Overall View

The HHLA Group’s performance in the 2017 financial year was very encouraging. Thanks to sales activities and an investment policy aligned with trends in ship sizes, the HHLA Group succeeded in capitalising on the positive economic environment while the consolidation trend among its clients continued. These efforts led to a marked increase in container throughput in the Container segment. At the same time, container transport in the Intermodal segment rose noticeably. Developments at HHLA’s two largest segments led to moderate growth in both revenue and the operating result at Group level.

Container throughput was well in excess of guidance for the 2017 financial year stated in the prior-year report. The Executive Board therefore issued an ad hoc announcement on 5 May 2017 with more specific guidance on anticipated volume and earnings trends in the Container segment and thus on the Group’s expected earnings in 2017. As the Container segment’s performance in the first half of 2017 exceeded expectations, further specific guidance on the Group’s 2017 earnings was issued in August. Despite additional expenses announced in November 2017 in connection with the harmonisation of the existing pension schemes, this more specific guidance was confirmed by actual developments. Capital expenditure came in below the communicated figure.

As a result of the business trend in 2017, HHLA’s financial position at the end of the reporting period on 31 December 2017 remained stable. The equity ratio increased by 1.3 percentage points to 32.8 % (previous year: 31.5 %) while liabilities remained largely unchanged from the previous year. Aided by sufficient liquidity, HHLA was able to reduce its gearing ratio from 2.6 to 2.3. The company still has no significant refinancing requirements.