HHLA concludes the pandemic year 2020 with a decline in profits

Hamburger Hafen und Logistik AG (HHLA) achieved a positive consolidated operating result (EBIT) of around 123 million euros in the 2020 financial year according to preliminary, unaudited figures, which is almost 50% less than the previous year (2019: 221 million euros). On the one hand, the Corona pandemic and its measures burdened the operating result. On the other hand, a provision of around 43 million euros was made in the fourth quarter of 2020.

(Hamburg) Hamburger Hafen und Logistik AG (HHLA) looks back on a positive annual result of around 123 million euros in the 2020 financial year despite Corona (previous year 221 million euros). The provision of 43 million euros is related to the implementation of restructuring measures as part of an efficiency program in the Container segment. Without the provision, the consolidated EBIT would be around 166 million euros. The consolidated revenues amounted to approximately 1.30 billion euros in the past financial year (previous year: 1.38 billion euros).

Timely Measures

Angela Titzrath, Chairwoman of the Executive Board of HHLA: “Thanks to timely operational measures and the discipline of our employees, HHLA has so far navigated the Corona pandemic well. This is also confirmed by the preliminary figures for the 2020 financial year. With the planned provision, we aim to strengthen the performance and competitiveness of the Container segment so that HHLA can continue to meet the demands of its customers in the future.”In the publicly listed subsidiary Port Logistics, revenues in the past financial year amounted to 1.27 billion euros (previous year: 1.35 billion euros). Taking the mentioned provision into account, the subsidiary achieved an operating result (EBIT) of around 110 million euros (previous year: 204 million euros). The EBIT adjusted for the provision amounts to around 153 million euros.

Throughput Volumes Decreased

The significant decline in EBIT by 46.1 percent or 24.9 percent before provision is mainly due to pandemic-related volume declines and changes in market share. Thus, the throughput volume in the Container segment decreased by 10.6 percent to 6,776 thousand standard containers (TEU) (previous year: 7,577 thousand TEU). Container transport in the Intermodal segment was slightly below the previous year’s level at 1,536 thousand TEU (previous year: 1,565 thousand TEU).The Executive Board intends to propose a dividend to the Supervisory Board and the Annual General Meeting based on the communicated payout ratio of 50-70 percent of the result for the Port Logistics subsidiary.The complete financial figures for 2020 as well as an outlook for the current financial year will be published by HHLA on Thursday, March 25, 2021, at 7:30 a.m.Photo: © HHLAwww.hhla.de