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Hapag-Lloyd achieves significantly improved Group net result in 2019

DGAP-News: Hapag-Lloyd AG / Key word(s): Annual Results
20.03.2020 / 07:24
The issuer is solely responsible for the content of this announcement.

Hamburg, 20 March 2020

Hapag-Lloyd achieves significantly improved Group net result in 2019

- Proposed dividend of EUR 1.10 per share

- Financial Debt (excluding IFRS 16) significantly reduced

- Coronavirus to influence growth in 2020

Hapag-Lloyd published its audited business results for 2019 today. The Group net result improved significantly to around USD 418 million (EUR 373 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to USD 2.2 billion (almost EUR 2 billion). At the same time, earnings before interest and taxes (EBIT) climbed to USD 908 million (EUR 811 million). The results include effects from the first-time application of the IFRS 16 accounting standard, which amount to approximately USD 523 million (EUR 467 million) for the EBITDA and approximately USD 34 million (EUR 31 million) for the EBIT.

"Today we are in rapidly changing and uncertain times, but that does not take away that 2019 was a very good year for Hapag-Lloyd. We benefitted from higher volumes and better freight rates, kept a close eye on our costs and brought down our financial debt significantly. We also continued implementing our Strategy 2023, and achieved a Group net result that is well above the prior-year result," said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG.

Revenues increased in the 2019 financial year by approximately 3 percent, to USD 14.1 billion (EUR 12.6 billion). The average freight rate of 1,072 USD/TEU was up by 2.7 percent over the previous year due to a stronger focus on more profitable trade lanes and active revenue management. The 1.4 percent year-on-year increase in transport volumes, to more than 12 million TEU, also made a positive contribution to revenues. Lower expenses for the handling and inland haulage of containers, a slightly lower average bunker consumption price of USD 416 per tonne as well as the first-time application of IFRS 16 had a positive effect on transport expenses, which amounted to USD 10.9 billion (EUR 9.7 billion).

In addition, almost USD 1 billion (more than EUR 800 million) in financial debt was repaid (excluding IFRS 16) in 2019, which significantly reduced financing costs in the second half of the year. The leverage ratio (Net Debt to EBITDA) decreased to 3.0x and is thereby below the 3.5x target set for 2019.

In light of this, the Executive Board and Supervisory Board of Hapag-Lloyd AG have decided to propose to the Annual General Meeting that a dividend of EUR 1.10 per share shall be paid out for the 2019 financial year.

For 2020, Hapag-Lloyd today expects an EBITDA of EUR 1.7 to 2.2 billion and an EBIT of EUR 0.5 to 1.0 billion. This forecast for 2020 is subject to considerably higher uncertainties than normal, particularly due to the coronavirus outbreak. After a decent start of 2020, global container volumes will be impacted by the global coronavirus crisis, and the magnitude of that is impossible to determine right now. Hapag-Lloyd anticipates that transport capacity deployments may have to be adjusted in light of the coronavirus in the coming months to cope with lower demand. The extent of the coronavirus outbreak cannot be accurately predicted, but Hapag-Lloyd expects that it will have an impact on the development of earnings at least in the first half of 2020.

"2020 will be a very unusual year after we have seen that due to the coronavirus outbreak conditions in many markets have changed very quickly over the last weeks. After the initial shock, markets in China and other Asian Countries have started to recover probably faster than many feared - but now also the other continents are impacted, and the effects of that will be significant. We will in the upcoming weeks and months mainly focus on the three things that matter most to us: the safety and health of our people, keeping the Supply Chains of our customers flowing and taking precautionary financial measures to weather the storm if it lasts longer than anticipated." said Rolf Habben Jansen.

The 2019 Annual Report is available at


  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 (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
EBITDA margin 15.2% 10.5% 15.8% 9.8% 6.0 ppt
EBIT margin 5.4% 4.7% 6.4% 3.8% 2.6 ppt
Group net result (USD million) 85 39 418 54 364


  Q4 2019 Q4 2018 2019 2018 2019 vs 2018
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
Group net result (EUR million) 77 34 373 46 327
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 IFRS 16 accounting standard 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 239 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 2.5 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

20.03.2020 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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