Frenzel: TUI does not have some intention to buy back the control of Hapag-Lloyd



In the exercise anniversary 2010-2011 (period October 2010 - september the 2011) shipowning company German Hapag-Lloyd has recorded an operating result (underlying EBITA) of 212,3 million euros regarding 477,9 million euros in the exercise anniversary precedence. The revenues are increased of 3.0% attesting itself to 6.038, 6 million euros, while underlying the EBITDA is diminished of 40.0% coming down to 436,5 million euros regarding 727,0 million euros in exercise 2009-2010.

Such results are communicated today by German group TUI, that it possesses 38.4% of the capital stock of Hapag-Lloyd and that is trying to exit from the section of the containerized marine transport selling such participation. This strategy has induced the group yesterday has to offer 33.3% of the capital of Hapag-Lloyd to the Albert Ballin consortium, than currently it stops 61.6% of the shipowning company ( on 13 December 2011).

Commenting today the financial results of the group, the managing director of TUI, Michael Frenzel, it has confirmed that "the main objective in 2012 will be to carry out our escape from the field of the marine transport of the container. Yesterday - it has remembered - with the surveillance council of the TUI we have examined the options for such escape and have concluded that we will exercise ours to stretch right already agreed in 2008. This means specifically that on 2 January we will offer to 33.3% of remaining ours quota 38.4% in Hapag-Lloyd to the consortium Albert Ballin di Amburgo. If in the earlier stage of the offer procedure we did not have to reach an agreement on the value of the quota, this will be determined on the base of a predefined method. If we did not have to be able to draft a contract of purchase with Albert Ballin within the september end - Frenzel has still confirmed - we will be authorized to sell the majority of Hapag-Lloyd to investor. Al fine to clarify the situation - it has specified the CEO of the German group - I would want to emphasize that the majority quota will not be repurchased from TUI. Instead the consortium it will have to sell the actions necessary to constitute a quota of majority to offer to a potential investor, incidentally to the same price of the actions of TUI. In other words - he has concluded - we provvederemmo for 38.4%, while the remaining quota in order to obtain a simple majority would come by Albert Ballin".

Answering perhaps to who has assumed that TUI has reached this step not being been able to find up to now investor disposed to acquire own participation in Hapag-Lloyd, Frenzel has evidenced that "this procedure trace the way out of TUI from the field of the containerized marine transport, so as agreed more from three year ago between all the involved parts. Therefore - it has emphasized - nobody to Amburgo would have to be surprised to see to exercise us this option now. Independently from the exercise of our right of offer, a negotiated solution will be possible anytime".

TUI has announced that its current participation in Hapag-Lloyd has generated in the exercise a 2010-2011 net loss of 2,1 million euros respect to a profit clearly of 150,3 million euros in the exercise precedence.

TUI has remembered that in the exercise the 2010-2011 group has received a next figure to a relative billion of euro is to the reimbursement of loans granted to Hapag-Lloyd is deriving from the cession of part of the quota the German group in company (11.33% of the capital stock is yielded in spring). At the end of the exercise the 2010-2011 share compages of Hapag-Lloyd, besides group TUI with a participation of 38.4%, were constituted by the remaining Albert Ballin consortium with 61.6% left again between Holding Kühne (24.6%), HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH (society of the city administration of Amburgo) (23.6%), IDUNA Vereinigte Lebensversicherung aG für Handwerk, Handel und Gewerbe (5.5%), HSH Nordbank (3.2%), Hanse Merkur (a 1.5%) and group of investor guided from M.M. Warburg Bank (3.2%).

In the period October 2010 - september the 2011 fleet of ships of Hapag-Lloyd has transported containerized volumes pairs to 5.093.000 teu, with a progression of 4.6% regarding the correspondent period of year 2009-2010 and the medium hire for container teu is increased of 3.9% to 1.564 dollars.

We remember that last month Hapag-Lloyd has communicated the achieved economic results in the first nine months of 2011 ( on 21 November 2011).

The crocieristica division of group TUI, constituted from the company Hapag- Lloyd Kreuzfahrten and company TUI Cruises, these last joint venture 50:50 between TUI and the American group Royal Caribbean Cruises, has archived item the exercise anniversary 2010-2011 with underlying a EBITA of 11,2 million euros on revenues (than they do not include those of TUI Cruises, been profitable you do not notice from the group) for 200,8 million euros against respective 7,6 million and 178,7 million euros in the exercise precedence. Underlying the EBITDA is piled to 19,7 million euros (+23.1%).