Annual press conference
Decline in earnings at Eurogate
The Eurogate Group presented its balance sheet for the 2018 financial year at its annual press conference. The Group generated a net profit of 67.3 million euros in 2018, compared to 85.2 million euros in 2017.
According to Eurogate, the decline in earnings compared to the previous year is mainly due to one-off effects, which had contributed significantly to earnings in 2017. At 604.0 million euros, revenue was only slightly below the previous year's figure of 607.9 million euros. Michael Blach, Chairman of the Eurogate Group Management Board, commented: "2018 was an exciting and once again challenging financial year for Eurogate, but we were ultimately able to close it with an acceptable result. We saw the extensive changes resulting from the restructuring of the alliances as an opportunity and made the best possible use of them. The positive trend that we have seen in Hamburg since May 2018 and in Wilhelmshaven throughout the year shows that our efforts have paid off. We can be satisfied with the figures for 2018, but we must not be content with what we have achieved." The effects of the wave of consolidation within the shipping company alliances that took place in 2017 also had a significant impact on Eurogate in 2018. However, these also had positive effects for the Group, with Eurogate Container Terminal Hamburg recording a significant increase in volumes in the second half of the year and reversing the negative trend of the previous two years.
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