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The prime strategic objective of the Hapag-Lloyd Group is to achieve long-term profitable growth measured on the basis of developments in the transport volume and the key performance indicators of EBITDA and EBIT.
The growing global demand for container transportation is the very foundation of the organic growth which Hapag-Lloyd hopes to achieve. IHS Global Insight (June 2018) has forecast a rise in global container shipments of 4.9 % to around 148 million TEU in 2018 and a further 5.4 % to approximately 156 million TEU in 2019. Hapag-Lloyd intends to increase the transport volume organically in line with market growth.
The generation of sustainable cash flows, solid corporate financing, and therefore in particular a sufficient liquidity and equity base, are once again key cornerstones of the Hapag-Lloyd Group’s corporate strategy in the 2018 financial year.
The merger with UASC is regarded as a key strategic step towards strengthening Hapag-Lloyd’s market position and competitiveness. It is anticipated that the synergies from the merger with UASC will contribute approximately USD 435 million per annum from the 2019 financial year onwards. The Executive Board of Hapag-Lloyd AG expects that up to 90 % of these synergies can be achieved in 2018. One-off expenses of approximately USD 4 million were incurred in the first half of 2018 from the transaction and implementation of the merger. It is currently assumed that further expenses of approximately USD 4 million could be incurred by the end of 2018 for the full integration of UASC’s container shipping activities.
Based on developments in the first 5 months of the 2018 financial year and the expected further business performance, the Executive Board of Hapag-Lloyd AG decided on 29 June 2018 to substantiate the outlook for the Group’s EBIT and EBITDA in the current 2018 financial year with the following range:
|Previous outlook||Revised Outlook|
|EBITDA (earnings before , taxes, depreciation and amortisation), Hapag-Lloyd Group||Increasing clearly||EUR 900 - 1,150 m|
|EBIT (earnings before interest and taxes),
|Increasing clearly||EUR 200 - 450 m|
The reasons for adjusting the forecast are the unexpectedly sharp and ongoing increase in operating costs since the start of this year, in particular with regard to fuel costs and charter rates, combined with a slower than anticipated recovery of freight rates ahead of the peak season.
The bandwidth reflects the generally volatile shipping market as well as the high sensitivity of the result regarding changes in the average freight rate.
Not accounted for here are impairments on goodwill, other intangible assets and property, plant and equipment. Although not expected at present, these adjustments cannot be ruled out, given current geopolitical developments and market price risks.
|Key benchmark figures for the 2018 outlook||Outlook|
|Global economic growth (IMF)||+3.9%|
|Increase in global trade (IMF)
|Increase in global container transport volume (IHS)||+5.3%|
|Transport volume, Hapag-Lloyd Group
|Average bunker consumption, Hapag-Lloyd Group||Increasing clearly
|Average freight rate, Hapag-Lloyd Group||On previous year's level
|EBITDA (earnings before interest, taxes, depreciation and amortisation), Hapag-Lloyd Group||EUR 900 - 1,150 m
|EBIT (earnings before interest and taxes), Hapag-Lloyd Group||EUR 200 - 450 m|
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