Quarterly Report • May 13, 2015
Quarterly Report
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HAMBURGER HAFEN UND LOGISTIK AKTIENGESELLSCHAFT Interim Report January to March 2015
| HHLA Group | ||||
|---|---|---|---|---|
| in € million | 1– 3 2015 | 1– 3 2014 | Change | |
| Revenues and Earnings | ||||
| Revenues | 296.9 | 293.5 | 1.2 % | |
| EBITDA | 73.1 | 69.4 | 5.3 % | |
| EBITDA margin in % | 24.6 | 23.7 | 0.9 pp | |
| EBIT | 43.0 | 39.3 | 9.3 % | |
| EBIT margin in % | 14.5 | 13.4 | 1.1 pp | |
| Profi t after tax | 20.0 | 19.2 | 4.1 % | |
| Profi t after tax and minority interests | 12.6 | 10.5 | 19.8 % | |
| Cash fl ow statement and Investments | ||||
| Cash fl ow from operating activities | 38.6 | 52.5 | - 26.5 % | |
| Investments | 31.5 | 39.4 | - 20.0 % | |
| Performance trend | ||||
| Container throughput in thousand TEU | 1,747 | 1,862 | - 6.2 % | |
| Container transport in thousand TEU | 333 | 305 | 9.3 % | |
| in € million | 31.03.2015 | 31.12.2014 | Change | |
| Balance sheet | ||||
| Balance sheet total | 1,827.0 | 1,788.1 | 2.2 % | |
| Equity | 536.0 | 546.7 | - 2.0 % | |
| Equity ratio in % | 29.3 | 30.6 | - 1.3 pp | |
| Employees | ||||
| Number of employees | 5,265 | 5,194 | 1.4 % |
| Port Logistics subgroup 1, 2 | Real Estate subgroup 1, 3 | |||||
|---|---|---|---|---|---|---|
| in € million | 1– 3 2015 | 1– 3 2014 | Change | 1– 3 2015 | 1– 3 2014 | Change |
| Revenues | 289.6 | 286.4 | 1.1 % | 8.7 | 8.4 | 3.6 % |
| EBITDA | 67.8 | 64.5 | 5.0 % | 5.3 | 4.9 | 9.1 % |
| EBITDA margin in % | 23.4 | 22.5 | 0.9 pp | 61.4 | 58.3 | 3.1 pp |
| EBIT | 38.8 | 35.5 | 9.4 % | 4.1 | 3.8 | 8.4 % |
| EBIT margin in % | 13.4 | 12.4 | 1.0 pp | 47.1 | 45.1 | 2.0 pp |
| Profi t after tax and minority interests | 10.5 | 8.4 | 23.9 % | 2.1 | 2.0 | 2.6 % |
| Earnings per share in € 4 | 0.15 | 0.12 | 23.9 % | 0.77 | 0.75 | 2.6 % |
Before consolidation between the subgroups
Listed Class A shares.
3 Not-listed Class S shares.
4 Basic and diluted
Financial Calendar/Imprint
| 30.12.2014 – 31.03.2015 | HHLA | SDAX | DAX |
|---|---|---|---|
| Change | 13.3 % | 17.1 % | 22.0 % |
| Closing 31.12.2014 | € 17.25 | 7,186 | 9,806 |
| Closing 31.03.2015 | € 19.55 | 8,417 | 11,966 |
| High | € 21.37 | 8,464 | 12,168 |
| Low | € 17.05 | 7,128 | 9,470 |
Developments on the German stock market were dominated by a variety of exogenous factors in the fi rst quarter of 2015: the ongoing Ukraine crisis, the decline in crude oil prices, the current and future policies of the central banks and the fi nancial situation in Greece, as well as the effect this may have on the European currency union. At the beginning of the year, the DAX continued its upward trend from 2014 and received a further boost in mid-January on news that the European Central Bank (ECB) was planning a quantitative easing programme. In early February, market sentiment was dampened by the Greek debt dispute and the situation in eastern Ukraine. The stock markets reacted all the more positively therefore to the negotiated ceasefi re between Ukraine and Russia and the agreement reached between Greece and the other eurozone countries at the end of February. This positive market environment helped the leading indices achieve strong growth in the fi rst half of March. On 16 March, the DAX reached a new all-time high of 12,168 points. In the second half of the month, this momentum was slowed somewhat by fears of an earlier interest rate turnaround in the USA. However, strong economic data from Germany and the USA lifted the index back to 11,966 points at the end of the quarter. As a result, the DAX fi nished 22.0 % up on the end of 2014. At 17.1 %, the SDAX also grew strongly in the fi rst three months and closed at 8,417 points on 31 March 2015.
Despite the uncertainties mentioned above, the HHLA share made a good start to the new year and even outperformed the DAX and SDAX in the fi rst two weeks of January. In the second half of the month, the HHLA share was buoyed by positive market sentiment following the ECB announcement on quantitative easing. A slight dip below € 18.50 at the end of the month was interpreted by some market participants as a technical signal for a trend breakout. This led to an above-average increase in trading volumes on 29 January as large numbers of shares were sold and the share price fell 3.4 % in a single day. However, the share price quickly recovered and was bolstered by the release of preliminary fi gures for the 2014 fi nancial
year that lay slightly above market expectations. The negotiations between Russia and Ukraine, which led to the Minsk II agreement in mid-February, were interpreted as a positive signal for HHLA and the share price stabilised above € 19 in the second half of the month. In a very dynamic market at the beginning of March, the share exceeded the € 20 mark for the fi rst time, and rose to a quarterly high of € 21.37 on 20 March. The change in an analyst recommendation from "hold" to "sell" on 25 March put the share under pressure and the price subsequently fell by around 2.5 %. Upon release of the annual fi gures for 2014 on 30 March, the outlook for the 2015 fi nancial year only partially fulfi lled market expectations. As a result, the share fell slightly and closed the quarter at € 19.55. The HHLA share therefore ended the quarter 13.3 % up on its closing price at the end of 2014.
In addition to numerous discussions with investors and analysts at the company's headquarters in Hamburg, the IR team also attended a conference in the fi nancial centre of Frankfurt. Discussions centred on economic developments in Europe and China, the uncertain political situation in Ukraine, the economic sanctions against Russia and their possible impact on HHLA. The dredging of the river Elbe was also frequently mentioned in discussions.
A total of 22 fi nancial analysts covered HHLA's business development in the fi rst quarter of 2015. HHLA thus continues to receive very broad coverage for an SDAX company. The majority of analysts recommend either buying or holding the share.
Source: Datastream
The latest prices and additional information on the HHLA share can be found online at www.hhla.de/en/investor-relations
2015 started well for Hamburger Hafen und Logistik AG. We were able to continue last year's upward trend in both revenues and earnings in the fi rst quarter. Compared to the fi rst quarter of 2014, Group revenues was up slightly by 1.2 % while the operating result (EBIT) rose strongly by 9.3 %. Developments in our various segments, however, were quite varied.
The development of the Intermodal segment refl ects ever more clearly just how far-sighted and successful our strategy of vertical alignment along the transport chain is. Our rail companies in particular are playing an increasingly important role within the Group. Both Metrans and Polzug achieved double-digit growth in transport volumes year on year and succeeded in expanding their market shares. The increases in volume and transport distances are also refl ected in higher revenues. Our investments in greater value added are now having a clear impact on earnings (EBIT): the operating result more than doubled compared to the same period in 2014.
Seaborne container handling volumes are down strongly on the fi rst quarter of 2014 – a trend which was already becoming apparent in the preceding quarters. In addition to a lower degree of capacity utilisation of the liner services, we also registered a further decrease in the volatile feeder traffi c. Feeder traffi c with Russia alone declined by approximately 40 % year on year due to the current crisis. This was contrasted by consistently high growth rates in profi table rail and truck carriers at our Hamburg terminals. Compared to the same period last year, the Container segment's operating result (EBIT) was down. In addition to the decrease in volumes, this decline can also be attributed to lower storage fees; this income was considerably higher in the fi rst quarter of 2014 due to ship delays. Over the course of the year, however, we expect volumes in the Container segment to recover.
Handling at our Container Terminal Odessa now seems to have reached its lowest point. Should the political and economic situation in Ukraine stabilises and we are able to capture further market shares, we expect a return to year-on-year throughput growth in the course of this year.
Klaus-Dieter Peters Chairman of the Executive Board
The improvement in our operating result (EBIT) at Group level is all the more encouraging in view of how challenging conditions remain. Economic developments in two important markets are currently having a negative impact on our business. China's economic growth continues to weaken and reached its lowest rate of the last six years in the fi rst quarter of 2015. The economic situation in Russia is starting to reach crisis-level. According to the latest forecast of the International Monetary Fund, the Russian economy will shrink by almost 4 % this year, due largely to sanctions imposed as a result of the Ukraine crisis, isolation from the global capital markets and falling crude oil prices.
Against the backdrop of ever larger ship sizes, the dredging of the river Elbe is becoming increasingly urgent. We are therefore hoping for a swift decision from the courts and for construction to begin as soon as possible. In the meantime, we are continuing to expand our capacities in line with demand – especially for the handling of very large container ships – and are focusing on optimising the processes between our container terminals in the port and the connecting hinterland traffi c.
We are upholding our forecast for the current year and expect a slight increase in container throughput as well as moderate growth in container transport. At Group level, we anticipate a slight increase in revenues and an operating result (EBIT) on a par with the prioryear fi gure. The prerequisite for this trend is that there are no major changes either in the global economy or on the global fi nancial markets. We are confi dent, however, that we will achieve our targets.
Yours,
Klaus-Dieter Peters Chairman of the Executive Board
In the winter half-year 2014/2015, the global economy was impacted by several signifi cant factors. Firstly, there were considerable shifts in global exchange rate relationships due to di verging monetary policies; the US dollar, for example, revalued signifi cantly against the currencies of other major economies. Secondly, declining oil prices affected certain key factors which play a decisive role in determining economic development.
Although the pace of global economic growth picked up over the course of 2014, there were already signs of a slight slowdown in the fourth quarter. According to sentiment indicators released by the Kiel Institute for the World Economy (IfW), this trend continued in the fi rst quarter of 2015. Nevertheless, the development of the global economy remained stable. World trade mirrored the accelerated pace of economic growth in 2014 and grew by a total of 3.4 %, in line with global gross domestic product. Due to the slight slowdown in global economic activity in the fi rst quarter of 2015, the IfW also expects a corresponding loss of pace in trade growth in the fi rst three months of the year.
According to the International Monetary Fund (IMF), there was virtually no growth momentum emanating from the advanced economies in spring 2015. Economic activity in the emerging and developing countries, on the other hand, grew moderately in the fi rst quarter. The pace of economic growth in the People's Republic of China contains to slow due to restrained capital expenditure. Gross domestic product (GDP) in the world's second-largest economy grew by 7.0 % in the fi rst quarter of 2015 compared to the same period last year. This is the lowest growth rate in six years. The situation in Russia
is gradually reaching crisis-level proportions. The economy is burdened both by persistent structural problems and by the economic sanctions imposed by the West. These sanctions were imposed for Russia's role in the Ukraine confl ict. The situation has been exacerbated by the rapid decline in crude oil prices at the end of the previous year. The Ukrainian economy is also suffering from the effects of the ongoing confl ict with Russia. By contrast, the eurozone's economic recovery continued to gather pace at the beginning of the year. Experts therefore expect GDP to climb by 1.0 % year on year in the fi rst quarter. The German economy remains solid: with growth of 0.7 % over the last quarter of 2014, the latest economic indicators signal robust growth in the fi rst quarter of 2015. Germany's foreign trade benefi ted from the depreciation of the euro and the increased competitiveness of exports. Compared to the same period last year, exports increased by 1.7 % in January and February 2015. German imports fell in total by 0.7 % in the fi rst two months.
Following the solid upswing in global container traffi c with growth rates of 5.1 % last year – measured by container throughput at the ports – the trend slowed slightly at the beginning of this year. According to current estimates by the market research institute Drewry, container throughput volume at global ports increased by 4.3 % in the fi rst three months of 2015 compared to the same period last year.
The rate of expansion in capacities, on the other hand, remained unchanged. Compared to the previous year, the transport capacity – measured by carrying capacity of the global container ship fl eet – increased by 7.1 % to 18.6 million standard containers (TEU) in the period up to March. In view of the increasing imbalances on the container shipping market, freight rates remain
under pressure. Shipping companies are continuing their cost-saving and capacity management measures in order to achieve profi tability. The large 2M ( Maersk and MSC) and Ocean 3 (CMA CGM, UASC and CSCL) alliances began operations in January in order to improve utilisation of their transport capacities via coordinated activities.
All in all, the north-west European ports are enjoying stable growth. Following an increase in traffi c of 3.2 % in 2014, the latest sentiment indicators are again pointing to growth of 3.2 % for the fi rst quarter of 2015. Developments in the large container ports of the North Range – Rotterdam, Antwerp, Zeebrügge, Bremen and Hamburg – have been mixed: while Rotterdam
and Antwerp recorded an increase in container volumes compared with weaker quarters of the previous year, the Bremen ports continued the downward trend seen in previous years. The largest European port, Rotterdam, managed to increase container throughput by 7.6 % in the fi rst quarter of 2015. In Antwerp, 9.5 % more containers were handled at the quay wall. By contrast, Bremen recorded a 1.6 % decrease in throughput in January and February compared to the same period last year.
At the time of this interim report going to press, no reliable data was available for the fi rst quarter regarding the development of cargo transported via road, rail and inland waterways.
| in € million | 1– 3 2015 | 1– 3 2014 | Change |
|---|---|---|---|
| Revenues | 296.9 | 293.5 | 1.2 % |
| EBITDA | 73.1 | 69.4 | 5.3 % |
| EBITDA margin in % | 24.6 | 23.7 | 0.9 pp |
| EBIT | 43.0 | 39.3 | 9.3 % |
| EBIT margin in % | 14.5 | 13.4 | 1.1 pp |
| Profi t after tax and minority interests | 12.6 | 10.5 | 19.8 % |
| Earnings from associates (using the equity method) | 1.1 | 1.0 | 14.7 % |
| ROCE in % | 13.2 | 12.0 | 1.2 pp |
In the period under review, negative exchange rate effects arose from the devaluation of the local Ukrainian currency. This had a signifi cant impact on the Group's net assets, earnings and fi nancial position. There were no further effects that had a material impact on the HHLA Group's revenues or earnings.
There is normally no long-term order backlog for handling and transport services, and thus no use is made of this particular reporting fi gure.
Against the backdrop of the economic environment mentioned above, HHLA recorded a yearon-year decrease in throughput volumes in the fi rst three months of 2015. Container throughput declined by 6.2 % to 1,747 thousand TEU (previous year: 1,862 thousand TEU). This was due to lower feeder volumes, weak domestic demand in Ukraine and a strong decrease in traffi c to and from Russia. Transport volumes increased by 9.3 % to 333 thousand TEU (previous year: 305 thousand TEU).
Revenues for the HHLA Group amounted to € 296.9 million in the reporting period and was thus 1.2 % higher than in the previous year (€ 293.5 million). In addition to increased intermodal traffi c volumes, this was also due to a disproportionately smaller decline in Container segment revenues compared to the volume decrease.
In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenues of € 289.6 million in the reporting period (previous year: € 286.4 million). This growth in the Port Logistics subgroup almost matched the trend for the Group as a whole. The non-listed Real Estate subgroup raised revenues by 3.6 % to € 8.7 million (previous year: € 8.4 million) and contributed 2.5 % to Group revenues.
Changes in inventories did not have a noticeable effect on consolidated net profi t. Own work capitalised remained on a par with the previous year's level at € 2.1 million (previous year: € 2.0 million).
Other operating income amounted to € 7.7 million (previous year: € 8.6 million).
Despite the increase in revenues described above, operating expenses declined by a total of 0.6 % to € 263.7 million.
The cost of materials fell 2.5 % in the reporting period to € 93.6 million (previous year: € 96.0 million). This signifi cant decrease in the cost of mater ials ratio to 31.5 % (previous year: 32.7 %) is the result of cost structure deviations from the extended own traction in intermodal traffi c between the German North Sea ports and the Czech Republic since the beginning of the year and the increased utilasation of trains in the Intermodal segment.
Personnel expenses rose year on year by 2.1 % to € 105.2 million (previous year: € 103.1 million). In addition to higher union wage rates, personnel expenses were affected by the output-related expansion of the Intermodal segment's workforce and increased headcount in the Container segment to handle peak loads. The personnel expenses ratio increased slightly to 35.4 % (previous year: 35.1 %).
Other operating expenses fell by 3.4 % to € 34.8 million (previous year: € 36.0 million) in the reporting period. Their share of revenues decreased from 12.3 % in the previous year to 11.7 %.
As a result of these developments, the HHLA Group saw its operating result before depreciation and amortisation (EBITDA) rise by 5.3 % to € 73.1 million (previous year: € 69.4 million). The EBITDA margin rose to 24.6 % (previous year: 23.7 %) during the reporting period.
At € 30.1 million, depreciation and amortisation was unchanged from the previous year (€ 30.1 million).
At Group level, the operating result (EBIT) increased by 9.3 % to € 43.0 million (previous year: € 39.3 million). The EBIT margin also rose strongly to 14.5 % (previous year: 13.4 %). The Port Logistics and Real Estate subgroups contributed 90.3 % and 9.7 % to EBIT, respectively.
Net expenses from the fi nancial result climbed in total by € 2.4 million to € 13.7 million (previous year: € 11.3 million). These additional expenses were mainly due to negative exchange rate effects in the amount of € 7.7 million (previous year: € 4.8 million), due to the devaluation of the Ukrainian currency.
At 31.6 % the Group's effective tax rate was similar to the prior-year fi gure (31.3 %).
Profi t after tax rose by 4.1 % from € 19.2 million to € 20.0 million. Profi t after tax and minority interests climbed by 19.8 % to € 12.6 million year on year (previous year: € 10.5 million).
Earnings per share of € 0.17 were also 19.8 % above last year's fi gure of € 0.14. The listed Port Logistics subgroup reported a 23.9 % rise in earnings per share to € 0.15 (previous year: € 0.12). Earnings per share in the non-listed Real Estate subgroup were up 2.6 % at € 0.77 (previous year: € 0.75). Largely due to the improved operating result (EBIT), the return on capital employed (ROCE) rose by 1.2 percentage points to 13.2 % (previous year: 12.0 %).
| in € million | 1– 3 2015 | 1– 3 2014 | Change |
|---|---|---|---|
| Revenues | 180.0 | 186.1 | - 3.3 % |
| EBITDA | 54.1 | 59.2 | - 8.6 % |
| EBITDA margin in % | 30.1 | 31.8 | - 1.7 pp |
| EBIT | 32.6 | 37.3 | - 12.6 % |
| EBIT margin in % | 18.1 | 20.0 | - 1.9 pp |
| Earnings from associates (using the equity method) | 0.2 | 0.1 | 29.7 % |
| Container throughput in thousand TEU | 1,747 | 1,862 | - 6.2 % |
At 1,747 thousand standard containers (TEU), throughput at the HHLA terminals in Hamburg and Odessa in the fi rst three months of 2015 was 6.2 % below the previous year's fi gure. The decrease in volume varied considerably across locations. Although throughput volumes in Odessa fell 13.4 % year on year, they remained on a par with the fi gures of the preceding three quarters. The 5.9 % decrease at the Hamburg terminals compared to the fi rst quarter of 2014 is mainly the result of a drop in feeder traffi c with Baltic ports, which was down 19.3 % year on year. In addition to the re-routing of individual shipping companies, this was primarily due to the decline in traffi c to and from Russia, which fell almost 40 % compared to the previous year. There was a corresponding drop in the feeder ratio to 23.3 % (previous year: 26.9 %). By contrast, container handling for ocean-going vessels was only slightly down on the previous year at 0.9 % due to the strong throughput growth of rail and truck transport at HHLA's Hamburg terminals.
Changes in the cargo mix in favour of more profitable ocean-going and hinterland traffi c led to an overall increase in handling revenues. However, this could not fully compensate for the decrease in storage fees compared to the same period last year. At the beginning of 2014, these fees were higher than average due to the weather-related delay of
many overseas services and the longer dwell times of containers at the terminals that this caused. As a result, revenues fell by a total of 3.3 % in the fi rst quarter of 2015 to € 180.0 mil lion (previous year: € 186.1 million). Nevertheless, average revenues per standard container handled at the quayside increased by 3.1 % as a result of the decreased proportion of lower-margin feeder traffi c.
Lower handling volumes led to a slight decrease in EBIT costs, which were down 1.0 % on the fi rst quarter of 2014. By contrast, unit costs were up 5.6 % year on year, since their effective indicator – seaborne handling volumes – sank while the shift in the cargo mix led to increased deployment of personnel to handle higher hinterland volumes. This resulted in diseconomies of scale that could not be offset by the increase in productivity. At the same time, the training of new employees and use of external staff led to increased personnel costs. These developments resulted in a 12.6 % de crease in the operating result (EBIT), which amounted to € 32.6 million (previous year: € 37.3 million). The EBIT margin fell correspondingly to 18.1 % (previous year: 20.0 %).
In view of the trend in ship sizes, efforts to expand capacity are continuing: further tandem container gantry cranes have been ordered for the Container Terminal Burchardkai (CTB).
| in € million | 1– 3 2015 | 1–3 2014 | Change |
|---|---|---|---|
| Revenues | 91.7 | 82.9 | 10.6 % |
| EBITDA | 18.2 | 11.0 | 65.9 % |
| EBITDA margin in % | 19.9 | 13.3 | 6.6 pp |
| EBIT | 12.7 | 5.8 | 117.2 % |
| EBIT margin in % | 13.8 | 7.0 | 6.8 pp |
| Container transport in thousand TEU | 333 | 305 | 9.3 % |
HHLA's rail and road-based transport companies once again achieved strong growth in the highly competitive market for container traffi c in the hinterland of major seaports. With growth of 9.3 %, transport volumes climbed to 333 thousand standard containers (TEU) compared to 305 thousand TEU in the same period last year.
This trend was primarily driven by the growth in railway transportation. Transport connections within Germany, Austria and Switzerland and traffi c between the Adriatic ports and the Central and Eastern European hinterland recorded aboveaverage growth. Transport volumes from the Polish seaports were also increased signifi cantly.
With growth of 10.6 % to € 91.7 million (previous year: € 82.9 million), revenues outpaced volume gains. The main reason for this was the increase in the average transportation distance, partly as a result of the increase in the share of railway traffi c from 73.7 % to 75.8 % of HHLA's total intermodal transportation.
The operating result (EBIT) doubled compared to the same quarter last year to € 12.7 million (previous year: € 5.8 million) and signifi cantly outperformed volume and revenues growth. The extension of own traction by further locomotives from the beginning of the year 2015 had a particularly positive effect on productivity rates and led to improved cost structures. Better utilisation of trains, made possible by a benefi cial mix of import and export volumes, also had a positive effect on segment earnings. The ongoing restructuring of the Polzug Group also contributed to the encouraging earnings trend. In addition, one-off effects for restructuring and increased expenditure to deal with operational disruptions, which had burdened onward-carriage systems due to shipping delays in spring 2014 have not occurred in the fi rst quarter of 2015.
Since the beginning of the year, Metrans has been operating a further inland terminal in the northern Bohemian area of Usti nad Labem, bringing the dynamic growth regions of northern Bohemia and south-east Saxony into the Metrans network. At the beginning of April, Metrans took delivery and put into operation the last of the 20 new multisystem locomotives.
| in € million | 1– 3 2015 | 1–3 2014 | Change |
|---|---|---|---|
| Revenues | 15.1 | 15.0 | 0.5 % |
| EBITDA | - 0.9 | - 0.5 | neg. |
| EBITDA margin in % | - 6.3 | - 3.4 | neg. |
| EBIT | - 1.3 | - 0.8 | neg. |
| EBIT margin in % | - 8.5 | - 5.3 | neg. |
| Earnings from associates (using the equity method) | 1.0 | 0.8 | 12.1 % |
Since 2014, the key fi nancial fi gures for the Logistics segment have only included vehicle logistics, project and contract logistics, consultancy activities and cruise logistics. The results from bulk cargo and fruit logistics have been included in earnings from associates, accounted for using the equity method, since 2014 and 2012 respectively. To ensure that the Logistics segment is presented as fully as possible, earnings from associates are also shown in the table above.
The performance of the segment's individual business fi elds varied strongly in the fi rst few months of the 2015 fi nancial year. The com panies included in earnings from associates all succeeded in raising volumes, revenues and earnings. By contrast, the development of the other companies was more modest in the fi rst quarter of 2015. While segment revenues of € 15.1 million was on a par with the previous year's level, EBIT of € -1.3 million was down on the same period last year (previous year: € - 0.8 million).
Business developed as follows in the segment's various divisions:
As in 2014, vehicle logistics got off to a modest start in the new fi nancial year, due to weatherrelated shipping cancellations and changes in rotation. At 368 thousand tonnes, including packing, handling was 1.0 % below the prioryear fi gure. At 49.1 thousand, vehicle handling fell short of the fi gure achieved in the fi rst quarter last year by 4.2 %. Revenues and EBIT failed to match the previous year's level.
Due to customer delays in awarding contracts, consultancy activities got off to a modest start in 2015. Revenues was on a par with the previous year while EBIT was down on the fi rst quarter of 2014.
The market environment for project and contract logistics remained challenging in the reporting period. Revenues exceeded the prioryear fi gure, but earnings fell short of the previous year's level, which included income from other accounting periods.
As in the previous year, cruise logistics processed fi ve ships in the fi rst quarter of 2015. For seasonal reasons, cruise logistics did not provide any meaningful volume, revenues and earnings fi gures in the fi rst quarter.
At 3.7 million tonnes, seaborne handling volumes in bulk cargo logistics exceeded the prior-year volume by a total of 11.2 % in the fi rst quarter due to an increase in coal handling. Revenues and earnings also climbed signifi cantly over the fi rst quarter of 2014.
Fruit logistics was able to continue last year's positive trend in the fi rst quarter of 2015. Volumes increased significantly by 15.6 % to 146 thousand tonnes. Revenues and earnings also exceeded the prior-year fi gures substantially.
| in € million | 1– 3 2015 | 1–3 2014 | Change |
|---|---|---|---|
| Revenues | 8.7 | 8.4 | 3.6 % |
| EBITDA | 5.3 | 4.9 | 9.1 % |
| EBITDA margin in % | 61.4 | 58.3 | 3.1 pp |
| EBIT | 4.1 | 3.8 | 8.4 % |
| EBIT margin in % | 47.1 | 45.1 | 2.0 pp |
Despite fewer large contracts over 5,000 m2 , the Hamburg offi ce market started the year with considerable growth. According to the offi ce market overview by Grossmann & Berger, 123,000 m2 – or approximately 17 % – more space was let in the fi rst quarter of 2015 than in the previous year. This was primarily due to the large number of owneroccupied offi ce properties, which amounted to around 43 % in the fi rst three months of 2015.
Approximately 65 % of the space let in Hamburg in the fi rst quarter of 2015 was in the market sections City, HafenCity and City Süd. At 44 %, City Centre accounted for the largest share, followed by HafenCity with 14 % and City Süd with 7 %. City Centre activities were dominated by contracts for spaces under 1,000 m2 . The rise in let spaces in the higher-priced segments led to an increased monthly average rental cost of € 14.80/m² in the relevant market sections.
According to fi gures released by Jones Lang La-Salle, the vacancy rate stood at 6.9 % at the end of the fi rst quarter of 2015, and was thus once again clearly below the prior-year fi gure (7.5 %).
Against this backdrop, HHLA's properties in the Speicherstadt historical warehouse district and the fi sh market area on the northern bank of the river Elbe continued to make good progress with yearon-year revenues growth of 3.6 %. This result was driven by high occupancy rates, with almost full occupancy in both quarters. The revenues growth expected from newly let properties this year will primarily result from the new hotel in the Speicherstadt historical warehouse district, which opened in autumn 2014.
There was a disproportionate increase in the operating result (EBIT) of 8.4 % year on year to € 4.1 million (previous year: € 3.8 million). This growth was mainly due to lower maintenance costs as a result of weather conditions in the fi rst quarter of 2015. Maintenance plans already in preparation will lead to a normalisation of earnings over the course of the year.
| in € million | 1– 3 2015 | 1– 3 2014 |
|---|---|---|
| Financial funds as of 01.01 | 185.6 | 151.1 |
| Cash fl ow from operating activities |
38.6 | 52.5 |
| Cash fl ow from investing activities |
- 48.9 | -58.6 |
| Free cash fl ow | - 10.3 | -6.1 |
| Cash fl ow from fi nancing activities |
14.6 | 13.4 |
| Change in fi nancial funds |
4.3 | 7.3 |
| Change in fi nancial funds due to exchange rates |
- 2.6 | 3.1 |
| Financial funds as of 31.03 |
187.3 | 161.5 |
The cash infl ow from operating activities (operating cash fl ow) declined by € 13.9 million in the fi rst quarter of 2015 to € 38.6 million (previous year: € 52.5 million). This decrease is primarily the result of an increase in assets, especially receivables from affi liated companies as well as a slight rise in trade liabilities compared to the same quarter last year. The improved operating result had the opposite effect.
Investing activities led to cash outflows of € 48.9 million (previous year: € 58.6 million). This decrease of € 9.7 million was due to an increase in short-term bank deposits. Capital expenditure on property, plant and equipment and investment property was on a par with the previous year.
Free cash fl ow, defi ned as the total of cash fl ow from operating activities plus the cash fl ow from investing activities, amounted to € - 10.3 million at the end of the reporting period (previous year: € - 6.1 million) and was therefore down on the previous year.
The cash infl ow from fi nancing activities of € 14.6 million (previous year: € 13.4 million) resulted from the take-up of loans in the current fi nancial year amounting to € 20.2 million. This was partly offset by the redemption of loans and lease liabilities.
As of the reporting date, the changes described above resulted in fi nancial funds of € 187.3 million (previous year: € 161.5 million) – which were thus higher than at the beginning of the year (as of 31 December 2014: € 185.6 million). Including short-term deposits, the Group's available liquidity totalled € 287.3 million (previous year: € 251.5 million).
The investment volume in the reporting period amounted to € 31.5 million and was thus below the prior-year fi gure of € 39.4 million. Property, plant and equipment accounted for € 30.1 million (previous year: € 36.9 million) of capital expenditure, while intangible assets accounted for € 1.4 million (previous year: € 2.5 million). The majority of the investments were for expansion work.
In the fi rst quarter of 2015, the acquisition of new locomotives was the main focus of investment.
For the remainder of the 2015 financial year, capital expenditure will continue to focus on increasing productivity in the existing terminal areas and expanding the high-performance hinterland connections in line with market demands.
| in € million | ||
|---|---|---|
| Assets | 31.03.2015 | 31.12.2014 |
| Non-current assets | 1,307.5 | 1,308.1 |
| Current assets | 519.5 | 480.0 |
| 1,827.0 | 1,788.1 | |
| Equity and liabilities | ||
| Equity | 536.0 | 546.7 |
| Non-current liabilities | 971.2 | 918.9 |
| Current liabilities | 319.8 | 322.5 |
| 1,827.0 | 1,788.1 |
Compared with the end of 2014, the HHLA Group's balance sheet total increased as of the reporting date by a total of € 38.9 million to € 1,827.0 million.
Non-current assets of € 1,307.5 million were € 0.6 million lower than at year-end (as of 31 December 2014: € 1,308.1 million). This was mainly due to scheduled depreciation on property, plant and equipment as well as currency translation adjustments for HHLA's Ukrainian subsidiary. Capital expenditure in this period had the opposite effect. There was also an increase in deferred tax assets. This was due in part to changes in pension provisions due to interest rates.
At € 519.5 million, current assets as of 31 March 2015 exceeded the amount reported on 31 December 2014 (as of 31 December 2014:€ 480.0 million) by € 39.4 million. This growth resulted from a € 44.0 million increase in receivables from affi liated companies within the scope of the cash clearing system, while cash and cash equivalents decreased by € 20.4 million.
Equity fell by € 10.7 million to € 536.0 million as of the reporting date (as of 31 December 2014: € 546.7 million). This decrease is primarily due to the reduction in other comprehensive income: actuarial gains less deferred taxes fell by € 21.2 million while the reserve for translation differences declined by € 9.8 million. Net profi t for the quarter of € 20.0 million had a positive effect. As a result, there was a decline in the equity ratio, which stood at 29.3 % at the end of the fi rst quarter (as of 31 December 2014: 30.6 %).
The increase in non-current liabilities of € 52.4 million to € 971.2 million compared to the end of the year (as of 31 December 2014: € 918.9 million) was largely due to the rise in pension provisions following changes to actuarial parameters amounting to € 34.3 million and the increase in non-current fi nancial liabilities of € 17.4 million caused primarily by borrowing.
The decrease in current liabilities of € 2.7 million to € 319.8 million (as of 31 December 2014: € 322.5 million) is partly due to a decrease in trade liabilities of € 9.5 million. The € 6.6 million increase in current fi nancial liabilities had the opposite effect.
Interim Management Report Employees Transactions with Respect to Related Parties Events after the Balance Sheet Date Business Forecast Risk and Opportunity Report 14
Number of employees in the HHLA Group as of 31.03.2015
HHLA's workforce totalled 5,265 on the reporting date, 31 March 2015. This fi gure represents a slight increase of 1.4 % or 71 employees since 31 December 2014. In absolute fi gures, headcount growth was strongest in the Intermodal segment: due to the expansion of services, the number of staff increased by 5.8 %, or 76 employees. An increase in the workforce of three in the Real Estate segment led to a rise of 8.3 % compared to the end of 2014. Headcount in the other segments remained largely constant compared to the beginning of the year. The number of staff in the Container segment decreased by 0.2 %, or fi ve employees. Headcount in the Logistics segment rose by 2.2 %, or fi ve employees. The number of staff in the Holding/Other division fell by 1.4 % or eight employees.
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 offi ce space to other enterprises and public institutions affi liated 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 2014.
There were no signifi cant events after the balance sheet date of 31 March 2015.
Expectations regarding the Group's earnings position in 2015 remain unchanged. HHLA remains confi dent that a slight increase in container throughput can be achieved in 2015. With regards to container transport HHLA expects a moderate increase.
At Group level, this will be accompanied by a slight increase in revenues in 2015 compared to the previous year. The operating result (EBIT) is expected to remain on a par with the previous year.
Developments at the Port Logistics subgroup in 2015 are likely to mirror the relative changes in key performances fi gures for the Group as a whole. Unlike the Port Logistics subgroup, the Container segment will be unable to match the prior-year EBIT result. A slight decrease in the operating result is anticipated for this segment. By contrast, EBIT is expected to grow strongly in the Intermodal segment. Both revenues and EBIT of the Real Estate subgroup are likely to be on a par with the prior-year fi gures in 2015, whereby the proportion of maintenance recognised in profi t and loss will rise in 2015. Earnings in the Port Logistics subgroup and at Group level may also be depressed by exchange rate factors reported below EBIT as part of the fi nancial result.
Capital expenditure at Group level in 2015 is currently still expected to be in the region of € 170 million, almost all of which will go towards the Port Logistics subgroup.
On account of the continuing uncertainty regarding the situation in Ukraine, further exchange rate effects and a decline in handling demand at the container terminal in Odessa may have a negative impact on the HHLA Group's fi nancial position and performance. There remains a possibility that balance sheet fi gures may have to be adjusted in the future.
Moreover, with regard to the HHLA Group's risk and opportunity position, the statements made on pages 76 to 82 of the Management Report section of the 2014 Annual Report continue to apply, unless this report indicates otherwise. This section of the Annual Report describes the risk and opportunity factors associated with the HHLA Group's business activities. The risks identifi ed – taken both singularly and cumulatively – still do not threaten the existence of the Group. As far as the future is concerned, there are also no discernible risks at present which could jeopardise the continued existence of the Group.
| in € thousand | 1– 3 2015 | 1– 3 2014 |
|---|---|---|
| Revenue | 296,932 | 293,485 |
| Changes in inventories | 14 | 553 |
| Own work capitalised | 2,129 | 1,959 |
| Other operating income | 7,661 | 8,556 |
| Cost of materials | - 93,609 | - 96,043 |
| Personnel expenses | - 105,206 | - 103,052 |
| Other operating expenses | - 34,792 | - 36,018 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 73,129 | 69,440 |
| Depreciation and amortisation | - 30,135 | - 30,096 |
| Earnings before interest and taxes (EBIT) | 42,994 | 39,344 |
| Earnings from associates accounted for using the equity method | 1,140 | 994 |
| Interest income | 10,135 | 4,846 |
| Interest expenses | - 24,978 | - 17,175 |
| Financial result | - 13,703 | - 11,335 |
| Earnings before tax (EBT) | 29,291 | 28,009 |
| Income tax | - 9,267 | - 8,772 |
| Profi t after tax | 20,024 | 19,237 |
| of which attributable to non-controlling interests | 7,473 | 8,759 |
| of which attributable to shareholders of the parent company | 12,551 | 10,478 |
| Earnings per share, basic, in € | ||
| Group | 0.17 | 0.14 |
| Subgroup Port Logistics | 0.15 | 0.12 |
| Subgroup Real Estate | 0.77 | 0.75 |
| Earnings per share, diluted, in € | ||
| Group | 0.17 | 0.14 |
| Subgroup Port Logistics | 0.15 | 0.12 |
| Subgroup Real Estate | 0.77 | 0.75 |
| in € thousand | 1– 3 2015 | 1– 3 2014 |
|---|---|---|
| Profi t after tax | 20,024 | 19,237 |
| Components, which can not be transferred to Income Statement | ||
| Actuarial gains/losses | - 31,258 | - 11,305 |
| Deferred taxes | 10,085 | 3,717 |
| Total | - 21,173 | - 7,588 |
| Components, which can be transferred to Income Statement | ||
| Cash fl ow hedges | 54 | 57 |
| Foreign currency translation differences | - 9,796 | - 19,398 |
| Deferred taxes | - 78 | 8 |
| Other | 199 | - 2 |
| Total | - 9,621 | - 19,335 |
| Income and expense recognised directly in equity | - 30,794 | - 26,924 |
| Total Comprehensive Income | - 10,769 | - 7,687 |
| of which attributable to non-controlling interests | 7,417 | 8,740 |
| of which attributable to shareholders of the parent company | - 18,186 | - 16,427 |
Income Statement HHLA Subgroups Statement of Comprehensive Income HHLA Subgroups
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2015 Group |
1– 3 2015 Port Logistics |
1– 3 2015 Real Estate |
1– 3 2015 Consolidation |
|---|---|---|---|---|
| Revenue | 296,932 | 289,632 | 8,711 | - 1,411 |
| Changes in inventories | 14 | 15 | - 1 | 0 |
| Own work capitalised | 2,129 | 2,056 | 0 | 73 |
| Other operating income | 7,661 | 6,309 | 1,547 | - 195 |
| Cost of materials | - 93,609 | - 91,753 | - 1,881 | 25 |
| Personnel expenses | - 105,206 | - 104,639 | - 567 | 0 |
| Other operating expenses | - 34,792 | - 33,840 | - 2,460 | 1,508 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 73,129 | 67,780 | 5,349 | 0 |
| Depreciation and amortisation | - -30,135 | - 28,971 | - 1,243 | 79 |
| Earnings before interest and taxes (EBIT) | 42,994 | 38,809 | 4,106 | 79 |
| Earnings from associates accounted for using the equity method | 1,140 | 1,140 | 0 | 0 |
| Interest income | 10,135 | 10,156 | 10 | - 31 |
| Interest expenses | - 24,978 | - 23,817 | - 1,192 | 31 |
| Financial result | - 13,703 | - 12,521 | - 1,182 | 0 |
| Earnings before tax (EBT) | 29,291 | 26,288 | 2,924 | 79 |
| Income tax | - 9,267 | - 8,345 | - 903 | - 19 |
| Profi t after tax | 20,024 | 17,943 | 2,021 | 60 |
| of which attributable to non-controlling interests | 7,473 | 7,473 | 0 | |
| of which attributable to shareholders of the parent company | 12,551 | 10,470 | 2,081 | |
| Earnings per share, basic, in € | 0.17 | 0.15 | 0.77 | |
| Earnings per share, diluted, in € | 0.17 | 0.15 | 0.77 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2015 Group |
1– 3 2015 Port Logistics |
1– 3 2015 Real Estate |
1– 3 2015 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 20,024 | 17,943 | 2,021 | 60 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 31,258 | - 30,774 | - 484 | |
| Deferred taxes | 10,085 | 9,929 | 156 | |
| Total | - 21,173 | - 20,845 | - 328 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 54 | 54 | 0 | |
| Foreign currency translation differences | - 9,796 | - 9,796 | 0 | |
| Deferred taxes | - 78 | - 78 | 0 | |
| Other | 199 | 199 | 0 | |
| Total | - 9,621 | - 9,621 | 0 | |
| Income and expense recognised directly in equity | - 30,794 | - 30,466 | - 328 | 0 |
| Total Comprehensive Income | - 10,769 | -12,523 | 1,694 | 60 |
| of which attributable to non-controlling interests | 7,417 | 7,417 | 0 | |
| of which attributable to shareholders of the parent company | - 18,186 | - 19,940 | 1,754 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2014 Group |
1– 3 2014 Port Logistics |
1– 3 2014 Real Estate |
1– 3 2014 Consolidation |
|---|---|---|---|---|
| Revenue | 293,485 | 286,385 | 8,407 | - 1,307 |
| Changes in inventories | 553 | 552 | 1 | 0 |
| Own work capitalised | 1,959 | 1,959 | 0 | 0 |
| Other operating income | 8,556 | 7,413 | 1,400 | - 257 |
| Cost of materials | - 96,043 | - 94,479 | - 1,564 | 0 |
| Personnel expenses | - 103,052 | - 102,494 | - 558 | 0 |
| Other operating expenses | - 36,018 | - 34,798 | - 2,784 | 1,564 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 69,440 | 64,538 | 4,902 | 0 |
| Depreciation and amortisation | - 30,096 | - 29,060 | - 1,114 | 78 |
| Earnings before interest and taxes (EBIT) | 39,344 | 35,478 | 3,788 | 78 |
| Earnings from associates accounted for using the equity method | 994 | 994 | 0 | 0 |
| Interest income | 4,846 | 4,732 | 149 | - 35 |
| Interest expenses | - 17,175 | - 16,134 | - 1,076 | 35 |
| Financial result | - 11,335 | - 10,408 | - 927 | 0 |
| Earnings before tax (EBT) | 28,009 | 25,070 | 2,861 | 78 |
| Income tax | - 8,772 | - 7,862 | - 891 | - 19 |
| Profi t after tax | 19,237 | 17,208 | 1,970 | 59 |
| of which attributable to non-controlling interests | 8,759 | 8,759 | 0 | |
| of which attributable to shareholders of the parent company | 10,478 | 8,449 | 2,029 | |
| Earnings per share, basic, in € | 0.14 | 0.12 | 0.75 | |
| Earnings per share, diluted, in € | 0.14 | 0.12 | 0.75 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2014 Group |
1– 3 2014 Port Logistics |
1– 3 2014 Real Estate |
1– 3 2014 Consolidation |
|---|---|---|---|---|
| Profi t after tax | 19,237 | 17,208 | 1,970 | 59 |
| Components, which can not be transferred to Income Statement | ||||
| Actuarial gains/losses | - 11,305 | - 11,124 | - 181 | |
| Deferred taxes | 3,717 | 3,658 | 59 | |
| Total | - 7,588 | - 7,466 | - 122 | |
| Components, which can be transferred to Income Statement | ||||
| Cash fl ow hedges | 57 | 57 | 0 | |
| Foreign currency translation differences | - 19,398 | - 19,398 | 0 | |
| Deferred taxes | 8 | 8 | 0 | |
| Other | - 2 | - 2 | 0 | |
| Total | - 19,335 | - 19,335 | 0 | |
| Income and expense recognised directly in equity | - 26,924 | - 26,801 | - 122 | 0 |
| Total Comprehensive Income | - 7,687 | - 9,593 | 1,848 | 59 |
| of which attributable to non-controlling interests | 8,740 | 8,740 | 0 | |
| of which attributable to shareholders of the parent company | - 16,427 | - 18,334 | 1,906 |
| in € thousand | ||
|---|---|---|
| Assets | 31.03.2015 | 31.12.2014 |
| Non-current assets | ||
| Intangible assets | 76,146 | 77,844 |
| Property, plant and equipment | 930,553 | 938,016 |
| Investment property | 197,025 | 199,196 |
| Associates accounted for using the equity method | 12,782 | 11,717 |
| Financial assets | 18,385 | 17,746 |
| Deferred taxes | 72,635 | 63,558 |
| 1,307,526 | 1,308,077 | |
| Current Assets | ||
| Inventories | 25,438 | 24,026 |
| Trade receivables | 145,061 | 140,221 |
| Receivables from related parties | 80,175 | 36,202 |
| Other fi nancial receivables | 2,728 | 1,982 |
| Other assets | 30,306 | 23,789 |
| Income tax receivables | 3,945 | 1,568 |
| Cash, cash equivalents and short-term deposits | 231,800 | 252,217 |
| 519,453 | 480,004 | |
| 1,826,979 | 1,788,081 | |
| Equity and liabilities | ||
| Equity | ||
| Subscribed capital | 72,753 | 72,753 |
| Subgroup Port Logistics | 70,048 | 70,048 |
| Subgroup Real Estate | 2,705 | 2,705 |
| Capital reserve | 141,584 | 141,584 |
| Subgroup Port Logistics | 141,078 | 141,078 |
| Subgroup Real Estate | 506 | 506 |
| Retained earnings | 399,451 | 386,900 |
| Subgroup Port Logistics | 370,979 | 360,510 |
| Subgroup Real Estate | 28,472 | 26,390 |
| Other comprehensive income | - 114,465 | - 83,728 |
| Subgroup Port Logistics | - 114,233 | - 83,823 |
| Subgroup Real Estate | - 232 | 95 |
| Non-controlling interests | 36,649 | 29,232 |
| Subgroup Port Logistics | 36,649 | 29,232 |
| Subgroup Real Estate | 0 | 0 |
| 535,972 | 546,741 | |
| Non-current liabilities | ||
| Pension provisions | 477,842 | 443,558 |
| Other non-curent provisions | 71,514 | 70,770 |
| Non-current liabilities to related parties | 106,571 | 106,644 |
| Non-current fi nancial liabilities | 300,398 | 282,998 |
| Deferred taxes | 14,899 | 14,904 |
| 971,224 | 918,874 | |
|---|---|---|
| Current liabilities | ||
| Other current provisions | 10,629 | 11,540 |
| Trade liabilities | 73,888 | 83,372 |
| Current liabilities to related parties | 74,925 | 73,740 |
| Current fi nancial liabilities | 130,028 | 123,446 |
| Other liabilities | 23,852 | 24,834 |
| Income tax liabilities | 6,461 | 5,534 |
| 319,783 | 322,466 | |
| 1,826,979 | 1,788,081 |
319,783 243,986 90,506 - 14,709 1,826,979 1,672,321 193,732 - 39,074
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.03.2015 Group |
31.03.2015 Port Logistics |
31.03.2015 Real Estate |
31.03.2015 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 76,146 | 76,136 | 10 | 0 |
| Property, plant and equipment | 930,553 | 910,368 | 4,721 | 15,464 |
| Investment property | 197,025 | 43,418 | 181,833 | - 28,226 |
| Associates accounted for using the equity method | 12,782 | 12,782 | 0 | 0 |
| Financial assets | 18,385 | 15,465 | 2,920 | 0 |
| Deferred taxes | 72,635 | 84,238 | 0 | - 11,603 |
| 1,307,526 | 1,142,407 | 189,484 | - 24,365 | |
| Current Assets | ||||
| Inventories | 25,438 | 25,354 | 84 | 0 |
| Trade receivables | 145,061 | 143,751 | 1,310 | 0 |
| Receivables from related parties | 80,175 | 93,989 | 616 | - 14,430 |
| Other fi nancial receivables | 2,728 | 2,705 | 23 | 0 |
| Other assets | 30,306 | 28,836 | 1,470 | 0 |
| Income tax receivables | 3,945 | 4,224 | 0 | - 279 |
| Cash, cash equivalents and short-term deposits | 231,800 | 231,055 | 745 | 0 |
| 519,453 | 529,914 | 4,248 | - 14,709 | |
| 1,826,979 | 1,672,321 | 193,732 | - 39,074 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 399,451 | 370,979 | 38,066 | - 9,594 |
| Other comprehensive income | - 114,465 | - 114,233 | - 232 | 0 |
| Non-controlling interests | 36,649 | 36,649 | 0 | 0 |
| 535,972 | 504,521 | 41,045 | - 9,594 | |
| Non-current liabilities | ||||
| Pension provisions | 477,842 | 470,507 | 7,335 | 0 |
| Other non-curent provisions | 71,514 | 69,528 | 1,986 | 0 |
| Non-current liabilities to related parties | 106,571 | 106,571 | 0 | 0 |
| Non-current fi nancial liabilities | 300,398 | 258,951 | 41,447 | 0 |
| Deferred taxes | 14,899 | 18,257 | 11,413 | - 14,771 |
| 971,224 | 923,814 | 62,181 | - 14,771 | |
| Current liabilities | ||||
| Other current provisions | 10,629 | 10,339 | 290 | 0 |
| Trade liabilities | 73,888 | 70,457 | 3,431 | 0 |
| Current liabilities to related parties | 74,925 | 9,252 | 80,103 | - 14,430 |
| Current fi nancial liabilities | 130,028 | 124,395 | 5,633 | 0 |
| Other liabilities | 23,852 | 23,102 | 750 | 0 |
| Income tax liabilities | 6,461 | 6,441 | 299 | - 279 |
in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes
| Assets | 31.12.2014 Group |
31.12.2014 Port Logistics |
31.12.2014 Real Estate |
31.12.2014 Consolidation |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 77,844 | 77,835 | 9 | 0 |
| Property, plant and equipment | 938,016 | 917,673 | 4,749 | 15,594 |
| Investment property | 199,196 | 44,785 | 182,847 | - 28,436 |
| Associates accounted for using the equity method | 11,717 | 11,717 | 0 | 0 |
| Financial assets | 17,746 | 14,953 | 2,793 | 0 |
| Deferred taxes | 63,558 | 74,689 | 0 | - 11,131 |
| 1,308,077 | 1,141,652 | 190,398 | - 23,973 | |
| Current Assets | ||||
| Inventories | 24,026 | 23,972 | 54 | 0 |
| Trade receivables | 140,221 | 139,353 | 868 | 0 |
| Receivables from related parties | 36,202 | 47,941 | 35 | - 11,774 |
| Other fi nancial receivables | 1,982 | 1,967 | 15 | 0 |
| Other assets | 23,789 | 22,635 | 1,154 | 0 |
| Income tax receivables | 1,568 | 1,568 | 155 | - 155 |
| Cash, cash equivalents and short-term deposits | 252,217 | 251,496 | 721 | 0 |
| 480,004 | 488,932 | 3,001 | - 11,929 | |
| 1,788,081 | 1,630,584 | 193,399 | - 35,902 | |
| Equity and liabilities | ||||
| Equity | ||||
| Subscribed capital | 72,753 | 70,048 | 2,705 | 0 |
| Capital reserve | 141,584 | 141,078 | 506 | 0 |
| Retained earnings | 386,900 | 360,510 | 36,044 | - 9,654 |
| Other comprehensive income | - 83,728 | - 83,823 | 95 | 0 |
| Non-controlling interests | 29,232 | 29,232 | 0 | 0 |
| 546,741 | 517,045 | 39,350 | - 9,654 | |
| Non-current liabilities | ||||
| Pension provisions | 443,558 | 436,656 | 6,902 | 0 |
| Other non-curent provisions | 70,770 | 68,800 | 1,970 | 0 |
| Non-current liabilities to related parties | 106,644 | 106,644 | 0 | 0 |
| Non-current fi nancial liabilities | 282,998 | 240,003 | 42,995 | 0 |
| Deferred taxes | 14,904 | 17,869 | 11,354 | - 14,319 |
| 918,874 | 869,972 | 63,221 | - 14,319 | |
| Current liabilities | ||||
| Other current provisions | 11,540 | 11,240 | 300 | 0 |
| Trade liabilities | 83,372 | 76,909 | 6,463 | 0 |
| Current liabilities to related parties | 73,740 | 8,242 | 77,272 | - 11,774 |
| Current fi nancial liabilities | 123,446 | 117,680 | 5,767 | 0 |
| Other liabilities | 24,834 | 23,827 | 1,007 | 0 |
| Income tax liabilities | 5,534 | 5,670 | 19 | - 155 |
| 322,466 | 243,567 | 90,828 | - 11,929 | |
| 1,788,081 | 1,630,584 | 193,399 | - 35,902 |
| in € thousand | 1– 3 2015 | 1– 3 2014 |
|---|---|---|
| 1. Cash fl ow from operating activities | ||
| Earnings before interest and taxes (EBIT) | 42,994 | 39,344 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets | 30,140 | 30,096 |
| Change in provisions | 568 | - 2,126 |
| Result arising from the disposal of non-current assets | - 50 | 104 |
| Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities | - 28,122 | - 13,030 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities | 15,605 | 19,284 |
| Interest received | 205 | 461 |
| Interest paid | - 5,121 | - 4,488 |
| Income tax paid | - 9,842 | - 8,285 |
| Exchange rate and other effects | - 7,783 | - 8,851 |
| Cash fl ow from operating activities | 38,594 | 52,509 |
| 2. Cash fl ow from investing activities | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 63 | 990 |
| Payments for investments in property, plant and equipment and investment property | - 37,663 | - 37,041 |
| Payments for investments in intangible assets | - 1,417 | - 2,513 |
| Proceeds from disposals of non-current fi nancial assets | 100 | 0 |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 0 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | 0 |
| Payments for short term deposits | - 10,000 | - 20,000 |
| Cash fl ow from investing activities | - 48,917 | - 58,564 |
| 3. Cash fl ow from fi nancing activities | ||
| Redemption of lease liabilities | - 1,190 | - 2,051 |
| Proceeds from the issuance of (fi nancial) loans | 20,244 | 21,327 |
| Payments for the redemption of (fi nancial) loans | - 7,632 | - 5,950 |
| Exchange rate effects | 3,160 | 60 |
| Cash fl ow from fi nancing activities | 14,582 | 13,386 |
| 4. Financial funds at the end of the period | ||
| Change in fi nancial funds (subtotals 1. – 3.) | 4,259 | 7,331 |
| Change in fi nancial funds due to exchange rates | - 2,576 | 3,149 |
| Financial funds at the beginning of the period | 185,617 | 151,069 |
| Financial funds at the end of the period | 187,300 | 161,549 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2015 Group |
1– 3 2015 Port Logistics |
1– 3 2015 Real Estate |
1– 3 2015 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 42,994 | 38,808 | 4,106 | 80 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
30,140 | 28,977 | 1,243 | - 80 |
| Change in provisions | 568 | 657 | - 89 | |
| Result arising from the disposal of non-current assets | - 50 | - 45 | - 5 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 28,122 | - 27,074 | - 1,504 | 456 |
| Change in trade payables and other liabilities not attributable to investing or fi nancing activities |
15,605 | 18,727 | - 2,666 | - 456 |
| Interest received | 205 | 226 | 10 | - 31 |
| Interest paid | - 5,121 | - 3,878 | - 1,274 | 31 |
| Income tax paid | - 9,842 | - 9,589 | - 253 | |
| Exchange rate and other effects | - 7,783 | - 7,785 | 2 | |
| Cash fl ow from operating activities | 38,594 | 39,024 | - 430 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
63 | 58 | 5 | |
| Payments for investments in property, plant and equipment and investment property |
- 37,663 | - 37,462 | - 201 | |
| Payments for investments in intangible assets | - 1,417 | - 1,415 | - 2 | |
| Proceeds from disposals of non-current fi nancial assets | 100 | 100 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 0 | 0 | |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | 0 | 0 | |
| Payments for short term deposits | - 10,000 | - 10,000 | 0 | |
| Cash fl ow from investing activities | - 48,917 | - 48,719 | - 198 | 0 |
| 3. Cash fl ow from fi nancing activities | ||||
| Redemption of lease liabilities | - 1,190 | - 1,190 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 20,244 | 20,244 | 0 | |
| Payments for the redemption of (fi nancial) loans | - 7,632 | - 6,084 | - 1,548 | |
| Exchange rate effects | 3,160 | 3,160 | 0 | |
| Cash fl ow from fi nancing activities | 14,582 | 16,130 | - 1,548 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | 4,259 | 6,435 | - 2,176 | 0 |
| Change in fi nancial funds due to exchange rates | - 2,576 | - 2,576 | 0 | |
| Financial funds at the beginning of the period | 185,617 | 190,896 | - 5,279 | |
| Financial funds at the end of the period | 187,300 | 194,755 | - 7,455 | 0 |
| in € thousand; subgroup Port Logistics and subgroup Real Estate; annex to the condensed notes |
1– 3 2014 Group |
1– 3 2014 Port Logistics |
1– 3 2014 Real Estate |
1– 3 2014 Consolidation |
|---|---|---|---|---|
| 1. Cash fl ow from operating activities | ||||
| Earnings before interest and taxes (EBIT) | 39,344 | 35,478 | 3,788 | 78 |
| Depreciation, amortisation, impairment and reversals on non-fi nancial non-current assets |
30,096 | 29,060 | 1,114 | - 78 |
| Decrease in provisions | - 2,126 | - 2,044 | - 82 | |
| Result arising from the disposal of non-current assets | 104 | 108 | - 4 | |
| Increase in inventories, trade receivables and other assets not attributable to investing or fi nancing activities |
- 13,030 | - 13,505 | - 561 | 1,036 |
| Increase in trade payables and other liabilities not attributable to investing or fi nancing activities |
19,284 | 15,317 | 5,003 | - 1,036 |
| Interest received | 461 | 347 | 149 | - 35 |
| Interest paid | - 4,488 | - 3,372 | - 1,151 | 35 |
| Income tax paid | - 8,285 | - 6,931 | - 1,354 | |
| Exchange rate and other effects | - 8,851 | - 8,851 | 0 | |
| Cash fl ow from operating activities | 52,509 | 45,607 | 6,902 | 0 |
| 2. Cash fl ow from investing activities | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment |
990 | 766 | 224 | |
| Payments for investments in property, plant and equipment and investment property |
- 37,041 | - 30,004 | - 7,037 | |
| Payments for investments in intangible assets | - 2,513 | - 2,513 | 0 | |
| Proceeds from disposals of non-current fi nancial assets | 0 | 0 | 0 | |
| Proceeds from disposal of interests in consolidated companies and other business units (including funds sold) |
0 | 51 | 0 | - 51 |
| Payments for acquiring interests in consolidiated companies and other business units (including funds purchased) |
0 | 0 | - 51 | 51 |
| Payments for short term deposits | - 20,000 | - 20,000 | 0 | |
| Cash fl ow from investing activities | - 58,564 | - 51,700 | - 6,864 | 0 |
| 3. Cash fl ow from fi nancing activities | ||||
| Redemption of lease liabilities | - 2,051 | - 2,051 | 0 | |
| Proceeds from the issuance of (fi nancial) loans | 21,327 | 21,327 | 0 | |
| Payments for the redemption of (fi nancial) loans | - 5,950 | - 4,402 | - 1,548 | |
| Exchange rate effects | 60 | 60 | 0 | |
| Cash fl ow from fi nancing activities | 13,386 | 14,934 | - 1,548 | 0 |
| 4. Financial funds at the end of the period | ||||
| Change in fi nancial funds (subtotals 1. – 3.) | 7,331 | 8,841 | - 1,510 | 0 |
| Change in fi nancial funds due to exchange rates | 3,149 | 3,149 | 0 | |
| Financial funds at the beginning of the period | 151,069 | 139,788 | 11,281 | |
| Financial funds at the end of the period | 161,549 | 151,778 | 9,771 | 0 |
in € thousand; business segments;
| annex to the condensed notes | Subgroup Port Logistics | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Container | Intermodal | Logistics | Holding/Other | ||||||
| 1–3 2015 | 1–3 2014 | 1 –3 2015 | 1–3 2014 | 1–3 2015 | 1–3 2014 | 1–3 2015 | 1–3 2014 | ||
| Segment revenue | |||||||||
| Segment revenue from non-affi liated third parties |
179,444 | 185,515 | 91,276 | 82,439 | 13,817 | 13,290 | 4,281 | 4,494 | |
| Inter-segment revenue | 506 | 544 | 395 | 448 | 1,245 | 1,701 | 27,377 | 26,885 | |
| Total segment revenue | 179,950 | 186,060 | 91,671 | 82,887 | 15,062 | 14,990 | 31,658 | 31,379 | |
| Earnings | |||||||||
| EBITDA | 54,081 | 59,160 | 18,234 | 10,992 | - 948 | - 511 | - 3,586 | - 5,104 | |
| EBITDA margin | 30.1 % | 31.8 % | 19.9 % | 13.3 % | - 6.3 % | - 3.4 % | - 11.3 % | - 16.3 % | |
| EBIT | 32,579 | 37,268 | 12,650 | 5,824 | - 1,281 | - 792 | - 5,207 | - 6,922 | |
| EBIT margin | 18.1 % | 20.0 % | 13.8 % | 7.0 % | - 8.5 % | - 5.3 % | - 16.4 % | - 22.1 % | |
| Assets | |||||||||
| Segment assets | 832,141 | 900,890 | 368,545 | 309,876 | 23,166 | 25,075 | 179,613 | 162,070 | |
| Other segment information | |||||||||
| Investments | |||||||||
| Property, plant and equipment and investment property |
5,231 | 15,609 | 24,024 | 13,841 | 85 | 37 | 574 | 373 | |
| Intangible assets | 1,462 | 2,320 | 66 | 253 | 0 | 26 | 54 | 82 | |
| Depreciation of property, plant and equipment and investment property |
18,826 | 19,563 | 5,494 | 5,086 | 321 | 267 | 1,384 | 1,565 | |
| of which impairment | 191 | ||||||||
| Amortisation of intangible assets | 2,676 | 2,330 | 89 | 81 | 12 | 15 | 237 | 254 | |
| of which impairment | 32 | ||||||||
| Earnings from associates accounted for using the equity method |
188 | 145 | 0 | 0 | 952 | 849 | 0 | 0 | |
| Non-cash items | 7,462 | 7,612 | 1,451 | 1,034 | 396 | 486 | 2,345 | 4,634 | |
| Container throughput in thousand TEU |
1,747 | 1,862 | |||||||
| Container transport in thousand TEU | 333 | 305 |
| Subgroup Real Estate | Total | Consolidation and reconciliation with Group |
Group | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Real Estate | ||||||||||
| 1–3 2015 | 1–3 2014 | 1–3 2015 | 1–3 2014 | 1–3 2015 | 1–3 2014 | 1–3 2015 | 1–3 2014 | |||
| 8,114 | 7,747 | 296,932 | 293,485 | 0 | 0 | 296,932 | 293,485 | |||
| 597 | 661 | 30,120 | 30,238 | - 30,120 | - 30,238 | 0 | 0 | |||
| 8,711 | 8,407 | 327,052 | 323,724 | |||||||
| 5,349 | 4,902 | 73,129 | 69,440 | 0 | 0 | 73,129 | 69,440 | |||
| 61.4 % | 58.3 % | |||||||||
| 4,106 | 3,788 | 42,847 | 39,166 | 147 | 178 | 42,994 | 39,344 | |||
| 47.1 % | 45.1 % | |||||||||
| 192,935 | 179,747 | 1,596,400 | 1,577,658 | 230,579 | 172,997 | 1,826,979 | 1,750,655 | |||
| 200 | 7,037 | 30,114 | 36,898 | 0 | 0 | 30,114 | 36,898 | |||
| 2 | 0 | 1,584 | 2,681 | - 167 | - 167 | 1,417 | 2,513 | |||
| 1,242 | 1,113 | 27,267 | 27,594 | - 106 | - 106 | 27,161 | 27,488 | |||
| 191 | 0 | 0 | 0 | 191 | ||||||
| 1 | 1 | 3,015 | 2,680 | - 41 | - 73 | 2,974 | 2,607 | |||
| 32 | 0 | 0 | 0 | 32 | ||||||
| 0 | 0 | 1,140 | 994 | 0 | 0 | 1,140 | 994 | |||
| 17 | 61 | 11,671 | 13,828 | 8 | 5 | 11,679 | 13,833 | |||
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 31.12.2013 | 70,048 | 2,705 | 141,078 | 506 | 363,000 | - 18,828 | |
| First consolidation of interests in related parties |
|||||||
| Total comprehensive income | 10,478 | - 19,397 | |||||
| Balance as of 31.03.2014 | 70,048 | 2,705 | 141,078 | 506 | 373,478 | - 38,225 | |
| Balance as of 31.12.2014 | 70,048 | 2,705 | 141,078 | 506 | 386,900 | - 50,220 | |
| Total comprehensive income | 12,551 | - 9,787 | |||||
| Balance as of 31.03.2015 | 70,048 | 2,705 | 141,078 | 506 | 399,451 | - 60,007 |
| Parent company interests |
Non-controlling interests |
Total consolidated equity |
||||
|---|---|---|---|---|---|---|
| Other comprehensive income | ||||||
| Cash fl ow hedges |
Actuarial gains/losses |
Deferred taxes on changes recognised directly in equity |
Other | |||
| - 500 | 12,783 | - 3,967 | 11,576 | 578,402 | 21,700 | 600,103 |
| 0 | - 38 | - 38 | ||||
| 57 | - 11,280 | 3,716 | - 2 | - 16,427 | 8,740 | - 7,687 |
| - 443 | 1,503 | - 250 | 11,574 | 561,975 | 30,402 | 592,377 |
| - 201 | - 66,196 | 21,203 | 11,686 | 517,509 | 29,232 | 546,741 |
| 54 | - 31,170 | 9,985 | 180 | - 18,186 | 7,417 | - 10,769 |
| - 147 | - 97,366 | 31,189 | 11,866 | 499,323 | 36,649 | 535,972 |
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 31.12.2013 | 70,048 | 141,078 | 339,888 | - 18,828 | |
| First consolidation of interests in related parties |
|||||
| Total comprehensive income subgroup | 8,449 | - 19,397 | |||
| Balance as of 31.03.2014 | 70,048 | 141,078 | 348,337 | - 38,225 | |
| Balance as of 31.12.2014 | 70,048 | 141,078 | 360,510 | - 50,220 | |
| Total comprehensive income subgroup | 10,470 | - 9,787 | |||
| Balance as of 31.03.2015 | 70,048 | 141,078 | 370,979 | - 60,007 |
in € thousand; annex to the condensed notes
| Balance as of 31.12.2013 | |
|---|---|
| Total comprehensive income subgroup | |
| Balance as of 31.03.2014 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2014 | |
| Balance as of 31.12.2014 | |
| Total comprehensive income subgroup | |
| Balance as of 31.03.2015 | |
| Plus income statement consolidation effect | |
| Less balance sheet consolidation effect | |
| Total effects of consolidation | |
| Balance as of 31.03.2015 | |
Statement of Changes in Equity HHLA Subgroup Port Logistics (A division) Statement of Changes in Equity HHLA Subgroup Real Estate (S division)
| 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 fl ow hedges |
|||
| 572,891 | 21,700 | 551,191 | 11,576 | - 3,542 | 11,471 | - 500 |
| - 38 | - 38 | 0 | ||||
| - 9,593 | 8,740 | - 18,333 | - 2 | 3,658 | - 11,098 | 57 |
| 563,259 | 30,402 | 532,857 | 11,574 | 116 | 373 | - 443 |
| 517,045 | 29,232 | 487,813 | 11,686 | 21,250 | - 66,338 | - 201 |
| - 12,523 | 7,417 | - 19,940 | 180 | 9,829 | - 30,686 | 54 |
| 504,521 | 36,649 | 467,872 | 11,866 | 31,078 | - 97,023 | - 147 |
| Other comprehensive income | Total subgroup consolidated equity |
||||
|---|---|---|---|---|---|
| Subscribed capital |
Capital reserve |
Retained consolidated earnings |
Actuarial gains/losses |
Deferred taxes on changes recognised directly in equity |
|
| 2,705 | 506 | 33,005 | 1,312 | - 424 | 37,103 |
| 1,970 | - 181 | 59 | 1,847 | ||
| 2,705 | 506 | 34,975 | 1,131 | - 365 | 38,951 |
| 59 | 59 | ||||
| - 9,892 | - 9,892 | ||||
| - 9,832 | - 9,832 | ||||
| 2,705 | 506 | 25,142 | 1,131 | - 365 | 29,119 |
| 2,705 | 506 | 36,044 | 140 | - 45 | 39,350 |
| 2,021 | - 484 | 156 | 1,694 | ||
| 2,705 | 506 | 38,066 | - 343 | 111 | 41,045 |
| 60 | 60 | ||||
| - 9,654 | - 9,654 | ||||
| - 9,594 | - 9,594 | ||||
| 2,705 | 506 | 28,472 | - 343 | 111 | 31,451 |
Notes to the Condensed Interim Consolidated Financial Statements Basic Information on the Group Signifi cant Events in the Reporting Period Consolidation, Accounting and Valuation Principles Purchase and Sale of Shares in Subsidiaries 30
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 fi gures do not add up to the stated sums.
The political crisis in Ukraine continued in the fi rst quarter of 2015. Due to the crisis, the Ukrainian currency – the hryvnya – depreciated by over 24 % against the euro between 31 December 2014 and the end of March 2015. This resulted in exchange rate effects which had a negative impact on the HHLA Group's net assets, earnings and fi nancial position. Equity fell by € 9.7 million, with no effect on net income, and net interest income declined by € 7.7 million.
The Condensed Interim Consolidated Financial Statements for the period from 1 January to 31 March 2015 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 2014.
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 2014.
The company started applying the following new standards on 1 January 2015:
Applying these standards had no significant impact on the Condensed Interim Consolidated Financial Statements.
There were no changes to the HHLA group of consolidated companies in the fi rst quarter of 2015.
In the fi rst quarter of 2015, Metrans (Danubia) Kft. Gyor, Hungary, which is not included in the group of consolidated companies, acquired 100 % of the shares in both Univer Trans Kft, Budapest, Hungary, and Loacker Kontener Kft., Budapest, Hungary. As matters stand, the company Loacker Kontener Kft. should be included in the HHLA's group of consolidated companies from the second quarter of 2015.
There were no other acquisitions or disposals of shares in subsidiaries.
The following table illustrates the calculation for basic earnings per share for the Group:
| 1– 3 2015 | 1– 3 2014 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
12,551 | 10,478 |
| Number of common shares in circulation | 72,753,334 | 72,753,334 |
| Basic earnings per share (Group) in € | 0.17 | 0.14 |
The basic earnings per share were calculated for the Port Logistics Subgroup as follows:
| 1– 3 2015 | 1– 3 2014 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
10,470 | 8,449 |
| Number of common shares in circulation | 70,048,834 | 70,048,834 |
| Basic earnings per share (Subgroup Port Logistics) in € |
0.15 | 0.12 |
The basic earnings per share were calculated for the Real Estate Subgroup as follows:
| 1– 3 2015 | 1– 3 2014 | |
|---|---|---|
| Net profi t attributable to shareholders of the parent company in € thousand |
2,081 | 2,029 |
| Number of common shares in circulation | 2,704,500 | 2,704,500 |
| Basic earnings per share (Subgroup Real Estate) in € |
0.77 | 0.75 |
The diluted earnings per share are identical to basic earnings per share as there were no conversion or option rights in circulation during the reporting period.
HHLA's Executive Board and Supervisory Board have proposed to distribute a dividend of € 0.52 per share to shareholders of the Port Logistics subgroup and of € 1.50 per share to shareholders of the Real Estate subgroup in 2015. On the basis of shares in circulation as of 31 March 2015, this will result in a total payout of € 36,425 thousand for the Port Logistics subgroup and of € 4,057 thousand for the Real Estate subgroup. The Annual General Meeting will make a decision about the dividend payout on 11 June 2015.
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 fi gure 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 2014.
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 2014.
Segment information is reported on the basis of the internal control function, which is consistent with external reporting and is classifi ed 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 still operates in four business units: the Container, Intermodal, Logistics and Real Estate segments.
The Holding/Other division used for segment reporting does not represent an independent business segment as defi ned by the IFRS standards. However, it has been allocated to the segments within the Port Logistics subgroup 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 fi nancial 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 fi nancial result.
Notes to the Condensed Interim Consolidated Financial Statements Segment Reporting Equity Pension Provisions Investments 32
| to Earnings before Tax (EBT) | ||
|---|---|---|
| in € thousand | 1– 3 2015 | 1– 3 2014 |
| Segment earnings (EBIT) | 42,847 | 39,166 |
| Elimination of business relations between the segments and subgroups |
147 | 178 |
| Group earnings (EBIT) | 42,994 | 39,344 |
| Earnings from associates accounted for using the equity method |
1,140 | 994 |
| Net interest income | - 14,843 | - 12,329 |
| Earnings before tax (EBT) | 29,291 | 28,009 |
The breakdown and development of HHLA's equity for the period from 1 January to 31 March of the years 2015 and 2014 are presented in the statement of changes in equity.
The calculation of pension provisions as of 31 March 2015 was based on an interest rate of 1.25 % (31 December 2014: 1.75 %; 31 March 2014: 3.25 %). Actuarial gains/losses changed as follows. These are recognised in equity without effect on profi t and loss.
| in € thousand | 2015 | 2014 |
|---|---|---|
| Cumulative actuarial gains (+)/losses (-) as of 01.01. |
- 65,731 | 12,737 |
| Change during the fi nancial year due to a change in interest rate |
- 31,258 | - 11,305 |
| Cumulative actuarial gains (+)/losses (-) as of 31.03. |
- 96,989 | 1,432 |
As of 31 March 2015, total capital expenditure throughout the HHLA Group amounted to € 31.5 million.
The largest investments up to the end of the fi rst quarter of 2015 were made in the Intermodal and Container segments. HHLA invested in locomotives and handling equipment at sites in the Czech Republic and Germany.
Of the most signifi cant investment commitments as of 31 March 2015, € 10.6 million were accounted for by the Container segment and € 4.8 million by the Intermodal segment.
The table below shows the carrying amounts and fair value of fi nancial assets and fi nancial liabilities, as well as their level in the fair value hierarchy.
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | ||
| Financial assets at fair value | ||||||||
| Financial assets (securities) | 4,052 | 4,052 | 4,052 | 4,052 | ||||
| 0 | 4,052 | 4,052 | ||||||
| Financial assets not measured at fair value | ||||||||
| Financial assets | 9,879 | 4,454 | 14,333 | |||||
| Trade receivables | 145,061 | 145,061 | ||||||
| Receivables from related parties | 80,175 | 80,175 | ||||||
| Other fi nancial receivables | 2,728 | 2,728 | ||||||
| Cash, cash equivalents and short-term deposits | 231,800 | 231,800 | ||||||
| 469,643 | 4,454 | 474,097 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other fi nancial liabilities |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial liabilities measured at fair value | ||||||||
| Financial liabilities (interest rate swaps used for hedging transactions) |
148 | 301 | 449 | 449 | 449 | |||
| 148 | 301 | 0 | 449 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (liabilities from bank loans) | 300,169 | 300,169 | 307,229 | 307,229 | ||||
| Financial liabilities (fi nance lease liabilities) | 42,224 | 42,224 | 42,224 | 42,224 | ||||
| Financial liabilities (other) | 87,584 | 87,584 | ||||||
| Trade liabilities | 73,888 | 73,888 | ||||||
| Liabilities to related parties (fi nance lease liabilities) |
106,815 | 106,815 | 106,815 | 106,815 | ||||
| Liabilities to related parties (other) | 74,681 | 74,681 | ||||||
| 0 | 0 | 685,361 | 685,361 |
| in € thousand | Carrying amount | Fair value | |||||
|---|---|---|---|---|---|---|---|
| Loans and receivables |
Available for sale |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial assets at fair value | |||||||
| Financial assets (securities) | 3,872 | 3,872 | 3,872 | 3,872 | |||
| 0 | 3,872 | 3,872 | |||||
| Financial assets not measured at fair value | |||||||
| Financial assets | 3,799 | 4,460 | 8,259 | ||||
| Trade receivables | 149,420 | 149,420 | |||||
| Receivables from related parties | 64,160 | 64,160 | |||||
| Other fi nancial receivables | 3,476 | 3,476 | |||||
| Cash, cash equivalents and short-term deposits | 199,969 | 199,969 | |||||
| 420,824 | 4,460 | 425,284 |
| in € thousand | Carrying amount | Fair value | ||||||
|---|---|---|---|---|---|---|---|---|
| Held for trading |
Fair value hedging instruments |
Other fi nancial liabilities |
Balance sheet value |
Level 1 | Level 2 | Level 3 | Total | |
| Financial liabilities measured at fair value | ||||||||
| Financial liabilities (interest rate swaps used for hedging transactions) |
354 | 528 | 882 | 882 | 882 | |||
| 354 | 528 | 0 | 882 | |||||
| Financial liabilities not measured at fair value | ||||||||
| Financial liabilities (liabilities from bank loans) | 304,397 | 304,397 | 307,929 | 307,929 | ||||
| Financial liabilities (fi nance lease liabilities 1 ) |
9,322 | 9,322 | 9,322 | 9,322 | ||||
| Financial liabilities (other) | 94,524 | 94,524 | ||||||
| Trade liabilities | 77,785 | 77,785 | ||||||
| Liabilities to related parties (fi nance lease liabilities) |
105,020 | 105,020 | 105,020 | 105,020 | ||||
| Liabilities to related parties (other) | 74,358 | 74,358 | ||||||
| 0 | 0 | 665,406 | 665,406 |
Due to changes in calculation parameters, the reported fair value has changed compared to the previous year interim report.
In the fi rst quarter of 2015, gains of € 45 thousand (previous year: € 66 thousand) were recognised in the income statement on fi nancial assets and/or liabilities held at fair value through profi t and loss. These primarily relate to interest rate hedges with no effective hedging relationship as per IAS 39.
In the reporting year, changes of € 63 thousand (previous year: € 57 thousand) in the fair value of fi nancial instruments designated as hedging instruments (interest rate swaps) were recognised in equity.
The interest rate swaps disclosed covered a total amount of € 11,189 thousand (previous year: € 15,013 thousand). Of these, fi nancial instruments covering an amount of € 6,842 thousand (previous year: € 7,920 thousand) with a market value of € - 301 thousand (previous year: € - 441 thousand) were held as part of cash fl ow hedging relationships to hedge future cash fl ows from interest-bearing liabilities as of the balance sheet date. The hedged cash fl ows are expected to occur within two years. The amount covered by interest rate swaps is restated in line with the anticipated repayment of the loans over the term of the derivative. The fi xed interest rate for the fi nancial liabilities (interest rate swaps) is 3.82 % to 4.33 %. The remaining term of the derivatives is up to two years.
There are no material differences between the carrying amounts and fair values of the fi nancial instruments reported under non-current fi nancial liabilities. The discount rates used for liabilities to related parties (particularly the fi nance lease liabilities included in this item) are between 4.21 % and 5.56 %.
The valuation methods and key unobservable input factors for calculating fair value are described in the Notes to the Consolidated Financial Statements as of 31 December 2014.
There were no notable events after the balance sheet date 31 March 2015.
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 accounting principles for interim fi nancial reporting, the Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, fi nancial position and profi t 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 remainder of the fi nancial year.
Hamburg, 13 May 2015
Hamburger Hafen und Logistik Aktiengesellschaft
The Executive Board
Klaus-Dieter Peters Dr. Stefan Behn
Heinz Brandt Dr. Roland Lappin
11 June 2015 Annual General Meeting Congress Center Hamburg (CCH)
13 August 2015 Interim Report January–June 2015 Analyst Conference Call
12 November 2015 Interim Report January–September 2015 Analyst Conference Call
Hamburger Hafen und Logistik AG Bei St. Annen 1 20457 Hamburg Germany 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 fi nancial terms see the Annual Report 2014, page 166 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 affi liated 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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