Hamburger Hafen und Logistik AG
- WKN: A0S848
- ISIN: DE000A0S8488
- Land: Deutschland
Nachricht vom 15.05.2012 | 07:59
Hamburger Hafen und Logistik AG: Terminal Modernisation Burdens Quarterly Results, Structural Changes Improve Earnings Prospects
Hamburger Hafen und Logistik AG / Key word(s): Quarter Results 15.05.2012 07:59 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Container throughput up by 4.7 %, transport volume on par with last year - Temporary high burden from terminal reorganisation - Operating result (EBIT) decreases by 22.6 % in the first quarter - HHLA targets EBIT of at least EUR 200 million for the full year Hamburger Hafen und Logistik AG (HHLA) increased its container throughput to 1.7 million standard containers (TEU) in the first quarter of 2012. Revenue decreased by 1.0 percent to EUR 286.8 million including a change in consolidation. Based on lower earnings quality and expenses for the reorganisation of a terminal in the Container segment, the operating result (EBIT) decreased by 22.6 percent to EUR 34.0 million. For the full year 2012, HHLA nevertheless expects EBIT of at least EUR 200 million and Group revenue of EUR 1.1 billion, not least thanks to the realignment of its intermodal activities. Throughput growth at HHLA container terminals The HHLA container terminals continued on their course of growth in the first three months of 2012, with an increase of 4.7 percent to 1.7 million standard containers (TEU). This further strengthens HHLA's position in relation to the large competitors, Rotterdam (throughput down by 3.8 percent) and Antwerp (throughput up by 0.7 percent). The companies for container transport in the seaports' European hinterland defended last year's strong performance in the first quarter of 2012 with transport volumes of 454 thousand TEU. Revenue and earnings were not able to keep up with this trend, however. In comparison with last year, revenue decreased by 1.0 percent to EUR 286.8 million. This was due not only to lower revenue in the Container segment, but also to a change in the consolidation method for the fruit logistics companies, which resulted in a lower amount in revenue in a medium single-digit million range. The decrease of 22.6 percent in the operating result (EBIT) to EUR 34.0 million stems from adverse effects in the Container segment. The Intermodal and Logistics segments were able to improve their operating result noticeably in comparison with the same period last year. Various factors weighed on the Container segment The marked decrease of 29.2 percent, or EUR 11.8 million, to EUR 28.7 million in EBIT for the Container segment in the first quarter of 2012 is down to several factors: - the higher proportion of low-margin European feeder traffic in the handling mix, - the decline in storage fees compared with the first quarter of 2011, when the long freeze in the Baltic Sea caused a container tailback in Hamburg, - the delay in dredging the river Elbe, which causes substantial additional costs in ship handling and - the temporarily high additional costs at the HHLA Container Terminal Burchardkai, where the restructuring and change in the terminal management system enter a decisive phase in 2012, in which large sections of the facility will be partially automated for the first time, with running operations. Realignment of transport companies An improvement in HHLA's earnings quality is expected from the unbundling of the shares held by Deutsche Bahn (DB) and HHLA, announced at the end of April 2012. As soon as the approval of the applicable antitrust authorities has been obtained, DB will hand over its shares in the intermodal operators Polzug (33.3 percent) and Metrans (35 percent) to HHLA. In return, HHLA's existing 50 percent stake in TFG Transfracht will be transferred to DB. Once the transactions have been completed, HHLA will hold 86.5 percent of Metrans and, including a capital increase, 74.5 percent of Polzug Intermodal, while TFG Transfracht will be wholly owned by DB Mobility Logistics AG. The reorganisation will make it possible to align HHLA's European hinterland container transport even more consequently with the needs of maritime logistics thanks to greater use of own production resources. Earnings forecast for the full year 2012 In view of the structural changes ensuing from the realignment of its intermodal activities and the change in the consolidation method for the fruit logistics companies, HHLA is now targeting a Group revenue of EUR 1.1 billion and an operating result (EBIT) at Group level of at least EUR 200 million for the full year 2012. Compared with last year's figures, this represents an almost comparable operating result from a lower revenue base and therefore an increase in operating profitability. Changes in key Group figures at a glance (January to March 2012) - Revenue declined by 1.0 % to EUR 286.8 million compared with the same period last year including a change in consolidation methods. - The operating result before depreciation and amortisation (EBITDA) was 14.7 % down on the previous year at EUR 64.0 million. - The operating result (EBIT) decreased year-on-year by 22.6 % to EUR 34.0 million. - Profit after tax and minority interests declined by 40.8 % to EUR 9.7 million, because the costs of the ongoing terminal reorganisation affected a company wholly owned by HHLA and therefore not earnings attributable to minority interests. At EUR 280.2 million for the period from January to March 2012, the revenue generated by HHLA's core business - operated by the publicly listed Port Logistics subgroup - declined by 1.2 % compared to the first quarter of 2011. The subgroup's operating result (EBIT) declined 22.6 % to EUR 31.5 million. This meant that the Port Logistics subgroup generated 98 % of Group revenue and 93 % of Group EBIT. Key Figures HHLA Groupin EUR million 1-3 | 2012 1-3 | 2011 Change Revenue 286.8 289.8 - 1.0 % EBITDA 64.0 75.0 - 14.7 % EBIT 34.0 44.0 - 22.6 % EBIT margin in % 11.9 15.2 - 3.3 pp Profit after tax 19.1 25.1 - 24.0 % Profit after tax and minority 9.7 16.4 - 40.8 % interests Container throughput in thousand TEU 1,731 1,654 4.7 % Container transport in thousand TEU 454 454 0.0 % 31.03.2012 31.03.2011 Change Equity ratio in % 35.8 35.6 0.2 pp Employees 4,775 4,707 1.4 %Key Figures Port Logistics Subgroupin EUR million 1-3 | 2012 1-3 | 2011 Change Revenue 280.2 283.4 - 1.2 % EBITDA 60.5 70.8 - 14.5 % EBIT 31.5 40.7 - 22.6 % EBIT margin in % 11.2 14.4 - 3.2 pp Profit after tax and minority 8.8 15.0 - 41.6 % interests15.05.2012 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)40-3088-1 Fax: +49 (0)40-3088-3355 E-mail: firstname.lastname@example.org Internet: www.hhla.de ISIN: DE000A0S8488 WKN: A0S848 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Düsseldorf, Hannover, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
Hamburger Hafen und Logistik AG: HHLA Grows in ...
Hamburger Hafen und Logistik Aktiengesellschaf ...
Hamburger Hafen und Logistik AG: HHLA Expands ...
Hamburger Hafen und Logistik AG: Announcement ...
Hamburger Hafen und Logistik AG: HHLA Fulfils ...
Anleihe im Fokus
7,75% p.a. - Rendite aus Familienhand
– Zeichnungsstart: 23. Mai – Börse Frankfurt
– Zeichnung ab 1.000 Euro
– Laufzeit 5 Jahre
– WKN: A1TNA7
– 100% Rückzahlungskurs
Syzygy AG: Aktie kaufen
Die nach den ersten drei Monaten des laufenden Jahres von Syzygy präsentierten Zahlen liegen im Rahmen unserer Erwartungen. Angesichts unserer unveränderten Prognosen behalten wir das bisherige Kursziel von 5 € bei und erneuern das Rating KAUFEN.
Der AKTIONÄR News
21. Mai 19:25 400-Prozent-Aktie: Spekulationen um Apple
21. Mai 15:17 Commerzbank: Staatsbeteiligung sinkt drastisch
Analysts' conference call on 1Q 2013
15. Mai 2013
Original-Research: Orad Hi Tec Systems (von VEM Aktienbank AG): Kaufen
21. Mai 2013