Earnings position

HHLA’s performance data trended upwards in 2024. Container throughput was up 0.9 % year-on-year to 5,970 thousand TEU (previous year: 5,917 thousand TEU). Throughput at the three Hamburg terminals was more or less on a par with the previous year. Volume growth in the North and South America shipping regions and the other European seaports, as well as higher volumes of feeder traffic, were able to offset reduced volumes in the Far East and Middle East regions. The international terminals achieved strong volume growth, due in particular to a strong increase in volumes at the HHLA TK Estonia multifunctional terminal and the resumption of seaborne handling at the Container Terminal Odessa. Transport volumes rose year-on-year by 11.6 % to 1,787 thousand TEU (previous year: 1,602 thousand TEU). This increase resulted from a strong rise in rail traffic, which was largely due to higher transport volumes in the German-speaking countries and the acquisition of a majority stake in Roland Spedition GmbH in the second quarter. Road transport was slightly up on the previous year.

Revenue

in € million

In the reporting period, the HHLA Group’s revenue rose by 10.5 % to € 1,598.3 million (previous year: € 1,446.8 million). This was primarily due to increased transport volumes and longer dwell times for containers handled at the Hamburg container terminals. With its Container, Intermodal and Logistics segments, the listed Port Logistics subgroup developed almost exactly in line with the HHLA Group as a whole with revenue growth of 10.8 % to € 1,561.7 million (previous year: € 1,408.9 million). Revenue of the non-listed Real Estate subgroup decreased by 0.8 % to € 46.1 million (previous year: € 46.5 million). The Real Estate subgroup thus accounted for 2.3 % of Group revenue.

In the past year, changes in inventories amounted to € 0.3 million (previous year: € 0.5 million). Own work capitalised increased to € 7.7 million (previous year: €6.6 million).

Other operating income decreased by 1.3 % to € 72.6 million (previous year: € 73.6 million). This figure includes reimbursement claims against HGV arising from the business combination agreement concluded in connection with the MSC transaction as well as income from the sale of a commercial property in the previous year.

Expense structure

Operating expenses in 2024: € 1,545 million

Operating expenses increased significantly by 8.9 % to € 1,544.6 million (previous year: € 1,418.1 million). This was due to the strong increase in material expenses and a significant rise in personnel expenses, as well as in other operating expenses. This was offset by a slight decrease in amortisation and depreciation.

The cost of materials rose year-on-year by 14.7 % to € 556.6 million (previous year: € 485.1 million). This strong increase was attributable to the growth in volume of material-intensive rail traffic and a significant increase in energy consumption of the Container segment. The cost of materials ratio rose to 34.8 % (previous year: 33.5 %).

Personnel expenses rose by 7.5 % to € 598.3 million (previous year: € 556.7 million). In addition to increased union wage rates and the positive development in performance data, this was also due to business expansion in rail transport. The personnel expense ratio decreased to 37.4 % (previous year: 38.5 %). There was a positive effect from the full reversal of non-contractually fixed restructuring provisions of €18.8 million in the Container segment, following a partial reversal in the previous year.

Other operating expenses increased by 8.6 % to € 214.9 million in the reporting period (previous year: € 197.9 million). This was primarily due to provisions for property transfer tax, which were formed on conclusion of the MSC transaction. The ratio of expenses to revenue amounted to 13.4 % (previous year: 13.7 %).

Against the backdrop of these developments, earnings before depreciation and amortisation (EBITDA) fell by 7.4 % to € 309.0 million (previous year: € 287.8 million). The EBITDA margin decreased to 19.3 % (previous year: 19.9 %).

Depreciation and amortisation declined slightly by 2.0 % year-on-year and amounted to € 174.8 million (previous year: € 178.4 million). The decrease was largely due to the remeasurement of the economic lives of certain assets in the asset class “Technical equipment and machinery”. The positive effect from the adjustment of useful lives amounts to € 9.1 million. A valuation allowance required in the Logistics segment had an opposing effect.

Operating result (EBIT)

in € million, EBIT margin in %

The operating result (EBIT) rose by 22.7 % to € 134.3 million in the reporting year (previous year: € 109.4 million), mainly due to the improved revenue trend. The EBIT margin also increased to 8.4 % (previous year: 7.6 %). In the Port Logistics subgroup, EBIT was up 26.8 % to € 117.8 million (previous year: € 92.9 million) and thus accounted for 87.7 % of the Group’s operating result (previous year: 84.9 %). In the Real Estate subgroup, EBIT decreased slightly by 0.1 % to € 16.1 million (previous year: € 16.1 million) and accounted for 12.3 % of the Group’s operating result (previous year: 15.1 %).

Net expenses from financial income fell by € 2.3 million, or 5.1 %, to € 43.3 million (previous year: € 45.6 million). Apart from opposing interest effects, the change was mainly due to an increase in earnings from associates accounted for using the equity method.

At 38.0 %, the Group’s effective tax rate exceeded that of the previous year (previous year: 33.6 %).

The proportion of consolidated net income attributable to the parent company’s shareholders decreased by 62.9 % year-on-year to € 32.5 million (previous year: € 20.0 million). Non-controlling interests accounted for € 23.9 million in the 2024 financial year (previous year: € 22.4 million). Earnings per share rose by 62.9 % to € 0.43 (previous year: € 0.27). The listed Port Logistics subgroup achieved a 165.1 % increase in earnings per share to € 0.32 (previous year: € 0.12). Earnings per share for the non-listed Real Estate subgroup were down on the prior year’s figure of € 3.52 (previous year: € 4.17). As in the previous year, there was no difference between basic and diluted earnings per share in 2024.

The return on capital employed (ROCE) was up 0.8 percentage points year-on-year at 5.4 % (previous year: 4.6 %). Corporate and value management

HHLA’s appropriation of profits is oriented towards the development of the HHLA Group’s earnings in the financial year ended. On this basis, the Executive Board and Supervisory Board will propose the distribution of a cash dividend of € 0.16 per entitled, listed class A share at the Annual General Meeting. Subject to the approval of the Annual General Meeting, the distribution for class A shares would thus amount to € 11.6 million (previous year: € 5.8 million). The Executive Board and Supervisory Board will propose a cash dividend of € 1.50 (previous year: € 2.20) per non-listed class S share. The sum to be distributed for class S shares would thus amount to € 4.1 million (previous year: € 5.9 million).