Expected Group performance
Within the Port Logistics and Real Estate subgroups, HHLA’s actual economic development in the first half of 2023 was largely in line with the forecast published in the combined management report for 2022, which, at the time of preparing the annual report, was subject to considerable uncertainty due to geopolitical tensions and their impact on inflation and economic sanctions. In those markets of importance to the Ports Logistics subgroup, the post-pandemic economic recovery in the current financial year has been weaker than forecast by leading economic institutes at the beginning of the year. HHLA’s business performance reflects market sentiment: the strong decline in volumes in the first quarter of 2023 due to the macroeconomic situation continued in the second quarter of the current year.
Against the background of this development, a significant year-on-year decrease in container throughput is now expected for the Port Logistics subgroup (previously: slight increase) as well as container transport on a par with 2022 (previously: moderate year-on-year increase). A significant decrease in revenue is now expected (previously: slight increase). This development is the result of a strong volume-related decrease (previously: moderate decrease) in revenue of the Container segment, which cannot be offset by a significant increase (previously: strong increase) in revenue of the Intermodal segment. Expectations for the operating result (EBIT) have been adjusted accordingly and now range from € 100 to 120 million (previously: € 145 to 175 million). Within this range, a strong year-on-year decrease is expected for the Container segment and a slight year-on-year decrease (previously: moderate increase) for the Intermodal segment in their respective segment EBIT results.
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 this background of changed expectations, the operating result (EBIT) will be between € 115 and 135 million (previously: between € 160 million and € 190 million).
Capital expenditure at Group level is still expected to be in the range of € 250 million to € 300 million. With anticipated investments of € 220 million to € 270 million, the Port Logistics subgroup will account for the majority of this expenditure. In the Container segment, investments will focus on efficiency gains for 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.
Given the aforementioned volatile conditions, the outlook remains fraught with significant uncertainties.