Financial position

Balance sheet analysis

Compared to year-end 2023, the HHLA Group’s balance sheet total rose by € 8.7 million to € 3,018.9 million as of 31 March 2024 (31 December 2023: € 3,010.2 million).

On the assets side of the balance sheet, non-current assets rose by € 47.9 million to € 2,539.5 million (31 December 2023: € 2,491.6 million). The change was mainly due to investments in property, plant and equipment less scheduled depreciation. Current assets decreased by € 39.2 million to € 479.3 million (31 December 2023: € 518.6 million). The change was mainly due to a decrease in cash, cash equivalents and short-term deposits, as well as receivables from related parties. There was an opposing effect from the increase in trade receivables.

On the liabilities side, equity rose by € 4.3 million to € 811.6 million compared to the year-end figure for 2023 (31 December 2023: € 807.3 million). This increase was largely due to the positive total comprehensive income for the reporting period. The equity ratio remained almost unchanged at 26.9 % (31 December 2023: 26.8 %).

Non-current liabilities decreased by € 58.4 million to € 1,731.4 million (31 December 2023: € 1,789.8 million). This decline was primarily due to a reduction in non-current financial liabilities. This was accompanied by a rise in current financial liabilities and – largely as a consequence – an increase in current liabilities of € 62.8 million to € 475.9 million (31 December 2023: € 413.1 million).

Investment analysis

Capital expenditure in the reporting period totalled € 85.3 million and was thus below the prior-year figure of € 106.0 million. This prior-year figure was particularly high due to the postponement of asset additions from 2022 to the first quarter of 2023.

A major share of capital expenditure in the first three months of 2024 focused on the procurement of locomotives and container wagons. Investments were also made in the procurement of large-scale equipment for horizontal transport and storage cranes at HHLA’s container terminals in the Port of Hamburg, as well as in expanding the hinterland terminals of the METRANS Group. In the Real Estate subgroup, capital expenditure focused on the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

In the reporting period, cash flow from operating activities of € 28.9 million (previous year: € 77.5 million) mainly comprised earnings before interest and taxes of € 17.4 million (previous year: € 22.9 million), write-downs and write-ups on non-financial assets of € 44.1 million (previous year: € 44.3 million) and the increase in trade payables and other liabilities of € 20.5 million (previous year: € 11.0 million). The main opposing items were the increase in trade receivables and other assets of € 33.9 million (previous year: decrease of € 17.7 million) as well as lower income tax payments of € -11.7 million (previous year: € -14.6 million).

Investing activities led to a cash outflow of € 79.0 million (previous year: € 118.8 million). This was primarily attributable to payments for investments in property, plant and equipment and investment property amounting to € 74.6 million (previous year: € 79.4 million). In the first quarter of 2024, there were no outgoing payments for short-term deposits (previous year: € 30.0 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € -50.1 million (previous year: € -41.3 million).

Financing activities led to a cash outflow of € 26.2 million (previous year: cash inflow of € 61.1 million). This resulted mainly from outgoing repayments of (financial) loans amounting to € 47.0 million (previous year: € 6.0 million) and repayments of leasing liabilities amounting to € 12.0 million (previous year: € 12.8 million). There was an opposing effect from proceeds from the assumption of financial loans amounting to € 33.0 million (previous year: € 80.0 million).

The HHLA Group had sufficient liquidity as of 31 March 2024. There were no liquidity bottlenecks in the period up to the balance sheet date. Financial funds totalled € 166.1 million as of the end of the first quarter (31 March 2023: € 191.4 million). This corresponded to the available liquidity as of the balance sheet date (as of 31 March 2023: € 241.4 million). As of 31 March 2024, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 11.7 million (31 March 2023: € 61.4 million) as well as cash, cash equivalents and short-term deposits of € 154.5 million (31 March 2023: € 180.0 million).