Half-year Financial Report January – June 2023

Significant events and transactions

As of 31 March 2023, HHLA’s group of consolidated companies was expanded to include Survey Compass GmbH of Treben, Germany, which was acquired in January 2023 and has been assigned to the Logistics segment, and Adria Rail d.o.o. of Rijeka, Croatia, which was acquired in March 2023 and has been assigned to the Intermodal segment.

On 19 June 2023, HHLA AG and Grand Dragon Investment Enterprise Limited of Hong Kong, China, a subsidiary of COSCO SHIPPING Ports Limited of Hong Kong, China (CSPL), signed a share purchase agreement for a non-controlling interest of 24.99 % in HHLA Container Terminal Tollerort GmbH of Hamburg (CTT), a formerly wholly-owned subsidiary of HHLA  AG. The date of the sale was 20 June 2023.

HHLA PLT Italy S.r.l. of Trieste, Italy (PLT), had the option of expanding its existing infrastructure by 17 June 2023. In conjunction with this, HHLA had an opportunity to successively increase its interest by acquiring the shares of former shareholders at a set purchase price in conjunction with further capital increases. The Supervisory Board of HHLA AG agreed to the exercise of this option on 21 March 2023. No binding notification of the exercise of this option was made by the end of the option period. Likewise, the contractual terms had not been fully negotiated with the relevant parties by the balance sheet date of 30 June 2023. On 31 July 2023 – in addition to the aforementioned agreement to acquire further shares in PLT from existing shareholders – PLT signed a share purchase and transfer agreement to acquire shares in Logistica Giuliana S.r.l. of Trieste, Italy. This makes it possible to expand the infrastructure. Both agreements contain conditions precedent.

Within the Port Logistics and Real Estate subgroups, the key economic indicators for the first half of 2023 and HHLA’s actual economic performance were largely in line with the performance forecast in the combined management report for 2022, which, at the time of preparing the annual report, was subject to great uncertainty due to the geopolitical tensions and their effects on inflation as well as economic sanction measures. In the course of the current financial year, the post-pandemic economic recovery in the main markets of the Ports Logistics subgroup has been weaker than forecast by leading economic institutes at the beginning of the year. Consequently, HHLA issued an ad hoc disclosure on 27 July 2023 announcing the downgrading of its guidance for the financial year 2023 compared with the expectations communicated in the quarterly statement January to March 2023. Business forecast

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