In This Article:
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Container Throughput: Increased by 2.2% to 2.9 million TEUs in the first half of 2024.
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Segment Revenue: Increased by 7.5% year on year to EUR378.7 million.
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EBIT: Rose by 80% to EUR34.4 million.
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EBIT Margin: Increased by 3.7 percentage points to 9.1%.
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Intermodal Segment Revenue: Grew by 4.7% to EUR227.7 million.
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Intermodal Segment EBIT: Decreased by 4.7% to EUR39.2 million.
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Intermodal Segment EBIT Margin: 11.9%, down 1.2 percentage points from the previous year.
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Logistics Segment Revenue: Decreased by 5.1% to EUR38.7 million.
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Cash Flow from Operating Activities: Decreased by around EUR9 million to EUR92.6 million.
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Free Cash Flow: Negative at EUR33.5 million.
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Available Liquidity: EUR90.3 million at the end of June 2024.
Release Date: August 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Hamburger Hafen und Logistik AG (HHULY) recorded an increase in container throughput in the first half of 2024, despite global economic challenges.
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The acquisition of Austrian company Roland Spedition GmbH contributed positively to revenue growth.
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Modernization efforts at the Hamburg container terminal, including the implementation of state-of-the-art technologies, are expected to enhance productivity and climate-friendliness.
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The company has made significant progress in expanding its European network, particularly through its rail subsidiary Matrans.
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HHULY has reached a preliminary framework agreement with MSC and the City of Hamburg, which includes a capital injection of EUR450 million and commitments for employee welfare.
Negative Points
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The company faces challenges from a volatile logistics environment, impacted by geopolitical tensions and economic slowdowns in key markets like China.
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Persistently high energy costs and increasing compliance requirements are burdening Germany's export-oriented industrial output.
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Container throughput at HHULY terminals lost some momentum in Q2, with a slight increase of only 2.2% in the first half of 2024.
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The logistics segment reported a revenue decline of 5.1% compared to the previous year, with vehicle logistics particularly weak.
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Free cash flow was negative at EUR33.5 million, and cash flow from operating activities decreased by around EUR9 million.
Q & A Highlights
Q: Can you provide an overview of the market environment and its impact on HHLA's performance in the first half of 2024? A: Angela Titzrath, CEO, explained that 2024 has been challenging due to a volatile logistics environment. Factors such as a slowdown in the Chinese economy, geopolitical tensions, and high energy costs have impacted global economic growth. Despite these challenges, HHLA recorded an increase in container throughput and revenue, partly due to the acquisition of Roland Spedition GmbH.