Hamburger Hafen und Logistik AG

Earnings Release • Aug 13, 2010

News Details

Corporate | 13 August 2010 08:00

Hamburger Hafen und Logistik AG: HHLA RAISES FORECAST

Hamburger Hafen und Logistik AG / Half Year Results

13.08.2010 08:00

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Hamburg, 13 August 2010. The recovery in throughput and transport volumes
of Hamburger Hafen und Logistik AG (HHLA) picked up substantially in the
course of the first-half year of 2010. This was reflected in revenue and
earnings development: at 505.1 million euros, group revenue in the
first-half year of 2010 were up 0.8 % compared to the previous year. Group
profit after tax improved by 2.7 % to 44.9 million euros. For the full year
2010, HHLA now expects volumes to grow more than 10 %, revenue above
previous year and an EBIT margin of at least 15 %.

'Current economic momentum makes us confident for the remainder of the
year. Based on the good business development during the first half of 2010,
for the full year 2010, we now expect double-digit volume growth as well as
revenue above last year's, despite fierce market conditions,' stated
Klaus-Dieter Peters, Chairman of the HHLA Executive Board, on publication
of the interim report for the months of January to June 2010. 'Furthermore,
with the entry into service of a new state-of-the-art mega-containership
berth in Hamburg, the opening of a hinterland terminal in Katowice, along
with the launch of two joint ventures for expanding our hinterland network
in Germany, we have set the course for further growth.'

After a restrained first quarter, economic recovery in the second quarter
accelerated rapidly. In the first half year of 2010, HHLA's container
terminals in Hamburg and Odessa achieved throughput of 2,633 thousand
standard containers (TEU), 8.9 % more than in the corresponding period of
the previous year - as compared with an increase of just 0.5 % in the first
quarter. At 798 thousand TEU, HHLA's intermodal companies transported 11.4
% more than in the first six months of 2009 (growth rate after the first
quarter: 3.2 %). This momentum on volumes was reflected in HHLA Group
revenue and earnings. Whereas in the first quarter of 2010 changes in
essential key figures were still clearly negative, on the half-year basis
these have stabilized. Some of the figures have again turned positive.

Overview of important key group figures (January-June 2010)
- In the first half year, revenue was 505.1 million euros, 0.8 % higher
than in the previous half year. In the first three months, a decline of 7.0
% still had to be reported.
- EBITDA (earnings before interest, tax, depreciation and amortization) at
134.6 million were 6.3 % below the previous year's figure. The decrease in
the first quarter was still 19.6 %.
- At 81.4 million euros, corresponding to a decline of just 0.2 %, EBIT
(earnings before interest and tax) again reached the previous year's level,
after decreasing 30.6 % in the first quarter.
- Profit after tax improved by 2.7 % to 44.9 million euros, having been
36.6 % lower in the first quarter.
- The equity ratio was 39.0 % on 30 June 2010.

In the first half of 2010, revenue of the publicly quoted subgroup Port
Logistics, HHLA's core business, were at 490.7 million euros, 0.8 % higher
than the previous year's level. Earnings for the subgroup were just 0.5 %
lower at 74.5 million euros. With this, the subgroup Port Logistics
generated 97 percent of Group revenue and 92 percent of Group EBIT.

Setting the course for growth
As part of its long-term business strategy, between January and June 2010
HHLA implemented or launched the following projects:
- Feeder Logistik Zentrale (FLZ, with Eurogate). The Feeder Logistik
Zentrale optimizes feeder traffic in the Port of Hamburg.
- Joint Venture IPN Inland Port Network (with Eurogate). IPN is paving the
way for a network of full-service terminals in Germany that will meet the
quality requirements of maritime logistics and provide improved conditions
for sustained growth of containers being transported by rail.
- Katowice Hinterland Terminal. HHLA has built a state-of-the-art container
terminal for intermodal traffic in Katowice to link the Southern Polish
economic region of Silesia more closely with the Port of Hamburg.
- Mega-containership berth at Container Terminal Burchardkai. Five
cutting-edge tandem container gantry cranes plus an almost entirely
automated block storage system, as well as a recently developed terminal
control system, that were largely completed in the second quarter will
improve conditions for handling containerships of the latest generation.
The 'CMA CGM Christophe Colomb', the largest containership ever to call at
the Port of Hamburg, was handled here on 13 July 2010. From August onwards,
mega-ships of the latest generation with slots for up to 14,000 standard
containers (TEU) will be calling here on the Asia-Europe Service operated
by the CMA CGM and Maersk shipping lines.
- Joint venture by HHLA's CTD subsidiary with Bremen-based transport firm
EKB. This joint venture will ensure a full delivery service over the 'final
mile' between the customer and the inland terminal for multimodal traffic,
hence improving yet another link in maritime transport chains in Germany.

Key Figures HHLA Group
1-6 I 2010 1-6 I 2009 Change
Revenue EUR million 505.1 501.0 0.8 %
EBITDA EUR million 134.6 143.7 -6.3 %
EBIT EUR million 81.4 81.5 -0.2 %
EBIT margin % 16.1 16.3 -0.2 PP
EBIT from continuing
activities* EUR million 79.4 95.1 -16.5 %
EBIT margin from
continuing activities % 15.7 19.1 -3.4 PP
Profit after tax EUR million 44.9 43.7 2.7 %
Profit after tax and
minority interests EUR million 28.5 25.7 11.2 %
Equity ratio % 39.0 40.4 -1.4 PP
Employees as of 30.06. 4,684 4,859 -3.6 %
Containers throughput TEU '000 2,633 2,419 8.9 %
Containers transport TEU '000 798 716 11.4 %

Key Figures Subgroup Port Logistics (publicly listed)
1-6 I 2010 1-6 I 2009 Change
Revenue EUR million 490.7 486.8 0.8 %
EBITDA EUR million 125.9 135.2 -6.9 %
EBIT EUR million 74.5 74.9 -0.5 %
EBIT from continuing
activities* EUR million 72.5 88.5 -18.0 %
Profit after tax and
minority interests EUR million 25.4 22.8 11.4 %

* EBIT without one-off restructuring effects of CTL (previous year: CTL and
combisped).

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 posi-tioned 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.

Kontakt:
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

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Language: English
Company: 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
München, Düsseldorf, Berlin, Stuttgart, Hannover

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