Ladies and Gentlemen, The global economy faced
major challenges in 2023.
The ongoing war in Ukraine
and the military escalation in the Middle East
have dampened global economic growth,
as have high inflation and increased interest rates.
As a result, the German economy deteriorated
to the extent that Germany slid into a recession.
This weak economic situation also affected our business:
Handling volumes were lower than expectations had forecast
at the start of the year.
Furthermore, the costs of materials,
maintenance and employees
also increased significantly
as a result of inflation.
This is reflected in the development of revenue and results for our company.
In this difficult environment,
HHLA continued its modernization program undaunted.
Therefore, Germany's largest container terminal at Burchardkai in Hamburg is being
retrofitted during day-to-day operations
to automate the storage crane systems and horizontal transport.
We are absolutely certain
that it is important now
more than ever
to invest in the future and resilience of our business.
As a result, we are tapping into new growth areas
and sustainability initiatives on the way to climate neutrality.
From our perspective,
this is one of the most crucial competitive factors
for the future.
Ladies and Gentlemen,
although these uncertain times
may make many things difficult, they also present opportunities.
For this reason, we are continuing to work with confidence and courage towards the
company's today and future success.
So that HHLA can remain true to itself:
A strong European logistics company
with sustainable, innovative solutions for the logistics of the future.