DGAP-News: Hapag-Lloyd reports a profit in the second quarter
(firmenpresse) - DGAP-News: HAPAG - LLOYD AG / Key word(s): Half Year Results
Hapag-Lloyd reports a profit in the second quarter
07.08.2013 / 08:03
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Hamburg, 7 August 2013
Hapag-Lloyd reports a profit in the second quarter
Group profit of EUR 20.9 million in Q2 / Operating result more than doubled
compared to last year / Transport volume increases by 2.3%
Hapag-Lloyd returned to profitability in the second quarter of the current
financial year, reporting a Group profit of EUR 20.9 million for the months
April to June 2013 (Q2 2012: EUR -7.3 million). The operating result of EUR
66.7 million was more than twice as high as last year's figure of EUR 30.8
million. EBITDA also improved significantly by 45% to EUR 147.8 million.
Although intense competition led to unsatisfactory rate levels, substantial
cost cuts and a slight drop in the bunker consumption price were the main
factors behind the positive net result. Bunker costs in the second quarter
averaged USD 622/tonne, which was below last year's figure (USD 694/tonne).
However, the bunker price is currently still more than three times the
level seen at the start of 2009, when it was approximately USD 200/tonne.
The intense competition in the second quarter meant that, unlike last year,
it was almost impossible to implement announced rate increases on the
market. As a result, the average freight rate of USD 1,499/TEU was down on
last year's figure (USD 1,594/TEU). The transport volume, on the other
hand, rose by 2.3% to 1.39 million TEU (previous year: 1.36 million TEU).
Revenue came to EUR 1.706 billion, compared with EUR 1.794 billion in the
same quarter last year.
'Rate increases are indispensable in order for liner shipping companies to
return to a sound earnings situation. While we managed to implement small
rate increases at the start of July, it is still not enough. Further rate
increases have been announced', said Michael Behrendt, Chairman of the
Executive Board of Hapag-Lloyd.
Revenue in the first half of 2013 was largely stable at EUR 3.358 billion
(previous year: EUR 3.395 billion). The average freight rate was
disappointing with USD 1,522/TEU for the first six months, which was USD 17
below last year's already unsatisfactory level. The transport volume rose
by 1.2% to more than 2.7 million TEU in the first half of the year.
Hapag-Lloyd's EBITDA came to EUR 171.8 million overall in the first six
months, considerably outstripping last year's figure (EUR 80.9 million).
The positive operating result of EUR 13.5 million was also substantially
higher than last year (EUR -68.7 million). Due to the usual seasonal
weakness of liner shipping in the first quarter, the Group net result for
the first six months overall came to EUR -72.7 million (previous year: EUR
-139.7 million).
Investments of EUR 463.6 million were made in the first half, with most of
the funds going towards ships and containers. Long-term financing has
already been secured for the vessels on order and all the investments in
containers which have been made and are planned. Equity of EUR 3.1 billion
and an equity ratio of approximately 44% (as at 30 June) clearly illustrate
that Hapag-Lloyd's financial structure remains sound.
Hapag-Lloyd is striving for a positive operating result for the full year
2013.
End of Corporate News
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