Hellmann 2023 revenue down 30%, volumes stable

"Decline in total sales represents result of expected normalisation of above-average freight rates during pandemic."

Hellmann 2023 revenue down 30%, volumes stable

Hellmann management board: Chief Digital Officer Stefan Borggreve, Chief Financial Officer Martin Eberle, Chief Executive Officer Reiner Heiken, Jens Drewes (Chief Executive Officer from June 1) and Chief Operating Officer Jens Wollesen.

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Hellmann Worldwide Logistics shipment volumes remained stable at around 20 million in 2023, bucking the market trend and expanding its market position, particularly in the air freight and sea freight product areas.

"The company also experienced international growth in its contract logistics division, acquiring new customers and establishing new warehouses in the U.S., Germany, India, and Singapore," says an official release.

With total sales of €3.5 billion (2022: €5 billion), down 30 percent, Hellmann achieved a solid result in 2023, topping pre-pandemic levels, the release added. "The anticipated decline in total sales represents the result of an expected normalisation of the previously above-average freight rates during the pandemic. In addition, equity was strengthened by 4.4 percent to €405 million (2022: €388 million) and the equity ratio increased from 28 percent to 35 percent."

Reiner Heiken, Chief Executive Officer, Hellmann Worldwide Logistics says: "Last year was characterised by a massive decline in rates across the industry and overcapacity in many product areas. Despite these challenges, we were able to maintain the number of shipments and gain market share. This success is a clear sign of our strength and adaptability in a dynamic market environment. It is also important to me that Hellmann is strategically very well positioned and that I can hand over the reins to Jens Drewes with great confidence at the end of the month."

Drewes will assume the responsibility as CEO on June 1 from Reiner Heiken who is retiring. "Reiner Heiken has positioned Hellmann very strongly over the past five years and set the course for the future," says Drewes. "I look forward to building on this solid foundation with our international management and the entire Hellmann team to further develop the family business and expand our market position."

In addition to a continuation of investments in IT infrastructure and digitalisation measures in 2023, Hellmann executed its global growth strategy with the establishment of a new country organisation in Ireland and acquisitions in Italy, Slovakia and the Baltic states, the release added.

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