Hapag-Lloyd announces strong third quarter
Hapag-Lloyd generated an operating result (adjusted EBIT) of €36.7m in the third quarter 2011. This took the operating result for the first nine months of the current financial year to €78.8m. EBITDA came to approximately €275m in the first nine month of 2011. Group earnings after interest and taxes (EAT) were also positive in the third quarter at €9.6m. This made the third quarter the best in the current financial year to date.
"We performed very well in a demanding market environment. Hapag-Lloyd’s operating result is well above the industry average," said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd AG. Economic uncertainty, turbulent foreign exchange markets, tough competition and high bunker prices are currently the defining features of the market and industry environment. "Given the challenging conditions that all liner shipping companies are still facing, our operating result is satisfactory and a clear sign of our strength."
In the first nine months, Hapag-Lloyd generated positive cash flow from operating activities of €186.8m (Q3: €41.0m). Hapag-Lloyd’s average freight rate in the first nine months of 2011 was $1,540 per TEU, on par with last year’s figure of $1,547 per TEU. Transport volumes rose by 3.9% to 3.874m TEU. However, compared with last year, transport expenses increased by more than €333m, due primarily to the steep rise in bunker prices. This was significant in preventing higher earnings.
In the third quarter of 2011 revenue came to around €1.54b, compared with €1.78bn in the same period a year ago. The revenue of €4.50bn for the first nine months was down on last year (€4.67bn). The lower revenue is largely the result of severe exchange rate fluctuations due to the debt crisis in Europe.
Hapag-Lloyd also announced that in November its financing and financial debt maturity structure was further optimised, so that Hapag-Lloyd has no elevated borrowing requirements until 2015. The company believes t his puts it in a strong position for the unchanged challenging market conditions.
Quelle: eyefortransport
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