DGAP-News: Hamburger Hafen und Logistik AG: HHLA WITH DOUBLE-DIGIT RETURN IN CRISIS YEAR 2009
(firmenpresse) - Hamburger Hafen und Logistik AG / Final Results
31.03.2010 08:01
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Despite the most serious economic crisis for decades, in the financial year
2009 Hamburger Hafen und Logistik AG (HHLA) earned a return well into
double digits and met its forecast for the year. Revenue fell by 25.3
percent to 990.7 million euros and operating result from continuing
activities was 50.3 percent lower at 177.7 million euros. A profit margin
of 18.0 percent from continuing activities and an equity ratio of 40.0
percent stand for profitability and stability even under tough operating
conditions. Despite first signs of a gradual recovery in volumes, for the
current financial year HHLA expects a still tense market environment with
growing pressure from competition and on earnings.
Hamburg. 31 March 2009. 'Despite a steep downturn in volumes handled and
transported, in the financial year 2009 Hamburger Hafen und Logistik AG
succeeded in keeping the fall in revenues within limits, in achieving a
respectable result and in preserving its sound balance sheet structure.
This is all the more remarkable as HHLA is especially heavily hit by the
repercussions of the current world economic crisis,' stated HHLA
Klaus-Dieter Peters, Chairman of HHLA's Executive Board, on publication of
the annual financial statement for 2009. Measures taken in a timely manner
as part of the 'Securing the future' project made a crucial contribution
here. 'We shall continue to systematically pursue this course in the
difficult financial year 2010. Then we shall be in a position to
successfully overcome the consequences of the recession and at the same
time be ready to actively exploit the opportunities from an economic
recovery.'
Dividend of 0.40 euros proposed
For the year 2009, HHLA's Executive and Supervisory Boards propose to the
Annual General Meeting payment out of the net profit qualifying for
distribution of a dividend of 0.40 euros per share on the Port Logistics
subgroup shares traded on the stock exchange. This subgroup accounts for
97 percent of HHLA's revenues.
Considerable deterioration in market environment
The economic crisis hit global transport chains disproportionately. Whereas
for many years the rule-of-thumb applied that intercontinental container
traffic grows at between twice and three times the rate of worldwide
economic output, in the crisis this rule also proved to be applicable in
the reverse direction. It was especially the growth markets that have been
so crucial for HHLA in recent years, such as container traffic with Asia,
as well as the emerging economies of Central and Eastern Europe, which
experienced particularly serious downturns in the course of the crisis.
Systematic cost management
HHLA had already reacted to the challenge of the crisis back in the fourth
quarter of 2008 with an extensive programme of measures. The 'Securing the
future' project includes a strict cost reduction programme and adaptation
of the investment programme to the changed underlying circumstances, as
well as a package of measures to secure employment with a combination of
in-service training and short-time working:
- In 2009, for instance, costs of material were 28.6 percent down on the
previous year, falling more steeply than sales revenues, to 346.1 million
euros (previous year: 484.7 million euros).
- The modernization and expansion programme for the period 2009-2012 has
been staggered, with 600 of the original 1,200 million euros deferred to
the period after 2012. The volume of investments in the financial year 2009
totalled 159.7 million euros instead of the 355 million euros planned at
the time of the IPO in 2007.
- The fall in employment of temporary workers and the reduction in
overtime, as well as the programme of short-time working and in-service
training introduced from July 2009, reduced the volume of work at the
Hamburg base by over 20 percent (on a comparison of the second half-year
in 2009 with 2008).
- The 'Securing the future' project is being continued in 2010.
Negotiations are currently in progress with staff representatives on a
reorganization of working conditions and processes at Container Terminal
Burchardkai, as well as an optimized capacity management at Container
Terminals Tollerort and Burchardkai.
Investments in future prospects
In the financial year 2009, HHLA maintained its important investments in
gaining efficiency and performance as well as for grasping future
opportunities for development. Among the measures implemented were:
- Expansion of the Feeder Logistics Center in the Port of Hamburg to
optimize feeder-ship circulation. For all concerned, this will lead to cost
and time savings as well to gains in quality, strengthening Hamburg's
competitive position as a feeder hub.
- Expansion of the hinterland network through investments in railcars and
inland terminals. A build-up of inland terminals customized to meet the
requirements of maritime logistics (with depots and service facilities,
among other aspects) in Germany is aimed at substantial improvements to the
hinterland connections of German seaports. The intermodal subsidiaries of
HHLA's and Eurogate launched their Inland Port Network joint venture for
this purpose in March 2010.
- Investments in improving performance at port terminals, including
preparation for the entry into service of the new mega-containership berth
at HHLA Container Terminal Burchardkai, the taking into service of a new
modern temperature-controlled shed for fruit logistics at O'Swaldkai, and
automation of additional unloading piers at Hansaport.
- The major training initiative, involving more than 400 of the 3,500 staff
at the Hamburg base so far.
An overview of Group figures
HHLA Group has to report substantial falls in revenue and profits in the
financial year 2009, but achieved a respectable margin on results and kept
its equity ratio at a high level:
- Revenue, for instance, was down 25.3 percent at 990.7 million euros.
- Operating result (EBIT) from continuing activities was 50.3 percent lower
at 177.7 million euros. The corresponding EBIT margin was 18.0 percent
(previous year: 27.3 percent).
- Equity ratio was 40.0 percent (previous year: 42.3 percent).
- At the same time, the stock exchange listed core business vested in the
Port Logistics subgroup achieved revenue of 962.9 million euros (- 25.9
percent) and EBIT from continuing activities of 165.1 million euros (- 52.0
percent).
- Group net profit for the year fell by 59.0 percent to 89.1 million euros.
An overview of segment development
Container segment. Owing especially to the recession in Central and Eastern
Europe, in the financial year 2009 HHLA's container terminals in Hamburg
and Odessa posted a 32.9 percent downturn in container handling to 4.9
million standard containers. The magnitude of this de-crease is foremost a
result of the massive decline in feeder throughput in the Baltic region.
Without feeder related handling, HHLA's container throughput decreased
merely by approx. 15%.
Revenues fell by 29.1 percent to 561.6 million euros, operating result was
down by 50.8 % to 149.6 million euros. At 26.6 percent, EBIT margin once
again reached a high level (previous year: 38.4 percent).
Intermodal segment. In a market environment determined by volume losses and
further intensifying competition as well as an 18.5 percent drop in volume
transported to 1.5 million stan-dard containers, companies in the segment
were able to consolidate, and in some cases to expand, their market shares.
Despite substantial price concessions, the fall in revenues at 25.0 percent
to 277.3 million euros, was kept within bounds. EBIT from continuing
activities sank by 48.0 percent to 21.9 million euros.
Logistics segment. In a market environment partly marked by sometimes
considerable downturns in volumes (ore, vehicles, contract logistics),
companies in this wide-ranging segment asserted themselves on the whole. On
revenues down 9.4 percent to 114.9 million euros, EBIT of 8.2 million euros
(- 21.0 percent) were achieved. EBIT margin of 7.2 percent was only just
below the previous year's 8.2 percent.
Real Estate segment. In a gloomy commercial environment, the Real Estate
segment managed to maintain the previous year's level of revenues, which
were 0.4 percent higher at 32.7 million euros. As a result of increased
maintenance, EBIT declined by 9.9 percent to 12.3 million euros.
Looking ahead to 2010
Against the background of what remains a broad range of possible scenarios
for the economy, indicators and forecasts are currently pointing to a
moderate recovery in the world economy, although there will be marked
differences regionally. In particular, the further development of the
Central and Eastern European markets (e.g., the Baltic states and Russia),
so vital for Hamburg as a logistics hub, is from today's angle still beset
with great uncertainties. Other adverse factors are the shipping crisis,
not yet overcome, as well as overcapacities in North Range ports. During
the first two months of 2010, the trend in volumes for both handling and
transport confirmed the trend in the second half of 2009. This indicates
stabilization at a low level, but no sustained recovery yet. In view of the
persistent difficulty in estimating the trend for the remainder of the year
2010, on the basis of a recovery in volume in the low single-figure
percentage bracket, HHLA is reckoning with Group revenues slightly below
the previous year and an EBIT margin in double digits. The continuation of
strict cost management as well as the investment programme to boost its
competitiveness will put HHLA in a position to successfully overcome the
difficult economic situation, and at the same time to grasp future
opportunities for growth.
Key figures: HHLA Group
2009 2008 Change
Revenue EUR million 990.7 1,326.8 -25.3%
EBITDA EUR million 277.5 456.8 -39.2%
EBIT EUR million 160.2 355.1 -54.9%
EBIT from
continuing activities* EUR million 177.7 357.8 -50.3%
EBIT margin ** in percent 18.0 27.3 -9.3 PP
Profit after taxes EUR million 89.1 217.5 -59.0%
Profit after taxes and
minority interests EUR million 53.0 160.4 -66.9%
Equity ratio in percent 40.0 42.3 -2.3 PP
Employees at 31.12. 4,760 5,001 -4.8%
Container handling thousand TEU 4,913 7,317 -32.9%
Container transport thousand TEU 1,500 1,841 -18.5%
Key figures: Subgroup Port Logistics (Stock Exchange listed)
2009 2008 Change
Revenue EUR million 962.9 1,299.2 -25.9%
EBITDA EUR million 261.1 439.4 -40.6%
EBIT EUR million 147.7 341.3 -56.7%
EBIT from
continuing activities* EUR million 165.1 344.0 -52.0%
EBIT margin ** in percent 17.2 26.8 -9.6 PP
Profit after tax and
minority interests EUR million 46.7 154.5 -69.8%
* EBIT excluding one-off expenditure caused by restructuring and operating
results of the Group companies combisped and CTL, not classified as
continuing activities, and sold and excluded from consolidation,
respectively.
** EBIT margin related to earnings from continuing activities.
About HHLA
Hamburger Hafen und Logistik AG (HHLA) is a leading port logistics groups
in Europe. With its Container, Intermodal and Logistics segments, HHLA is
positioned vertically along the transport chain. Efficient container
terminals, high-capacity transport systems and a full range of logistics
services form a complete network between the overseas port and its European
hinterland.
Kontakt:
Matthias Funk
Investor Relations
HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de
Tel: +49-40-3088-3397
Fax: +49-40-3088-3339
E-mail: investor-relations(at)hhla.de
31.03.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Deutschland
Phone: +49 (0)40-3088-1
Fax: +49 (0)40-3088-3355
E-mail: info(at)hhla.de
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Indices: MDAX
Listed: Regulierter Markt in Frankfurt, Hamburg; Freiverkehr in
Berlin, München, Hannover, Düsseldorf, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 31.03.2010 - 02:01 Uhr
Sprache: Deutsch
News-ID 1012302
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 194 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Hamburger Hafen und Logistik AG: HHLA WITH DOUBLE-DIGIT RETURN IN CRISIS YEAR 2009
"
steht unter der journalistisch-redaktionellen Verantwortung von
Hamburger Hafen und Logistik AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
