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HAPAG - LLOYD AG: Profit for Hapag-Lloyd in the first quarter of 2015

DGAP-News: HAPAG - LLOYD AG / Key word(s): Quarter Results

2015-05-13 / 08:04


Result includes first synergies and effects of efficiency programme /
Transport volume and revenue up sharply year-on-year due to acquisition of
CSAV's container shipping business / Stronger dollar and lower bunker price
help to offset low freight rates

Hapag-Lloyd generated a profit in the first three months of this year, and
concluded the first quarter with a profit of EUR 128.2 million (prior year
period: EUR -119.1 million). EBITDA reached EUR 283.6 million (prior year
period: EUR 2.9 million) and the underlying EBIT was EUR 160.5 million
(prior year period: EUR -63.2 million).

The sharp increase in profit was achieved in a challenging market
environment, with an average freight rate in the first quarter of USD
1,331/TEU. This is down USD 91/TEU year-on-year, but the drop in the
average freight rate is largely a result of the consolidation of CSAV's
container business, had a lower average freight rate than Hapag-Lloyd.
Excluding that effect, freight rates were down 1,9%. The transport volume
totalled almost 1.8 million TEU (previous year: 1.4 million TEU), while
revenue came to EUR 2.3 billion in the first three months of the year
(prior year period: EUR 1.55 billion) due to the inclusion of CSAV's
container shipping activities in Hapag-Lloyd's consolidated financial

"This is a solid start to the year, in spite of the continued price
pressure in many of the trades. This quarter we had support from favourable
bunker price and a stronger US dollar, but most importantly this is due to
the hard work of all Hapag-Lloyd employees. The results include first
synergies from the merger with CSAV's container business and initial
savings from our comprehensive efficiency programme," said Rolf Habben
Jansen, CEO of Hapag-Lloyd AG.

The average bunker consumption price was USD 377/tonne in the first quarter
of 2015, which was well below the previous year's figure of USD 595/tonne.
Due to exchange rate effects and the consolidation of CSAV's container
shipping activities, transport expenses increased by EUR 436 million
year-on-year to EUR 1.84 billion. Once translated into US dollars, they
were actually USD 207 lower per transported standard container than in the
first quarter of 2014.

With an equity ratio of around 42 per cent (as at 31 March 2015),
Hapag-Lloyd has a strong balance sheet structure. With a liquidity reserve
of more than EUR 1 billion, the company is well financed for the future.


2015-05-13 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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