Hamburger Hafen und Logistik AG (HHLA) faced a challenging 2023 financial year, marked by a decline in both revenue and earnings. The company cited various economic pressures including the ongoing conflict in Ukraine, geopolitical tensions, and inflationary pressures, which hindered post-pandemic recovery efforts. Group revenue dropped by 8.3 percent to €1,446.8 million, with the operating result (EBIT) plummeting by 50.4 percent to €109.4 million, reflecting an EBIT margin of 7.6 percent. Profit after tax and minority interests totaled €20.0 million, a significant decrease from the previous year.
Within the Port Logistics subgroup, revenue decreased by 8.6 percent to €1,408.9 million, largely attributed to reduced container throughput volumes and lower storage fees at Hamburg container terminals. This decline led to a 53.9 percent decrease in EBIT to €92.9 million, with a resultant EBIT margin of 6.6 percent. Profit after tax and non-controlling interests saw a substantial drop to €8.7 million, translating to earnings per share of €0.12.
In the Container segment, throughput volumes declined by 7.5 percent, mainly driven by reduced volumes in the Far East shipping region, particularly China. The international container terminals reported a significant 29.1 percent decrease in throughput volume, primarily due to the suspension of seaborne handling at Container Terminal Odessa and fewer extra calls at the TK Estonia container terminal.
The Intermodal segment witnessed a 5.4 percent decrease in container transport, with rail transport falling by 3.1 percent and road transport dropping by 16.9 percent. Despite this, revenue increased by 4.2 percent to €620.5 million, largely due to higher transport revenue and an increased share of rail transport.
Looking ahead to 2024, HHLA expects a moderate increase in revenue and forecasts an operating result (EBIT) in the range of €85 million to €115 million. Capital expenditure is expected to range between €400 million and €450 million, with investments focused on expanding terminal capacities and transport capabilities. HHLA reaffirms its commitment to a results-oriented dividend policy, aiming to distribute between 50 and 70 percent of annual net profit after minority interests to shareholders.