DGAP-News: Hamburger Hafen und Logistik AG: VOLUME GRADUALLY RECOVERING IN A STILL DIFFICULT MARKET ENVIRONMENT
(firmenpresse) - Hamburger Hafen und Logistik AG / Quarter Results
12.05.2010 08:01
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Hamburg, 12 May 2010 - The first quarter of 2010 began to show a gradual
recovery in throughput and transport volumes. As expected, revenue of
Hamburger Hafen und Logistik AG (HHLA) decreased further by 7.0 percent to
238.5 million Euros. EBIT declined in the same period by 30.6 percent to
35.4 million Euros. The EBIT margin of 14.8 percent and the equity ratio of
40.9 percent demonstrate HHLA's considerable profitability and solid
balance sheet in a continuing challenging economic environment.
'In the first quarter of 2010, Hamburger Hafen und Logistik AG successfully
maintained its course in a still difficult environment. Although revenue
and EBIT were further weakened, as forecasted, by increased pressure on
earnings, HHLA will remain profitable and economically stable in the
current year,' declared Klaus-Dieter Peters, chairman of HHLA's Executive
Board on the occasion of the publication of the interim report for the
months January to March 2010. 'In 2010, we will, within the framework of
our long-term strategy, continue dedicated investments in extending our
technological leadership as well as the quality and performance of our
hinterland networks,' said Peters. Examples of this are the opening of a
cutting-edge mega-containership berth in Hamburg, as well as the
establishment of the IPN Inland Port Network joint venture in cooperation
with Eurogate Intermodal. This company aims to gradually build up a network
of inland terminals for maritime container traffic in Germany in the coming
years.
Outlook 2010
The recovery in volumes of container throughput and transport accelerated
towards the end of the first quarter 2010. Should this trend continue over
the next few months, growth rates should improve in the course of the year.
Based on this, HHLA now expects volume growth rates in the upper
single-digit percentage range for 2010 as a whole. First-quarter growth
amounted to 0.5% in container throughput and 3.2% in container transport,
which was partially caused by a statistical base effect with high volumes
in January 2009.
Nevertheless, the course of business in 2010 will be exposed to
uncertainties and risks of a relapse resulting primarily from the massive
increase in the indebtedness of many national economies, but also the
economic stimulus programmes coming to an end.
The modest and delayed economic recovery of many countries in Central and
Eastern Europe dampens the prospects for short-term growth of container
trades via Hamburg. In view of the growing proportion of ever larger
containerships, the delay in the planned deepening of the Elbe waterway is
also proving a growing burden for Hamburg.
Against this background, HHLA expects Group revenue for 2010 to be within
reach of one billion Euros. An EBIT margin in the region of 15% should,
thanks to the successful continuation and further development of the
'Securing the future' project, be achievable.
Group key figures overview (January-March 2010)
- Revenue down by 7.0 percent to 238.5 million Euros.
- EBITDA (earnings before interest, tax, depreciation and amortization)
fell by 19.6 percent to 61.3 million Euros.
- EBIT (earnings before interest and tax) were 30.6 percent lower at 35.4
million Euros.
- At 18.7 million Euros, profit after tax was 36.6 percent below the
previous year.
- Equity ratio was 40.9 percent on 31.3.2010.
In the first quarter of 2010, revenue of the publicly quoted Port Logistics
subgroup, HHLA's core business, decreased by 7.2 percent to 231.3 million
Euros. EBIT for the subgroup was 33.3 percent lower at 31.9 million Euros.
The Port Logistics subgroup therefore generated 97 percent of Group revenue
and 90 percent of Group EBIT.
HHLA Group: Key figures
1-3 I 2010 1-3 I 2009 Change
Revenue EUR million 238.5 256.5 -7.0 %
EBITDA EUR million 61.3 76.3 -19.6 %
EBIT EUR million 35.4 51.0 -30.6 %
EBIT margin % 14.8 19.9 -5.1 PP
EBIT from continuing
activities EUR million 35.4 51.9 -31.8 %
EBIT margin from
continuing activities % 14.8 20.4 -5.6 PP
Profit after tax EUR million 18.7 29.5 -36.6 %
Profit after tax and
minority interests EUR million 11.2 20.0 -44.1 %
Equity ratio % 40.9 43.2 -2.3 PP
Employees as of 31.03. 4,713 4,930 -4.4 %
Container throughput TEU '000 1.253 1.247 0.5 %
Container transport TEU '000 378 366 3.2 %
Port Logistics subgroup (publicly listed): Key figures
1-3 I 2010 1-3 I 2009 Change
Revenue EUR million 231.3 249.4 -7.2 %
EBITDA EUR million 56.9 72.1 -21.1 %
EBIT EUR million 31.9 47.8 -33.3 %
EBIT from continuing
activities* EUR million 31.9 48.8 -34.6 %
Profit after tax and
minority interests EUR million 9.6 18.7 -48.8 %
*The EBIT from continuing activities is shown without CTL's operating
result (previous year: CTL and combisped).
About HHLA
Hamburger Hafen und Logistik AG (HHLA) is a leading port logistics groups
in Europe. With its Container, Intermodal and Logistics segments, HHLA is
positioned vertically along the transport chain. Efficient container
terminals, high-capacity transport systems and a full range of logistics
services form a complete network between the overseas port and its European
hinterland.
Kontakt:
Matthias Funk
Investor Relations
HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de
Tel: +49-40-3088-3397
Fax: +49-40-3088-3339
E-mail: investor-relations(at)hhla.de
12.05.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Deutschland
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, Hamburg; Freiverkehr in
Berlin, München, Hannover, Düsseldorf, Stuttgart
End of News DGAP News-Service
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Datum: 12.05.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 20740
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