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15.05.2024 07:30:55 - dpa-AFX: EQS-News: HHLA result affected by weakened economy and supply chain disruptions in Q1 2024 (english)
HHLA result affected by weakened economy and supply chain disruptions in Q1
2024
EQS-News: Hamburger Hafen und Logistik AG / Key word(s): Quarterly / Interim
Statement
HHLA result affected by weakened economy and supply chain disruptions in Q1
2024
15.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Hamburg, 15 May 2024
Publication of interim statement January to March 2024
HHLA result affected by weakened economy and supply chain disruptions in Q1
2024
* Group revenue came to EUR 363.6 million (previous year: EUR 364.7 million)
The revenue and earnings performance of Hamburger Hafen und Logistik AG
(HHLA) declined in the first three months of 2024. The market environment
continues to be affected by ongoing crises and rising geopolitical tensions,
which are suppressing economic development around the world. In addition,
the military conflict in the Red Sea resulted in major delays to shipping
and cancellations in European ports at the start of the year, which also had
an impact on hinterland transport. As a result, Group revenue decreased
slightly in the first quarter by 0.3 percent to EUR 363.6 million (previous
year: EUR 364.7 million). Price increases triggered by inflation and one-off
effects from last year caused the Group operating result (EBIT) to decrease
by 23.9 percent to EUR 17.4 million (previous year: EUR 22.9 million). The EBIT
margin amounted to 4.8 percent (previous year: 6.3 percent). Profit after
tax and minority interests came to EUR - 1.1 million (previous year: EUR 2.8
million).
Angela Titzrath, CEO of HHLA: "The start of HHLA in 2024 was made even more
difficult by the disruptions in the supply chains due to the situation in
the Red Sea and the challenging economic environment. Ships were delayed at
the ports, which in turn affected HHLA's container terminals and hinterland
traffic. Despite the market uncertainties, HHLA has pushed ahead with its
forward-looking transformation while investing in the expansion of its
network and the modernisation of its facilities."
Port Logistics subgroup: performance January to March 2024
The listed Port Logistics subgroup recorded a slight decrease in revenue in
the first three months to EUR 354.9 million (previous year: EUR 355.1 million).
The operating result (EBIT) decreased by 25.6 percent to EUR 13.7 million
(previous year: EUR 18.5 million) while the EBIT margin fell year-on-year by
1.3 percentage points to 3.9 %. In the previous year, income from the
reversal of other liabilities linked to ship delays at the Hamburg container
terminals had a positive effect on the operating result. Profit after tax
and minority interests came to EUR - 3.4 million (previous year: EUR 0.4
million). Earnings per share thus amounted to EUR - 0.05 (previous year: EUR
0.00).
Container throughput in the Container segment at HHLA's container terminals
increased by 3.3 percent on the weak figure for the first three months of
the previous year to 1,464 thousand standard containers (TEU) (previous
year: 1,416 thousand TEU). At 1,400 thousand TEU, throughput volume at the
Hamburg container terminals was up 2.9 percent on the same period of the
previous year (previous year: 1,360 thousand TEU). The main driver of this
positive development was the rise in volumes for the South, Central and
North America shipping regions. Cargo volumes from the United States
exhibited particularly strong growth. The throughput volume for the Far East
shipping region continued to decline. Although feeder traffic volumes
remained at low levels, these were up significantly on the previous year.
The total proportion of seaborne handling by feeders amounted to 18.8
percent in the first three months of the year (previous year: 18.1 percent).
The international container terminals reported a 12.7 percent rise in
throughput volume to 63 thousand TEU (previous year: 56 thousand TEU),
driven by the sharp rise at the multifunctional terminal HHLA TK Estonia.
This more than compensated for the reduction in throughput volume at HHLA
PLT Italy in Trieste due to ships being rerouted or cancelled as a
consequence of the military conflict in the Red Sea. Volumes at Container
Terminal Odessa (CTO) once again failed to materialise after seaborne
handling in the terminal was suspended by the authorities at the end of
February 2022 following the Russian invasion.
Segment revenue rose by 5.4 percent in the reporting period to EUR 185.3
million (previous year: EUR 175.8 million). In addition to the increase in
volumes, this was due to temporarily longer dwell times for containers being
handled at the Hamburg terminals, which also led to increased storage fees.
As a result, the operating result (EBIT) climbed by 87.3 percent to EUR 10.7
million (previous year: EUR 5.7 million). The EBIT margin increased by 2.6
percentage points to 5.8 percent (previous year: 3.2 percent).
The Intermodal segment saw a significant decrease in volumes in the first
quarter of 2024. Container transport decreased by a total of 5.5 percent to
386 thousand TEU overall (previous year: 408 thousand TEU). Rail transport
fell year-on-year by 3.2 percent to 329 thousand TEU (previous year: 340
thousand TEU), a decrease that particularly affected traffic with the
Adriatic seaports as well as Polish traffic. There was a decrease in road
transport of 16.8 percent to 56 thousand TEU (previous year: 68 thousand
TEU).
With a year-on-year decrease of 3.5 percent to EUR 151.8 million (previous
year: EUR 157.3 million), the fall in revenue was less pronounced than the
decline in transport volumes. This was partly due to the rise in transport
revenue, which had been adjusted to the increased costs for the purchase of
services. The proportion of rail in the overall transport volume continued
rising to 85.4 percent (previous year: 83.4 percent). The operating result
(EBIT) decreased by 34.3 percent to EUR 14.1 million in the first three months
of the year (previous year: EUR 21.4 million). The EBIT margin fell by 4.3
percentage points to 9.3 percent (previous year: 13.6 percent). The main
reason for the downward EBIT trend was the decrease in transport volumes. In
addition to higher union wage rates, earnings were also affected by the
expansion of operations in rail transport.
Real Estate subgroup: performance January to March 2024
HHLA's properties in the historical Speicherstadt warehouse district and the
fish market area of Hamburg maintained their stable trend, with occupancy
almost full in the first quarter of 2024.
Revenue decreased by 2.0 percent in the reporting period to EUR 11.4 million
(previous year: EUR 11.6 million). With rental revenues stable in the
Speicherstadt historical warehouse district, this was mainly due to the
demolition of cold-storage and warehouse facilities in the fish market area
in preparation for a project. The operating result (EBIT) fell by 17.0
percent to EUR 3.6 million in the reporting period (previous year: EUR 4.3
million). With maintenance costs remaining more or less stable, the decrease
was chiefly due to expenses linked to the successful reletting of spaces in
the Speicherstadt historical warehouse district.
Outlook for the 2024 financial year confirmed
In the first three months of the 2024 financial year, there were no new
events of material importance to necessitate any change to the expected
course of business in 2024 as published in the 2023 Annual Report at the end
of March.
Key figures for January to March 2024
Revenue 363.6 364.7 - 0.3 % EBITDA 61.6 67.2 - 8.4 % EBITDA margin in % 16.9 18.4 - 1.5 pp EBIT 17.4 22.9 - 23.9 % EBIT margin in % 4.8 6.3 - 1.5 pp Profit after tax and minority interests - 1.1 2.8 neg. ROCE in % 2.8 4.0 - 1.2 pp
Contact:
Julia Hartmann
Head of Investor Relations
HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de
Tel: +49-40-3088-3397
Fax: +49-40-3088-55-3397
E-mail: investor-relations@hhla.de
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15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
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1902949 15.05.2024 CET/CEST
2024
EQS-News: Hamburger Hafen und Logistik AG / Key word(s): Quarterly / Interim
Statement
HHLA result affected by weakened economy and supply chain disruptions in Q1
2024
15.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Hamburg, 15 May 2024
Publication of interim statement January to March 2024
HHLA result affected by weakened economy and supply chain disruptions in Q1
2024
* HHLA's CEO, Angela Titzrath: "For HHLA, 2024 continues to be
characterised by a challenging market environment, which has affected
earnings development in the first quarter in particular."
* Container throughput increased by 3.3 percent to 1,464 thousand TEU
(previous year: 1,416 thousand TEU)
* Container transport decreased by 5.5 percent to 386 thousand TEU
(previous year: 408 thousand TEU)
* Group revenue came to EUR 363.6 million (previous year: EUR 364.7 million)
The revenue and earnings performance of Hamburger Hafen und Logistik AG
(HHLA) declined in the first three months of 2024. The market environment
continues to be affected by ongoing crises and rising geopolitical tensions,
which are suppressing economic development around the world. In addition,
the military conflict in the Red Sea resulted in major delays to shipping
and cancellations in European ports at the start of the year, which also had
an impact on hinterland transport. As a result, Group revenue decreased
slightly in the first quarter by 0.3 percent to EUR 363.6 million (previous
year: EUR 364.7 million). Price increases triggered by inflation and one-off
effects from last year caused the Group operating result (EBIT) to decrease
by 23.9 percent to EUR 17.4 million (previous year: EUR 22.9 million). The EBIT
margin amounted to 4.8 percent (previous year: 6.3 percent). Profit after
tax and minority interests came to EUR - 1.1 million (previous year: EUR 2.8
million).
Angela Titzrath, CEO of HHLA: "The start of HHLA in 2024 was made even more
difficult by the disruptions in the supply chains due to the situation in
the Red Sea and the challenging economic environment. Ships were delayed at
the ports, which in turn affected HHLA's container terminals and hinterland
traffic. Despite the market uncertainties, HHLA has pushed ahead with its
forward-looking transformation while investing in the expansion of its
network and the modernisation of its facilities."
Port Logistics subgroup: performance January to March 2024
The listed Port Logistics subgroup recorded a slight decrease in revenue in
the first three months to EUR 354.9 million (previous year: EUR 355.1 million).
The operating result (EBIT) decreased by 25.6 percent to EUR 13.7 million
(previous year: EUR 18.5 million) while the EBIT margin fell year-on-year by
1.3 percentage points to 3.9 %. In the previous year, income from the
reversal of other liabilities linked to ship delays at the Hamburg container
terminals had a positive effect on the operating result. Profit after tax
and minority interests came to EUR - 3.4 million (previous year: EUR 0.4
million). Earnings per share thus amounted to EUR - 0.05 (previous year: EUR
0.00).
Container throughput in the Container segment at HHLA's container terminals
increased by 3.3 percent on the weak figure for the first three months of
the previous year to 1,464 thousand standard containers (TEU) (previous
year: 1,416 thousand TEU). At 1,400 thousand TEU, throughput volume at the
Hamburg container terminals was up 2.9 percent on the same period of the
previous year (previous year: 1,360 thousand TEU). The main driver of this
positive development was the rise in volumes for the South, Central and
North America shipping regions. Cargo volumes from the United States
exhibited particularly strong growth. The throughput volume for the Far East
shipping region continued to decline. Although feeder traffic volumes
remained at low levels, these were up significantly on the previous year.
The total proportion of seaborne handling by feeders amounted to 18.8
percent in the first three months of the year (previous year: 18.1 percent).
The international container terminals reported a 12.7 percent rise in
throughput volume to 63 thousand TEU (previous year: 56 thousand TEU),
driven by the sharp rise at the multifunctional terminal HHLA TK Estonia.
This more than compensated for the reduction in throughput volume at HHLA
PLT Italy in Trieste due to ships being rerouted or cancelled as a
consequence of the military conflict in the Red Sea. Volumes at Container
Terminal Odessa (CTO) once again failed to materialise after seaborne
handling in the terminal was suspended by the authorities at the end of
February 2022 following the Russian invasion.
Segment revenue rose by 5.4 percent in the reporting period to EUR 185.3
million (previous year: EUR 175.8 million). In addition to the increase in
volumes, this was due to temporarily longer dwell times for containers being
handled at the Hamburg terminals, which also led to increased storage fees.
As a result, the operating result (EBIT) climbed by 87.3 percent to EUR 10.7
million (previous year: EUR 5.7 million). The EBIT margin increased by 2.6
percentage points to 5.8 percent (previous year: 3.2 percent).
The Intermodal segment saw a significant decrease in volumes in the first
quarter of 2024. Container transport decreased by a total of 5.5 percent to
386 thousand TEU overall (previous year: 408 thousand TEU). Rail transport
fell year-on-year by 3.2 percent to 329 thousand TEU (previous year: 340
thousand TEU), a decrease that particularly affected traffic with the
Adriatic seaports as well as Polish traffic. There was a decrease in road
transport of 16.8 percent to 56 thousand TEU (previous year: 68 thousand
TEU).
With a year-on-year decrease of 3.5 percent to EUR 151.8 million (previous
year: EUR 157.3 million), the fall in revenue was less pronounced than the
decline in transport volumes. This was partly due to the rise in transport
revenue, which had been adjusted to the increased costs for the purchase of
services. The proportion of rail in the overall transport volume continued
rising to 85.4 percent (previous year: 83.4 percent). The operating result
(EBIT) decreased by 34.3 percent to EUR 14.1 million in the first three months
of the year (previous year: EUR 21.4 million). The EBIT margin fell by 4.3
percentage points to 9.3 percent (previous year: 13.6 percent). The main
reason for the downward EBIT trend was the decrease in transport volumes. In
addition to higher union wage rates, earnings were also affected by the
expansion of operations in rail transport.
Real Estate subgroup: performance January to March 2024
HHLA's properties in the historical Speicherstadt warehouse district and the
fish market area of Hamburg maintained their stable trend, with occupancy
almost full in the first quarter of 2024.
Revenue decreased by 2.0 percent in the reporting period to EUR 11.4 million
(previous year: EUR 11.6 million). With rental revenues stable in the
Speicherstadt historical warehouse district, this was mainly due to the
demolition of cold-storage and warehouse facilities in the fish market area
in preparation for a project. The operating result (EBIT) fell by 17.0
percent to EUR 3.6 million in the reporting period (previous year: EUR 4.3
million). With maintenance costs remaining more or less stable, the decrease
was chiefly due to expenses linked to the successful reletting of spaces in
the Speicherstadt historical warehouse district.
Outlook for the 2024 financial year confirmed
In the first three months of the 2024 financial year, there were no new
events of material importance to necessitate any change to the expected
course of business in 2024 as published in the 2023 Annual Report at the end
of March.
Key figures for January to March 2024
HHLA Group in EUR million 1-3 | 2024 1-3 | 2023 Change
Revenue 363.6 364.7 - 0.3 % EBITDA 61.6 67.2 - 8.4 % EBITDA margin in % 16.9 18.4 - 1.5 pp EBIT 17.4 22.9 - 23.9 % EBIT margin in % 4.8 6.3 - 1.5 pp Profit after tax and minority interests - 1.1 2.8 neg. ROCE in % 2.8 4.0 - 1.2 pp
Port Logistics subgroup 1,2 in EUR million 1-3 | 2024 1-3 | 2023 Change Revenue 354.9 355.1 - 0.0 % EBITDA 55.6 60.6 - 8.2 % EBITDA margin in % 15.7 17.1 - 1.4 pp EBIT 13.7 18.5 - 25.6 % EBIT margin in % 3.9 5.2 - 1.3 pp Profit after tax and minority interests - 3.4 0.4 neg. Earnings per share in EUR 3 - 0.05 0.00 neg. 1 Before consolidation between subgroups 2 Listed class A shares 3 Basic and diluted Container segment in EUR million 1-3 | 2024 1-3 | 2023 Change Revenue 185.3 175.8 5.4 % EBITDA 35.2 30.8 14.0 % EBITDA margin in % 19.0 17.5 1.5 pp EBIT 10.7 5.7 87.3 % EBIT margin in % 5.8 3.2 2.6 pp Container throughput in thousand TEU 1,464 1,416 3.3 % Intermodal segment in EUR million 1-3 | 2024 1-3 | 2023 Change Revenue 151.8 157.3 - 3.5 % EBITDA 26.6 33.9 - 21.7 % EBITDA margin in % 17.5 21.6 - 4.1 pp EBIT 14.1 21.4 - 34.3 % EBIT margin in % 9.3 13.6 - 4.3 pp Container transport in thousand TEU 386 408 - 5.5 %
Contact:
Julia Hartmann
Head of Investor Relations
HAMBURGER HAFEN UND LOGISTIK AG
Bei St. Annen 1, D-20457 Hamburg, www.hhla.de
Tel: +49-40-3088-3397
Fax: +49-40-3088-55-3397
E-mail: investor-relations@hhla.de
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Hamburger Hafen und Logistik AG
Bei St. Annen 1
20457 Hamburg
Germany
Phone: +49 (0)40-3088-0
Fax: +49 (0)40-3088-3355
E-mail: info@hhla.de
Internet: www.hhla.de
ISIN: DE000A0S8488
WKN: A0S848
Listed: Regulated Market in Frankfurt (Prime Standard),
Hamburg; Regulated Unofficial Market in Berlin,
Dusseldorf, Hanover, Munich, Stuttgart, Tradegate
Exchange
EQS News ID: 1902949
End of News EQS News Service
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1902949 15.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
HAMBURG.HAFEN LOG.A-SP NA | A0S848 | Xetra | 18,040 | 31.05.24 17:39:54 | +0,240 | +1,35% | 0,000 | 0,000 | 17,600 | 18,040 |
