Hamburger Hafen und Logistik AG

M&A Activity • Jul 24, 2009

News Details

Corporate | 24 July 2009 08:00

Hamburger Hafen und Logistik AG: HHLA RESTRUCTURES LÜBECK SERVICES

Hamburger Hafen und Logistik AG / Miscellaneous

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The HHLA port logistics group is responding to the steep downturn in the
container trades in the Baltic region with a coordinated package of
measures. The new strategy comprises intensified cooperation with Lübecker
Hafen-Gesellschaft (LHG), a management buy-out of HHLA's combisped
subsidiary, and a planned sale of Container Terminal Lübeck.

The worldwide economic crisis has led to dramatic falls in container
traffic in the Baltic region. On some specific trade routes, such as those
with Russia, in the early months of 2009 losses of traffic reached as much
as 50 percent. Along with a steep decline in feeder services through the
Kiel Canal, the fast route from Hamburg via the landbridge to Lübeck was
affected. Here HHLA's subsidiary combisped has until now organized feeder
services with Finnish ports and St. Petersburg via its Container Terminal
Lübeck (CTL). After an already unsatisfactory trend in 2008, in the first
five months of 2009 volumes collapsed by 70 percent to no more than around
8,000 standard containers (TEU).

Against this background, in recent months Hamburger Hafen und Logistik AG
(HHLA) has developed a new all-embracing strategy for its Lübeck
activities. While this provides solutions for the present situation, at
the same time it will secure and expand the Lübeck hub's immense
significance for the Port of Hamburg's hinterland connection in future. The
main elements of this overall strategy are:

• Increased cooperation between HHLA and LHG. A study of joint transport
  volumes via Lübeck is currently under way. The goal is to combine
  continental and maritime goods flows, using a new, network-oriented concept
  to give a sustained boost to the attractiveness and efficiency of the
  Lübeck hub.

• A management buy-out of combisped in the third quarter of 2009 by Thomas
  Dreyer, its present managing director. The company will continue to run its
  for-warding business, including the trucking services to and from Hamburg,
  for its ex-isting customer base. In addition, combisped and HHLA's CTD
  container forward-ing company are examining the option of providing a joint
  range of road transport services.

• In the light of the present situation on volumes, it is necessary to
  discontinue rail services between Hamburg and Container Terminal Lübeck
  (CTL). HHLA will in that context also surrender CTL.

The combisped and CTL companies together accounted for around 1.3 percent
of total group revenues in 2008, making a negative contribution to its
result. The one-time expense caused by the new concept for its Lübeck
activities is a non-cash item and will be covered in HHLA's 2009 first half
financial statement. HHLA's report on the 2009 first half results will be
published on 13 August 2009.

About HHLA
Hamburger Hafen und Logistik AG (HHLA) is one of the leading port logistics
groups in the European North Range. With its Container, Intermodal and
Logistics segments, HHLA is positioned vertically along the transport
chain. Efficient container terminals, high-capacity transport systems and a
full range of logistics services form a complete network between the
overseas port and its European hinterland.

Contact:
Matthias Funk
Investor Relations

HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de

Tel: +49-40-3088-3397
Fax: +49-40-3088-3339
E-mail: investor-relations@hhla.de

24.07.2009 Financial News transmitted by DGAP

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

End of News DGAP News-Service

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