Earnings position

Key figures

in € 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 and minority interests

 

83.8

 

84.1

 

- 0.4 %

ROCE in %

 

11.5

 

15.3

 

- 3.8 pp

The economic development of HHLA in the first three quarters of 2019 was encouraging. HHLA recorded a moderate increase in container throughput of 4.0 % to 5,730 thousand TEU (previous year: 5,507 thousand TEU). A large proportion of this growth resulted from the incorporation of the container terminal in Tallinn into the HHLA consolidated group as of the second half of 2018. However, growth was also achieved in Hamburg and Odessa.

Container transport increased significantly by 7.8 % to 1,184 thousand TEU (previous year: 1,098 thousand TEU). Both rail and road transport contributed to this growth.

The HHLA Group’s revenue rose markedly by 8.3 % to € 1,044.6 million during the reporting period (previous year: € 964.2 million). Revenue generated by the container terminals and in container transport outstripped the growth in volume described above.

Other operating income rose moderately by 4.0 % to € 27.9 million (previous year: € 26.9 million).

With an increase of 7.5 % to € 903.3 million (previous year: € 840.3 million), operating expenses rose more slowly than revenue. While the application of IFRS 16 had a positive effect on EBIT costs, the year-on-year increase resulted from the growth in volume, the integration of HHLA TK Estonia and the conversion of the company pension scheme.

There was a strong increase in the operating result (EBIT) of € 19.3 million or 12.4 % to € 175.4 million during the reporting period (previous year: € 156.1 million). The effects of the initial application of IFRS 16 amounted to approximately € 10.6 million. The EBIT margin amounted to 16.8 % (previous year: 16.2 %). In the Port Logistics subgroup, EBIT rose by 13.3 % to € 162.7 million (previous year: € 143.6 million). The Real Estate subgroup achieved slight EBIT growth of 1.3 % to € 12.5 million (previous year: € 12.3 million).

Net expenses from the financial result increased by € 14.5 million or 136.3 % to € 25.1 million (previous year: € 10.6 million). This was largely due to the changes in lease accounting from the initial application of IFRS 16.

At 25.9 %, the Group’s effective tax rate was slightly higher than in the previous year (previous year: 25.2 %).

Profit after tax and minority interests was roughly on a par with the previous year at € 83.8 million (previous year: € 84.1 million). Earnings per share amounted to € 1.15 (previous year: € 1.16). The listed Port Logistics subgroup achieved earnings per share of € 1.09 (previous year: € 1.09). Earnings per share of the non-listed Real Estate subgroup were down on the prior-year figure at € 2.69 (previous year: € 2.79). Return on capital employed (ROCE) reached 11.5 % (previous year: 15.3 %).