Q1 2023 Hamburger Hafen und Logistik AG Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to our conference call on the financial results of the first quarter 2023.
As always, our CFO, Tanja, joins me today.
The prior year [2020] challenged HHLA with its difficult conditions, such as disruptive transport chains, port congestion and the consequences of Russia's invasion of Ukraine. The significant weakening in demand for logistics services was already apparent at the end of 2022.
Ongoing geopolitical tensions, the Russian war of aggression in Ukraine, high inflation and the corresponding decline in consumptions as well as still the COVID wave in China. All of these are reflected worldwide in an economically weak start to the year.
In line with our expectations, the first quarter of the year was quite challenging, given the weak development in container throughput and transport.
As port congestion already eased in the second half of 2022, we are now facing the twin effect of lower volumes
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