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Hapag-Lloyd AG: Operating result for 2018 considerably improved

DGAP-News: Hapag-Lloyd AG / Key word(s): Preliminary Results/Annual Results

25.02.2019 / 07:32
The issuer is solely responsible for the content of this announcement.

Hamburg, 25 February 2019

Operating result for 2018 considerably improved

Hapag-Lloyd achieved a higher operating result in the 2018 financial year than in the prior year. On the basis of preliminary and unaudited figures, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to EUR 1,138 million (2017: EUR 1,055 million). Earnings before interest and taxes (EBIT) rose to EUR 443 million (2017: EUR 411 million). Both figures are at the upper end of the ranges forecast for the 2018 full financial year (EBITDA: EUR 900 to 1,150 million; EBIT: EUR 200 to 450 million), which Hapag-Lloyd announced on 29 June 2018. The main drivers are higher global transport volumes, steadily improving freight rates in the second half of the year, the merger with United Arab Shipping Company Ltd. (UASC), and the resulting cost synergies. For the fourth quarter of 2018, the EBITDA of EUR 324 million (Q4 2017: EUR 332 million) and the EBIT of EUR 142 million (Q4 2017: EUR 143 million) were nearly at their prior-year levels.

Revenues increased in the 2018 financial year by 15 percent, to EUR 11.5 billion (2017: EUR 10.0 billion), in particular due to the merger with UASC and the associated 21 percent increase in transport volume, to 11.9 million TEU (2017: 9.8 million TEU). Transport expenses were primarily driven by strong volume growth and a significantly higher average bunker consumption price of 421 USD/tonne (2017: 318 USD/tonne), increasing by 18 percent, to EUR 9.4 billion (2017: EUR 8.0 billion), proportionally less than transport volume. At 1,044 USD/TEU, the average freight rate for the year as a whole was below the prior-year level (2017: 1,060 USD/TEU), with a better fourth quarter at 1,079 USD/TEU (Q4/17: 1,038 USD/TEU). On a pro forma basis and when compared to the combined business of Hapag-Lloyd and UASC for the full year 2017, the transport volume is up 6 percent and the average freight rate is up 2 percent.

All results are preliminary. The consolidated financial statements and the 2018 Annual Report will be published on 22 March 2019.


  Q4 2018 Q4 2017 2018 2017 2018 vs 2017
Transport volume (TTEU) 2,974 2,774 11,874 9,803 2,071
Freight rate (USD/TEU) 1,079 1,038 1,044 1,060 -16
Revenues (EUR million) 3,087 2,659 11,515 9,973 1,542
EBITDA (EUR million) 324 332 1,138 1,055 83
EBIT (EUR million) 142 143 443 411 32
EBITDA margin 10.5% 12.5% 9.9% 10.6% -0.7 Ppt
EBIT margin 4.6% 5.4% 3.8% 4.1% -0.3 Ppt


  Q4 2018 Q4 2017 2018 2017 2018 vs 2017
Revenues (USD million) 3,534 3,119 13,605 11,286 2,319
EBITDA (USD million) 372 390 1,345 1,199 146
EBIT (USD million) 164 167 524 467 57
Annual average exchange rate USD/EUR n.a. n.a. 1.18 1.13 +0.05
31.12.2018 exchange rate USD/EUR 1.15 1.20 1.15 1.20 -0.05

* UASC Ltd. and its subsidiaries have been incorporated into the consolidated financial statements of Hapag-Lloyd since 24 May 2017, the date of transfer of control. As a result, the presented figures include the effects of the transaction and combined business activities from this time on and the 2018 financial year (with UASC) can therefore only be compared to a limited extent with the figures for 2017 (with UASC since 24 May 2017). The cash flows, income and expenses of the acquired UASC Group were translated at the average US dollar/euro exchange rate between 24 May and 31 December 2017 of 1.1687.

About Hapag-Lloyd
With a fleet of 222 modern container ships and a total transport capacity of 1.6 million TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. The Company has around 12,500 employees and 394 offices in 127 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 120 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

25.02.2019 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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