HAMBURGER HAFEN UND LOGISTIK AG

Transcription

1 HAMBURGER HAFEN UND LOGISTIK AG Investor Presentation Sixth German Corporate Conference Munich, 19 September 2017

2 Disclaimer The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its parent or subsidiary undertakings nor any of such person s directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company, nor any of its parents or subsidiary undertakings nor any of their directors, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation. While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company for information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors and the Company does not accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This presentation is not a prospectus and does not constitute an offer or an invitation or solicitation to subscribe for, or purchase, any shares of the Company and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. 2

3 Agenda Company Profile and Strategy Business Update and Financial Performance 1H2017 Outlook 2017 Appendix 3

4 A Leading Port and Transport Logistics Group Segments of the listed Port Logistics subgroup Company Profile and Strategy Vertically integrated all-purpose port operator with approx. 18 % market share in the North Range (German + Benelux North Sea ports) Container segment 4 Container terminals: 3 x Hamburg (CTA, CTB, CTT) & 1 x Odessa (CTO) Container handling & transfer and storage Value-added container services (e.g. repair, maintenance) Revenue 2016 Share 695 million 61 % Intermodal segment Rail- and road-bound transport services into the ports hinterland Loading / Unloading of carriers Operation of 13 inland terminals Revenue 2016 Share 390 million 34 % Logistics segment Auxiliary port services within the strategy to be an all-purpose port operator Bulk cargo, fruit, RoRo / ConRo Port consulting & training Revenue 2016 Share 55 million 5 % 4

5 Reassessment of Geographical Location of Hamburg Still a hub for the major economies of Asia and CEE? Company Profile and Strategy BALTIC SEA / SCANDINAVIA Sea-bound container throughput in Hamburg 2016 by region 52% Asia 12% Baltic Sea 11% Scandinavia 8% North America 7% Latin America 6% Rest of Europe 3% Africa 1% Other countries Facts about the Port of Hamburg Germany s largest logistics hub Europe s largest railway port with dense rail network to CEE and dense feeder network to the Baltic Sea Cost advantages for shipping lines due to central location deep inland Well balanced import/export flows Attractive cargo mix Current market position of the Port Revival of market potential possible ASIA / FAR EAST CENTRAL AND EASTERN EUROPE Further delay of the highly needed Elbe waterway adjustment and Underutilized capacities in most North Range ports limit the market potential Planning approval for the Elbe dredging was confirmed by the Federal Administrative Court but needs to be revised Adjustment of the waterway enabling a higher load factor, extended time slots and more flexibility for handling of ULCV s 5

6 Advanced Terminal Technology High automation level with mega-carrier berths in operation Company Profile and Strategy HHLA in the Port of Hamburg Market share of 79 % in Hamburg and 19 % in the North Range (1H2017) State-of-the-art handling technology, innovative IT systems and a high level of automation Three fully equipped berths for the latest generation of ULCV s already in operation at the Container terminals Burchardkai (CTB) and Tollerort (CTT) Further rollout of additional automated block storage capacities at CTB until Spring 2017 On-dock railway stations at all facilities to handle block trains to up 700 metres Optimised traffic coordination for an improved cargo flow and terminal access 6

7 Focus on Client Needs: Mega Carrier Ready Investments in terminal expansion and process optimisation continued Company Profile and Strategy HHLA Container Terminal Burchardkai (CTB) Roll-out of 4 automated storage blocks almost completed HHLA Container Terminal Tollerort (CTT) Container gantry cranes under construction Process optimisation Introduction of a trucking appointment system as part of the Fuhre 2.0 measure HVCC coordinates feeder vessels (FLZ), ocean-going vessels (NTK) and barges RaMoNa Coordination and cooperation in shunting operations within the port of Hamburg HHLA Container Terminal Altenwerder (CTA) Extension of the on-dock railway station from 7 to 9 tracks > completed in

8 Intermodal Capex: Prerequisite for Higher Value Added Company Profile and Strategy Hub and inland terminals in the hinterland Multi-system locomotives and shunting engines Light-weighted wagons with modern braking system Investments in million Total Approx. 230 million investment in 13 own terminals and rolling stock (60 locomotives and > 2,400 wagons) since the realignment of the Intermodal segment in 2012 Focus of investments in 2017 on commissioning the inland terminal in Budapest as well as the purchase of locomotives and wagons in line with transport volume development 8

9 Intermodal Network High degree of own traction in the hinterland raises level of value added Company Profile and Strategy High-frequency shuttle train connections to all major economic centres in the ports hinterland 13 own well located inland hub terminals with innovative design and technology More than 60 own locomotives and approx. 2,400 own light-weighted wagons with modern braking system to further enhance product quality and improve cost efficiency Own repair and maintenance facilities More than 400 regular train connections per week, thereof the majority to CEE 9

10 Successfully Implemented Diversification Strategy Intermodal segment contributes significantly to earnings and stability of the subgroup Company Profile and Strategy Transport volume in TTEU 1,172 CAGR 6.3 % 1,283 1, Revenue in million CAGR 7.4 % Above-average transport volume growth since 2013 in a highly competitive market Revenue increased even above transport volume growth as a result of longer transportation distances and an increased rail share EBIT / EBIT margin in million / in % Segment assets / ROCE in million / in % Since 2015 the operating result (EBIT) and ROCE almost doubled compared to prior years and significantly outperformed volume and revenue growth Strategy decision to invest in own locomotives (2015) and to enlarge the fleet of light-weight wagons is a prerequisite to boost utilization and efficiency 2016 EBIT negatively affected by oneoff expenses of 7.2 million; without these one-off expenses EBIT growth in 2016 was again clearly above transport volume and revenue growth 10

11 Financial Stability Solid financial foundation Company Profile and Strategy Equity development / Equity ratio in million Ø Capital employed / ROCE in million Profit after tax and minorities / EPS in million , , , , % 32% 34% 32% Equity ratio 11.8% 13.6% 12.4% 12.8% ROCE Earnings per share Net financial debt (excl. pensions) in million x x x x Net debt / EBITDA Self-funded investments in million Operating cash flow Investing cash flow (without proceeds from short-term deposits) Dividend development % 70% 70% 65% 2.5% 3.0% 4.2% 3.3% Pay-out ratio Dividend yield per

12 Agenda Company Profile and Strategy Business Update and Financial Performance 1H2017 Outlook 2017 Appendix 12

13 Business Environment Container throughput on an unexpected high level in 1H2017 Business Update and Financials Macroeconomic development Global economy: Despite a slight slowdown in growth dynamics climate indicators assume still a moderate increase for global economy in 1H17 1 China: Continued stable GDP growth of 6.9 % expected in 1H17 1 Russia: Economic recovery on a moderate level 2 Ukraine: Loss of momentum to 2.5 % in 1Q17 3 ; comparable level for 1H17 expected World trade: Growth rate of 1.8 % in 1Q17 1 Sources: 1 IMF World Economic Outlook Update July 2017; 2 Reuters Press Release ( ); 2 World Bank Russia Monthly Economic Developments June 2017; 3 NBU Press release Sector development Global container throughput: Ahead of initial expectation with an upswing of 5.1 % in 1Q17; 4.0 % expected for 2Q17 China: Container throughput growth outperforms expectations with 6.3 % in 1Q17; estimates for 2Q17 at 5.2 % North-West Europe: Clear upturn of 5.3 % in 1Q17; expectations for 2Q17 at 2.2 % Scandinavia/Baltic region: With 8.8 % in 1Q17 also much stronger than initial estimates; for 2Q17 an increase of 7.4 % is anticipated Source: Drewry Maritime Research Container Forecaster Q2/2017, July

14 Significant Growth in Revenue and Strong Results Financial Highlights 6M 2017 of Port Logistics subgroup Business Update and Financials Revenue EBIT EBIT margin million 90.6 million 14.9 % % %* pp* Profit after tax and minorities ROCE Operating Cash Flow 48.1 million 15.6 % million %* pp* % * prior-year earnings include 14.9 million (before tax) one-off expenses from restructuring of project and contract logistics 14

15 Throughput and Transport Development Strong increase in container throughput as well as in container transport Business Update and Financials Container throughput in thousand TEU 3, % 3,449 3, % % Ongoing positive throughput development Throughput growth mainly driven by a recovery of far east volumes ( % y-o-y) and a substantial increase in feeder volumes ( % y-o-y) Market share gains in the port of Hamburg due to the realignment of container shipping alliances 1H16 2H16 1H17 Hamburg: % / Odessa: % Container transport in thousand TEU % Substantial growth of transport volume continued % % Growth was driven by rail transportation (+ 5.9 % y-o-y) as well as by road transportation ( % y-o-y) due to stronger container volume in the Hamburg area 1H16 2H16 1H17 15

16 Container Segment EBIT and revenue up due to substantially higher throughput volume Business Update and Financials Container throughput 1H16 1H % 3,586 3,209 Revenue 1H16 1H % Revenue almost in line with volume development Revenue per TEU driven by temporarily increased storage fees, but a higher feeder ratio of 25.0 % (1H16: 22.9 %) diluted the metric accordingly TEU '000 TEU '000 OpEx 1H16 1H m /TEU /TEU m EBIT 1H16 1H % % Development of operational expenditure (incl. D&A) well below volume and revenue growth Peak load conditions limited P&Leffective economies of scale Nevertheless, the operating result outperformed volume and revenue growth and increased substantially y-o-y EBIT margin increased to 18.3 % accordingly (1H16: 16.1 %) m /TEU /TEU m m /TEU /TEU m 16

17 Intermodal Segment Business Update and Financials Superior EBIT-level sustained, although impacted by cyclical maintenance and changed transport mix Container transport 1H16 1H % TEU '000 TEU '000 OpEx 1H16 1H % Revenue 1H16 1H % m m EBIT 1H16 1H % Revenue increased even above transport growth despite a slightly lower rail share of 76.3 % (1H16: 77.3 %) as a result of longer transport distances Opex (incl. D&A) impacted by cyclical maintenance works, an uneven mix of import and export volumes and changes in the transport mix Superior EBIT-level sustained despite additional opex EBIT margin maintained at an outstanding level of 16.9 % (1H16: 17.6 %) m m m m 17

18 Logistics Segment EBIT improved after termination of project and contract logistics Business Update and Financials Revenue 1H16 1H % m m At-equity earnings 1H16 1H17 EBIT 1H16 1H17 m 0.7 m pos. EBIT (1H16 adjusted) 1H16 1H17 Subdued business development in the first three months was followed by an upturn in the second quarter Revenue declined mainly due to the termination of project and contract logistics But the termination led to an improved operating result (EBIT) of the Logistics segment Prior-years EBIT include one-off expenses of 14.9 million for the restructuring of project and contract logistics % 2.6 m 0.7 At-equity earnings increased substantially mainly due to a positive development of bulk cargo handling m m m -1.8 pos. 18

19 Earnings Bridge Business Update and Financials Net profit increased substantially, but y-o-y comparison affected due to one-off expenses in 1H16 in million, figures of Port Logistics subgroup (change vs. 1H16) (+ 0.4) (+ 4.5) EPS %* (- 7.3) 48.1 At-equity earnings clearly above previous year Considerably lower negative F/X effect ( m y-o-y) led to substantially reduced financial expenses Effective tax rate Minorities %* down to 25.0 % % y-o-y %* EBIT At-equity earnings Net financial expenses Tax Minorities Net profit (- 2.8) * prior-year earnings include 14.9 million (before tax) one-off expenses from restructuring of project and contract logistics 19

20 Agenda Company Profile and Strategy Business Update and Financial Performance 1H2017 Outlook 2017 Appendix 20

21 Macroeconomic and Sector Outlook Macroeconomic forecast remains stable throughput expectation for 2017 revised upwards Business Update and Financials GDP World % GDP China % World trade % GDP Russia % Macroeconomic outlook Global economic growth has gained momentum despite growing political uncertainties; IMF adjusted global GDP outlook by 0.1 pp (vs. Dec. 2016) World trade growth prospect above GDP growth for the first time since 2013 After a strong 1H17; IMF increased expectations for Chinese GDP by 0.7 pp After 2 years of recession, Russian economy is expected to return to positive GDP development in 2017 (+ 2.4 pp vs. Dec. 2016) Source: IMF World Economic Outlook Update July 2017 (Comparison always vs. Dec. 2016) World throughput % NW Europe % Asia throughput % Scan. & Baltics % Sector outlook Drewry revised its outlook significantly vs. forecast given in December 2016 World throughput up by 2.0 pp Asia throughput more than doubled vs. Dec (up by 2.5 pp) North West Europe up by 1.9 pp to 3.1 % Expectations for Scandinavia & Baltics 2017 almost trebled (+ 5.1 pp to 8.3 %) Source: Drewry Maritime Research Container Forecaster Q2/2017, July 2017 (Comparison always vs. Dec. 2016) 21

22 Outlook 2017 Adapted due to positive earnings development in the Container segment in 1H17 Outlook 2017 in million March 2017 reporting date 5 May 2017 date of ad hoc announcement 14 August 2017 reporting date Adaption vs. May Container throughput in thousand TEU Container transport in thousand TEU 6,658 on previous year s level significant increase significant increase 1,408 moderate increase moderate increase moderate increase Revenue 1,146.0 on previous year s level moderate increase moderate increase EBIT between 115m and 145m excl. possible one-off expenses of up to 15m in the upper half of a range between 125m and 155m excl. possible one-off expenses of up to 15m in a range between 135m and 155m incl. possible one-off expenses of up to 15m thereof Container between 65m and 95m excl. possible one-off expenses of up to 15m in the upper half of a range between 75m and 105m excl. possible one-off expenses of up to 15m in a range between 85m and 105m incl. possible one-off expenses of up to 15m thereof Intermodal 55.9 strong increase strong increase strong increase thereof Logistics positive positive positive Capital expenditure in the region of 160m* in the region of 160m* in the region of 160m* * mainly attributable to the Port Logistics subgroup 22 incl. approx. 25m postponed capex from FY16

23 EBIT Outlook 2017 Update on major assumptions Outlook 2017 EBIT forecast range 2017e in million Container segment million* 155* 135* 115* Lower revenues and additional costs in 2H17 expected Normalisation of storage fees assumed, as reshuffling of new liner services have almost completed Tariff increase (approx. + 3 %) will lead to higher personnel costs Additional costs as a result of enhanced peak load conditions expected Implementation of a new Terminal Operating System (TOS) Maintenance requirements (due to life-cycle extensions) still in place Capitalisation of new handling equipment for ULCV s will lead to higher depreciation in 2H e Intermodal segment strong increase * Including possible one-off expenses of up to 15 million for the reorganisation of the Container segment Logistics segment positive 23

24 Agenda Company Profile and Strategy Business Update and Financial Performance 1H2017 Outlook 2017 Appendix 24

25 Business Model Value creation based on vertical integration Appendix 25

26 Key Figures Financial statement of the Port Logistics subgroup Appendix in million Revenue 1, , , ,146.0 EBIT Profit after tax and minorities Earnings per share ROCE in % Free cash flow (excl. proceeds from short term deposits) Capex (without Group internal transaction)

27 Key Figures Balance sheet, assets and liabilities of the Port Logistics subgroup Appendix in million Balance sheet total 1, , , ,638.1 Non-current assets 1, , , ,165.1 Current assets Equity Pension provisions Other non-current liabilities Current liabilities

28 Key Figures Container segment Appendix in million Container throughput in thousand TEU 7,500 7,480 6,561 6,658 Revenues EBITDA EBITDA margin in % EBIT EBIT margin in % Segment assets

29 Key Figures Intermodal segment Appendix in million Container transport in thousand TEU 1,172 1,283 1,318 1,408 Revenues EBITDA EBITDA margin in % EBIT EBIT margin in % Segment assets

30 Key Figures Logistics segment Appendix in million Revenues EBITDA EBITDA margin in % EBIT EBIT margin in % At-equity earnings Segment assets

31 Growth of Global Container Throughput and GDP Growth multiplier on GDP slowed down substantially since 2012 Appendix Upswing Dip Recovery New Normal Expectation 20% Ø multiple 2.8x 7.3x 2.5x 1.0x ~ 0.8x 15% 10% 5% 0% [F'cast] 2018 [F'cast] 2019 [F'cast] -5% -10% Global container throughput Global GDP Source: Drewry / IMF 31

32 CAGR Ports Remain an Attractive Industry on a New Normal Level After above average growth dynamics a new momentum has established Appendix in TEU million 800 Global thereof Asia thereof Northwest Europe Upswing Dip Recovery New Normal Expectation [F'cast] 2018 [F'cast] 2019 [F'cast] 2020 [F'cast] Global 12.3% -9.3% 11.8% 3.3% ~ 3 % Asia NW Europe 14.1% -7.9% 13.4% 3.8% ~ 3 % 9.7% -17.1% 6.4% 1.5% ~ 2 % Source: Drewry / HHLA 32

33 Competing Ports of the North Range Container throughput and market share development Appendix Container throughput in the North Range million TEU (+ 1.7 % y-o-y) Throughput and market share of HHLA in 2016 in TEU million 37.3 WILHELMSHAVEN 0.5 million TEU ( y-o-y) KIEL CANAL % 43.7 % 73.0 % ROTTERDAM 12.4 million TEU (+ 1.2 % y-o-y) BREMEN PORTS 5.5 million TEU (- 1.0 % y-o-y) HAMBURG 8.9 million TEU (+ 1.0 % y-o-y) HHLA in Hamburg 6.5 million TEU (+ 1.4 % y-o-y) North Range German Bay Hamburg HHLA CAGR* 0.9% CAGR* - 0.3% CAGR* - 1.1% CAGR* - 0.7% Throughput and market share of HHLA in 2008 in TEU million ANTWERP 10.0 million TEU (+ 4.0 % y-o-y) Current terminal capacity of North Range ports of ~ 59 million TEU p.a. 1 utilisation stands at ~ 63 % 2 Source: Port Authorities / HHLA 1 Drewry estimates 2 Dynamar estimates % 45.2 % 70.4 % North Range German Bay Hamburg HHLA * CAGR: ** North Range Ports (Antwerp, Rotterdam, Hamburg, Bremen Ports incl. Wilhelmshaven) 33

34 Growth in Ship Sizes Handling of Ultra Large Vessels (ULCV s) require extra effort Appendix Ship size development at HHLA container terminals 45% 39% 39% 36% 35% 26% 29% 21% 16% < 6,000 TEU 6,000 to 10,000 TEU 10,000 to 14,000 TEU Plus of 50 % ULCV calls within three years 1% 4% 10% > 14,000 TEU Implications Nautical restrictions tightened by increasing number of ULCV s because of more width and draught Peak load conditions due to narrower time windows require more staff and equipment Capex requirements (suitable quay walls, gantry cranes etc.) ULCV fleet worldwide and order book until 2019 Counteraction in service in order Enhancing service quality by continuous investment in technology and efficiency Launching Feeder Logistics Centre (FLZ) and Nautical Terminal Coordination (NTK) to optimise ULCV and feeder vessel calls Raising attractiveness of HHLA terminals by expanding hinterland network 34

35 Deviations in Ship Calls per Week Peak loads due to bigger ship sizes in a new normal environment Appendix Development of carrying container ship capacity Ship-size development at HHLA terminals 2007/ max. ~ 9,000 TEU Carrying capacity of container ships roughly doubled since 2007/08 max. 18,000-20,000 TEU 39% 59% 16% 7% 34% 10% 35% < 14,000 TEU 10,000 TEU 6,000 10,000 < 6,000 TEU Inside: 2010 Outside: 2016 Weekly path of HHLA throughput volumes Index (100 = Ø weekly) 130% 120% 110% 100% 90% 80% 70% Standard deviation 2007/08: 8.1% 2016 : 15.9% (+ 96.7% vs. 2007/08) 48 % 26 % 2007/ Mo Tu Wed Thu Fr Sa Su High High weekly average Low Low In 2007/08 load conditions with homogeneous distribution of weekly throughput volumes Nowadays weekly peak load conditions as well as underutilisation has almost doubled Spread between highest and lowest utilization is nearly 85 % higher compared to 2007/08 35

36 Consolidation processes Development of Alliances in Container Shipping Concentration in the shipping industry substantially increased Appendix 2015 Shipping Lines as of 2Q M O3 Maersk MSC Hamburg Süd CSCL CMA CGM UASC Slot charter agreement Slot charter agreement 2M Network Share FE Europe 38% Implications Consolidation process in the shipping industry is supposed to be continued Acquisition of OOCL by CSCL announced in June 2017 Re-shaping of alliances and cooperation to improve load factor and slot costs G6 C K Y H E APL OOCL Hapag Lloyd MOL Hyundai M. M. NYK Cosco Evergreen K Line Yang Ming (Hanjin*) OCEAN Alliance THE Alliance 36% 25% Perspectives Deployment of largest vessel sizes and focus on calls at gateway ports (hubs) 45.2 % 70.4 % Source: AXS Alphaliner Monthly Monitor, August 2017, HHLA * Insolvency proceedings were opened in spring

37 State-of-the-Art Container Handling at CTA Maximum efficiency by high degree of automation and compact layout Appendix 37

38 Strengthening Hinterland Network With Own Assets Well located inland hub terminals offer high level of value added services Appendix 38

39 HHLA in the Port of Hamburg Appendix HHLA REAL ESTATE FISCHMARKT HHLA REAL ESTATE SPEICHERSTADT HHLA CONTAINER TERMINAL BURCHARDKAI HHLA CONTAINER TERMINAL TOLLERORT HHLA LOGISTICS O SWALDKAI HHLA REAL ESTATE DRADENAU HHLA REAL ESTATE Tollerort HHLA REAL ESTATE SCHUPPEN 59 HHLA LOGISTICS HANSAPORT HHLA REAL ESTATE VOLLHÖFENER WEIDEN 2. GHL HHLA CONTAINER TERMINAL ALTENWERDER 39

40 Elbe Waterway Adjustment Administrative steps by the public authorities in charge Appendix Initiation and final plan approval Main hearings on legal objections Sep 2006 Apr 2012 July 2014 Federal Water and Shipping Authority Federal Administrative Court (FAC) ECJ judgement on the EU Water Framework Directive 1 July 2015 European Court of Justice (ECJ) Decision on the planning supplement 9 Feb 2017 Federal Administrative Court (FAC) Fulfilment of judicial obligations in progress Federal Water and Shipping Authority / Hamburg Port Authority There is legal certainty. This means irrevocable: the adjustment of the navigation channel comes. Olaf Scholz, Mayor of Hamburg Today's decision unfortunately takes time again. Now we will plan and implement the next steps as soon as possible. Frank Horch, Senator for Economics in Hamburg Adjustment of navigation channel Today's verdict has confirmed: The Elbe dredging will come. We will now carefully analyse the reasoning behind the decision and adapt the plans as quickly as possible. Alexander Dobrindt, Federal Transport Minister Present depth Planned depth m tidal dependent / m tidal independent, widening boxes m tidal dependent / m tidal independent, widening boxes Enabling a higher load factor, extended time slots and more flexibility for mega carriers The accessibility of the port and its hinterland connections will improve significantly. [...] Infrastructure projects are secured and financed. This includes the dredging of the river Elbe. Enak Ferlemann, Parliamentary State Secretary of transport and digital infrastructure 40

41 Elbe Waterway Adjustment Passing Box Appendix 41

42 Financial Calendar / IR Contact Financial Calendar 30 March May 2017 Annual Report 2016 Press Conference / Analyst Conference Call Interim Statement January - March 2017 Analyst Conference Call IR Contact Phone: Fax: investor-relations@hhla.de Web: 21 June 2017 Annual General Meeting (AGM) Online Half-Year Financial Report 2017 HALF-YEAR FINANCIAL REPORT JANUARY TO JUNE August 2017 Half-Year Financial Report January - June 2017 Analyst Conference Call 14 November 2017 Interim Statement January - September 2017 Analyst Conference Call 42

43 Interim Statement January to June