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interim group management report I hapag-lloyd interim group report 9M · 2012
Group financial and net asset position
condensed statement of cash flows
in million EUR Q3 2012 Q3 2011 9M 2012 9M 2011
Cash flow from operating activities 26.2 41.0 127.1 186.8
Cash flow from investment activities –66.0 –100.7 –229.7 –128.0
Free cash flow –39.8 –59.7 –102.6 58.8
Cash flow from financing activities 139.3 46.3 9.3 –188.8
Changes in cash and cash equivalents 99.5 –13.4 –93.3 –130.0
Cash flow from operating activities
Operating cash flow came to EUR 127.1 million in the first nine months of the 2012 financial year
(prior year period: EUR 186.8 million).
Cash flow from investment activities
The cash outflow from investment activities amounted to EUR 229.7 million in the first nine months of 2012
and resulted mainly from the purchase of container ships. Non-cash investments were also made by changing
seven operating lease contracts into finance lease contracts. In the second quarter, Hapag-Lloyd signed an
operating sale and leaseback agreement with an international container supplier. The agreement concerns
the sale of some 85,000 containers which will be leased back until their final physical disposal. This sale
was completed in two tranches. The first tranche of approximately 37,000 containers was sold in June 2012,
followed by the second tranche of around 48,000 containers at the end of July 2012. This transaction
generated a total liquidity inflow of USD 129.8 million (EUR 101.2 million).
Cash flow from financing activities
The net impact of the Company’s financing activities was a cash inflow of EUR 9.3 million. Cash inflows
of EUR 406.7 million were offset by regular interest and capital repayments (EUR 260.5 million) and the
repayment of hybrid capital II and associated interest (EUR 136.9 million). The newly received funds relate
to loans to finance vessels and containers and from an increase in the programme established in 2011
to securitise receivables.
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