Presentation

Transcription

Presentation

HAMBURGER HAFEN UND LOGISTIK AG
INVESTOR PRESENTATION
Berenberg European Conference - Pennyhill Park, 2 December 2014
Company Presentation
Berenberg
Commerzbank
& Goldman
Sector Conference
Sachs
- Hamburg,
German
Week
29 October
Corporate
– August
2014
Conference
2013© Hamburger
© Hamburger
© Hamburger
Hamburger
Hafen
Hafen
und
Hafen
und
Hafen
Logistik
Logistik
und
undLogistik
AG
Logistik
AG AGAG
1
Disclaimer
The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. Neither the Company
nor any of its parent or subsidiary undertakings nor any of such person’s directors, officers, employees or advisors nor any other person makes any
representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained
in this presentation. Neither the Company, nor any of its parents or subsidiary undertakings nor any of their directors, employees and advisors nor any
other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to
information contained in other material made available at the presentation.
While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and
reasonable, this document is selective in nature. Where any information and statistics are quoted from any external source, such information or
statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.
This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry
in which the Company operates. These statements generally are identified by words such as “believes”, “expects”, “predicts”, “intends”, “projects”,
“plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets” and similar expressions. The forward-looking statements, including but not limited to
assumptions, opinions and views of the Company for information from third party sources, contained in this presentation are based on current plans,
estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to
differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such
forward-looking statements are free from errors and the Company does not accept any responsibility for the future accuracy of the opinions expressed
in this presentation. No obligation is assumed to update any forward-looking statements.
By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of
the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of
the Company’s business.
This presentation is not a prospectus and does not constitute an offer or an invitation or solicitation to subscribe for, or purchase, any shares of the
Company and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or
commitment whatsoever.
© Hamburger Hafen und Logistik AG
2
Agenda
 Company Profile and Strategy
 Business Development
 Financial Performance and Outlook
3
Company Profile and Strategy
A Leading Port Logistics Company
Segments of the listed Port Logistics subgroup
Container
Intermodal
Logistics
64 % of Subgroup revenue 9M14
 Container handling
 Rail- and road-bound transport
services with the ports’ hinterland
 Handling and added value services
for bulk cargo, Fruit, RoRo, ConRo
 Loading/Unloading of carriers
 Global consulting & training
 Value-added services (e.g. on-dock
container repair, maintenance)
 Operation of own inland terminals
 Project & contract logistics services
 Operation of four container
terminals, thereof three in Hamburg
and one in Odessa
 Relevant market positions in
 Container transfer between modes
of transport and container storage
 Handling of cruise ships
 Austria
 Czech
Republic
 ~ 75 % in the Port of Hamburg
 Switzerland
 Slovakia
 ~ 20 % in the North Range*
 Poland
 Hungary
 Relevant markets positions, i.e.
 Germany
 ~ 14 % in the Black Sea
 Throughput volume:
7.5 million TEU (FY13, + 4.4 %)
5.7 million TEU (9M14, + 0.3 %)
 Transport volume:
1.2 million TEU (FY13, + 18.0 %*)
1.0 million TEU (9M14, + 10.2 %)
* Antwerp, Rotterdam, Bremen ports, Hamburg
* of continued operations
 Operation of multi-purpose terminal
O’Swaldkai and a major logistics
centre in Hamburg (~ 500,000 m²)
 Leading market position in port
related commodity logistics
 Excellent international consulting
references
4
Key Strengths
Vertical
integration
Business model of vertical integration with a high level of added value
services enables optimisation of all processes along the logistics chain
between the seaport and the European hinterland
Location
Strong natural catchment area due to favourable geographic location of
Hamburg as most easterly North Sea port which makes it the ideal hub
for the entire Baltic region and for hinterland traffic to and from CEE
Technology
High level of automation, advanced handling technology and innovative
IT systems ensure operational excellence and data exchange with customers
Intermodal
strategy
Cost leadership in Intermodal rail services due to own assets and dominant
market positions
Earnings
potential
Based on capacity and productivity reserves high potential to increase
profitability
5
Business Model
Value creation based on vertical integration

HHLA’s business model of vertical integration focuses on an optimisation of all processes
along the logistics chain between the seaport and its hinterland in Central and Eastern Europe

Combination of efficient container terminals, high-performance transport systems and
added value logistics services focuses on a high level of mutual benefit in terms of
volumes, efficiency and profitability
6
Favourable Geographical Location
Hub for the major economies of Asia and Central and Eastern Europe (CEE)
Port of Hamburg
Sea-bound container throughput
9M14 of HHLA by region
55% Asia
15% Baltic Sea
11% Scandinavia
4% Rest of Europe
BALTIC SEA /
SCANDINAVIA
7% North America
5% South America
2% Africa
1% Other countries
 Germany’s largest and most
dynamic logistics hub
 Cost advantages for shipping
lines due to central location
deep inland
 Europe’s largest railway port
with dense rail network to CEE
 Europe’s densest feeder
network to the Baltic Sea via the
Kiel Canal
 Intense and long-standing trade
relations with Asia
ASIA /
FAR EAST
CENTRAL AND
EASTERN EUROPE
 High share of local cargo due
to populous and economically
strong Hamburg region
 Well balanced import/export flows
7
Cutting-Edge Technology For Handling Mega-Ships
New mega-ship berth at CTB taken into operation
 Sea terminals with on-dock rail
stations in Hamburg link ships
and rail networks to build efficient,
eco-friendly transport chains
 Cutting-edge handling technology,
innovative IT systems and a high
level of automation secure
effective terminal operations
 Modern handling facilities for
the latest generation of 18 TTEU
vessels became fully operational
recently
HHLA is well positioned to benefit
from the rising importance of
productivity and reliability in view
of the continuing growth in the
number of mega-ships
8
Successful Intermodal Strategy continued
New locomotives to further enhance the production quality and efficiency
 Purchase of 20 new multi-system
locomotives to further enhance
product quality and improve cost
efficiency
 Delivery between September 2014
and March 2015
 Successful Intermodal strategy
continued
 High-frequency shuttle train
connections to all major economic
centres in the ports’ hinterland
 Well located inland hub terminals
with innovative design and
technology
 Own assets (terminals, containercarrying wagons, repair and
maintenance facilities, locomotives)
9
Business Development
Trends and Challenges 2014
Economic momentum at a slow pace, competition remains tough
GDP Development H1 2014
Economic Environment
Global economy
+ 2.7 %
 Global economic growth slowed markedly
China
Eurozone
Germany
+ 7.5 %
+ 0.8 %
+ 1.7 %
Source: IMF / IfW / Destatis / Eurostat
 Modest development in most of HHLA’s key
markets continued, except China
 Global container throughput with stable growth,
mainly driven by a strong increase in traffic
within Asia
Container Throughput
9M 2014 in the North Range
Sector Development
Rotterdam
Bremen ports
Antwerp
HHLA in Hamburg
 Volume in Hamburg affected by declining feeder
volume to Russia
+ 4.2 %
- 1.4 %
+ 5.0 %
+ 1.8 %
 Moderate volume increase in the North Range
Source: Drewry / Port Authorities
10
Satisfying Performance in Challenging Markets
Throughput growth at Hamburg terminals while volume in Odessa declined
Throughput*: Hamburg terminals
+ 1.8 %
5,50
5,40
±0%
1-9 I 2013
1,79
1,86
1,86
1Q 14
2Q 14
3Q 14
1-9 I 2014
Throughput*: Odessa terminal
- 28.6 %
0,28
0,20
- 5.6 %
1-9 I 2013
1Q 14
2Q 14
3Q 14
1-9 I 2014
Transport volume*
+ 10.2 %
0,97
0,88
1-9 I 2013
+ 3.5 %
0,31
0,33
0,34
1Q 14
2Q 14
3Q 14
Container Throughput
 HHLA terminals increased throughput in total
by 0.3 % to 5.7 million TEU
 Throughput at Hamburg terminals up by 1.8 %
due to notable growth in Far East volumes of
liner services (+ 8.5 %)
 Volume decline in Odessa by almost 30 %
due to the ongoing political crisis in Ukraine
which has a negative effect on the economy
 Feeder ratio down by 2 pp to 25.7 %
1-9 I 2014
Container Transport
 Volume increase by 10.2 % to 973 TTEU
 Growth in established connections with
Czech Republic, Slovakia and Hungary
 Higher frequency and utilisation level of
new relations in and with Germany, Austria,
Switzerland and the Polish seaports
* Container throughput and transport volume in million TEU
11
Elbe Waterway Adjustment
Administrative steps by the public authorities in charge
Initiation of
plan approval
process
Final
plan
approval
Main hearings Proceedings
on legal
stayed pending
objections
a decision by
the ECJ
Advocate
General's
Opinion
(AGO)
Sep 2006
Apr 2012
July 2014
23 Oct 2014
Federal Water
Federal Water
and Shipping
and Shipping
Authority
Authority & City
State of Hamburg
2 Oct 2014
Federal
Administrative
Court (FAC)
Ruling on the EU
Water Framework
Directive
Expected in
May 2015
European Court
of Justice (ECJ)
Final ruling
on the plan
approval
Expected in
2nd half of 2015
Federal
Administrative
Court (FAC)
Targets of the adjustment
Key issues of the proceedings and next steps
 Securing importance of
Hamburg as maritime
logistics location
 Enabling the port to benefit
from higher load factor due
to growing ship sizes
 Extension of time slots for
calling and leaving
Economic significance
acknowledged
Impact on flora and fauna
(EU Habitats Directive)
Remedy of shortcomings by the
planners in charge
Impact on water quality
(EU Water Framework
Directive)
AGO in favour of allowing exemptions
from the non-deterioration principle,
still to be confirmed by the ECJ
12
Smart Traffic Management
Various measures implemented to optimise traffic flows of all transport modes
Ultra Large Vessels
 Nautical Terminal Coordination (NTK)
Feeder
 Optimising and accelerating feeder
ship handling by the Feeder Logistics
Centre (FLZ)
Train
 On dock rail stations and own rail
companies enable to optimise the
efficiency of rail-bound onward
transportation
Truck
 Traffic Information System to avoid
long waiting times and traffic jams
 Extended parking area for trucks
outside the terminal site (CTB)
Nautical Terminal Coordination (NTK)
 Offering a centralised operational coordination
of large vessel calls to optimise the overall
performance of the Port of Hamburg
 Operated by HHLA, Eurogate and Hansaport
 Functions of NTK
 Coordination of arrival and departure
planning for calls of large vessel with
respect to nautical and operational
requirements
 Effective communication with the Port
Authority
 NTK uses experience and structures of the
FLZ, which has successfully managed feeder
traffic in the Port of Hamburg since 2009
13
Financial Performance and Outlook
Financial Strengths
Solid financial fundament for further development
EBIT margin
Generating of an above-average double-digit EBIT margin
Value
Continuously earning a premium on long-term capital cost assumption
of 10.5 % p.a.
Balance sheet
Long-term debt profile with low gearing ratio and equity ratio of approx. 35 %
Cash
Stable positive free cash and liquidity reserves of approx. € 200 million
Payout ratio
Stable income-based dividend distribution policy between 50 and 70 %
of the net profit in place since 2007
14
Key Figures
January to September 2014
HHLA Group
in € million
Subgroup Port Logistics
1-9 | 2014
Δ y-o-y
1-9 | 2014
Δ y-o-y
Revenue
906.7
6.0 %
885.4
6.1 %
EBIT
131.3
10.9 %
120.0
11.5 %
EBIT margin in %
14.5
0.7 pp
13.5
0.6 pp
Profit after tax and minorities
46.9
5.2 %
41.0
3.2 %
Capital expenditure
81.8
2.6 %
62.3
- 11.7 %
5,136
4.3 %
5,099
1.0 %
13.2
1.5 pp
–
–
Employees as of 30.09.*
ROCE in %
* compared to 31.12.2013
15
Operating Expenses
Cost trend largely in line with volume development
Total Operating Expenses:
in € million
292.5
100.1
86.7
9M 2013
Cost of materials
 Increase in line with volume trend
 Rise especially in the material-intensive
Intermodal segment
791.3
755.5
276.3
Throughput/Transport Growth: + 0.3 % / + 10.2 %
+ 4.7 %
+ 6.9 %
+ 3.8 %
295.5
303.6
+ 6.8 %
107.0
- 1.7 %
85.2
Cost of materials
Personnel
expenses
Other operating
expenses
Depreciation
and amortisation
9M 2014
Personnel expenses
 Collective pay increases and additional operational
expenditure for peak load conditions
 Increase of headcount in the Intermodal segment
as a result of expanded services in the German
speaking areas
Other operating expenses
 Increase due to a provision formed for legal risks
(one-time effect)
 Higher lease expenses due to volume increase in the
Intermodal segment
Depreciation and amortisation
 Depreciation expenses slightly down due to delayed
asset additions
16
Financial Performance
Earnings Bridge
Net profit and EPS increased despite negative F/X-effect and one-time provision
€ 120.0 m
- € 22.9 m
F/X-effect
- € 7.0 m
- € 29.3 m
Financial result
€ 5.8 m lower
due to F/X-effects
- € 26.8 m
Effective tax rate up
3.5 pp to 30.2 %
due to not taxable
one-offs in opex in
2014 & 2013 as well as
changes in consolidation
Minorities
almost
flat y-o-y
+ 11.5 %
EBIT
EPS
0.59 €
€ 41.0 m
+ 3.2 %
Financial
Result
Tax
Minorities
y-o-y
Net Profit
17
Financial Position
Solid financial basis maintained
Free Cash Flow
Equity
in € million
in € million /
 Strong rise in operating cash flow
exceeding increased investment cash flow
 Equity ratio down to 34.9 % due to
FX-effects and actuarial losses
(driven by all-time low base rate)
Equity ratio in %
 Liquidity reserves of approx. € 200 million
572.9
555.3
117.9*
85.0*
9M 2013
9M 2014
36.7%
34.9 %
31.12.2013
30.09.2014
* Adjusted for transfer of liquid funds from (+) / into (-) short-term deposits
(9M 2014: - € 10 m, 9M 2013: + € 10 m)
18
Business Forecast for 2014
Market Environment
Performance of the Port Logistics subgroup
 Global economy (GDP)
+ 3.3 %
 Global trade
+ 3.8 %
 Container throughput, global
+ 5.2 %
 Container throughput,
Northern Europe
+ 2.7 %
 Transport volume Germany,
slight increase in Europe
+ 3.5 %
Source: IMF, Drewry, Federal Office for Freight Transport, UIRR
Sector Development
 Uncertainty surrounding the political
situation in Ukraine and Russia
 Peak loads in all parts
of the transport chain
Volumes
 Container throughput: marginal increase on previous year
(2013: 7.5 million TEU)
 Container transport: significant increase on previous year
(2013: 1.2 million TEU)
Revenue
 Following the Group target1: moderate increase on the
previous year’s adjusted figure
(2013 Group revenue adjusted: approx. € 1,140 million²)
EBIT
 In the region of the upper end of a range of € 125 million
to € 145 million (2013 adjusted: approx. € 140 million²)
Investments
 In the region of € 130 million (2013: € 102.5 million)
1 Real estate subgroup revenue in 2014 expected at the same level of 2013 (2013: € 33 million)
² Due to changes in IFRS regulations: From 2014 onwards, joint ventures have to be consolidated
at-equity instead of pro rata consolidation.
19
Appendix
20
Appendix
Container Segment
in € million
9M 2014
9M 2013
Δ y-o-y
Container
throughput1
5,701
5,681
0.3 %
Revenue
565.1
539.6
EBITDA
186.0
169.7
32.9 %
31.4 %
1.5 pp
121.9
103.4
17.9 %
21.6 %
19.2 %
2.4 pp
EBITDA margin
EBIT
EBIT margin
1
 Throughput volume up by 0.3 %
in total, but 1.8 % at Hamburg terminals
 Average revenue per TEU temporarily
improved mainly due
4.7 %
to declining feeder ratio and higher
storage fees
9.6 %
 Unit costs remained almost flat
y-o-y against general cost inflation and
peak load conditions
 EBIT notably up by 17.9 %
against previous year
In thousand TEU
21
Appendix
Intermodal Segment
in € million
Container transport 1
9M 2013
Δ y-o-y
973
883
10.2 %
Revenue
263.4
232.9
13.1 %
EBITDA
37.4
34.6
8.0 %
EBITDA margin
EBIT
EBIT margin
1
9M 2014
14.2 %
14.9 %
- 0.7 pp
22.0
19.9
10.7 %
8.4 %
8.5%
- 0.1 pp
 Market position further strengthened by
outperforming general market trend with a
high growth in volumes
 Revenue increase above volume trend
due to further rise in average transport
distances and dynamic growth in railbound services
 Costs in line with volume trend but still
affected by ramp-up of new services and
ongoing restructuring of Polzug
 EBIT up by 10.7 % against
previous year
In thousand TEU
22
Appendix
Logistics Segment
in € million
9M 2014
9M 2013
Δ y-o-y
Revenue
48.7
54.3
-10.4 %
EBITDA
- 0.5
2.9
neg.
- 1.0 %
5.4 %
- 6.4 pp
- 1.3
2.1
neg.
- 2.7 %
3.9 %
- 6.6 pp
3.3
1.8
81.1 %
EBITDA margin
EBIT
EBIT margin
At equity
 Divergent development of business
activities
 Basis of comparison affected by
one-time gain
 EBIT hampered by declining volume
and revenue of project and contract
logistics activities
 At-equity result considerably up
due to successful turnaround of fruit
activities and positive performance
of bulk cargo logistics
Changed consolidation of at equity companies lead to
adjustments of previous years’ figures
23
Appendix
Challenges in the Logistics Chain
Poor carrier schedule reliability hampers terminal operations in the North Range
High dwell time causes peak storage utilisation
Capacity
Utilisation
100 %
Economic
Optimum
2013
6M14
0%
Storage capacity is
determined by volume
(per call) and dwell
time (in days)
Dwell time
(average, in days)
“Average reliability across all carriers in the
Asia-Europe trade lane has declined from a
high of 83% on time port calls in mid-2012
to just 51% in the first quarter of 2014.”
Drewry Maritime Research, June 2014
Challenges
► Poor schedule reliability of shipping lines
due to cost saving programmes
► Above-average container dwell times
lead to bottlenecks in storage capacity
and peak loads in terminal operations
Implications
► Negative impact on the entire transport
chain with backlogs in truck and rail
handling
► Resource input increased, esp. higher
personnel deployment
► Increase in variable expenses offset by
rise in storage fees, but at the cost of
capacity constraints, postponed
maintenance and lower utilisation of
shuttle trains
24
Appendix
Growth in Ship Sizes
Handling of ultra large container vessels (ULCV) require extra effort
Ship size development
at HHLA container terminals
ULCV fleet worldwide and
order book until 2016
 2010  9M2014
59%
 in service  on order
Fourfold increase
of ULCV calls within
three years
46%
34%
28%
25%
Fleet expansion of 85 %
within three years
369
326
263
200
+63
+43
+63
+38
7%
< 6,000 TEU
6,000 to 10,000 TEU
2013
> 10,000 TEU
2014
2015
2016
Source: alphaliner, Nov. 2014
Implications
► Nautical restrictions tightened by increasing
number of ULCV because of more width
and draught
► Peak load conditions due to narrower time
windows require more staff and equipment
► Capex requirements (suitable quay walls,
gantry cranes etc.)
Counteraction
► Enhancing service quality by continuous
investment in technology and efficiency
► Launching Feeder Logistics Centre (FLZ)
and Nautical Terminal Coordination (NTK) to
optimise ULCV and feeder vessel calls
► Raising attractiveness of HHLA terminals
by expanding hinterland network
25
Development of Alliances in Container Shipping
Concentration in the shipping industry substantially increased
Capacity breakdown on Far East – Europe
services by shipping line
2011
Oct.
2014
Maersk
MSC
Grand Alliance
2M Network
= Hapag-Lloyd, OOCL, NYK Line
G6 Alliance
New World Alliance
Announced for 01/2015
Formed in 2012
= APL, MOL, Hyundai
“Green Alliance”
= Cosco, K Line, Yang Ming, Hanjin
Evergreen
CMA CGM
CSCL
UASC
Others
Implications
► Even after the rejection of P3 the
concentration process in the shipping
industry is supposed to be continued
► Maersk and MSC announced vessel
share agreement “2M” starting in 2015
(approx. 35 % of Far East – Europe
traffic)
► Further build-up of alliances and
cooperations targeting at an
improvement of load factor and a
decrease of slot costs
CKYHE
Formed in 2014
Ocean 3
Announced for
early 2015
Others
Perspectives
► Deployment of largest vessel sizes
and focus on calls at gateway ports
(hubs)
Source: Alphaliner, October 2014
26
Appendix
Competing Ports of the North Range
Intensifying competition due to the further build-up of terminal capacity
CONTAINER THROUGHPUT (9M2014)
27.7 million TEU (+ 4.0 % y-o-y)
Implications
DENMARK
NORTH SEA
BREMEN/BREMERHAVEN
KIEL
CANAL
4.4 million TEU (- 1.4 %)
15.8 % market share
WILHELMSHAVEN
<0.1 million TEU (+ 29.5 %)
0.2 % market share
HAMBURG
7.4 million TEU (+ 6.4 %)
26.7 % market share
NETHERLANDS
HHLA in Hamburg
ROTTERDAM
33.2 % market share
ANTWERP
GERMANY
► With a current terminal capacity of North
Range ports* of between 50 and 55 million
TEU** utilisation stands at 65% to 70%
► Launch of further terminal capacity in 2015,
esp. in Rotterdam (Maasvlakte II with ~ 8.8
million TEU target capacity, ~ 5 million TEU
initially) will increase the current imbalance
between supply and demand
Perspectives
► HHLA has a demand-orientated investment
strategy with a capacity target of 12 million
TEU plus in place, well scalable on existing
terminal facilities
► Further roll-out of capacity expansion in line
with growth
24.3 % market share
BELGIUM
** North Range Ports (Rotterdam, Hamburg, Bremen ports, Antwerp) incl. Wilhelmshaven
** Source: Ocean Shipping Consultants (2012), own estimates
27
Appendix
Short Ways – Less Costs
Hamburgs location offers cost benefits compared to other Nord Range ports
 Shanghai <> Hamburg (one-way: ~ 20,375 km)
 Hamburg <> Prague (one-way: ~ 690 km)
 + 70 % of costs for about 97 % of total distance
 + 30 % of costs for about 3 % of total distance
 No differentiation in freight rates between North
Range ports
 Clear differentiation between North Range ports
28
Appendix
Intermodal Network
Raising attractiveness of HHLA terminals by expanding hinterland network
Integration of other European ports
Bremen ports-Prague/Ceska Trebova 28
Rotterdam-Prague
12
Rotterdam-Dunajska Streda
6
Koper-Budapest/Dunajska Streda
50
Strong in established markets
Hamburg-Prag
54
Hamburg-Ceska Trebova
38
Expansion to German-speaking areas
Hamburg-Munich/Nuremberg
22
Hamburg-Leipzig
14
Hamburg-Krems/Salzburg
14
Hamburg-Ludwigshafen/Basel
6
Trains per week (selection only) as of 31 October 2014
29
Appendix
HHLA in the Port of Hamburg
HHLA REAL ESTATE
HHLA REAL ESTATE
SPEICHERSTADT
FISCHMARKT
HHLA LOGISTICS
HHLA CONTAINER TERMINAL
CRUISE CENTER
TOLLERORT
BURCHARDKAI
HHLA LOGISTICS
ÜBERSEE-ZENTRUM
HHLA LOGISTICS
O’SWALDKAI
HHLA LOGISTICS
HANSAPORT
ALTENWERDER
30
Appendix
State-of-the-Art Container Handling at CTA
Maximum efficiency by high degree of automation and compact terminal layout
45 GradAnsicht
31
Financial Calendar
IR Contact
30 March 2015
Phone:
+49 40 3088 3100
Fax:
+49 40 3088 55 3100
E-mail:
[email protected]
Web:
www.hhla.de
Annual Report 2014
13 May 2015
Interim Report January-March 2015
11 June 2015
Annual General Meeting (AGM)
13 August 2015
Interim Report January-June 2015
12 November 2015
Interim Report January-September 2015
32

Presentation

Transcription

Similar documents

Presentation

Head Mounted Displays in deutschen Unternehmen Ein Virtual

The Business Units

Präsentation (nur englisch)

Produktinformation Raumluftmessungen, -gutachten

Untitled - Berghain