HHLA’s Investments Persist Amid Challenging Market Conditions


  • Despite facing economic headwinds driven by geopolitical tensions and the ongoing war in Ukraine, Hamburger Hafen und Logistik AG (HHLA) remains committed to its forward-looking investments.
  • The company recorded a decline in revenue and earnings for the 2023 financial year, attributed to various global factors impacting trade and logistics.
  • Despite these challenges, HHLA’s CEO Angela Titzrath underscores the company’s resilience and strategic focus on modernizing terminals and expanding its European network.

HHLA experienced a drop in both revenue and earnings for the 2023 financial year, with global economic uncertainties and geopolitical tensions weighing on the company’s financial results. Group revenue decreased by 8.3 percent to €1,446.8 million, while the operating result (EBIT) saw a significant decline of 50.4 percent to €109.4 million. Profit after tax and minority interests also decreased to €20.0 million.

CEO’s Statement

Angela Titzrath, CEO of HHLA, acknowledged the challenging market conditions but highlighted the company’s resilient performance compared to competitors. Despite uncertainties, HHLA remains focused on expanding its presence as a European logistics group and investing in modernization projects.

Performance of Port Logistics Subgroup

The Port Logistics subgroup, despite a decrease in revenue and earnings, demonstrated resilience amidst supply chain disruptions. Container throughput at HHLA’s container terminals declined by 7.5 percent, primarily driven by lower volumes in the Far East shipping region. The international container terminals also reported a sharp decline in throughput volume.

Performance of Intermodal Segment

The Intermodal segment saw a decrease in container transport volumes, yet revenue experienced a positive trend due to increased rail transport. However, the segment’s operating result (EBIT) declined, primarily attributed to decreased transport volumes and increased operational costs.

Performance of Real Estate Subgroup

HHLA’s properties in Hamburg reported positive revenue growth, driven by increased income from rental agreements. However, higher maintenance expenses and depreciation impacted the operating result (EBIT) of the Real Estate subgroup.

Outlook for 2024

The company’s forecast for 2024 remains cautious due to uncertainties surrounding geopolitical tensions and ongoing conflicts. HHLA anticipates a moderate increase in revenue and aims for an operating result (EBIT) in the range of €85 million to €115 million. Capital expenditure is expected to focus on expanding terminal capacity and transport capacities.

Dividend Proposal for 2023

HHLA maintains its results-oriented dividend policy, proposing a dividend of €0.08 per dividend-entitled class A share for the 2023 financial year. This aligns with the company’s commitment to distributing between 50 and 70 percent of the Port Logistics subgroup’s relevant net profit to shareholders.

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Source: HHLA