• 2019 August 14 16:04

    HHLA H1 2019 performance report: growth with sustainable success

    Hamburger Hafen und Logistik AG (HHLA) continued its successful business development and closed the first half of 2019 with rising revenue and results. It was again possible to improve profitability in a challenging market environment. Container throughput increased moderately, due in particular to the successful integration of the Estonian terminal operator HHLA TK Estonia, which was acquired last year. A significant rise in container transport was achieved. In conjunction with a strong increase in revenue in the Logistics segment and a once again moderate increase in revenue from property management, this led to total revenue of € 693.7 million (+ 9.6 %). The operating result (EBIT) improved strongly by € 14.4 million, or 14.4 %, to € 114.3 million. Effects from the initial application of the IFRS 16 standard accounted for € 7.1 million of the EBIT increase.

    Angela Titzrath, Chairwoman of HHLA’s Executive Board: “The results achieved in the first half of the year confirm our expectations of reaching the targets forecast for 2019. However, these results only represent one step in our strategic plan to secure the success of HHLA in the mid- and long-term future. It goes without saying that, in addition to the continued development of our core business and tapping into further business fields, sustainability and climate protection are integral elements of our business model. We are aware of our responsibility – not only for HHLA’s economic development but also towards society – and have already done a lot of work in this area.”

    Port Logistics subgroup: performance January to June 2019
    The listed Port Logistics subgroup saw a 9.8 % increase in revenue in the first six months to € 677.5 million, while the operating result (EBIT) rose strongly by 15.6 % to € 105.6 million. The EBIT margin improved by 0.8 percentage points to 15.6 %.

    In the Container segment, container throughput increased moderately by 3.8 % in the first half of 2019 to 3,770 thousand standard containers (TEU). This was particularly influenced by the successful integration of the terminal in Tallinn, which was acquired last year. Due to the increase in volume of 3.8 % combined with an improvement in average revenue compared to 2018, revenue increased by 5.6 % to € 401.7 million. This was largely caused by an increase in the rail share. The operating result (EBIT) increased by € 3.6 million or 5.3 % year-on-year to € 71.8 million. Of this increase, € 5.2 million is attributable to the application of IFRS 16. The EBIT margin remained unchanged at 17.9 %.

    In the first half of 2019, HHLA’s transport companies achieved significant growth in the Intermodal segment. With an increase of 9.6 %, container transport rose to 782 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 9.3 % to 610 thousand TEU. In a market environment that remains difficult, road transport grew by 10.8 % to 172 thousand TEU due to the strong increase in delivery volumes. At € 244.1 million, revenue was up 17.4 % on the prior-year figure and thus performed much better than transport volume. With a roughly sustained rail share compared to the previous year, longer transport distances, in addition to price adjustments, made a particular contribution to this strong increase in revenue.  

    As a result of the positive trends in volume and revenue, the operating result (EBIT) increased by 31.6 % to € 50.8 million. Lower route prices in Germany led to the further increase in capacity utilisation of train systems. The application of IFRS 16 did not have a major influence on the positive EBIT trend.

    Port Logistics subgroup: outlook
    Due to the takeover of North America services and the first full-year consolidation of throughput volumes of the HHLA TK Estonia container terminal, HHLA expects a slight overall increase in container throughput in 2019. Slight year-on-year growth is also expected for container transport. At a Group level, this should lead to a slight increase in revenue.

    The operating result (EBIT) of the Port Logistics subgroup is expected to rise significantly year-on-year in 2019, largely due to the changes in lease accounting policy (IFRS 16) as of 2019. Earnings for the subgroup will be shaped largely by the Container and Intermodal segments. Stable EBIT development on a par with the previous year is expected for the Container segment, while significant growth is expected for the Intermodal segment.

    Real Estate subgroup: performance January to June 2019 and outlook
    HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area reported a positive trend in the first six months of 2019. Revenue again increased moderately by 3.5 % year-on-year to € 19.9 million as a result of virtually full occupancy in both districts this year as well as last year. In spite of the increased and planned maintenance work, there was slight year-on-year growth in the cumulative operating result (EBIT) of 1.3 % to € 8.5 million. The significantly stronger EBITDA increase was primarily due to the changes in accounting arising from IFRS 16.

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

    About HHLA
    Hamburger Hafen und Logistik AG (HHLA) is a leading European logistics company. With a tight network of container terminals in Hamburg, Odessa and Tallinn, excellent hinterland connections and well-connected intermodal hubs in Central and Eastern Europe, HHLA represents a logistics and digital hub along the transport flows of the future. Its business model is based on innovative technologies and is committed to sustainability.




2019 October 21

14:13 Sulphur 2020: stakeholders prepare for a sea change from 1 January 2020
13:52 USPA starts accepting applications for participation in concession tender of “Olvia Stevedoring Company”
13:34 ABP is ‘calling on all UK technology companies’ to drive innovation
13:13 Innovative vessels visit port of Brussels
12:39 Ports of Antwerp and Zeebrugge initiate merger negotiations
12:12 Aker Solutions and EDP Renewables to develop floating wind farm in Ulsan, South Korea
11:55 Port of Singapore throughput in Jan-Sep’2019 declined by 0.5% to 467.9 million tonnes
11:36 Port of Rotterdam posts Q3 2019 results
11:19 Container throughput of port Hong Kong (China) down 6.5% to 13.68 million TEUs in Jan-Sep’2019
11:00 CMA CGM launches SHIPFIN TRADE FINANCE, its new range of import and export financing solutions
10:48 Port of Helsinki volumes in January-September down 3.3% to 11.16 million tonnes
10:33 Damen partners with Maris to consider seaweed solution
09:51 One-stop principle is crucial for yachting development in Russia - Igor Levitin
09:30 Brent Crude futures price is down 0.29% to $59.25, Light Sweet Crude – fell by 0.13% to $53.8
09:24 MABUX: Bunker market this morning, Oct 21
09:12 Baltic Dry Index is down to 1,855 points

2019 October 20

16:05 EDPR and Aker Solutions to develop 500MW floating wind farm in Ulsan, South Korea
15:25 Coast Guard updates port conditions in Gulf Coast region
14:47 Siemens Gamesa bags three new contracts for 359 MW in Chile
13:41 Fincantieri begins project for stretching three small cruise ships of Windstar
12:34 MSC introduces new Spanish rail service for reefer cargo
11:03 USCG, Mexican Navy search for overdue aircraft in Gulf of Mexico
10:12 DOE authorizes LNG exports from the Venture Global Plaquemines LNG Project

2019 October 19

16:12 Bibby Marine appoints Helen Samuels to lead the company into its next phase of development
14:58 Med Marine is building new concept ice class tugs for Svitzer
12:34 Sohar Port & Freezone inaugurate new Svitzer pilot boat duo
11:44 USCG offloads more than $92 million worth of cocaine in San Diego
10:49 Singapore company slapped with NOK 7 million fine in the Harrier case

2019 October 18

19:19 New port icebreaker named Ob delivered to FSUE Atomflot
18:54 Port Kolomna hosted ceremony of consecration for pusher tug named Sergey Kladko
18:31 RF Ministry of Transport to expand area banned for navigation near Crimea bridge
18:12 Northwest Seaport Alliance’s Clean Truck Program earns AAPA environmental award
17:57 NUTEP Container Terminal handled three millionth TEU since its operations started in 2004
17:38 Expert RA affirms its ‘ruA’ non-financial company credit rating on DeloPorts
17:13 Port of Virginia buys 25 new hybrid shuttle carriers
17:00 First grain shipment via Sabetta port expected in July 2020 – RF Ministry of Agriculture
16:46 Onezhsky Shipyard delivers buoy tender of Project 3265 named Ladozhsky
16:20 ERMA FIRST invests in METIS Cyberspace Technology
15:45 International organizations unite at IMO
15:14 "K" LINE, MOL, & NYK share data with ONE through the common data platform "IoS-OP"
14:49 Main engines loaded onto lead ship of PV22 project at Nevsky Shipyard
14:12 ESPO publishes European port sector’s Environmental Report 2019
13:53 Blagoveshchensk shipyard resumed construction of modernized seiners of Project 1338
13:32 Total launches its first LNG bunker vessel
13:12 SBM Offshore successful bidder for partner’s minority ownership in SBM Offshore operated FPSO companies
12:54 BIMCO submits proposals to IMO to enhance exchange and harmonization of data
12:31 MSC rules out Arctic exploration on environmental concerns
12:01 British Ports Association publishes new assessment of business environment ahead of annual conference in Belfast
11:30 Port of Antwerp volume up 1.1% in September 2019
11:05 DNV GL awards AiP certificates to HHI for three types of standard mid-sized FPSOs
10:37 RF Navy’s cruiser Marshal Ustinov completes business call to Cyprus
10:03 Hapag-Lloyd announces GRI from East Asia to East Coast South America
09:54 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
09:36 Baltic Dry Index is down to 1,861 points
09:18 Brent Crude futures price is down 0.50% to $59.61, Light Sweet Crude – down 0.13% to $53.86
09:01 APM Terminals launches global customer alerts solution
08:42 MABUX: Bunker Market this morning, Oct 18
08:05 MOL introduces AR Navigation System at Maritime Conference in Dubai
07:52 The European shipping industry urges the EU to bolster maritime security in the Gulf of Guinea

2019 October 17

18:12 World's first emission-free push boat “Elektra” to have SCHOTTEL propulsion units