Financial position

Balance sheet analysis

Compared with year-end 2020, the HHLA Group’s balance sheet total grew by a total of € 160.9 million to € 2,752.0 million as of 30 June 2021 (31 December 2020: € 2,591.1 million).

On the assets side of the balance sheet, the increase in non-current assets of € 98.8 million to € 2,249.7 million was mainly in property, plant and equipment due to the first-time consolidation of the new companies (31 December 2020: € 2,150.9 million). Current assets rose by € 62.1 million to € 502.3 million (31 December 2020: € 440.2 million). This was mainly attributable to the increase in cash, cash equivalents and short-term deposits of € 37.4 million as well as the increase in trade receivables of € 23.8 million.

On the liabilities side, equity rose by € 27.4 million to € 594.4 million compared to the year-end figure for 2020 (31 December 2020: € 567.0 million). The increase was mainly due to the positive result for the reporting period of € 52.5 million, the interest-related change in actuarial gains including tax effects outside profit or loss, as well as the increase in non-controlling interests as a result of the first-time consolidation of the new companies. There was an opposing effect in connection with the first-time consolidation of HHLA PLT Italy S.r.l. from the reclassification to financial liabilities of the potential obligation from a put option, as well as from the reclassification to liabilities of the dividend obligation for the 2020 financial year. The equity ratio decreased slightly to 21.6 % (31 December 2020: 21.9 %).

Non-current liabilities rose by € 59.7 million to € 1,784.4 million (31 December 2020: € 1,724.7 million). The increase is primarily due to the rise in non-current financial liabilities totalling € 94.7 million. There was an opposing effect in particular from the decrease in pension provisions and from the reduction in liabilities to related parties. Current liabilities rose by € 73.8 million to € 373.2 million (31 December 2020: € 299.4 million), primarily as a result of the increase in other non-financial liabilities, trade payables and liabilities to related parties.

Investment analysis

Capital expenditure in the reporting period totalled € 90.3 million, and was thus slightly above the prior-year figure of € 89.0 million. Property, plant and equipment accounted for € 84.9 million (previous year: € 85.5 million) of capital expenditure and intangible assets for € 5.5 million (previous year: € 3.5 million). The majority of capital expenditure was for expansion work.

Capital expenditure in the first half of 2021 focused mainly on the procurement of large-scale equipment for horizontal transport, storage cranes and container gantry cranes at HHLA’s container terminals, primarily in the Port of Hamburg. Investments were also made in the expansion of the hinterland terminals and the purchase of container wagons in the METRANS Group, as well as in the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

Cash flow from operating activities declined by € 9.8 million to € 150.0 million as of 30 June 2021 (previous year: € 159.8 million). This was due to a year-on-year increase in trade receivables and other assets, as well as higher tax payments. There was an opposing effect from the year-on-year increase in EBIT and the stronger rise in trade payables and other liabilities.

Investing activities led to a net cash outflow of € 86.7 million (previous year: € 77.2 million). This primarily resulted from the year-on-year increase in payments for the acquisition of shares in consolidated companies and lower proceeds from the disposal of intangible assets and property, plant and equipment. The year-on-year decrease in payments for investments in property, plant and equipment and higher payments for short-term deposits had an opposing effect.

Cash flow from financing activities of € 28.8 million was € 9.6 million below the prior-year figure of € 38.4 million. This was primarily due to new financial loans as compared with the previous year. Higher payments for the redemption of financial loans had an opposing effect.

Financial funds as of 30 June 2021 totalled € 203.8 million (30 June 2020: € 251.1 million). Including all short-term deposits, the Group’s available liquidity at the end of the first half of 2021 amounted to € 238.8 million (30 June 2020: € 296.1 million). As of 30 June 2021, available liquidity comprises cash pooling receivables from HGV amounting to € 74.5 million (30 June 2020: € 93.0 million) as well as cash, cash equivalents and short-term deposits of € 164.3 million (30 June 2020: € 203.1 million).