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Presentation

HAMBURGER HAFEN UND LOGISTIK AG
Company Presentation
ESN European Conference – Paris, 4 April 2014
Company Presentation
Berenberg
Commerzbank
& Goldman
Sector Conference
Sachs
- Paris,German
4 April
Week
2014
Corporate
– August
© Hamburger
Conference
2013 © Hamburger
Hafen
© Hamburger
Hamburger
und Logistik
Hafen Hafen
und
Hafen
AG
Logistik
und
undLogistik
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.
Company Presentation - Paris, 4 April 2014
© 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
Logistics
Container
Intermodal
64 % of revenue FY13
28 % of revenue FY13
8 % of revenue FY13
 Container handling
 Rail- and road-bound transport
services into the ports’ hinterland
 Special seaport handling of
Bulk cargo, Fruit, RoRo, ConRo
 Loading/Unloading of carriers
 Consulting & training
 Operation of inland terminals
 Warehousing and contract logistics
 Container transfer and storage
 Value-added container services
(e.g. repair, maintenance)
 Handling of cruise ships
 Operation of 4 container terminals,
thereof 3 in Hamburg
 Operation of two rail companies
 Burchardkai (CTB)
 Metrans, covering esp. Central
Europe and German speaking
markets
 Tollerort (CTT)
 Polzug, covering Poland
 Odessa (CTO)
and one trucking company (CTD)
 Altenwerder (CTA)
 Leading markets positions
at each location
 Leading positions in the majority
of markets
 Operation of multi-purpose terminal
O’Swaldkai and a logistics centre in
Hamburg
 Leading market position in special
handling in Hamburg
 Excellent international consulting
references
4
Business Model
Growth potential and value creation based on vertical integration
5
Sector and Market Position
Leading market positions in European maritime logistics
Container handling
 Competing with ports and terminal operators
along the North European coastline (North
Range)
 Port of Hamburg No. 2 after Rotterdam,
followed by the Bremen ports and Antwerp
 Market share of HHLA in Hamburg at ~ 80 %
Container transport
 Competing with European rail operators and
other transport modes (e.g. feeder and truck)
in the European hinterland (esp. Central and
Eastern Europe, including Germany, Austria
and Switzerland)
 Expanding market positions in core markets
Logistics activities
 Various highly specialised operations
in the Port of Hamburg
 Leading market positions in special handling
6
Key Strengths
Skilled operator with state-of-the-art facilities
Location
Favourable geographic location as the most easterly North Sea port with
high-grade hinterland connections makes Hamburg the ideal hub for the entire
Baltic region
Technology
High level of automation, cutting-edge handling technology and
innovative IT systems
Intermodal
Cost leadership in Intermodal rail services due to high depth of value added
in the seaports’ hinterland network with own production systems
O&D cargo
Critical mass (approx. 40 %) of HHLA’s volumes is O&D cargo
bound to the Hamburg area
Capacity
reserves
Hamburg has the potential to increase its volume capacity
with using existing terminals
7
Financial Highlights
Solid financial fundament
Balance sheet
Long-term debt profile with low gearing ratio and equity ratio of around 35 %
Cash
Stable positive free cash and liquidity reserves of approx. € 200 million
EBIT margin
Generating of an above-average double-digit EBIT margin
Payout ratio
Income-based dividend distribution policy between 50 and 70 % of the net profit
Value
Continuously earning a premium on long-term capital costs of 10.5 %
8
Perspectives
Well-positioned for a successful future development
ON CONDITION OF NEAR-TERM DREDGING OF THE RIVER ELBE
Margin
improvement
Strengthening of earnings power by optimising processes
and increasing cost efficiency
Increase of
productivity
Make use of capacity and productivity reserves
in the Intermodal segment as utilisation increases
Volume
concentration
Benefit from bundling cargo at key hubs with highly efficient logistics
systems as ship sizes increase and consolidation in the shipping industry
proceeds
Growth
potential
Around 2/3 of HHLA’s volume originates from faster growing emerging
markets and export strength of German industry
9
Challenges
Challenges and courses of action
SECTOR DEVELOPMENTS
Growing ship sizes
Higher volatility in volumes
due to new alliances
Overcapacities and
further terminal expansion
in the North Range
Restrained mid-term
growth expectations for
container throughput
in the North Range
HHLA
Enhancing of service quality by
foresighted implementation of state-of-theart terminal equipment and technology
Raising of attractiveness of HHLA
terminals by expanding hinterland network
Automation for more speed, efficiency
and reliability in container handling
Scalability of own terminal expansion
in line with growth potential
Improvement of cost efficiency by
optimising structures and processes
10
Agenda
11
Business Development
Trends and Challenges 2013
Economic momentum still restrained, competition remains tough
 Economic Environment
GDP Development 2013
World
+ 3.0 %
China
+ 7.7 %
Eurozone
- 0.4 %
Central/Eastern Europe + 2.5 %
Germany
+ 0.5 %
World trade
+ 2.7 %
- Global economic growth stabilises at a low level
- Modest development in HHLA’s key markets
(Asia, Central and Eastern Europe)
- Global container throughput only slightly growing faster
than world economy (Drewry estimate for 2013:
growth of 3.3%)
Source: IMF
 Sector Development
- Throughput slightly down in the North Range
- Growing number of ever-larger vessels
North Range
- 0.5 %
- Idle capacity at ports in the North Range
Rotterdam
- 2.1 %
- Hamburg continues to face infrastructural deficits
Hamburg
+ 4.4 %
(especially the delay in dredging the river Elbe,
Bremen/Bremerhaven - 4.7 %
temporary restrictions on use of the Kiel Canal)
Antwerp
- 0.7 %
- Only slight increase in European rail freight traffic
Container Throughput 2013
in the North Range
Source: Drewry
12
Business Development
Market Positions Significantly Expanded
Volume gains in a stagnating market environment
 Container Throughput
- HHLA terminals increase throughput
by 4.4 % to 7.5 million TEU
- Rise in feeder traffic to the Baltic Sea
(+ 8.3 %) and growth in Far East
volumes (+ 6.3 %)
- HHLA’s market share in the North
Range rises to 20.4 %
 Container Transport
- Volume increase of continued
operations by 18.0 % to
1.2 million TEU
- Successful expansion of connections
offered in Germany, Austria and
Switzerland (D.A.CH. strategy)
- Connections established with the
Polish seaports
13
Agenda
14
Financial Performance and Outlook
Key Figures
Business development distorted by previous year’s realignment effects
HHLA Group
Subgroup Port Logistics
in € million
FY13
FY12*
Change
FY13
FY12*
Change
Revenue
1,155.2
1,128.5
+ 2.4 %
1,127.2
1,101.2
+ 2.4 %
158.0
186.0
- 15.0 %
144.3
172.8
- 16.5 %
Net profit after tax and
minority interests
54.3
72.3
- 24.9 %
48.3
66.4
- 27.3 %
ROCE
11.6
13.6
- 2.0 pp
–
–
–
114.9
196.5
- 41.5 %
101.2
186.5
- 45.7 %
EBIT
Investments
* Retrospective restatement of the figures of 2012 resulting from application of IAS 19 R
Adjusted for the one-time effect of the Intermodal realignment in 2012:
- Revenue of continued operations largely in line with volume trend (+ 4.7% y-o-y)
- EBIT decrease considerably lower (- 5.1% y-o-y)
- Net profit after tax and minority interests remains almost flat y-o-y
15
Operating Expenses
Cost trend largely in line with volume development of continued operations
Total operating expenses:
in € million
981.0
+ 4.2%
Throughput / transport growth: + 4.4% / + 18.0%
Cost of materials
Cost of materials
 Mainly variable expenses
 Adjusted increase in line with volume trend
 Rise especially in the material-intensive
Intermodal segment
1,022.3
Personnel
expenses
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 operations
Other operating
expenses
Other operating expenses
 Higher lease expenses for container-carrying
wagons and locomotives due to higher volumes
in the Intermodal segment
Depreciation and
amortisation
Depreciation and amortisation
 Depreciation expenses on previous year’s level
16
Financial Position
Resilient financial foundation for a stable pay-out ratio
Free Cash Flow
Equity as of 31.12.2013
in € million
in € million /
 Free cash flow up
€ 38.0 million at
€ 83.6 million
 Equity ratio up by
3.2 pp to 36.3 %
 Liquidity reserves of
€ 199.9 million
Dividend / Payout Ratio
Equity ratio in %
 Dividend policy
maintained
since 2007
572.9
539.8
70 %
68.4 %
36.3 %
83.6
65.3 %
50 %
33.1 %
45.6
2012
2013
2012
2013
€ 0.65
per
Class
A share
€ 0.45*
per
Class
A share
2012
2013
* Dividend proposal
17
Business Forecast for 2014
Market Environment
Group Performance
 Global economy (GDP)
3.7 %
 Global trade
4.5 %
 Container throughput, global
4.3 %
 Container throughput,
Northern Europe
1.0 %
 Transport volume, Germany
1.9 %
Source: IMF, Drewry, Federal Office for Freight Transport
 Uncertainty surrounding the political
situation in Ukraine and Russia
 Increasing peak loads in all parts
of the transport chain
Volumes
 Container throughput: slight increase on previous year
(2013: 7.5 million TEU)
 Container transport: moderate increase on previous
year (2013: 1.2 million TEU)
Revenue
 Slight increase on the previous year’s adjusted figure
(2013 adjusted: approx. € 1,140 million*)
EBIT
 EBIT in a range of € 138 million to € 158 million
(2013 adjusted: approx. € 154 million*)
Investments
 Investments in the region of € 160 million
(2013: € 115 million)
* Due to the revision of IFRS 10 et seq. pro rata consolidation of joint ventures is no longer permitted
from 2014 onwards. This change primarily affects the Logistics segment. The previous year’s figures
© Hamburger Hafen und Logistik AG have been adjusted to facilitate comparability.
18
Summary
Conclusion
1
Competitive vertical integrated business model
2
Leading market positions
3
Favourable geographic location
4
High-quality service and technology level
5
Strong financial track record and high payout ratio
19
Appendix
20
Appendix
Container Segment
January to December 2013
 Container throughput growth mainly driven
by container traffic with Asia and
transshipment volume to the Baltic rim
in € million
2013
2012
Change
Container
throughput1
7,500
7,183
4.4 %
 Further rise of volumes and gain of market
share in Odessa
Revenue
711.7
697.5
2.0 %
EBITDA
225.3
234.6
- 4.0 %
 Dilutive effect on average revenue per box
by additional growth in lower-margin feeder
volumes (feeder ratio: 27.8 %)
- 1.9 pp
 Lower storage fees due to generally shorter
container dwell times
EBITDA margin
EBIT
EBIT margin
Segment assets
1
31.7 %
33.6 %
137.0
145.9
- 6.1 %
19.2 %
20.9 %
- 1.7 pp
 Increasing number of ever-larger vessels led
to ongoing additional operational expenses
for the handling of peak loads aggravated by
nautical restrictions
- 1,2 %
 Productivity potential not realised due to
capacity utilisation levels
922.3
933.1
In thousand TEU
21
Appendix
Intermodal Segment
in € million
2013
20121
Change
Container
transport 2
1,172
1,172
1,213
9933
- 3.3 %
18.03 %
Revenue
314.5
299.7
4.9 %
EBITDA
EBITDA margin
43.9
13.9 %
59.5
19.8 %
- 26.2 %
- 5.9 pp
22.8
41.3
- 44.8 %
EBIT margin
7.3 %
13.8 %
- 6.5 pp
Segment assets
297.0
284.6
4,4 %
EBIT
1
3
No impact of Intermodal realignment on first quarter results 2012
Applying the new ownership structure
2
 Transport volume based on the new
ownership structure increased significantly
by 18.0 % from 993 to 1,172 TTEU
 Growth of services in the German-speaking
areas as well as new rail connections with
Polish seaports.
 Opening of new hub-terminal in Ceska
Trebova
 EBIT temporarily burdened by start-up costs
for new connections and new hub-terminal
 Negative impact on EBIT due to flooding of
the rivers Elbe and Danube and obligations
from existing traction contracts
 Revenue and earnings of continued
operations developed positively and were
largely in line with volume trend
In thousand TEU
22
Appendix
Logistics Segment
in € million
2013
2012
Change
 Business activities developed diversely in
the different areas
Revenue
91.6
91.9
- 0.3 %
 Strong increase in EBIT includes a oneoff gain of € 5.4 million for the sale of a
logistics facility
EBITDA
10.2
8.0
26.5 %
11.1%
8.8%
2.3 pp
EBITDA margin
EBIT
EBIT margin
Segment assets
7.0
4.3
64.1 %
7.7 %
4.7 %
3.0 pp
43.9
53.8
-18,4 %
 Most of this one-off gain was used for
restructuring measures in project and
contract logistics
 Adjusted for these items, EBIT was
slightly higher than in the previous year.
23
Appendix
Challenges for the Logistics Chain are Growing
Peak loads in throughput and transport become commonplace
 Record Throughput per Call
Up to 12,000 TEU are currently
discharged from resp. loaded
onto a single vessel
 Extreme Pressure on
Storage Space
This volume is equivalent to
over 40 % of the total storage
capacity (CTA)
 High Demands on
Intermodal Systems
Volume is distributed to an
average of 12 feeder ships,
60 block trains and approx.
3,000 trucks
 Delay of Vessels
Burdens caused by pile-up
of export containers on the
terminals due to substantial
delays
24
Appendix
Development of Alliances in Container Shipping
Concentration in the shipping industry substantially increased
Capacity breakdown on Far-East – Europe
services by shipping line
2011
2014
Maersk
MSC
CMA CGM
Grand Alliance
P3 Network
Build-up of alliances and cooperations
targeting at
- an improvement of load factor and
- a decrease of slot costs
G6 Alliance
Deployment of largest vessel sizes and
focus on calls at gateway ports (hubs)
Announced to start
in H2/2014*
= Hapag-Llyod, OOCL, NYK Line
New World Alliance
Build in 2012
= APL, MOL, Hyundai
“Green Alliance”
CKYHE
= Cosco, K Line, Yang Ming, Hanjin
Build in 2014
Evergreen
Others
Others
* Subject to approval by antitrust authorities
Around 90 % of shipping capacity
in Far-East – Europe services is
expected to be run by three operators,
approx. 47 % by P3.
For the time being effects for
HHLA are not assessable due to
pending approvals and limited
visibility on future service structures.
Source: Alphaliner
25
Appendix
Illustration of Terminal Capacity
Throughput capacity mainly driven by yard utilisation
Berth
Ship size development
boosts peak load conditions
Pre- and onward
carriage
Storage yard
Capacity
Utilisation
100 %
Economic
Optimum
Status quo
(2013)
Storage capacity
is determined by
volume (per call) and
dwell time (in days)
 Synchronised shuttle
train services depend
on a high degree of
punctuality of all links
of the transport chain
 Potential to
compensate for
delays is limited
0%
Dwell time
(average, in days)
26
Appendix
Connecting Emerging Markets
Favourable geographical location as most easterly North Sea port
Container throughput 2013
of HHLA by region
BALTIC SEA /
EASTERN EUROPE
Dense feeder
connections via the
Kiel canal
Hamburg: interface with network
 Hamburg links two of the most
important emerging markets in the
world economy: Asia and Eastern
Europe
 Potential to grow above-average
 Cost advantages due to central
location deep inland
 Highly efficient infrastructure with
excellent hinterland connections to
Central and Eastern Europe
FAR EAST / ASIA
Strong and
long-standing
trade relations
CENTRAL AND
EASTERN EUROPE
Extensive rail network
with own block trains
and inland terminals
 Favourable geographic location of
Hamburg currently burdened by
frequent restrictions to operations
due to pending infrastructure
projects, esp. the dredging of the
river Elbe
27
Appendix
Competing Ports of the North Range
Container throughput and market share in 2013
NORTH RANGE PORTS IN TOTAL
37.4 million TEU (- 0.9 %)
 High density of port services along
the Northern European coast
(“North Range”)
DENMARK
NORTH SEA
 Strongest competition between
the major North Range ports, i.e.
Hamburg (HHLA’s main hub),
Bremen/Bremerhaven (Bremen
ports), Rotterdam and Antwerp
KIEL
CANAL
BREMEN/BREMERHAVEN
5.8 million TEU (- 4.7 %)
15.6 % market share
WILHELMSHAVEN
<0,1 million TEU (Start: Oct. 2012)
0.2 % market share
NETHERLANDS
ROTTERDAM
HAMBURG
9.3 million TEU (+ 4.4 %)
24.7 % market share
HHLA (incl. Odessa)
7.5 million TEU (+ 4.0 %)
11.6 million TEU (- 2.1 %)
31.0 % market share
ANTWERP
GERMANY
8.6 million TEU (- 0.7 %)
22.9 % market share
ZEEBRUGGE
BELGIUM
2.0 million TEU (3.7 %)
5.4 % market share
 Other handling sites are
considerably smaller in terms
of local freight volume and size
of their catchment areas
 Container throughput up 4.4 %
to 7.5 million TEU outperforming
the declining market trend in the
North Range (+1.0 %)
 HHLA market share in Hamburg
approx. 80 % and approx. 20 %
in the North Range
28
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 2015
Plus of more than 50 %
 in service  on order
within three years
Tripling of ULCV
within three years
Source: alphaliner, Dec. 2013
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
► Expanding Feeder Logistics Centre (FLZ)
to optimise and accelerate feeder handling
► Raising attractiveness of HHLA terminals
by expanding hinterland network
29
Appendix
Capacities and Expansion in the North Range
Further increase of terminal capacities despite overcapacities in the market
NORTH SEA
NORTH RANGE PORTS
Capacity development within the North Range in 2014/2015
Current
capacity
Planned
capacity1
Rotterdam
15.5
20.6
Antwerp
14.5
Hamburg
in million TEU
Bremen ports
1 First
Capacity potential to 2025
Current
capacity
Planned
capacity1
Zeebrugge
2.7
3.3
14.9
Wilhelmshaven
1.0
1.6
14.2
14.5
London Gateway
1.6
1.6
8.5
8.5
Gdansk
1.0
4.0
in million TEU
stage of concrete short-term expansion programmes (2014/2015)
Source: Ocean Shipping Consultants (2012)
in million TEU
79.0
56.4
2013
potential
30
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
31
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
32
Appendix
Container Terminal Activities
Illustrative process chain – Container Terminal Altenwerder (CTA)
Ship-to-shore
crane
Vessel
Rail-mounted
gantries
Surface transport
by AGV
Container
storage area
Truck loading
area
On-dock rail
facility
33
Appendix
State of CTB Modernisation
4 new large ship berths, 8 automated storage blocks (aerial view from late 2012)
Tandem gantry
cranes
Container rail
head
Automated
storage blocks
IT-based
control system
Can handle all sizes of
ultra large container
vessels up to 18,000 TEU
8 tracks, each over 700 m
long, allow complete
block trains
Boosting capacity with
high-density storage
system
Enables an integrated
terminal management
in 24/7 shifts
34
Appendix
Elbe Waterway Adjustment
Administrative steps by the public authorities in charge
EU statement
Initiation of
on council directive
plan approval ► Technical planning
process
► Environmental studies “Flora Fauna Habitat”
► Public hearings
Final
plan
approval
Dredging start
subject to main
proceedings on
legal objections
Sep 2006
Nov 2011
Apr 2012
Beginning of proceedings
15 July 2014
Federal Water & City State
and Shipping
of Hamburg
Authority
European
Commission
Federal Water
and Shipping
Authority
Federal
Administrative
Court
Adjustment of navigation channel
14.50 m tidal dependent / 13.50 m tidal independent, widening boxes
Enabling a higher load factor, extended time slots and more flexibility for mega carriers
35
Financial Calendar
IR Contact
27 March 2014
Phone:
+49 40 3088 3100
Fax:
+49 40 3088 55 3100
E-mail:
[email protected]
Web:
www.hhla.de
Annual Report 2013
14 May 2014
Interim Report January-March 2014
19 June 2014
Annual General Meeting
14 Aug 2014
Interim Report January-June 2014
13 Nov 2014
Interim Report January-September 2014
36

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