Financial Position

Balance Sheet Analysis

Compared with year-end 2016, the HHLA Group’s balance sheet total grew by a total of € 37.1 million to € 1,850.0 million as of 31 March 2017 (31 December 2016: € 1,812.9 million).

On the assets side of the balance sheet, non-current assets increased by € 8.4 million to € 1,337.4 million (31 December 2016: € 1,329.0 million), largely as a result of capital expenditure. Current assets rose by € 28.7 million to € 512.6 million (31 December 2016: € 483.9 million), mainly due to the increase in cash and short-term deposits.

On the liabilities side, equity rose by € 34.4 million to € 605.2 million compared to the year-end figure (31 December 2016: € 570.8 million). This increase was primarily due to the profit for the period of € 31.5 million. The equity ratio increased to 32.7 % (31 December 2016: 31.5 %).

Non-current liabilities declined by € 11.1 million to € 1,017.0 million (31 December 2016: € 1,028.1 million). The decrease is attributable to the € 5.5 million decline in non-current financial liabilities and the € 5.0 million reduction in pension provisions. Current liabilities rose by € 13.8 million to € 227.8 million (31 December 2016: € 214.0 million), mainly as a result of the € 10.5 million increase in other liabilities.

Investment Analysis

The investment volume in the reporting period totalled € 39.8 million, well above last year’s figure of € 27.0 million. The increase is mainly due to postponed investments from the previous year.

Capital expenditure in the first quarter of 2017 focused on the acquisition of container gantry cranes and large-scale equipment for horizontal transport at HHLA’s container terminals in Hamburg.

Liquidity Analysis

Cash flow from operating activities rose year-on-year from € 62.0 million to € 86.8 million. In addition to the improved operating result (EBIT), the increase is largely attributable to the change in trade receivables. The year-on-year increase in income tax payments had an opposing effect.

At € 73.3 million, cash flow from investing activities was significantly higher than in the previous year. This rise in cash outflow was mainly due to an increase in payments for investments in property, plant and equipment and in payments for short-term deposits.

Cash flow from financing activities was down € 2.1 million on the prior-year figure.

Financial funds totalled € 237.2 million as of 31 March 2017 (31 March 2016: € 180.5 million). Including all short-term deposits, the Group’s available liquidity at the end of the first quarter of 2017 amounted to € 286.5 million (31 March 2016: € 268.8 million).