Half Year 2023 Hamburger Hafen und Logistik AG Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to our conference call on the financial results for the first half of 2023. I'm pleased to take you through the figures today and give you some color on the latest development.
As expected, 2023 is turning into another challenging year for HHFA. The ongoing war in Ukraine, geopolitical tensions, inflation and rising interest rates are adding to the ongoing uncertainty and are dampening consumer and industry buying behavior. The global economic downturn and weak domestic demand in many countries have slowed the anticipated post-pandemic recovery. Economic development in Germany was more severely affected by the after effects of the energy crisis and the restrictive monetary policy than expected at the beginning of the year.
As a result, several economic research institutes have lowered their economic growth expectation for the current year. As a European logistics company, we are feeling the effects in the same way as all other
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