Financial position

Balance sheet analysis

Compared with year-end 2021, the HHLA Group’s balance sheet total declined by € 33.2 million to € 2,768.7 million as of 30 September 2022 (31 December 2021: € 2,801.9 million).

On the assets side of the balance sheet, non-current assets decreased by € 31.8 million to € 2,262.2 million (31 December 2021: € 2,294.0 million). The change is mainly attributable to the decrease in deferred tax assets associated with the interest rate-related change in actuarial gains. Current assets decreased by € 1.3 million to € 506.6 million (31 December 2021: € 507.9 million). The change was mainly due to a decrease in cash, cash equivalents and short-term deposits and receivables from related parties, as well as an increase in trade receivables.

On the liabilities side, equity rose by € 141.5 million to € 846.7 million compared to the year-end figure for 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 € 93.9 million. The equity ratio increased to 30.6 % (31 December 2021: 25.2 %).

Non-current liabilities fell by € 172.3 million to € 1,557.9 million (31 December 2021: € 1,730.2 million). The decline resulted primarily from the interest rate-related change in pension provisions. The decrease in current liabilities of € 2.3 million to € 364.1 million (31 December 2021: € 366.5 million) was primarily due to the decrease in current financial liabilities. There was an opposing effect from the increase in trade liabilities.

Investment analysis

Capital expenditure in the reporting period totalled € 139.5 million and was thus well above last year’s figure of € 124.0 million.

In the first nine months of 2022, capital expenditure 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 and wagons 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 declined by € 30.9 million to € 224.2 million as of 30 September 2022 (previous year: € 255.1 million). This was largely due to the year-on-year decrease in provisions for pensions owing to higher interest rates, the increase in trade receivables and higher income tax payments.

Investing activities led to a cash outflow of € 85.1 million (previous year: € 133.8 million). This was largely due to proceeds (previous year: payments) from short-term deposits.

Cash flow from financing activities amounted to € 133.3 million, representing an increase of € 43.8 million compared with the prior-year figure of € 89.5 million. This was primarily due to higher payments for dividends and settlement obligations, as well as higher payments for the redemption of financial loans. The year-on-year increase in new financial loans had an opposing effect.

Financial funds totalled € 178.6 million as of 30 September 2022 (previous year: € 201.3 million). Including all short-term deposits, the Group’s available liquidity at the end of the third quarter of 2022 amounted to € 198.6 million (previous year: € 251.3 million). As of 30 September 2022, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement amounting to € 68.0 million (previous year: € 65.8 million) as well as cash, cash equivalents and short-term deposits of € 130.6 million (previous year: € 185.5 million).