Financial position

Balance sheet analysis

Compared to year-end 2022, the HHLA Group’s balance sheet total grew by € 119.1 million to € 2,890.0 million as of 31 March 2023 (31 December 2022: € 2,770.9 million).

On the assets side of the balance sheet, non-current assets increased by € 81.7 million to € 2,360.1 million (31 December 2022: € 2,278.4 million). The change was mainly due to investments made in property, plant and equipment and intangible assets. Current assets rose by € 37.4 million to € 529.9 million (31 December 2022: € 492.5 million). The change resulted mainly from a rise in cash, cash equivalents and short-term deposits. A decrease in trade receivables had an opposing effect.

On the liabilities side, equity rose by € 9.0 million to € 882.3 million compared to year-end 2022 (31 December 2022: € 873.3 million). This increase was largely due to the positive result for the reporting period of € 7.6 million. The equity ratio decreased to 30.5 % (31 December 2022: 31.5 %).

Non-current liabilities rose by € 59.6 million to € 1,631.5 million (31 December 2022: € 1,571.9 million). The increase is primarily due to the change in non-current financial liabilities. The rise in current liabilities of € 50.5 million to € 376.2 million (31 December 2022: € 325.7 million) was mainly attributable to the increase in current financial liabilities.

Investment analysis

The investment volume in the reporting period totalled € 106.0 million, well above the prior-year figure of € 53.3 million. This was due to the postponement of asset additions from the previous year to the current financial year. Capital expenditure in the first three months of 2023 focused mainly on the procurement of large-scale equipment for horizontal transport and storage cranes at HHLA’s container terminals in the Port of Hamburg. Investments were also made in the purchase of locomotives and container wagons as well as in the expansion of the Metrans Group’s hinterland terminals. In the Real Estate subgroup, capital expenditure focused on the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

Cash flow from operating activities fell by € 11.6 million to € 77.5 million as of 31 March 2023 (previous year: € 89.1 million). This was mainly due to the year-on-year decrease in EBIT and the smaller increase in trade liabilities and other liabilities compared to the previous year. The change in trade receivables and other assets in particular had an opposing effect.

Investing activities led to a net cash outflow of € 118.8 million (previous year: € 30.8 million). This development was largely due to payments for (previous year: proceeds from) short-term deposits and payments for capital expenditure on property, plant and equipment and investment property.

Cash flow from financing activities amounted to € 61.1 million, representing a year-on-year change of € 60.1 million on the prior-year figure of € 1.0 million. This was primarily due to the increase in new financial loans compared to the same period last year.

Financial funds totalled € 191.4 million as of 31 March 2023 (previous year: € 232.2 million). Including all short-term deposits, the Group’s available liquidity at the end of the first quarter of 2023 amounted to € 241.4 million (previous year: € 272.2 million). As of 31 March 2023, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement of € 61.4 million (previous year: € 102.3 million), as well as cash, cash equivalents and short-term deposits of € 180.0 million (previous year: € 170.0 million).