011 Balance Sheet Press Conference, Analyst Conference
15 May 2012 Interim Report January – March 2012
14 June 2012 Annual General Meeting
14 August 2012 Interim Report January – June 2012
13 November 2012 Interim Report January – September 2012
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Germany Tel.: +49-40-3088-0 Fax: +49-40-3088-3355 [email protected] www.hhla.de
Tel.: +49-40-3088-3100 Fax: +49-40-3088-55-3100 [email protected]
Tel.: +49-40-3088-3446 Fax: +49-40-3088-3355 [email protected]
Kirchhoff Consult AG
For specialist terminology and financial terms see the annual report 2010, page 182 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 characterized 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, Tel.: +49-40-3088-0, Fax: +49-40-3088-3355, www.hhla.de, [email protected]
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