DGAP-News: Hamburger Hafen und Logistik AG: HHLA to Increase Dividend Substantially Following Rise in Revenue and Profit
(firmenpresse) - DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Final
Results
Hamburger Hafen und Logistik AG: HHLA to Increase Dividend
Substantially Following Rise in Revenue and Profit
30.03.2012 / 08:00
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HHLA to Increase Dividend Substantially Following Rise in Revenue and
Profit
- Container throughput up by 21.3 %, container transport up by 11.3 %
- HHLA's market share in container throughput grows
- Profit after tax and minority interests rises 17.1 %
- Proposal to increase dividend by 18.2 % to EUR 0.65 per listed Class A
share
- Outlook: HHLA aims to continue to grow faster than the market
Hamburger Hafen und Logistik AG (HHLA) experienced above-average growth in
its core markets in the 2011 financial year, increasing both its revenue
and its results considerably. Container throughput rose by 21.3 percent to
7.1 million standard containers (TEU), and container transport went up by
11.3 percent to 1.9 million TEU. Revenue grew by 14.0 percent to EUR
1,217.3 million, while the operating result (EBIT) improved by 7.3 percent
to EUR 207.0 million. Profit after tax and minority interests improved by
17.1 percent to EUR 89.3 million. For the 2012 financial year, HHLA expects
its container throughput, revenue and results to grow in the region of 5
percent.
'We are very satisfied with the 2011 financial year. In a challenging
market environment, we grew faster than our major competitors and increased
our revenue and results considerably,' explained Klaus-Dieter Peters,
Chairman of HHLA's Executive Board, with the presentation of the annual
financial statements for 2011. 'Given the growth in surplus capacity at the
terminals of rival ports in Northern Europe, the difficult situation for
container shipping as a whole and the protracted delay in the dredging of
the river Elbe's navigation channel, this is a remarkable achievement.' The
market share of the HHLA Container Terminals, measured in terms of the
total container throughput at the ports of Rotterdam, Hamburg, Antwerp and
the Bremen ports, rose from 17.4 percent in 2010 to 19.3 percent in 2011.
HHLA achieved its revenue forecast for 2011 in full, a forecast that had
been lifted over the course of the year. In light of the unexpectedly
strong volume growth and the subsequent increase in peak loads in container
handling, together with the expansion projects pursued in parallel at the
terminals, the initial target to improve the operating margin could not be
achieved. Further pressure on the results was caused by the delayed
dredging of the river Elbe's navigation channel. Despite additional burden
by impairment charges, the company nevertheless exceeded its slightly
downgraded earnings forecast. Earnings per share for the listed Port
Logistics subgroup rose by 20.2 percent to EUR 1.20.
Proposal of dividend increase to EUR 0.65
On the basis of this sound earnings performance, the Executive Board and
Supervisory Board of HHLA will propose at the Annual General Meeting on 14
June 2012 to increase the dividend. The proposal follows the consistent,
earnings-based dividend policy adopted to date. For the listed Class A
shares in the Port Logistics subgroup, which accounts for 98 percent of
HHLA's revenue, a dividend from net profit for the 2011 financial year of
EUR 0.65 per dividend-entitled share shall be paid. This corresponds to a
year-on-year increase of 18.2 percent and a pay-out ratio of 54.1 percent
of the relevant annual net profit.
Business forecast 2012: growth in the region of 5 percent on considerably
slowing global economic development
Based on the events of the year to date and current market estimates, it is
expected that 2012 will see a substantial decline in global economic growth
and with it, a slowdown in global trade and container handling. At present,
Northern Europe is expected to see growth in container throughput of
between one and two percent, while the transport volume in Germany is
forecast to be between two and three percent for 2012. Should there be no
change in the current development of the global economy, which is slowing
down considerably but is still growing, and if work can begin promptly on
dredging the river Elbe's navigation channel, HHLA expects growth to be
above-average once again with throughput, transport, revenue and results
all in the region of 5 percent. Liner services operated by the new
partnership of CMA CGM, MSC and UASC as well as the G6 Alliance are
expected to contribute to this, as they have decided to make use of HHLA's
services respectively continue their long-standing relationship with HHLA.
Capital resources improved further
In the financial year ended, HHLA improved its solid balance sheet
structure further, building on its comfortable cash position. The equity
ratio increased to 35.6 percent (previous year: 33.1 percent). Cash flow
from operating activities (cash inflow) rose to EUR 266 million (previous
year: EUR 207 million). The return on capital employed (ROCE) grew to 15.4
percent (previous year: 14.6 percent), thus once again increasing the
enterprise value.
Integrated business model fosters successful course for growth
The pace of growth at HHLA's Hamburg container terminals was mainly driven
by the volume dynamics in the shipping regions Far East (+ 19 percent) and
Eastern Europe/Baltic Sea (+ 49 percent) in the 2011 financial year. North
American traffic experienced particularly notable growth of over 50 percent
thanks to new liner services to Hamburg. HHLA benefited from the economic
recovery in Central and Eastern Europe, the strong growth in Asia and
rising exports from North America. Already at a high level, HHLA's
hinterland transportation, which is largely rail-based and runs from and to
Hamburg and other European ports, grew noticeably in the year with an
increase of over 11 percent, reaching a new record level with 1.9 million
standard containers.
HHLA achieved this successful development by making further investments in
improving its range of services, expanding its hinterland network and
further developing its operating processes in 2011. These activities
include:
- The expansion of mega-ship berths at the Burchardkai and Tollerort
terminals
- The opening of two inland terminals in Poland (Poznán) and the Czech
Republic (Ostrava)
- The opening of the new Munich site in Germany for trucking services
- Investments in own traction (locomotives for HHLA's rail subsidiary
Metrans)
This year HHLA will continue to expand its competitive position by making
investments in its container terminals and expanding its hinterland
network. The focus will be on the expansion of the Container Terminal
Burchardkai (storage blocks, container gantry cranes, straddle carriers)
and the Container Terminal Odessa (construction of large-ship berths). In
the hinterland, HHLA subsidiary Metrans is expanding its transport network
in Central and Eastern Europe with the construction of a new hub terminal
in the Czech Republic (?eskáT?ebová) and the acquisition of additional
rail wagons and locomotives.
HHLA receives awards for its commitment to sustainability
HHLA continued its efforts to achieve its sustainability targets with
numerous measures in 2011. For its success in the pilot project 'Zero
Emissions', which involves operating battery-powered transport vehicles at
the HHLA Container Terminal Altenwerder (CTA), HHLA and vehicle
manufacturer Gottwald Port Technology were presented with the Hanse Globe
sustainability award. In the summer of 2011, solar power units were
installed on the roofs of the Logistics Centre Altenwerder and the service
center of the Container Terminal Tollerort (CTT); they already produced
around 210,000 kWh of electricity in 2011. Since 2008, HHLA has reduced its
specific CO2 emissions by 21 percent. By 2020, the objective is to achieve
a reduction of 30 percent in total. In a study released by the renowned
Fraunhofer SCS research institute in May 2011, HHLA was identified as one
out of six 'pioneers in sustainability' in the German logistics sector.
HHLA was commended for its 'outstanding level of sustainability'.
Development of the Group key figures for the 2011 financial year at a
glance
- Revenue rose by 14.0 % to EUR 1,217.3 million.
- The operating result (EBIT) came in at EUR 207.0 million - a 7.3 %
increase on the previous year's figure.
- Profit after tax rose by 4.3 % to EUR 118.8 million.
- Profit after tax and minority interests was up by 17.1 % to EUR 89.3
million.
- Cash flow from operating activities recorded growth of 28.6 % to EUR
266.1 million.
- The equity ratio improved from 33.1 % to 35.6 %.
- Earnings per share amounted to EUR 1.20 for the listed Port Logistics
subgroup in 2011, a year-on-year increase of 20.2 %.
- A proposal will be made at the 2011 Annual General Meeting to pay out a
dividend of EUR 0.65 per Class A share. This corresponds to a dividend
pay-out ratio of 54.1 percent and an increase of 18.2 % compared with
the previous year.
The listed Port Logistics subgroup, in which HHLA's core business is
pooled, reported revenue of EUR 1,190.6 million in 2011 (+ 14.2 percent)
and EBIT of EUR 194.8 million (+ 8.3 percent). This meant that the Port
Logistics subgroup generated 97.6 percent of Group revenue and 94.1 percent
of Group EBIT.
Key Figures HHLA Group
in EUR million 2011 2010 ChangeKey Figures Port Logistics Subgroup
Revenue 1,217.3 1,067.8 14.0 %
EBITDA 333.4 306.9 8.7 %
EBIT 207.0 192.9 7.3 %
EBIT margin in % 17.0 18.1 - 1.1 pp
Profit after tax 118.8 113.9 4.3 %
Profit after tax and minority 89.3 76.2 17.1 %
interests
Container throughput in thousand TEU 7,087 5,844 21.3 %
Container transport in thousand TEU 1,887 1,696 11.3 %
31.12.2011 31.12.2010 Change
Equity ratio in % 35.6 33.1 2.5 pp
Employees 4,797 4,679 2.5 %
in EUR million 2011 2010 Change*) Dividend proposal for 2011
Revenue 1,190.6 1,042.8 14.2 %
EBITDA 317.3 290.1 9.4 %
EBIT 194.8 179.9 8.3 %
EBIT margin in % 16.4 17.3 - 0.9 pp
Profit after tax and minority interests 84.0 69.9 20.2 %
Dividend in EUR per Class A share*) 0.65 0.55 18.2 %
About HHLA
Hamburger Hafen und Logistik AG is one of Europe's leading port logistics
groups. With its Container, Intermodal and Logistics segments, HHLA is
vertically aligned along the entire transport chain. Efficient container
terminals, high-performance transport systems and comprehensive logistics
services form a complete network between the international port and the
European hinterland.
End of Corporate News
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Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Germany
Phone: +49 (0)40-3088-1
Fax: +49 (0)40-3088-3355
E-mail: info(at)hhla.de
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, Hannover, München,
Stuttgart
End of News DGAP News-Service
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163049 30.03.2012
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