Financial position

Balance sheet analysis

Compared to year-end 2023, the HHLA Group’s balance sheet total rose by a total of € 41.7 million to € 3,051.9 million as of 30 September 2024 (31 December 2023: € 3,010.2 million).

On the assets side of the balance sheet, non-current assets rose by € 130.1 million to € 2,621.7 million (31 December 2023: € 2,491.6 million). The change was mainly due to investments in tangible and intangible assets less scheduled depreciation and amortisation.

Current assets decreased by € 88.4 million to € 430.1 million (31 December 2023: € 518.6 million). The change was primarily attributable to a decrease in cash, cash equivalents and short-term deposits, as well as receivables from related parties. There was an opposing effect from an increase in trade receivables.

On the liabilities side, equity fell by € 12.0 million to € 795.3 million compared to the year-end figure for 2023 (31 December 2023: € 807.3 million). This decline was mainly due to the distribution of dividends and a potential liability from a put option recognised directly in equity with the resulting recognition of a non-current financial liability. This was opposed in particular by the positive comprehensive income for the reporting period. The equity ratio declined to 26.1 % (31 December 2023: 26.8 %).

Non-current liabilities decreased by € 11.4 million to € 1,778.4 million (31 December 2023: € 1,789.8 million). This was due to a decrease in non-current liabilities to related parties. Despite the direct recognition in equity of the potential liabilities from put options, non-current financial liabilities also decreased due to higher loan repayments. The main opposing effect was from an increase in pension provisions.

The rise in current liabilities of € 65.2 million to € 478.2 million (31 December 2023: € 413.1 million) is primarily attributable to the increase in trade liabilities, current non-financial liabilities and current liabilities to related parties. This was opposed by a reduction in current financial liabilities.

Investment analysis

Capital expenditure in the reporting period totalled € 208.4 million and was thus below the prior-year figure of € 264.4 million, which was influenced by postponed asset additions from 2022.

A major share of capital expenditure in the first nine 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 and the fish market area.

Liquidity analysis

In the reporting period, cash flow from operating activities of € 163.8 million (previous year: € 175.7 million) mainly comprised earnings before interest and taxes of € 93.2 million (previous year: € 75.6 million), write-downs and write-ups on non-financial assets of € 127.3 million (previous year: € 133.7 million) and the increase in trade payables and other liabilities of € 49.5 million (previous year: € 5.5 million). The main opposing items were the increase in trade receivables and other assets of € 42.1 million (previous year: decrease of € 29.1 million) as well as income tax payments of € 36.1 million (previous year: € 35.6 million).

Investing activities led to a cash outflow of € 194.1 million (previous year: € 194.6 million). This was primarily attributable to payments for investments in property, plant and equipment and investment property amounting to € 165.9 million (previous year: € 207.0 million). In the reporting period, there were no proceeds for short-term deposits (previous year: € 20.0 million).

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € - 30.3 million (previous year: € - 18.9 million).

Financing activities led to a cash outflow of € 108.2 million (previous year: cash inflow of € 83.7 million). This resulted mainly from outgoing repayments of (financial) loans amounting to € 67.4 million (previous year: € 30.2 million) and repayments of leasing liabilities amounting to € 39.4 million (previous year: € 36.5 million), as well as the payout of dividends and settlement obligations to parent company shareholders amounting to € 11.8 million (previous year: € 60.3 million) and to holders of non-controlling interests amounting to € 25.0 million (previous year: € 0.1 million). Proceeds from the assumption of financial loans amounting to € 35.5 million (previous year: € 164.5 million) had an opposing effect. In the reporting period, there were no payments received from the reduction of shareholdings in fully consolidated companies (previous year: € 47.1 million) were received.

The HHLA Group had sufficient liquidity as of 30 September 2024. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds totalled € 103.7 million as of the end of the third quarter (30 September 2023: € 236.5 million) and corresponded to the available liquidity as of the balance sheet date (30 September 2023: € 236.5 million). As of 30 September 2024, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 5.8 million (30 September 2023: € 60.7 million) as well as cash, cash equivalents and short-term deposits of € 97.9 million (30 September 2023: € 175.8 million).