Earnings Release • Mar 31, 2008
Earnings Release
Open in ViewerOpens in native device viewer
News Details
Corporate | 31 March 2008 08:00
Hamburger Hafen und Logistik AG: HHLA WITH STRONG ADVANCE IN PROFITS
Hamburger Hafen und Logistik AG / Final Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
Setting new record marks for result and returns, HHLA can look back on an
extremely successful financial year 2007. Operating earnings (EBIT) leapt
by 32 percent to 288 million euros. At 27.4 percent (previous year: 24.4
percent), return on capital employed (ROCE) reached a new peak.
Double-digit growth in revenues is expected once again for fiscal 2008.
'HHLA looks back on an extremely successful financial year 2007. We have
maintained our highly successful growth course with strong increases in
revenues, result and return,' declared Klaus-Dieter Peters, Chairman of
HHLA Executive Board. 'The successful stock flotation on 2 November 2007
puts us in a position to implement our ambitious expansion programme
swiftly and systematically. This is flanked by a comprehensive investment
programme by the City of Hamburg in the expansion and modernization of Port
of Hamburg infrastructure. That will enable HHLA to continue to actively
exploit the opportunities arising from the sustained growth momentum of
global logistics chains.'
For the shares traded on the stock exchange in the Port Logistics
sub-group, accounting for 98 percent of HHLA revenues, for the 2007
financial year HHLA’s Executive Board and Supervisory Board will recommend
to the Annual General Meeting a dividend payment of 85 eurocents per
entitled share.
Double-digit revenue growth expected for 2008
In a market environment that has remained good until now, the favourable
business trend has persisted in the first few months of 2008. For Northern
Europe research institutes forecast an increase in container throughput of
around 10 percent for the year 2008 as a whole. HHLA therefore reckons with
a continuation of its profitable growth course during the current expansion
programme. 'On the basis of the trend so far,' says HHLA Chief Executive
Officer Klaus-Dieter Peters, 'we expect renewed double-digit growth in
revenues for the financial year 2008 and total revenues of around 1.3
billion euros. Operating result (EBIT) at Group level should for the first
time exceed the 300-million euro threshold.'
An overview of Group figures
In 2007 HHLA Group significantly boosted revenues and earnings and further
improved important financial indicators:
Growth in all segments
Container Segment. Despite operational limitations caused by the ongoing
expansion and modernization programme, HHLA container terminals in the Port
of Hamburg and Odessa strongly boosted volumes handled: With 7.2 million
standard containers, year-on-year growth of 11.7 percent was achieved. The
momentum in volumes combined with a further improvement in the quality of
income led to an increase in earnings of over 17 percent to 693 million
euros. At 317 million euros (up 30 percent) and 248 million euros (up 34
percent) respectively, EBITDA and EBIT as indicators on earnings surpassed
the previous year’s figures. This segment accounts for 59 percent of Group
revenues.
Intermodal Segment. The HHLA companies running container hinterland
traffic once again profited from the sustained momentum of container
throughput and boosted volume transported by 8.3 percent to 1.7 million
standard containers, with the POLZUG (Poland, the CIS countries) and
METRANS (Czech Republic, Slovakia, Hungary) rail companies making a special
contribution. Bottlenecks in infrastructure and transport operations (among
these the strike by German engine drivers at the end of 2007) ensured
difficult conditions here. Nevertheless, thanks to higher utilization of
trains and facilities, further improvements in productivity and active
pricing policy, volume growth was reflected in a distinct improvement in
revenues and earnings. Segment revenues climbed by 18 percent to 332
million euros. EBITDA and EBIT as indicators on earnings advanced
disproportionately to 48 million euros (up 32 percent) and 37 million euros
(up 35 percent), respectively. The segment accounts for 28 percent of Group
revenues.
Logistics Segment. With earnings growth of 4 percent to 119 million euros
and improvements in EBITDA and operating earnings (EBIT) by 10 percent to
17 million euros and 6 percent to 13 million euros, respectively, the
segment continued to develop satisfactorily. Outstanding contributions to
this satisfactory trend came from special cargo handling (bulk cargoes,
fruit, vehicles) as well as consultancy services. Here again, in the
Logistics Segment the financial year was notable for numerous rebuilding
and expansion projects with the aim of extending existing capacities to
cater for the future. The segment accounts for 10 percent of Group
revenues.
Real Estate Segment. Thanks to new developments at Speicherstadt
properties and a distinctly improved letting quotient, on a year-on-year
basis revenues were 14 percent higher at 31 million euros. Owing to special
factors (extraordinary income in the previous year, expenses for leased
space that cannot be capitalized, EBITDA fell by over one million euros to
14 million euros. Segment EBIT was down by 4 million euros at 10 million
euros. Excluding special factors, there was a 10 percent rise in operating
result (EBIT). The segment accounts for 2 percent of Group revenues.
Expansion programme systematically continued
In 2007 HHLA maintained its growth programme with an investment volume of
195 million euros. At 127 million euros, the largest part of this went to
the Container Segment. Investments were focused especially on new container
gantry cranes for Hamburg and Odessa, construction of new storage blocks
and enlargement and modernization of the vehicle fleet (AGV and straddle
carriers), as well as the start of construction of the new on-dock rail
container terminal at HHLA Container Terminal Tollerort. In the Intermodal
Segment, the bulk of investment was in the rail company METRANS, which
primarily invested in new handling equipment at its terminals as well as
topping up its own railcar fleet.
Creating jobs, intensifying training
In 2007, HHLA’s staff total increased by 350 or 8.3 percent to 4,565. Since
the ongoing expansion programme started in 2004, the Group’s staff total
has risen from 3,534 by over 1,000 or nearly 30 percent.
HHLA regards securing more knowledge for the logistics chain by training a
new generation as one of its core tasks: With eight vocational training
professions and four university sandwich courses, the Group offers a wide
spectrum of career starts. With 128 trainees and students, in 2007 the
number of training places was 14 percent up on the previous year.
1.5 billion euros for further growth
HHLA will be continuing its ambitious growth programme in the coming years.
Among other things, the capacity of its container terminals in Hamburg will
be increased to around 12 million standard containers (TEU) by 2012. Around
6.7 million TEU were handled here in 2007. In the period between 2008 and
2012, almost 1.5 billion euros is to be invested in expanding terminal
capacities, transport services and logistics activities, as well as real
estate.
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: [email protected]
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: [email protected]
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Indices: MDAX
Listed: Regulierter Markt in Frankfurt, Hamburg; Freiverkehr in
Berlin, Hannover, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.