Earnings position

Download

Key figures
in € million	1–9 \| 2020	1–9 \| 2019	Change
Revenue	959.9	1,044.6	- 8.1 %
EBITDA	231.5	295.1	- 21.6 %
EBITDA margin in %	24.1	28.3	- 4.2 pp
EBIT	107.1	175.4	- 38.9 %
EBIT margin in %	11.2	16.8	- 5.6 pp
Profit after tax and minority interests	37.2	83.8	- 55.7 %
ROCE in %	6.9	11.5	- 4.6 pp

The development of HHLA’s performance data in the first nine months of 2020 was significantly affected by the global coronavirus pandemic. Container throughput decreased strongly by 11.2 % year-on-year to 5,086 thousand TEU (previous year: 5,730 thousand TEU). This decline, which primarily affected the Hamburg container terminals, began in the middle of the first quarter and gathered considerable pace during the second quarter before dropping off slightly in the third quarter. All in all, throughput at the international terminals in the first nine months was moderately below the prior-year level. In the reporting period, container transport decreased moderately by 4.6 % to 1,129 thousand TEU (previous year: 1,184 thousand TEU). The drop in road transport was significant, whereas for rail transport it was more moderate.

Revenue for the HHLA Group decreased by 8.1 % to € 959.9 million during the reporting period (previous year: € 1,044.6 million). This drop was primarily due to changes in volume. Other factors which negatively impacted revenue included the lower proportion of longer transport distances in the Intermodal segment. Factors increasing revenue included the advantageous modal split and a temporary increase in storage fees in the Container segment.

Other operating income amounted to € 30.6 million (previous year: € 27.9 million). One liability from a contingent consideration agreed as part of the acquisition of Bionic Production GmbH was derecognised in profit and loss as a result of a new agreement with the seller. The amount had a significant effect on the increase in other operating income.

Despite an impairment charge on the goodwill of Bionic Production GmbH and increased service and maintenance costs in the Container segment, operating expenses were reduced by 1.8 % to € 886.8 million (previous year: € 903.3 million). In addition to the cost of materials declining in line with revenue, this was mainly due to much lower staffing requirements.

There was a strong decrease in the operating result (EBIT) of 38.9 % to € 107.1 million during the reporting period (previous year: € 175.4 million). The EBIT margin amounted to 11.2 % (previous year: 16.8 %). In the Port Logistics subgroup, EBIT fell by 40.7 % to € 96.6 million (previous year: € 162.7 million). In the Real Estate subgroup, EBIT decreased by 17.3 % to € 10.3 million (previous year: € 12.5 million).

Net expenses from the financial result increased by € 0.5 million, or 1.9 %, to € 25.6 million (previous year: € 25.1 million).

Profit after tax and minority interests was significantly lower than in the previous year at € 37.2 million (previous year: € 83.8 million). Earnings per share amounted to € 0.51 (previous year: € 1.15). The listed Port Logistics subgroup achieved earnings per share of € 0.45 (previous year: € 1.09). Earnings per share of the non-listed Real Estate subgroup were down on the prior-year figure at € 2.19 (previous year: € 2.69). Return on capital employed (ROCE) amounted to 6.9 % (previous year: 11.5 %).