13.05.2016
Hapag-Lloyd AG DE000HLAG475
DGAP-News: Hapag-Lloyd AG reports an operating profit in the first quarter of 2016
DGAP-News: Hapag-Lloyd AG / Key word(s): Interim Report/Quarter Results
Hapag-Lloyd AG reports an operating profit in the first quarter of 2016
13.05.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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Hamburg, 13 May 2016
Hapag-Lloyd reports an operating profit in the first quarter of 2016
EBITDA of EUR 123.4 million / EBIT of EUR 4.8 million / Transport volume up
2.1% / Sharp year-on-year decrease in freight rate / Further efficiency
measures planned
Hapag-Lloyd recorded a positive operating result in a very challenging
first quarter of 2016. Despite the difficult market environment, transport
volume increased by 2.1% to 1.81 million TEU in the first three months of
2016 (prior year period: 1.77 million TEU). However, the average freight
rate dropped significantly to USD 1,067/TEU (prior year period USD 1,331/
TEU). The sharp decline in the freight rate prompted revenue to fall from
EUR 2.30 billion in the previous year to EUR 1.93 billion in the reporting
period.
The negative effects of the difficult market environment were partly offset
by the cost-cutting and efficiency measures already implemented under the
OCTAVE programme launched in 2015 and by a significantly lower average
bunker consumption price of USD 178/tonne (prior year period: USD 378/
tonne). As a result, Hapag-Lloyd reported a positive EBITDA of EUR 123.4
million in the first quarter of 2016 (prior year period: EUR 283.6
million). EBIT came to EUR 4.8 million (prior year period: EUR 174.3
million) and the Group net result to EUR -42.8 million (prior year period:
EUR 128.2 million).
"In the seasonally weak first quarter we recorded an acceptable result with
a small operating profit and an EBITDA margin of 6.4%. This was due in no
small part to the synergy effects which have been achieved so far as a
result of the merger with CSAV and the improvements to our cost base under
the OCTAVE programme, which we implemented in 2015," said Rolf Habben
Jansen, Chief Executive Officer of Hapag-Lloyd AG. Both factors together
represent around USD 600 million in annual long-term earnings
effects compared to the cost base in 2014. "The OCTAVE 2 programme will
help improve our cost base further by a high, double-digit million dollar
amount," added Habben Jansen. The programme was initiated at the end of
2015 and is scheduled to be implemented in the current financial year.
For 2016 as a whole, Hapag-Lloyd is still forecasting a moderate increase
in EBITDA and a clear rise in EBIT compared with the previous year.
With an equity ratio of around 45.3% (as at 31 March 2016), Hapag-Lloyd has
a sound balance sheet. With a liquidity reserve of over EUR 794.6 million,
the Company is securely financed for the future.
About Hapag-Lloyd
With a fleet of 175 modern container ships and a total capacity of 955,000
TEU, Hapag-Lloyd is one of the world's leading container liner shipping
companies. The Company has approx. 9,400 employees at 366 sites in 118
countries. Hapag-Lloyd has a container fleet of 1.6 million TEU - including
one of the world's largest and state-of-the-art reefer fleets. 122 liner
services worldwide ensure fast, reliable connections between all the
continents. Hapag-Lloyd is one of the leading operators in the Atlantic,
Latin America and Intra Americas trades.
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13.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hapag-Lloyd AG
Ballindamm 25
20095 Hamburg
Germany
Phone: +49 (0) 40 3001 - 2896
Fax: +49 (0) 40 3001 - 72896
E-mail: [email protected]
Internet: www.hapag-lloyd.com
ISIN: DE000HLAG475, USD33048AA36
WKN: HLAG47, A1E8QB
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hanover, Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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