25.03.2020 Hamburger Hafen und Logistik AG  DE000A0S8488

DGAP-News: Hamburger Hafen und Logistik AG: HHLA expects strong decrease in earnings due to 2020 coronavirus pandemic


 

DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Annual Results
Hamburger Hafen und Logistik AG: HHLA expects strong decrease in earnings due to 2020 coronavirus pandemic

25.03.2020 / 07:30
The issuer is solely responsible for the content of this announcement.


Hamburg, 25 March 2020

Publication of the Annual Report 2019

HHLA expects strong decrease in earnings due to 2020 coronavirus pandemic

  • Significant rise in revenue and operating result (EBIT) in 2019
  • Moderate increase in container throughput, significant increase in transport volume
  • Dividend to decline by 12.5 percent to € 0.70 per Class A share, in order to preserve liquidity; payout ratio declines to 52 percent
  • HHLA anticipates negative effects in the first half of the year as a result of the coronavirus pandemic
  • Chairwoman of the Executive Board, Angela Titzrath: We will act with prudence and caution and systematically implement the measures needed to guide HHLA through this challenging time.

Hamburger Hafen und Logistik AG (HHLA) can look back on a successful financial year 2019. Despite a significant deterioration in the market environment especially in the second half of the year, Group revenue increased by 7.1 percent to € 1.38 billion (previous year: € 1.29 billion). Due to the successful integration of the Estonian terminal operator HHLA TK Estonia, which was acquired in 2018, and a slight growth at the Hamburg terminals, container throughput increased moderately. A significant rise in container transport was achieved. At € 221.2 million, the Group's operating result (EBIT) was up by 8.3 percent (previous year: € 204.2 million) compared to the previous year. The positive effects of the initial application of IFRS 16 on EBIT amounted to approximately € 14.4 million. Profit after tax and minority interests fell by 8.0 percent. For the current financial year, HHLA expects to record strong decreases in revenue and earnings due to the dramatic changes in the macroeconomic environment.

Angela Titzrath, Chairwoman of HHLA's Executive Board: "HHLA has mastered many crises in its 135 years. However, the economic shocks of the coronavirus pandemic present us with a challenge of a magnitude never seen before. Nevertheless, we are aware of our responsibility as a service provider for Germany as an industrialised nation. We will therefore act with prudence and caution and systematically implement the measures that are needed to guide HHLA through this challenging time. We stand by our long-term targets, irrespective of changes in the macroeconomic environment."

Port Logistics subgroup: business development in 2019
The listed Port Logistics subgroup recorded a significant rise in revenue of 7.3 percent to € 1.35 billion (previous year: € 1.26 billion). The operating result (EBIT) also grew substantially by 8.5 percent to € 204.4 million (previous year: € 188.4 million), thereby increasing the EBIT margin slightly to 15.1 percent. The initial application of IFRS 16 also had a positive effect here, contributing approximately € 13.4 million.

In total, 7.6 million standard containers (TEU) were handled at HHLA's container terminals in the 2019 financial year. This is 3.3 percent more than in the previous year (7.3 million TEU). Container throughput at the three container terminals in Hamburg slightly exceeded the high level achieved the previous year, while throughput at the international HHLA container terminals in Odessa (Ukraine) and Tallinn (Estonia) was up significantly on the previous year's level. However, it should be noted that the figures for the previous year are only partly comparable as the container terminal in Tallinn was first integrated into the HHLA consolidated group at the end of the second quarter of 2018.

With a transport volume of 1.57 million TEU (previous year: 1.48 million TEU), HHLA's intermodal activities were up 5.7 percent on the previous year's strong result. This result was driven by both rail and road transport.

Real Estate subgroup: business development in 2019
HHLA's properties in Hamburg's Speicherstadt historical warehouse district and the Fish Market area achieved a further slight increase in revenue of 2.5 percent to € 40.2 million in 2019 (previous year: € 39.3 million) despite almost full occupancy.

In addition to increased revenue from properties in both districts, the significant rise in the operating result (EBIT), which went up by 6.5 percent from € 15.5 million in the previous year to € 16.5 million, was primarily due to the initial application of IFRS 16.

Forecast for 2020
The worldwide coronavirus pandemic has led to extraordinary measures being implemented to prevent the spread of the virus.

In the countries affected, these measures aim to minimise social contact between people. Both at a national level and in international transportation, this is leading to a contraction in economic activity whose true impact and duration cannot be reliably gauged.

The contraction is affecting all areas of the economy, including international trade, which is critical to HHLA.

It is not possible to make any reliable forecasts under these conditions, but we can assume that revenue and operating result (EBIT) for the Port Logistics subgroup will be strongly below previous year. This is primarily due to the possible at least temporarily sharp declines in container throughput and transport.

The operating result (EBIT) of the Real Estate subgroup is also considered to be possibly significantly below the previous year's figure. At a Group level, we can expect to see a strong decrease in the operating result (EBIT) due to the effects mentioned above.

Owing to the uncertainty described above, HHLA is focussing on its financial management and on securing its liquidity. To do this, HHLA will continually review and adjust its investments and cost development.

Due to the liquidity available on 31 December 2019 and the measures mentioned above, and based on feasible estimates for 2020 as a whole, HHLA assumes that its liquidity should enable the company to meet all its payment obligations despite the burden caused by the coronavirus pandemic.

A further area of focus for the management is on protecting the health of employees, as well as maintaining all systems that play a role in the critical infrastructure of the Container and Intermodal segments.

Dividend proposal for 2019
At the Annual General Meeting on 10 June 2020, the Executive Board and Supervisory Board will propose a dividend of € 0.70 per dividend-entitled Class A share (previous year: € 0.80). This would decrease the dividend by 12.5 percent compared with the previous year. In the present circumstances, this measure serves - among others - to preserve liquidity. The payout ratio of 52 percent is nevertheless still within the target range of 50 to 70 percent.

 

Key figures: January to December

HHLA Group
in € million   2019   2018   Change
Revenue   1,382.6   1,291.1   7.1 %
EBITDA   382.6   318.5   20.2 %
EBITDA margin in %   27.7   24.7   3.0 pp
EBIT   221.2   204.2   8.3 %
EBIT margin in %   16.0   15.8   0.2 pp
Profit after tax   137.1   138.5   - 1.0 %
Profit after tax and minority interests   103.3   112.3   - 8.0 %
ROCE in %   10.8   14.8   - 4.0 pp
 
    31.12.2019   31.12.2018   Change
Equity ratio in %   22.2   31.2   - 9.0 pp
Number of employees   6,296   5,937   6.0 %
 
Port Logistics subgroup 1,2
in € million   2019   2018   Change
Revenue   1,350.0   1,258.5   7.3 %
EBITDA   358.7   297.8   20.5 %
EBITDA margin in %   26.6   23.7   2.9 pp
EBIT   204.4   188.4   8.5 %
EBIT margin in %   15.1   15.0   0.1 pp
Profit after tax and minority interests   93.6   102.9   - 9.0 %
Earnings per share in € 3   1.34   1.47   - 9.0 %
Dividend per share in € 4   0.70   0.80   - 12.5 %
1 Before consolidation between subgroups
2 Listed class A shares
3 Basic and diluted
4 2019: Dividend proposal
 
Container segment
in € million   2019   2018   Change
Revenue   799.7   758.9   5.4 %
EBITDA   240.2   209.8   14.5 %
EBITDA margin in %   30.0   27.6   2.4 pp
EBIT   141.3   131.6   7.4 %
EBIT margin in %   17.7   17.3   0.4 pp
Container throughput in thousand TEU   7,577   7,336   3.3 %
 
Intermodal segment
in € million   2019   2018   Change
Revenue   486.9   433.8   12.3 %
EBITDA   139.0   112.7   23.3 %
EBITDA margin in %   28.6   26.0   2.6 pp
EBIT   99.2   89.1   11.3 %
EBIT margin in %   20.4   20.5   - 0.1 pp
Container transport in thousand TEU   1,565   1,480   5.7 %
 

Key figures: October to December

Container segment
in € million   10-12 | 2019   10-12 | 2018   Change
Revenue   194.2   187.7   3.5 %
EBITDA   54.1   48.3   12.0 %
EBITDA margin in %   27.9   25.7   2.2 pp
EBIT   28.7   28.7   - 0.0 %
EBIT margin in %   14.8   15.3   - 0.5 pp
Container throughput in thousand TEU   1,847   1,829   1.0 %

Intermodal segment
in € million   10-12 | 2019   10-12 | 2018   Change
Revenue   119.0   109.7   8.4 %
EBITDA   33.2   30.1   10.3 %
EBITDA margin in %   27.9   27.4   0.5 pp
EBIT   23.1   23.8   - 3.1 %
EBIT margin in %   19.4   21.7   - 2.3 pp
Container transport in thousand TEU   381   383   - 0.3 %


Contact:
Stefanie Steiner
Head of 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]


25.03.2020 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: 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: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1005647

 
End of News DGAP News Service

1005647  25.03.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 1.220,26 1.258,52 1.349,96 1.269,34 1.435,75 1.542,25 1.408,87
EBITDA1,2 274,49 297,77 358,73 269,43 384,66 369,63 262,01
EBITDA-Marge3 22,49 23,66 26,57 21,23 26,79 23,97
EBIT1,4 156,58 188,42 204,43 110,30 212,57 201,61 92,90
EBIT-Marge5 12,83 14,97 15,14 8,69 14,81 13,07 6,59
Jahresüberschuss1 95,99 129,10 127,41 66,84 123,67 122,44 31,08
Netto-Marge6 7,87 10,26 9,44 5,27 8,61 7,94 2,21
Cashflow1,7 258,90 214,78 302,99 271,42 299,01 257,12 199,43
Ergebnis je Aktie8 1,02 1,47 1,34 0,50 1,43 1,13 0,12
Dividende8 0,67 0,80 0,70 0,45 0,75 0,75 0,59
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
HHLA
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0S848 16,800 Halten 1.263,69
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,54 21,48 1,00 18,34
KBV KCV KUV EV/EBITDA
1,87 6,34 0,90 8,63
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,75 0,08 0,48 13.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 14.08.2024 14.11.2024 21.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,15% 11,73% 0,24% 50,81%
    
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