Hapag-Lloyd with better figures

Hapag-Lloyd generated earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 360.4 million in the first half of 2017 (prior year period: EUR 196.7 million). EBIT rose to EUR 87.3 million (prior-year period: EUR -39.7 million) and the Group result amounted to EUR -46.1 million (prior-year period: EUR -142.1 million). The half-year result includes a number of one-off effects relating to the first-time consolidation of the merged company (net effect EBIT: around EUR -19.0 million). In the second quarter of 2017, the Group generated EBIT of EUR 83.8 million (prior-year period: EUR -44.5 million) and a net result of EUR 16.0 million (prior-year period: EUR -99.3 million).

"The container shipping market remains challenging, but we have made good progress in the first half of 2017," said Rolf Habben Jansen, CEO of Hapag-Lloyd AG. "We were able to significantly increase profitability and the integration of UASC will be largely completed in the third quarter. This means that we will be able to leverage the first synergies very soon after the integration."

Overall, the merger with UASC is expected to result in annual savings of USD 435 million from 2019 onwards, and a large part of these savings will already be realized in 2018. For 2017, Hapag-Lloyd expects a further increase in transport volumes; bunker costs increased in the first half of 2017 and will remain at this level for the rest of the year, and the average freight rate will not change compared to 2016. EBITDA and EBIT will exceed the previous year's level.

UASC and its subsidiaries (UASC Group) have been included in the interim consolidated financial statements of Hapag-Lloyd AG as at June 30, 2017 since the acquisition date of May 24, 2017. As a result, the figures in the earnings, financial and net asset position for the first half of 2017 are only comparable with the previous year's figures to a limited extent. This applies in particular to the Group's net asset and financial position, the company announced. red