HAMBURGER HAFEN UND LOGISTIK AG. RESULTS JANUARY SEPTEMBER 2013 Analyst Conference Call, 13 November 2013

Transcription

1 HAMBURGER HAFEN UND LOGISTIK AG RESULTS JANUARY SEPTEMBER 2013 Analyst Conference Call, 13 November

2 Disclaimer The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its parent or subsidiary undertakings nor any of such person s directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company, nor any of its parents or subsidiary undertakings nor any of their directors, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation. While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company for information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors and the Company does not accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This presentation is not a prospectus and does not constitute an offer or an invitation or solicitation to subscribe for, or purchase, any shares of the Company and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. 2

3 Agenda Main Developments Klaus-Dieter Peters CEO Financial Performance Dr. Roland Lappin CFO Outlook Klaus-Dieter Peters CEO 3

4 Main Developments Business Environment January to September 2013 Global Economy Port Logistics HHLA Global economic output and world trade volume have stabilised on a low level Despite a slight economic upturn in summer growth expectations remain flat for 2013 Still slowed momentum of China s GDP in the third quarter Robust growth dynamics in CEE outperformed recessive Eurozone Modest growth expectations for global container throughput downgraded again Global GDP and container throughput still developing on 1:1 ratio Slight decline of volumes in North range ports Shipping lines still burdened by overcapacities New alliances (esp. P3) Logistics location Hamburg still affected by the continuing delay of dredging of the navigation channel of the river Elbe Ongoing modernisation of biggest facility in Hamburg Extra effort on increasing peak load conditions necessary Limited scope for passing on cost inflation Successful expansion of Intermodal network in new markets related with ramp-up costs Still negative impact of flooding in May and June on Intermodal activities 4

5 Connecting Emerging Markets Rising volume development on key transport routes Main Developments Throughput and transport volume development in 9M2013 TEU-based Baltic Sea (Eastern Europe) % Throughput Container throughput up 5.1 % to 5,681 TTEU outperforming the declining market trend in the North range Hamburg benefits from sustainable recovery in Far East traffic and a further rise of feeder ratio due to attractive feeder network (9M: 27.7 %) Notable growth at CTO by increasing market share Far East % Central and Regional split of seaborne throughput Far East 44.1 % Eastern Europe/Baltic Sea 15.9 % * Based on the new ownership structure in Intermodal segment Eastern Europe %* Transportation* Container transport of continued activities up by 21.1 % despite flooding in May and June Rising volume in hinterland traffic due to new connections with Germany, Austria and Polish seaports 5

6 Capex: 450 million Terminal Modernisation and Expansion Significant transition at Container Terminal Burchardkai (CTB) Main Developments Targets Ship size related action Doubling of total capacity of 2.6 million TEU in 2005 Increasing productivity of existing terminal area Increasing quayside productivity Optimising of large container ship handling 4 new large ship berths (quay wall strengthening) 15 new gantry cranes (tandem mode) Organisation and processes Integrated Terminal Control System (ITS) Adaption of work organisation Organisation and processes in progress in progress Fully continuous operation and centralised IT-based control system Capacity related action 29 automated storage blocks 1/3 Railway station 6

7 Intermodal Continues to Expand its Network Market entry to Switzerland Main Developments Connections (selection only) Trains per week, as of 10 October 2013 Hamburg Nuremberg/Munich 18 Hamburg Leipzig 12 Prague/Ceska Trebova Krems 6 Prague/Ceska Trebova Salzburg 4 Hamburg Ludwigshafen Basel 6 Hamburg Prague/Ceska Trebova 38 Bremerhaven Prague/Ceska Trebova 20 Rotterdam Prague/Ceska Trebova 12 D.A.CH strategy New connections between Hamburg, Ludwigshafen and Basel started in October 2013 First entry in the Swiss market completed regional coverage of HHLA s D.A.CH strategy* Since 2012 successful market entry already in Germany (Leipzig, Nuremberg, Munich) and Austria (Vienna, Krems, Enns und Salzburg) Further targets: Increasing the frequency of existing connections / providing new profitable connections on demand * Strategy for German speaking markets including Germany, Austria and Switzerland 7

8 Key Figures January to September 2013 Financial Performance HHLA Group Subgroup Port Logistics in million Change Change Revenue % % EBIT % % EBIT margin in % pp pp Profit after tax and minorities % % Capital expenditure % % Employees as of , %* 4, %* ROCE in % pp * compared to

9 Earnings Bridge January to September 2013 Financial Performance m m Impacted by Intermodal realignment m Financial expenses almost flat against previous year Effective tax rate of 26.8 % up 0.3 pp against previous year m Minorities at 40.0 % of profit after tax EPS of m % % y-o-y EBIT Financial result Tax Minorities Net profit 9

10 Operating Expenses January to September 2013 Financial Performance Total operating expenses: + 4.1% in million % + 6.8% + 7.9% + 1.3% Cost of materials Personnel expenses Other operating expenses Depreciation and amortisation Throughput / transport growth: + 5.1% / - 6.9% Cost of materials Mainly variable expense items Adjusted for the Intermodal realignment above volume development because of ramp-up costs for new rail connections and a new hub terminal Personnel expenses Rise due to collective wage agreement Additional work input caused by ongoing modernisation of CTB during current operations Peak load conditions required external staff Other operating expenses Increase in lease expenses Higher external maintenance expenses and consultancy fees for development projects Depreciation and amortisation Slight increase in property, plant and equipment In line with capex spent 10

11 Container Segment January to September 2013 Financial Performance in million Change Container throughput 1 5,681 5, % Revenue % EBITDA % EBITDA margin 31.5 % 33.4 % pp EBIT % EBIT margin 19.2 % 20.6 % pp Segment assets Throughput increase in Hamburg mainly driven by an upswing of Asian container traffic and a higher transhipment volume to the Baltic rim Volume growth at Container Terminal Odessa by gaining new shipping services Dilutive effect on average revenue per box by additional growth in lower margin feeder volumes Declining trend in storage fees due to increasing feeder volumes High additional costs and pressure on pricing power due to the continuing delay in dredging of the river Elbe EBIT affected by CTB modernisation and expansion 1 In thousand TEU 11

12 Intermodal Segment January to September 2013 Financial Performance in million Change Container 883 transport % % Revenue % EBITDA % EBITDA margin 14.9% 21.4% pp EBIT % EBIT margin 8.5% 15.6% pp 1 Transport volume based on the new ownership structure increased significantly by 21.1 % New connections in Germany, Austria and Poland in combination with a new hub terminal in Czech Republic strengthened market position Earnings temporarily burdened by ramp-up costs, fierce competition and operational losses of Polzug Negative impact of Elbe and Danube flooding Obligations for old contracts for traction services which expire in 2014 Segment assets No impact of Intermodal realignment on first quarter results In thousand TEU 3 Applying the new ownership structure 12

13 Logistics Segment January to September 2013 Financial Performance in million Change Revenue % EBITDA % EBITDA margin 10.9% 10.8% 0.1 pp EBIT % Revenue down mainly due to the weak European economic situation Rise in earnings includes a one-off gain for selling a property Most of this one-off gain was used for restructuring measures in project and contract logistics Business developed diversely in the different areas EBIT margin 7.5% 6.8% 0.7 pp Segment assets

14 Forecast 2013 Outlook Market environment 1 Subgroup Port Logistics development Global economy (GDP) +2.9 % World trade +2.9 % Global container throughput +3.4 % Northern Europe box throughput -0.8 % Business environment Subdued economic situation in key markets Uncertainties with regard to market behaviour and strategies of shipping companies Peak load conditions due to the continuing delay in dredging the river Elbe Modernisation in Container segment, expansion in Intermodal segment and restructuring in Logistics segment 1 IMF, Drewry, Federal Office for Freight Transport 2 Results based on January new ownership September structure 2013 in Intermodal Hamburger Segment Hafen und Logistik AG 3 EBIT 2012 of million after adjustment for one-off gain of 17.6 million (mainly on sale of stake in TFG Transfracht) Container volumes Medium single-digit throughput increase compared to previous year (2012: 7.2 million TEU) Growth in transport volume above market growth and above 1.1 million TEU (2012: 1.0 million TEU 2 ) Revenue Revenue following the Group target range of 1.1 billion to 1.2 billion (2012: 1.1 billion), revenue of the Real Estate subgroup (2012: 32 million) to be subtracted EBIT EBIT in a range of 142 million to 162 million (2012: adjusted EBIT of 156 million 3 ) Based on the development in the first nine months EBIT is expected to be at the lower end of this range Capital expenditure Investments in the region of 115 million (2012: 186 million), lowered due to delayed delivery of gantry cranes 14

15 Financial Calendar IR Contact 13 Nov 2013 Interim Report January-September March 2014 Annual Report 2013 Phone: Fax: May 2014 Interim Report January-March 2014 Web: 19 June 2014 Annual General Meeting 14 Aug 2014 Interim Report January-June Nov 2014 Interim Report January-September