27.03.2014
Hamburger Hafen und Logistik AG DE000A0S8488
DGAP-News: Hamburger Hafen und Logistik AG: HHLA Expands Market Position
DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Final
Results
Hamburger Hafen und Logistik AG: HHLA Expands Market Position
27.03.2014 / 07:30
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Financial Year 2013
HHLA Expands Market Position
- Container throughput rises by 4.4 percent to 7.5 million standard
containers
- HHLA's North Range market share increases to 20.4 percent
- Container transport of companies still included in the Intermodal
segment rises by 18.0 percent to 1.2 million standard containers
- Group revenue up by 2.4 percent to EUR 1,155.2 million
- Operating result (EBIT) comes in at EUR 158.0 million and fulfils
forecast
- Dividend proposal: still on a high level with 65 percent of the
distributable net profit (EUR 0.45 per listed Class A share)
- Forecast: HHLA expects container throughput slightly above the previous
year's level and moderate growth in container transport by rail
Hamburger Hafen und Logistik AG (HHLA) again expanded its position in a
difficult market environment in the 2013 financial year. Container
throughput grew by 4.4 percent to 7.5 million standard containers (TEU).
This corresponded to a market share of 20.4 percent in the North Range.
Container transport by rail rose again significantly. The companies in the
realigned Intermodal segment increased their transport volumes by 18.0
percent to 1.2 million TEU. Group revenue went up to EUR 1,155.2 million.
The operating result (EBIT) came in at EUR 158.0 million and thus met the
forecast range. In the 2014 financial year, HHLA expects Group revenue to
rise slightly and the operating result (EBIT) to be in the range EUR 138
million to EUR 158 million.
"We saw considerable increases in throughput and transportation in 2013.
Our market share gains underline that we were well prepared for the
challenges of a difficult market environment. HHLA also continues to have a
high level of earnings. This increases our entrepreneurial scope," stated
the Chairman of HHLA's Executive Board, Klaus-Dieter Peters, when
presenting the annual financial results for 2013. "In view of the delay in
dredging the river Elbe, the rising number of ever-larger vessels is
leading to extraordinary challenges. To improve our efficiency in the
handling of large vessels, we have proactively created capacity and
productivity reserves, particularly at our Container Terminal Burchardkai,
from which we will benefit as utilisation continues to increase. Our
realigned Intermodal segment once again performed particularly well, with a
volume increase of 18.0 percent. We will keep pursuing our successful
intermodal strategy in 2014. We have an excellent liquidity position and a
sound balance sheet structure. Against this background, we propose to pay a
dividend of EUR 0.45 for the listed Class A shares, i.e. a payout ratio of
65 percent of the distributable net profit."
Revenue and Earnings Development
In the 2013 financial year, HHLA's revenue rose by 2.4 percent to EUR
1,155.2 million, largely matching volume trends following adjustment for
non-recurring effects (including the realignment of the Intermodal
segment). The operating result (EBIT) developed as forecast coming in at
EUR 158.0 million. As a result of non-recurring effects, this figure is
only to a limited extent comparable with the previous year's amount. The
2012 operating result includes a one-off gain of EUR 17.6 million, largely
attributable to the sale of HHLA's stake in TFG-Transfracht. Other key
factors for EBIT development in the 2013 financial year were:
- Additional and follow-up costs resulting from the flooding of the
rivers Elbe and Danube along some of the rail companies' key routes,
- The restructuring of the Polzug Group,
- Increased expenditure due to the delay in dredging the river Elbe,
- Unrealised productivity potential at the Container Terminal Burchardkai
due to current capacity utilisation levels.
"Revenue in the listed Port Logistics subgroup went up by 2.4 percent to
EUR 1,127.2 million. The subgroup's operating result (EBIT) decreased by
16.5 percent to EUR 144.3 million.
Proposed Dividend Payment of EUR 0.45 per Class A share
At the Annual General Meeting on 19 June 2014, the HHLA Executive and
Supervisory Boards will propose a dividend of EUR 0.45 per Class A share
for the financial year 2013 for the listed shares in the Port Logistics
subgroup. 97.6 percent of HHLA's revenue is attributable to this subgroup.
This corresponds to a dividend payout ratio of 65.3 percent of the net
profit for the year after minority interests. At 11.6 percent (previous
year: 13.6 percent), the return on capital employed (ROCE) was above the
assumption for long-term cost of capital of 10.5 percent.
2014 Business Forecast: Slight Revenue Growth and Operating Result on a Par
with the Previous Year Targeted in a Persistently Difficult Market
Environment
Current forecasts by leading institutes concerning economic growth,
container throughput and container transport suggest a restrained general
trend for volumes in our competitive environment. HHLA intends to
strengthen its position in the handling of mega-ships and expects container
handling volumes to increase slightly - assuming that the current structure
of freight flows remains intact. In the current 2014 financial year, the
market positions of HHLA's Intermodal companies should be consolidated and
the hinterland network expanded further. Transport volumes are expected to
rise moderately as a result. Based on these developments in volume, Group
revenue is also forecast to increase slightly year-on-year.
At the same time, the market environment remains difficult - not least due
to current infrastructure deficits relating to the Port of Hamburg's
seaward accessibility. Furthermore, consolidation processes in the liner
shipping industry will lead to increasingly volatile volumes. The situation
is made more complicated by the uncertainty surrounding events in Ukraine
and potential negative impacts on trade with Russia. In view of this,
achieving a result in the 2014 financial year that is on a par with that of
the previous year remains an ambitious target.
Container Terminals Well Equipped for Future Challenges
The rising number of ever-larger vessels poses challenges to container
terminals around the world. From 2012 to 2013 alone, the number of calls of
vessels with a carrying capacity of over 10,000 TEU at HHLA's Hamburg
terminals rose by 29 percent to 291. As the river Elbe still has not been
dredged, the time windows available for ships of this size are getting
smaller. The frequent restrictions to pass the Kiel canal made matters
worse. HHLA's container terminals improved their capabilities in the 2013
financial year with a range of measures aimed at coping with the rising
number of very large vessels calling at the facilities to the satisfaction
of the customers. The focus here was on the HHLA Container Terminal
Burchardkai. As the five additional state-of-the-art tandem gantry cranes
delivered in 2013 gradually enter service during 2014, the terminal will
have mega-ship berths which can handle even the latest generation of
vessels with a carrying capacity of 18,000 TEU.
It is all the more impressive that HHLA's Hamburg terminals were able to
increase their market share in the North Range to 20.4 percent considering
the intensive competitive environment. This gain resulted primarily from
growth of 8.3 percent in feeder traffic via the Baltic Sea to neighbouring
Central and Eastern European countries and a 6.3 percent rise in Far East
traffic.
Further Expansion of the Hinterland Network
The realigned transport companies achieved a significant increase in
transport volumes of 18.0 percent to 1.2 million TEU in the 2013 financial
year. This rise was mainly attributable to new Metrans connections in
Germany and with Austria and Switzerland. These new connections constitute
part of HHLA's D.A.CH. strategy (abbreviation for Germany, Austria and
Switzerland). The hub terminal in the Czech city of Ceska Trebova, which
went into service in May 2013, also made a key contribution here. The
restructuring of the rail company Polzug and new connections to Poland's
seaports helped to expand the market position as well. HHLA has aligned its
entire transport network with the requirements of maritime logistics.
HHLA's customers have access to a top-quality, highly reliable logistics
chain between the European hinterland and seaport terminals. HHLA is
thereby increasingly using its own production resources, such as modern
inland terminals, container-carrying wagons and locomotives, as well as its
own equipment for container transport by road. In 2014, HHLA will continue
to invest in the quality and expansion of its hinterland network.
HHLA Is Committed to Sustainability
A key target as part of HHLA's sustainability strategy is to reduce
specific CO2 emissions per container handled and transported by at least 30
percent between 2008 and 2020. In the 2013 financial year, specific CO2
emissions were already 24.9 percent lower than in 2008 A wide range of
individual measures helped achieve this result. For instance, the Container
Terminal Altenwerder put four additional zero-emission battery electric
automated guided vehicles (AGVs) into service in 2013. The decision was
taken to expand this fleet of all-electric AGVs further. Furthermore, HHLA
will already use 51 electric driven passenger cars at the beginning of
April 2014.
Since 2012, HHLA has applied the Global Reporting Initiative (GRI)
guidelines on sustainability reporting, the most commonly used standard of
its kind in the world. Furthermore, HHLA was the first maritime company to
issue a declaration of compliance with the German Sustainability Code
(GSC).
Development of Key Group Figures at a Glance
- Revenue rose by 2.4 percent to EUR 1,155.2 million.
- The operating result (EBIT) declined by 15.0 percent to EUR 158.0
million.
- Profit after tax was 28.0 percent below that of the previous year at
EUR 80.4 million.
- Profit after tax and minority interests was down 24.9 percent at EUR
54.3 million.
- Cash flow from operating activities decreased by 10.7 percent to EUR
188.1 million.
- The equity ratio climbed from 31.9 percent to 34.7 percent.
- Earnings per share amounted to EUR 0.69 for the listed Port Logistics
subgroup in 2013, a year-on-year decline of 27.3 percent.
A proposal to distribute a dividend of EUR 0.45 per listed Class A share
will be made at the Annual General Meeting. This corresponds to a dividend
payout ratio of 65.3 percent.
The listed Port Logistics subgroup, in which HHLA's core business is
pooled, reported revenue of EUR 1,127.2 million in 2013 (+ 2.4 percent) and
EBIT of EUR 144.3 million (- 16.5 percent). This meant that the Port
Logistics subgroup generated 97.6 percent of Group revenue and 91.4 percent
of Group EBIT.
Key Figures HHLA Group
in EUR million 2013 2012 Change Revenue 1,155.2 1,128.5 2.4 % EBITDA1 280.9 307.2 - 8.5 % EBIT1 158.0 186.0 - 15.0 % EBIT margin in % 13.7 16.5 - 2.8 pp Profit after tax1 80.4 111.7 - 28.0 % Profit after tax and minority interests1 54.3 72.3 - 24.9 % Container throughput in thousand TEU 7,500 7,183 4.4 % Container transport2 in thousand TEU 1,172 1,213 - 3.3 % Container transport of continued operations2 in thousand TEU 1,172 993 18.0 % 31.12.20 31.12.20 Change 13 12 Equity ratio in % 34.7 31.9 2.8 pp Employees 4,994 4,915 1.6 %Key Figures Port Logistics Subgroup3,4 in EUR million 2013 2012 Change Revenue 1,127.2 1,101.2 2.4 % EBITDA1 263.1 290.4 - 9.3 % EBIT1 144.3 172.8 - 16.5 % EBIT margin in % 12.8 15.7 - 2.9 pp Profit after tax and minority interests1 48.3 66.4 - 27.3 % Dividend in EUR per Class A share5 0.45 0.65 - 30.8 %1 Retrospective restatement of the figures for the previous year resulting from application of IAS 19R. 2 Transport volume was fully consolidated. 3 Before consolidation between subgroups. 4 Class A shares 5 2013: Dividend proposal Contact: Dr. Susanne Umland 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 --------------------------------------------------------------------- 27.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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)40-3088-0 Fax: +49 (0)40-3088-3355 E-mail: [email protected] Internet: www.hhla.de ISIN: DE000A0S8488 WKN: A0S848 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Düsseldorf, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 259840 27.03.2014
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