Earnings position

There was an increase in HHLA’s performance data in 2021. Container throughput increased slightly by 2.5 % compared with the previous year to 6,943 thousand TEU (previous year: 6,776 thousand TEU). This was largely due to the positive development of cargo volumes in the Far East and North and South America shipping regions, as well as the acquisition of an additional feeder service for the Baltic region in September 2021. At the three Hamburg terminals, the increase amounted to 2.2 %. At the international terminals, however, the increase was significant. Transport volumes increased year-on-year by 10.0 % to 1,690 thousand TEU (previous year: 1,536 thousand TEU). This increase was exclusively due to rail transport. Road transport remained on a par with the previous year in a persistently challenging market environment.

Revenue

in € million

Against this background, HHLA Group revenue rose by 12.7 % during the reporting period to € 1,465.4 million (previous year: € 1,299.8 million). In addition to the development of performance data, this strong increase was also caused by a temporary spike in storage fees due to ongoing ship delays. The listed Port Logistics subgroup developed almost exactly in line with the HHLA Group as a whole. Its Container, Intermodal and Logistics segments recorded an overall increase in revenue of 13.1 % to € 1,435.8 million (previous year: € 1,269.3 million). Revenue in the non-listed Real Estate subgroup remained unchanged at € 38.1 million (previous year: € 38.1 million). The Real Estate subgroup thus accounted for 2.0 % of Group revenue.

In the reporting period, changes in inventories amounted to € 3.1 million (previous year: € 0.1 million). Own work capitalised decreased to € 4.2 million (previous year: € 4.6 million).

Other operating income rose slightly by 2.2 % to € 51.9 million (previous year: € 50.8 million).

Expense structure

Operating expenses in 2021: € 1,296 million

Operating expenses increased significantly by 5.3 % to € 1,296.4 million (previous year: € 1,231.7 million). Whereas the cost of materials and depreciation and amortisation rose significantly, there was a strong increase in other operating expenses. By contrast, personnel expenses rose only slightly.

Compared to the previous year, the cost of materials increased significantly by 6.8 % to € 404.8 million (previous year: € 379.1 million). The decrease in the cost of materials ratio to 27.6 % (previous year: 29.2 %) was partly due to the disproportionately strong increase in revenue in relation to the performance data.

Personnel expenses rose by 1.2 % to € 554.4 million (previous year: € 548.1 million). In addition to increased union wage rates and the acquisitions made, this was due to volume growth in rail transport and additional container handling due to the increased storage load at the container terminals. Additional provisions for restructuring measures in connection with the implementation of a future programme to boost efficiency in the Container segment were made during the course of the year. The resulting expense, however, was much lower than the corresponding amount in the previous year. As a result, the personnel expense ratio declined strongly to 37.8 % (previous year: 42.2 %).

Other operating expenses increased strongly by 14.4 % to € 158.7 million (previous year: € 138.7 million) during the reporting period. This was partly due to increased consultancy services in connection with the transformation of the Container segment. The ratio of expenses to revenue amounted to 10.8 % (previous year: 10.7 %).

Against the background of these developments, the operating result before depreciation and amortisation (EBITDA) rose by 40.5 % to € 406.7 million (previous year: € 289.4 million). There was a correspondingly strong increase in the EBITDA margin to 27.8 % (previous year: 22.3 %).

Depreciation and amortisation rose significantly by 7.6 % year-on-year, amounting to € 178.5 million (previous year: € 165.8 million). In addition to a further valuation allowance for goodwill attributable to Bionic Production GmbH, this item was influenced by investments in additional handling equipment, transport vehicles and block storage systems at the Hamburg container terminals, as well as the expansion of operations in rail transport and the launch of the container terminal operations in Trieste.

Operating result (EBIT)

in € million, EBIT margin in %

The operating result (EBIT) rose strongly by 84.7 % to € 228.2 million in the reporting period (previous year: € 123.6 million). The main factors driving this trend are the development of performance data, a temporary spike in revenue from storage fees as a result of ongoing ship delays and a significant year-on-year decrease in allocations to the restructuring provision relating to the implementation of an efficiency programme in the Container segment. At 15.6 %, the EBIT margin was much higher than in the previous year (previous year: 9.5 %). In the Port Logistics subgroup, EBIT grew by 92.7 % to € 212.6 million (previous year: € 110.3 million). As a result, it accounted for 93.2 % (previous year: 89.3 %) of the Group’s operating result in the reporting period. In the Real Estate subgroup, EBIT rose by 18.0 % to € 15.3 million (previous year: € 12.9 million). This accounted for 6.8 % of the Group’s operating result (previous year: 10.7 %).

Net expenses from the financial result increased by € 12.1 million or 49.5 % to € 36.6 million (previous year: € 24.5 million). This was mainly due to an expense from the revaluation of a settlement liability for the profit transfer of a subsidiary with minority shareholders amounting to € 10.1 million (previous year: income of € 5.9 million).

At 30.6 %, the Group’s effective tax rate was higher than in the previous year (previous year: 25.2 %).

Profit after tax and minority interests increased by 163.9 % year-on-year to € 112.3 million (previous year: € 42.6 million). Non-controlling interests accounted for € 20.6 million in the 2021 financial year (previous year: € 31.6 million). From a financial point of view, this item includes the earnings mentioned in relation to the financial result associated with revaluing the settlement obligation to a minority shareholder. Earnings per share rose by 163.9 % to € 1.50 (previous year: € 0.58). The listed Port Logistics subgroup achieved a 192.3 % increase in earnings per share to € 1.43 (previous year: € 0.50). Earnings per share of the non-listed Real Estate subgroup were also up on the prior-year figure at € 3.41 (previous year: € 2.70). As in the previous year, there was no difference between basic and diluted earnings per share in 2021. The return on capital employed (ROCE) was up 4.7 percentage points year-on-year at 10.6 % (previous year: 5.9 %). Corporate and value management

As in the previous year, HHLA’s appropriation of profits is oriented towards the development of the HHLA Group’s earnings in the financial year ended. The distributable profit and HHLA’s stable financial position form the foundation of the company’s consistent profit distribution policy.

On this basis, the Executive Board and Supervisory Board will propose at the Annual General Meeting on 16 June 2022 the distribution of a cash dividend of € 0.75 per entitled, listed class A share (previous year: € 0.45). As in the previous year, the Executive Board and Supervisory Board will propose a cash dividend of € 2.10 per non-listed class S share. The sum to be distributed for class S shares would thus amount to € 5.7 million.