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The Hamburger Hafen und Logistik AG (HHLA) increased its group revenue by 7.7 percent to €1,578 million (previous year: €1,465 million) in the 2022 financial year, according to preliminary, unaudited figures. The group operating result (EBIT) amounted to €220 million, exceeding expectations of €175 million to €210 million (previous year: €228 million). A decline was recorded in container handling: Group-wide container handling fell by 7.9 percent to 6,396 thousand TEU (previous year: 6,943 thousand TEU).
In the publicly listed sub-group Port Logistics, revenues increased by 7.4 percent to €1,542 million (previous year: €1,436 million). The operating result (EBIT) decreased by 5.2 percent year-on-year to €202 million (previous year: €213 million), but was significantly above the expectation of €160 million to €195 million. The positive impact on revenue and earnings development in the financial year was due to significantly increased storage fees during the year as a result of ongoing disruptions in global supply chains, which led to longer dwell times of containers at the Hamburg terminals as well as at HHLA’s terminals in Tallinn and Trieste. The reduced handling volumes, among other things due to the effects of the Russian war of aggression on the terminal in Odessa, had a negative impact on results. Additionally, there were general cost increases and additional material and personnel expenses due to the increased storage burden.
The real estate sub-group recorded an increase in revenues of 15.9 percent to €44 million (previous year: €38 million) in the 2022 financial year. The operating result (EBIT) increased by 20.9 percent compared to the previous year to €18 million (previous year: €15 million).
For the 2022 financial year, HHLA continues to adhere to its profit-oriented distribution policy, which provides for a payout of between 50 and 70 percent of the annual surplus after third-party shares.
Weakness Expected in the First Quarter and Recovery in the Second Quarter of 2023
Against the backdrop of ongoing geopolitical tensions as well as the effects of high inflation and economic sanctions, HHLA expects a continued volatile environment and declining economic dynamics with corresponding operational challenges for business operations in the current financial year.
For the first quarter of 2023, the company anticipates a significant decline in volume due to economic conditions and a normalization of container dwell times. From the second quarter of 2023, an improvement in the situation with corresponding volume increases is expected. Given the volatile environment, these assumptions are subject to high uncertainty.
Audited Figures to be Published on March 23, 2023
HHLA will publish the annual report including the audited complete financial year figures for 2022 on Thursday, March 23, 2023, at 7:30 AM.
Detailed Information on HHLA’s 2022 Annual Financial Statements
Photo: © HHLA / Thies Rätzke
