13.11.2019 Hamburger Hafen und Logistik AG  DE000A0S8488

DGAP-News: Hamburger Hafen und Logistik AG: HHLA continues its success, but uncertainties on the rise


 

DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Hamburger Hafen und Logistik AG: HHLA continues its success, but uncertainties on the rise

13.11.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


Hamburg, 13 November 2019

Publication of interim statement January to September 2019

HHLA continues its success, but uncertainties on the rise

  • Group revenue increases by 8.3 percent; Group operating result (EBIT) rises by 12.4 percent
  • Marked rise expected in the operating result for the year as a whole, moderate growth in the Container segment and strong increase in the Intermodal segment
  • Chairwoman of the Executive Board, Angela Titzrath: "The challenges facing the logistics industry remain significant in an increasingly volatile market environment."

Hamburger Hafen und Logistik AG (HHLA) continued its positive performance in the first nine months of 2019. The company recorded another significant increase in revenue and saw strong growth in its operating result. It was again possible to improve profitability year-on-year in a challenging market environment. Container throughput increased moderately due to the successful integration of the Estonian terminal operator HHLA TK Estonia, which was acquired last year, and improved slightly at the Hamburg terminals. A significant rise in container transport was achieved. Including a significant increase in revenue from the Logistics segment and a once again moderate increase in revenue from property management, this led to total revenue of EUR 1,044.6 million (+ 8.3 percent). The operating result (EBIT) improved strongly by EUR 19.3 million, or 12.4 percent, to EUR 175.4 million. The positive effects of the initial application of IFRS 16 in the EBIT amounted to approximately EUR 10.6 million.

Angela Titzrath, Chairwoman of HHLA's Executive Board: "As encouraging as our business trend is this year, we must still keep a realistic view of the changing conditions in which we operate. The challenges facing the entire transport and logistics industry remain significant. We are approaching these challenges with confidence and vigour and are continuing to work towards our aim and mission of making HHLA ready for the future. This means that we will strengthen our core business and tap into new, highly promising sectors."

Port Logistics subgroup: Performance January to September 2019
The listed Port Logistics subgroup recorded an 8.6 percent increase in revenue to EUR 1,020.2 million in the first nine months. It was able to grow its operating result (EBIT) by 13.3 percent to EUR 162.7 million. The EBIT margin improved by 0.6 percentage points to 15.9 percent.

In the Container segment, container throughput increased moderately by 4.0 percent in the first nine months of 2019 to 5,730 thousand standard containers (TEU). In addition to the successful integration of the terminal in Tallinn, there was also a small improvement in throughput volume in Hamburg which contributed to this development. Due to the increase in volume combined with an improvement in average revenue compared to the previous year, revenue increased by 6.0 percent to EUR 605.5 million. This was caused primarily by an increase in the rail share. The operating result (EBIT) increased by EUR 9.7 million or 9.4 percent year-on-year to EUR 112.6 million. Of this increase, approximately EUR 8.0 million is attributable to the application of IFRS 16. The EBIT margin improved by 0.6 percentage points to 18.6 percent.

In the first nine months of 2019, HHLA's transport companies achieved significant growth in the Intermodal segment. With an increase of 7.8 percent, container transport rose to 1,184 thousand standard containers (TEU). This trend was driven by growth in both rail and road transport. Compared with the previous year, rail transport increased by 7.6 percent to 930 thousand TEU. In a market environment that remains difficult, road transport grew by 8.8 percent to 254 thousand TEU due to the strong increase in delivery volumes. At EUR 367.9 million, revenue was up 13.5 percent on the prior-year figure and thus performed much better than transport volume. In addition to price adjustments, this strong increase in revenue was due in particular to longer transport distances, while the rail share was largely unchanged from the previous year at 78.5 percent. The operating result (EBIT) rose by 16.5 percent to EUR 76.1 million in the reporting period. This marked increase is primarily due to the positive trend in volume and revenue. Additionally, lower route prices in Germany made it possible to increase further the capacity utilisation of train systems. The application of IFRS 16 did not have a major impact on the positive EBIT trend.

Port Logistics subgroup: Outlook
As a result of the Group's performance in the first nine months of 2019, the HHLA Executive Board is updating its assessment of expected earnings for the Group in 2019.

In terms of volume, HHLA now expects a moderate increase in container throughput (previously: slight increase) and a significant increase (previously: slight increase) in container transport. In light of these figures, a significant increase (previously: slight increase) in Group revenue is now expected for 2019.

Whereas HHLA continues to expect a significant increase in operating result (EBIT) at Group level, a moderate increase is now expected for the Container segment (previously: in the region of the previous year) and a strong increase for the Intermodal segment (previously: significant increase).

Real Estate subgroup: Performance January to September 2019 and outlook
HHLA's properties in the Speicherstadt historical warehouse district and the Fischmarkt area continued their positive trend. Revenue again increased moderately by 2.1 percent year-on-year to EUR 29.9 million as a result of virtually full occupancy in both districts this year as well as last year. The increase in planned and implemented maintenance work was offset by revenue growth from properties in the Speicherstadt historical warehouse district. The slight increase of 1.3 percent to EUR 12.5 million in the operating result (previous year: EUR 12.3 million) can mainly be attributed to the implementation of IFRS 16.

The operating result (EBIT) for the Real Estate subgroup is still expected to be around EUR 15 million due to large-scale maintenance work scheduled for 2019 that does not qualify for capitalisation.
 

Key figures: January to September

HHLA Group
in EUR million   1-9 | 2019   1-9 | 2018   Change
Revenue   1,044.6   964.2   8.3 %
EBITDA   295.1   241.2   22.4 %
EBITDA margin in %   28.3   25.0   3.3 pp
EBIT   175.4   156.1   12.4 %
EBIT margin in %   16.8   16.2   0.6 pp
Profit after tax   111.5   108.8   2.4 %
Profit after tax and minority interests   83.8   84.1   - 0.4 %
ROCE in %   11.5   15.3   - 3.8 pp
 
    30.09.2019   31.12.2018   Change
Equity ratio in %   21.4   31.2   - 9.8 pp
Number of employees   6,201   5,937   4.4 %
 
Port Logistics subgroup1,2
in EUR million   1-9 | 2019   1-9 | 2018   Change
Revenue   1,020.2   939.9   8.6 %
EBITDA   277.1   225.1   23.1 %
EBITDA margin in %   27.2   24.0   3.2 pp
EBIT   162.7   143.6   13.3 %
EBIT margin in %   15.9   15.3   0.6 pp
Profit after tax and minority interests   76.6   76.6   - 0.0 %
Earnings per share in EUR 3   1.09   1.09   - 0.0 %
1 Before consolidation between subgroups
2 Listed class A shares
3 Basic and diluted
 
Container segment
in EUR million   1-9 | 2019   1-9 | 2018   Change
Revenue   605.5   571.2   6.0 %
EBITDA   186.1   161.5   15.3 %
EBITDA margin in %   30.7   28.3   2.4 pp
EBIT   112.6   102.9   9.4 %
EBIT margin in %   18.6   18.0   0.6 pp
Container throughput in thousand TEU   5,730   5,507   4.0 %

Intermodal segment
in EUR million   1-9 | 2019   1-9 | 2018   Change
Revenue   367.0   324.0   13.5 %
EBITDA   105.8   82.6   28.1 %
EBITDA margin in %   28.8   25.5   3.3 pp
EBIT   76.1   65.3   16.5 %
EBIT margin in %   20.8   20.1   0.6 pp
Container transport in thousand TEU   1,184   1,098   7.8 %
 

Key figures: July to September

Container segment
in EUR million   7-9 | 2019   7-9 | 2018   Change
Revenue   203.8   190.9   6.7 %
EBITDA   65.6   54.5   20.3 %
EBITDA margin in %   32.2   28.6   3.6 pp
EBIT   40.8   34.7   17.5 %
EBIT margin in %   20.0   18.2   1.8 pp
Container throughput in thousand TEU   1,960   1,876   4.5 %

Intermodal segment
in EUR million   7-9 | 2019   7-9 | 2018   Change
Revenue   123.8   116.1   6.7 %
EBITDA   35.7   31.1   14.6 %
EBITDA margin in %   28.8   26.8   2.0 pp
EBIT   25.3   26.7   - 5.2 %
EBIT margin in %   20.4   23.0   - 2.6 pp
Container transport in thousand TEU   402   384   4.5 %

 

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]


13.11.2019 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: 910453

 
End of News DGAP News Service

910453  13.11.2019 

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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
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HHLA
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0S848 16,720 Halten 1.257,67
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,44 21,45 1,00 18,25
KBV KCV KUV EV/EBITDA
1,86 6,31 0,89 8,61
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
-0,30% 11,02% -0,24% 48,75%
    
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