Financial position

Compared to year-end 2021, the HHLA Group’s balance sheet total increased by € 79.1 million to € 2,881.0 million as of 31 March 2022 (31 December 2021: € 2,801.9 million).

On the assets side of the balance sheet, non-current assets rose by € 12.2 million to € 2,306.2 million (31 December 2021: € 2,294.0 million). The increase was mainly due to property, plant and equipment, which also grew as a result of the first-time consolidation of the new companies. The decrease in deferred taxes had an opposing effect. Current assets climbed by € 67.0 million to € 574.8 million (31 December 2021: € 507.9 million). This was mainly attributable to the increase in trade receivables, receivables from related parties and cash, cash equivalents and short-term deposits.

On the liabilities side, equity rose by € 61.7 million to € 766.9 million compared to year-end 2021 (31 December 2021: € 705.2 million). The increase was mainly due to the interest rate-related change in actuarial gains including tax effects outside profit or loss and the positive result for the reporting period of € 30.9 million. The equity ratio increased to 26.6 % (31 December 2021: 25.2 %).

Non-current liabilities fell by € 22.9 million to € 1,707.3 million (31 December 2021: € 1,730.2 million). The decline resulted primarily from the interest rate-related change in pension provisions. The increase in non-current financial liabilities had the opposite effect. The rise in current liabilities of € 40.3 million to € 406.8 million (31 December 2021: € 366.5 million) is primarily a result of the increase in trade liabilities and other non-financial liabilities.

Investment analysis

The investment volume in the reporting period totalled € 53.3 million, well above last year’s figure of € 42.7 million. Capital expenditure in the first three months of 2022 focused mainly on the procurement of large-scale equipment for horizontal transport and storage cranes and on the expansion of storage space 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 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 rose by € 20.9 million to € 89.1 million as of 31 March 2022 (previous year: € 68.2 million). This was mainly due to the year-on-year increase in EBIT and in trade liabilities and other liabilities, as well as to lower income tax payments. There was an opposing effect from the year-on-year rise in trade receivables and other assets.

Investing activities led to a net cash outflow of € 30.8 million (previous year: € 42.4 million). This was largely due to proceeds (previous year: payments) from short-term deposits. There was an opposing effect from the year-on-year increase in payments for investments in property, plant and equipment.

Cash flow from financing activities amounted to € 1.0 million, representing a change of € 25.0 million compared with the prior-year figure of € - 24.0 million. This was primarily due to new financial loans of € 20.0 million, compared to the same period last year, and lower payments for the redemption of financial loans.

Financial funds totalled € 232.2 million as of 31 March 2022 (previous year: € 170.8 million). Including all short-term deposits, the Group’s available liquidity at the end of the first quarter of 2022 amounted to € 272.2 million (previous year: € 211.8 million). As of 31 March 2022, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement amounting to € 102.3 million (previous year: € 77.5 million) as well as cash, cash equivalents and short-term deposits of € 170.0 million (previous year: € 134.3 million).