Overall view of the course of business

Despite a multitude of negative influences – such as the Russian war of aggression against Ukraine, high energy prices, a more restrictive monetary policy and a resurgence of the coronavirus pandemic in China – the HHLA Group made good progress in the 2022 financial year. As of the balance sheet date, 31 December 2022, HHLA’s economic and financial position proved to be stable. The equity ratio rose by 6.3 percentage points to 31.5 % (previous year: 25.2 %). The gearing ratio changed from 3.6 to 3.4. There were no further refinancing needs as of the balance sheet date.

There were no other particular events or transactions during the reporting period, either in HHLA’s operating environment or within the Group, that had a significant impact on its results of operations, net assets and financial position.

The guidance for 2022 published in the 2021 Annual Report was already downgraded for container throughput and upgraded for revenue and EBIT of the Real Estate subgroup on publication of the half-year results. With the publication of the quarterly figures for January to September 2022, the forecast was downgraded again for container throughput, and also for container transport for the first time in the financial year. Revenue expectations were upgraded for the Port Logistics subgroup and for the Group. As a result of delays in planned additions to assets, capital expenditure was reduced from previously € 300 million to € 350 million at Group level to between € 210 million and € 260 million. Consequently, investments for the Port Logistics subgroup were lowered to € 180 million to € 230 million (previously: € 270 million to € 320 million). While capital expenditure at Group level remained only slightly below the most recently issued guidance, all other key figures were either in line with or in excess of guidance.