Real Estate Segment

Key Figures

in € million

 

2016

 

2015

 

Change

Revenue

 

37.7

 

36.5

 

3.2 %

EBITDA

 

21.1

 

20.2

 

4.4 %

EBITDA margin in %

 

56.0

 

55.4

 

0.6 pp

EBIT

 

16.0

 

15.2

 

5.9 %

EBIT margin in %

 

42.6

 

41.5

 

1.1 pp

The positive development on Hamburg’s office rental market slowed slightly over the course of the year due in particular to a weaker fourth quarter. However, according to Grossmann & Berger’s latest market report, approximately 2 % more office space was let in 2016 – 550,000 m2 compared to 540,000 m2. One reason for the increase was the relatively low proportion of owner-occupied properties.

The vacancy rate declined only marginally compared with the previous year from 5.2 % to 5.1 %. The HafenCity section of the market, which includes HHLA’s properties in the Speicherstadt historical warehouse district, had a vacancy rate of 6.0 % as of year-end (previous year: 9.9 %).

Against this market background, HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued their positive and earnings development. In 2016, revenue was increased by 3.2 % year-on-year to € 37.7 million (previous year: € 36.5 million). This success was underpinned by the high occupancy rates in both districts.

The operating result () increased by 5.9 % year-on-year to € 16.0 million (previous year: € 15.2 million). When comparing with the previous year, it should be noted that earnings in 2015 included extraordinary income of € 0.9 million from an insurance refund. The EBIT margin of 42.6 % achieved in the 2016 financial year (previous year: 41.5 %) once again testifies to the economic success of HHLA’s long-term, value-oriented portfolio development strategy.

Revenue

Revenue from sales or lettings and from services rendered, less sales deductions and VAT.

EBIT

Earnings before interest and taxes.