Financial position

Balance sheet analysis

Compared with year-end 2020, the HHLA Group’s balance sheet total grew by a total of € 167.6 million to € 2,758.7 million as of 30 September 2021 (31 December 2020: € 2,591.1 million).

On the assets side of the balance sheet, non-current assets rose by € 93.4 million to € 2,244.3 million (31 December 2020: € 2,150.9 million). The change was mainly due to property, plant and equipment, which also grew as a result of the first-time consolidation of the new companies. Current assets rose by € 74.2 million to € 514.4 million (31 December 2020: € 440.2 million). This was mainly attributable to the increase in cash, cash equivalents and short-term deposits as well as in trade receivables. There was an opposing effect from a decrease in receivables from related parties.

On the liabilities side, equity rose by € 93.2 million to € 660.2 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 € 100.7 million and a contribution in kind as part of a capital increase from scrip dividend rights in subscribed capital and capital reserves less transaction costs. Furthermore, the interest-induced change in actuarial gains including the tax effect not recognised in profit or loss and the increase in non-controlling interests due to the first-time consolidation of the new companies had an increasing effect. There was an opposing effect from the distribution of dividends and the reclassification to financial liabilities of the potential obligation from a put option in connection with the first-time consolidation of HHLA PLT Italy. The equity ratio increased to 23.9 % (31 December 2020: 21.9 %).

Non-current liabilities rose by € 28.4 million to € 1,753.1 million (31 December 2020: € 1,724.7 million). The increase is primarily due to the rise in non-current financial liabilities. There was an opposing effect from the interest-related decrease in pension provisions and from a reduction in non-current liabilities to related parties. The rise in current liabilities of € 46.0 million to € 345.5 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 € 124.0 million, and was thus well below the prior-year figure of € 136.0 million. Capital expenditure in the first nine months of 2021 focused mainly on the procurement of large-scale equipment for horizontal transport, storage cranes and container gantry cranes 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 container wagons and locomotives in 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 € 51.6 million to € 255.1 million as of 30 September 2021 (previous year: € 203.5 million). This was mainly due to the year-on-year increase in EBIT and the year-on-year rise in trade payables and other liabilities. There was an opposing effect from the year-on-year increase in income tax paid and the rise in trade receivables and other assets.

Investing activities led to a net cash outflow of € - 133.8 million (previous year: € - 92.0 million). This primarily resulted from payments (previous year: proceeds) for short-term deposits and a year-on-year increase in payments for the acquisition of shares in consolidated companies. There was an opposing effect from the year-on-year decrease in payments for investments in property, plant and equipment.

Cash flow from financing activities of € - 89.5 million was € 34.2 million below the prior-year figure of € - 123.7 million. This was primarily due to new financial loans as compared with the previous year and lower dividend payments, or a lower payment for settlement obligations.

Financial funds totalled € 201.3 million as of 30 September 2021 (30 September 2020: € 193.5 million). Including all short-term deposits, the Group’s available liquidity at the end of the third quarter of 2021 amounted to € 251.3 million (30 September 2020: € 213.5 million). As of 30 September 2021, available liquidity comprises cash pooling receivables from HGV amounting to € 65.8 million (30 September 2020: € 86.0 million) as well as cash, cash equivalents and short-term deposits of € 185.5 million (30 September 2020: € 127.5 million).