11.08.2016
Hamburger Hafen und Logistik AG DE000A0S8488
DGAP-News: Hamburger Hafen und Logistik AG: Pleasing Earnings of the Transport Companies Compensate for the Modest Development in the Container Segment
DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Quarterly /
Interim Statement/Half Year Results
Hamburger Hafen und Logistik AG: Pleasing Earnings of the Transport
Companies Compensate for the Modest Development in the Container Segment
11.08.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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HHLA: Half-Year Financial Report January to June 2016
Pleasing Earnings of the Transport Companies Compensate for the Modest
Development in the Container Segment
In a persistently difficult operating environment, container handling
volumes at Hamburger Hafen und Logistik AG (HHLA) remained 5.7 % down on
the previous year at 3.2 million standard containers (TEU) in the first
half of 2016. By contrast, container transport of the intermodal companies
experienced further growth, increasing by 6.2 % to 694 thousand TEU.
Revenue at Group level was down slightly on the previous year's figure at
approximately EUR 573 million. Adjusted for the one-off restructuring
expense of almost EUR 15 million which was fully recognised in the half-
yearly figures, the Group's operating result (EBIT) almost matched the
previous year's at just under EUR 82 million.
- Container throughput down by 5.7 % against previous year at 3.2 million
TEU
- Further increase of 6.2 % in container transport to 694 thousand TEU
- Revenue down by 2.0 % on the first half of 2015 at EUR 573.5 million
- Excluding the one-off restructuring expense, operating result (EBIT)
almost on a par with the previous year at EUR 81.8 million. At EUR 66.9
million, EBIT 19.1 % lower than the previous year's figure following
the one-off expense of EUR 14.9 million for the restructuring of
project and contract logistics
Klaus-Dieter Peters, Chairman of HHLA's Executive Board, on the course of
business in the first half-year: "Thanks to our successfully implemented,
long-term diversification strategy, we were once again able to compensate
for developments in the Container segment - which were adversely affected
by a persistently difficult operating environment - with pleasing growth in
the Intermodal segment. In view of persistently weak growth momentum in
global trade and international container throughput, and given the
unchanged infrastructure deficits at the Port of Hamburg, container
handling volumes at our terminals remained subdued. So far, we have been
unable to match the throughput recorded in the same period of the previous
year, partly due to a strong performance in the first quarter of 2015. By
contrast, we are continuing our success story in the Intermodal segment.
Considering that the market is highly competitive, it is remarkable that we
managed to achieve a further increase of 6.2 % in transport volumes and
growth of no less than 25.5 % in the segment's operating result. We assume
that developments at Group level during the remainder of the year will be
in line with our expectations. For this reason, our forecast published in
March remains unchanged."
Modest Volume Development in Container Handling
In the first half of 2016, throughput at HHLA's container terminals was
down by 5.7 % on the first six months of the previous year, at 3.2 million
TEU. While the Container Terminal Odessa handled 132 thousand TEU - 5.9 %
more containers than in the same period of the previous year - container
throughput at the Hamburg terminals fell by 6.2 % to 3.1 million TEU. This
was largely due to persistently weak Asia traffic (Far East-Northern
Europe), which was down by 9 % on the first six months of 2015. The
reduction in revenue in the Container segment was less pronounced, at 4.4
%, taking the figure to just under EUR 337 million. The segment's operating
result (EBIT) decreased in line with volumes, falling 5.9 % to
approximately EUR 54 million.
Intermodal Companies Record Growth in Volume, Revenue and Earnings
HHLA's transport companies were able to further extend their position. They
grew their transport volume by 6.2 % to 694 thousand TEU in the highly
competitive market for hinterland container traffic. This development was
largely driven by rail transportation, which even increased by an
impressive 8.6 %. As a result, revenue in the Intermodal segment grew by
5.5 % to almost EUR 191 million. Meanwhile, the segment's operating result
(EBIT) considerably outperformed the growth in volumes and revenue,
climbing by 25.5 % to almost EUR 34 million. The use of additional own
locomotives and wagons made a noticeable impact here.
Forecast for Revenue and Earnings Confirmed
In light of the Group's performance in the first half, HHLA confirms its
forecast and anticipates revenue at Group level on a par with the previous
year and, following the one-off restructuring expense, a consolidated
operating result (EBIT) in the range of EUR 115 million to EUR 145 million.
Key Figures HHLA Group
in EUR million 1-6 | 2016 1-6 | 2015 Change Revenue 573.5 585.1 - 2.0 % EBITDA 1 125.8 142.9 -12.0 % EBIT 1 66.9 82.6 - 19.1 % EBIT margin in % 1 11.7 14.1 - 2.4 pp Profit after tax 40.8 50.2 - 18.8 % Profit after tax and 25.8 37.5 - 31.1 % minority interests Container throughput in 3,209 3,404 - 5.7 % thousand TEU Container transport in 694 654 6.2 % thousand TEU 30.06.2016 31.12.2015 Change Equity ratio in % 29.0 33.2 - 4.2 pp Employees 5,421 5,345 1.4 %Key Figures Port Logistics Subgroup 2,3 in EUR million 1-6 | 2016 1-6 | 2015 Change Revenue 557.8 569.8 - 2.1 % EBITDA 1 115.3 132.1 - 12.7 % EBIT 1 58.8 74.1 - 20.7 % EBIT margin in % 1 10.5 13.0 - 2.5 pp Profit after tax and 21.3 33.2 - 36.0 % minority interests Earnings per share 0.30 0.47 - 36.0 % in EUR1 Incl. the one-off expense of EUR 14.9 million for the restructuring of project and contract logistics in the first half of 2016 2 Before consolidation between subgroups 3 Listed Class A shares Contact: Heiko Hoffmann 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] --------------------------------------------------------------------------- 11.08.2016 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. Archive at 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: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 491213 11.08.2016
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