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Hapag-Lloyd remains strong in a challenging market environment

15 Feb 2012

Operating profit posted for full year 2011 / Preliminary EBIT of around EUR 101 million / EBITDA of approx. EUR 367 million / Transport volume rises to 5.2 million TEU / Average freight rate year on year only slightly lower

According to preliminary figures, Hapag-Lloyd performed well in the 2011 financial year, which was dominated by an unexpectedly aggressive price war in the Far East trade and sharp increases in oil and bunker prices. In 2011, Hapag-Lloyd's transport volume rose by 5.1% year on year to 5.2 million TEU, while the average freight rate remained virtually unchanged at USD 1,532/TEU (2010: USD 1,569/TEU). Hapag-Lloyd, currently the world's fourth largest liner shipping company, generated revenue of approximately EUR 6.1 billion, which was only slightly less than 2010 (EUR 6.2 billion) due to exchange rate fluctuations. Its operating result (adjusted EBIT) came to around EUR 101 million, according to the preliminary figures of the financial year 2011.

“Hapag-Lloyd was therefore able to achieve a positive result in the fourth quarter too, as it already had in the preceding quarters of the year. We also achieved our primary goal for 2011 of generating an operating profit. Considering how unfavourable the market environment was, this result sends out a strong message and once again reinforces the fact that Hapag-Lloyd is one of the most successful liner shipping companies,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd.

EBITDA (Earnings before interest, taxes, depreciation and amortisation) came to approximately EUR 367 million. At around EUR 1.2 billion, net debt was up only slightly year on year (EUR 1.1 billion), despite considerable capital expenditure of some EUR 262 million, in particular for containers and prepayments on newbuildings. Hapag-Lloyd has secured long-term financing for its order book and had a liquidity reserve of approximately EUR 750 million at the end of the year.

At the end of the last financial year, the Company had 6,873 employees (previous year: 6,872) and was operating 149 ships with a total capacity of 679,000 TEU.

All of these 2011 figures are preliminary and have not yet been audited. The definitive figures and the annual report for the 2011 financial year will be published by Hapag-Lloyd on 22 March 2012.

Hapag-Lloyd remains strong in a challenging market environment

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