Annual Report 2023

Investment analysis

Capital expenditure totalled € 314.0 million in the 2023 financial year (previous year: € 203.1 million). This figure includes additions of € 32.7 million from rights of use (rent and leases) not recognised as a direct cash expense (previous year: € 18.8 million). Capital expenditure focused on extending the Hamburg container terminals and expanding intermodal handling and transport capacities. Investment projects were funded by both operating cash flow and cash flow from financing activities.

Property, plant and equipment accounted for € 276.9 million (previous year: € 168.0 million) of capital expenditure, while intangible assets accounted for € 18.6 million (previous year: € 13.6 million) and investment property for € 18.5 million (previous year: € 21.5 million).

Investments amounting to € 184.5 million were made in the Container segment (previous year: € 80.4 million). Excluding, intra-Group asset transfers, this figure amounted to € 174.6 million. Capital expenditure was dominated by the procurement of handling equipment and storage capacities at the Hamburg container terminals. Investments in the Intermodal segment amounted to € 44.1 million (previous year: € 82.6 million). METRANS accounted for most of this capital expenditure, investing mainly in the development of existing and new inland terminals. Capital expenditure in the Logistics segment, including intra-Group asset transfers, amounted to € 122.3 million (previous year: € 14.1 million). Excluding these transfers, capital expenditure totalled € 65.7 million and chiefly related to the procurement of container wagons and locomotives at the newly established leasing company in the Intermodal segment. The pro forma Holding/Other segment invested a total of € 8.4 million (previous year: € 4.1 million). Capital expenditure of € 21.2 million in the Real Estate segment (previous year: € 22.7 million) was mainly for the development of the Speicherstadt historical warehouse district.

The drivers for capital expenditure in the Container segment were the deployment of cutting-edge handling technology to increase productivity in existing terminal areas and the needs-oriented expansion of berths to reflect the increasing size of ships. In the Intermodal segment, investments focused in particular on raising the performance and range of its hinterland connections.

As of year-end, there were other financial liabilities for outstanding purchase commitments of € 306.1 million (previous year: € 225.0 million). This figure includes € 223.9 million (previous year: € 155.6 million) for the capitalisation of property, plant and equipment.

Investments, depreciation and amortisation

in € million

Investments, depreciation and amortisation (bar chart)

Capital expenditure by segment

Capital expenditure 2023: € 314 million

Capital expenditure by segment (pie chart)
A port’s catchment area.
Intermodal/Intermodal systems
Transportation via several modes of transport (water, rail, road) combining the specific advantages of the respective carriers.
Payments for investments in property, plant and equipment, investment property and intangible assets.
Operating cash flow
According to literature on IFRS key figures: EBIT – taxes + depreciation and amortisation – write-backs +/– changes in non-current provisions (excl. interest portion) +/– gain/loss on the disposal of property, plant and equipment + changes in working capital.
In maritime logistics, a terminal is a facility where freight transported by various modes of transport is handled.

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