Financial position

Balance sheet analysis

Compared with year-end 2021, the HHLA Group’s balance sheet total decreased marginally by € 0.7 million to € 2,801.2 million as of 30 June 2022 (31 December 2021: € 2,801.9 million).

On the assets side of the balance sheet, non-current assets decreased by € 19.1 million to € 2,274.9 million (31 December 2021: € 2,294.0 million), primarily due to the decline in deferred tax assets. Current assets climbed by € 18.4 million to € 526.3 million (31 December 2021: € 507.9 million). This was largely attributable to the increase of € 37.5 million in trade receivables. There was an opposing effect from a decrease in receivables from related parties as well as in cash, cash equivalents and short-term deposits.

On the liabilities side, equity rose by € 80.8 million to € 786.0 million compared to the year-end figure for 2021 (31 December 2021: € 705.2 million). The increase was mainly due to the positive result for the reporting period of € 58.9 million and the interest rate-related change in actuarial gains including tax effects outside profit or loss. The distribution of dividends had the opposite effect. The equity ratio increased to 28.1 % (31 December 2021: 25.2 %).

Non-current liabilities fell by € 110.7 million to € 1,619.5 million (31 December 2021: € 1,730.2 million). The decline resulted primarily from the interest rate-related change in pension provisions. Current liabilities rose by € 29.2 million to € 395.7 million (31 December 2021: € 366.5 million), primarily as a result of the increase in trade liabilities, current financial liabilities and other non-financial liabilities. There was an opposing effect from a decrease in current liabilities to related parties.

Investment analysis

Capital expenditure in the reporting period totalled € 86.4 million and was thus slightly below the prior-year figure of € 90.3 million. Property, plant and equipment accounted for € 80.6 million (previous year: € 84.9 million) of capital expenditure and intangible assets for € 5.8 million (previous year: € 5.5 million). The majority of capital expenditure was for expansion work.

Capital expenditure in the first half of 2022 focused mainly on the procurement of large-scale equipment for horizontal transport and storage 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 locomotives and wagons for 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 € 22.7 million to € 127.3 million as of 30 June 2022 (previous year: € 150.0 million). This was mainly due to the bigger increase in trade receivables and other assets compared with the prior-year period, a smaller increase in trade liabilities and other liabilities, and the decrease (previous year: increase) in provisions. The higher EBIT compared with the prior-year period had the opposite effect.

Investing activities led to a cash outflow of € 52.1 million (previous year: € 86.7 million). This development was primarily the result of higher proceeds from short-term deposits compared with the prior-year period and lower payments for investments in property, plant and equipment.

Cash flow from financing activities (outflow) of € 70.4 million was € 41.6 million up on the prior-year figure of € 28.8 million. This was primarily due to the payment of dividends to the parent company’s shareholders. A year-on-year increase in new financial loans and lower payments for the redemption of financial loans had the opposite effect.

Financial funds totalled € 177.9 million as of 30 June 2022 (30 June 2021: € 203.8 million). Including all short-term deposits, the Group’s available liquidity at the end of the first half of 2022 amounted to € 217.9 million (30 June 2021: € 238.8 million). As of 30 June 2022, available liquidity comprises cash pooling receivables from HGV amounting to € 71.0 million (30 June 2021: € 74.5 million) as well as cash, cash equivalents and short-term deposits of € 146.9 million (30 June 2021: € 164.3 million).