28.03.2018
Hapag-Lloyd AG DE000HLAG475
DGAP-News: Hapag-Lloyd AG: Operating result more than tripled
DGAP-News: Hapag-Lloyd AG / Key word(s): Final Results
Hapag-Lloyd AG: Operating result more than tripled
28.03.2018 / 13:30
The issuer is solely responsible for the content of this announcement.
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Hamburg, 28 March 2018
Operating result more than tripled
- Hapag-Lloyd discloses 2017 annual report and final figures
- Operating result (EBIT) more than tripled to EUR 411 million
- Positive group net result of around EUR 32 million achieved
- Dividend proposal of 57 cent per share
Hapag-Lloyd has disclosed its 2017 annual report today. Based on the audited
figures, earnings before interest, taxes, depreciation and amortisation
(EBITDA) increased significantly to EUR 1,055 million (2016: EUR 607
million) and the operating result before interest and taxes (EBIT) to EUR
411 million (2016: EUR 126 million). The group net result stood at EUR 32.1
million for the year 2017, this is an increase of EUR 125.2 million compared
to the previous year (2016: EUR -93.1 million).
"Given the market environment, we are satisfied with the financial results
in 2017, especially because we at the same time completed the integration of
the businesses of Hapag-Lloyd and United Arab Shipping Company Ltd. (UASC).
The successful merger with UASC has significantly strengthened our
competitive position. We also benefitted from improved freight rates and a
positive development of the worldwide container transport volume," said Rolf
Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
Based on this positive business development, the executive board and the
supervisory board of Hapag-Lloyd AG have decided to propose to the Annual
General Meeting the payment of a dividend of around EUR 100 million,
equivalent to 57 cents per share, for the business year 2017.
In 2017, revenues increased by circa 29% to around EUR 10 billion (2016: EUR
7.7 billion), supported by an improved average freight rate in 2017 of 1,051
USD/TEU (2016: 1,036 USD/TEU). Transport volume increased significantly by
29% to 9.8 million TEU (2016: 7.6 million TEU), driven by the merger with
UASC and a healthy underlying organic volume growth. Transport expenses
increased by 25.5% to EUR 8.0 billion (2016: EUR 6.4 billion), because of
higher volumes and an increased average bunker consumption price of USD
318/tonne (2016: USD 226/tonne). The average exchange rate was at 1.13
USD/EUR compared to 1.10 USD/EUR in 2016.
As of 31 December 2017, Hapag-Lloyd had EUR 6.1 billion (2016: EUR 5.1
billion) in equity and a liquidity reserve (cash, cash equivalents and
unused credit facilities) of EUR 1.1 billion (2016: EUR 0.8 billion). The
equity development was mainly driven by the merger with UASC as well as a
cash capital increase of EUR 352 million that was successfully completed in
October 2017. Net debt amounted to EUR 5.7 billion (2016: EUR 3.6 billion)
at the balance sheet reporting date.
"Looking ahead, we will continue to further reduce our debt. In addition to
that, we want to capture all possible synergies from the merger with UASC
and become even more efficient," said Rolf Habben Jansen and added: "Going
forward, our customers will benefit from further improved services and new
digital products. We will invest to strengthen our position as a quality
services provider and will continue to grow profitably in the future. The
market environment remains challenging, but as we see some of the
fundamentals improving gradually over the upcoming period, we remain
cautiously optimistic."
In its most recent economic outlook, the IMF expects global economic growth
to reach 3.9% overall and global trade volume to increase by 4.6% in 2018.
Hapag-Lloyd expects an increasing demand for container shipping services,
and year-on-year volume will also grow due to the inclusion of UASC's
business activities for the whole year. Hapag-Lloyd's average externally
published freight rate in 2018 is likely to be on a similar level as in
2017, as this year the additional volume from UASC is included for the full
year which, as UASC's rates were structurally lower, artificially pulls the
year-on-year rates down. Hapag-Lloyd is also expecting a clearly increasing
average bunker consumption price in 2018.
Provided that the expected freight rate is achieved and the planned
synergies from the merger with UASC are realised, along with the expected
improvement in the quality of earnings and the anticipated growth in
transport volumes, Hapag-Lloyd is forecasting a clearly increasing EBITDA
and EBIT in 2018.
The annual report is available under
https://www.hapag-lloyd.com/en/ir/publications/financial-report.html
Press contacts
[email protected] +49 40 3001 2263
[email protected] +49 40 3001 2291
KEY FIGURES 2017 (EURO)*
2017 2016 2017 vs. 2016
Transport volume (TTEU) 9,803 7,599 +29.0%
Freight rate (USD/TEU) 1,051 1,036 +1.4%
Revenue (EUR million) 9,973 7,734 +29.0%
EBITDA (EUR million) 1,055 607 +73.8%
EBIT (EUR million) 411 126 +226.2%
EBITDA margin 10.6% 7.9% +2.7ppt
EBIT margin 4.1% 1.6% +2.5ppt
Group net result (EUR million) 32.1 -93.1 -
KEY FIGURES 2017 (USD)*
2017 2016 2017 vs. 2016
Revenue (USD million) 11,286 8,546 +32.1%
EBITDA (USD million) 1,198 671 +78.5%
EBIT (USD million) 466 140 +232.9%
Group net result (USD million) 35.3 -102.9 -
Annual average exchange rate USD/EUR 1.13 1.10 +2.2%
Year-end exchange rate USD/EUR 1.20 1.06 +13.5%
* UASC Ltd. and its subsidiaries have been incorporated into the
consolidated financial statements of Hapag-Lloyd since 24 May 2017, the date
of transfer of control. As a result, the presented figures include the
effects of the transaction from this time on and can therefore only be
compared with prior-year figures to a limited extent.
About Hapag-Lloyd
With a fleet of 219 modern container ships and a total transport capacity of
1.6 TEU, Hapag-Lloyd is one of the world's leading liner shipping companies.
The Company has around 12,500 employees and over 380 offices in 125
countries. Hapag-Lloyd has a container capacity of 2.3 million TEU -
including one of the largest and most modern fleets of reefer containers. A
total of 120 liner services worldwide ensure fast and reliable connections
between more than 600 ports on all the continents. Hapag-Lloyd is one of the
leading operators in the Transatlantic, Middle East, Latin America and
Intra-America trades.
Disclaimer
This press release contains forward-looking statements that involve a number
of risks and uncertainties. Such statements are based on a number of
assumptions, estimates, projections or plans that are inherently subject to
significant risks, uncertainties and contingencies. Actual results can
differ materially from those anticipated in the Company's forward-looking
statements.
Contact:
Heiko Hoffmann
Senior Director Investor Relations
Hapag-Lloyd AG
Ballindamm 25
20095 Hamburg
Phone +49 40 3001-2896
Fax +49 40 3001-72896
Mobile +49 172 875-2126
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28.03.2018 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.
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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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