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HOYER Group announces results for 2009 financial year:
HOYER positive about Group's 2009 performance

June 2010

Hamburg – The global economic climate, which led to a reduction in the overall amount of freight moved, also had a negative impact on the performance of the Hamburg-based HOYER Group last year. Despite lower turnover (14 percent down), HOYER was able to post another positive operating result.

The HOYER Group succeeded in maintaining a solid financial performance in 2009. With earnings before taxes amounting to EUR 20.6 million, HOYER achieved a 2.4 percent return on turnover in 2009. After adjustment for special items, the operating return on turnover was 3.3 percent, which is an improvement on the previous year. "The 2009 financial year turned out better than we expected at the start of the year," said Thomas Hoyer, Chairman of the Advisory Board, at the presentation of the 2009 Annual Report. "Our business model has shown itself to be robust," added Ortwin Nast, HOYER's Chief Executive Officer. "Our previous strategic decisions have proven themselves."

HOYER's turnover in 2009 was approximately EUR 852 million (2008: EUR 986 million). "The global economic situation has alerted us all, management as well as workers and the works council, to the importance of responding rapidly to events with flexible solutions. The constructive atmosphere in which we developed our response to the challenges has greatly strengthened team spirit within the company," said Thomas Hoyer.

An overview of the operating areas
Chemical logistics: success for Supply Chain Solutions
Despite the serious downturn experienced in 2009 by the chemical industry – HOYER's most important sector accounting for around 50 percent of turnover – HOYER managed to slightly increase its share of the European market for logistics solutions provided to this sector. The company's flexible business model, with its high share of outsourced and thus highly adaptable resources, played an important part in this success. The Supply Chain Solutions (SCS) division reported increased turnover thanks to the acquisition of new business. With SCS, HOYER offers its customers cross-departmental services such as contract, intra- and on-site logistics, outsourcing and consulting. In early 2009, for example, a SCS project assumed responsibility for loading polyethylene granules for a petrochemical group, which is part of the world's third largest independent chemical company. For this purpose, HOYER fitted an inlet to a standard 20-foot container and filled the product using a special belt thrower loading procedure. To increase shipping capacities, HOYER developed a system that allows the loading equipment to remain on site with the customer. That way, as soon as one truck has been loaded, the next one can follow immediately. The system was responsible for doubling the loading capacity to approximately 30 containers a day.

HOYER gains first AdBlue certification worldwide
A positive milestone for HOYER in 2009 was its successful completion of the audit programme for AdBlue distributors operated by the Verband der Automobilindustrie (VDA), the German automobile manufacturers' association. HOYER was not just the world's first logistics company to do so, but the first company from any industry. AdBlue is a 32.5 percent solution of urea that is used in a process known as selective catalytic reduction (SCR), which reduces the emissions of oxides of nitrogen in the exhaust of diesel-engined vehicles. Independent auditors reviewed the entire AdBlue distribution chain, including freight containers and the analysis of product samples, from pick-up at the manufacturer through to delivery at the customer. The certificate presented to HOYER at the beginning of 2010 confirms that all logistical services for AdBlue, including the associated management system, comply with the relevant ISO 22241 standard.

Petroleum logistics: petroleum distribution around previous year's level
In many European countries, HOYER is the leading provider of transportation and logistics services to the petroleum industry. Although the company had to accept a slight fall in turnover in 2009, some of which was due to currency effects, HOYER was nevertheless able to stabilise its existing export markets and renew contracts that had reached the end of their term. Petroleum delivery volumes remained virtually at the same level as last year. In Scandinavia, lower sales volumes were offset by new business gains.

A good year for bitumen transportation
2009 was a very successful year for bitumen transportation in the petroleum logistics market. This was due in part to the economic stimulus packages launched by the German government for roadbuilding, which increased demand for bitumen. HOYER's customers include major petroleum companies operating refineries and the asphalt processing industry. Bitumen has to be loaded and transported at temperatures of up to 200 degrees Celsius – a challenging operation that few companies in Europe have the expertise to undertake. Scharrer & Andresen, Germany's leading transport specialist for bitumen transportation, is part of the HOYER Group. HOYER deploys 150 special-purpose vehicles for the transportation of bitumen in Germany and neighbouring countries.

Gas logistics: adjustment measures launched in due time
In its gas logistics business, HOYER offers services for industrial gases to the global gas industry. Industrial gases are used in fields such as engineering, medicine and foodstuffs. In cooperation with customers, the business unit develops concepts that extend far beyond its own transport services. The weakness of the global economy triggered a significant decline in turnover from gas transports in 2009. The business unit acted promptly to introduce adjustment measures to successfully limit the volume-related decline in margins.

Overseas transport: cargo volumes down
The slowdown in world trade left its mark on the Group's overseas business activities. For the first time in eight years, during which time growth rates occasionally exceeded 20 percent, HOYER experienced a drop in loading volumes in this sector. Indeed, the volumes HOYER transported for some major customers fell by as much as 33 percent within a few weeks. This was compounded by the sharp drop in freight rates, which gradually recovered towards the end of the year.

Food logistics: positive development of new business
HOYER continues to meet the food industry's high standards for hygiene, quality and volume with its fleet of tank containers, road tankers, flexitanks and its wide range of intermediate bulk containers (IBC) – all of which are geared to satisfy a wide variety of customer needs. The company was particularly successful in expanding its European business with beer and with sweeteners such as glucose. HOYER's extensive expertise and ultramodern equipment proved to be a strong competitive factor here. The flexitank business was especially brisk, with business doubling compared to the previous year. Here, HOYER will focus more strongly on the Asian market in the future. HOYER also reports the successful acquisition of new business in the juices, oils and fats as well as chocolate segments.

SHEQ system optimised further
SHEQ stands for safety, health, environment and quality and is designed to contribute to the elimination of accidents, damage and complaints. HOYER further enhanced its SHEQ system in 2009. At the 2009 annual conference of the European Chemical Transport Association (ECTA) in Barcelona, HOYER and 18 other European freight specialists made a commitment to implementing and maintaining the principles of the "Responsible Care" scheme, which obliges them to observe special precautions throughout the transport chain when dealing with chemicals. HOYER also carried out a study in 2009 to establish how best to measure and document the carbon footprint of all of its logistics processes.

A workforce ready for the challenge
The strong regional fluctuations in customers' export volumes required HOYER's staff to be more flexible in switching between various places of business. The increased centralisation of business processes also gave many jobs a more international scope. At the end of the year, HOYER's workforce totaled 5,162 – about five percent down on the previous year. HOYER was able to avoid short time working almost entirely and, unlike many other companies in the logistics industry, HOYER did not cut its staff training budget last year.

Although the economic climate showed some signs of recovery at the beginning of 2010, HOYER remains cautious about the prospects for the current year in view of the serious risks present in the financial markets. "As in the past, we will continue to manage the HOYER family company in a responsible manner to ensure its successful development for the benefit of our customers, our staff, our suppliers and the family", said Thomas Hoyer. 

Contact
HOYER GmbH Internationale Fachspedition
Sylvelin Reif – Head of Corporate Center Marketing
Wendenstrasse 414-424, 20537 Hamburg
Phone: +49 40 21044 - 416, Fax: +49 40 21044 - 455
www.hoyer-group.com, E-Mail: sylvelin.reif@hoyer-group.com