There will also be a dividend
HHLA achieves positive result in 2020 despite provisions
According to preliminary, unaudited figures, Hamburger Hafen und Logistik AG (HHLA) generated a positive Group operating result (EBIT) of around EUR 123 million in the 2020 financial year (previous year: EUR 221 million).
On the one hand, the restrictions on economic activity to combat the coronavirus pandemic had a negative impact on the operating result. On the other hand, a provision of around EUR 43 million was recognized in the fourth quarter of 2020. The provision is related to the implementation of restructuring measures as part of an efficiency program in the Container segment. Without the provision, Group EBIT would have amounted to around EUR 166 million. Group sales revenue amounted to around EUR 1.30 billion in the past financial year (previous year: EUR 1.38 billion).
Angela Titzrath, Chairwoman of HHLA's Executive Board: "Thanks to the timely implementation of operational measures and the discipline of our employees, HHLA has come through the coronavirus pandemic well so far. This is also confirmed by the preliminary figures for the 2020 financial year. With the planned provision, we want to strengthen the Container segment's performance and competitiveness so that HHLA can continue to meet its customers' requirements in the future."
Revenue in the listed Port Logistics subgroup amounted to EUR 1.27 billion in the past financial year (previous year: EUR 1.35 billion). Taking the aforementioned provision into account, the subgroup achieved an operating result (EBIT) of around EUR 110 million (previous year: EUR 204 million). Adjusted for the provision, EBIT amounted to around 153 million euros. The sharp fall in EBIT of 46.1%, or 24.9% before provisions, was mainly due to pandemic-related volume declines and changes in market share. Handling volumes in the Container segment fell by 10.6% to 6,776 thousand standard containers (TEU) (previous year: 7,577 thousand TEU). At 1,536 thousand TEU, container transport in the Intermodal segment was slightly below the previous year's level (previous year: 1,565 thousand TEU).
The Executive Board intends to submit a dividend proposal to the Supervisory Board and the Annual General Meeting based on the communicated payout ratio of 50-70 percent of earnings for the Port Logistics subgroup. HHLA will publish the full figures for the 2020 financial year and an outlook for the current financial year on March 25
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