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Hamburger Hafen und Logistik AG
Earnings Release • Aug 11, 2016
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Corporate | 11 August 2016 07:30
Hamburger Hafen und Logistik AG: Pleasing Earnings of the Transport Companies Compensate for the Modest Development in the Container Segment
DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Quarterly / Interim Statement/Half Year Results
2016-08-11 / 07:30
The issuer is solely responsible for the content of this announcement.
HHLA: Half-Year Financial Report January to June 2016
Pleasing Earnings of the Transport Companies Compensate for the Modest Development in the Container Segment
In a persistently difficult operating environment, container handling volumes at Hamburger Hafen und Logistik AG (HHLA) remained 5.7 % down on the previous year at 3.2 million standard containers (TEU) in the first half of 2016. By contrast, container transport of the intermodal companies experienced further growth, increasing by 6.2 % to 694 thousand TEU. Revenue at Group level was down slightly on the previous year’s figure at approximately EUR 573 million. Adjusted for the one-off restructuring expense of almost EUR 15 million which was fully recognised in the half-yearly figures, the Group’s operating result (EBIT) almost matched the previous year’s at just under EUR 82 million.
– Container throughput down by 5.7 % against previous year at 3.2 million TEU
– Further increase of 6.2 % in container transport to 694 thousand TEU
– Revenue down by 2.0 % on the first half of 2015 at EUR 573.5 million
– Excluding the one-off restructuring expense, operating result (EBIT) almost on a par with the previous year at EUR 81.8 million. At EUR 66.9 million, EBIT 19.1 % lower than the previous year’s figure following the one-off expense of EUR 14.9 million for the restructuring of project and contract logistics
Klaus-Dieter Peters , Chairman of HHLA’s Executive Board, on the course of business in the first half-year: “Thanks to our successfully implemented, long-term diversification strategy, we were once again able to compensate for developments in the Container segment – which were adversely affected by a persistently difficult operating environment – with pleasing growth in the Intermodal segment. In view of persistently weak growth momentum in global trade and international container throughput, and given the unchanged infrastructure deficits at the Port of Hamburg, container handling volumes at our terminals remained subdued. So far, we have been unable to match the throughput recorded in the same period of the previous year, partly due to a strong performance in the first quarter of 2015. By contrast, we are continuing our success story in the Intermodal segment. Considering that the market is highly competitive, it is remarkable that we managed to achieve a further increase of 6.2 % in transport volumes and growth of no less than 25.5 % in the segment’s operating result. We assume that developments at Group level during the remainder of the year will be in line with our expectations. For this reason, our forecast published in March remains unchanged.”
Modest Volume Development in Container Handling
In the first half of 2016, throughput at HHLA’s container terminals was down by 5.7 % on the first six months of the previous year, at 3.2 million TEU. While the Container Terminal Odessa handled 132 thousand TEU – 5.9 % more containers than in the same period of the previous year – container throughput at the Hamburg terminals fell by 6.2 % to 3.1 million TEU. This was largely due to persistently weak Asia traffic (Far East-Northern Europe), which was down by 9 % on the first six months of 2015. The reduction in revenue in the Container segment was less pronounced, at 4.4 %, taking the figure to just under EUR 337 million. The segment’s operating result (EBIT) decreased in line with volumes, falling 5.9 % to approximately EUR 54 million.
Intermodal Companies Record Growth in Volume, Revenue and Earnings
HHLA’s transport companies were able to further extend their position. They grew their transport volume by 6.2 % to 694 thousand TEU in the highly competitive market for hinterland container traffic. This development was largely driven by rail transportation, which even increased by an impressive 8.6 %. As a result, revenue in the Intermodal segment grew by 5.5 % to almost EUR 191 million. Meanwhile, the segment’s operating result (EBIT) considerably outperformed the growth in volumes and revenue, climbing by 25.5 % to almost EUR 34 million. The use of additional own locomotives and wagons made a noticeable impact here.
Forecast for Revenue and Earnings Confirmed
In light of the Group’s performance in the first half, HHLA confirms its forecast and anticipates revenue at Group level on a par with the previous year and, following the one-off restructuring expense, a consolidated operating result (EBIT) in the range of EUR 115 million to EUR 145 million.
Key Figures HHLA Group
| in EUR million | 1-6 | 2016 | 1-6 | 2015 | Change |
| Revenue | 573.5 | 585.1 | – 2.0 % |
| EBITDA 1 | 125.8 | 142.9 | -12.0 % |
| EBIT 1 | 66.9 | 82.6 | – 19.1 % |
| EBIT margin in % 1 | 11.7 | 14.1 | – 2.4 pp |
| Profit after tax | 40.8 | 50.2 | – 18.8 % |
| Profit after tax and minority interests | 25.8 | 37.5 | – 31.1 % |
| Container throughput in thousand TEU | 3,209 | 3,404 | – 5.7 % |
| Container transport in thousand TEU | 694 | 654 | 6.2 % |
| 30.06.2016 | 31.12.2015 | Change | |
| Equity ratio in % | 29.0 | 33.2 | – 4.2 pp |
| Employees | 5,421 | 5,345 | 1.4 % |
Key Figures Port Logistics Subgroup 2,3
| in EUR million | 1-6 | 2016 | 1-6 | 2015 | Change |
| Revenue | 557.8 | 569.8 | – 2.1 % |
| EBITDA 1 | 115.3 | 132.1 | – 12.7 % |
| EBIT 1 | 58.8 | 74.1 | – 20.7 % |
| EBIT margin in % 1 | 10.5 | 13.0 | – 2.5 pp |
| Profit after tax and minority interests | 21.3 | 33.2 | – 36.0 % |
| Earnings per share in EUR | 0.30 | 0.47 | – 36.0 % |
1 Incl. the one-off expense of EUR 14.9 million for the restructuring of project and contract logistics in the first half of 2016
2 Before consolidation between subgroups
3 Listed Class A shares
Contact:
Heiko Hoffmann
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: [email protected]
2016-08-11 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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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: | [email protected] |
| Internet: | www.hhla.de |
| ISIN: | DE000A0S8488 |
| WKN: | A0S848 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |