Earnings position

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Key figures
in € million	1–3 \| 2019	1–3 \| 2018	Change
Revenue	347.6	315.2	10.3 %
EBITDA	98.4	77.8	26.5 %
EBITDA margin in %	28.3	24.7	3.6 pp
EBIT	59.7	47.9	24.5 %
EBIT margin in %	17.2	15.2	2.0 pp
Profit after tax and minority interests	29.4	23.7	24.3 %
ROCE in %	13.8	14.5	- 0.7 pp

HHLA posted generally positive performance data in the first quarter of 2019. Container throughput rose slightly by 2.2 % year-on-year to 1,865 thousand TEU (previous year: 1,824 thousand TEU). This was influenced in particular by the positive growth of the international terminals, which is largely due to the takeover of the container terminal in Tallinn at the end of the second quarter of 2018. The Hamburg container terminals were slightly down on the previous year. Container transport increased considerably by 13.7 % to 398 thousand TEU (previous year: 350 thousand TEU). Both rail and road transport contributed to this growth.

The HHLA Group’s revenue rose markedly by 10.3 % to € 347.6 million during the reporting period (previous year: € 315.2 million). In addition to the increases in volume described, the higher proportion of hinterland traffic in container throughput and container transport also had a positive effect.

Other operating income amounted to € 8.4 million (previous year: € 8.0 million).

With an increase of 7.5 % to € 298.1 million (previous year: € 277.3 million), operating expenses rose more slowly than revenue. While lower route prices for German rail freight had a positive effect on cost structures, increased personnel and material expenses due to a rise in container transport volumes and the integration of HHLA TK Estonia led to a year-on-year increase.

There was a strong increase in the operating result (EBIT) of € 11.8 million or 24.5 % to € 59.7 million during the reporting period (previous year: € 47.9 million). The effects of the initial application of IFRS 16 amounted to € 3.5 million. The EBIT margin amounted to 17.2 % (previous year: 15.2 %). In the Port Logistics subgroup, EBIT rose by 26.1 % to € 55.7 million (previous year: € 44.2 million). The Real Estate subgroup achieved EBIT growth of 6.4 % to € 3.9 million (previous year: € 3.6 million).

Net expenses from the financial result increased by € 4.3 million or 116.6 % to € 7.9 million (previous year: 3.7 million). This was largely due to the changes in lease accounting from the initial apllication of IFRS 16 (Leases).

Profit after tax and minority interests was up considerably on the previous year at € 29.4 million (previous year: € 23.7 million). Earnings per share amounted to € 0.40 (previous year: € 0.33). The listed Port Logistics subgroup achieved earnings per share of € 0.39 (previous year: € 0.31). Earnings per share of the non-listed Real Estate subgroup were up on the prior-year figure at € 0.83 (previous year: € 0.79). Return on capital employed (ROCE) reached 13.8 % (previous year: 14.5 %).