DJ EQS-News: HHLA result affected by weakened economy and supply chain disruptions in Q1 2024

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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
2024-05-15 / 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 % 

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May 15, 2024 01:30 ET (05:30 GMT)

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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 

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2024-05-15 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

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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 2024-05-15 CET/CEST

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