Hamburger Hafen und Logistik AG

Earnings Release • Aug 14, 2014

News Details

Corporate | 14 August 2014 07:30

Hamburger Hafen und Logistik AG: HHLA Increases Revenue and Earnings

Hamburger Hafen und Logistik AG / Key word(s): Half Year Results

14.08.2014 / 07:30

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HHLA Interim Report January to June 2014

HHLA Increases Revenue and Earnings

– Container throughput in Hamburg up by 2.1 %

– Container transport grows by 9.0 %

– Improvements in revenue and operating result

– HHLA confirms forecast

In the first half of 2014, Hamburger Hafen und Logistik AG (HHLA) increased its revenue by 5.2 percent to EUR 595.7 million and improved its operating result (EBIT) by 3.4 percent to EUR 81.4 million. HHLA has confirmed its forecast for the full year 2014.

“Hamburger Hafen und Logistik AG has achieved a favourable performance in the first half of 2014. We have maintained our significantly expanded market position in container handling as well as the growth trend for our container transport services, with a further rise in market shares. This has enabled us to generate higher revenue and improve our earnings. Despite rising competitive pressure and continuing infrastructure restrictions, this is a highly significant development”, said Klaus-Dieter Peters, Chairman of HHLA’s Executive Board.

Far East Traffic Drives Throughput Growth

With growth of 2.1 percent in throughput at its Hamburg container terminals, HHLA has consolidated its market position among Northern Europe’s major ports. However, the drop in container throughput at the HHLA terminal in Odessa (Ukraine) as a result of the crisis there meant that the Container segment recorded an overall increase in throughput of just 0.7 percent to 3.8 million standard containers (TEU) in the first half of 2014. Feeder traffic via the Baltic to Russia also declined for the first time since 2009. By contrast, the growth in throughput in Hamburg was due to the sharp rise of 8.0 percent in Far East traffic on existing liner services compared with the first half of 2013.

HHLA’s Hinterland Strategy Continues to Be Successful

HHLA’s hinterland systems for container transport by road and rail increased their volumes in the first six months of the 2014 financial year by 9.0 percent to 633 thousand TEU. The strong growth can mainly be attributed to the success of the newly established rail transport links in Germany, Austria and Switzerland since the end of 2012. However, existing connections with the Czech Republic and Slovakia and traffic with the Polish seaports also recorded an increase.

Forecast for the Full Year 2014 Confirmed

On the basis of the development in the first half of the year, HHLA confirms its expectation of a slight increase in container throughput in 2014 as a whole – provided that the current structure of freight flows remains unchanged. With regard to container transport, HHLA is aiming for growth that is well above the general market trend. Against this background, HHLA forecasts a moderate increase in revenue compared with the previous year’s adjusted figure

(EUR 1.14 billion) and an operating result (EBIT) at Group level of between EUR 138 million and EUR 158 million.

A number of fundamental uncertainties continue to apply for the rest of the year. In particular, of the conflict in Ukraine and the development of economic relationships with Russia, but also in terms of progress in consolidating the container shipping segment. The restructuring of liner services entails both risks and opportunities.

Development of Key Group Figures at a Glance (January to June 2014)

– Revenue rose by 5.2 % to EUR 595.7 million.

– The operating result before depreciation and amortisation (EBITDA) was 1.6 % up on the previous year at EUR 140.8 million.

– The operating result (EBIT) increased by 3.4 % to EUR 81.4 million.

– Profit after tax and minority interests decreased by 10.2 % to EUR 26.0 million.

At EUR 581.7 million for the period from January to June 2014, the revenue generated by the

listed Port Logistics subgroup – in which HHLA’s core business is pooled – grew by 5.3 % year-on-year. The subgroup’s operating result (EBIT) rose by 3.6 % to EUR 73.9 million. Earnings per share decreased by 14.6 % to EUR 0.31.

Key Figures HHLA Group

in EUR million	1-6 | 2014	1-6 | 2013	Change
Revenue	595.7	566.4	5.2 %
EBITDA	140.8	138.6	1.6 %
EBIT	81.4	78.7	3.4 %
EBIT margin in %	13.7	13.9	– 0.2 pp
Profit after tax	44.0	46.5	– 5,5 %
Profit after tax and minority interests	26.0	29.0	– 10.2 %
Container throughput in thousand TEU	3,783	3,757	0.7 %
Container transport in thousand TEU	633	581	9.0 %
	30.06.2014	31.12.2013	Change
Equity ratio in %	33.6	35.0	– 1,4 pp
Employees	5,046	4,924	2.5 %

Key Figures Port Logistics Subgroup

in EUR million	1-6 | 2014	1-6 | 2013	Change
Revenue	581.7	552.5	5.3 %
EBITDA	131.3	129.2	1.6 %
EBIT	73.9	71.3	3.6 %
EBIT margin in %	12.7	12.9	– 0.2 pp
Profit after tax and minority interests	21.9	25.7	– 14.6 %
Earnings per share in EUR	0.31	0.37	– 14.6 %

The previous year’s figures have been restated due to revised IFRS regulations for group accounting.

Contact:

Dr. Susanne Umland

Investor Relations

HAMBURGER HAFEN UND LOGISTIK AG

Bei St. Annen 1, D-20457 Hamburg, www.hhla.de

Tel: +49-40-3088-3397

Fax: +49-40-3088-55-3397

E-mail: investor-relations@hhla.de

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Language:	English
Company:	Hamburger Hafen und Logistik AG
	Bei St. Annen 1
	20457 Hamburg
	Germany
Phone:	+49 (0)40-3088-0
Fax:	+49 (0)40-3088-3355
E-mail:	info@hhla.de
Internet:	www.hhla.de
ISIN:	DE000A0S8488
WKN:	A0S848
Indices:	SDAX
Listed:	Regulierter Markt in Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Düsseldorf, Hannover, München, Stuttgart

End of News	DGAP News-Service

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