Investor Presentation 1 st Quarter Results May 2016

Transcription

1 Investor Presentation 1 st Quarter Results May 2016

2 Disclaimer Forward-looking Statements This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company s forward-looking statements as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company s press releases and reports and those set forth from time to time in the Company s analyst calls and discussions. We do not assume any obligation to update the forward-looking statements contained in this presentation. This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for your information and is subject to change without notice. 2

3 Opening remarks Our deliverables We are on track and achieved operational break-even result in Q1 Difficult market but we remain cautiously optimistic for second half We are working hard to further strengthen our competitive position We achieved a slightly positive EBIT despite record low freight rates Hapag-Lloyd will remain a strong Top 5 player and alliance partner 3

4 Strategic highlights: We made good progress on our objectives 2016 OCTAVE OCTAVE project further intensified and expanded in Q high double-digit USD million result improvements targeted CLOSE THE COST GAP We took in 2 modern 3,500 TEU ships with wide-beam design for initial deployment in our Cabotage niche business COMPETE TO WIN We are rolling out a worldwide improved sales organization and started a new sales process to improve revenues ALLIANCES We secured our position in a strong and integrated alliance six leading carriers create THE Alliance by April 2017 CONSOLIDATION We are in discussions with UASC regarding a potential business combination (72% / 28%) 1) no binding agreement signed yet 1) Subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise 4

5 Financial highlights:...and remained profitable despite record low rates Transport volume +2.1% Q1 2016: 1.8 TEU m Freight rate -19.8% Q1 2016: 1,067 USD/TEU Transport expenses -17.0% Q1 2016: 970 USD/TEU EBITDA USD 136 m 6.4% EBITDA margin EBIT USD 5 m Break-even EBIT Group profit / loss USD -47 m In line with Q Equity USD 5.4 bn Solid equity base Liquidity reserve USD 904 m Adequate liquidity Financial debt USD 4.2 bn Reduced debt 5

6 Initial Difficult signs market of an Freight uptick rates freight are rates on record increased, low volume levels and rose carrier by 2.8% results as compared remain under to prior pressure year Global volumes pick up slightly in Q1 while freight rates remain on record lows World container volume (CTS) [TEU m] % 35.7 CCFI composite index (SSE) March 2015 March 2016 Jan Apr Jul Oct Jan Apr Jul Oct Jan 1,010 Apr -34.8% 659 Jul Oct Jan Apr Q Q Q4 results were already under pressure and Q results continue to be Average carrier operating margins Hapag-Lloyd EBIT margin 3.8% 0.8% 0.3% 0.2% -0.7% -4.1% -7.2% -7.3% -1.8% -15.1% Q Q Q Q Q Q Q Q Q Source: Company information, Alphaliner, CTS, Drewry Q % Q Q Maersk Hapag- Lloyd NYK K-Line NOL MOL CSCL Note: Company reporting. EBIT margin as stated, otherwise calculated 1) Group EBIT margin 1) -27.9% COSCO 1)

7 Capacity measures are being taken esp. Asia-Europe & Asia-Latin America Yet, potentially more to come Asia Europe [weekly capacity] Asia North America [weekly capacity] TTEU % TTEU % Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Asia ECSA 1) [annualized capacity] Europe ECSA 1) [annualized capacity] TTEU 3, % -16.8% 3,409 2,837 2,280 TTEU 2, % 2, % 2,654 2,734 Jan 2015 Jul 2015 Jan 2016 Jul 2016e Jan 2015 Jul 2015 Jan 2016 Jul 2016e 1) ECSA = East Coast South America 7 Source: Alphaliner, Drewry

8 There are some signs to expect a sequential recovery over the coming months of 2016 Orders for newbuilds normalized and ship deliveries in Q1 slowed down TEU m 56% Share of world fleet 47% 35% 26% no vessel orders reported in 2016 so far 26% % % % % % 3.9 Q % Q Q Q Q Deliveries per quarter [TTEU] 210 Q Idle capacity at record highs and scrapping is increasing TTEU Share of world fleet +405% 7.4% ,420 Q Q , Q Q Q Q Q ,470 Q Average age Q2-Q Q % ~ e 8 Source: Alphaliner weekly newsletter, MDS Transmodal, Clarksons, Drewry

9 Going forward the industry is changing Alliances are being reshaped and leading players are consolidating The industry is changing Carrier capacity [TEU m] 2M THE Alliance OCEAN Alliance We had communicated the following objectives for 2016: Secure our position in a strong and integrated alliance Participate in consolidation if right opportunity arises Maersk MSC CMA CGM / APL COSCO / CSCL Evergreen Hapag- Lloyd Hanjin Hamburg Süd MOL OOCL UASC Yang Ming NYK Hyundai K-Line ZIM PIL Wan Hai 2M O3 Alliances are being re-shaped Today Tomorrow 2M OCEAN Alliance in the face of a consolidating market m TEU 0.6m TEU 2.3m TEU 2016 G6 THE Alliance 1) + 1.6m TEU CKYHE 1) Subject to a successful closure of the transaction between Hapag-Lloyd and UASC, as well as regulatory approvals, the UASC tonnage is anticipated to become part of THE Alliance 9 1 Source: MDS Transmodal April 2016, Hapag-Lloyd data, only vessels >399TEU

10 Hapag-Lloyd will be a leading partner in a strong and integrated alliance to start in April 2017 Six leading players create THE Alliance Competitive position on East-West trades 1) 1) Atlantic UASC 11% 1% 29% 2 41% 2M Ocean THE Alliance Others 18% THE Alliance covers all East-West trades Atlantic, Transpacific and Far East including Asia-Middle East / Persian Gulf and Red Sea Binding agreement signed by all six partners Begin of operation in April ) The initial period will be 5 years Combined capacity of 3.5 m TEU or 18% of world fleet vessel pool taken from a total of 650 ships In case of successful merger talks between Hapag-Lloyd and UASC, the overall nominal capacity would increase to approx. 4 m TEU Leading product characterized by fast transit times, broad port coverage and the latest vessels Transpacific Far East THE Alliance position UASC 11% 2% 15% 2 32% 39% UASC 6% 3% 34% 22% 3 35% 2M Ocean THE Alliance Others 2M Ocean THE Alliance Others 1) Subject to a successful closure of the transaction between Hapag-Lloyd and UASC, as well as regulatory approvals, the UASC tonnage is anticipated to become part of THE Alliance 2) Subject to approval of all relevant authorities 10

11 Industry consolidation Talks between Hapag-Lloyd and United Arab Shipping Company ongoing Forms of cooperation being discussed / No binding results yet Hapag-Lloyd AG (HL) and United Arab Shipping Company SAG (UASC) are currently discussing forms of cooperation including a potential combination of their mutual container shipping operations In case of a business combination, the parties are basing their discussions on a relative valuation of the two businesses at 72% (HL) and 28% (UASC), subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise To date, the discussions conducted between the two carriers have not resulted in any binding agreement and no assurance can be given that these discussions will lead to a definitive agreement Should any relevant development occur, more information will be published 11

12 Our fleet remains competitive We will not invest further at this time Vessel fleet as of 31 March 2016 Owned 1) Chartered 4) Current fleet Current orderbook Fleet age [% of total capacity] Capacity [TEU] 131, ,674 52,945 Average age 8.1 years 5) >10,000 TEU Vessels MODERN Capacity [TEU] 8,000 10,000 TEU Vessels Capacity [TEU] 243, ,743 76, , , ,656 42% 10 years 57% 45% 55% 1% years >20 years 6,000 8,000 TEU Vessels Fleet ownership [%] Capacity [TEU] 68, , ,594 Owned 55% Chartered 45% 4,000 6,000 TEU Vessels Average vessel size [TEU] Capacity [TEU] 30,292 75, , ,162 2,300 4,000 TEU Vessels Capacity [TEU] 10 3, , ,739 5,460 5,083 3,298 <2,300 TEU Vessels HL Top 20 World Fleet Total Capacity [TEU] Vessels 527,395 2) ,090 3) , , m TEU Total container fleet Owned 43% Leased 57% 1) Incl. 3 long-term finance leases 2) Incl. 3 chartered-out 3) Incl. 1 chartered-out 4) Includes long-term (>3 years), mid-term (1-3 years) and short-term (<1 year) charters 5) Weighted average age by capacity 6) 2x 3,508 TEU vessels built 2015 acquired by HLAG from NileDutch in February / April Source: MDS Transmodal January 2016

13 OCTAVE 2 project gained further traction in Q OCTAVE project Existing OCTAVE initiatives G6 Enhancement create integrated alliance New OCTAVE initiatives Procurement Fleet & Network Sales & Product Procurement reduction of expenses Transshipment optimize shipment flows Ship Size increase operational intake Stowage optimize stowage process Service Portfolio reduce complexity Weight Utilization optimize space usage Demurrage / Detention increase collection Further cost savings and efficiency improvements: High double-digit USD million figure by

14 Improved sales organization and better sales processes with significant potential to improve revenues COMPETE TO WIN Project Employee training Sales organization Sales process Global Clearer roles in areas Better coordination Easier pricing tools Smarter allocation management Better opportunities New tools Enhanced performance management Dedicated coaching 600 Sales Executives 670 Sales Support 200 Sales Steering 750 CS Booking rollout finished 2016 Improve revenues and revenue quality May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Sales Organisation Sales Process Deep Dives in Europe, Asia, North America Pilots in Asia, North America, Europe Solution development Rollout Rollout in 4 Regions Sales Organisation Preparation New process started in 6 Areas(4/2016) Sales Process rollout in 3 waves Development Pilots and Deep Dives (DD) Global Roll-out 14

15 We achieved a break-even EBIT despite record low freight rates Operational KPIs Q Q QoQ /% Q YoY /% Transport volume [TTEU] 1,811 1, / -0.6% 1, / +2.1% Freight rate [USD/TEU] 1,067 1, / -4.4% 1, / -19.8% Bunker price [USD/t] / -27.3% / -52.9% Exchange rate [EUR/USD] / +0.7% / -2.1% Revenue [USD m] 2,124 2, / -4.5% 2, / -18.1% EBITDA [USD m] / -10.5% / -57.4% EBIT [USD m] / -70.6% / -97.3% EAT [USD m] / +10.1% 144 Investments [USD m] 1) / % / n.m / -67.2% 1) Balance sheet investments in PPE 15

16 Transport volume increased by 2.1% while freight rates decreased 19.8% Transport volume [TTEU] Freight rate [USD/TEU] 5,907 1, % 7,401 1, % 1,811 Q FY Q1 1,500 1,400 1,300 1,200 1,100 1, , % 1,331 1,067 Ø 1,427 Ø 1,225 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FX-rate (USD/EUR) Bunker price [USD/mt] % Ø 1.33 Ø 1.11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q % Ø 575 Ø 312 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16

17 Due to active yield management, we decreased our volumes on selected trades (FE and LA) Transport volume [TTEU] Transport volume [TTEU] Growth YoY [%] 1, , Q , % 1, , , , , % 1,861 1,822 1, % 5.5% 6.0% 5.9% 12.3% 26.8% 32.0% 26.3% 16.8% 2.1% 1, Growth YoY [%] 2.5% 10.2% Q1 Q2 Q3 Q4 1) % -1.1% 10.8% 17.2% Active capacity management Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Atlantic Transpacific Far East Latin America Intra Asia EMAO 1) HLAG + CCS as of 2 December

18 Freight rate dropped -264 USD/TEU to 1,067 USD/TEU Our average bunker price decreased to 178 USD/t Freight rate 1) [USD/TEU] vs. bunker price 2) [USD/t] Q Bunker cost / TEU as share of freight rate [%] 19.3% 10.1% 6.8% 1,500 1,422 Freight rate 1,400 1, Bunker price 1,200 1,100 1,000 Q , Q ,448 1,412 3) 1, Q Q Q , Q (-19.8%) 1, Q , Q , Q Q Q Q ,100 1, Freight rate 1) Ø 1,427 3) Ø 1,225 Ø 1,067 Bunker price 2) Ø 575 Ø 312 Ø 178 1) Hapag-Lloyd average freight rate per year 2) Hapag-Lloyd average consumption price per year, 2014 excl. CCS (1M) 3) HLAG + CCS as of 2 December

19 Hapag-Lloyd remains focused on unit cost reduction Transport expenses per TEU [USD/TEU] 1, (-17.0%) Compete to Win Close the Cost Gap -108 (-10.9%) 1) Structural Improvements OCTAVE 1 CUATRO Q Expenses for raw materials and supplies Port, canal and terminal costs Chartering, leases and container rentals Container transport costs Maintenance /repair /other Q ) Cost of purchased services Q1 2015: 992 USD/TEU 19

20 Equity base at USD 5.4 bn and liquidity at USD 0.9 bn Solid equity base [USD m] Reduced financial debt [USD m] Net Debt 3,653 3,631 3,688 5,068 5,497 5,424 Cash Financial Debt 4,518 4,256 4, Q Q Adequate liquidity reserve [USD m] Solid shareholder base Free float 1, , Q % TUI 12.3% 20.2% Kühne CSAV 31.4% 20.6% HGV Lock-up ended on 4 May 2016 Unused credit lines Cash and cash equivalents 20

21 Positive free cash flow of USD 37 m in Q Net repayment in financial debt of USD 93 m Cash flow Q [USD m] Operating cash flow Investing cash flow Financing cash flow , Free cash flow = USD 37 m Net repayment = USD -93 m 519 Liquidity reserve EBITDA Working capital and other effects Investments Cash received from acquisitions / Dividends received Debt intake Debt repayment Interest payments / Dividends paid Liquidity reserve Unused credit lines Cash and cash equivalents 21

22 Hapag-Lloyd stock in SDAX since March 2016 Next change of redemption prices in October 2016 Share trading Bonds trading Nov 6-Dec 6-Jan 6-Feb 6-Mar 6-Apr 6-May Hapag-Lloyd Maersk Evergreen NOL OOCL SDAX DAX Global Shipping 90 Jan/14 May/14 Sep/14 Jan/15 May/15 Sep/15 Jan/16 May/16 HL USD 9.75% 2017 HL EUR 7.75% 2018 HL EUR 7.50% 2019 EUR Bond 2019 EUR Bond 2018 USD Bond 2017 Stock exchange Frankfurt Stock Exchange / Hamburg Stock Exchange Listing Open market of the Luxembourg Stock Exchange (Euro MTF) Market segment / Index Regulated market (Prime Standard) / SDAX Volume EUR 250 m EUR 400 m USD 125 m 1) ISIN / WKN / Ticker Symbol DE000HLAG475 / HLAG47 / HLAG ISIN / WKN XS / A13SNX XS / A1X3QY USD33048AA36 / A1E8QB Primary listing 6 November 2015 Maturity date Oct 15, 2019 Oct 1, 2018 Oct 15, 2017 Number of shares 118,110,917 Redemption price as of Oct 15, 2016: % as of Oct 15, 2017: % as of Oct 15, 2018:100% as of Oct 1, 2015: % as of Oct 1, 2016: % as of Oct 1, 2017:100% as of Oct 15,2015: % as of Oct 15, 2016:100% Lock-up 4 May 2016 Coupon 7.50% 7.75% 9.75% 1) Partially redeemed by nominal USD 125 m on 30 Dec Source: Bloomberg (12 May 2016); Citi (11 May 2016)

23 We expect a moderate increase in EBITDA for 2016 with focus in the second half of this year Hapag-Lloyd guidance for FY 2016 Market forecasts for FY 2016 Transport volume Bunker consumption price Increasing slightly Clearly decreasing Global economic growth +3.2% Increase in global trade +3.1% Increase in global container transport volume +3.0% Freight rate EBITDA Clearly decreasing Increasing moderately Hapag-Lloyd sensitivities for Q2-Q Transport volume +/- 100 TTEU +/- USD <0.1 bn Freight rate +/- 50 USD/TEU +/- USD ~0.3 bn EBIT Clearly increasing Bunker price +/- 100 USD/t -/+ USD <0.3 bn EUR / USD +/- 0.1 EUR/USD -/+ USD <0.1 bn 23 Source: IHS Global Insight February 2016, IMF WEO January 2016

24 Closing remarks Our deliverables We are on track and achieved operational break-even result in Q1 Difficult market but we remain cautiously optimistic for second half We are working hard to further strengthen our competitive position We achieved a slightly positive EBIT despite record low freight rates Hapag-Lloyd will remain a strong Top 5 player and alliance partner 24

25 Q&A 25

26 The industry stays highly correlated with global growth Short term outlook at lower end of mid term 3-5% range 2000 = Indexed to 100 GDP multiplier Container shipping volume and global GDP growth x 1x e 1x % +1.3% +3.0% +5.1% % Transport volume +3.6% +3.1% +3.2% +3.5% % Global GDP E 2016E 2017E Global GDP Global container shipping volume (loaded TEU) 26 Source: IHS Global Insight April 2016; IMF WEO April 2016

27 Supply demand gap expected to decrease in 2016 Supply / demand development Net capacity growth % Demand Supply Net capacity growth Postponements Scrapping % 6.1% 8.5% 6.7% 4.8% 1.4% 5.2% 2.3% 5.5% 4.3% 8.0% 1.3% 4.3% 3.0% 5.1% 4.3% e % e 2017e e Source: IHS Global Insight, Transmodal, Drewry, Clarksons

28 Current spot rates reflect recent freight rate increases by various carriers 2,500 2,000 1,500 1, Shanghai Europe (SCFI) NEurope (USD/TEU) Mediter. (USD/TEU) HL Far East* ,000 5,000 4,000 3,000 2,000 1,000 Shanghai USA (SCFI) USWC (USD/FEU) USEC (USD/FEU) HL Transpacific* 1, Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 14 Jul 15 Oct 15 Jan 16 Apr 16 0 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 14 Jul 15 Oct 15 Jan 16 Apr 16 Shanghai Latin America (SCFI) Comments 1,800 1,500 1, Jan 14 Apr 14 LatAm Jul 14 Oct 14 HL Latin America* Jan 15 Apr 14 Jul 15 Oct 15 Jan 16 Apr Shanghai Containerized Freight Index (SCFI) only reflects Shanghai outbound rate development Freight rates especially on Asia / Europe trade remain volatile Freight rates on Transpacific trade tend to be less volatile while freight rates on Latin America show a downward trend Hapag-Lloyd freight rates with more stable development 28 Source: Shanghai Shipping Exchange (6 May 2016) * Hapag-Lloyd trade definition

29 Our Way Forward Further improvements expected from our existing initiatives Tangible results in 2015 and further upside Strategic projects to enhance profitable growth Successful implementation CUATRO Integration of CSAV OCTAVE Continuous efficiency improvements Structural Improvements Performance driven culture Close the Cost Gap Value-enhancing investments Compete to Win Improvement of revenue quality Sustainable profitable growth Qualitatively enhanced growth Improved profitability Higher returns on capital

30 Well-balanced exposure to global trade with strong position in attractive markets and niche businesses Well-balanced global exposure Attractive market presence Strong niche businesses Transpacific Atlantic Far East Other 22% Atlantic 28% Historical stronghold Reefer Services 5 Globally Latin America EMAO 5% Intra 7% Asia CMA-CGM 8% Maersk 18% 1 MSC 24% Consolidated and resilient Balanced leg profile Special Cargo Strong presence North South Trades 43% Intra Asia 8% Latin America 30% EMAO 5% Far East 17% Atlantic 21% Transpacific 19% East West Trades 57% LatAM NA Other 35% Maersk 9% Latin America LatAM Far East LatAM Europe Hapag- Other Maersk Lloyd 48% 20% 19% 1 MSC 2 Hapag- Lloyd 4 19% 13% Hapag -Lloyd 16% Hamburg Süd 18% MSC Hamburg 10% Süd 9% Other 22% Hamburg Süd 18% MSC 25% Maersk 19% Dangerous Cargo US Flag Cabotage Historical stronghold 1 of 3 certified carriers Flag-protected niche market 30 Source: Alphaliner September 2015, CTS FY 2014, Dynamar

31 Imbalances: Hapag-Lloyd outperforms the market Container Steering Number of full non-dominant leg containers per 10 full dominant leg containers 1) Special Know-How/ IT Dominant leg 10 Advantageous customer portfolio Transpacific 5 7 Cost-efficient management of equipment flows Transatlantic 6 7 More balanced trades, reduction in empty container moves Europe- Far East 6 7 Hapag-Lloyd Market 1) This ratio reflects the imbalance in the market (industry average) vs. Hapag-Lloyd imbalance of transport volumes (the higher the ratio, the more balanced in both directions). Ratio has been rounded 31 Source: IHS Global Insight April 2016; Hapag-Lloyd FY 2015; market data adapted to Hapag-Lloyd trade lane definition

32 Benefits from a reduced bunker price and consumption Bunker price [Rotterdam; USD/mt] Bunker consumption [mt/slot; mt/teu; k mt] 1,200 1, , Jan Jan Jan Jan MFO MDO Bunker cons. per slot 1) Bunker cons. per TEU MFO MDO ) ) ,924 3,351 2,824 2, ) Q Bunker mix [MFO; MDO] Bunker expenses 6) [USD/TEU; USD m] MFO 87% 1) Average nominal deployed capacity in TEU 2) HLAG excluding CCS 3) Including technical effect due to initial addition of CSAV fleet at the beginning of ) HLAG + CCS as of 2nd December ) Due to CCS integration slight categorization differences may occur 6) Expenses for raw materials and supplies 32 Q Q % = 816 k mt MDO 5) Source: Bloomberg (12 May 2016) MFO 90% 10% = 821 k mt MDO Bunker expenses 6) per TEU 306 1, Q , Q1 2016

33 Long-standing and diversified customer base of blue chip customers and a diversified base of goods transported Highly diversified customer base 1) Strong relationship with blue chip customers 100% Top 50 Customers ( = 36%) 23% 30% 18% 9% 9% 11% TOP 10 TOP TOP TOP TOP > 500 Total Hapag-Lloyd has a highly diversified customer base: No customer has a share greater than 5% of HL s revenue 33 Balanced portfolio of goods transported 2) in a diversified customer portfolio 3) Others Automobiles Textiles 4) Others 6% 6% Chemicals 7% 5% 14% Plastics & Rubber 12% 4% Electronics Paper & Forest 11% 8% Metals 10% Machinery 5% 18% Furniture Foodstuffs & Beverages Freight forwarders 57% Direct customers 45% 38% Diversified exposure Freight forwarders secure volumes in both directions, optimizing trade flows Direct customers better visibility on future volumes 1) Based on 1Q2016 volumes EoV 2) Based on 1Q2016 volumes EoV 3) Based on 1Q2016 volumes EoV 4) Others: FAK = Freight of all kinds

34 Hapag-Lloyd with positive EBIT of USD 5.3 m Income statement [USD m] Transport expenses [USD m] Q Q % change Revenue 2, , % Other operating % income Transport expenses -1, , % Personnel expenses % Depreciation, amortization and impairment % Other operating expenses % Operating result n.m Share of profit of equity-acc % investees Other financial result n.m. Earnings before interest and tax (EBIT) % Interest result % Income taxes % Group profit/loss n.m. Q Q % change Expenses for raw materials % and supplies Cost of purchased services 1, , % Thereof Port, canal and terminal costs % Chartering, leases and % container rentals Container transport costs % Maintenance/repair/other % Transport expenses 1, , % Transport expenses per TEU [USD/TEU] Expenses for raw materials % and supplies Cost of purchased services % Thereof Port, canal and terminal costs % Chartering, leases and % container rentals Container transport costs % Maintenance/repair/other % Transport expenses , % 34

35 Hapag-Lloyd with equity ratio of 45.3% Balance sheet [USD m] Financial position [USD m] Assets Cash and cash equivalents Non-current assets 10, , ,262.2 Financial debt 4, , ,430.1 Of which fixed assets 10, , ,170.3 Net debt 3, , ,597.7 Current assets 1, , ,014.3 Unused credit lines Of which cash and cash equivalents Total assets Equity and liabilities Equity , , , , , ,136.0 Liquidity reserve , ,097.5 Equity 5, , ,136.0 Gearing (net debt/equity) (%) 68.0% 66.1% 70.0% Equity ratio (%) 45.3% 45.5% 41.8% Borrowed capital 6, , ,140.5 Of which non-current liabilities 3, , ,424.4 Of which current liabilities 2, , ,716.1 Of which financial debt 4, , ,430.1 thereof Non-current financial debt 3, , ,900.4 Current financial debt Total equity and liabilities 11, , ,

36 Henrik Schilling Senior Director Investor Relations Tel Fax