14.05.2013
Hamburger Hafen und Logistik AG DE000A0S8488
DGAP-News: Hamburger Hafen und Logistik AG: HHLA Grows in a Difficult Market Environment
DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Quarter
Results
Hamburger Hafen und Logistik AG: HHLA Grows in a Difficult Market
Environment
14.05.2013 / 07:30
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HHLA Interim Report January to March 2013
HHLA Grows in a Difficult Market Environment
- Container throughput up by 5.0 %
- Transport companies still included in the Intermodal segment grow by 23.9
%
- Operating result (EBIT) improves by 13.2 % to EUR 38.5 million
- Forecast confirmed in spite of a persistently difficult market
environment
Hamburger Hafen und Logistik AG (HHLA) increased its container throughput
in the first three months of 2013 by 5.0 % to 1.8 million standard
containers (TEU). The transport companies which were continued following
the realignment of the Intermodal segment achieved a considerable increase
in volumes, with growth of 23.9 %. Revenue fell by 2.7 % to EUR 279.0
million due to consolidation, while the operating result (EBIT) increased
by 13.2 % to EUR 38.5 million.
'The considerable volume growth in our core business segments and the
year-on-year improvement in our earnings are respectable - in particular
given that we are still faced with a challenging macroeconomic environment.
This confirms that we are on the right track by raising our container
terminals' performance and systematically expanding our intermodal
network', said Klaus-Dieter Peters, Chairman of the HHLA Executive Board.
Substantial increase in container throughput
HHLA achieved growth of 5.0 % in its container throughput, despite a
difficult market environment, compared to the low base level of the first
quarter of 2012. This was largely due to a 6.7 % increase in Asian traffic,
a 7.4 % increase in feeder traffic to the Baltic ports and a significant
rise in throughput volume at the HHLA Container Terminal Odessa. The
comparatively low-margin feeder traffic was offset by a marginal increase
in storage fees, such that revenue of the Container segment developed in
line with the volume growth, at a rate of 5.6 %.
Realignment of Intermodal activities strengthens hinterland links
HHLA's transport companies still included in the Intermodal segment - the
rail companies Metrans and Polzug, as well as the trucking company CTD -
increased their volume substantially in the first quarter of 2013, with a
rise of more than 20 %. Key factors contributing to this increase in
transport volume were the new connections to Austria, Germany and the
seaports in Poland. The intermodal network was expanded to incorporate a
key node in early 2013 with the start of trial operations at the new
Metrans hub terminal in Ceska Trebova in the Czech Republic. The
restructuring of Polzug has also already led to considerable volume growth.
However, the revenue and earnings development of the companies that are
still included in the Intermodal segment failed to keep pace with the
increase in volume due to tougher competition, the restructuring expenses
at Polzug, ramp-up costs for new connections and higher depreciation and
amortisation.
Forecast confirmed
The figures for the first quarter of 2013 corroborate the forecast for the
full year. HHLA is anticipating container throughput to remain at the level
seen in 2012 and an increase in container transport to around 1.1 million
standard containers (TEU) based on the new ownership structure. As a
result, HHLA is forecasting Group revenue of between EUR 1.1 billion and
EUR 1.2 billion. General cost increases will likely strain earnings as
container throughput flatlines. The rising earnings potential of the
transport companies will only have a limited effect on the result due to
the additional costs involved in entering new markets, and will be unable
to match the one-off gain of EUR 17.6 million from the previous year. HHLA
is therefore still aiming to achieve an operating result (EBIT) of between
EUR 155 million and EUR 175 million.
Development of key Group figures at a glance (January to March 2013)
- Revenue fell by 2.7 % to EUR 279.0 million following the realignment of
the Intermodal segment in the previous year.
- The operating result before depreciation and amortisation (EBITDA) was
7.9 % down on the previous year at EUR 69.1 million.
- The operating result (EBIT) increased by 13.2 % to EUR 38.5 million
partly due to the recognition of hidden reserves in the Logistics segment.
- Profit after tax and minority interests was up by 48.1 % against the
previous year at EUR 14.4 million.
At EUR 272.2 million for the period from January to March 2013, the revenue
generated by the listed Port Logistics subgroup - in which HHLA's core
business is pooled - declined by 2.8 % compared with the same period last
year. The subgroup's operating result (EBIT) increased by 10.4 % to EUR
34.8 million. This meant that the Port Logistics subgroup generated 97.6 %
of Group revenue and 90.2 % of Group EBIT.
Key Figures HHLA Group
in EUR million 1-3 | 2013 1-3 | 2012 Change Revenue 279.0 286.8 - 2.7 % EBITDA 69.1 64.0 7.9 % EBIT 38.5 34.0 13.2 % EBIT margin in % 13.8 11.9 1.9 pp Profit after tax 22.3 19.1 16.8 % Profit after tax and minority interests 14.4 9.7 48.1 % Container throughput in thousand TEU 1,818 1,731 5.0 % Container transport in thousand TEU1 290 454 - 36.1 % 31.03.2013 31.12.2012 Change Equity ratio in % 32.7 31.8 0.9 pp Employees 4,943 4,915 0.6 %Key Figures Port Logistics Subgroup in EUR million 1-3 | 2013 1-3 | 2012 Change Revenue 272.2 280.2 - 2.8 % EBITDA 64.3 60.5 6.3 % EBIT 34.8 31.5 10.4 % EBIT margin in % 12.8 11.2 1.6 pp Profit after tax and minority interests 12.8 8.8 46.1 % Profit in EUR per Class A share 0.18 0.13 46.0 %1 Transport volume was fully consolidated. The first quarter of 2012 includes the traffic of TFG Transfracht, in which HHLA held shares until the separation in the second quarter of 2012. Contact: 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: +49-40-3088-55-3397 E-mail: [email protected] End of Corporate News --------------------------------------------------------------------- 14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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: [email protected] 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 --------------------------------------------------------------------- 210836 14.05.2013
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