Financial Position

Balance Sheet Analysis

Compared with year-end 2016, the HHLA Group’s balance sheet total grew by a total of € 7.2 million to € 1,820.1 million as of 30 September 2017 (31 December 2016: € 1,812.9 million).

On the assets side of the balance sheet, non-current assets decreased slightly by € 8.5 million to € 1,320.5 million (31 December 2016: € 1,329.0 million). Capital expenditure was roughly offset by depreciation of property, plant and equipment and investment properties and a reduction in deferred tax assets due to interest rate-related changes in pension provisions in the second quarter. Current assets increased by € 15.7 million to € 499.6 million (31 December 2016: € 483.9 million). The increase in cash and cash equivalents and short-term deposits was opposed by a decrease in other assets.

On the liabilities side, equity rose by € 68.0 million to € 638.8 million compared to the year-end figure (31 December 2016: € 570.8 million). The increase was mainly due to the profit for the period of € 108.5 million and the opposing dividend payment of € 47.0 million. The equity ratio increased to 35.1 % (31 December 2016: 31.5 %).

Non-current liabilities declined by € 48.2 million to € 979.9 million (31 December 2016: € 1,028.1 million). The decrease is mainly attributable to the € 30.4 million decline in non-current financial liabilities and the € 15.9 million reduction in pension provisions. Current liabilities fell by € 12.6 million to € 201.4 million (31 December 2016: € 214.0 million), mainly as a result of the € 28.7 million decrease in current financial liabilities. The increase in trade liabilities and other liabilities had an opposing effect.

Investment Analysis

The investment volume in the period under review totalled € 90.2 million and thus fell short of the previous year’s figure of € 106.3 million.

Capital expenditure in the first nine months of 2017 focused on the purchase of container gantry cranes, the procurement of large-scale equipment for horizontal transport and storage cranes for the HHLA container terminals in Hamburg, as well as locomotives for Metrans.

Liquidity Analysis

Cash flow from operating activities rose by € 36.9 million to € 221.6 million as of 30 September 2017 (previous year: € 184.7 million). This was primarily due to the increase in earnings.

Investing activities led to cash outflows of € 89.4 million (previous year: € 50.7 million). The increase of € 38.7 million was primarily due to cash outflows for short-term deposits (previous year: cash inflows).

Cash flow from financing activities was down € 4.7 million on the prior-year figure.

Financial funds totalled € 255.7 million as of 30 September 2017 (30 September 2016: € 190.3 million). Including all short-term deposits, the Group’s available liquidity at the end of the third quarter of 2017 amounted to € 275.7 million (30 September 2016: € 229.2 million).