Expected Group performance
Comparison with the forecast of the previous year
The guidance for 2024 published in the 2023 Annual Report was updated twice over the course of the year due to varying growth developments in those markets of key significance to the Port Logistics subgroup.
On publication of the half-year financial report, the guidance for container throughput was downgraded to moderate growth due to a weaker macroeconomic environment. The acquisition of a majority shareholding in Roland Spedition GmbH in the second quarter, however, resulted in an upgrade of guidance for container transport to significant year-on-year growth. Longer dwell times for containers at the Hamburg terminals also contributed to the improved revenue situation. As a result, revenue guidance for the Group, the Port Logistics subgroup and the Intermodal segment was upgraded. Whereas guidance for the operating result (EBIT) of the Port Logistics subgroup was left unchanged in the range of € 70 million to € 100 million, guidance for the Container segment was upgraded to strong growth due to higher than expected revenue, the effects from the remeasurement of the useful economic life of certain assets and a partial reversal of the restructuring provision. At the same time, the EBIT guidance for the Real Estate subgroup was downgraded to “at previous year’s level”.
Based on the positive business development in the first nine months of the year, and in particular the improved revenue of rail transport, guidance for the revenue of the Port Logistics subgroup was once again upgraded in an ad-hoc statement issued in late October. Due to increased revenue from the temporary rise in container dwell times at the Hamburg terminals, guidance for the operating result (EBIT) was also upgraded: a range of € 125 to € 145 million for the Group and € 110 to € 130 million for the Port Logistics subgroup was now predicted. The guidance for container throughput, however, was downgraded to a slight increase. At the same time, expected capital expenditure was lowered for the Group to between € 325 million and € 375 million and to between € 300 million and € 350 million for the Port Logistics subgroup.
At year-end 2024, revenue growth was confirmed for the Group, the Port Logistics subgroup, the Container segment and the Intermodal segment, as well as for the Real Estate subgroup. The EBIT guidance ranges for the Group and Port Logistics subgroup level, as well as EBIT growth guidance for the Container segment, Intermodal segment and Real Estate subgroup were also all met.
Although container throughput achieved only a slight increase as at the end of the year, there was a strong increase for container transport. Group revenue also performed better than the most recent forecasts expected.
Capital expenditure at Group level and in the Port Logistics subgroup was lower than forecast. Overall statement on business performance
Expected earnings position
For the current financial year, a strong year-on-year increase is expected for both container throughput and container transport in the Port Logistics subgroup. Strong year-on-year growth is also expected for revenue as compared with 2024. Moreover, the Port Logistics subgroup is targeting EBIT of between € 180 million and € 220 million. All segments are expected to achieve strong growth.
A slight year-on-year increase in revenue is expected for the Real Estate subgroup. However, a strong decrease is expected for the operating result (EBIT).
At Group level, HHLA expects strong revenue growth and an operating result (EBIT) in the range of € 195 million to € 235 million.
Expected financial position
Based on the liquidity available as of 31 December 2024, HHLA anticipates that it will have sufficient funds to meet its payment obligations at all times.
At Group level, capital expenditure is expected to be in the range of € 460 million to € 510 million in 2025. The Port Logistics subgroup is likely to account for € 420 million to € 470 million of this amount.
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.