Earnings Position

HHLA posted mixed performance data in the first three quarters of 2018. Container throughput rose slightly by 1.0 % year-on-year to 5,507 thousand TEU (previous year: 5,453 thousand TEU). This was mainly attributable to a sustained positive development in Far East volumes, as well as the takeover of the container terminal in Tallinn. By contrast, there was a slight decline in container transport of 2.5 % to 1,098 thousand TEU (previous year: 1,126 thousand TEU). This development is linked to the planned realignment of POLZUG activities and a decrease in road transport.

The HHLA Group’s revenue rose slightly by 2.3 % to € 964.2 million during the reporting period (previous year: € 942.8 million). This was due in part to the increase in container throughput mentioned above, a slight rise in the rail share and longer transport distances in intermodal traffic.

In its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup increased its revenue by 2.2 % to € 939.9 million in the reporting period (previous year: € 919.4 million). At € 29.3 million, revenue at the non-listed Real Estate subgroup climbed by 3.9 % year-on-year (previous year: € 28.2 million).

Other operating income amounted to € 26.9 million (previous year: € 28.7 million).

The 2.4 % increase in operating expenses to € 840.3 million (previous year: € 820.7 million) was in line with revenue growth. This was partly attributable to the higher headcount due to the integration of HHLA TK Estonia AS and the operation of the terminal in Budapest, which opened in the previous year. Moreover, the increased operating expenses reflect wage increases, greater use of employees from Gesamthafenbetriebs-Gesellschaft (GHB) at the Hamburg terminals and a rise in external maintenance services.

The operating result (EBIT) of the HHLA Group and of the subgroups remained stable at the previous year’s level during the reporting period. The Group’s EBIT margin amounted to 16.2 % (previous year: 16.5 %).

Net expenses from the financial result increased by € 1.6 million, or 17.8 %, to € 10.6 million (previous year: € 9.0 million). This was chiefly due to an expense from exchange rate effects of € 0.9 million (previous year: proceeds of € 1.6 million). By contrast, interest paid to financial institutions fell by € 1.1 million.

Profit after tax and minority interests was up considerably on the previous year at € 84.1 million (previous year: € 79.3 million). Earnings per share amounted to € 1.16 (previous year: € 1.09). The listed Port Logistics subgroup achieved earnings per share of € 1.09 (previous year: € 1.03). Earnings per share of the non-listed Real Estate subgroup were up on the prior-year figure at € 2.79 (previous year: € 2.64). Return on capital employed (ROCE) reached 15.3 % (previous year: 15.7 %).