DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Annual Results 
Hamburger Hafen und Logistik AG: HHLA achieves positive 2020 result in a challenging year 
2021-03-25 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Hamburg, 25 March 2021 
[Publication of the Annual Report 2020] 
HHLA achieves positive 2020 result in a challenging year 
  . However, revenue and operating result (EBIT) for 2020 significantly down on previous year 
  . Marked drop in container throughput, minor decrease in transport volume 
  . Dividend proposal of EUR 0.45 per class A share in the form of a scrip dividend 
  . Moderate increase in revenue and operating result (EBIT) expected for 2021 financial year 
  . Chairwoman of the Executive Board, Angela Titzrath: Transformation process is being continued in order to 
    facilitate new growth 
In a financial year defined by the coronavirus pandemic and the associated social and economic upheavals, Hamburger 
Hafen und Logistik AG (HHLA) achieved a positive Group operating result (EBIT) of EUR 123.6 million in 2020 (previous 
year: EUR 221.2 million). In addition to decreases in volume as a result of the pandemic and changes in the market share, 
provisions amounting to approximately EUR 43 million also had an impact on the operating result. The provisions will be 
used to implement restructuring measures in the Container segment. Without the provisions, the Group EBIT would have 
been approximately EUR 167 million. Compared with the previous year, container throughput decreased by 10.6 percent to 
6,776 thousand TEU. Transport volume amounted to 1,536 thousand TEU, a slight decrease (- 1.9 percent) on the high 
level of the previous year. Revenue for the HHLA Group decreased by 6.0 percent to EUR 1,299.8 million (previous year: EUR 
1,382.6 million). Profit after tax and minority interests dropped by 58.8 percent to EUR 42.6 million (previous year: EUR 
103.3 million). 
Angela Titzrath, Chairwoman of HHLA's Executive Board: "HHLA has weathered the effects of the coronavirus pandemic well 
until now. We will continue to reliably fulfil our responsibility as a service provider for Germany as an 
industrialised nation in 2021, too. This is something that consumers and companies alike can rely on. Regardless of the 
changing macroeconomic environment, we will decisively continue to pursue our transformation process in order to be 
able to fulfil our customers' requirements even more efficiently and develop new growth areas." 
Port Logistics subgroup: business development in 2020 
The listed Port Logistics subgroup recorded a significant decrease in revenue of 6.0 percent to EUR 1,269.3 million 
(previous year: EUR 1,350.0 million). Its operating result (EBIT) fell substantially by 46.0 percent to EUR 110.3 million 
(previous year: EUR 204.4 million), thereby decreasing its EBIT margin to 8.7 percent. In addition to decreases in volume 
as a result of the pandemic and changes in market share, the addition of restructuring provisions in the Container 
segment had a particularly marked impact. Without these provisions, the EBIT for the subgroup would have amounted to 
approximately EUR 153 million. Profit after tax and minority interests decreased by 62.3 percent to EUR 35.3 million 
(previous year: EUR 93.6 million). Earnings per class A share came to EUR 0.50 (previous year: EUR 1.34). 
In total, 6,776 thousand standard containers (TEU) were handled at HHLA's container terminals in the 2020 financial 
year. This is 10.6 percent less than in the same period of the previous year (7,577 thousand TEU). At the three Hamburg 
terminals, the decline amounted to 11.1 percent. Virtually all shipping regions were impacted by pandemic-related 
volume shortfalls. This is especially true for the Far East region, which is of particular importance for HHLA. The 
loss of a Far East service from mid-May 2020 onwards had a further adverse effect on the volume trend. Decreasing 
overseas volumes and reductions in feeder traffic in the Baltic region could not be offset by growth in other shipping 
regions. The international terminals only showed a moderate decrease of 4.7 percent. 
Container transport volume decreased slightly by 1.9 percent to 1.54 million TEU (previous year: 1.57 million TEU). The 
decrease in road transport was much stronger than that of rail transportation. 
Real Estate subgroup: business development in 2020 
HHLA's properties in Hamburg's Speicherstadt historical warehouse district and the Fish Market area recorded a slight 
decrease in revenue of 5.3 percent to EUR 38.1 million in 2020 (previous year: EUR 40.2 million) despite almost full 
occupancy. This mainly resulted from the partial waiving of rent deferrals granted during the pandemic. 
While maintenance volume remained practically constant, decreases in revenue resulted in a fall in the operating result 
(EBIT) of 21.5 percent to EUR 12.9 million (previous year: EUR 16.5 million). The annual net profit dropped by 24.4 percent 
to EUR 7.3 million (previous year: EUR 9.7 million). Earnings per Class S share amounted to EUR 2.70 (previous year: EUR 3.57). 
Forecast for 2021 
Unprecedented measures were introduced around the globe in an effort to contain the spread of the pandemic. Given the 
uncertain conditions, it is therefore not possible to make a reliable forecast. This applies in particular to the 
intensity and timing of the economic recovery. 
According to these assumptions, HHLA expects to see a moderate year-on-year increase for the Port Logistics subgroup, 
both in terms of container throughput and container transport, for the current financial year. A moderate year-on-year 
increase is also expected in terms of revenue. After the operating result (EBIT) in the financial year 2020 was 
burdened by net provisions amounting to approximately EUR 43 million for an efficiency programme in the Container 
segment, EBIT for the Port Logistic subgroup in the range of EUR 140 to 160 million is targeted for the current financial 
year. 
A slight year-on-year increase in revenue is considered possible for the Real Estate subgroup with an operating result 
(EBIT) on par with the previous year. 
At Group level, a moderate increase in revenue and an operating result (EBIT) in the range of EUR 153 million to EUR 178 
million is anticipated. 
In order to further increase productivity in the Container and Intermodal segments, capital expenditure at Group level 
is expected to be in the range of EUR 250 to 280 million in 2021. The Port Logistics subgroup will account for the major 
share of these investments (EUR 220 to 250 million). The main focus of capital expenditure in the Container segment will 
be on the implementation of a restructuring and efficiency programme and in the Intermodal segment on the renewal and 
expansion of the Group's own transport and handling capacities. 
HHLA remains committed to its profit-oriented dividend policy, which aims to pay out between 50 and 70 percent of 
annual net profit after minority interests in the form of dividends. 
Dividend proposal for 2020 
The Executive Board and the Supervisory Board will propose to the Annual General Meeting on June 10, 2021, an optional 
dividend of EUR 0.45 per class A share entitled to dividends. During the determination, the result was adjusted by the 
change in the restructuring provision affecting net income in the amount of EUR 43 million. The resulting payout ratio is 
at the lower end of the payout corridor of 50 to 70 percent of the net profit for the year after non-controlling 
interests. Shareholders will thus again have the option of choosing between cash dividends and subscription to new 
shares. 
 
Key figures: January to December 
HHLA Group 
in EUR million                                             2020             2019             Change 
Revenue                                               1,299.8          1,382.6            - 6.0 % 
EBITDA                                                  289.4            382.6           - 24.4 % 
EBITDA margin in %                                       22.3             27.7           - 5.4 pp 
EBIT                                                    123.6            221.2           - 44.1 % 
EBIT margin in %                                          9.5             16.0           - 6.5 pp 
Profit after tax                                         74.1            137.1           - 45.9 % 
Profit after tax and minority interests                  42.6            103.3           - 58.8 % 
ROCE in %                                                 5.9             10.8           - 4.9 pp 
Port Logistics subgroup ^1,2 
in EUR million                                             2020            2019             Change 
Revenue                                               1,269.3         1,350.0            - 6.0 % 
EBITDA                                                  269.4           358.7           - 24.9 % 
EBITDA margin in %                                       21.2            26.6           - 5.4 pp 
EBIT                                                    110.3           204.4           - 46.0 % 
EBIT margin in %                                          8.7            15.1           - 6.4 pp 
Profit after tax and minority interests                  35.3            93.6           - 62.3 % 
Earnings per share in EUR ^3                               0.50            1.34           - 62.3 % 
Dividend per share in EUR ^4                               0.45            0.70           - 35,7 % 
[^1 Before consolidation between subgroups 
^2 Listed class A shares 
^3 Basic and diluted 
^4 2020: Dividend proposal] 
Container segment 
in EUR million                                     2020             2019             Change 
Revenue                                         737.5            799.7            - 7.8 % 
EBITDA                                          160.4            240.2           - 33.2 %

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