Financial position

Balance sheet analysis

Compared with year-end 2022, the HHLA Group’s balance sheet total increased by a total of € 178.9 million to € 2,949.8 million as of 30 September 2023 (31 December 2022: € 2,770.9 million).

On the assets side of the balance sheet, non-current assets rose by € 152.7 million to € 2,431.1 million (31 December 2022: € 2,278.4 million). The change was mainly due to investments made in property, plant and equipment as well as in intangible assets. Current assets increased by € 26.2 million to € 518.8 million (31 December 2022: € 492.5 million). The change was mainly due to an increase in cash, cash equivalents and short-term deposits. A decrease in trade receivables and receivables from related parties had an opposing effect.

On the liabilities side, equity rose by € 29.3 million to € 902.6 million compared to the year-end figure for 2022 (31 December 2022: € 873.3 million). The increase was mainly due to the sale of a non-controlling interest in a fully consolidated company, the positive result for the reporting period of € 29.0 million and the interest rate-related change in actuarial gains, including tax effects not recognised in profit or loss. The distribution of dividends had an opposing effect. The equity ratio decreased to 30.6 % (31 December 2022: 31.5 %).

Non-current liabilities increased by € 89.6 million to € 1,661.4 million (31 December 2022: € 1,571.9 million). The increase was mainly the result of a rise in non-current financial liabilities, due in part to the prorated assumption of a shareholder loan by a non-controlling shareholder. There was an opposing effect from a decrease in non-current liabilities to related parties.

The increase in current liabilities of € 60.1 million to € 385.8 million (31 December 2022: € 325.7 million) was primarily attributable to the increase in trade liabilities and other non-financial liabilities.

Investment analysis

Capital expenditure in the reporting period totalled € 264.4 million and was thus strongly above the prior-year figure of € 139.5 million. This was due to the postponement of asset additions from the previous year to the current financial year, among other things.

In the first nine months of 2023, investment activity focused 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 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 and the fish market area.

Liquidity analysis

Cash flow from operating activities declined by € 48.5 million to € 175.7 million as of 30 September 2023 (previous year: € 224.2 million). Besides the decline in EBIT, this was largely due to the year-on-year decrease in provisions for pensions owing to higher interest rates and the smaller increase in trade liabilities and other liabilities. The decrease in trade receivables and other assets, as well as lower income tax payments had an opposing effect.

Investing activities led to a cash outflow of € 194.6 million (previous year: € 85.1 million). This development was largely due to higher payments for investments in fixed assets and lower proceeds from short-term deposits compared with the same period last year.

Cash flow from financing activities amounted to € 83.7 million and increased by € 217.0 million compared with the prior-year figure of € -133.3 million. The development was primarily due to new loans taken out compared with the same period last year, as well as proceeds from the sale of shares in a fully consolidated company. In addition, dividends were paid to non-controlling shareholders in the prior-year period.

Financial funds as of 30 September totalled € 236.5 million (30 September 2022: € 178.6 million) and corresponded to available liquidity as of the reporting date (30 September 2022: € 198.6 million). As of 30 September 2023, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 60.7 million (30 September 2022: € 68.0 million) as well as cash, cash equivalents and short-term deposits of € 175.8 million (30 September 2022: €130.6 million).