Expected Group performance

Comparison with the forecast of the previous year

The forecast for 2022 published in the 2021 Annual Report was downgraded for container throughput and upgraded for revenue and EBIT in the Real Estate subgroup on publication of the half-year results. With the publication of the quarterly figures for January to September 2022, the forecast was downgraded again for container throughput, and also for container transport for the first time in this financial year. Revenue expectations were also upgraded for the Port Logistics subgroup and for the Group. In addition, capital expenditure was reduced from € 300 million to € 350 million at Group level to between € 210 million and € 260 million, as a result of delays in planned additions to assets. Consequently, capital expenditure for the Port Logistics subgroup were lowered to € 180 million to € 230 million (previously: € 270 million to € 320 million). While capital expenditure at Group level remained only slightly below the most recently issued guidance, all other key figures either confirmed or exceeded this guidance.

Expected earnings position

Note: Given the uncertain further development of average revenue and macroeconomic developments at the time of preparing this report, the following forecast is subject to a high degree of uncertainty. This applies in particular to developments in the geopolitical sphere and their consequences in terms of inflation and economic sanctions. No impairment need has been assumed for the container terminal in Ukraine (CTO). Furthermore, HHLA assumes that revenue from storage fees in the Container segment is set to drop significantly from the start of the year. Earnings position, Events after the balance sheet date, Risk and opportunities

For 2023, the Port Logistics subgroup expects a moderate year-on-year increase in both container throughput and container transport. After the development of revenue and operating result (EBIT) in the financial year 2022 was positively influenced by the significant rise in income from storage fees, revenue of the Port Logistics subgroup is expected to be on a par with the previous year in the current financial year. A slight year-on-year decline in revenue in the Container segment and a significant increase in the Intermodal segment are assumed. In addition, an operating result (EBIT) in the range of € 145 to 175 million is considered possible for the Port Logistics subgroup. Within this range, a strong decline in segment EBIT is expected in the Container segment and a moderate increase in the Intermodal segment.

For the Real Estate subgroup, revenue is expected to remain at the prior-year level with a significant decline in the operating result (EBIT).

At Group level, total revenue is expected to be on a par with the previous year with an operating result (EBIT) in the range of € 160 to 190 million.

Expected financial position

Based on the liquidity available as of 31 December 2022, HHLA assumes that it will have sufficient funds at all times to meet its payment obligations.

In order to further increase efficiency and expand capacity in the Container and Intermodal segments, capital expenditure at Group level is expected to be in the range of € 250 to 300 million in 2023. The Port Logistics subgroup will account for € 220 to 270 million of this amount. In the Container segment, investments will focus on the efficient use of existing terminal space in the Port of Hamburg and the expansion of foreign terminals, and in the Intermodal segment on the expansion of the Group's own transport and handling capacities. 

The forecast for capital expenditure is subject to the condition that there are no unplanned delays in additions to assets. At the same time, HHLA continues to consider the scalability of its capital expenditure and will adjust it – where necessary – to future economic developments in order to secure the financial stability of the Group.

HHLA remains committed to its results-oriented dividend policy, which aims to pay out between 50 % and 70 % of annual net profit after minority interests in the form of dividends.