Earnings position

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Key figures
in € million	1–3 \| 2020	1–3 \| 2019	Change
Revenue	335.7	347.6	- 3.4 %
EBITDA	77.5	98.4	- 21.3 %
EBITDA margin in %	23.1	28.3	- 5.2 pp
EBIT	36.7	59.7	- 38.6 %
EBIT margin in %	10.9	17.2	- 6.3 pp
Profit after tax and minority interests	10.1	29.4	- 65.6 %
ROCE in %	7.0	12.0	- 5.0 pp

The development of HHLA’s performance data in the first quarter of 2020 was already affected by the global coronavirus pandemic. Container throughput decreased moderately by 3.7 % year-on-year to 1,796 thousand TEU (previous year: 1,865 thousand TEU). This decline was mitigated by strong throughput at the start of the year and was limited to the container terminals in Hamburg. Throughput at the international terminals was at about the same level as last year, although there were strong regional variations in the first quarter. Container transport decreased significantly by 5.1 % to 378 thousand TEU (previous year: 398 thousand TEU). The drop in road transport was severe, whereas for rail transport it was more moderate.

The 3.4 % decrease in the HHLA Group’s revenue to € 335.7 million (previous year: € 347.6 million) was slightly less than the fall in performance data. One reason for this was that the coronavirus pandemic had not yet affected revenue of the Real Estate segment.

Other operating income amounted to € 8.3 million (previous year: € 8.4 million).

Operating expenses rose by 3.7 % to € 309.0 million (previous year: € 298.1 million). This opposing trend to the performance data and revenue was due to the development of union wage rates, as well as an increase in headcount and depreciation charges.

There was a strong decrease in the operating result (EBIT) of € 23.0 million or 38.6 % to € 36.7 million during the reporting period (previous year: € 59.7 million). The EBIT margin amounted to 10.9 % (previous year: 17.2 %). In the Port Logistics subgroup, EBIT declined by 41.7 % to € 32.5 million (previous year: € 55.7 million). The Real Estate subgroup achieved EBIT growth of 6.0 % to € 4.1 million (previous year: € 3.9 million).

Net expenses from the financial result increased by € 3.0 million, or 38.0 %, to € 10.9 million (previous year: € 7.9 million).

Profit after tax and minority interests was significantly lower than the previous year at € 10.1 million (previous year: € 29.4 million). Earnings per share amounted to € 0.14 (previous year: € 0.40). The listed Port Logistics subgroup achieved earnings per share of € 0.11 (previous year: € 0.39). Earnings per share of the non-listed Real Estate subgroup were up on the prior-year figure at € 0.91 (previous year: € 0.83). Return on capital employed (ROCE) reached 7.0 % (previous year: 12.0 %).