Fundamentos de la popularidad del consumo alcohólico

Subgroup targets Group targets Volume growth Revenue growth EBIT margin Revenue growth Conditions Group performance Segment targets Assumptions EBIT margin

Group Management Report

Business Forecast

In its core line of business, HHLA will continue to focus its efforts on outperforming the market with growth in its handling and transport services in 2012. Besides somewhat stronger growth in HHLA’s key originating and destination regions than in the catchment areas served by its major rival ports, particularly additional improvements to its service offering are supposed to contribute to expanding the market position. Consistently fi erce competition and the delay in dredging the Elbe’s navigation channel heavily restrict the company’s ability to pass on cost increases, therefore, the Group will strive to achieve a largely stable level of earnings quality.

On the cost side, general price increases – especially for energy sources and external ser- vices – are expected to drive up expenses, which will also rise in conjunction with higher volumes. As the number of mega-ships docking at the port is about to increase further, the company will have to compensate for the Elbe’s tide re- strictions by speeding up its handling processes and once again coping with immense peak loads in 2012. HHLA intends to cushion the pressure on margins which this exerts by improving its capaci ty utilisation and gradually enhancing ef- fi ciency with the help of further technological developments and new work structures. These should bear fruit especially in the second half of the year. The effective tax rate for 2012 is ex- pected to be in the region of 30 % again due to the absence of non-recurring tax effects. HHLA does not expect the atypical fall in the share of profi ts paid to minority shareholders in 2011 to occur again. On the contrary, their relative share of profi t after taxes is likely to increase in 2012. With the exception of this return to normal levels, however, a larger share of profi ts can be expect- ed to go to the parent company’s shareholders in the medium term due to modernisation and expansion programmes at the facilities owned wholly by HHLA.

In the Container segment of the Port Logistics subgroup, HHLA anticipates growth in the region of 5 % in container throughput with a weaker fi rst half and stronger second half to the year, also due to effects from the comparative basis of the

remains challenging for shipping companies and handling capacity is also expected to increase, it is likely to be diffi cult to pass on higher costs. HHLA believes that revenue growth will there- fore lag slightly behind the increase in volumes. Rising costs associated with higher volumes and general price increases will place additional pressure on margins. Although enhanced pro- ductivity and improved capacity utilisation at the facilities can counteract this, a comparably low level of growth will mean they are unable to com- pensate fully. Depreciation and amortisation will also increase further due to capital expenditure. Taking into consideration the one-off compen- sation received in 2011 and the developments described above, the EBIT margin in the Con- tainer segment is expected to come in below the previous year’s level.

The rise in transport volume in the Intermodal segment is likely to follow the higher volumes in the Container segment in the region of 5 %. Once again, the higher comparative basis will result in slower growth. However, it should prove possible to increase prices on a number of routes thanks to the favourable competitive situation. Revenue is therefore expected to grow faster than volumes in the Intermodal segment. HHLA is continuing to focus on restructuring single rail operators to im- prove the earnings position of these companies sustainably. In a low-margin environment, this gives rise to risks because of the strong increase in service buying. In addition to this, competition with other modes of transport is intense, espe- cially for Polish traffi c. Capacity utilisation rates for HHLA’s own systems will prove highly signifi - cant as a consequence. Taking into account the impairment recognised in the year under review, HHLA anticipates an improved EBIT margin in 2012.

In the Logistics segment, the various submar- kets are expected to develop differently again. As the intra-Group settlement of a large-scale IT project led to non-recurring income in 2011, the segment’s total revenue is unlikely to match the previous year’s level. RoRo operations, bulk cargo handling and consultancy should all con- tinue to make a stable contribution to earnings.

Group Management Report

Business Forecast

import ant. However, the impairment recorded in the reporting year will ease the strain on future earnings developments. In contract logistics, moves to consolidate activities at the Übersee- Zentrum storage and distribution centre will initially impair the company’s earnings position. Nevertheless, the Logistics segment is expected to again make a positive earnings contribution in 2012.

Earnings of the Real Estate subgroup are ex- pected to develop stably once again. Both rev- enue and the EBIT margin should remain nearly on a par with the previous year. Business devel- opments here will continue to focus on value- oriented portfolio development.

As mentioned above, forecasts are highly uncer- tain at present. Consequently, actual industry and business developments may follow a con- siderably worse or somewhat better economic trend than that described here. HHLA will there- fore continue to add more specifi c details to its outlook above and beyond the statements made in this report as soon as the economic environ- ment allows for a more reliable assessment.