Quarterly Report • Nov 13, 2012
Quarterly Report
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hamburger hafen und logistik aktiengesellschaft Interim Report January to September 2012
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1–9 2012 | 1–9 2011 | Change | |
| Revenue and Earnings | ||||
| Revenue | 847.2 | 912.5 | - 7.2 % | |
| Pro forma revenue1 | 822.2 | 839.0 | - 2.0 % | |
| EBITDA | 233.8 | 254.4 | - 8.1 % | |
| EBITDA margin in % | 27.6 | 27.9 | - 0.3 pp | |
| Pro forma EBITDA1 | 214.8 | 257.0 | - 16.4 % | |
| EBIT | 143.8 | 164.5 | - 12.6 % | |
| EBIT margin in % | 17.0 | 18.0 | - 1.0 pp | |
| Pro forma EBIT1 | 124.6 | 166.5 | - 25.2 % | |
| Profit after tax | 88.0 | 97.3 | - 9.5 % | |
| Profit after tax and minority interests | 64.0 | 65.4 | - 2.1 % | |
| Cash Flow and Investments | ||||
| Cash flow from operating activities | 168.8 | 200.1 | - 15.6 % | |
| Investments | 152.5 | 105.7 | 44.3 % | |
| Volume Data | ||||
| Container throughput in thousand TEU | 5,405 | 5,305 | 1.9 % | |
| Container transport 2 in thousand TEU |
949 | 1,425 | - 33.4 % | |
| Pro forma container transport1 in thousand TEU |
729 | 752 | - 3.0 % | |
| in € million | 30.09.2012 | 31.12.2011 | Change | |
| Balance Sheet | ||||
| Total assets | 1,736.8 | 1,811.5 | - 4.1 % | |
| Equity | 553.2 | 644.7 | - 14.2 % | |
| Equity ratio in % | 31.9 | 35.6 | - 3.7 pp | |
| Employees | ||||
| Number of employees | 4,832 | 4,797 | 0.7 % |
| Port Logistics Subgroup3,4 | Real Estate Subgroup3,5 | |||||
|---|---|---|---|---|---|---|
| in€ million | 1–9 2012 | 1–9 2011 | Change | 1–9 2012 | 1–9 2011 | Change |
| Revenue | 826.7 | 892.7 | - 7.4 % | 24.2 | 23.6 | 2.4 % |
| Pro forma revenue1 | 801.8 | 819.2 | - 2.1 % | |||
| EBITDA | 221.0 | 242.2 | - 8.7 % | 12.8 | 12.2 | 5.0 % |
| EBITDA margin in % | 26.7 | 27.1 | - 0.4 pp | 52.9 | 51.6 | 1.3 pp |
| Pro forma EBITDA1 | 202.0 | 244.8 | - 17.5 % | |||
| EBIT | 134.0 | 155.3 | - 13.7 % | 9.6 | 9.0 | 6.8 % |
| EBIT margin in % | 16.2 | 17.4 | - 1.2 pp | 39.7 | 38.1 | 1.6 pp |
| Pro forma EBIT1 | 114.8 | 157.2 | - 27.0 % | |||
| Profit after tax and minority interests | 59.6 | 61.4 | - 2.9 % | 4.4 | 4.0 | 9.4 % |
| Earnings per share in €6 | 0.85 | 0.88 | - 2.9 % | 1.63 | 1.49 | 9.4 % |
Pro forma: applying the new ownership structure in the Intermodal segment.
The transport volume was fully consolidated.
Before consolidation between subgroups.
4 Listed Class A shares. 5
Not listed Class S shares.
6 Basic and diluted.
Cover photo: containers and export vehicles: modern ConRo ship at the multi-function terminal O'Swaldkai
| 30.06.2012 – 30.09.2012 | HHLA | MDAX | DAX |
|---|---|---|---|
| Change in % | 0.3 | 6.1 | 12.5 |
| Closing 30.06.2012 in € | 20.13 | 10,344 | 6,416 |
| Closing 30.09.2012 in € | 20.20 | 10,978 | 7,216 |
| High in € | 21.86 | 11,255 | 7,452 |
| Low in € | 17.00 | 10,388 | 6,388 |
The international stock markets were mostly upbeat in the third quarter of 2012. However, this market sentiment was driven more by liquidity measures undertaken by the major central banks than by compelling fundamental data. At the start of the quarter, both the European Central Bank and the Chinese central bank cut interest rates to a historic low. Even the continuing sovereign debt crisis and deterioration of business confidence in Europe were unable to fundamentally dampen the market mood. This was due in particular to the ruling of Germany's Federal Constitutional Court in favour of the European Safety Mechanism (ESM), albeit subject to certain conditions. It was only at the end of the quarter that share prices were negatively impacted by restrained economic data in the USA and a marked fall in the Ifo Business Confidence Index. Nevertheless, the German blue-chip DAX index was up by 12.5%, closing the quarter at 7,216, while the MDAX closed at 10,978 and was thus up by 6.1%.
In the third quarter of 2012, the HHLA share was unable to keep pace with the positive performance of the stock markets. Pressure on the share resulted above all from legal objections filed with the German Federal Administrative Court against the dredging of the river Elbe. An application intended to suspend the existing plan approval until a main proceeding took place, raised concerns of further delays to this public infrastructure project. At the end of July, HHLA also adjusted its forecast for the financial year 2012 to take account of altered market conditions. The company announced that after two years of strong growth it did not expect to achieve further increase in throughput due to the increasingly gloomy economic environment, while some competing ports were already reporting falling volumes. As a result, the share price fell by more than 8%. Following a brief recovery, the share price slid again over the next few days due to generally poor economic data and volume declines on Asia-Europe routes. Accordingly, it reached its year-low of €17.00 on 2 August. By the time the interim report for the first half-year of 2012 was published on 14 August, the share picked up again, gaining another 5% on the day of publication. The
results, which illustrated the improvements achieved as part of the modernisation of the HHLA Container Terminal Burchardkai (CTB), were well received by the capital markets and taken as evidence of scheduled progress. Until early September, the HHLA share moved roughly in parallel to the market as a whole. Shortly afterwards, the share was given a strong boost when substantial economic data confirmed HHLA's reassessment of the economic environment in late July. As a result, the share price came back in line with the performance of the MDAX. This lifted the share to its year-high price of €21.86. Towards the end of the quarter, however, the share price came under pressure again due to negative economic data from China, the USA and the eurozone. It closed at €20.20 – close to its opening level at the beginning of the reporting period.
In spite of the adverse sentiment in the third quarter, HHLA continued to pursue its proactive IR strategy and was represented at roadshows and investor conferences in key financial centres. Discussions with a large number of investors and analysts focused mainly on the current course of business, the competitive environment, the planned dredging of the river Elbe and the modernisation of the Container Terminal Burchardkai. Despite the disappointing share performance, HHLA's communications activities were again well received by the capital markets. In a survey conducted by the US magazine Institutional Investor among more than 2,000 capital market participants, HHLA took second place in the category "Europe's Best Investor Relations Professional" in the transport sector. In the competition for the best annual report, organised by the University of Münster and "manager magazin", HHLA also improved its ranking within the top 10 of MDAX reports.
Source: Datastream
The latest prices and additional information on the HHLA share can be found online at www.hhla.de/investor-relations
The economic environment for Hamburger Hafen und Logistik AG (HHLA) continued to deteriorate in the third quarter of 2012. Both volumes and earnings were hit by the global economic downturn, the ongoing shipping crisis and rising overcapacities at terminals in Northern Europe.
In view of these circumstances, our company performed well in the first nine months of the financial year 2012. In a stagnating market environment, we were able to report further increases in throughput volumes at our container terminals. Despite the considerable burden of high startup costs for our new operating system at the Container Terminal Burchardkai and for the turnaround of our rail company Polzug, profit after tax and minority interests was only slightly down on the previous year.
The latest economic developments have confirmed the adjustments made in summer to our volume forecast for the full year 2012. We therefore continue to expect container throughput roughly on par with last year in the region of 7 million standard containers and transport volumes of our hinterland operators in the region of 1 million standard containers. On this basis, we are still aiming at revenue in the region of € 1.1 billion and an operating result (EBIT) within the target range of €170 million to €190 million. The flexibility and scalability of our expansion and modernisation programme have enabled us to reduce the volume of investment for the 2012 financial year from the € 250 million originally budgeted to around €200 million.
This mainly entails postponing steps to increase capacity at our container terminals. However, we will continue investments in the expansion of our hinterland rail network and improvements to our services for mega-ships. Our rail subsidiary Metrans, for example, is currently substantially expanding its Austrian traffic. In early October 2012, this also involved acquiring a company operating the container rail terminal at Krems, a port on the river Danube in Austria. This now provides a direct connection between the Lower Austria economic region and the German seaports. Due to new technologies and processes, we are also improving productivity in the handling of an evergrowing number of container mega-ships. In this way, we aim to maintain the attractiveness of the Port of Hamburg despite further delays to the overdue dredging of the river Elbe.
With our investments in the future, process innovations and the realignment of our Intermodal activities, we have made our company even more competitive in the first nine months of the 2012 financial year and paved the way for future growth. We therefore feel well prepared to handle any risks and to seize all opportunities offered by future developments in our market environment.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
Modernisation of the Container Terminal Burchardkai: control centre goes into operation
Global economic growth has slowed markedly over the course of the year. The year-on-year increase in global domestic product of just 2.4 % in the second quarter of 2012 was the lowest since the recession of 2009. Early indicators suggest that this trend continued in the third quarter.
One of the main causes is the slight recession in the eurozone. The year-on-year decline of 0.2% in economic output (GDP) in the eurozone countries in both the second and third quarter is also having a growing impact on economic developments in export-led emerging markets. Their economic growth rates have slowed sharply.
All in all, however, the emerging markets – especially those of South-East Asia and Latin America (with the exception of Brazil) – remain key pillars of the global economy. This also applies to China, whose GDP growth rate reached 7.3% in the third quarter of 2012, according to initial estimates. This is only slightly below its growth of 7.6% in the second quarter. With growth rates of between 1.5% and 2%, the US economy has also proved comparatively stable over the past few quarters.
In the eurozone, the German economy was able to break away from its immediate environment to some extent. Boosted by sustained export growth, which reached 5.5% in the period January to August 2012, as well as by stable domestic demand, German GDP rose slightly by 0.3% in the second and an estimated 0.2% in the third quarter of 2012.
The downturn in the global economy was also reflected in the development of maritime container traffic. There are no firm figures for global
.
container volumes in the first nine months of 2012 as yet, but most market observers agree that the usual upswing of the third quarter failed to occur. Following growth of 4.8% in the first three months of the year, global container throughput increased by 3.4% in the second quarter and was therefore well below expectations. Early indicators are now signalling that growth was unchanged at 3.4% in the third quarter.
Market developments in container shipping remain volatile. Following the dramatic collapse in freight rates in 2011, the shipping lines initially succeeded in pushing through strong rate increases for new contracts in the second quarter of 2012. As a result, the Shanghai Containerized Freight Index (SCFI) – a well-respected indicator of freight rates – rose by more than 300 points to over 1,300 between the start of the year and late July 2012. But by the end of October, the SCFI had fallen below 1,200 again, only to climb to 1,491 during the first week of November. Generally, the shipping companies were hit by rising fuel costs.
The weak European economy also dominated performance at the North Range ports. There was little or no change in volume (+0.2%) at the container terminals of the Northern European ports from Zeebrugge to Hamburg in the first half of 2012. According to the first nine month throughput figures to be published by certain ports, the situation is not likely to have changed dramatically in the third quarter of 2012. By contrast, the HHLA container terminals recorded at least growth of 1.9% in the first three quarters. Whereas Far East traffic fell by 8.8%, largely due to considerable falls in imports to Europe, the overall increase in volumes on the HHLA terminals was driven by strong growth in North American traffic (+33.1%) and continued expansion in European feeder traffic (+12.3%), especially to the East European economies along the Baltic coast (+15.8%).
| in € million | 1–9 2012 | 1–9 2011 | Change |
|---|---|---|---|
| Revenue | 847.2 | 912.5 | - 7.2 % |
| Pro forma revenue1 | 822.2 | 839.0 | - 2.0 % |
| EBITDA | 233.8 | 254.4 | - 8.1 % |
| EBITDA margin in% | 27.6 | 27.9 | - 0.3 pp |
| Pro forma EBITDA1 | 214.8 | 257.0 | - 16.4 % |
| EBIT | 143.8 | 164.5 | - 12.6 % |
| EBIT margin in% | 17.0 | 18.0 | - 1.0 pp |
| Pro forma EBIT1 | 124.6 | 166.5 | - 25.2 % |
| Profit after tax and minority interest | 64.0 | 65.4 | - 2.1 % |
| ROCE in% | 14.0 | 16.3 | - 2.3 pp |
1 The pro forma presentation applies the new ownership structure in place in the Intermodal segment since the second quarter of 2012 to the entire reporting period an to the comparable period of 2011.
As of the second quarter of 2012, HHLA's consolidated financial statements have included effects from the realignment of shareholdings in rail operating companies in its Intermodal segment. see also page 38 of the Notes. This realignment led to a deconsolidation of TFG Transfracht (previously consolidated pro rata at 50.0%) and to a full consolidation of the Polzug Group (previously consolidated pro rata at 33.3%). Since then, the remaining shares held by a minority shareholder in the Polzug Group have also been acquired. The present interim report does not reflect this change, which however will have no effect on the operating earnings of the HHLA Group. see also page 17 Events after the Balance Sheet Date and page 41 of the Notes. There is no change in the already fully consolidated Metrans Group, but the increased shareholding led to a higher share of earnings for the shareholders of the parent company. In order to separate the operating performance of continuing operations from the effects of consolidation and transactions, additional pro forma figures are stated for transport volumes, revenue, EBITDA and EBIT, which assume that the continued activities were carried out throughout the previous year and the current reporting period. The pro forma figures are only disclosed in the management report.
At the beginning of the year, the consolidation method for two fruit companies in the Logistics segment which were fully consolidated until 2011 was switched to the equity method of consolidation. This change is based on the contractually agreed transfer of control to the other shareholder. This reduced revenue by around € 12 million in the reporting period. The slightly negative pro rata earnings of the two companies attributable to HHLA are now disclosed net in the financial result. The comparative figures for the previous year have not been restated. see also page 38 of the Notes.
There were no further effects at Group level resulting from changes in exchange rates or consolidation that had a material impact on the development of revenue and earnings in the reporting period.
There is normally no long-term order backlog for throughput and transport services, and thus no use is made of this particular reporting figure.
Although the volume figures were once again improved over the previous quarter, the economic slowdown meant that they fell short of the same quarter last year. As expected, the pace of growth slowed between January and September. Container throughput grew by 1.9 % to 5,405 thousand TEU (previous year: 5,305 thousand TEU) and after deconsolidation of a rail company, transport volumes amounted to 949 thousand TEU (previous year: 1,425 thousand TEU). Nevertheless, on the basis of continuing operations, transport volumes were 3.0% lower at 729 thousand TEU (previous year: 752 thousand TEU).
Compared to last year, profitability of the HHLA Group was affected by burdens from the transitional phase at the Container Terminal Burchardkai and the restructuring of Polzug traffic, as well as by special items in connection with the reorganisation of business operations. In the second quarter of the financial year, earnings were given a strong year-on-year boost from a transaction relating to the restructuring of intermodal activities (€17.3 million). This was nearly offset in the current reporting period, however, by non-recurring earnings of a similar amount (€15.0 million) in the same quarter last year.
Revenue for the HHLA Group of €847.2 million in the reporting period was clearly down on the previous year (€912.5 million) due to the deconsolidation mentioned above. Pro forma revenue fell by just 2.0 % to € 822.2 million (pro forma revenue in the previous year: € 839.0 million). After consideration of fruit business revenue no longer consolidated, the Group almost matched the prior-year figure in its core activities. On balance, therefore, revenue progressed in line with the stated volume trends.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenue of € 826.7 million in the reporting
period (previous year: €892.7 million). In line with the figures for the Group, pro forma revenue for the Port Logistics subgroup fell by 2.1% from €819.2 million last year to €801.8 million in the current year. By contrast, the non-listed Real Estate subgroup increased revenue by 2.4% to €24.2 million (previous year: €23.6 million), and thus accounted for 2.4% of Group revenue.
Changes in inventories at Group level of €1.9 million exceeded the prior-year figure of € 0.9 million. Own work capitalised amounted to €6.2 million (previous year: €5.1 million).
Other operating income totalled € 37.1 million (previous year: € 32.4 million). Both the current and the previous year's quarters included nonrecurring effects of roughly the same amount. The realignment of rail operations (Intermodal segment) accounted for €17.3 million in the reporting period. see also page 38 et seq. of the Notes. In the same period last year, €15.0 million was received in compensation for the early termination of a land lease (Container segment).
Expenses fell by 4.8% as a result of changes in the Group structure. On a pro forma basis they increased by 2.0% and thus roughly in line with volume figures.
The cost of materials fell to € 277.3 million in the reporting period as a result of restructuring (previous year: € 324.7 million). The cost-ofmaterials ratio fell accordingly to 32.7% (previous year: 35.6%). Adjusted for the restructuring of the Intermodal segment, this item was once again roughly in line with volume development and thus largely a variable expense.
Personnel expenses rose year on year by 5.6% to €280.1 million (previous year: €265.2 million), while the personnel expenses ratio increased to 33.1% (previous year: 29.1%). Although the
relative rise in this expense item year on year was limited further in the third quarter, there was an adverse effect from both a collective wage increase and changes in working practices at the largest handling facility in Hamburg.
Other operating expenses fell by 5.1 % to € 101.2 million (previous year: € 106.6 million) in the reporting period. These savings resulted mainly from lower maintenance expenses, despite an increase in consultancy fees. At 11.9%, the ratio of expenses to revenue was slightly higher than last year (11.7%).
As a result of these developments, the HHLA Group saw its operating result before depreciation and amortisation (EBITDA) fall by 8.1% to €233.8 million (previous year: €254.4 million). As a consequence, the EBITDA margin for the reporting period of 27.6% was slightly below the prioryear figure (27.9%). Pro forma EBITDA – without the positive effects of Intermodal restructuring – fell by 16.4% to € 214.8 million (previous year: €257.0 million).
Depreciation and amortisation of €90.0 million was largely unchanged from last year. An increase in the current year due to additional investments was matched last year by a one-off write-down of €2.3 million from the revaluation of demolition obligations.
At Group level, the operating result (EBIT) fell by 12.6% to €143.8 million (previous year: €164.5 million) due to restructuring effects. The EBIT margin decreased by 1.0 percentage point from 18.0% in the previous year to 17.0%. The Port Logistics and Real Estate subgroups contributed 93.2% and 6.8% respectively to EBIT.
Pro forma EBIT, adjusted for the non-recurring earnings effect of Intermodal restructuring, fell year on year by 25.2% to €124.6 million (previous year: €166.5 million). However, last year's figure also includes a non-recurring gain of €15.0 million with no relation to the Intermodal segment which was therefore not adjusted. In its core activities, the Group demonstrated a distinct improvement in profitability compared with the previous quarter, in particular as a result of an improved cost efficiency. However, it was unable to repeat last year's performance – even allowing for one-off gain.
Net financial expenses of € 23.6 million were 3.0% lower than last year (€24.4 million).
The Group's effective tax rate fell from 30.6% last year to 26.7 %. The main reason for this change was again the restructuring of Intermodal activities: tax expenses from deconsolidation were well below what would have been expected by applying the tax rate from regular operations.
In line with the operating result (EBIT), profit after tax fell by 9.5 % from € 97.3 million to €88.0 million. In the second quarter of 2012, it had improved by 9.4% due to the one-off gain of restructuring, as the compensation payment mentioned earlier was only received in the third quarter of 2011. Although the effects of restructuring the Intermodal companies are reflected fully in earnings attributable to shareholders of the parent company, profit after tax and minority interests fell year on year by 2.1% to €64.0 million (previous year: €65.4 million).
Earnings per share of € 0.88 were also 2.1% below the prior-year figure of €0.90. The listed Port Logistics subgroup reported a 2.9 % fall in earnings per share to € 0.85 (previous year: €0.88). Earnings per share of the non-listed Real Estate subgroup increased by 9.4 % to € 1.63 (previous year: € 1.49). Return on capital employed (ROCE) fell by 2.3 percentage points to 14.0% (previous year: 16.3%) mainly as a result of the reduced operating result (EBIT).
| in € million | 1–9 2012 | 1–9 2011 | Change |
|---|---|---|---|
| Revenue | 523.2 | 535.5 | - 2.3 % |
| EBITDA | 174.8 | 215.8 | - 19.0 % |
| EBITDA margin in % | 33.4 | 40.3 | - 6.9 pp |
| EBIT | 107.7 | 150.5 | - 28.4 % |
| EBIT margin in % | 20.6 | 28.1 | - 7.5 pp |
| Container throughput in thousand TEU | 5,405 | 5,305 | 1.9 % |
The accelerating downturn in the global economy is reflected in the throughput figures for HHLA's container terminals. Whereas growth in the first half-year of 2012 reached 3.0%, container throughput of 5,405 thousand standard containers (TEU) after nine months represented an increase of just 1.9% over the previous year (5,305 thousand TEU). Throughput was kept afloat by North American traffic and, above all, by feeder traffic to the Eastern European economies along the Baltic coast. This drove up feeder traffic as a share of total throughput at the HHLA terminals in Hamburg from 24.5% to 26.4%.
Revenue development did not match the rise in volume largely as a result of the higher proportion of lower-margin feeder traffic and the noticable fall in storage charges compared with 2011– itself the result of historically low average container dwell times. Consequently, revenue fell by 2.3% to €523.2 million (previous year: €535.5 million). At € 107.7 million, the operating result (EBIT) fell short of the previous year's figure of € 150.5 million by 28.4 %. This marked decline can be explained by a one-off gain posted in the third quarter of last year. A compensation payment of €15.0 million was made for the early return of an empty container centre. Adjusted for this effect, the 20.5% fall in earnings after nine months represents a strengthened trend towards stability. After six months, the decline had still amounted to 21.9%.
Other burdens on earnings included
The terminals took a great number of steps to improve productivity. The main focus was on accelerated handling of mega-ships. Various worldwide innovative procedures are currently being tested. The Container Terminal Tollerort, for example, considerably increased the number of so-called 'twin moves', by which two standard containers are transported by one straddle carrier simultaneously. The Container Terminal Altenwerder introduced the 'dual cycle' method – a process that combines loading and discharging in order to avoid empty movements.
Top performance in handling mega-ships: the tandem gantry crane can handle four 20-foot containers at a time
| in € million 1–9 2012 |
1–9 2011 | Change | |
|---|---|---|---|
| Revenue | 225.5 | 267.5 | - 15.7% |
| Pro forma revenue1 | 200.6 | 194.0 | 3.4 % |
| EBITDA | 48.2 | 31.6 | 52.8 % |
| EBITDA margin in % | 21.4 | 11.8 | 9.6 pp |
| Pro forma EBITDA1 | 29.8 | 34.2 | - 12.8 % |
| EBIT | 35.2 | 20.0 | 76.2 % |
| EBIT margin in % | 15.6 | 7.5 | 8.1 pp |
| Pro forma EBIT1 | 16.6 | 21.9 | - 24.3 % |
| Container transport2 in thousand TEU |
949 | 1,425 | - 33.4 % |
| Pro forma container transport1 in thousand TEU |
729 | 752 | - 3.0 % |
1 The pro forma presentation applies the new ownership structure in place in the Intermodal segment since the second quarter of 2012 to the entire reporting period and to the comparable period of 2011.
Transport volume was fully consolidated.
In the third quarter of 2012, HHLA continued the realignment of its Intermodal segment that began in the second quarter of the year. Having separated the equity interests held by HHLA and Deutsche Bahn in the intermodal companies for hinterland rail traffic, HHLA also acquired the remaining 25.5% of shares in Polzug from PKP Cargo in the meantime. This gives HHLA 100% of shares in Polzug and 86.5% of shares in Metrans. HHLA's former 50% stake in TFG Transfracht has been taken over by Deutsche Bahn. see also page38 of the Notes.
With this new structure in place, HHLA is now in a position to systematically align all intermodal companies in the segment with the requirements of maritime logistics under its operational control. This corresponds to HHLA's business model of
integrating production processes along the transport and logistics chain, from the seaport through to its customers in the European hinterland. At the same time, HHLA is increasingly deploying its own production resources, such as modern inland terminals, specialised container carriages for maritime logistics and locomotives.
As part of this strategy, Metrans is currently expanding its terminal network. In early October 2012, Metrans acquired the operating company of the container terminal in Krems, a port on the river Danube in Austria. It now links the German seaports directly with the economic region of Lower Austria via Krems. Moreover, in early 2013, Metrans will commence operations at a strategically located new hub terminal in Česká Třebová in the Czech Republic, which will also
Expanding Metrans network: acquisition of the container rail terminal at the Danube port Krems
serve Krems. In addition, Metrans is considerably expanding its own fleet of wagons and stock of owned and leased locomotives.
Following the takeover of full control by HHLA, Polzug is optimising its business processes in order to exploit the potential of the Polish market by consistently developing the company step for step in line with Metrans' successful business model. The hub terminal in Poznań now also serves the Polish seaports, for instance. Other important steps were the purchase of tailored traction services and the systematic implementation of the hub-and-shuttle strategy also on the Polish market.
In order to separate the operating performance of continuing operations from the consolidation and transaction effects of the realignment, additional pro forma figures are given for transport volumes, revenue, EBITDA and EBIT. They apply the new ownership structure in place in the Intermodal segment since the second quarter of 2012 to the first three quarters of the financial year 2012 and to the comparative period of 2011.
Transport volumes fell year on year by 33.4%, largely because the volumes of TFG Transfracht were no longer consolidated as of the second quarter of 2012. By contrast, transport volumes of the three companies now in the segment, Metrans, Polzug and CTD Container Transportdienst, only dropped by 3.0%. Although segment revenue fell as a result of restructuring effects by 15.7% to €225.5 million (previous year: €267.5 million), pro forma revenue rose by 3.4 % to €200.6 million due to improved earnings quality.
The sharp rise of 76.2 % in EBIT to € 35.2 million (previous year: € 20.0 million) stems principally from the deconsolidation of losses at TFG Transfracht and a non-recurring accounting gain resulting from the realignment. see also page 38 of the Notes.
The negative trend in pro forma EBIT, which does not include the positive effect on earnings brought about by the disposal of the unprofitable Transfracht business, amounted to a fall of 24.3 %, largely due to the full consolidation of Polzug. Since HHLA assumed corporate control of Polzug in the second quarter of 2012, the groundwork for a turnaround has been completed. An initial positive trend, with rising volumes and a reduction in losses in the second quarter, strengthened and established itself in the third quarter of 2012.
Polzug connects Polish seaports: hub terminal in Poznań
| in € million | 1–9 2012 | 1–9 2011 | Change |
|---|---|---|---|
| Revenue | 69.3 | 94.0 | - 26.3 % |
| EBITDA | 7.5 | 8.2 | - 8.6 % |
| EBITDA margin in % | 10.8 | 8.7 | 2.1 pp |
| EBIT | 4.7 | 2.7 | 76.3 % |
| EBIT margin in % | 6.8 | 2.8 | 4.0 pp |
The companies of the Logistics segment displayed varying levels of performance in the first nine months of 2012. Whereas vehicle logistics, consultancy and the cruise business all made solid progress, dry bulk activities suffered falling volumes, revenue and earnings during the third quarter, as a result of a much weaker environment. For example, there was a significant decline in ore handling due in particular to the cyclical development of the steel industry. The performance of project and contract logistics was below the prior-year level.
At segment level, the net effect of these trends was a sharp year-on-year rise in earnings. The operating result EBIT grew by 76.3%, from €2.7 million last year to €4.7 million. There was a corresponding improvement in the EBIT margin of 4.0 percentage points, from 2.8% to 6.8%.
The 26.3% fall in revenue to €69.3 million (previous year: €94.0 million) is due to two special items. One is that accounting for fruit logistics companies was switched from full consolidation to consolidation using the equity method as of 1 January 2012. Their revenue is therefore no longer included in segment revenue for the first three quarters of 2012 see also page 38 of the Notes.
The other is that revenue for the first nine months of the financial year 2011 includes intra-Group revenues of a large IT contract worth around €7 million. Adjusted for these two special items, revenue would have risen by 2.5% over the previous year.
The overall positive performance of the segment is mainly due to rapid volume and order growth in vehicle logistics and consultancy, which more than made up for shortfalls in dry bulk and contract logistics. Although dry bulk tonnage in the first six months was well up on last year, the weak third quarter meant that total throughput after nine months fell by 6.1% to 10.2 million tonnes.
By contrast, throughput volumes in vehicle logistics after nine months were 23.4% up on the previous year, rising to 1.23 million tonnes. Those HHLA companies that provide consultancy services to the port and transport sectors worldwide also succeeded in growing their business substantially over the first nine months of 2012 with a large number of new orders. Subsidiary HPC, for example, is also advising the Greek government concerning the privatisation of its ports.
Rapid volume growth in vehicle logistics: RoRo ship at the O'Swaldkai in Hamburg
| in € million | 1–9 2012 | 1–9 2011 | Change |
|---|---|---|---|
| Revenue | 24.2 | 23.6 | 2.4 % |
| EBITDA | 12.8 | 12.2 | 5.0 % |
| EBITDA margin in % | 52.9 | 51.6 | 1.3 pp |
| EBIT | 9.6 | 9.0 | 6.8 % |
| EBIT margin in % | 39.7 | 38.1 | 1.6 pp |
According to the market overview of Jones Lang LaSalle for the third quarter of 2012, the market for office space in Hamburg saw a disproportionate fall in new lets compared with other major office locations in Germany. It reports that new leases signed in the first nine months of 2012 reached 305,200 m², corresponding to a decline of 22.5% on the 2011 figure of 393,900 m². The current vacancy rate is just 8.1%, which is still well below last year's level (8.8% at the end of the third quarter of 2011). Despite the high level of new construction – 173,800 m² by the end of the third quarter of 2012 – the market overview forecasts a further decline in the vacancy rate. Demand for space in the premium segment is thus still rising, as reflected by ever higher prime rents.
Against this market development, the Real Estate subgroup continued to grow in the Speicherstadt historical warehouse district and the Fischmarkt area on the northern banks of the river Elbe. In the first nine months of the financial year 2012, segment revenue rose by 2.4% to €24.2 million (previous year: €23.6 million). Bolstered by high occupancy rates in both areas, this performance was driven in particular by the successful placement of new projects in the course of 2011.
Positive one-off effects in the third quarter of 2012 offset the expenses of implementing and paying for planned, large-scale projects in the landmarked Speicherstadt historical warehouse district that did not qualify for capitalisation. As a result, EBITDA improved by 5.0% to €12.8 million (previous year: €12.2 million). The operating result EBIT rose year on year by 6.8% to € 9.6 million (previous year: €9.0 million).
On 12 September 2012, the city of Hamburg released the Speicherstadt historical warehouse district from the constraints imposed by the Port Development Act. This significantly improves the development potential of the site. In terms of planning regulations, it is now part of Hamburg's city centre. Until now, the careful redevelopment of the former logistics centre as a lively, inner-city district was only possible by means of special exemptions, as the Port Development Act prescribed that standard use of the site should be port-related. The new legal basis expands the scope of possible projects. One example is the building on Sandtorkai, designed by architect Werner Kallmorgen and now a historical monument, which is currently being converted into the first hotel of the Speicherstadt.
First hotel project for the Speicherstadt: coffee exchange to become restaurant and event location
| in €million | 1–9 2012 | 1–9 2011 |
|---|---|---|
| Financial funds as of 01.01. | 294.8 | 213.7 |
| Cash flow from operating activities |
168.8 | 200.1 |
| Cash flow from investing activities |
- 115.3 | - 183.7 |
| Free cash flow | 53.5 | 16.4 |
| Cash flow from financing activities |
- 171.6 | - 28.9 |
| Change in financial funds | - 118.1 | - 12.6 |
| Change in financial funds due to exchange rates |
- 0.1 | 0.4 |
| Financial funds as of 30.09. | 176.6 | 201.5 |
Cash flow from operating activities declined year on year from € 200.1 million to € 168.8 million. This was due to a fall in earnings before interest and taxes (EBIT) of €20.7 million, a non-cash effect of € 17.3 million from restructuring Intermodal activities and an effect on tax payments from adjusting the discount rate for pension provisions. In contrast to this, there was an increase in the proportion of revenue converted into cash flow as of the reporting date. In the same period last year, trade receivables had risen sharply without leading directly to cash inflows.
Investing activities resulted in cash outflows of €115.3 million (previous year: €183.7 million). The fall of € 68.4 million was due to markedly lower additions to short-term bank deposits of € 90.0 million net of proceeds from the sale of shares in consolidated companies and other business units in the course of restructuring the Intermodal segment. This was partly offset by increased investments in non-current assets totalling €33.3 million higher. Without this transfer of cash to short-term deposits, cash outflow for investing activities would have reached €105.3 million (previous year: €83.7 million).
There was a strong year-on-year improvement in free cash flow (total cash flow from operating and investing activities) with a positive net balance of €53.5 million at the end of the reporting period (previous year: €16.4 million).
The significant increase in cash outflow for financing activities of € 171.6 million (previous year: €28.9 million) resulted primarily from the payment of €91.0 million for the acquisition of additional shares in fully consolidated companies and from the fact that last year cash amounting to €65.7 million was received from an investment loan. The total dividend of €63.1 million paid to shareholders in the reporting period was slightly lower than in the previous year (€69.5 million).
As of the reporting date, the changes described above resulted in financial funds of €176.6 million (previous year: €201.5 million), which were thus less than at the beginning of the year (€294.8 million). Including short-term deposits, the Group's total available liquidity amounted to €216.6 million (previous year: €321.5 million).
The investment volume in the reporting period totalled €152.5 million and was thus well above last year's figure of €105.7 million. Of the capital expenditure, €145.7 million was for property, plant and equipment (previous year: €99.9 million) and €6.9 million for intangible assets (previous year: €5.7 million).
The purchase of new handling equipment, the continued modernisation of the Container Terminal Burchardkai and the expansion of the Container Terminal Odessa, Ukraine, accounted for a major share of capital expenditure in the first nine months of 2012. Newly acquired assets also included additional container-carrying rail waggons and the expansion of seaport hinterland terminals. The quay wall for a further mega-ship berth at the Container Terminal Burchardkai was also completed by the Hamburg Port Authority and assumed by HHLA on a long-term lease. As the underlying agreement is classified as a finance lease, this addition to assets totalling €30.5 million is not recognised as a direct cash expense but spread over the duration of the contract in the form of future lease payments.
For the remainder of the 2012 financial year, capital expenditure will continue to focus on increasing the productivity of existing terminal areas, expanding high-performance hinterland connections in line with market demands and extending the Container Terminal Odessa. The investment programme has been adjusted to reflect current, more downbeat economic forecasts. see Forecast, page 18.
Compared with the end of 2011, the HHLA Group's balance sheet total decreased as of the reporting date by a total of €74.7 million to €1,736.8 million.
Non-current assets of € 1,325.4 million were € 45.4 million higher than at year-end 2011 (€ 1,280.1 million). This is largely due to investment in property, plant and equipment in order to put the new berth at the Container Terminal Burchardkai into service, as well as to an increase in deferred taxes.
Current assets of €411.4 million were well below the figure for 31 December 2011 (€531.5 million), mainly due to a decline of €112.0 million in cash and cash equivalents and short-term deposits to € 218.0 million. The high level of cash outflows resulted primarily from the dividend payment in the second quarter of 2012 and the purchase of further shares in Metrans. Trade receivables fell by €21.7 million to €130.1 million. The deconsolidation of the rail company TFG Transfracht in the
1,736.8 1,811.5
| in €million | ||
|---|---|---|
| Assets | 30.09.2012 | 31.12.2011 |
| Non-current assets | 1,325.4 | 1,280.1 |
| Current assets | 411.4 | 531.5 |
| 1,736.8 | 1,811.5 | |
| Equity and Liabilities | ||
| Equity | 553.2 | 644.7 |
| Non-current liabilities | 915.0 | 877.6 |
| Current liabilities | 268.6 | 289.3 |
Number of employees in the HHLA Group
course of restructuring the Intermodal segment also contributed to this development. There was an opposing increase in receivables from related parties of € 8.6 million to € 12.4 million due to consolidation changes in the Logistics segment.
Equity fell by € 91.5 million to € 553.2 million as of the reporting date (31 December 2011: €644.7 million). The sharp decline – despite the positive after-tax result for the reporting period – is due to the following effects: acquisition of further shares in Metrans and subsequent recognition using the entity concept, the dividend payment in the second quarter and the fall in actuarial gains without effect on profit or loss due to a reduction in the interest rate used to calculate pension provisions. As a consequence, the equity ratio fell to 31.9% as of the reporting date (31 December 2011: 35.6%).
The rise of €37,4 million in non-current liabilities to €915.0 million (year-end 2011: €877.6 million), was due to an increase of €58.1 million in pension provisions following an adjustment of the discount rate to 3.5 % (31 December 2011: 5.0%), and to the increase of € 20.5 million in non-current liabilities due to related parties resulting from the finance lease with HPA for a new berth. There was an opposing effect from the fall in non-current financial liabilities of € 36.5 million following consolidation changes in the Intermodal and Logistics segments.
Net capital repayments led to a decline in current liabilities of €20.7 million, from €289.3 million at year-end 2011 to €268.6 million as of the reporting date. The main decreases included other current provisions, current financial liabilities and other liabilities – also as a result of changes in the Intermodal and Logistics segments.
As of the reporting date 30 September 2012, the number of employees in the HHLA Group rose by 54 year on year to 4,832. This represents an increase of 1.1 %. In addition to the one-off effects from the deconsolidation of the fruit logistics (-53) and Transfracht (-105) companies and the change in consolidation of Polzug (+108), this rise was largely due to recruitment at Metrans (+60) and the holding company (+33). The growth in headcount at the holding company stemmed largely from the 25 new apprentices who joined at the start of the vocational training year.
There are various contracts between the Free and Hanseatic City of Hamburg and/or the Hamburg Port Authority and companies in the HHLA Group for the lease of land and quay walls in the Port of Hamburg and in the Speicherstadt historical warehouse district. Moreover, the HHLA Group lets office space to other enterprises and public institutions affiliated with the Free and Hanseatic City of Hamburg. Further information about these business relationships can be found in the consolidated financial statements as of 31 December 2011.
In October 2012, HHLA acquired Polish company PKP Cargo's 25.5% stake in the intermodal company Polzug, taking its equity interest up from 74.5% to 100%.
On 16 October 2012, the German Federal Administrative Court granted an urgent stay of execution against the plan approval given by the Federal Water and Shipping Authority concerning the dredging of the lower and outer stretches of the river Elbe. see also the following Risk and Opportunity Report.
There were no other transactions of special significance after the balance sheet date 30 September 2012.
On 16 October 2012, the German Federal Administrative Court granted an urgent stay of execution against the plan approval given by the Federal Water and Shipping Authority concerning the dredging of the lower and outer stretches of the river Elbe. This work is essential for the competitiveness of the Port of Hamburg. As a result, plan approval cannot be put into effect until the principal proceedings have been concluded. The court's ruling does not constitute a preliminary judgement on the principal proceedings. However, it does mean that construction work is unlikely to begin in the near future.
For HHLA, the dredging of the navigation channel is a vital prerequisite for maintaining and extending its position as a key hub for international container traffic in future. Delays in carrying out the work may mean that shipping companies increasingly look to other handling sites with greater ease of nautical access when planning their scheduled services. Over time, this could mean that developments in maritime freight traffic may bypass the Port of Hamburg. These factors put a strain on HHLA's business development and – depending on the further course of proceedings and the reactions of shipping companies – could severely burden the Group's assets, financial and earnings position.
With regard to the HHLA Group's risk position, the statements made on pages 97 to 106 of the management report section of the 2011 Annual Report and in the interim reports for 2012 continue to apply, unless otherwise stated in this report. The risk factors associated with the HHLA Group's business activities are described there in the chapter 'Risk and Opportunity Report'. Any new potential opportunities which arose in the past quarter are described in the business forecast section of this report.
HHLA's forecast in summer of a further deterioration in the global economy over the course of the year has since been confirmed by a wide range of economic data. Faced with declining business confidence and growing uncertainty, the International Monetary Fund (IMF) downgraded its forecast for global economic growth in 2012 to 3.3%. At the same time, there is still a risk that the sovereign debt crisis in Europe and the USA will escalate further and that negative feedback effects will impact the real economy to a far greater extent than before. Due to a lack of momentum, the forecast for global trade growth was downgraded even further to 3.2%.
Against this background, the IMF reduced its forecast for economic output in Asia once again but still expects substantial economic growth of 6.7%, with China's gross domestic product (GDP) set to expand by 7.8%. By contrast, more moderate expansion of 2.0% is predicted for the economies of Central and Eastern Europe. Russia is likely to grow slightly stronger, by 3.7%. In the USA, the IMF regards growth of 2.2% as possible. In view of massive fiscal consolidation however, the eurozone is expected to contract by 0.4% in 2012. The contraction is likely to be more severe in the southern European member states. Nevertheless, GDP growth of 0.9% is forecast for Germany.
In view of the economic downturn and the absence of any meaningful seasonal upswing in the traditionally strong third quarter, the market research institute Drewry has strongly downgraded its forecast for global container traffic for the full year 2012 and now predicts growth of 3.4%. It believes growth will be driven predominantly by trade relations with Eastern Europe and traffic within Asia. According to the latest estimates, however, freight volume in Northern Europe is likely to stagnate. The situation on the container shipping market will therefore remain tense. Although freight rates have still not shown any stable recovery, the economic pressure on shipping lines continues to intensify as a result of rising fuel costs and the consistently strong flow of new tonnage onto the market. Consolidation measures initiated by the shipping industry in the form of new cooperation agreements and alliances are leading to lasting changes in market structures and also putting noticeable pressure on the earnings power of terminal operators.
The weak prospects for throughput in the North Range ports are also likely to have a tangible effect on transport volumes in pre- and onward-carriage systems in the European hinterland. According to the German Federal Office for Freight Transport, transport volumes in 2012 are expected to decline year on year by 0.8% for road and by 2.2% for rail transport. Business and new orders for logistics services are also expected to deteriorate over the remainder of 2012. There is now virtually no expectation of significant growth for steel and car production, and thus for dry bulk handling and vehicle logistics, while the intense pressure on volumes in contract logistics is likely to continue.
The course of business in recent months has confirmed the adjustment to forecast made in summer. For the year as a whole, HHLA continues to target Group revenue in the region of €1.1billion. The operating result (EBIT) is expected to reach the unchanged target range of € 170 million to €190 million. In addition to the market trends described above, these forecast figures include all effects from restructuring and consolidation in the Intermodal and Logistics segments. see Notes on the reporting, page 6.
| HHLA Group | Forecast in half-year report | Forecast in nine-month report |
|---|---|---|
| Throughput volume | in the region of 7.0 million TEU | in the region of 7.0 million TEU |
| Transport volume1 | in the region of 1.0 million TEU | in the region of 1.0 million TEU |
| Revenue | in the region of €1.1 billion | in the region of € 1.1 billion |
| EBIT | in the region of €170 to €190million |
in the region of €170 to € 190 million |
| Investments | in the region of €250 million | in the region of € 200 million |
Based on the new ownership structure in the Intermodal segment.
The expected earnings position will again depend to a large extent on the Port Logistics subgroup.
As a result of the expected economic slowdown, HHLA expects throughput volumes to be roughly at the same level as last year in its Container segment, which is not affected by structural change. Due mainly to a higher proportion of lower-margin feeder traffic, revenue is likely to lag well behind volume gains. The pressure this puts on earnings will be tightened by general cost inflation. In the absence of volume growth and the associated cost degression, and in view of productivity losses due to reorganisation, the segment's operating result (EBIT) will fall below the prior-year figure – due in part to a one-off compensation payment received last year.
Based on the new shareholder structure in the Intermodal segment, HHLA is aiming to reach a transport volume in the region of 1 million TEU. The deconsolidation of one rail company following its disposal means that revenue will be down on last year, albeit with an expected improvement in earnings quality. In the course of aligning all continuing operations with the demands of maritime logistics, the optimisation of Polzug traffic is aimed at achieving a sustainable improvement in earnings. Given the initial success, this segment should generate year-on-year growth in EBIT – even without the one-off gain of € 17.3 million. The expansion of services offered in the Germanspeaking region already commenced is expected to contribute to this development.
The outlook also remains unchanged in the Logistics segment: in addition to the general course of business, initial consolidation of two fruit logistics companies using the equity method instead of full consolidation will lead to a change in earnings. All in all, HHLA does not expect revenue in the Logistics segment to reach the prior-year level, although EBIT should rise substantially year on year.
A stable development is still expected for earnings in the Real Estate subgroup. Revenue and EBIT should therefore be on par with last year. Business developments in this field will continue to focus on value-oriented portfolio development.
In view of the weak economic environment and the temporary suspension order on dredging the river Elbe imposed by the German Federal Administrative Court, HHLA has made use of the flexibility in its ongoing modernisation programme and reduced its investment budget for the full year 2012 to a figure in the region of €200 million (previously: €250 million). All those measures which contribute to making the HHLA terminals in the Port of Hamburg more attractive and thus securing its market position have been retained. HHLA's central aim is still to boost its profitability while maintaining stable capital structure ratios. This will enable it to safely withstand difficult market conditions and to actively exploit development opportunities.
Following the adjustment to planned capital expenditure, HHLA expects total assets at year-end 2012 to be roughly on a par with the previous year. There is still comfortably sufficient liquidity for necessary investments and a results-oriented dividend payment. The company's strong credit worthiness can also be seen in its healthy equity ratio. Equity is expected to increase again until year-end, but is likely to fall short of last year's figure. Cumulative year-on-year growth was hampered in particular by the reduction in discount rates for pension provisions and the effects of restructuring Intermodal activities.
With regard to HHLA's medium-term development, it is vital that the public infrastructure project to dredge the navigation channel in the river Elbe is completed as quickly as possible. In order to safeguard Hamburg's market position as a key hub for international container traffic until a final court ruling has been achieved, HHLA is focusing mainly on further enhancing service range – especially for ultra-large container vessels already
calling at the Port of Hamburg in increasing numbers. Technological upgrades, the reorganisation and increased flexibility of working practices, and the expansion of the hinterland network are all intended to generate further added value for the shipping line clients. Following the basic investments of recent years, HHLA sees itself in the positon to gradually reduce capital expenditure for the time being in order to boost liquidity for value-added additions to its core business, while also continuing to pursue its results-oriented dividend policy.
Subject to macroeconomic and infrastructural conditions, HHLA is confident that it can continue to benefit from positive future developments in global cargo flows.
Given the current uncertainty concerning future economic developments, HHLA will provide more specific statements for its earnings and financial position in 2013 on publication of its Annual Report 2012.
No material changes with regard to other topics occurred during the reporting period. The following table lists the topics concerned. The relevant disclosures are largely included in the Annual Report for 2011 and remain valid.
| in €thousand | 1–9 2012 | 1–9 2011 | 7–9 2012 | 7–9 2011 |
|---|---|---|---|---|
| Revenue | 847,160 | 912,481 | 280,906 | 316,439 |
| Changes in inventories | 1,899 | 852 | 926 | 633 |
| Own work capitalised | 6,189 | 5,093 | 2,021 | 1,636 |
| Other operating income | 37,137 | 32,426 | 5,323 | 20,406 |
| Cost of materials | - 277,333 | - 324,682 | - 87,543 | - 113,529 |
| Personnel expenses | - 280,050 | - 265,196 | - 91,233 | - 88,588 |
| Other operating expenses | - 101,183 | - 106,574 | - 31,167 | - 35,831 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 233,819 | 254,400 | 79,233 | 101,166 |
| Depreciation and amortisation | - 89,993 | - 89,865 | - 29,602 | - 29,734 |
| Earnings before interest and taxes (EBIT) | 143,826 | 164,535 | 49,631 | 71,432 |
| Earnings from associates accounted for using the equity method | 178 | 253 | - 106 | 107 |
| Interest income | 4,405 | 5,497 | 1,085 | 1,875 |
| Interest expenses | - 28,822 | - 30,392 | - 9,317 | - 10,519 |
| Other financial result | 607 | 283 | 86 | 0 |
| Financial result | - 23,632 | - 24,359 | - 8,252 | - 8,537 |
| Earnings before tax (EBT) | 120,194 | 140,176 | 41,379 | 62,895 |
| Income tax | - 32,148 | - 42,915 | - 11,334 | - 18,663 |
| Profit after tax | 88,046 | 97,261 | 30,045 | 44,232 |
| of which attributable to non-controlling interests | 24,033 | 31,868 | 8,037 | 13,585 |
| of which attributable to shareholders of the parent company | 64,013 | 65,393 | 22,008 | 30,647 |
| Earnings per share, basic, in € | ||||
| Group | 0.88 | 0.90 | 0.30 | 0.42 |
| Port Logistics | 0.85 | 0.88 | 0.28 | 0.42 |
| Real Estate | 1.63 | 1.49 | 0.76 | 0.51 |
| Earnings per share, diluted, in € | ||||
| Group | 0.88 | 0.90 | 0.30 | 0.42 |
| Port Logistics | 0.85 | 0.88 | 0.28 | 0.42 |
| Real Estate | 1.63 | 1.49 | 0.76 | 0.51 |
| in €thousand | 1–9 2012 | 1–9 2011 | 7–9 2012 | 7–9 2011 |
|---|---|---|---|---|
| Profit after tax | 88,046 | 97,261 | 30,045 | 44,232 |
| Actuarial gains/losses | - 56,910 | 18,792 | - 18,804 | 878 |
| Cash flow hedges | - 90 | - 374 | - 31 | - 775 |
| Foreign currency translation differences | 224 | - 1,514 | - 1,900 | 2,866 |
| Deferred taxes on changes recognised directly in equity | 18,356 | - 5,923 | 6,043 | - 50 |
| Other | 62 | - 126 | 89 | - 106 |
| Income and expense recognised directly in equity | - 38,358 | 10,855 | - 14,603 | 2,813 |
| Total comprehensive income | 49,688 | 108,116 | 15,442 | 47,045 |
| of which attributable to non-controlling interests | 23,989 | 31,800 | 8,051 | 13,390 |
| of which attributable to shareholders of the parent company | 25,699 | 76,316 | 7,391 | 33,655 |
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 22
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2012 Group |
1–9 2012 Port Logistics |
1–9 2012 Real Estate |
1–9 2012 Consolidation |
|---|---|---|---|---|
| Revenue | 847,160 | 826,730 | 24,174 | - 3,744 |
| Changes in inventories | 1,899 | 1,903 | - 4 | 0 |
| Own work capitalised | 6,189 | 6,145 | 0 | 44 |
| Other operating income | 37,137 | 33,575 | 4,232 | - 670 |
| Cost of materials | - 277,333 | - 272,390 | - 4,945 | 2 |
| Personnel expenses | - 280,050 | - 278,392 | - 1,658 | 0 |
| Other operating expenses | - 101,183 | - 96,539 | - 9,012 | 4,368 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 233,819 | 221,032 | 12,787 | 0 |
| Depreciation and amortisation | - 89,993 | - 87,036 | - 3,187 | 230 |
| Earnings before interest and taxes (EBIT) | 143,826 | 133,996 | 9,600 | 230 |
| Earnings from associates accounted for using the equity method | 178 | 178 | 0 | 0 |
| Interest income | 4,405 | 4,438 | 51 | - 84 |
| Interest expenses | - 28,822 | - 25,499 | - 3,407 | 84 |
| Other financial result | 607 | 607 | 0 | 0 |
| Financial result | - 23,632 | - 20,276 | - 3,356 | 0 |
| Earnings before tax (EBT) | 120,194 | 113,720 | 6,244 | 230 |
| Income tax | - 32,148 | - 30,080 | - 2,013 | - 55 |
| Profit after tax | 88,046 | 83,640 | 4,231 | 175 |
| of which attributable to non-controlling interests | 24,033 | 24,033 | 0 | |
| of which attributable to shareholders of the parent company | 64,013 | 59,607 | 4,406 | |
| Earnings per share, basic, in € | 0.88 | 0.85 | 1.63 | |
| Earnings per share, diluted, in € | 0.88 | 0.85 | 1.63 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2012 Group |
1–9 2012 Port Logistics |
1–9 2012 Real Estate |
1–9 2012 Consolidation |
|---|---|---|---|---|
| Profit after tax | 88,046 | 83,640 | 4,231 | 175 |
| Actuarial gains/losses | - 56,910 | - 55,899 | - 1,011 | |
| Cash flow hedges | - 90 | - 90 | 0 | |
| Foreign currency translation differences | 224 | 224 | 0 | |
| Deferred taxes on changes recognised directly in equity | 18,356 | 18,030 | 326 | |
| Other | 62 | 62 | 0 | |
| Income and expense recognised directly in equity | - 38,358 | - 37,673 | - 685 | 0 |
| Total comprehensive income | 49,688 | 45,967 | 3,546 | 175 |
| of which attributable to non-controlling interests | 23,989 | 23,989 | 0 | |
| of which attributable to shareholders of the parent company | 25,699 | 21,978 | 3,721 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| Revenue | 912,481 | 892,653 | 23,614 | - 3,786 |
| Changes in inventories | 852 | 849 | 3 | 0 |
| Own work capitalised | 5,093 | 5,093 | 0 | 0 |
| Other operating income | 32,426 | 29,538 | 3,577 | - 689 |
| Cost of materials | - 324,682 | - 319,877 | - 4,807 | 2 |
| Personnel expenses | - 265,196 | - 263,536 | - 1,660 | 0 |
| Other operating expenses | - 106,574 | - 102,494 | - 8,553 | 4,473 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 254,400 | 242,226 | 12,174 | 0 |
| Depreciation and amortisation | - 89,865 | - 86,909 | - 3,186 | 230 |
| Earnings before interest and taxes (EBIT) | 164,535 | 155,317 | 8,988 | 230 |
| Earnings from associates accounted for using the equity method | 253 | 253 | 0 | 0 |
| Interest income | 5,497 | 5,530 | 60 | - 93 |
| Interest expenses | - 30,392 | - 27,024 | - 3,461 | 93 |
| Other financial result | 283 | 283 | 0 | 0 |
| Financial result | - 24,359 | - 20,958 | - 3,401 | 0 |
| Earnings before tax (EBT) | 140,176 | 134,359 | 5,587 | 230 |
| Income tax | - 42,915 | - 41,124 | - 1,736 | - 55 |
| Profit after tax | 97,261 | 93,235 | 3,851 | 175 |
| of which attributable to non-controlling interests | 31,868 | 31,868 | 0 | |
| of which attributable to shareholders of the parent company | 65,393 | 61,367 | 4,026 | |
| Earnings per share, basic, in € | 0.90 | 0.88 | 1.49 | |
| Earnings per share, diluted, in € | 0.90 | 0.88 | 1.49 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| Profit after tax | 97,261 | 93,235 | 3,851 | 175 |
| Actuarial gains/losses | 18,792 | 18,549 | 243 | |
| Cash flow hedges | - 374 | - 374 | 0 | |
| Foreign currency translation differences | - 1,514 | - 1,514 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 5,923 | - 5,845 | - 78 | |
| Other | - 126 | - 126 | 0 | |
| Income and expense recognised directly in equity | 10,855 | 10,690 | 165 | 0 |
| Total comprehensive income | 108,116 | 103,925 | 4,016 | 175 |
| of which attributable to non-controlling interests | 31,800 | 31,800 | 0 | |
| of which attributable to shareholders of the parent company | 76,316 | 72,125 | 4,191 |
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 24
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2012 Group |
7–9 2012 Port Logistics |
7–9 2012 Real Estate |
7–9 2012 Consolidation |
|---|---|---|---|---|
| Revenue | 280,906 | 273,894 | 8,139 | - 1,127 |
| Changes in inventories | 926 | 927 | - 1 | 0 |
| Own work capitalised | 2,021 | 1,999 | 0 | 22 |
| Other operating income | 5,323 | 3,940 | 1,606 | - 223 |
| Cost of materials | - 87,543 | - 85,869 | - 1,674 | 0 |
| Personnel expenses | - 91,233 | - 90,722 | - 511 | 0 |
| Other operating expenses | - 31,167 | - 30,214 | - 2,281 | 1,328 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 79,233 | 73,955 | 5,278 | 0 |
| Depreciation and amortisation | - 29,602 | - 28,616 | - 1,063 | 77 |
| Earnings before interest and taxes (EBIT) | 49,631 | 45,339 | 4,215 | 77 |
| Earnings from associates accounted for using the equity method | - 106 | - 106 | 0 | 0 |
| Interest income | 1,085 | 1,096 | 16 | - 27 |
| Interest expenses | - 9,317 | - 8,107 | - 1,237 | 27 |
| Other financial result | 86 | 86 | 0 | 0 |
| Financial result | - 8,252 | - 7,031 | - 1,221 | 0 |
| Earnings before tax (EBT) | 41,379 | 38,308 | 2,994 | 77 |
| Income tax | - 11,334 | - 10,329 | - 987 | - 18 |
| Profit after tax | 30,045 | 27,979 | 2,007 | 59 |
| of which attributable to non-controlling interests | 8,037 | 8,037 | 0 | |
| of which attributable to shareholders of the parent company | 22,008 | 19,942 | 2,066 | |
| Earnings per share, basic, in € | 0.30 | 0.28 | 0.76 | |
| Earnings per share, diluted, in € | 0.30 | 0.28 | 0.76 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2012 Group |
7–9 2012 Port Logistics |
7–9 2012 Real Estate |
7–9 2012 Consolidation |
|---|---|---|---|---|
| Profit after tax | 30,045 | 27,979 | 2,007 | 59 |
| Actuarial gains/losses | - 18,804 | - 18,452 | - 352 | |
| Cash flow hedges | - 31 | - 31 | 0 | |
| Foreign currency translation differences | - 1,900 | - 1,900 | 0 | |
| Deferred taxes on changes recognised directly in equity | 6,043 | 5,929 | 114 | |
| Other | 89 | 89 | 0 | |
| Income and expense recognised directly in equity | - 14,603 | - 14,365 | - 238 | 0 |
| Total comprehensive income | 15,442 | 13,614 | 1,769 | 59 |
| of which attributable to non-controlling interests | 8,051 | 8,051 | 0 | |
| of which attributable to shareholders of the parent company | 7,391 | 5,563 | 1,828 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2011 Group |
7–9 2011 Port Logistics |
7–9 2011 Real Estate |
7–9 2011 Consolidation |
|---|---|---|---|---|
| Revenue | 316,439 | 309,653 | 8,003 | - 1,217 |
| Changes in inventories | 633 | 630 | 3 | 0 |
| Own work capitalised | 1,636 | 1,636 | 0 | 0 |
| Other operating income | 20,406 | 19,465 | 1,162 | - 221 |
| Cost of materials | - 113,529 | - 111,907 | - 1,622 | 1 |
| Personnel expenses | - 88,588 | - 88,101 | - 487 | 0 |
| Other operating expenses | - 35,831 | - 34,065 | - 3,203 | 1,437 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 101,166 | 97,311 | 3,856 | 0 |
| Depreciation and amortisation | - 29,734 | - 28,746 | - 1,065 | 77 |
| Earnings before interest and taxes (EBIT) | 71,432 | 68,565 | 2,791 | 77 |
| Earnings from associates accounted for using the equity method | 107 | 107 | 0 | 0 |
| Interest income | 1,875 | 1,886 | 19 | - 30 |
| Interest expenses | - 10,519 | - 9,490 | - 1,059 | 30 |
| Financial result | - 8,537 | - 7,497 | - 1,040 | 0 |
| Earnings before tax (EBT) | 62,895 | 61,068 | 1,751 | 77 |
| Income tax | - 18,663 | - 18,217 | - 428 | - 18 |
| Profit after tax | 44,232 | 42,851 | 1,323 | 58 |
| of which attributable to non-controlling interests | 13,585 | 13,585 | 0 | |
| of which attributable to shareholders of the parent company | 30,647 | 29,266 | 1,381 | |
| Earnings per share, basic, in € | 0.42 | 0.42 | 0.51 | |
| Earnings per share, diluted, in € | 0.42 | 0.42 | 0.51 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
7–9 2011 Group |
7–9 2011 Port Logistics |
7–9 2011 Real Estate |
7–9 2011 Consolidation |
|---|---|---|---|---|
| Profit after tax | 44,232 | 42,851 | 1,323 | 58 |
| Actuarial gains/losses | 878 | 916 | –38 | |
| Cash flow hedges | –775 | –775 | 0 | |
| Foreign currency translation differences | 2,866 | 2,866 | 0 | |
| Deferred taxes on changes recognised directly in equity | –50 | –63 | 13 | |
| Other | –106 | –106 | 0 | |
| Income and expense recognised directly in equity | 2,813 | 2,838 | –25 | 0 |
| Total comprehensive income | 47,045 | 45,689 | 1,298 | 58 |
| of which attributable to non-controlling interests | 13,390 | 13,390 | 0 | |
| of which attributable to shareholders of the parent company | 33,655 | 32,299 | 1,356 |
| in €thousand | ||
|---|---|---|
| Assets | 30.09.2012 | 31.12.2011 |
| Non-current assets | ||
| Intangible assets | 81,700 | 81,490 |
| Property, plant and equipment | 1,006,690 | 985,340 |
| Investment property | 181,141 | 180,062 |
| Associates accounted for using the equity method | 6,442 | 1,830 |
| Financial assets | 12,173 | 9,086 |
| Deferred taxes | 37,296 | 22,243 |
| 1,325,442 | 1,280,051 | |
| Current assets | ||
| Inventories | 25,609 | 23,162 |
| Trade receivables | 130,084 | 151,771 |
| Receivables from related parties | 12,397 | 3,756 |
| Other financial receivables | 2,870 | 2,429 |
| Other assets | 16,345 | 16,776 |
| Income tax receivables | 6,097 | 3,591 |
| Cash, cash equivalents and short-term deposits | ||
| 217,959 | 329,996 | |
| 411,361 | 531,481 | |
| 1,736,803 | 1,811,532 | |
| Equity and liabilities | ||
| Equity | ||
| Subscribed capital | 72,753 | 72,680 |
| Subgroup Port Logistics | 70,048 | 69,975 |
| Subgroup Real Estate | 2,705 | 2,705 |
| Capital reserve | 141,584 | 139,728 |
| Subgroup Port Logistics | 141,078 | 139,222 |
| Subgroup Real Estate | 506 | 506 |
| Retained earnings | 346,577 | 385,124 |
| Subgroup Port Logistics | 327,718 | 367,967 |
| Subgroup Real Estate | 18,859 | 17,157 |
| Other comprehensive income | 4,930 | 42,872 |
| Subgroup Port Logistics | 4,359 | 41,615 |
| Subgroup Real Estate | 571 | 1,257 |
| Non-controlling interests | - 12,641 | 4,258 |
| Subgroup Port Logistics | - 12,641 | 4,258 |
| Subgroup Real Estate | 0 | 0 |
| 553,203 | 644,662 | |
| Non-current liabilities | ||
| Pension provisions | 371,782 | 313,729 |
| Other non-current provisions | 49,548 | 53,526 |
| Non-current liabilities to related parties | 114,126 | 93,587 |
| Non-current financial liabilities | 366,704 | 403,184 |
| Deferred taxes | 12,860 | 13,557 |
| 915,020 | 877,583 | |
| Current liabilities | ||
| Other current provisions | 22,401 | 28,759 |
| Trade liabilities | 70,493 | 72,003 |
| Current liabilities to related parties | 74,330 | 72,119 |
| Current financial liabilities | 75,021 | 88,332 |
| Other liabilities | 20,131 | 25,563 |
| Income tax liabilities | 6,204 | 2,511 |
| 268,580 | 289,287 | |
1,736,803 1,811,532
915,020 886,885 41,472 - 13,337
268,580 185,890 90,653 - 7,963 1,736,803 1,603,337 164,949 - 31,483
in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 30.09.2012 Group |
30.09.2012 Port Logistics |
30.09.2012 Real Estate |
30.09.2012 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 81,700 | 81,695 | 5 | 0 |
| Property, plant and equipment | 1,006,690 | 983,631 | 6,482 | 16,577 |
| Investment property | 181,141 | 56,855 | 154,402 | - 30,116 |
| Associates accounted for using the equity method | 6,442 | 6,442 | 0 | 0 |
| Financial assets | 12,173 | 10,294 | 1,879 | 0 |
| Deferred taxes | 37,296 | 47,277 | 0 | - 9,981 |
| 1,325,442 | 1,186,194 | 162,768 | - 23,520 | |
| Current assets | ||||
| Inventories | 25,609 | 25,504 | 105 | 0 |
| Trade receivables | 130,084 | 129,584 | 500 | 0 |
| Receivables from related parties | 12,397 | 19,416 | 944 | - 7,963 |
| Other financial receivables | 2,870 | 2,820 | 50 | 0 |
| Other assets | 16,345 | 16,020 | 325 | 0 |
| Income tax receivables | 6,097 | 6,097 | 0 | 0 |
| Cash, cash equivalents and short-term deposits | 217,959 | 217,702 | 257 | 0 |
| 411,361 | 417,143 | 2,181 | - 7,963 | |
| 1,736,803 | 1,603,337 | 164,949 | - 31,483 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 346,577 | 327,718 | 29,042 | - 10,183 |
| Other comprehensive income | 4,930 | 4,359 | 571 | 0 |
| Non-controlling interests | - 12,641 | - 12,641 | 0 | 0 |
| 553,203 | 530,562 | 32,824 | - 10,183 | |
| Non-current liabilities | ||||
| Pension provisions | 371,782 | 365,303 | 6,479 | 0 |
| Other non-current provisions | 49,548 | 48,108 | 1,440 | 0 |
| Non-current liabilities to related parties | 114,126 | 114,126 | 0 | 0 |
| Non-current financial liabilities | 366,704 | 342,076 | 24,628 | 0 |
| Deferred taxes | 12,860 | 17,272 | 8,925 | - 13,337 |
Other current provisions 22,401 18,525 3,876 0 Trade liabilities 70,493 65,601 4,892 0 Current liabilities to related parties 74,330 5,572 76,721 - 7,963 Current financial liabilities 75,021 70,416 4,605 0 Other liabilities 20,131 19,862 269 0 Income tax liabilities 6,204 5,914 290 0
Current liabilities
in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2011 Group |
31.12.2011 Port Logistics |
31.12.2011 Real Estate |
31.12.2011 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 81,490 | 81,481 | 9 | 0 |
| Property, plant and equipment | 985,340 | 963,148 | 5,285 | 16,907 |
| Investment property | 180,062 | 60,890 | 149,848 | - 30,676 |
| Associates accounted for using the equity method | 1,830 | 1,830 | 0 | 0 |
| Financial assets | 9,086 | 7,517 | 1,569 | 0 |
| Deferred taxes | 22,243 | 30,362 | 0 | - 8,119 |
| 1,280,051 | 1,145,228 | 156,711 | - 21,888 | |
| Current assets | ||||
| Inventories | 23,162 | 23,091 | 71 | 0 |
| Trade receivables | 151,771 | 151,023 | 748 | 0 |
| Receivables from related parties | 3,756 | 16,713 | 1,108 | - 14,065 |
| Other financial receivables | 2,429 | 2,404 | 25 | 0 |
| Other assets | 16,776 | 16,626 | 150 | 0 |
| Income tax receivables | 3,591 | 3,465 | 283 | - 157 |
| Cash, cash equivalents and short-term deposits | 329,996 | 329,868 | 128 | 0 |
| 531,481 | 543,190 | 2,513 | - 14,222 | |
| 1,811,532 | 1,688,418 | 159,224 | - 36,110 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,680 | 69,975 | 2,705 | 0 |
| Capital reserve | 139,728 | 139,222 | 506 | 0 |
| Retained earnings | 385,124 | 367,967 | 27,515 | - 10,358 |
| Other comprehensive income | 42,872 | 41,615 | 1,257 | 0 |
|---|---|---|---|---|
| Non-controlling interests | 4,258 | 4,258 | 0 | 0 |
| 644,662 | 623,037 | 31,983 | - 10,358 | |
| Non-current liabilities | ||||
| Pension provisions | 313,729 | 308,243 | 5,486 | 0 |
| Other non-current provisions | 53,526 | 52,108 | 1,418 | 0 |
| Non-current liabilities to related parties | 93,587 | 93,587 | 0 | 0 |
| Non-current financial liabilities | 403,184 | 380,690 | 22,494 | 0 |
| Deferred taxes | 13,557 | 16,814 | 8,273 | - 11,530 |
| 877,583 | 851,442 | 37,671 | - 11,530 | |
| Current liabilities | ||||
| Other current provisions | 28,759 | 25,719 | 3,040 | 0 |
| Trade liabilities | 72,003 | 69,755 | 2,248 | 0 |
| Current liabilities to related parties | 72,119 | 6,714 | 79,470 | - 14,065 |
| Current financial liabilities | 88,332 | 83,828 | 4,504 | 0 |
| Other liabilities | 25,563 | 25,255 | 308 | 0 |
| Income tax liabilities | 2,511 | 2,668 | 0 | - 157 |
| 289,287 | 213,939 | 89,570 | - 14,222 | |
| 1,811,532 | 1,688,418 | 159,224 | - 36,110 |
| in €thousand | 1–9 2012 | 1–9 2011 |
|---|---|---|
| 1. Cash flow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 143,826 | 164,535 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets | 89,943 | 90,054 |
| Decrease in provisions | - 21,754 | - 12,432 |
| Gains/losses arising from the disposal of non-current assets | - 286 | - 787 |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities | - 1,040 | - 37,299 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 16,372 | 21,071 |
| Interest received | 5,194 | 5,767 |
| Interest paid | - 15,420 | - 15,738 |
| Income tax paid | - 30,519 | - 14,014 |
| Earnings from the acquisition/disposal of interests in consolidated companies | - 17,318 | 0 |
| Exchange rate and other effects | - 233 | - 1,088 |
| Cash flow from operating activities | 168,765 | 200,069 |
| 2. Cash flow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 385 | 1,491 |
| Payments for investments in property, plant and equipment and investment property | - 110,421 | - 78,708 |
| Payments for investments in intangible assets | - 6,859 | - 5,748 |
| Proceeds from disposal of non-current financial assets | 175 | 12 |
| Payments for investments in non-current financial assets | - 1,225 | - 768 |
| Proceeds from the disposal of interests in consolidated companies and other business units (including funds sold) |
14,720 | 0 |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 2,087 | 0 |
| Payments for short-term deposits | - 10,000 | - 100,000 |
| Cash flow from investing activities | - 115,312 | - 183,721 |
| 3. Cash flow from financing activities | ||
| Proceeds from contributions to equity | 1,930 | 0 |
| Payments for increasing interests in fully consolidated companies | - 91,000 | 0 |
| Dividends paid to shareholders of the parent company | - 48,236 | - 41,732 |
| Dividends/settlement obligation paid to non-controlling interests | - 14,898 | - 27,798 |
| Redemption of lease liabilities | - 3,625 | - 3,202 |
| Proceeds from the issuance of (financial) loans | 5,000 | 65,733 |
| Payments for the redemption of (financial) loans | - 20,755 | - 21,938 |
| Cash flow from financing activities | - 171,584 | - 28,937 |
| 4. Financial funds at the end of the period | ||
| Change in financial funds (subtotals 1. – 3.) | - 118,131 | - 12,589 |
| Change in financial funds due to exchange rates | -107 | 439 |
| Financial funds at the beginning of the period | 294,803 | 213,682 |
| Financial funds at the end of the period | 176,565 | 201,532 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2012 Group |
1–9 2012 Port Logistics |
1–9 2012 Real Estate |
1–9 2012 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 143,826 | 133,996 | 9,600 | 230 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
89,943 | 86,986 | 3,187 | - 230 |
| Change in provisions | - 21,754 | - 22,343 | 589 | |
| Gains/losses arising from the disposal of non-current assets | - 286 | - 286 | 0 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 1,040 | - 706 | - 132 | - 202 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
16,372 | 11,383 | 4,787 | 202 |
| Interest received | 5,194 | 5,227 | 51 | - 84 |
| Interest paid | - 15,420 | - 12,005 | - 3,499 | 84 |
| Income tax paid | - 30,519 | - 30,057 | - 462 | |
| Earnings from the acquisition/disposal of interests in consolidated companies |
- 17,318 | - 17,318 | 0 | |
| Exchange rate and other effects | - 233 | - 233 | 0 | |
| Cash flow from operating activities | 168,765 | 154,644 | 14,121 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
385 | 385 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 110,421 | - 101,487 | - 8,934 | |
| Payments for investments in intangible assets | - 6,859 | - 6,859 | 0 | |
| Proceeds from disposal of non-current financial assets | 175 | 175 | 0 | |
| Payments for investments in non-current financial assets | - 1,225 | - 1,225 | 0 | |
| Proceeds from the disposal of interests in consolidated companies and other business units (including funds sold) |
14,720 | 14,720 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units (including funds purchased) |
- 2,087 | - 2,087 | 0 | |
| Payments for short-term deposits | - 10,000 | - 10,000 | 0 | |
| Cash flow from investing activities | - 115,312 | - 106,378 | - 8,934 | 0 |
| 3. Cash flow from financing activities | ||||
| Proceeds from contributions to equity | 1,930 | 1,930 | 0 | |
| Payments for increasing interests in fully consolidated companies | - 91,000 | - 91,000 | 0 | |
| Dividends paid to shareholders of the parent company | - 48,236 | - 45,531 | - 2,705 | |
| Dividends/settlement obligation paid to non-controlling interests | - 14,898 | - 14,898 | 0 | |
| Redemption of lease liabilities | - 3,625 | - 3,625 | 0 | |
| Proceeds from the issuance of (financial) loans | 5,000 | 0 | 5,000 | |
| Payments for the redemption of (financial) loans | - 20,755 | - 18,402 | - 2,353 | |
| Cash flow from financing activities | - 171,584 | - 171,526 | - 58 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | - 118,131 | - 123,260 | 5,129 | 0 |
| Change in financial funds due to exchange rates | - 107 | - 107 | 0 | |
| Financial funds at the beginning of the period | 294,803 | 303,575 | - 8,772 | |
| Financial funds at the end of the period | 176,565 | 180,208 | - 3,643 | 0 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–9 2011 Group |
1–9 2011 Port Logistics |
1–9 2011 Real Estate |
1–9 2011 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 164,535 | 155,317 | 8,988 | 230 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
90,054 | 87,098 | 3,186 | - 230 |
| Change in provisions | - 12,432 | - 12,993 | 561 | |
| Gains/losses arising from the disposal of non-current assets | - 787 | - 786 | - 1 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 37,299 | - 40,112 | - 360 | 3,173 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
21,071 | 19,189 | 5,055 | - 3,173 |
| Interest received | 5,767 | 5,800 | 60 | - 93 |
| Interest paid | - 15,738 | - 12,103 | - 3,728 | 93 |
| Income tax paid | - 14,014 | - 8,854 | - 5,160 | |
| Exchange rate and other effects | - 1,088 | - 1,088 | 0 | |
| Cash flow from operating activities | 200,069 | 191,468 | 8,601 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
1,491 | 1,484 | 7 | |
| Payments for investments in property, plant and equipment and investment property |
- 78,708 | - 75,260 | - 3,448 | |
| Payments for investments in intangible assets | - 5,748 | - 5,747 | - 1 | |
| Proceeds from disposal of non-current financial assets | 12 | 12 | 0 | |
| Payments for investments in non-current financial assets | - 768 | - 768 | 0 | |
| Payments for short-term deposits | - 100,000 | - 100,000 | 0 | |
| Cash flow from investing activities | - 183,721 | - 180,279 | - 3,442 | 0 |
| 3. Cash flow from financing activities | ||||
| Dividends paid to shareholders of the parent company | - 41,732 | - 38,487 | - 3,245 | |
| Dividends/settlement obligation paid to non-controlling interests | - 27,798 | - 27,798 | 0 | |
| Redemption of lease liabilities | - 3,202 | - 3,202 | 0 | |
| Proceeds from the issuance of (financial) loans | 65,733 | 65,733 | 0 | |
| Payments for the redemption of (financial) loans | - 21,938 | - 19,585 | - 2,353 | |
| Cash flow from financing activities | - 28,937 | - 23,339 | - 5,598 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | - 12,589 | - 12,150 | - 439 | 0 |
| Change in financial funds due to exchange rates | 439 | 439 | 0 | |
| Financial funds at the beginning of the period | 213,682 | 218,009 | - 4,327 | |
| Financial funds at the end of the period | 201,532 | 206,298 | - 4,766 | 0 |
| annex to the condensed notes | Subgroup Port Logistics | ||
|---|---|---|---|
| 1–9 2012 | Container | Intermodal | Logistics |
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 521,535 | 224,177 | 63,504 |
| Inter-segment revenue | 1,697 | 1,310 | 5,767 |
| Total segment revenue | 523,232 | 225,487 | 69,271 |
| Earnings | |||
| EBITDA | 174,836 | 48,233 | 7,458 |
| EBITDA margin | 33.4% | 21.4% | 10.8% |
| EBIT | 107,684 | 35,186 | 4,702 |
| EBIT margin | 20.6% | 15.6% | 6.8% |
| Segment assets | 926,730 | 282,574 | 52,345 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment and investment property |
95,911 | 35,218 | 2,795 |
| Intangible assets | 5,788 | 775 | 57 |
| Depreciation of property, plant and equipment and investment property |
61,183 | 12,662 | 2,606 |
| Amortisation of intangible assets | 5,968 | 385 | 150 |
| Non-cash items | 7,541 | - 6,432 | 1,697 |
| Container throughput in thousand TEU | 5,405 | ||
| Container transport1 in thousand TEU |
949 | ||
| 1–9 2011 | |||
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 531,356 | 266,032 | 81,324 |
| Inter-segment revenue | 4,156 | 1,441 | 12,693 |
| Total segment revenue | 535,512 | 267,473 | 94,017 |
| Earnings | |||
| EBITDA | 215,753 | 31,561 | 8,163 |
| EBITDA margin | 40.3% | 11.8% | 8.7% |
| EBIT | 150,453 | 19,971 | 2,667 |
| EBIT margin | 28.1% | 7.5% | 2.8% |
| Segment assets | 926,040 | 274,410 | 98,731 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment and investment property |
70,138 | 23,445 | 2,978 |
| Intangible assets | 4,263 | 478 | 58 |
| Depreciation of property, plant and equipment and investment property |
60,472 | 11,319 | 5,332 |
| Amortisation of intangible assets | 4,828 | 270 | 164 |
| Non-cash items | 10,700 | 1,775 | 2,499 |
| Container throughput in thousand TEU | 5,305 | ||
| Container transport1 in thousand TEU |
1,425 | ||
The transport volume was fully consolidated.
| Consolidation and reconciliation with Group |
Total | Subgroup Real Estate | ||
|---|---|---|---|---|
| Real Estate | Holding/Other | |||
| 847,160 | 0 | 847,160 | 22,245 | 15,700 |
| - 91,913 | 91,913 | 1,929 | 81,210 | |
| 939,073 | 24,174 | 96,910 | ||
| 233,819 | 9 | 233,811 | 12,786 | - 9,502 |
| 52.9% | - 9.8% | |||
| 143,826 | 862 | 142,964 | 9,599 | - 14,207 |
| 39.7% | - 14.7% | |||
| 1,736,803 | 232,814 | 1,503,989 | 164,692 | 77,648 |
| 145,675 | 0 | 145,675 | 8,933 | 2,818 |
| - 128 | 6,987 | 0 | 366 | |
| - 315 | 83,866 | 3,182 | 4,233 | |
| - 539 | 6,981 | 5 | 473 | |
| 31 | 11,149 | 935 | 7,408 | |
| 0 | 912,481 | 21,730 | 12,039 | |
| - 102,315 | 102,315 | 1,884 | 82,141 | |
| 1,014,796 | 23,614 | 94,180 | ||
| - 1,290 | 255,690 | 12,174 | - 11,961 | |
| 51.6% | - 12.7% | |||
| 177 | 164,358 | 8,988 | - 17,721 | |
| 298,543 | 1,538,547 | 38.1% 158,558 |
- 18.8% 80,808 |
|
| - 1,243 | 101,176 | 3,448 | 1,167 | |
| 198 | 5,550 | 1 | 750 | |
| 1,837,090 | - 803 | 85,636 | 3,178 | 5,335 |
| - 662 | 5,695 | 8 | 425 |
in €thousand
| Parent company | |||||||
|---|---|---|---|---|---|---|---|
| Subscribed capital | Capital reserve | Retained consolidated earnings |
Reserve for foreign currency translation |
||||
| A division | S division | A division | S division | ||||
| Balance as of 31.12.2010 | 69,975 | 2,705 | 139,222 | 506 | 337,337 | - 15,046 | |
| Dividends | - 41,732 | ||||||
| Total comprehensive income | 65,393 | - 1,525 | |||||
| Other changes | |||||||
| Balance as of 30.09.2011 | 69,975 | 2,705 | 139,222 | 506 | 360,998 | - 16,571 | |
| Balance as of 31.12.2011 | 69,975 | 2,705 | 139,222 | 506 | 385,124 | - 13,547 | |
| Dividends | - 48,236 | ||||||
| Contributions to equity | 74 | 1,856 | |||||
| Change of consolidation method | |||||||
| Acquisition/disposal of interests in consolidated companies |
- 54,324 | ||||||
| Total comprehensive income | 64,013 | 150 | |||||
| Other changes | |||||||
| Balance as of 30.09.2012 | 70,048 | 2,705 | 141,078 | 506 | 346,577 | - 13,397 |
| Total consolidated equity |
Non-controlling interests |
Parent company interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 567,002 | - 12,257 | 579,260 | 11,585 | - 15,698 | 49,700 | - 1,026 |
| - 45,561 | - 3,829 | - 41,732 | ||||
| 108,115 | 31,800 | 76,315 | - 111 | - 5,962 | 18,764 | - 244 |
| 2 | 1 | 1 | 1 | |||
| 629,559 | 15,715 | 613,844 | 11,475 | - 21,660 | 68,464 | - 1,270 |
| 644,662 | 4,258 | 640,404 | 11,498 | - 21,443 | 67,682 | - 1,318 |
| - 48,697 | - 461 | - 48,236 | ||||
| 1,930 | 0 | 1,930 | ||||
| - 3,673 | - 4,029 | 356 | 0 | - 169 | - 18 | 543 |
| - 90,709 | - 36,399 | - 54,310 | - 85 | 14 | 85 | |
| 49,688 | 23,989 | 25,699 | 54 | 18,302 | - 56,732 | - 90 |
| 0 | 4 | 4 | ||||
| 553,203 | - 12,641 | 565,844 | 11,471 | - 3,295 | 11,017 | - 865 |
Statement of Changes in Equity HHLA Subgroup Port Logistics (A division) Statement of Changes in Equity HHLA Subgroup Real Estate (S division)
in €thousand; annex to the condensed notes
| Parent company | ||||
|---|---|---|---|---|
| Subscribed capital | Capital reserve | Retained consolidated earnings |
Reserve for foreign currency translation |
|
| Balance as of 31.12.2010 | 69,975 | 139,222 | 322,200 | - 15,046 |
| Dividends | - 38,487 | |||
| Total comprehensive income subgroup | 61,367 | - 1,525 | ||
| Other changes | ||||
| Balance as of 30.09.2011 | 69,975 | 139,222 | 345,080 | - 16,571 |
| Balance as of 31.12.2011 | 69,975 | 139,222 | 367,967 | - 13,547 |
| Dividends | - 45,532 | |||
| Contributions to equity | 74 | 1,856 | ||
| Change of consolidation method | ||||
| Acquisition/disposal of interests in consolidated com panies |
- 54,324 | |||
| Total comprehensive income subgroup | 59,607 | 150 | ||
| Other changes | ||||
| Balance as of 30.09.2012 | 70,048 | 141,078 | 327,718 | - 13,397 |
in €thousand; annex to the condensed notes
| Balance as of 31.12.2010 | |
|---|---|
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.09.2011 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2011 | |
| Balance as of 31.12.2011 | |
| Dividends | |
| Total comprehensive income subgroup | |
| Balance as of 30.09.2012 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 30.09.2012 | |
| Other comprehensive income | ||||
|---|---|---|---|---|
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|
| 11,585 559,810 |
- 15,174 | 48,074 | - 1,026 | |
| - 38,487 | ||||
| - 111 72,125 |
- 5,883 | 18,521 | - 244 | |
| 1 1 |
||||
| 11,475 593,449 |
- 21,057 | 66,595 | - 1,270 | |
| 11,498 618,779 |
- 20,845 | 65,827 | - 1,318 | |
| - 45,532 | ||||
| 1,930 | ||||
| 0 355 |
- 169 | - 18 | 543 | |
| - 90 | ||||
| - 865 | ||||
| - 54,310 21,978 4 543,203 |
- 85 54 4 11,471 |
14 17,978 - 3,023 |
85 - 55,721 10,173 |
Other comprehensive income
| Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses | Retained consolidated earnings |
Capital reserve | Subscribed capital | |
|---|---|---|---|---|---|
| 30,041 | - 524 | 1,626 | 25,728 | 506 | 2,705 |
| - 3,245 | - 3,245 | ||||
| 4,015 | - 79 | 243 | 3,851 | ||
| 30,810 | - 603 | 1,869 | 26,333 | 506 | 2,705 |
| 175 | 175 | ||||
| - 10,590 | - 10,590 | ||||
| - 10,415 | - 10,415 | ||||
| 20,395 | - 603 | 1,869 | 15,918 | 506 | 2,705 |
| 31,983 | - 597 | 1,854 | 27,515 | 506 | 2,705 |
| - 2,705 | - 2,705 | ||||
| 3,546 | 326 | - 1,011 | 4,231 | ||
| 32,824 | - 271 | 843 | 29,042 | 506 | 2,705 |
| 175 | 175 | ||||
| - 10,358 | - 10,358 | ||||
| - 10,183 | - 10,183 | ||||
| 22,641 | - 271 | 843 | 18,858 | 506 | 2,705 |
Notes to the Condensed Interim Consolidated Financial Statements Basic Information on the Group Significant Events in the Reporting Period Consolidation, Accounting and Valuation Principles Purchase and Sale of Shares in Subsidiaries 38
The Group's parent company is Hamburger Hafen und Logistik Aktiengesellschaft, Bei St. Annen 1, 20457 Hamburg (HHLA), registered in the Hamburg Commercial Register under HRB 1902. The holding company above the HHLA Group is HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg.
The condensed interim consolidated financial statements, and therefore the information in the Notes, are presented in euros (€). For the sake of clarity, the individual items are shown in thousands of euros (€thousand) unless otherwise indicated. Due to the use of rounding procedures it is possible that some figures do not add up to the stated sums.
HHLA Frucht- und Kühl-Zentrum GmbH, Hamburg, and Ulrich Stein Gesellschaft mit beschränkter Haftung, Hamburg, were previously consolidated in full, but since 1 January 2012 have been included in the consolidated financial statements using the equity method. The change as of 1 January 2012 is based on the loss of control of these subsidiaries in line with contractual provisions. The change in the consolidation method had no material impact on these interim consolidated financial statements.
In April 2012, HHLA, in accordance with its previous Executive Board resolution and with the approval of the Supervisory Board, carried out a capital increase from authorised capital I. Specifically, the capital was increased against cash contributions while excluding the subscription rights of shareholders in the Port Logistics subgroup. In the process, 73,508 new no-par bearer Class A shares, each with a share of € 1.00 in the nominal capital, were issued to employees of the company and of the domestic companies affiliated to it. The capital increase and its implementation were entered in the commercial register on 23 April 2012.
In the second quarter of 2012, HHLA restructured its portfolio of equity investments in the Intermodal segment. For more information, please refer to Note 4.
In August 2012, UNIKAI Hafenbetrieb GmbH, Hamburg, was retroactively merged with HHLA Container Terminals GmbH, Hamburg, as of 1 January 2012. This had no effect on the present interim consolidated financial statements. The merger was entered in the commercial register on 29 August 2012.
The condensed interim consolidated financial statements for the period from 1 January to 30 September 2012 were prepared in compliance with the rules of IAS 34 Interim Financial Reporting.
The IFRS requirements which apply in the European Union have been met in full.
The condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of 31 December 2011.
The accounting and valuation methods used for the preparation of the condensed interim consolidated financial statements correspond to the methods used in the preparation of the consolidated financial statements as of 31 December 2011.
In addition, the company is applying the following rule for the first time as of 1 January 2012:
I Amendments to IFRS 7 Financial Instruments: Disclosures
There were no other effects on the condensed interim consolidated financial statements.
In the second quarter of 2012, by means of sale and transfer contracts signed on 28 March 2012, HHLA acquired Deutsche Bahn's (DB) stake in the intermodal operators Polzug Intermodal GmbH, Hamburg (Polzug) and METRANS a.s., Prague (METRANS).
The equity interest in Polzug, which was previously consolidated on a pro rata basis, was successively increased from 33.3% to 74.5% with effect from 30 May 2012 by means of a capital increase and a share purchase. Payments of € 38 thousand to the company's nominal capital and € 762 thousand to the capital reserve initially increased the stake from 33.3% to 49.0%. The purchase price for increasing the equity interest from 49.0% to 74.5% was € 1. By purchasing the shares, HHLA acquired control of the company. This resulted in the full consolidation of the company for the first time in the interim consolidated financial statements as of 30 June 2012. A negative difference of € 694 thousand resulted from offsetting the purchase price for the equity interest against the assets acquired and liabilities assumed and was recognised in profit or loss. The first-time recognition of the business combination in stages is provisional. The final fair values for the assets and liabilities still have to be determined.
HHLA's equity interest in METRANS, which it controls, was increased by 35.0% to 86.5% in total as of 11 May 2012 for € 91.0 million. The additional share purchase was accounted for as an equity transaction in line with IAS 27.
In the second quarter of 2012 HHLA signed sale and transfer contracts on 28 March 2012 for the sale of its 50% stake in TFG Transfracht Internationale Gesellschaft für kombinierten Güterverkehr mbH & Co. KG, Frankfurt am Main (TFG Transfracht), to DB for a price of € 9,950 thousand with effect from 15 June 2012. The equity interest had previously been consolidated pro-rata.
The following table shows the effects of the deconsolidation following the sale:
| in €thousand | TFG Transfracht |
|---|---|
| Non-current assets | 737 |
| Current assets | 16,781 |
| Cash and cash equivalents | 23 |
| Assets | 17,541 |
| Current liabilities and provisions | 24,215 |
| Liabilities | 24,215 |
| Net assets | - 6,674 |
| Total compensation received | 9,950 |
| Deconsolidation gain (-)/loss (+) | - 16,624 |
The capital increase from authorised capital I completed in April 2012 led to an increase of 73,508 in the number of common shares in circulation. This change is included in the following tables and had no significant effects.
The following table illustrates the calculation for basic earnings per share:
| 1–9 2012 | 1–9 2011 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in €thousand |
64,013 | 65,393 |
| Number of shares in circulation (weighted average) |
72,722,751 | 72,679,826 |
| Basic earnings per share in € | 0.88 | 0.90 |
The basic earnings per share were calculated for the subgroup Port Logistics as follows:
| 1–9 2012 | 1–9 2011 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in €thousand |
59,607 | 61,367 |
| Number of shares in circulation (weighted average) |
70,018,251 | 69,975,326 |
| Basic earnings per share in € | 0.85 | 0.88 |
The basic earnings per share were calculated for the subgroup Real Estate as follows:
| 1–9 2012 | 1–9 2011 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in €thousand |
4,406 | 4,026 |
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share in € | 1.63 | 1.49 |
The diluted earnings per share are identical to the basic EPS as there were no conversion or option rights in circulation during the reporting period.
At the Annual General Meeting held on 14 June 2012, shareholders approved the proposal by the Executive Board and Supervisory Board to distribute a dividend of € 0.65 per share to shareholders of the Port Logistics subgroup and of € 1.00 per share to shareholders of the Real Estate subgroup. The dividend of € 48,236 thousand was paid accordingly on 15 June 2012.
The segment report is presented as an annex to the Notes to the condensed interim consolidated financial statements.
The HHLA Group's segment report is prepared in accordance with the provisions of IFRS 8 Operating Segments. IFRS 8 requires reporting on the basis of the internal reports to the Executive Board for the purpose of controlling the company's activities.
The segment performance indicator used is the internationally customary key figure EBIT (earnings before interest and taxes), which serves to measure the performance of each segment and therefore aids the internal control function. For further information, please refer to the consolidated financial statements as of 31 December 2011.
The accounting and valuation principles applied for internal reporting comply with the principles used for the HHLA Group as described in Note 6 "Accounting and Valuation Principles" in the Notes to the consolidated financial statements as of 31 December 2011.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and is classified in accordance with the activities of the HHLA Group's business segments. These are organised and managed autonomously in accordance with the type of services being offered.
The HHLA Group operates unchanged in the following four segments:
The Container segment pools the Group's container handling operations.
The Intermodal segment provides a comprehensive seaport– hinterland rail and truck network.
The Logistics segment encompasses a wide range of contract and warehousing logistics, consulting and specialist handling services.
HHLA's Real Estate segment owns properties in and around the Port of Hamburg which are not used specifically for port handling. These include properties in the Speicherstadt historical warehouse district and the fish market area on the northern banks of the river Elbe.
The Holding/Other division used for segment reporting does not represent an independent business segment as defined by the IFRS standards. However, it has been allocated to the segments within the subgroup Port Logistics in order to provide a complete and clear picture.
The reconciliation of segment assets with Group assets incorporates not only items for which consolidation is mandatory, but also claims arising from current and deferred income taxes, cash and cash equivalents, short-term deposits and financial assets which are not to be assigned to segment assets.
The reconciliation of the segment variable EBIT with consolidated earnings before taxes (EBT) incorporates not only transactions between the segments and the subgroups for which consolidation is mandatory, but also the proportion of companies accounted for using the equity method, net interest income and other financial result.
| in €thousand | 1–9 2012 | 1–9 2011 |
|---|---|---|
| Total segment earnings (EBIT) | 142,964 | 164,358 |
| Elimination of business relations between segments and subgroups |
862 | 177 |
| Group (EBIT) | 143,826 | 164,535 |
| Earnings from associates accounted for using the equity method |
178 | 253 |
| Net interest | - 24,417 | - 24,895 |
| Other financial result | 607 | 283 |
| Earnings before tax (EBT) | 120,194 | 140,176 |
The breakdown and development of HHLA's equity for the period from 1 January to 30 September of the years 2012 and 2011 are presented in the statement of changes in equity. Significant changes were the portfolio sales in the Intermodal segment in the second quarter of 2012 and the adjustment of the discount rate used to calculate pension provisions.
The calculation of pension provisions as of 30 September 2012 was based on an interest rate of 3.5% (31 December 2011: 5.0%; 30 September 2011: 5.0%). This means that there was one change in the actuarial gains or losses to be posted directly to equity for the reporting period.
Consequently, the actuarial gains or losses offset in equity developed as follows:
| in €thousand | 2012 | 2011 |
|---|---|---|
| Actuarial gains as of 01.01. | 67,019 | 49,838 |
| Change as of 01.01. due to a change in the consolidation method |
- 35 | 0 |
| Change due to the deconsolidation of a subsidiary |
85 | 0 |
| Change during the financial year due to a change in interest rate |
- 56,910 | 18,792 |
| Actuarial gains as of 30.09. | 10,159 | 68,630 |
As of 30 September 2012, total capital expenditure throughout the HHLA Group amounted to € 152.5 million.
The largest investments made in the first nine months of 2012 were in the Container segment. As well as an investment in a mega-ship berth in the form of a finance lease at the Container Terminal Burchardkai in Hamburg, HHLA also invested in handling equipment and other terminal expansion work at sites in Germany, the Czech Republic and Ukraine.
As of 30 September 2012, the Container segment accounted for the bulk of investment commitments at € 114.9 million.
When the conditions precedent in the sale and transfer agreement were met in October 2012, HHLA acquired the 25.5% stake in the Polish company PKP Cargo from the intermodal company Polzug. This increases the Group's shareholding in Polzug from 74.5% to 100%.
On 16 October 2012, the German Federal Administrative Court granted an urgent stay of execution against the plan approval given by the Federal Water and Shipping Authority concerning the dredging of the lower and outer stretches of the river Elbe. This work is essential for the competitiveness of the Port of Hamburg. As a result, plan approval cannot be put into effect until the principal proceedings have been concluded. The court's ruling does not constitute a preliminary judgement on the principal proceedings. However, it does mean that construction work is now unlikely to begin in the near future.
Apart from this, there were no significant events after the balance sheet date of 30 September 2012.
Hamburg, 13 November 2012
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
HHLA interim report 1–9|2012
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Hamburg, 13 November 2012
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
27 March 2013 Annual Report 2012 Press Conference, Analyst Conference
14 May 2013 Interim Report January – March 2013
13 June 2013 Annual General Meeting
14 August 2013 Interim Report January – June 2013
13 November 2013 Interim Report January – September 2013
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Phone: +49-40-3088-0 Fax: +49-40-3088-3355 [email protected] www.hhla.de
Phone: +49-40-3088-3100 Fax: +49-40-3088-55-3100 [email protected]
Phone: +49-40-3088-3520 Fax: +49-40-3088-3355 [email protected]
Kirchhoff Consult AG
For specialist terminology and financial terms see the Annual Report 2011, page 190 et seq.
This document contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA). Forward-looking statements are characterised by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by HHLA and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside the control of HHLA and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. HHLA neither plans nor undertakes to update any forward-looking statements.
Hamburger Hafen und Logistik Aktiengesellschaft Bei St. Annen 1, 20457 Hamburg, Germany, Phone: +49-40-3088-0, Fax: +49-40-3088-3355, www.hhla.de, [email protected]
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