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Hapag-Lloyd AG: Hapag-Lloyd finishes first quarter of 2017 with positive operating result

DGAP-News: Hapag-Lloyd AG / Key word(s): Quarterly / Interim Statement/Quarter Results

12.05.2017 / 07:57
The issuer is solely responsible for the content of this announcement.

Hamburg, 12 May 2017

Hapag-Lloyd finishes first quarter of 2017 with positive operating result

EBITDA increases to EUR 131.3 million / EBIT at EUR 3.5 million / Strong development of transport volume / Freight rates continue to recover / Sharp increase in bunker prices

Hapag-Lloyd finished the first three months of the current financial year with a positive operating result, in spite of higher bunker prices. The transport volume increased by 6.8% year-on-year to more than 1.9 million TEU (prior-year period: 1.8 million TEU). While the average freight rate was USD 20 lower than in the same quarter of the previous year at USD 1,047/TEU, there were further signs of a slight upward curve compared with the past quarters. The greater transport volume and exchange rate effects pushed revenue up by 10.4% to EUR 2.13 billion (prior-year period: EUR 1.93 billion). EBITDA improved by 6.4% to EUR 131.3 million (prior-year period: EUR 123.4 million), while EBIT remained relatively unchanged year-on-year at EUR 3.5 million (prior-year-period: EUR 4.8 million). The Group net result was lower than in the first quarter of 2016 at EUR -62.1 million (prior-year period: EUR -42.8 million).

Rate increases were successfully introduced in a number of trades even though the industry environment remains challenging, but these rate increases are only going to have an impact on the company's result later in the year. Meanwhile, the first-quarter result was noticeably affected by ongoing bunker price increases. At 313 USD/tonne, the average bunker price was clearly above the previous year's figure of 197 USD/tonne. This is the highest level seen since June 2015.

"Our activities in the first quarter focused on preparations for the merger with UASC and on the launch of our new alliance. The launch of the THE Alliance went well, and the merger with UASC will be closed shortly," said Rolf Habben Jansen, CEO of Hapag-Lloyd AG. "After the closing our priority will be to integrate UASC into Hapag-Lloyd quickly and to realize initial synergies from the merger."

Overall, the merger with the Arabian liner shipping company is expected to generate annual savings of USD 435 million from 2019 onwards, with a large proportion of this already to be achieved in 2018.

About Hapag-Lloyd
With a fleet of 172 modern container ships and a total transport capacity of 1 mio. TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. The Company has around 9,400 employees and 364 sales offices in 121 countries. Hapag-Lloyd has a container capacity of 1.6 million TEU - including one of the largest and most modern fleets of reefer containers. A total of 118 liner services worldwide ensure fast, reliable connections between all the continents. Hapag-Lloyd is one of the leading operators in the Transatlantic, Middle East, Latin America and Intra-America trades.

Hartmuth Höhn
Director Investor Relations

Hapag-Lloyd AG
Ballindamm 25
20095 Hamburg
Phone +49 40 3001-2896
Fax +49 40 3001-72896
Mobile +49 152 0159-7743

12.05.2017 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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