DGAP-News: Hamburger Hafen und Logistik AG: Throughput Growth Strengthens Competitive Position in Northern Europe
(firmenpresse) - DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Half Year
Results
Hamburger Hafen und Logistik AG: Throughput Growth Strengthens
Competitive Position in Northern Europe
14.08.2012 / 07:30
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HHLA Interim Report January to June 2012
Throughput Growth Strengthens Competitive Position in Northern Europe
- Container throughput up by 3.0 %
- Realignment of the Intermodal segment delivers earnings increase
- Temporary burden from terminal modernisation
- Operating result (EBIT) up by 1.2 %
- EBIT targeted in a range between EUR 170 and 190 million for the full
year 2012
Hamburger Hafen und Logistik AG (HHLA) increased its container throughput
to 3.5 million standard containers (TEU) in the first half of 2012. Revenue
fell by 5.0 percent to EUR 566.3 million following the realignment of the
Intermodal segment and changes in consolidation methods. The operating
result (EBIT) rose by 1.2 % to EUR 94.2 million. Profit after tax and
minority interests climbed by 20.8 % to EUR 42.0 million.
'In an increasingly gloomy global economic environment, we increased
throughput volumes at our container terminals in the first half of 2012 and
strengthened our competitive position in Northern Europe. In the second
quarter of 2012, we were also able to improve earnings and profitability',
said Klaus-Dieter Peters, Chairman of the HHLA Executive Board. The main
factors behind this performance were the increases in earnings and
profitability, including a one-off accounting
gain, as a result of the realignment of the Intermodal segment, as well as
the improved operating result in the second quarter of 2012. At the same
time, HHLA's earnings performance was again held back by the delays in
dredging the river Elbe and temporary additional expenses for the
modernisation of the Container Terminal Burchardkai.
Forecast for the full-year result 2012
Throughput growth at the HHLA container terminals in Hamburg and Odessa
slowed over the first half of 2012. The rate of increase was 4.7 percent
after the first three months, but this slipped to 3.0 percent for the
half-year. On current estimates, total throughput in the major Northern
European ports of Zeebrugge, Antwerp, Rotterdam, Bremerhaven and Hamburg
fell by one percent in the first half of 2012.
In view of current economic and throughput forecasts, which predict that
the situation will deteriorate further, HHLA is expecting container volumes
for the full year 2012 to be roughly at the same level with last year's
figure. On this basis and taking the realignment of the Intermodal segment
into account, HHLA is aiming for Group revenue in the region of EUR 1.1
billion and an operating result (EBIT) in a range between EUR 170 and 190
million.
Realignment of Intermodal segment improves result
HHLA realigned its Intermodal segment in the second quarter of 2012. To
this end HHLA and Deutsche Bahn demerged their equity interests in the
companies for hinterland rail traffic. The new ownership structures came
into effect from the second quarter of 2012. HHLA now holds 86.5 percent of
the shares in Metrans (previously: 51.5 percent) and 74.5 percent of the
shares in Polzug (previously: 33.3 percent). HHLA's former 50 percent stake
in TFG Transfracht has been sold to Deutsche Bahn. This means HHLA is now
in a position to align all the companies in the Intermodal segment under
its corporate control systematically with the requirements of maritime
logistics. At the same time, HHLA is increasingly deploying its own
production resources, such as modern inland terminals, container rail cars
for maritime logistics as well as locomotives.
In the first half-year, transport volumes came to 697 thousand standard
containers (TEU), a decline of 24.7 percent largely due to the disposal of
the HHLA interest in the unprofitable rail company TFG Transfracht. The
realignment of the Intermodal segment resulted in an earnings increase with
a corresponding clear-out of volume and revenue. In the result for the
first half
of 2012, this can be seen in the strong rise in profit after tax and
minority interests due to the one-off gain of around EUR 17 million mainly
from the Transfracht disposal as well as to HHLA's higher share of Metrans
earnings.
Key Group Figures at a Glance (January to June 2012)
- Revenue fell by 5.0 % to EUR 566.3 million following the realignment of
the Intermodal segment and a change in consolidation method for two
subsidiaries in fruit logistics.
- The operating result before depreciation and amortisation (EBITDA) was up
by 0.9 %
on the previous year at EUR 154.6 million.
- The operating result (EBIT) rose by 1.2 % to EUR 94.2 million.
- Profit after tax and minority interests improved by 20.8 % to EUR 42.0
million.
At EUR 552.8 million for the period from January to June 2012, the revenue
generated by HHLA's core business - operated by the listed Port Logistics
subgroup - declined by 5.2 % compared with the same period last year. The
subgroup's operating result (EBIT) rose by 2.2 % to EUR 88.7 million. This
meant that the Port Logistics subgroup generated 97.6 % of Group revenue
and 94.1 % of Group EBIT.
Key Figures HHLA Group
in EUR million 1-6 | 2012 1-6 | 2011 ChangeKey Figures Port Logistics Subgroup
Revenue 566.3 596.0 - 5.0 %
EBITDA 154.6 153.2 0.9 %
EBIT 94.2 93.1 1.2 %
EBIT margin in % 16.6 15.6 1.0 pp
Profit after tax 58.0 53.0 9.4 %
Profit after tax and minority
interests 42.0 34.7 20.8 %
Container throughput in thousand TEU 3,516 3,413 3.0 %
Container transport1 in thousand TEU 697 925 - 24.7 %
30.06.2012 30.06.2011 Change
Equity ratio in % 31.7 32.9 - 1,2 pp
Number of employees 4,774 4,720 1.1 %
in EUR million 1-6 | 2012 1-6 | 2011 ChangeEnd of Corporate News
Revenue 552.8 583.0 - 5.2 %
EBITDA 147.1 144.9 1.5 %
EBIT 88.7 86.8 2.2 %
EBIT margin in % 16.0 14.9 1.1 pp
Profit after tax and minority
interests 39.7 32.1 23.5 %
Earnings per share in EUR 0.57 0.46 23.5 %
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14.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Hamburger Hafen und Logistik AGBei 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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181497 14.08.2012
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Datum: 14.08.2012 - 07:30 Uhr
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