Quarterly Report • May 16, 2012
Quarterly Report
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hamburger hafen und logistik aktiengesellschaft Interim Report January to March 2012
| HHLA Group | |||
|---|---|---|---|
| in € million | 1–3 2012 | 1–3 2011 | Change |
| Revenue and Earnings | |||
| Revenue | 286.8 | 289.8 | - 1.0 % |
| EBITDA | 64.0 | 75.0 | - 14.7 % |
| EBITDA margin in % | 22.3 | 25.9 | - 3.6 pp |
| EBIT | 34.0 | 44.0 | - 22.6 % |
| EBIT margin in % | 11.9 | 15.2 | - 3.3 pp |
| Profit after tax | 19.1 | 25.1 | - 24.0 % |
| Profit after tax and minority interests | 9.7 | 16.4 | - 40.8 % |
| Cash Flow and Investments | |||
| Cash flow from operating activities | 53.0 | 38.4 | 38.1 % |
| Investments | 30.4 | 13.3 | 129.6 % |
| Performance Data | |||
| Container throughput in thousand TEU | 1,731 | 1,654 | 4.7 % |
| Container transport 1 in thousand TEU |
454 | 454 | 0.0 % |
| in € million | 31.03.2012 | 31.12.2011 | Change |
| Balance Sheet | |||
| Total assets | 1,806.8 | 1,811.5 | - 0.3 % |
| Equity | 646.2 | 644.7 | 0.2 % |
| Equity ratio in % | 35.8 | 35.6 | 0.2 pp |
| Employees | |||
| Number of employees | 4,775 | 4,797 | - 0.5 % |
| in € million | 1–3 2012 | 1–3 2011 | Change | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|---|---|---|
| Revenue | 280.2 | 283.4 | - 1.2 % | 8.0 | 7.5 | 7.8 % |
| EBITDA | 60.5 | 70.8 | - 14.5 % | 3.5 | 4.3 | - 17.3 % |
| EBITDA margin in % | 21.6 | 25.0 | - 3.4 pp | 43.7 | 57.0 | - 13.2 pp |
| EBIT | 31.5 | 40.7 | - 22.6 % | 2.5 | 3.2 | - 23.0 % |
| EBIT margin in % | 11.2 | 14.4 | - 3.2 pp | 30.6 | 42.9 | - 12.3 pp |
| Profit after tax and minority interests | 8.8 | 15.0 | - 41.6 % | 1.0 | 1.4 | - 32.2 % |
| Earnings per share in €5 | 0.13 | 0.21 | - 41.6 % | 0.35 | 0.52 | - 32.2 % |
The transport volume was fully consolidated
Before consolidation between subgroups
Listed Class A shares
4 Non-listed Class S shares
5 Basic and diluted
Financial Calendar/Imprint
| 30.12.2011 – 30.03.2012 | HHLA | MDAX | DAX |
|---|---|---|---|
| Change in % | 10.6 | 20.3 | 17.8 |
| Closing 30.12.2011 in € | 22.83 | 8,898 | 5,898 |
| Closing 30.03.2012 in € | 25.25 | 10,703 | 6,947 |
| High in € | 26.59 | 10,821 | 7,158 |
| Low in € | 23.00 | 9,115 | 6,017 |
In the first quarter of 2012, the main German indices as well as major international indices rose substantially. Buoyed by optimistic economic prospects and healthy company earnings, there was a palpable improvement in market sentiment. The markets received a further strong boost from consistently high liquidity levels, as an increasing risk tolerance prompted an inflow of funds into equity markets. Expectations were only temporarily subdued by uncertainty about the pace of growth in China and the protracted debt crisis in the eurozone. The steady rise was interrupted by a slight correction in early March which had no lasting impact on overall market performance. By the end of the quarter, all relevant German share indices had made strong gains: the German blue-chip index, DAX, was up 17.8% at 6,947 and the mid-cap MDAX index won 20.3% at 10,703.
The HHLA share rose predominatly in line with the relevant market indices in the first quarter of 2012, but meanwhile experienced repeated phases of consolidation. Compared to the general market developments the share's performance was depressed in particular by the ongoing uncertainty surrounding the dredging of the river Elbe. The HHLA share price was initially boosted by the European Commission's positive response in late 2011 regarding the environmental impact of this infrastructure project. However, the necessary approval process in the federal state of Lower Saxony dragged on throughout the entire first quarter, thus heightening concerns about the project's swift realisation. Persistent overcapacities in the North Range were also viewed with scepticism, especially in view of investments being made in the expansion of various ports. At the same time, recently formed alliances and cooperation agreements between several major shipping companies and their possible effects on business for terminal operators led to considerable uncertainty and dampened the share price additionally. Despite these factors, however, the HHLA share benefited
from the generally upbeat mood among investors and a shift from other asset classes into shares. The share price was boosted in particular by the publication of preliminary figures for 2011 in early February. The company's operating result was within the general range of expectations and HHLA's market share gains in the North Range were also very well received. An positive reception was given to the expansion of the transport network in Central and Eastern Europe following the construction of an additional rail hub terminal in the Czech Republic. As a consequence, the share price enjoyed disproportionately strong growth amid declining indices. Following the general stock market correction in early March, the share price moved roughly sideways in anticipation of the final figures for the 2011 fiscal year, the forecast for 2012 and the dividend proposal announced on 30 March. At the end of the first quarter of 2012, the HHLA share closed at €25.25 and was thus 10.6% up on year-end 2011. This represents a market capitalisation for the publicly listed Port Logistics subgroup of €1.8 billion.
Numerous investor meetings were held again in the first quarter and HHLA was also present at investor conferences in the USA and continental Europe. Interest focused on the management of peak loads resulting from the trend towards ever-larger ships, further steps in the planned dredging of the river Elbe and the future shape of competition. The number of financial analysts tracking the HHLA share rose slightly to 25. The majority of analysts recommend the HHLA share either as a hold or a buy.
Source: Datastream
Hamburger Hafen und Logistik AG (HHLA) started the financial year 2012 with throughput growth at its container terminals, thereby expanding its position in relation to the major competing ports of Rotterdam and Antwerp. However, revenue and earnings were unable to keep pace with this sustained growth trend in the first quarter of 2012. While there was only a slight dip in revenue year on year, the Group's operating result (EBIT) decreased strongly by more than 20% compared with last year's high base figure.
These developments were essentially caused by four factors impacting the Container segment in the first quarter of 2012.
We are expecting an improvement in HHLA's earnings quality to come from the Intermodal segment, which already developed positively in the first quarter of 2012. At the end of April 2012, we announced that the shareholdings of Deutsche Bahn and HHLA in the intermodal companies involved in rail hinterland traffic were to be separated. This will be recognised for the first time with HHLA's half-year financial statements for 2012 and will strengthen the segment's profitability in the short term. This realignment enables us to make greater use of our own production resources and line up our hinterland transport even more closely with the demands of maritime logistics.
In view of the structural changes ensuing from the realignment of our intermodal activities, we are now aiming for Group revenue of €1.1 billion and an operating result (EBIT) for the Group of at least €200 million for the full year 2012. This is subject to the proviso that the economy does not diverge from its present path of low but sustainable global economic growth.
Despite the current adverse environment and economic uncertainty, the delays in infrastructure development and increasing terminal overcapacities in Northern Europe, the circumstances described above make us confident that we can once again confirm our status as a growing, profitable port logistics Group over the further course of the current financial year.
Klaus-Dieter Peters Chairman of the Executive Board
Klaus-Dieter Peters Chairman of the Executive Board
Container Terminal Altenwerder: European feeder traffic (Central) drives volume growth
With the transition from 2011 to 2012, the global economy has gained in stability. The marked slowdown in economic growth over the course of 2011 has not given way to a global economic downturn. In fact, economic indicators rather brightened over the course of the first quarter of 2012. Industrial output picked up appreciably and the situation on the financial markets was also temporarily much less tense – with the exception of the eurozone. However, rising commodity and energy prices as well as persistent uncertainty on the financial markets mean that the general state of the global economy remains fragile.
In the first three months of 2012, growth was mainly driven by the emerging markets – and the BRIC states in particular. Although the pace of Chinese growth has slowed somewhat, it remains high. At the end of the first quarter of 2012, Chinese gross domestic product (GDP) was 8.1% up on the previous year. Among the industrialised countries, there has been a significant upturn in the US economy of late.
By contrast, the economies of the eurozone are now in a mild recession. Total economic output fell here in the first quarter, although there are now signs of a slow recovery. After a decline of 0.3% in the fourth quarter of 2011, GDP in the eurozone fell in the first quarter of 2012 by 0.2%. The German economy, on the other hand, appears to have gradually overcome the dip in growth it experienced in the winter half-year 2011/2012. In the first three months of 2012, it enjoyed quarter-on-quarter growth of 0.1%. At the same time, German exports in February 2012 were up 8.6%, and imports 6.1%, compared to February last year.
Container shipping activity got off to a sluggish start in 2012. According to preliminary estimates, the volume of containers handled in ports around the world grew by just 1.4% year on year in the first quarter of 2012. Market research institutes estimate that low freight rates and significantly higher operating costs – due in particular to fuel price hikes – resulted in losses of USD 6.5 billion for container shipping companies in the 2011 financial year.
However, freight rates bottomed out in late 2011 and recovered strongly in the first quarter of 2012 for new contracts. The freight rate index SCFI has risen by more than 370 points to 1,348 since the beginning of the year. At the same time, the number of container ships laid up worldwide fell for the first time since August 2011, while fleet growth continued with a increasing proportion of ships boasting a carrying capacity of more than 10,000 standard containers (TEU). Total capacity of the global container fleet was up 7.9% year on year.
Initial figures for container volume at the main competing ports in the first quarter of 2012 show a decline of 3.8% in container throughput in Rotterdam and a slight increase of 0.7% in Antwerp. By contrast, the HHLA container terminals once again reported growth, with an increase in container throughput of 4.7%. The upturn was largely driven by a sharp increase in European feeder traffic to HHLA's Hamburg terminals, where growth reached 21.6%. Container traffic with the American continent also rose sharply again: driven by growth of 73.5% in North American containers, it improved by 34.6%. By contrast, Asian traffic fell short of last year's high level by 6.6%, but remained the backbone of HHLA's throughput in Hamburg with a share of 50.6%.
| in € million | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|
| Revenue | 286.8 | 289.8 | - 1.0 % |
| EBITDA | 64.0 | 75.0 | - 14.7% |
| EBITDA margin in % | 22.3 | 25.9 | - 3.6 pp |
| EBIT | 34.0 | 44.0 | - 22.6 % |
| EBIT margin in % | 11.9 | 15.2 | - 3.3 pp |
| Profit after tax and minority interest | 9.7 | 16.4 | - 40.8 % |
| ROCE in % | 10.2 | 13.2 | - 3.0 pp |
In the first quarter of 2012, the consolidation method for two previously fully consolidated fruit companies in the Logistics segment was switched to the at-equity-method of consolidation. This change is based on the scheduled transfer of control to the other shareholder as of 1 January 2012. This resulted in the disappearance of €4 million in revenue for the reporting period. HHLA's proportionately attributable operating result of well under one million euros will now be shown net in the financial result. The figures for the previous year have not been restated. See also page 32 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. The unbundling of HHLA's and Deutsche Bahn's equity interests in the rail operators of the Intermodal segment announced in April will be reflected for the first time in HHLA's financial statements for the first half of 2012 – this structural change had no effect on the first quarter of 2012. See also page 14 Events after the Balance Sheet Date and page 14 Business Forecast.
There is normally no long-term order backlog for throughput and transport services, and thus no use is made of this particular reporting figure.
In an environment characterised by low economic growth and great uncertainty, the HHLA Group's performance in the first three months of the year was unsatisfactory. This was largely due to lost productivity in the Group's most profitable Container segment as a result of reorganisation measures. The far reaching transitional phase meant the segment fell well short of its prior-year result.
Whereas throughput in the Container segment rose by a further 4.7% year on year to 1,731 thousand TEU in the first three months, the Intermodal segment once again reached last year's transport volume of 454 thousand TEU.
Reduced storage fees due to weather conditions and an increase in the proportion of less profitable feeder traffic as well as the fact that revenue from the fruit business was no longer consolidated caused HHLA Group revenue at €286.8 million to fall just short of the prior-year figure (€289.8 million). As in the previous year, the listed Port Logistics subgroup generated 97.7% of total revenue. With its Container, Intermodal and Logistics segments, the Port Logistics subgroup generated revenue of € 280.2 million in the reporting period, which was slightly below the previous year's figure of €283.4 million. By contrast, the non-listed Real Estate subgroup increased its revenue by 7.8% to € 8.0 million (previous year: €7.5 million) and thus accounted for 2.3% of Group revenue.
Changes in inventories at Group level of €1.6 million exceeded the prior-year figure of €0.1 million. Own work capitalised of €2.2 million was roughly the same as last year (€1.8 million). Other operating income rose to €7.3 million (previous year: €5.7 million).
Despite noticeable price increases for the purchase of external services and supply, operating expenses increased roughly in line with volume growth at 4.1% in the first three months of 2012. In relation to revenue, however, the increase was proportionately stronger.
The cost of materials – heavily volume dependent – increased by 3.0% to a total of €106.2 million in the period January to March 2012 (previous year: €103.2 million). However, the burden represented by increased energy and fuel costs, as well as further intensive maintenance work on the Group's workshops was kept within reasonable limits. In relation to revenue, the cost of materials ratio rose to 37.0% (previous year: 35.6%).
Personnel expenses were up 8.9% year on year to € 93.9 million (previous year: € 86.3 million). This reflects the wage increases under the labour agreement for the port workers of German seaport companies in force since June 2011, together with wide-ranging changes in working practices at the largest handling facility in Hamburg which diminished productivity severely during the transitional phase. As this item went up by more than revenue, the personnel expenses ratio climbed to 32.7% (previous year: 29.8%).
Other operating expenses increased by 2.6% to €33.8 million in the reporting period (previous year: €32.9 million). Whereas lease expenses for land and quay walls remained largely stable, there was an increase above all in consultancy expenses in connection with terminal projects in Eastern Europe. The ratio of expenses to revenue was slightly higher than last year at 11.8% (11.4%). As a result of these developments, the HHLA Group saw its operating result before depreciation and amortisation (EBITDA) declining by 14.7% to €64.0 million (previous year: €75.0 million). There was a corresponding reduction in the EBITDA margin to 22.3% for the first three months of the financial year (previous year: 25.9%).
Depreciation and amortisation fell 3.5% year on year, from €31.0 million to €30.0 million. The main reason for the decline was a one-off effect from the adjustment of provisions for demolition costs recognised in the first quarter of 2011 (burden of €2.3 million).
At Group level, the operating result (EBIT) therefore fell by 22.6% to €34.0 million (previous year: € 44.0 million). The EBIT margin declined by 3.3 percentage points from 15.2% in the previous year to 11.9%. The Port Logistics and Real Estate subgroups contributed 92.5% and 7.5% to EBIT, respectively.
Net financial expenses of €8.0 million were virtually unchanged from last year.
Tax balance sheet matters at foreign subsidiaries in connection with exchange rate effects led to a reduction in the effective tax rate to 26.8%, significantly below last year's figure of 30.3%.
As a result, profit after tax fell by 24.0% from € 25.1 million in the first quarter of 2011 to €19.1 million for the first quarter of 2012. As the ongoing reorganisation affects the largest handling facility owned solely by HHLA and therefore not the earnings attributable to minority interests, profit after tax and minority interests fell more steeply year on year by 40.8% to €9.7 million (previous year: €16.4 million).
Earnings per share of €0.13 were also 40.8% below last year's figure of €0.23. The publicly listed Port Logistics subgroup reported a 41.6% fall in earnings per share to €0.13 (previous year: €0.21). Earnings per share of the non-listed Real Estate subgroup fell by 32.2% to €0.35 (previous year: €0.52). As the operating result (EBIT) was lower, return on capital employed (ROCE) fell by 3.0 percentage points to 10.2% (previous year: 13.2%).
| in € million | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|
| Revenue | 166.1 | 172.2 | - 3.6 % |
| EBITDA | 51.4 | 62.9 | - 18.3 % |
| EBITDA margin in % | 31.0 | 36.5 | - 5.5 pp |
| EBIT | 28.7 | 40.5 | - 29.2 % |
| EBIT margin in % | 17.3 | 23.5 | - 6.2 pp |
| Container throughput in thousand TEU | 1,731 | 1,654 | 4.7% |
The HHLA container terminals increased their throughput year on year by 4.7% to 1,731 thousand standard containers (TEU) in the first quarter of 2012. This is all the more impressive considering the high comparative base of the first quarter 2011. Throughput growth was largely driven by a leap of 21.6% in European feeder traffic. There was a further boost from the five North America services, of which two were acquired in the spring and summer of 2011. This traffic now accounts for 7.9% of throughput volume at the HHLA container terminals at the Port of Hamburg – compared to just 4.8% last year.
Revenue was not able to keep up with this volume dynamic. The main factors behind the 3.6% decline to € 166.1 million (previous year: €172.2 million) were:
There was an even sharper decline in the operating result (EBIT), which fell year on year by 29.2% to €28.7 million (previous year: €40.5 million). This partly reflects the additional expense needed to meet the rising demands on ship handling (greater volumes in shorter times) due to the delayed dredging of the river Elbe and ever-larger ships. General price hikes and wage increases in 2011, which mostly took effect from the middle of the year, also raised costs compared with the same period last year. However, the main reason for the EBIT decrease was the ambitious expansion project at the Container Terminal Burchardkai (CTB). Here, during regular operations, capacities are being more than doubled and processes completely overhauled. Although this expansion project already restricted productivity and caused additional expenses in previous years, the restructuring of the largest HHLA terminal has entered a decisive phase in 2012. Establishing a modern control centre for the entire facility and switching large sections of the terminal to the new block storage system requires additional training and a configuration phase. This temporarily resulted in higher personnel expenses and reduced productivity.
Maiden voyage of the "Hyundai Together": the first visit of a 13,000 TEU vessel at the Container Terminal Altenwerder
| in € million | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|
| Revenue | 88.3 | 84.8 | 4.2 % |
| EBITDA | 10.8 | 9.1 | 18.8 % |
| EBITDA margin in% | 12.2 | 10.7 | 1.5 pp |
| EBIT | 6.8 | 5.4 | 26.1 % |
| EBIT margin in% | 7.7 | 6.3 | 1.4 pp |
| Container throughput1 in thousand TEU |
454 | 454 | 0.0 % |
The transport volume was fully consolidated
The market environment for the transport companies in HHLA's Intermodal segment darkened considerably in early 2012. With unchanged transport volumes of 454 thousand standard containers (TEU) compared to the same period last year, the segment's companies succeeded in maintaining the volume leap of 20.1% they achieved in the first quarter of 2011.
The price adjustments introduced in mid-2011 enabled revenue to outpace volume growth with an increase of 4.2% to €88.3 million in the first quarter of 2012 (previous year: € 84.8 million). The operating result fared even better: disproportionately strong growth of 26.1% in EBIT to €6.8 million (previous year: €5.4 million) stemmed mainly from those companies which have their own means of production and therefore a high degree of value added, enabling them to align their processes more precisely with the demands of maritime logistics.
Despite partial, yet substantial increases in the cost of purchased goods and services, the segment succeeded in cutting unit costs by improving capacity utilisation on trains, optimising scheduling and improving numerous other processes. As a result, the cost of materials – which accounts for the largest share of segment expenses – rose far less than revenue.
In its financial year 2012, HHLA continues to expand those Intermodal services in seaport-hinterland traffic with their own means of production by investing in new terminal projects and purchasing additional carriages and locomotives. The HHLA subsidiary Metrans, for example, is due to improve its competitive position even further with the purchase of additional locomotives and 250 rail waggons featuring an optimised design.
There are also a large number of terminal projects planned for 2012: these include preparations for a major new inland terminal in Poland, the expansion of facilities in Plzeň, Czech Republic, the construction of a new inland terminal in Košice, Slovakia, and the construction of a new hub terminal in Česká Třebová, Czech Republic. Located 180 kilometres east of Prague, the large modern terminal in Česká Třebová will supplement the present hub in Prague and relieve the strain on it.
Container rail terminal at the Container Terminal Burchardkai: higher capacity utilisation of shuttle trains
| in € million | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|
| Revenue | 22.7 | 33.6 | - 32.7% |
| EBITDA | 2.1 | 2.1 | 1.2 % |
| EBITDA margin in% | 9.4 | 6.2 | 3.2 pp |
| EBIT | 1.3 | 0.1 | 805,8 % |
| EBIT margin in% | 5.6 | 0.4 | 5.2 pp |
The weakening of the economic climate had varying effects on those markets in which the companies of the Logistics segment operate. Business in the contract and project logistics sector, for example, had to face restrainned sales volumes with existing customers.
In all other areas, from vehicle and dry bulk logistics through to consulting activities, revenue improved substantially in some cases during the first quarter of 2012, compared with the previous year.
This upward trend is not reflected in the 32.7% fall in segment revenue to €22.7 million (previous year: €33.6 million) due to two special items: the previously fully consolidated fruit logistics business was retroactively switched to consolidation using the at-equity-method as of 1 January 2012. See also page 32 of the Notes.
In addition, revenue for the first quarter of 2011 included an intra-Group settlement of a major IT contract worth around € 7 million. Adjusted for these one-off effects, last year's segment
revenue would have been around € 20 million and the corresponding revenue increase 13%. The segment's strong performance is illustrated by its operating result (EBIT): compared with €0.1 million in the first quarter of 2011, EBIT of €1.3 million and an EBIT margin of 5.6% in the first three months of 2012 represent a considerable improvement.
This gratifying performance was due in particular to vehicle logistics, dry bulk activities and the consultancy business, which more than made up for the persistently unsatisfactory situation in contract logistics.
In vehicle logistics, seaborne handling including packing was up 14.6% on the same quarter last year at 392 thousand tons for the reporting period. Vehicle handling increased by 14.7% to 48.8 thousand units in the same period. Rising demand for ore also drove year-on-year growth in dry bulk logistics: seaborne handling rose by 6.3% to 3,625 thousand tons. HHLA's global consultancy activities also performed well in early 2012, with a large number of new contracts.
Multi-function terminal O'Swaldkai: more new cars shipped
| in € million | 1–3 2012 | 1–3 2011 | Change |
|---|---|---|---|
| Revenue | 8.0 | 7.5 | 7.8 % |
| EBITDA | 3.5 | 4.3 | - 17.3 % |
| EBITDA margin in% | 43.7 | 57.0 | - 13.3 pp |
| EBIT | 2.5 | 3.2 | - 23.0 % |
| EBIT margin in% | 30.6 | 42.9 | - 12.3 pp |
After picking up sharply in the 2011 financial year, the market for office real estate in Hamburg cooled down as expected. The market overview by Jones Lang LaSalle for the first quarter of 2012 put the year-on-year decline in new office space leases at 28% to 84,500 m2 . Compared with last year, the vacancy rate fell from 9.4% to 8.3%. The figure for the fourth quarter of 2011 was 8.5%. Although construction activity remains strong, the current forecast from Jones Lang LaSalle does not predict any increase in the vacancy rate for 2012. Demand is expected to shift further towards high-quality office space, which will be reflected in a further rise in prime rents.
In this market environment, HHLA's properties in the Speicherstadt historical warehouse district and around the Fischmarkt on the northern banks of the river Elbe managed to increase revenue noticeably by 7.8 % to € 8.0 million (previous year: €7.5 million), compared with the first quarter last year. High occupancy rates of nearly 100% in both districts contributed to this performance. Revenue was also boosted by the successful placement of new projects in 2011. The scheduled, large-scale maintenance work in the listed Speicherstadt historical warehouse
district, carried out and invoiced in the period under review, could not be capitalised, which led to the fact that growth in revenue failed to result in a corresponding improvement in earnings. The operating result (EBIT) fell over the first three months of the year 2012 by 23.0% to €2.5 million (previous year: €3.2 million).
One example of the way the Real Estate segment is developing the area is the completion of the restoration and refurbishment project "Bei St. Annen 2", directly opposite the headquarters of the HHLA Group. The listed office building used to house the Hamburg Free Port Office. The building, by the well-known post-war architect Werner Kallmorgen, is now designated as a historical landmark and is being carefully converted into a modern office building in close cooperation with the tenants. It was erected in 1952/53 and demonstrates how modern architectural aesthetics can be integrated sensitively into the neo-Gothic surroundings of the Speicherstadt historical warehouse district (see picture). One of the world's largest agency groups is scheduled to move into the seven-storey building, which will strengthen the profile of the Speicherstadt as an important location for the media industry.
Bei St. Annen 2 (left): future headquarters of a major international agency group
| in € million | 1–3 2012 | 1–3 2011 |
|---|---|---|
| Financial funds as of 01.01. | 294.8 | 213.7 |
| Cash flow from operating activities |
53.0 | 38.4 |
| Cash flow from investing activities |
- 130.4 | - 20.7 |
| Free cash flow | - 77.4 | 17.7 |
| Cash flow from financing activities |
- 6.7 | 53.4 |
| Change in financial funds | - 84.1 | 71.0 |
| Change in financial funds due to exchange rates |
0.8 | 1.3 |
| Financial funds as of 31.03. | 211.5 | 286.0 |
Compared with the same period last year, cash flow from operating activities went up from €38.4 million to €53.0 million, primarily because a larger proportion of revenue had been converted into cash inflows as of the reporting date. In the same quarter in 2011, by contrast, trade receivables had increased significantly.
While cash outflows for capital expenditure remained virtually unchanged, HHLA increased its short-term deposits by €103.0 million in the reporting period (previous year: unchanged). Mainly as a result of this transfer in liquidity, cash outflows for investing activities of €130.4 million were well above last year's figure of € 20.7 million. Without the transfer of cash to short-term deposits, cash outflows for investing activities would have totalled €27.4 million.
Free cash flow (defined as the total of cash flow from operating activities and cash flow from investing activities) ended the first quarter with a negative balance of € - 77.4 million (previous year: €17.7 million) due to these optimised financial investments. Without this increase in short-term deposits, free cash flow would have improved year on year with a positive balance of €25.6 million.
Principal repayments on financial liabilities during the reporting period resulted in cash outflows for financing activities of €6.7 million. In the same period last year, cash inflow of €53.4 million resulted from investment loans of €60 million taken out at the time.
The changes described above resulted in financial funds of €211.5 million as of 31 March 2012. This was below the figures for the previous year and the start of the current year (€286.0 million and €294.8 million respectively) due to the increase in short-term deposits. Including these deposits, the Group's liquidity came to €344.5 million, which was considerably more than a year ago (€306.0 million).
The investment volume in the reporting period totalled €30.4 million, well above the previous year's figure of €13.3 million, which was reduced due to capacity utilisation levels. Of the Group's total capital expenditure, property, plant and equipment accounted for € 28.2 million (previous year: €11.3 million) and intangible assets for €2.2 million (previous year: €1.9 million). As in previous periods, investments focused mostly on modernisation and extension work. A major part of capital expenditure was earmarked for the expansion of the container and hinterland terminals and the purchasing of handling equipment.
This investment approach will be continued in the financial year 2012, with capital expenditure focused on raising productivity in existing terminal areas by installing the latest handling technology and on improving the performance of hinterland connections in line with market requirements.
HHLA Group's total assets declined only marginally by €4.7 million compared with year-end 2011, to €1,806.8 million as of 31 March 2012.
| in € million | ||
|---|---|---|
| Assets | 31.03.2012 | 31.12.2011 |
| Non-current assets | 1,256.4 | 1,280.1 |
| Current assets | 550.4 | 531.5 |
| 1,806.8 | 1,811.5 | |
| Equity and liabilities | ||
| Equity | 646.2 | 644.7 |
| Non-current liabilities | 876.1 | 877.6 |
| Current liabilities | 284.5 | 289.3 |
| 1,806.8 | 1,811.5 |
The contraction related mainly to non-current assets, which at € 1,256.4 million were below the comparable figure for 31 December 2011 (€1,280.1 million). The main reason for the change was a decline in property, plant and equipment, as two companies were no longer consolidated in full but by using the equity method (as described above).
The rise in current assets of € 18.9 million to €550.4 million at the end of the quarter, however, was mainly due to higher receivables from related parties. The increase in this item of €27.3 million resulted from higher cash-pooling balances at HGV Hamburger Gesellschaft für Vermögensund Beteiligungsmanagement mbH. This was offset by a fall in trade receivables of €15.9 million to €135.9 million, which also includes an effect of €5.7 million from the change in consolidation method mentioned above.
Shareholders' equity amounted to €646.2 million as of the reporting date and was thus virtually unchanged from year-end 2011 (€644.7 million). The increase in equity due to the positive post-tax result of the reporting period was opposed by a decline in actuarial gains recognised in equity resulting from a reduction in the interest rate used to calculate pension provisions. As of the reporting date, the equity ratio was slightly up at 35.8% (31 December 2011: 35.6%).
At € 876.1 million, non-current liabilities were €1.4 million down on year-end 2011 (€877.6 million). An increase of € 20.2 million in pension provisions following the above-mentioned adjustment to the discount rate was largely offset by a fall of €18.2 million in non-current financial liabilities due to the change in the consolidation method for two companies. Current liabilities fell by €4.8 million, from €289.3 million at year-end to €284.5 million, as a result of net repayments.
There were off-balance-sheet obligations as of the balance sheet date. These were mainly payment obligations under long-term leases for port areas and quay walls. See also Annual Report 2011, page 172.
The HHLA Group employed a total of 4,775 people as of 31 March 2012. This represents an increase of 1.4 % over the first quarter of 2011. Compared with the figure of 4,797 as of 31 December 2011, there was a slight fall in headcount of 0.5%. The most striking changes compared with last year were in the Intermodal segment, with an increase of 11.1% or 90 employees. The consolidation of two companies using the equity method resulted in employee numbers being reallocated from the Logistics segment to the Holding/Other segment due to an employee assignment model.
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.
Group employees as of 31.03.2012
With effect from 23 April 2012, HHLA made use of part of its authorised capital to issue a total of 73,508 new shares in the listed Port Logistics subgroup (Class A shares) with a corresponding increase in nominal capital. The new shares were used for an employee stock purchase plan and increased the total number of Class A shares by roughly 0.1% to 70,048,834. The number of nonlisted Class S shares (Real Estate subgroup) remained unchanged at 2,704,500. Nominal capital is now divided across both two share classes into 72,753,334 no-par-value shares.
On 27 April 2012, HHLA and Deutsche Bahn (DB) announced that they would restructure their respective shareholdings in the rail container transport companies. DB is handing over its shares in the intermodal operators Polzug (33.3%) and Metrans (35.0%) to HHLA. In return, HHLA's existing 50% stake in TFG Transfracht will be transferred to DB. Once the transactions have been completed, HHLA will hold 86.5% of Metrans and including a capital increase 74.5% of Polzug Intermodal, while TFG Transfracht will be wholly owned by DB Mobility Logistics AG. The transactions are still subject to the approval of the relevant antitrust authorities. The new investment structure will take effect as of HHLA's financial statements for the first half of 2012. Please refer to the following Business Forecast with regard to the effects on business performance.
With regard to the HHLA Group's risk position, the statements made in the management report section of the 2011 Annual Report continue to apply, unless this report indicates otherwise. 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.
The general economic development in the first three months of 2012 largely confirmed the previously announced expectation of moderate global economic growth in a fragile environment. Although a number of business confidence and other leading indicators have picked up recently, the situation in the eurozone and on the world's financial markets remained tense. A viable solution to the sovereign debt crisis has yet to be found, and the risks of an economic downturn are still present given the massive pressure to cut public spending and the persistently unstable state of the financial sector. In its latest update, the International Monetary Fund (IMF) therefore only marginally upgraded expectations for the current year and is now predicting modest growth in global output of 3.5% for 2012 (previously: 3.3%).
The slight adjustment applies to the IMF's forecasts for the industrialised countries, as well as for the emerging and developing economies. However, the pace of growth continues to vary considerably: in Asia, the IMF now predicts slower yet still robust economic growth of 7.3%. China's gross domestic product (GDP) is expected to rise by 8.2%. By contrast, more moderate growth of 1.9% is predicted for the Central and Eastern European economies, whereby growth in Russia is likely to be slightly stronger at 4.0%. The IMF also believes that somewhat stronger economic growth of 2.1% is possible in the USA. In view of the efforts required to balance their respective state budgets, however, the eurozone countries are expected to face negative growth of 0.3% in 2012. The recession is likely to be more severe among the member states in southern Europe. Against this trend, GDP in Germany, however, is expected to grow by almost 0.6%.
In anticipation of persistent economic uncertainty, with stronger reliance on domestic demand, the market research institutes recently lowered their forecasts for international container traffic in 2012, although faster growth is still predicted for the second half of the year. Drewry is now projecting a moderate rise in global container throughput of 4.7% (previously: 5.5%). The main drivers are expected to be the ports of Eastern Europe and the Far East, while growth in Northern Europe is likely to be weak at 1.0%.
As a consequence, the situation on the container shipping market will remain tense. Although freight rates on the main shipping routes were recently increased, the financial pressure on shipping companies from further fuel price hikes is also increasing. With regard to demand, the unbroken stream of new tonnage is resulting in further overcapacities, which in turn may lead to intense pressure on yields over the remaining quarters. The shipping industry has responded with consolidation measures in the form of new cooperation agreements and alliances. These are currently leading to far-reaching changes in market structures and in turn to a noticeable increase in pressure on the earnings strengths of terminal operators.
In view of the knock-on effects on transport volumes in land-based pre-carriage and onwardcarriage systems, performance in the entire German rail freight network – including transit traffic – is only expected to grow by a meagre 0.5%. Road freight traffic is likely to expand slightly faster at 1.5%. Nevertheless, the German transport industry anticipates rising financial pressure on transport companies from higher fuel prices.
Business and new orders for logistics services are also expected to deteriorate in 2012. At present, modest growth is still forecast for steel and car production, and therefore for dry bulk handling and vehicle logistics. However, the intense pressure on contract logistics is likely to continue.
The realignment of intermodal activities announced in April will have a significant consolidation and transaction effects on HHLA's half-year financial statements. See also Events after the Balance Sheet Date, page 14, and the following comments on the Intermodal segment. This means that previous statements on year-on-year growth targets are no longer valid, as there is no basis for comparison. In order to aid orientation, the updated forecast therefore uses absolute target figures in these cases.
Taking account of structural changes and the market trends described above, HHLA is aiming for Group revenue in the region of €1.1 billion for the full year 2012. The anticipated earnings effects mean that the operating result (EBIT) at Group level is forecast to reach at least €200 million. Compared with the figures reported for the previous year, this represents a lower revenue base due to consolidation changes and an almost comparable operating result, i.e. an increase in profitability (previously: EBIT margin in the region of the previous year).
| HHLA Group | |
|---|---|
| Throughput volume | in the region of 7.4 million TEU |
| Transport volume | in the region of 1.0 million TEU |
| Revenue | in the region of €1.1 billion |
| EBIT | at least €200 million |
Investments in the region of €250 million
The development will again depend to a large extent on the listed subgroup Port Logistics. For the Container segment – not affected by the structural changes – HHLA maintains its forecast of increasing throughput faster than market growth by around 5% to around 7.4 million TEU. However, it must now be assumed that the increase in revenue will fall noticeably short of volume growth and only slightly exceed the prioryear figure. HHLA intends to compensate for the productivity lost due to reorganisation in the first quarter with efficiency gains from new technology and new working structures. These should be noticeable in the second half of the year and offer unchanged significant margin potential in the medium term. Nevertheless, the short-termdevelopment of earnings remains unsatisfactory. For the full year, it must be assumed that the EBIT margin will be substantially below the prior-year figure – due in part also to a one-time compensation payment received last year.
Prospects for the current year in the Intermodal segment are fundamentally affected by the realignment of rail operations. Whereas the increased shareholding in Metrans will have no effect on operating results as it was already fully consolidated, the changed shareholder structure at Polzug and disposal of equity interests in Transfracht will have a significant impact on revenue and earnings for the Intermodal segment. Despite the loss of a relatively high proportion of transport volume and a somewhat lower revenue amount, the persistent losses at Transfracht will no longer affect the Intermodal segment in future. The changes in the shareholder structure
of Polzug will enable HHLA to align business operations more consistently with the demands of maritime logistics and to intensify collaboration with the Polish partner PKP Cargo. On the basis of these structural changes, HHLA is now aiming for a transport volume in the region of 1.0 million TEU, with revenue in the order of €250 million. A clear improvement is expected in the segment's operating result with an EBIT margin well into double figures.
In addition to the general course of business, the new at-equity consolidation of two previously fully consolidated fruit companies will alter the earnings situation in the Logistics segment. The forecast made at the beginning of the year for the remaining operating activities in this segment can be confirmed. On the basis of current Group estimates, vehicle logistics, dry bulk handling and consultancy services should all make stable revenue and earnings contributions; while the restructuring of contract logistics will probably result in a burden on earnings. All in all, HHLA expects revenue in the region of €100 million and a low, single-digit EBIT margin for the Logistics segment.
A stable development is still expected for earnings of the Real Estate subgroup. Revenue and EBIT margin should therefore be at a similar level to last year. Business developments in this field will continue to focus on value-oriented portfolio development.
Planned capital expenditure in the region of €250 million means that a further rise in the HHLA Group's balance sheet total is expected in the financial year 2012, even after taking account of the realignment of the Intermodal segment and a change in the consolidation method in the Logistics segment. As well as investing in modernisation work at the container terminals – including a large-scale project to expand handling operations in Odessa on the Black Sea – the company will focus on ramping up hinterland traffic to further strengthen its vertical integration along the transport chain.
The Group's strong liquidity will be considerably reduced by the realignment of intermodal activities, continued high capital expenditure and the proposed dividend payments. On the basis of its forward-looking financing policy, HHLA foresees still sufficient funds and a stable credit quality for the steady continuation of its organic business development. Even taking into account the structural changes and project-related debt financing, the equity ratio is expected to improve over the entire year.
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.
| Areas in which no material changes occurred in the reporting period |
|---|
| (Page numbers refer to the Annual Report 2011) |
| Company organisation and structure See front flap, page 56 et seq. |
| Company goals/strategies See page 63 et seq. |
| Main services See page 58 et seq. |
| Sales markets/competitive position See page 59 et seq. |
| Research and development See page 71 et seq. |
| Legal parameters See page 65 et seq. |
| Principles and goals of financial management See page 88 |
| Company disposals and acquisitions See page 91 |
| Future services, sales markets/competitive position, R&D activities See page 111 |
| Dividend policy See page 111 |
| Medium-term developments See page 111 et seq. |
| in €thousand | 1–3 2012 | 1–3 2011 |
|---|---|---|
| Revenue | 286,800 | 289,755 |
| Changes in inventories | 1,601 | 128 |
| Own work capitalised | 2,167 | 1,753 |
| Other operating income | 7,327 | 5,697 |
| Cost of materials | - 106,242 | - 103,178 |
| Personnel expenses | - 93,909 | - 86,255 |
| Other operating expenses | - 33,765 | - 32,899 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 63,979 | 75,001 |
| Depreciation and amortisation | - 29,951 | - 31,043 |
| Earnings before interest and taxes (EBIT) | 34,028 | 43,958 |
| Earnings from associates accounted for using the equity method | 25 | 64 |
| Interest income | 1,801 | 1,916 |
| Interest expenses | - 9,818 | - 9,797 |
| Other financial result | 0 | - 137 |
| Financial result | - 7,992 | - 7,954 |
| Earnings before tax (EBT) | 26,036 | 36,004 |
| Income tax | - 6,974 | - 10,910 |
| Profit after tax | 19,062 | 25,094 |
| of which attributable to non-controlling interests | 9,350 | 8,680 |
| of which attributable to shareholders of the parent company | 9,712 | 16,414 |
| Earnings per share, basic, in € | ||
| Group | 0.13 | 0.23 |
| Port Logistics | 0.13 | 0.21 |
| Real Estate | 0.35 | 0.52 |
| Earnings per share, diluted, in € | ||
| Group | 0.13 | 0.23 |
| Port Logistics | 0.13 | 0.21 |
| Real Estate | 0.35 | 0.52 |
| in €thousand | 1–3 2012 | 1–3 2011 |
|---|---|---|
| Profit after tax | 19,062 | 25,094 |
| Actuarial gains/losses | - 18,114 | 0 |
| Cash flow hedges | - 22 | 513 |
| Foreign currency translation differences | - 1,513 | - 3,117 |
| Deferred taxes on changes recognised directly in equity | 5,843 | - 121 |
| Other | 7 | 2 |
| Income and expense recognised directly in equity | - 13,799 | - 2,723 |
| Total comprehensive income | 5,263 | 22,371 |
| of which attributable to non-controlling interests | 9,410 | 8,784 |
| of which attributable to shareholders of the parent company | - 4,147 | 13,587 |
Interim Financial Statements Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups 18
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| Revenue | 286,800 | 280,155 | 8,039 | - 1,394 |
| Changes in inventories | 1,601 | 1,604 | - 3 | 0 |
| Own work capitalised | 2,167 | 2,155 | 0 | 12 |
| Other operating income | 7,327 | 6,215 | 1,320 | - 208 |
| Cost of materials | - 106,242 | - 104,537 | - 1,706 | 1 |
| Personnel expenses | - 93,909 | - 93,342 | - 567 | 0 |
| Other operating expenses | - 33,765 | - 31,788 | - 3,566 | 1,589 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 63,979 | 60,462 | 3,517 | 0 |
| Depreciation and amortisation | - 29,951 | - 28,970 | - 1,057 | 76 |
| Earnings before interest and taxes (EBIT) | 34,028 | 31,492 | 2,460 | 76 |
| Earnings from associates accounted for using the equity method | 25 | 25 | 0 | 0 |
| Interest income | 1,801 | 1,811 | 19 | - 29 |
| Interest expenses | - 9,818 | - 8,673 | - 1,174 | 29 |
| Financial result | - 7,992 | - 6,837 | - 1,155 | 0 |
| Earnings before tax (EBT) | 26,036 | 24,655 | 1,305 | 76 |
| Income tax | - 6,974 | - 6,550 | - 406 | - 18 |
| Profit after tax | 19,062 | 18,105 | 899 | 58 |
| of which attributable to non-controlling interests | 9,350 | 9,350 | 0 | |
| of which attributable to shareholders of the parent company | 9,712 | 8,755 | 957 | |
| Earnings per share, basic, in € | 0.13 | 0.13 | 0.35 | |
| Earnings per share, diluted, in € | 0.13 | 0.13 | 0.35 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| Profit after tax | 19,062 | 18,105 | 899 | 58 |
| Actuarial gains/losses | - 18,114 | - 17,798 | - 316 | |
| Cash flow hedges | - 22 | - 22 | 0 | |
| Foreign currency translation differences | - 1,513 | - 1,513 | 0 | |
| Deferred taxes on changes recognised directly in equity | 5,843 | 5,742 | 101 | |
| Other | 7 | 7 | 0 | |
| Income and expense recognised directly in equity | - 13,799 | - 13,584 | - 215 | 0 |
| Total comprehensive income | 5,263 | 4,521 | 684 | 58 |
| of which attributable to non-controlling interests | 9,410 | 9,410 | 0 | |
| of which attributable to shareholders of the parent company | - 4,147 | - 4,889 | 742 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2011 Group |
1–3 2011 Port Logistics |
1–3 2011 Real Estate |
1–3 2011 Consolidation |
|---|---|---|---|---|
| Revenue | 289,755 | 283,428 | 7,458 | - 1,131 |
| Changes in inventories | 128 | 121 | 7 | 0 |
| Own work capitalised | 1,753 | 1,753 | 0 | 0 |
| Other operating income | 5,697 | 4,527 | 1,432 | - 262 |
| Cost of materials | - 103,178 | - 101,584 | - 1,593 | - 1 |
| Personnel expenses | - 86,255 | - 85,736 | - 519 | 0 |
| Other operating expenses | - 32,899 | - 31,759 | - 2,534 | 1,394 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 75,001 | 70,750 | 4,251 | 0 |
| Depreciation and amortisation | - 31,043 | - 30,065 | - 1,055 | 77 |
| Earnings before interest and taxes (EBIT) | 43,958 | 40,685 | 3,196 | 77 |
| Earnings from associates accounted for using the equity method | 64 | 64 | 0 | 0 |
| Interest income | 1,916 | 1,926 | 22 | - 32 |
| Interest expenses | - 9,797 | - 8,631 | - 1,198 | 32 |
| Other financial result | - 137 | - 137 | 0 | 0 |
| Financial result | - 7,954 | - 6,778 | - 1,176 | 0 |
| Earnings before tax (EBT) | 36,004 | 33,907 | 2,020 | 77 |
| Income tax | - 10,910 | - 10,225 | - 666 | - 19 |
| Profit after tax | 25,094 | 23,682 | 1,354 | 58 |
| of which attributable to non-controlling interests | 8,680 | 8,680 | 0 | |
| of which attributable to shareholders of the parent company | 16,414 | 15,002 | 1,412 | |
| Earnings per share, basic, in € | 0.23 | 0.21 | 0.52 | |
| Earnings per share, diluted, in € | 0.23 | 0.21 | 0.52 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2011 Group |
1–3 2011 Port Logistics |
1–3 2011 Real Estate |
1–3 2011 Consolidation |
|---|---|---|---|---|
| Profit after tax | 25,094 | 23,682 | 1,354 | 58 |
| Cash flow hedges | 513 | 513 | 0 | |
| Foreign currency translation differences | - 3,117 | - 3,117 | 0 | |
| Deferred taxes on changes recognised directly in equity | - 121 | - 121 | 0 | |
| Other | 2 | 2 | 0 | |
| Income and expense recognised directly in equity | - 2,723 | - 2,723 | 0 | 0 |
| Total comprehensive income | 22,371 | 20,959 | 1,354 | 58 |
| of which attributable to non-controlling interests | 8,784 | 8,784 | 0 | |
| of which attributable to shareholders of the parent company | 13,587 | 12,175 | 1,412 |
| in €thousand | ||
|---|---|---|
| Assets | 31.03.2012 | 31.12.2011 |
| Non-current assets | ||
| Intangible assets | 81,604 | 81,490 |
| Property, plant and equipment | 952,638 | 985,340 |
| Investment property | 178,808 | 180,062 |
| Associates accounted for using the equity method | 6,374 | 1,830 |
| Financial assets | 11,298 | 9,086 |
| Deferred taxes | 25,666 | 22,243 |
| 1,256,388 | 1,280,051 | |
| Current assets | ||
| Inventories | 24,689 | 23,162 |
| Trade receivables | 135,914 | 151,771 |
| Receivables from related parties | 31,075 | 3,756 |
| Other financial receivables | 7,293 | 2,429 |
| Other assets | 16,272 | 16,776 |
| Income tax receivables | 7,625 | 3,591 |
| Cash, cash equivalents and short-term deposits | 327,572 | 329,996 |
| 550,440 | 531,481 | |
| 1,806,828 | 1,811,532 |
| Equity and liabilities | ||
|---|---|---|
| Equity | ||
| Subscribed capital | 72,680 | 72,680 |
| Subgroup Port Logistics | 69,975 | 69,975 |
| Subgroup Real Estate | 2,705 | 2,705 |
| Capital reserve | 139,728 | 139,728 |
| Subgroup Port Logistics | 139,222 | 139,222 |
| Subgroup Real Estate | 506 | 506 |
| Retained earnings | 394,748 | 385,124 |
| Subgroup Port Logistics | 376,634 | 367,967 |
| Subgroup Real Estate | 18,114 | 17,157 |
| Other comprehensive income | 29,373 | 42,872 |
| Subgroup Port Logistics | 28,331 | 41,615 |
| Subgroup Real Estate | 1,042 | 1,257 |
| Non-controlling interests | 9,640 | 4,258 |
| Subgroup Port Logistics | 9,640 | 4,258 |
| Subgroup Real Estate | 0 | 0 |
| 646,169 | 644,662 | |
| Non-current liabilities | ||
| Pension provisions | 333,880 | 313,729 |
| Other non-current provisions | 51,064 | 53,526 |
| Non-current liabilities to related parties | 93,565 | 93,587 |
| Non-current financial liabilities | 384,986 | 403,184 |
| Deferred taxes | 12,641 | 13,557 |
| 876,136 | 877,583 | |
| Current liabilities | ||
| Other current provisions | 31,426 | 28,759 |
| Trade liabilities | 74,027 | 72,003 |
| Current liabilities to related parties | 74,184 | 72,119 |
| Current financial liabilities | 81,644 | 88,332 |
| Other liabilities | 20,886 | 25,563 |
| Income tax liabilities | 2,356 | 2,511 |
| 284,523 | 289,287 | |
| 1,806,828 | 1,811,532 |
in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.03.2012 Group |
31.03.2012 Port Logistics |
31.03.2012 Real Estate |
31.03.2012 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 81,604 | 81,596 | 8 | 0 |
| Property, plant and equipment | 952,638 | 930,270 | 5,571 | 16,797 |
| Investment property | 178,808 | 59,538 | 149,759 | - 30,489 |
| Associates accounted for using the equity method | 6,374 | 6,374 | 0 | 0 |
| Financial assets | 11,298 | 9,642 | 1,656 | 0 |
| Deferred taxes | 25,666 | 34,362 | 0 | - 8,696 |
| 1,256,388 | 1,121,782 | 156,994 | - 22,388 | |
| Current assets | ||||
| Inventories | 24,689 | 24,558 | 131 | 0 |
| Trade receivables | 135,914 | 135,257 | 657 | 0 |
| Receivables from related parties | 31,075 | 43,533 | 625 | - 13,083 |
| Other financial receivables | 7,293 | 7,229 | 64 | 0 |
| Other assets | 16,272 | 15,857 | 415 | 0 |
| Income tax receivables | 7,625 | 7,415 | 367 | - 157 |
| Cash, cash equivalents and short-term deposits | 327,572 | 327,328 | 244 | 0 |
| 550,440 | 561,177 | 2,503 | - 13,240 | |
| 1,806,828 | 1,682,959 | 159,497 | - 35,628 | |
| Equity and liabilities | ||||
| Equity |
| Subscribed capital | 72,680 | 69,975 | 2,705 | 0 |
|---|---|---|---|---|
| Capital reserve | 139,728 | 139,222 | 506 | 0 |
| Retained earnings | 394,748 | 376,634 | 28,414 | - 10,300 |
| Other comprehensive income | 29,373 | 28,331 | 1,042 | 0 |
| Non-controlling interests | 9,640 | 9,640 | 0 | 0 |
| 646,169 | 623,802 | 32,667 | - 10,300 | |
| Non-current liabilities | ||||
| Pension provisions | 333,880 | 328,070 | 5,810 | 0 |
| Other non-current provisions | 51,064 | 49,624 | 1,440 | 0 |
| Non-current liabilities to related parties | 93,565 | 93,565 | 0 | 0 |
| Non-current financial liabilities | 384,986 | 363,629 | 21,357 | 0 |
| Deferred taxes | 12,641 | 16,321 | 8,408 | - 12,088 |
| 876,136 | 851,209 | 37,015 | - 12,088 | |
| Current liabilities | ||||
| Other current provisions | 31,426 | 28,101 | 3,325 | 0 |
| Trade liabilities | 74,027 | 71,130 | 2,897 | 0 |
| Current liabilities to related parties | 74,184 | 8,018 | 79,249 | - 13,083 |
| Current financial liabilities | 81,644 | 77,570 | 4,074 | 0 |
| Other liabilities | 20,886 | 20,616 | 270 | 0 |
| Income tax liabilities | 2,356 | 2,513 | 0 | - 157 |
| 284,523 | 207,948 | 89,815 | - 13,240 | |
| 1,806,828 | 1,682,959 | 159,497 | - 35,628 |
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 | 1–3 2012 | 1–3 2011 |
|---|---|---|
| 1. Cash flow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 34,028 | 43,958 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets | 29,951 | 31,043 |
| Decrease in provisions | - 597 | - 4,632 |
| Gains/losses arising from the disposal of non-current assets | - 45 | - 130 |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities | - 3,348 | - 21,762 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 9,434 | 6,739 |
| Interest received | 1,762 | 1,607 |
| Interest paid | - 4,880 | - 4,497 |
| Income tax paid | - 11,714 | - 11,287 |
| Exchange rate and other effects | - 1,625 | - 2,677 |
| Cash flow from operating activities | 52,966 | 38,362 |
| 2. Cash flow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 90 | 407 |
| Payments for investments in property, plant and equipment and investment property | - 23,072 | - 18,750 |
| Payments for investments in intangible assets | - 2,194 | - 1,928 |
| Proceeds from disposal of non-current financial assets | 15 | 5 |
| Payments for investments in non-current financial assets | - 142 | - 445 |
| Payments for acquiring interests in consolidated companies and other business units | - 2,076 | 0 |
| Payments for short-term deposits | - 103,000 | 0 |
| Cash flow from investing activities | - 130,379 | - 20,711 |
| 3. Cash flow from financing activities | ||
| Redemption of lease liabilities | - 1,162 | - 1,048 |
| Proceeds from the issuance of (financial) loans | 0 | 60,000 |
| Payments for the redemption of (financial) loans | - 5,523 | - 5,576 |
| Cash flow from financing activities | - 6,685 | 53,376 |
| 4. Financial funds at the end of the period | ||
| Change in financial funds (subtotals 1. – 3.) | - 84,098 | 71,027 |
| Change in financial funds due to exchange rates | 757 | 1,297 |
| Financial funds at the beginning of the period | 294,803 | 213,682 |
| Financial funds at the end of the period | 211,462 | 286,006 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2012 Group |
1–3 2012 Port Logistics |
1–3 2012 Real Estate |
1–3 2012 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 34,028 | 31,492 | 2,460 | 76 |
| Depreciation, amortisation, impairment and reversals on non-financial non-current assets |
29,951 | 28,970 | 1,057 | - 76 |
| Change in provisions | - 597 | - 831 | 234 | |
| Gains/losses arising from the disposal of non-current assets | - 45 | - 45 | 0 | |
| Change in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 3,348 | - 3,089 | 123 | - 382 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
9,434 | 7,678 | 1,374 | 382 |
| Interest received | 1,762 | 1,772 | 19 | - 29 |
| Interest paid | - 4,880 | - 3,497 | - 1,412 | 29 |
| Income tax paid | - 11,714 | - 11,460 | - 254 | |
| Exchange rate and other effects | - 1,625 | - 1,625 | 0 | |
| Cash flow from operating activities | 52,966 | 49,365 | 3,601 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
90 | 90 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 23,072 | - 21,819 | - 1,253 | |
| Payments for investments in intangible assets | - 2,194 | - 2,194 | 0 | |
| Proceeds from disposal of non-current financial assets | 15 | 15 | 0 | |
| Payments for investments in non-current financial assets | - 142 | - 142 | 0 | |
| Payments for acquiring interests in consolidated companies and other business units |
- 2,076 | - 2,076 | 0 | |
| Payments for short-term deposits | - 103,000 | - 103,000 | 0 | |
| Cash flow from investing activities | - 130,379 | - 129,126 | - 1,253 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 1,162 | - 1,162 | 0 | |
| Payments for the redemption of (financial) loans | - 5,523 | - 4,391 | - 1,132 | |
| Cash flow from financing activities | - 6,685 | - 5,553 | - 1,132 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | - 84,098 | - 85,314 | 1,216 | 0 |
| Change in financial funds due to exchange rates | 757 | 757 | 0 | |
| Financial funds at the beginning of the period | 294,803 | 303,575 | - 8,772 | |
| Financial funds at the end of the period | 211,462 | 219,018 | - 7,556 | 0 |
| in €thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1–3 2011 Group |
1–3 2011 Port Logistics |
1–3 2011 Real Estate |
1–3 2011 Consolidation |
|---|---|---|---|---|
| 1. Cash flow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 43,958 | 40,685 | 3,196 | 77 |
| Depreciation, amortisation, impairment and reversals on | ||||
| non-financial non-current assets | 31,043 | 30,065 | 1,055 | - 77 |
| Change in provisions | - 4,632 | - 4,770 | 138 | |
| Gains/losses arising from the disposal of non-current assets | - 130 | - 130 | 0 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
- 21,762 | - 21,791 | - 556 | 585 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities |
6,739 | 7,134 | 190 | - 585 |
| Interest received | 1,607 | 1,617 | 22 | - 32 |
| Interest paid | - 4,497 | - 3,061 | - 1,468 | 32 |
| Income tax paid | - 11,287 | - 10,596 | - 691 | |
| Exchange rate and other effects | - 2,677 | - 2,677 | 0 | |
| Cash flow from operating activities | 38,362 | 36,476 | 1,886 | 0 |
| 2. Cash flow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
407 | 407 | 0 | |
| Payments for investments in property, plant and equipment and investment property |
- 18,750 | - 17,328 | - 1,422 | |
| Payments for investments in intangible assets | - 1,928 | - 1,927 | - 1 | |
| Proceeds from disposal of non-current financial assets | 5 | 5 | 0 | |
| Payments for investments in non-current financial assets | - 445 | - 468 | 23 | |
| Cash flow from investing activities | - 20,711 | - 19,311 | - 1,400 | 0 |
| 3. Cash flow from financing activities | ||||
| Redemption of lease liabilities | - 1,048 | - 1,048 | 0 | |
| Proceeds from the issuance of (financial) loans | 60,000 | 60,000 | 0 | |
| Payments for the redemption of (financial) loans | - 5,576 | - 4,444 | - 1,132 | |
| Cash flow from financing activities | 53,376 | 54,508 | - 1,132 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in financial funds (subtotals 1. – 3.) | 71,027 | 71,673 | - 646 | 0 |
| Change in financial funds due to exchange rates | 1,297 | 1,297 | 0 | |
| Financial funds at the beginning of the period | 213,682 | 218,009 | - 4,327 | |
| Financial funds at the end of the period | 286,006 | 290,979 | - 4,973 | 0 |
| annex to the condensed notes | Subgroup Port Logistics | ||
|---|---|---|---|
| 1–3 2012 | Container | Intermodal | Logistics |
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 165,495 | 87,890 | 20,987 |
| Inter-segment revenue | 599 | 429 | 1,669 |
| Total segment revenue | 166,094 | 88,319 | 22,656 |
| Earnings | |||
| EBITDA | 51,412 | 10,765 | 2,128 |
| EBITDA margin | 31.0% | 12.2% | 9.4% |
| EBIT | 28,685 | 6,762 | 1,259 |
| EBIT margin | 17.3% | 7.7% | 5.6% |
| Segment assets | 899,482 | 266,104 | 50,672 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment | |||
| and investment property | 21,326 | 4,392 | 779 |
| Intangible assets | 1,960 | 95 | 7 |
| Depreciation of property, plant and | |||
| equipment and investment property | 20,833 | 3,929 | 817 |
| Amortisation of intangible assets | 1,894 | 74 | 52 |
| Non-cash items | 5,280 | 542 | 1,324 |
| Container throughput in thousand TEU | 1,731 | ||
| Container transport1 in thousand TEU |
454 | ||
| 1–3 2011 | |||
| Segment revenue | |||
| Segment revenue from non-affiliated third parties | 169,562 | 84,334 | 24,684 |
| Inter-segment revenue | 2,657 | 436 | 8,961 |
| Total segment revenue | 172,219 | 84,770 | 33,645 |
| Earnings | |||
| EBITDA | 62,937 | 9,064 | 2,102 |
| EBITDA margin | 36.5% | 10.7% | 6.2% |
| EBIT | 40,495 | 5,362 | 139 |
| EBIT margin | 23.5% | 6.3% | 0.4% |
| Segment assets | 897,552 | 251,164 | 103,747 |
| Other segment information | |||
| Investments | |||
| Property, plant and equipment | |||
| and investment property | 6,627 | 2,315 | 702 |
| Intangible assets | 1,366 | 115 | 13 |
| Depreciation of property, plant and equipment and investment property |
20,912 | 3,615 | 1,909 |
| Amortisation of intangible assets | 1,531 | 86 | 53 |
The transport volume was fully consolidated.
Container transport1
Container throughput in thousand TEU 1,654
in thousand TEU 454
Non-cash items 5,125 944 938 3,508 209 10,724 17 10,741
| Consolidation and reconciliation with Group |
Total | Subgroup Real Estate | |
|---|---|---|---|
| Real Estate | Holding/Other | ||
| 0 | 286,800 | 7,399 | 5,029 |
| - 30,899 | 30,899 | 641 | 27,561 |
| 317,699 | 8,040 | 32,590 | |
| 2 | 63,977 | 3,517 | - 3,845 |
| 43.7% | - 11.8% | ||
| 265 | 33,763 | 2,460 | - 5,403 |
| 30.6% | - 16.6% | ||
| 195,485 | 1,611,343 | 158,886 | 236,199 |
| 0 | 28,238 | 1,253 | 488 |
| 30 | 2,164 | 0 | 102 |
| - 108 | 28,038 | 1,056 | 1,403 |
| - 156 | 2,177 | 2 | 155 |
| 77 | 12,033 | 322 | 4,565 |
| 0 | 289,755 | 6,847 | 4,328 |
| - 46,516 | 46,516 | 610 | 33,852 |
| 336,271 | 7,457 | 38,180 | |
| 13 | 74,988 | 4,252 | - 3,367 |
| 57.0% | - 8.8% | ||
| 529 | 43,429 | 3,197 | - 5,764 |
| 42.9% | - 15.1% | ||
| 160,597 | 1,631,495 | 158,862 | 220,170 |
| 0 | 11,326 | 1,422 | 260 |
| 235 | 1,694 | 0 | 200 |
| - 256 | 29,760 | 1,052 | 2,272 |
| - 259 17 |
1,798 10,724 |
3 209 |
125 3,508 |
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 | ||
| Total comprehensive income | 16,414 | - 3,147 | ||||||
| Balance as of 31.03.2011 | 69,975 | 2,705 | 139,222 | 506 | 353,751 | - 18,193 | ||
| Balance as of 31.12.2011 | 69,975 | 2,705 | 139,222 | 506 | 385,124 | - 13,547 | ||
| Change of consolidation method | - 88 | |||||||
| Total comprehensive income | 9,712 | - 1,594 | ||||||
| Other changes | ||||||||
| Balance as of 31.03.2012 | 69,975 | 2,705 | 139,222 | 506 | 394,748 | - 15,141 |
| Total consolidated equity |
Non-controlling interests |
Parent com pany 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 |
| 22,372 | 8,785 | 13,586 | 1 | - 85 | 404 | |
| 589,374 | - 3,472 | 592,846 | 11,586 | - 15,783 | 49,700 | - 622 |
| 644,662 | 4,258 | 640,404 | 11,498 | - 21,443 | 67,682 | - 1,318 |
| - 3,761 | - 4,029 | 268 | 0 | - 169 | - 18 | 543 |
| 5,263 | 9,410 | - 4,147 | 6 | 5,835 | - 18,084 | - 22 |
| 0 | 4 | 4 | ||||
| 646,169 | 9,640 | 636,529 | 11,508 | - 15,777 | 49,580 | - 797 |
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 | |
| Total comprehensive income subgroup |
15,002 | - 3,147 | |||
| Balance as of 31.03.2011 | 69,975 | 139,222 | 337,202 | - 18,193 | |
| Balance as of 31.12.2011 | 69,975 | 139,222 | 367,967 | - 13,547 | |
| Change of consolidation method | - 88 | ||||
| Total comprehensive income subgroup |
8,755 | - 1,594 | |||
| Other changes | |||||
| Balance as of 31.03.2012 | 69,975 | 139,222 | 376,634 | - 15,141 |
in €thousand; annex to the condensed notes
| Balance as of 31.12.2010 | |
|---|---|
| Total comprehensive income subgroup | |
| Balance as of 31.03.2011 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2011 | |
| Balance as of 31.12.2011 | |
| Total comprehensive income subgroup | |
| Balance as of 31.03.2012 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2012 | |
| Total subgroup consolidated equity |
Non-controlling interests |
Parent com pany interests |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Other | Deferred taxes on changes recognised directly in equity |
Actuarial gains/losses |
Cash flow hedges |
|||
| 547,552 | - 12,257 | 559,810 | 11,585 | - 15,174 | 48,074 | - 1,026 |
| 20,959 | 8,785 | 12,174 | 1 | - 85 | 404 | |
| 568,512 | - 3,472 | 571,984 | 11,586 | - 15,259 | 48,074 | - 622 |
| 623,037 | 4,258 | 618,779 | 11,498 | - 20,845 | 65,827 | - 1,318 |
| - 3,761 | - 4,029 | 268 | 0 | - 169 | - 18 | 543 |
| 4,521 | 9,410 | - 4,889 | 6 | 5,734 | - 17,768 | - 22 |
| 0 | 4 | 4 | ||||
| 623,802 | 9,640 | 614,162 | 11,508 | - 15,280 | 48,041 | - 797 |
| Total subgroup consolidated equity |
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 |
| 1,354 | 1,354 | ||||
| 31,394 | - 524 | 1,626 | 27,082 | 506 | 2,705 |
| 58 | |||||
| - 10,591 | - 10,591 | ||||
| - 10,532 | - 10,532 | ||||
| 20,862 | - 524 | 1,626 | 16,549 | 506 | 2,705 |
| 31,983 | - 597 | 1,854 | 27,515 | 506 | 2,705 |
| 684 | 101 | - 316 | 899 | ||
| 32,667 | - 496 | 1,538 | 28,414 | 506 | 2,705 |
| 58 | |||||
| - 10,358 | - 10,358 | ||||
| - 10,300 | - 10,300 | ||||
| 22,367 | - 496 | 1,538 | 18,114 | 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 Earnings per share 32
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.
3.1 Basis for preparation of the financial statements The condensed interim consolidated financial statements for the period from 1 January to 31 March 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:
Apart from that, there were no effects on the condensed interim consolidated financial statements.
No significant shares in subsidiaries were purchased or sold in the first quarter 2012.
The following table illustrates the calculation for basic earnings per share:
| 1–3 2012 | 1–3 2011 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in €thousand |
9,712 | 16,414 |
| Number of shares in circulation | 72,679,826 | 72,679,826 |
| Basic earnings per share in € | 0.13 | 0.23 |
The basic earnings per share were calculated for the subgroup Port Logistics as follows:
| 1–3 2012 | 1–3 2011 | |
|---|---|---|
| Net profit attributable to shareholders of the parent company in €thousand |
8,755 | 15,002 |
| Number of shares in circulation | 69,975,326 | 69,975,326 |
| Basic earnings per share in € | 0.13 | 0.21 |
The basic earnings per share were calculated for the subgroup Real Estate as follows:
| Basic earnings per share in € | 0.35 | 0.52 |
|---|---|---|
| Number of shares in circulation | 2,704,500 | 2,704,500 |
| Net profit attributable to shareholders of the parent company in €thousand |
957 | 1,412 |
| 1–3 2012 | 1–3 2011 |
Diluted earnings per share are identical to basic EPS as there were no conversion or option rights in circulation during the reporting period. The intention is to issue shares in the Port Logistics subgroup (Class A shares) from authorised capital I as part of the employee stock purchase plan for 2011. This will not cause any significant dilution of earnings per share. For further details we refer to Notes 6 and 11.
Executive Board and Supervisory Board have proposed, in 2012, 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. On the basis of shares outstanding as of 31 March 2012, this will result in a distribution of €45,484 thousand for the Port Logistics subgroup and of €2,705 thousand for the Real Estate subgroup. The Annual General Meeting will make a decision about the dividend payout on 14 June 2012. Taking account of the figures for the employee stock purchase plan from 2011 available when these financial statements were published, the amount to be distributed to the shareholders of the Port Logistics subgroup will go up by €48 thousand from €45,484 thousand to €45,532 thousand. For more information please refer to Note 11.
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 success in 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 historical Speicherstadt 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.
Notes to the Condensed Interim Consolidated Financial Statements Segment report Equity Pension provisions Investments 34
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 | 1–3 2012 | 1–3 2011 |
|---|---|---|
| Total segment earnings (EBIT) | 33,763 | 43,429 |
| Elimination of business relations between segments and subgroups |
265 | 529 |
| Group (EBIT) | 34,028 | 43,958 |
| Earnings from associates accounted for using the equity method |
25 | 64 |
| Net interest | - 8,017 | - 7,881 |
| Other financial result | 0 | - 137 |
| Earnings before tax (EBT) | 26,036 | 36,004 |
The breakdown and development of HHLA's equity for the first three months of 2012 and 2011 are presented in the statement of changes in equity.
The calculation of pension provisions as of 31 March 2012 was based on an interest rate of 4.50% (31 December 2011: 5.00%; 31 March 2011: 4.50%). 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 during the financial year due to a change in interest rate |
- 18,114 | 0 |
| Actuarial gains as of 31.03. |
48,870 | 49,838 |
As of 31 March 2012, total capital expenditure on intangible assets, property, plant and equipment and investment property for the entire HHLA Group came to €30.4 million.
The largest investments up to the end of the first quarter of 2012 were made in the Container and Intermodal segments.
As of 31 March 2012, the Container segment and the Intermodal segment accounted for the bulk of investment commitments at €79.9 million.
In April 2012, HHLA, in accordance with the 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.
HHLA and Deutsche Bahn (DB) are restructuring their intermodal investments. HHLA is to take over DB's stake in the intermodal operators Polzug Intermodal GmbH, Hamburg (Polzug) and METRANS a.s., Prague (METRANS). Following the planned capital increase at Polzug, this will give HHLA a share of 74.5%. The intention is to extend the scope of cooperation with the remaining shareholder PKP Cargo, which may therefore increase its stake in Polzug at a later date. The HHLA interest in METRANS will rise from 35.0% to 86.5%. In exchange, HHLA's 50% stake in TFG Transfracht Internationale Gesellschaft für kombinierten Güterverkehr mbH & Co. KG, Frankfurt am Main, will be transferred to DB. At DB, the agreement is currently being examined by the relevant boards. The transactions are also subject to the approval of the applicable competition authorities.
There were no other notable events after the balance sheet date 31 March 2012.
Hamburg, 15 May 2012
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
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, 15 May 2012
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
14 June 2012 Annual General Meeting
14 August 2012 Interim Report January – June 2012
13 November 2012 Interim Report January – September 2012
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Germany Tel.: +49-40-3088-0 Fax: +49-40-3088-3355 [email protected] www.hhla.de
Investor Relations Tel.: +49-40-3088-3100 Fax: +49-40-3088-55-3100 [email protected]
Tel.: +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, Tel.: +49-40-3088-0, Fax: +49-40-3088-3355, www.hhla.de, [email protected]
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