Liquidity analysis
in € million |
|
2025 |
|
2024 |
|---|---|---|---|---|
Financial funds as of 01.01. |
|
285.6 |
|
242.3 |
Cash flow from operating activities |
|
273.4 |
|
195.9 |
Cash flow from investing activities |
|
- 334.7 |
|
- 299.0 |
Free cash flow |
|
- 61.3 |
|
- 103.1 |
Cash flow from financing activities |
|
- 28.0 |
|
146.2 |
Change in financial funds |
|
- 89.3 |
|
43.2 |
Change in financial funds due to exchange rates |
|
- 0.2 |
|
0.0 |
Financial funds as of 31.12. |
|
196.1 |
|
285.6 |
Short-term deposits |
|
0.0 |
|
20.0 |
Available liquidity |
|
196.1 |
|
305.6 |
In the reporting period, cash flow from operating activities of € 273.4 million (previous year: € 195.9 million) mainly comprised earnings before interest and taxes of € 160.5 million (previous year: € 134.3 million), write-downs and write-ups on non-financial assets of € 176.2 million (previous year: € 174.8 million) and the increase in trade payables and other liabilities of € 57.3 million (previous year: € 10.3 million). The main items with an opposing effect were interest payments of € 56.6 million (previous year: € 36.1 million), the increase in trade receivables and other assets of € 37.1 million (previous year: € 54.9 million) and income tax payments of € 28.1 million (previous year: € 47.7 million).
Investing activities led to a cash outflow of € 334.7 million (previous year: € 299.0 million). This chiefly related to payments for capital expenditure on property, plant and equipment and investment property of € 323.3 million (previous year: € 244.7 million).
Free cash flow – the total cash flow from operating and investing activities – developed positively to € - 61.3 million (previous year: € - 103.1 million).
Cash flow from financing activities amounted to € - 28.0 million in the reporting period (previous year: € 146.2 million). This largely resulted from repayments of financial loans totalling € 77.3 million (previous year: € 70.5 million), from repayments of lease liabilities amounting to € 50.6 million (previous year: € 54.1 million) and from dividend payments and settlement obligations to parent company shareholders of € 11.3 million (previous year: € 11.8 million) and to non-controlling interests of € 26.3 million (previous year: € 26.1 million). There was an opposing effect from new financial loans of € 139.6 million (previous year: € 309.4 million).
The HHLA Group had sufficient liquidity as of year-end 2025. There were no liquidity bottlenecks in the course of the financial year. Financial funds totalled € 196.1 million as of 31 December 2025 (31 December 2024: € 285.6 million) and corresponded to the available Group liquidity as of year-end 2025 (as of 31 December 2024: € 305.6 million).
As of 31 December 2025, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 15.5 million (31 December 2024: € 54.8 million) as well as cash, cash equivalents and short-term deposits of € 180.7 million (as of 31 December 2024: € 250.8 million).