HHLA draws positive half-year balance

Group revenue up 9.9 per cent - container throughput on a par with 2021 levels
12 August 2022
View of container terminal

Hamburger Hafen und Logistik AG (HHLA) presented its results for the half of 2022 Wednesday (August 10, 2022). The group's revenue rose by 9.9 per cent to EUR 779.5 million over EUR 709.2 million in the previous year while the operating result (EBIT) increased by 11.9 per cent to EUR 101.3 million over EUR 90.5 million. The EBIT margin came to 13.0 per cent over 12.8 per cent in the previous year while profit after tax and minority interests rose year-on-year by 13.1 per cent to EUR 43.9 million over EUR 38.8 million in 2021.

Supply chain disruptions remain challenging

Angela Titzrath, Chair of HHLA’s Executive Board, commented: “For more than two years now, we have all experienced how volatile the logistics sector is. The restrictions in place to fight the coronavirus pandemic, weather conditions, road and rail construction work and now the war in Ukraine with the subsequent sanctions against Russia have a massive impact on global supply chains." The disruptions to supply chains continue to pose major operational challenges. She added: "We are continuing to focus on the implementation of our strategy, which is based on growth and sustainability – especially in these uncertain times.”

Rise in container sales

The listed Port Logistics subgroup increased its sales by 9.6 per cent to EUR 761.9 million euros in the first half of 2022 while EBIT rose by 9.4 per cent EUR to 91.7 million over EUR 83.8 million in 2021. Container throughput of 3,368 thousand standard containers (TEU) at all of HHLA’s terminals remained stable at last year’s level (previous year: 3,369 thousand TEU). At 3,167 thousand TEU, throughput volume at the three container terminals in Hamburg was up 3.1 per cent on the same period last year (previous year: 3,073 thousand TEU). This was driven mainly by an increase in the Far East shipping region especially China. Sales in the "Container" segment rose by 8.4 per cent to EUR 438.8 million (EUR 404.9 million in the previous year) driven by backlogs in the supply chain and thus a longer dwell time in ports. That resulted in an increase in storage revenues in Hamburg and at the international terminals in Tallinn and Trieste. As a result, operating profit (EBIT) rose by 26.6 per cent to EUR 80.2 million.

Outlook 

Given the ongoing disruptions to international supply chains, container throughput in the Port Logistics subgroup is expected to be on a par with the prior-year figure (previously: moderate increase). A moderate year-on-year increase in container transport is still possible. The Real Estate subgroup, on the other hand, is expected to achieve a "significant increase" in sales and EBIT over the previous year. The group is expecting a "moderate increase" in sales and operating profit (EBIT) ranging from EUR 175 to 210 million  (previous year: EUR 228 million). Capital expenditure at group level is expected to come to between EUR 300 million and EUR 350 million in 2022. The Port Logistics subgroup will account for EUR 270 million and EUR 320 million of that sum.

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