Earnings Position

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Key Figures
in € million	1–6 \| 2018	1–6 \| 2017	Change
Revenue	633.0	622.8	1.6 %
EBITDA	157.7	158.5	- 0.5 %
EBITDA margin in %	24.9	25.5	- 0.6 pp
EBIT	99.9	98.8	1.1 %
EBIT margin in %	15.8	15.9	- 0.1 pp
Profit after tax and minority interests	52.4	52.6	- 0.5 %
ROCE in %	14.7	14.9	- 0.2 pp

The economic development of HHLA in the first half of 2018 was encouraging. HHLA recorded a slight increase in container throughput of 1.2 % to 3,631 thousand TEU in the first half of the year (previous year: 3,586 thousand TEU). This growth was based on strong volumes in Far East services.

Transport volumes declined moderately by 4.2 % to 713 thousand TEU (previous year: 744 thousand TEU). This development is attributable to the realignment of rail transport in Poland and the fall in freight volume for road transport in Hamburg.

Revenue for the HHLA Group amounted to € 633.0 million in the reporting period and was thus up slightly by 1.6 % on the prior-year figure (previous year: € 622.8 million). This increase is partly due to a lower feeder ratio in container throughput and longer transport distances in the Intermodal segment.

In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup generated revenue of € 617.1 million in the reporting period (previous year: € 607.3 million). This 1.6 % increase almost matched the trend for the Group as a whole. At € 19.3 million, revenue at the non-listed Real Estate subgroup climbed by 3.0 % year-on-year (previous year: € 18.7 million).

As in the same period last year, changes in inventories of € 0.5 million (previous year: € 0.3 million) had no noticeable impact on the consolidated profit. Own work capitalised amounted to € 3.0 million (previous year: € 2.8 million).

Other operating income amounted to € 21.2 million (previous year: € 22.0 million).

Operating expenses rose in line with revenue by 1.6 % to € 557.7 million.

The cost of materials declined by 3.2 % in the reporting period to € 178.7 million (previous year: € 184.6 million). The cost of materials ratio decreased to 28.2 % (previous year: 29.6 %), due in part to falling volumes in the material-intensive Intermodal segment.

There was a year-on-year increase of 4.4 % in personnel expenses, taking the figure to € 237.6 million (previous year: € 227.5 million). In addition to wage increases, this was also due to greater use of employees from Gesamthafenbetriebs-Gesellschaft (GHB) at the Hamburg terminals and the growth in headcount following the opening of the terminal in Budapest. The personnel expense ratio rose to 37.5 % (previous year: 36.5 %).

Other operating expenses rose considerably in the reporting period by 8.2 % to € 83.7 million (previous year: € 77.3 million). The ratio of expenses to revenue rose from 12.4 % in the previous year to 13.2 %. There was a particularly strong increase in external maintenance services.

On the basis of these developments, the Group achieved an operating result before depreciation and amortisation (EBITDA) of € 157.7 million (previous year: € 158.5 million). The EBITDA margin amounted to 24.9 % in the reporting period (previous year: 25.5 %).

Depreciation and amortisation of € 57.8 million was recorded in the first half of the year (previous year: € 59.7 million). As a result, its ratio to revenue fell to 9.1 % (previous year: 9.6 %).

At Group level, the operating result (EBIT) improved slightly by 1.1 % to € 99.9 million (previous year: € 98.8 million) with an EBIT margin of 15.8 % (previous year: 15.9 %). The Port Logistics subgroup generated EBIT of € 91.4 million (previous year: € 90.6 million) with an EBIT margin of 14.8 %. The Real Estate subgroup reported EBIT of € 8.4 million (previous year: € 8.0 million).

Net expenses from the financial result increased by € 2.3 million to € 7.6 million (previous year: € 5.3 million), mainly due to exchange rate effects.

The Group’s effective tax rate amounted to 25.5 % (previous year: 24.8 %).

Profit after tax decreased by 2.2 %, from € 70.3 million to € 68.8 million. With a slight decline of 0.5 %, profit after tax and minority interests of € 52.4 million, was more or less on a par with the previous year (€ 52.6 million). At € 0.72, earnings per share were also unchanged from the previous year (€ 0.72). The listed Port Logistics subgroup reported a 1.6 % decrease in earnings per share to € 0.68 (previous year: € 0.69). Earnings per share of the non-listed Real Estate subgroup were up by 10.8 % year-on-year to € 1.87 (previous year: € 1.69). The return on capital employed (ROCE) declined by 0.2 percentage points to 14.7 % (previous year: 14.9 %).