1. food and drink
2. food
3. fast food

HAMBURGER HAFEN UND LOGISTIK AG
Investor Presentation
Goldman Sachs European Small and Mid Cap Symposium – London, 5 May 2015
© Hamburger Hafen und Logistik AG
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
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other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to
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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
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“plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets” and similar expressions. The forward-looking statements, including but not limited to
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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.
London, 5 May 2015 © Hamburger Hafen und Logistik AG
2
Agenda
 Company Profile and Strategy
 Business Development and
Financial Performance
 Outlook
London, 5 May 2015 © Hamburger Hafen und Logistik AG
3
Company Profile and Strategy
A Leading Port Logistics Group in Europe
Segments of the listed Port Logistics subgroup
Integrated container handling, Intermodal and logistics services in Europe
along the transport chain between the overseas port and its hinterland
London, 5 May 2015 © Hamburger Hafen und Logistik AG
Total revenue 2014
€1.2 billion | + 5.5% y-o-y
Container segment
 Container handling
 Container transfer and storage
 Value-added container services
(e.g. repair, maintenance)
Share of revenue
€ 744 million
+ 4.2 % y-o-y
Intermodal segment
 Rail- and road-bound transport
services into the ports’ hinterland
 Loading/Unloading of carriers
 Operation of inland terminals
Share of revenue
€ 351 million
+ 11.7 % y-o-y
Logistics segment
 Special seaport handling of
bulk cargo, fruit, RoRo, ConRo
 Consulting & training
 Warehousing & contract logistics
 Handling of cruise ships
Share of revenue
€ 65 million
- 9.6 % y-o-y
62.0 %
29.3 %
5.5 %
4
Company Profile and Strategy
Business Model
Value creation based on vertical integration
London, 5 May 2015 © Hamburger Hafen und Logistik AG
5
Company Profile and Strategy
Favourable Geographical Location
Hub for the major economies of Asia and Central and Eastern Europe (CEE)
Port of Hamburg
Sea-bound container throughput
2014 of HHLA by region
55% Asia
15% Baltic Sea
11% Scandinavia
7% North America
BALTIC SEA /
SCANDINAVIA
5% South America
3% Rest of Europe
2% Africa
2% Other countries
 Germany’s largest and
most dynamic logistics hub
 Cost advantages for shipping
lines due to central location
deep inland
 Europe’s largest railway port
with dense rail network to CEE
 Europe’s densest feeder
network to the Baltic Sea
via the Kiel Canal
 Intense and long-standing
trade relations with Asia
ASIA /
FAR EAST
CENTRAL AND
EASTERN EUROPE
 High share of local cargo due
to populous and economically
strong Hamburg region
 Well balanced import/export flows
London, 5 May 2015 © Hamburger Hafen und Logistik AG
6
Company Profile and Strategy
Optimisation by Active Process Management
Activities, Projects and Achievements
Terminal upgrade
for enhanced
handling
of ULCV’s
Network expansion
and additional
investments in own
terminals, wagons
and locomotives
Optimised traffic
coordination for an
improved cargo flow
and terminal access
More staff and
qualification to
deal with volume
growth
Implementation of numerous optimisation processes for more value added
London, 5 May 2015 © Hamburger Hafen und Logistik AG
7
Company Profile and Strategy
Investments for Higher Value Added
13 hinterland terminals, 40 locomotives and more than 1,450 waggons
Hub and inland terminals
in the hinterland
Multi-system locomotives
and shunting engines
Light-weighted waggons
with modern braking system
Investments
in € million
111.2
 Approx. 46 % of subgroup
investments in 2014 was
spent on Intermodal
segment
52.3
46.9
12.0
2012
2013
London, 5 May 2015 © Hamburger Hafen und Logistik AG
2014
 More than € 100 million
investment in own
terminals and rolling stock
between 2012 and 2014
Total
8
Company Profile and Strategy
Key Takeaways
Vertical
integration
Business model of vertical integration with a high level of value added
services enables optimisation of all processes along the logistics chain
between the seaport and the European hinterland
Location
Strong natural catchment area due to favourable geographic location of
Hamburg as most easterly North Sea port which makes it the ideal hub
for the entire Baltic region and for hinterland traffic to and from CEE
Technology
High level of automation, advanced handling technology and innovative
IT systems ensure operational excellence and data exchange with customers
Intermodal
strategy
Cost leadership in Intermodal rail services due to own assets and dominant
market positions
Financial
stability
Solid financial fundament with capacity and productivity reserves to maintain
our position as a leading port operator in Europe and to achieve a sustainable
growth in our enterprise value
London, 5 May 2015 © Hamburger Hafen und Logistik AG
9
Agenda
 Company Profile and Strategy
 Business Development and
Financial Performance
 Outlook
London, 5 May 2015 © Hamburger Hafen und Logistik AG
10
Business Development 2014
Revenue and EBIT Significantly Improved
Forecast outstripped and higher dividend distribution proposal
Key Figures 2014
of the Port Logistics Subgroup
Revenue
€ 1,171.2 million
 EBIT development substantially
+ 5.5 %
EBIT
€ 155.6 million + 11.0 %
Free cash flow
€ 127.9 million + 54.4 %
Container
throughput
thereof in Hamburg
Container
transport
higher than volume growth in
container throughput and container
transport
 Container throughput on previous
year’s high level with an all-time high
in Hamburg
 Dynamic growth in container
transport
7,480 TTEU
7,217 TTEU
- 0.3 %
+ 1.2 %
1,283 TTEU
+ 9.4 %
 Clear double-digit EBIT margin
 High free cash flow with solid equity
ratio of approx. 30 %
Dividend proposal: € 0.52 per Class A share (2013: € 0.45; approx. + 16 %)
London, 5 May 2015 © Hamburger Hafen und Logistik AG
11
Business Development 2014
Challenging Market Environment
Geo political risks and infrastructure deficits
Macroeconomic Development
 Global economic growth on previous year’s level
with a plus of only 3.3 %
 With an increase of 3.1 % world trade lagged
behind the prior-year
 Chinas GDP of 7.4% slightly down compared
to previous year
 Regional crises impacted the economic development
in Russia (GDP: + 0.6%) and Ukraine (GDP: - 6.5%)
Infrastructure
 Delay of the dredging of the river Elbe
 Increasing number of Ultra large vessels (ULCV’s) in
connection with narrow time windows for sailing on the
river Elbe led to peak load conditions
London, 5 May 2015 © Hamburger Hafen und Logistik AG
12
Business Development 2014
Container Segment
Improved operational result due to efficient handling process
Key Figures
Revenue
EBIT
Investments
Container throughput
€ 743.7 million
€ 156.1 million
€ 58.4 million
7,480 TTEU
+ 4.2 %
+ 14.0 %
- 28.1 %
- 0.3 %
Projects and Achievements
 Further increases in capacity and quality of
mega-ship handling in Hamburg
 Phase one of Terminal expansion in Odessa completed
Segmental Development
 Container throughput on previous year’s high level
 Despite a drop of almost 30 % in volumes in Odessa
EBIT of CTO still clearly positive
 Increased average revenue due to changes in
the cargo mix
London, 5 May 2015 © Hamburger Hafen und Logistik AG
13
Business Development 2014
Development of Container Throughput
Overseas and hinterland volumes in Hamburg grow strongly
Container Throughput (Seaborne)
in TEU million
Hamburg terminals
 Slight growth in volumes at the container
terminals in Hamburg
Odessa
+1.2%
7.1
 Substantial volume decline in Odessa
7.2
786
 Container throughput overall
on previous year’s level
- 28.7%
2013
2014
0.4
0.3
2013
2014
Split of Container Throughput at the Hamburg Terminals
in TEU million
+ 2.1 %
11.6
11.4
Hinterland
throughput
Other*
+ 2.1 %
Other*
4.3
Rail
+ 6.2 %
Rail
4.4
7.1
Feeder
- 5.9 %
Feeder
7.2
Mega-ship
+ 4.3 %
Mega-ship
Seaborne
throughput
2013
London, 5 May 2015 © Hamburger Hafen und Logistik AG
2014
 Strong growth in overseas volumes
– esp. Far East (+ 7.2 %) – resulted in
markedly higher throughput growth in
hinterland cargo (by rail and road)
 Declining feeder traffic due to
re-routing of feeder volumes by
shipping companies and a drop
in traffic with Russia
 Feeder ratio fell from 27.8 % to 25.6 %
* Truck and Barge
14
Business Development 2014
Intermodal Segment
Increase of value added boosts EBIT
Key Figures
Revenue
EBIT
Investments
Container transport
€ 351.5 million
€ 27.3 million
€ 52.3 million
1,283 TTEU
+ 11.7 %
+ 19.7 %
pos.
+ 9.4 %
Projects and Achievements
 Further expansion of transport network in Central and
Eastern Europe
 Additional investments in new terminals, own locomotives
and wagons to further enhance production quality
Segmental Development
 Revenue and EBIT outpaced volume trend due to a higher
ratio of rail traffic with longer average transport distances
 Upfront costs for expansion of own traction
 Restructuring of Polzug continued, but EBIT still negative
London, 5 May 2015 © Hamburger Hafen und Logistik AG
15
Business Development 2014
Logistics Segment
Business development varied widely
Key Figures
Revenue
EBIT
Earnings from associates
(using the equity method)
Investments
€ 65.4 million
€ - 0.7 million
- 9.6 %
neg.
€ 4.3 million
€ 2.5 million
+ 60.1 %
pos.
Projects and Achievements
 Strategic realignment of fruit logistics on
containerised transport
Segmental Development
 At-equity result improved strongly due to successful
turnaround of fruit logistic activities
 Remaining companies with modest performance
 Segment earnings in total (incl. at equity earnings)
slightly positive
London, 5 May 2015 © Hamburger Hafen und Logistik AG
16
Agenda
 Company Profile and Strategy
 Business Development and
Financial Performance
 Outlook
London, 5 May 2015 © Hamburger Hafen und Logistik AG
17
Forecast 2015
Forecast 2015
Expected market environment and development on Port Logistics level
Market Environment
Performance of Port Logistics
 Global economy (GDP)
3.5 %
 Global trade
3.8 %
 Container throughput, global
5.3 %
 Container throughput,
Northwest Europe
2.9 %
 Transport volume,
Germany
2.7 %
Source: IMF, Drewry, Federal Office for Freight Transport
Volumes
 Container throughput: slight increase
on previous year (2014: 7.5 million TEU)
 Container transport: moderate increase
on previous year (2014: 1.3 million TEU)
Revenue
 Slight increase on previous year
(2014: € 1.2 billion)
EBIT
 On previous year’s level (2014: € 156 million)
Investments
 In the region of € 170 million
(2014: € 115 million), almost all of which is
allocated for the Port Logistics subgroup*
* Approx. € 20 million carried over from 2014.
London, 5 May 2015 © Hamburger Hafen und Logistik AG
18
Forecast 2015
Forecast 2015
Expected development in main segments
Market
environment
Container segment

Intense competition in the North Range
will prevail

Average ship size will continue to grow

Decision of Federal Administrative Court for
dredging the river Elbe expected in H2/15

Geopolitical risks, esp. in Russia
and Ukraine
Segmental
development
 Slight increase in container throughput in





Hamburg
Market share gains/higher utilisation at CTO
Focus on further optimisation of processes
and productivity
Revenue slightly above previous year
EBIT moderate below previous year
Ship size related investments in gantry
cranes and yard cranes
London, 5 May 2015 © Hamburger Hafen und Logistik AG
Intermodal segment

Increase in throughput at the European
ports with positive effect for hinterland
transport

Disturbances in the railway system
due to upcoming construction sites
in the railway network
 Further expansion of Intermodal network
with own rolling stock will lead to an
increased level of value added
 Moderate increase in transport volume and
revenue will lead to a significant rise in EBIT
 Further improvement in Polzug’s earnings
position
 Continued investments in locomotives and
terminal capacity
19
Appendix
London, 5 May 2015 © Hamburger Hafen und Logistik AG
20
Appendix
Key Figures
Annual Financial Statement 2014
Port Logistics Subgroup
HHLA Group
Listed Class A share
2014
2013
Change
2014
2013
Change
1,171.2
1,110.1
5.5 %
1,199.6
1,138.1
5.4 %
EBIT
155.6
140.2
11.0 %
169.3
153.9
10.0 %
Profit
after tax and minority interests
52.3
48.3
8.2 %
58.9
54.3
8.5 %
Earnings per share in €
0.75
0.69
8.2 %
–
–
–
ROCE in %
–
–
–
12.9
11.5
1.4 pp
Investments
115.4
100.2
15.2 %
138.4
112.7
22.8 %
in € million
Revenue
London, 5 May 2015 © Hamburger Hafen und Logistik AG
21
Appendix
Expenses
Cost trend largely in line with volume development
Total Operating Expenses:
+ 4.3 %
in € million
1,053.3
1,009.8
+ 4.7 %
372.4
390.0
Cost of
materials
Throughput / Transport Growth : - 0.3 % / + 9.4 %


Mainly variable expenses
Rise especially in the material-intensive
Intermodal segment due to greater use
of own traction fleet

Collective pay increases and additional
opex for peak loads
Recruitment of headcount as a result of
expanded services and own traction fleet
(Intermodal) as well as upfront training costs
(Container)

386.5
+ 3.3 % 399.5
Personnel
expenses
134.2
+ 6.7 % 143.2
Other operating
expenses
116.7
+ 3.3 % 120.6
Depreciation and
amortisation
2013
2014
London, 5 May 2015 © Hamburger Hafen und Logistik AG



Increase in rental and leasing expenses
in the growing Intermodal segment
Higher balance sheet provisions for legal risks
(one-time effect)
Depreciation would remained on previous
year’s level without the adjustment of discount
rate used for provisions for demolition costs
22
Appendix
Earnings Bridge
Net profit and EPS increased – Financial result burdened by negative F/X-effect
in € million
155.6
5.3
29.7
EPS
0.75 €
10.8
36.9
31.6
52.3
+ 11.0 %
EBIT
At-EquityEarnings
significantly
by 68% up
At-Equity
Earnings
Interest
Negative
Effective
income and F/X-effect from
tax rate of
expenses sharp devaluation 30% almost
on prior
of Ukrainian
flat y-o-y
year’s level
currency
Net Interest
Income
London, 5 May 2015 © Hamburger Hafen und Logistik AG
F/X
Translation
Tax
Minorities
adjusted*
on prior
year’s level
Minorities
+ 8.2 % y-o-y
Net
Profit
* Adjusted for compensation payment (item in the financial result)
23
Appendix
Equity Development
Equity impacted by F/X effect and all-time low interest base rate
in € million
Equity ratio in %
572.9
37 %
 Retained earnings significantly up by
€ 20.6 million inter alia due to an
improved net profit (+ 8.2 %)
517.0
32 %
+ 535.5
+ 48.3
0
+ 7.9
- 18.8
2013
+ 559.9
Other equity
+ 52.3
Net profit
- 45.0
Actuarial losses*
- 50.2
F/X effect
 All-time-low interest base rate drove up
actuarial losses reflecting the reduction
of the discount rate for pensions from
3.50 % in the last year to 1.75 % at the
end of 2014
> Actuarial losses should be turn around
again at an interest rate of ~ 3.25 %**
 Sharp devaluation of up to 40 %
of the Ukrainian currency led to a
negative non-cash translation effect
in equity of € 31.4 million
2014
London, 5 May 2015 © Hamburger Hafen und Logistik AG
* Netted by deferred taxes
** Pro-forma calculation
24
Appendix
Financial Position
Resilient financial foundation for a sustainable stable payout ratio
Free Cash Flow
Net Debt*
in € million as of 31.12.
in € million as of 31.12.
 Free cash flow up
€ 45.0 million to
€ 127.9 million
 Accounting effect on pension
provisions induces a higher
net debt
interest rate: 3.5 %  1.75 %
 Increase of liquidity
reserves to € 251.5 million
602.1*
 Dividend policy stable since 2007
 Considerable rise in dividend
distribution on previous year
+ 15.6 %
+ 7.9 %
+ 54.4 %
127.9
Dividend per Class A share
649.5*
69.7%
65.3%
70 %
Payout ratio
50 %
82.9
1.1x
2013
2014
London, 5 May 2015 © Hamburger Hafen und Logistik AG
2013
1.3x
Gearing ratio
2014
0.52 €**
0.45 €
2013
2014
* incl. pension provisions of € 436.7million (2013: € 358.6 million)
** Dividend proposal
25
Appendix
Investments
Ship size driven investments and enhancing of value added
Container
€ 58.4 million
Intermodal
€ 52.3 million
 Additional handling equipment
 Own hinterland terminals
 Ship size driven investments
 Own multi-system locomotives
 New storage capacities
 Container wagons (specially developed
for container transport)
 CTO expansion
Investment Split
€ 115.4 million
Capex vs. Depreciation & Amortisation
in € million
Other
3%
100.2
Intermodal
46%
116.7
120.6
3.9
1.4
Container
51%
2013
London, 5 May 2015 © Hamburger Hafen und Logistik AG
115.4
2014
Total investments
thereof € 3.9 million finance
leases not recognised as a
direct cash expense
(2013: € 1.4 million)
Depreciation incl. adjustment
of discount rate used to
calculate provisions for
demolition costs
(2014: ~ € 5 million)
26
Appendix
Growth in Ship Sizes
Handling of ultra large container vessels (ULCV) require extra effort
Ship size development
at HHLA container terminals
 2010  2014
59%
ULCV fleet worldwide and
order book until 2017
 in service  on order
Fourfold increase
of ULCV calls within
three years
45%
Fleet expansion of 85 %
within three years
34%
329
265
30%
200
> 10,000 TEU
2013
26%
381
+52
+9
390
+64
+65
7%
< 6,000 TEU
6,000 to 10,000 TEU
2014
2015
2016
2017
Source: AXL Alphaliner, Jan. 2015
Implications
► Nautical restrictions tightened by increasing
number of ULCV 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.)
London, 5 May 2015 © Hamburger Hafen und Logistik AG
Counteraction
► 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
27
Appendix
Development of Alliances in Container Shipping
Concentration in the shipping industry substantially increased
Capacity breakdown on Far East – Europe
services by shipping line
2011
Maersk
MSC
Grand Alliance
= Hapag-Lloyd, OOCL, NYK Line
New World Alliance
2015
2M Network
Formed in early 2015
G6 Alliance
Formed in 2012
= APL, MOL, Hyundai
“Green Alliance”
= Cosco, K Line, Yang Ming, Hanjin
Evergreen
CMA CGM
CSCL
UASC
Others
CKYHE
Formed in 2014
Ocean 3
Formed in early 2015
Others
Implications
► Even after the rejection of P3 the
concentration process in the shipping
industry is supposed to be continued
► Maersk and MSC announced vessel
share agreement “2M” starting in 2015
(approx. 35 % of Far East – Europe
traffic)
► Further build-up of alliances and
cooperation targeting at an
improvement of load factor and
a decrease of slot costs
Perspectives
► Deployment of largest vessel sizes
and focus on calls at gateway ports
(hubs)
Source: Alphaliner, October 2014
London, 5 May 2015 © Hamburger Hafen und Logistik AG
28
Appendix
Competing Ports of the North Range
Intensifying competition due to the further build-up of terminal capacity
CONTAINER THROUGHPUT (2014)
36.8 million TEU (+ 4.3 % y-o-y)
Implications
DENMARK
NORTH SEA
BREMEN/BREMERHAVEN
KIEL
CANAL
5.8 million TEU (- 0.6 %)
15.8 % market share
WILHELMSHAVEN
<0.1 million TEU (- 12.0 %)
0.2 % market share
THE NETHERLANDS
ROTTERDAM
12.3 million TEU (+ 5.8 %)
33.4 % market share
ANTWERP
HAMBURG
9.7 million TEU (+ 5.1 %)
26.4 % market share
HHLA in Hamburg
7.2 million TEU (+ 1.2 %)
19.6 % market share NR
75,2% market share HH
GERMANY
► With a current terminal capacity of North
Range ports* of ~ 55 million TEU**
utilisation stands at ~ 70%
► Launch of further terminal capacity in 2015,
esp. in Rotterdam (Maasvlakte II with ~ 9
million TEU target capacity, ~ 5 million TEU
initially) will increase the current imbalance
between supply and demand
Perspectives
► HHLA has a demand-orientated investment
strategy with a capacity target of 12 million
TEU plus in place, well scalable on existing
terminal facilities
► Further roll-out of capacity expansion in line
with growth
9.0 million TEU (+ 4.7 %)
24.4 % market share
BELGIUM
London, 5 May 2015 © Hamburger Hafen und Logistik AG
** North Range Ports (Rotterdam, Hamburg, Bremen ports, Antwerp) incl. Wilhelmshaven
** Source: AXS Alphaliner, own estimates
29
Appendix
Short Ways – Less Costs
Hamburgs location offers cost benefits compared to other Nord Range ports
 Shanghai <> Hamburg (one-way: ~ 20,375 km)
 Hamburg <> Prague (one-way: ~ 690 km)
 + 70 % of costs for about 97 % of total distance
 + 30 % of costs for about 3 % of total distance
 No differentiation in freight rates between North
Range ports
 Clear differentiation between North Range ports
London, 5 May 2015 © Hamburger Hafen und Logistik AG
30
Appendix
Intermodal Network
Raising attractiveness of HHLA terminals by expanding hinterland network
Integration of other European ports
Bremen ports-Prague/Ceska Trebova 25
Rotterdam-Prague
12
Rotterdam-Ceska Trebova
6
Koper-Budapest/Dunajska Streda
54
Strong in established markets
Hamburg-Prag
54
Hamburg-Ceska Trebova
38
Expansion to German-speaking areas
Hamburg-Munich/Nuremberg
30
Hamburg-Leipzig
16
Hamburg-Krems/Salzburg
12
Hamburg-Ludwigshafen/Basel
12
Trains per week (selection only) as of 31 March 2015
London, 5 May 2015 © Hamburger Hafen und Logistik AG
31
Appendix
HHLA in the Port of Hamburg
HHLA REAL ESTATE
SPEICHERSTADT
HHLA REAL ESTATE
FISCHMARKT
HHLA LOGISTICS
HHLA CONTAINER TERMINAL
HHLA CONTAINER TERMINAL
BURCHARDKAI
TOLLERORT
CRUISE CENTER
HHLA LOGISTICS
ÜBERSEE-ZENTRUM
HHLA LOGISTICS
O’SWALDKAI
HHLA LOGISTICS
HANSAPORT
HHLA CONTAINER TERMINAL
ALTENWERDER
London, 5 May 2015 © Hamburger Hafen und Logistik AG
32
Appendix
State-of-the-Art Container Handling at CTA
Maximum efficiency by high degree of automation and compact terminal layout
London, 5 May 2015 © Hamburger Hafen und Logistik AG
33
Appendix
Strengthening hinterland network with own assets
Well located inland hub terminals offer high level of value added services
London, 5 May 2015 © Hamburger Hafen und Logistik AG
34
Appendix
Elbe Waterway Adjustment
Administrative steps by the public authorities in charge
Initiation of
plan approval
process
Final
plan
approval
Main hearings Proceedings
on legal
stayed pending
objections
a decision by
the ECJ
Advocate
General's
Opinion
(AGO)
Sep 2006
Apr 2012
July 2014
23 Oct 2014
Federal Water
Federal Water
and Shipping
and Shipping
Authority
Authority & City
State of Hamburg
2 Oct 2014
Federal
Administrative
Court (FAC)
Ruling on the EU
Water Framework
Directive
Expected in
H1/2015
European Court
of Justice (ECJ)
Final ruling
on the plan
approval
Expected in
H2/2015
Federal
Administrative
Court (FAC)
Adjustment of navigation channel
14.50 m tidal dependent / 13.50 m tidal independent, widening boxes
Enabling a higher load factor, extended time slots and more flexibility for mega carriers
London, 5 May 2015 © Hamburger Hafen und Logistik AG
35
Financial Calendar
IR Contact
30 March 2015
Phone:
+49 40 3088 3100
Fax:
+49 40 3088 55 3100
E-mail:
[email protected]
Web:
www.hhla.de
Annual Report 2014
13 May 2015
Interim Report January-March 2015
11 June 2015
Annual General Meeting (AGM)
13 August 2015
Interim Report January-June 2015
12 November 2015
Interim Report January-September 2015
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36