Real Estate Segment

Key Figures

in € million

 

2017

 

2016

 

Change

Revenue

 

37.9

 

37.7

 

0.6 %

EBITDA

 

21.3

 

21.1

 

0.9 %

EBITDA margin in %

 

56.2

 

56.0

 

0.2 pp

EBIT

 

16.3

 

16.0

 

1.5 %

EBIT margin in %

 

43.0

 

42.6

 

0.4 pp

Hamburg’s office rental market made good progress in 2017. According to Grossmann & Berger’s latest market report, 640,000 m2 of office space was let in the reporting period, corresponding to year-on-year growth of 16 %. Due to high demand, Hamburg’s vacancy rate fell by 0.8 percentage points to a new record low of 4.3 %.

Against this market background, HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued their positive revenue and earnings trend. As a result of virtually full occupancy in both areas, revenue rose by 0.6 % year-on-year to € 37.9 million (previous year: € 37.7 million) in 2017.

The operating result (EBIT) increased by 1.5 % year-on-year to € 16.3 million (previous year: € 16.0 million). This was largely due to increase in revenue from existing and newly developed properties while maintenance costs remained constant. The EBIT margin of 43.0 % achieved in the 2017 financial year (previous year: 42.6 %) once again testifies to the economic success of HHLA’s long-term, value-oriented portfolio development strategy.