DGAP-News: HAPAG - LLOYD AG increases revenue and transport volume in first quarter 2012
(firmenpresse) - DGAP-News: HAPAG - LLOYD AG / Key word(s): Quarter Results/Development
of Sales
HAPAG - LLOYD AG increases revenue and transport volume in first
quarter 2012
10.05.2012 / 08:02
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Hamburg, 10 May 2012
Hapag-Lloyd increases revenue and transport volume in Q1 2012
Revenue up 8% at EUR 1.6 billion / Transport volume up 11% at over 1.3
million TEU / Soaring bunker prices depress earnings in Q1, which is always
weak season for shipping
Despite the persistently challenging environment in the industry,
Hapag-Lloyd further increased its transport volume and revenue in the first
quarter of 2012. The average freight rate was USD 1,484/TEU in Q1, down
around 5% on the previous year's figure of USD 1,563/TEU. Revenue totalled
EUR 1.6 billion in the first three months of this year - an 8% rise
compared to Q1 2011. This was attributable to an increase of approximately
11% in the transport volume, which climbed to 1.32 million TEU.
The bunker price shot up again in the period from January to March. It
averaged USD 667/tonne and was therefore 31% higher than last year. This
generated additional bunker costs and other energy-related cost increases
in the quarter under review - especially in conjunction with feeder and
domestic transport - which depressed earnings by considerably more than USD
150 million compared with the first quarter of 2011.
At the end of January, Hapag-Lloyd resolved to increase its rates
considerably effective 1 March in order to compensate for the sharp rise in
energy costs. It announced that further price rises would come into effect
in April, May and June. The forthcoming price increases will only affect
earnings starting in the second quarter and are not sufficient to fully
offset the additional expenses currently caused by elevated bunker prices
and other energy-related transport costs.
This led to an unsatisfactory result in the first quarter, when business is
traditionally slow. Due to the higher energy costs, EBITDA came in at EUR
-21.1 million. The adjusted EBIT amounted to EUR -99.5 million. After
deducting taxes and interest, the Group posted a result of EUR -132.4
million. The first quarter is always the slowest season for liner shipping
as demand for transport services is normally lower, largely due to the
Chinese New Year holiday, when factories in China are closed for several
weeks.
Despite investing EUR 350 million in vessels in Q1, Hapag-Lloyd still
boasts a very solid financial structure. Equity amounted to EUR 3.1 billion
as at 31 March, with an equity ratio of roughly 48%.
On 31 March 2012, Hapag-Lloyd employed 6,932 people around the world and
had a fleet of 143 modern container ships with an total capacity of 659,000
TEU. This makes Hapag-Lloyd currently the fourth-largest liner shipping
company in the world.
End of Corporate News
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169057 10.05.2012
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