Financial position

Balance sheet analysis

Compared with year-end 2020, the HHLA Group’s balance sheet total rose by a total of € 130.0 million to € 2,721.1 million as of 31 March 2021 (31 December 2020: € 2,591.1 million).

On the assets side of the balance sheet, the increase in non-current assets of € 102.0 million to € 2,252.9 million, which was mainly in property, plant and equipment due to the first-time consolidation of two new companies (31 December 2020: € 2,150.9 million). Current assets rose by € 27.9 million to € 468.2 million (31 December 2020: € 440.2 million). This was mainly attributable to the increase in trade receivables, as well as in cash, cash equivalents and short-term deposits.

On the liabilities side, equity rose by € 36.3 million to € 603.3 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 € 28.2 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 two new companies. There was an opposing effect in connection with the first-time consolidation from the reclassification to financial liabilities of the potential obligation from a put option. The equity ratio increased slightly to 22.2 % (31 December 2020: 21.9 %).

Non-current liabilities rose by € 52.9 million to € 1,777.6 million (31 December 2020: € 1,724.7 million). The increase is primarily due to the rise in non-current financial liabilities totalling € 70.2 million. The interest-related decrease in pension provisions had an opposing effect. The rise in current liabilities of € 40.8 million to € 340.2 million (31 December 2020: € 299.4 million) is primarily a result of the increase in trade payables and other non-financial liabilities.

Investment analysis

Capital expenditure in the reporting period totalled € 42.7 million, well below the prior-year figure of € 51.0 million. In the first quarter of 2021, capital expenditure focused mainly on the acquisition of large-scale equipment for horizontal transport, storage cranes and container gantry cranes at HHLA’s container terminals in the Port of Hamburg, the expansion of the hinterland terminals and the purchase of container wagons in the METRANS Group, as well as the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

Cash flow from operating activities declined by € 10.7 million to € 68.2 million as of 31 March 2021 (previous year: € 78.9 million). This was largely due to higher tax payments compared to the same period last year. The year-on-year increase in EBIT had an opposing effect.

Investing activities led to a net cash outflow of € 42.4 million (previous year: € 64.3 million). This development was primarily the result of lower payments for investments in property, plant and equipment, and lower payments for short-term deposits. Increased payments for the acquisition of shares in consolidated companies had an opposing effect.

Cash flow from financing activities of € 24.0 million was € 5.1 million up on the prior-year figure of € 18.9 million. This was primarily due to higher payments for the redemption of (financial) loans than in the previous year.

Financial funds totalled € 170.8 million as of 31 March 2021 (31 March 2020: € 202.1 million). Including all short-term deposits, the Group’s available liquidity at the end of the first quarter of 2021 amounted to € 211.8 million (31 March 2020: € 257.1 million).