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Challenging environment affects HHLA’s start to the 2020 financial year

In the first three months of the year, changing conditions have had an impact on both the revenue and the earnings of the Hamburger Hafen und Logistik AG (HHLA). The company recorded a moderate decrease in revenue and a significant fall in earnings which had a corresponding impact on profitability. Container throughput saw a moderate decrease, while container transport declined significantly. This is attributable to stormy conditions in Northern Europe as well as the first signs of slowing economic activity in the wake of the coronavirus pandemic. On the other hand, the Real Estate segment once again achieved higher revenue and earnings. All in all, this led to a Group revenue of € 335.7 million (- 3.4 %). The operating result (EBIT) decreased by € 23.0 million, or 38.6 %, to € 36.7 million.

Angela Titzrath, Chairwoman of HHLA’s Executive Board: “Our expectations for the current financial year were marked by optimism; however, we are aware that external conditions for our business have been changing for some time due to a range of factors. The effects of the storms in the spring and the rapid spread of the coronavirus pandemic have nevertheless left a mark on our performance figures. We have to adapt to a situation that we have never experienced in our company’s history and that we cannot influence. 2020 will be one of the most challenging years in the history of HHLA. However, we will use our experience to find ways out of this crisis and continue to successfully develop HHLA.”

The listed Port Logistics subgroup recorded a moderate decrease of 3.7 % in revenue to € 327.4 million in the first three months (previous year: € 339.8 million). The operating result (EBIT) decreased sharply by 41.7 % to € 32.5 million (previous year: € 55.7 million). The EBIT margin decreased by 6.5 percentage points to 9.9 %.

Revenue decreased year-on-year by 2.6 % to € 195.6 million in the first quarter of 2020 (previous year: € 200.9 million). This was primarily caused by the decrease in volumes resulting from the pandemic. The average revenue per container handled at the quayside rose by 1.1 % year-on-year. This was due to an advantageous modal split with a high proportion of hinterland volumes and a temporary increase in income from storage fees due to longer dwell times brought about by weather-related delays. Primarily due to the drop in volume, the operating result (EBIT) declined by € 12.0 million or 31.7 % year-on-year to € 25.8 million (previous year: € 37.8 million). The EBIT margin decreased by 5.6 percentage points to 13.2 %.

To see the full financial results, click here.

For more information:
Stefanie Steiner
HHLA
Tel: +49 40 3088-3397 
Email: steiner-s@hhla.de
www.hhla.de


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