10.08.2018
Hapag-Lloyd AG DE000HLAG475
DGAP-News: Hapag-Lloyd AG: Half year result of EUR 88.7 million EBIT in a challenging market
DGAP-News: Hapag-Lloyd AG / Key word(s): Half Year Results
Hapag-Lloyd AG: Half year result of EUR 88.7 million EBIT in a challenging
market
10.08.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
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Hamburg, 10 August 2018
Hapag-Lloyd half year results: EUR 88.7 million EBIT in a challenging market
- EUR 425.2 million EBITDA in the first half year 2018
- Slower recovery of freight rates and increasing operational costs
- Additional measures implemented for revenue and cost improvements
Hapag-Lloyd has concluded the first half of the year 2018 with earnings
before interest, taxes, depreciation and amortisation (EBITDA) of EUR 425.2
million. This is EUR 61.4 million higher compared to the EBITDA of the first
six months of 2017 (EUR 363.8 million). The earnings before interest and
taxes (EBIT) stood at EUR 88.7 million after six months and therefore close
to the level of the first half of the year 2017 (EUR 90.7 million). The
group net result amounted to EUR -100.9 million, which is EUR 58.2 million
below the 2017 half year result (EUR -42.7 million). These developments are
mainly driven by the ongoing intense competition as well as higher
operational costs, partly compensated by synergies coming from the business
combination with United Arab Shipping Company Ltd (UASC).
"The first half of 2018 was shaped by clearly increasing fuel costs, higher
charter rates and a slower than expected recovery of freight rates. In
response to that, we have implemented additional measures to recover these
costs: we are critically reviewing the economic viability of our ship
systems and are further optimising our terminal contracts, to gain
additional relief on the cost side," said Rolf Habben Jansen, Chief
Executive Officer of Hapag-Lloyd.
Revenues climbed up to EUR 5.4 billion in the first six months of this year
(H1 2017: EUR 4.5 billion) and the reported transport volume increased by 39
percent to 5,848 TTEU (H1 2017: 4,221 TTEU). The reported average freight
rate decreased to 1,020 USD/TEU in the first half of the year 2018 (H1 2017:
1,065 USD/TEU). On a pro forma basis and when compared to the combined
business of Hapag-Lloyd and UASC in the first half year of 2017, volumes are
up 3.9 percent and rates have increased 3.0 percent. Bunker prices increased
significantly to USD 385/tonne in the first six months 2018 (H1 2017: USD
312/tonne) and mainly contributed to higher operational costs.
Rolf Habben Jansen: "For the remainder of the year, we see a slow but
steadily improving market environment, but we recognise that there are still
significant geopolitical uncertainties that could influence the market. This
only reinforces the necessity to be able to react quickly when needed - and
we therefore will accelerate some of our digitalisation initiatives and
finalise our new strategy until the end of this year."
The reported figures of the first half year 2018 include United Arab
Shipping Company Ltd. (UASC) and can therefore only be compared to a limited
extent with the figures of the first half year 2017 (including UASC since 24
May 2017).
The report for the first half year 2018 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 H1 (EURO)*
H1 2018 H1 2017 H1 2018 versus
H1 2017
Transport volume (TTEU) 5,848 4,221 1,627
Freight rate (USD/TEU) 1,020 1,065 -45
Revenues (EUR million) 5,424.7 4,518.3 906.4
EBITDA (EUR million) 425.2 363.8 61.4
EBIT (EUR million) 88.7 90.7 -2.0
EBITDA margin 7.8% 8.1% -0.3 ppt
EBIT margin 1.6% 2.0% -0.4 ppt
Group net result -100.9 -42.7 -58.2
(EUR million)
KEY FIGURES H1 (USD)*
H1 2018 H1 2017 H1 2018 versus
H1 2017
Revenues (USD million) 6,568.7 4,899.7 1,669.0
EBITDA (USD million) 514.9 397.0 117.9
EBIT (USD million) 107.4 100.4 7.0
Group net result (USD million) -122.3 -44.6 -77.7
Annual average exchange rate USD/EUR 1.21 1.08 0.13
End of period exchange rate USD/EUR 1.16 1.14 0.02
* 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 of the first half
year 2018 (with UASC) include the effects of the transaction from this time
on and can therefore only be compared to a limited extent with the figures
of the previous year (mainly without UASC)
About Hapag-Lloyd
With a fleet of 226 modern container ships and a total transport capacity of
1.6 million TEU, Hapag-Lloyd is one of the world's leading liner shipping
companies. The Company has around 12,000 employees and 389 offices in 127
countries. Hapag-Lloyd has a container capacity of around 2.5 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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10.08.2018 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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712823 10.08.2018
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