Half Year 2024 Hamburger Hafen und Logistik AG Earnings Call Transcript
Key Points
- Hamburger Hafen und Logistik AG (HHULY) recorded an increase in container throughput in the first half of 2024, despite global economic challenges.
- The acquisition of Austrian company Roland Spedition GmbH contributed positively to revenue growth.
- Modernization efforts at the Hamburg container terminal, including the implementation of state-of-the-art technologies, are expected to enhance productivity and climate-friendliness.
- The company has made significant progress in expanding its European network, particularly through its rail subsidiary Matrans.
- 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.
- The company faces challenges from a volatile logistics environment, impacted by geopolitical tensions and economic slowdowns in key markets like China.
- Persistently high energy costs and increasing compliance requirements are burdening Germany's export-oriented industrial output.
- Container throughput at HHULY terminals lost some momentum in Q2, with a slight increase of only 2.2% in the first half of 2024.
- The logistics segment reported a revenue decline of 5.1% compared to the previous year, with vehicle logistics particularly weak.
- Free cash flow was negative at EUR33.5 million, and cash flow from operating activities decreased by around EUR9 million.
Good afternoon, ladies and gentlemen. Welcome to our conference call on the financial results for the first half of 2024. Before our CFO and Adviser leads you to the financials in detail, let me briefly comment on the market environment in which we currently operate and highlight our major achievements in the first six months.
The financial year 2024 is turning into another challenging year for HHLA. We have been experiencing again how volatile logistics can be. The marked slowdown in the Chinese economy, geopolitical tensions, the military conflict in the Middle East, and the ongoing war in Ukraine, all had an adverse impact on global economic growth.
The situation was made worse by persistently high energy costs and increasing compliance requirements, which noticeably burden Germany's export oriented industrial output. This is why forecast for the German economy this year are edging towards stagnation, while moderate growth is still expected for the global economy.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
