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Hapag-Lloyd AG: Hapag-Lloyd improves operating result by more than 80 percent in 2019

DGAP-News: Hapag-Lloyd AG / Key word(s): Preliminary Results
19.02.2020 / 07:21
The issuer is solely responsible for the content of this announcement.

Hamburg, 19 February 2020

Hapag-Lloyd improves operating result by more than 80 percent in 2019

On the basis of preliminary figures, Hapag-Lloyd's earnings before interest and taxes (EBIT) for the 2019 financial year significantly increased to EUR 811 million (2018: EUR 444 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to EUR 1,986 million (2018: EUR 1,139 million). The main drivers of the positive business developments have been improved freight rates as well as rigorous cost and revenue management. The 2019 results include effects from the first-time application of the IFRS 16 accounting standard, which amount to approximately EUR 31 million for the EBIT and approximately EUR 467 million for the EBITDA. In the fourth quarter of 2019, both the EBITDA of EUR 475 million (Q4 2018: EUR 327 million) and the EBIT of EUR 169 million (Q4 2018: EUR 144 million) were also above their prior-year levels.

Revenues increased in the 2019 financial year by approximately 9 percent, to EUR 12.6 billion (2018: EUR 11.6 billion). This can be attributed to an improved average freight rate of 1,072 USD/TEU for the year as a whole, which rose by 2.6 percent year-on-year (2018: 1,044 USD/TEU) due to a stronger focus on more profitable trade lanes and active revenue management. In addition, a 1.4 percent year-on-year increase in transport volumes, to more than 12 million TEU (2018: 11.9 million TEU), and a stronger US dollar exchange rate against the euro also made a positive contribution to revenues.

Lower expenses for the handling and inland transport of containers as well as a slightly lower average bunker consumption price of USD 416 per tonne (2018: USD 421 per tonne) had a positive effect on transport expenses, which increased to a total of EUR 9.7 billion (2018: EUR 9.6 billion), also impacted by a stronger US dollar.

Hapag-Lloyd will publish its 2019 Annual Report and an outlook for the current financial year on 20 March 2020.


  Q4 2019 Q4 2018 2019 2018 2019 vs 2018
Transport volume (TTEU) 3,026 2,974 12,037 11,874 163
Freight rate (USD/TEU) 1,062 1,084 1,072 1,044 28
Revenues (EUR million) 3,126 3,131 12,608 11,618 990
EBITDA (EUR million) 475 327 1,986 1,139 847
EBIT (EUR million) 169 144 811 444 367
EBITDA margin 15.2% 10.4% 15.8% 9.8% 6.0 Ppt
EBIT margin 5.4% 4.6% 6.4% 3.8% 2.6 Ppt


  Q4 2019 Q4 2018 2019 2018 2019 vs 2018
Revenues (USD million) 3,460 3,585 14,115 13,726 388
EBITDA (USD million) 526 375 2,223 1,345 878
EBIT (USD million) 186 167 908 524 384
Annual average exchange rate (USD/EUR) n.a. n.a. 1.12 1.18 -0.06
31.12 exchange rate USD/EUR n.a. n.a. 1.12 1.15 -0.03

* Due to the first-time application of the accounting standard IFRS 16 as of 1 January 2019, the results of the 2019 financial year (including first-time application of IFRS 16) can only be compared to a limited extent with the results of the 2018 financial year (excluding first-time application of IFRS 16). Additionally, as a result of the change in presentation of the consolidated income statement, the previous year's values have been adjusted. In individual cases, rounding differences may occur in the tables for computational reasons.

About Hapag-Lloyd
With a fleet of 231 modern container ships and a total transport capacity of 1.7 million TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. The Company has around 13,000 employees and 392 offices in 129 countries. Hapag-Lloyd has a container capacity of approximately 2.6 million TEU - including one of the largest and most modern fleets of reefer containers. A total of 121 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. Hapag-Lloyd is one of the leading operators in the Transatlantic, Middle East, Latin America and Intra-America trades.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, uncertainties and contingencies. Actual results can differ materially from those anticipated in the Company's forward-looking statements.

Heiko Hoffmann
Senior Director Investor Relations

Hapag-Lloyd AG
Ballindamm 25
20095 Hamburg
Phone +49 40 3001-2896
Fax +49 40 3001-72896
Mobile +49 172 875-2126

19.02.2020 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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