EQS-Adhoc

Hamburger Hafen und Logistik AG: Overall economic weakness impacts HHLA’s 2023 financial year

EQS-Ad-hoc: Hamburger Hafen und Logistik AG / Key word(s): Preliminary Results Hamburger Hafen und Logistik AG: Overall economic weakness impacts HHLA’s 2023 financial year 19-Feb-2024 / 18:29 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Hamburg, 19 February 2024

 

Hamburger Hafen und Logistik Aktiengesellschaft
Publication of insider information in accordance with Article 17 of the Market Abuse Regulation

Overall economic weakness impacts HHLA’s 2023 financial year

According to preliminary unaudited figures, Hamburger Hafen und Logistik AG (HHLA) recorded a drop in its Group revenue of 8.3 percent to € 1,447 million in the 2023 financial year (previous year: € 1,578 million). The Group operating result (EBIT) came to € 109 million, thus falling below the expected range of € 115 million to € 135 million (previous year: € 220 million). Group profit after tax and minority interests amounted € 20 million (previous year: € 93 million). Group container throughput decreased by 7.5 percent to 5,917 thousand TEU (previous year: 6,396 thousand TEU). The Hamburg container terminals reported a year-on-year decrease of 6.3 percent. Transport volumes fell by 5.4 percent to 1,602 thousand TEU (previous year: 1,694 thousand TEU).

In the publicly listed Port Logistics subgroup, revenue decreased by 8.6 percent to € 1,409 million (previous year: € 1,542 million). The operating result (EBIT) decreased by 53,9 percent year-on-year to € 93 million (previous year: € 202 million), placing it significantly below the most recent forecast, which had assumed earnings at the lower end of the range between € 100 million and € 120 million. Profit after tax and minority interests amounted € 9 million (previous year: € 82 million). Revenue and earnings performance in the financial year was negatively affected by a year-on-year reduction in storage fees in the Container segment and the partially marked decline in throughput and transport volumes due to the economic situation. Volume development in the Container segment was also affected by the loss of feeder traffic with Russia as a result of EU sanctions and the war-related decrease in cargo volumes at the Ukrainian Container Terminal Odessa (CTO).