Real Estate Segment
in Mio. € |
2015 |
2014 |
Change |
|||
Revenue |
36.5 |
33.5 |
9.0 % |
|||
EBITDA |
20.2 |
17.9 |
12.7 % |
|||
EBITDA margin in % |
55.4 |
53.6 |
1.8 pp |
|||
EBIT |
15.2 |
13.4 |
13.2 % |
|||
EBIT margin in % |
41.5 |
40.0 |
1.5 pp |
Hamburg’s office rental market stabilised considerably over the course of the year. According to the market overview by Grossmann & Berger, 540,000 m2 of space was let in 2015 – a slight increase of almost 3 % over the prior-year figure. Even taking into account the relatively high proportion of owner-occupied properties, the total amount of space let exceeded that of 2014.
According to Jones Lang LaSalle, Hamburg’s vacancy rate at the end of the fourth quarter of 2015 was 5.9 %, and thus significantly below the prior-year figure (6.8 %). In view of the completion of numerous larger projects, however, the trend forecast anticipates an increase in the vacancy rate for the first time in several quarters.
HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area continued their positive revenue development in this market environment. In 2015, revenue was increased by 9.0 % year-on-year to € 36.5 million (previous year: € 33.5 million). Ongoing project developments in the Speicherstadt historical warehouse district and consistently high occupancy rates in both districts continued to pave the way for this success.
The operating result (EBIT) increased strongly by 13.2 % year-on-year to € 15.2 million (previous year: € 13.4 million). Due to planned maintenance work, earnings growth slowed slightly in the fourth quarter. Earnings for the past financial year include extraordinary income of € 0.9 million. The EBIT margin of 41.5 % achieved in the reporting period (previous year: 40.0 %) is once again testimony to the economic success of HHLA’s long-term, value-oriented portfolio development strategy.
The company has owned the Speicherstadt historical warehouse district for more than 130 years. In July 2015, this historical warehouse district – along with the Kontorhaus area – was designated as a UNESCO World Heritage Site. This provides exceptional confirmation of HHLA’s strategy of further developing the Speicherstadt whilst maintaining its historical and cultural heritage.