Based on preliminary figures for the first six months, Hamburger Hafen und Logistik AG (HHLA) is adjusting its forecast for the current financial year.
The ongoing war in Ukraine, geopolitical tensions, inflation and rising interest rates are weighing on consumer and industrial demand and continuing to slow down the global economic recovery after the pandemic. Several economic research institutes have recently revised their forecasts for the German economy downwards accordingly, most recently also the International Monetary Fund. HHLA’s business development reflects this sentiment. The significant drop in volumes due to the economic situation that was evident in the first quarter of 2023 has continued in the second quarter of the year.
Against the background of this development, a significant decline in container throughput is now expected in the Port Logistics subgroup compared with the previous year (previous year: slight increase). Container transport is expected to be at the level of 2022 (previously: moderate increase year-on-year). A significant decrease in revenue is now expected for the Port Logistics subgroup (previously: slight increase). This development is the result of a volume-related strong decrease (previously: moderate decrease) of revenue in the Container segment, which cannot be compensated for by a significant increase in revenue (previously: strong increase) in the Intermodal segment. The expected operating result (EBIT) has been restated accordingly and now ranges from € 100 to 120 million (previously: in the range of € 145 to 175 million). Within this range, a strong decrease continues to be expected in the Container segment. A slight decrease (previously: moderate increase) in segment EBIT is expected in the Intermodal segment compared with the previous year.
For the Real Estate subgroup, revenue is still expected to remain at the prior-year level with a significant decline in the operating result (EBIT).
Overall, a significant decrease in revenue is forecast at Group level (previously: moderate increase). Against the background of the changed expectations, the operating result (EBIT) will be within a range between € 115 and 135 million (previously: within a range between € 160 and 190 million).
In view of the aforementioned volatile environment, the outlook continues to be subject to considerable uncertainties.
Source: Port of Hamburg
