Audited

Annual Financial Statements of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA)

The Annual Financial Statements and Combined Management Report of Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg, for the 2016 financial year have been prepared according to the provisions of German commercial law and have been endorsed with an unrestricted auditor’s certificate by the auditors of PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.

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Income Statement
for the period from 1. January to 31. December 2016
in €	2016	2015
Revenue	157,858,227.42	121,225,080.51
Increase or decrease in work in progress	- 582,546.35	- 457,740.37
Own work capitalised	682,321.59	465,143.78
Other operating income	7,030,996.79	17,089,859.90
of which income from translation differences	150,409.49	4,163.59
Cost of materials	8,000,778.36	3,274,447.17
Expenses for raw materials, consumables, supplies and purchased merchandise	2,455,967.28	2,770,694.52
Expenses for purchased services	5,544,811.08	503,752.65
Personnel expenses	113,545,257.69	111,346,012.60
Wages and salaries	97,032,971.37	93,374,437.16
Social security contributions and expenses for pension and similar benefits	16,512,286.32	17,971,575.44
of which for pensions	540,212.01	2,654,290.20
Depreciation and amortisation on intangible fixed assets and property, plant and equipment	3,078,660.75	4,052,138.27
Other operating expenses	61,491,974.77	29,660,333.18
of which expenses from translation differences	79,981.76	6,005.18
Income from profit transfer agreements	78,629,889.20	66,553,031.57
Income from equity participations	36,161,488.68	23,470,713.24
of which from affiliated companies	33,553,193.95	20,409,102.24
Other interest and similar income	3,930,739.39	4,391,440.97
of which from affiliated companies	3,727,975.67	3,790,312.30
Expenses from assumed losses	20,612,301.49	8,367,801.39
Interest and similar expenses	10,831,094.41	40,429,816.33
of which to affiliated companies	0.00	2,221,823.58
of which from accrued interest	9,158,463.48	37,468,292.92
Taxes on income	18,394,143.09	6,161,198.82
of which income from the change unrecognized taxes	3,693,661.45	7,767,087.30
Profit after tax	47,756,906.16	29,445,781.84
Other taxes	171,589.67	333,146.25
Net profit for the year	47,585,316.49	29,112,635.59
Profit carried forward from the previous year	222,602,383.86	233,971,891.95
Dividend distributed	46,061,687.06	40,482,143.68
Unappropriated profit	224,126,013.29	222,602,383.86

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Balance Sheet as of 31 December 2016
in €	31.12.2016	31.12.2015
ASSETS

Intangible assets
Internally generated industrial and similar rights and values	1,185,559.91	0.00
Purchased software	2,120,960.28	2,371,430.30
Assets in development	6,497,245.41	1,192,368.55
Payments in advance	74,160.00	0.00
	9,877,925.60	3,563,798.85
Property, plant and equipment
Land, equivalent land rights and buildings, including buildings on leased land	3,893,662.05	4,794,148.40
Technical equipment and machinery	8,621.10	90,630.47
Other plant, operating and office equipment	2,103,866.46	2,047,438.18
Payments made on account and plant under construction	1,833,912.10	121,979.86
	7,840,061.71	7,054,196.91
Financial assets
Interests in affiliated companies	367,696,955.51	367,327,229.27
Loans to affiliated companies	10,500,000.00	11,500,000.00
Equity investments	7,604,179.45	7,604,179.45
Non-current securities	947,277.94	943,085.62
	386,748,412.90	387,374,494.34
Non-current assets	404,466,400.21	397,992,490.10
Inventories
Raw materials, consumables and supplies	102,560.19	154,691.46
Work in progress	670,172.84	1,252,719.19
	772,733.03	1,407,410.65
Receivables and other assets
Trade receivables	651,293.14	867,842.20
Receivables from the Free and Hanseatic City of Hamburg	2,771.91	12,656.13
Receivables from the HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg	74,000,000.00	43,906,458.90
Receivables from affiliated companies	399,332,181.78	378,617,204.52
Receivables from investee companies	5,033,946.75	4,720,951.01
Other assets	4,788,787.38	11,351,621.71
	483,808,980.96	439,476,734.47
Cash and cash equivalents	129,632,909.02	164,202,688.63
Current assets	614,214,623.01	605,086,833.75
Accruals and deferrals	661,717.95	739,799.56
Deferred tax assets	39,885,000.92	35,478,457.10
Balance sheet total	1,059,227,742.09	1,039,297,580.51

EQUITY AND LIABILITIES

Equity
Subscribed capital
Port Logistics subgroup	70,048,834.00	70,048,834.00
Real Estate subgroup	2,704,500.00	2,704,500.00
	72,753,334.00	72,753,334.00
Capital reserve
Port Logistics subgroup	136,771,470.63	136,771,470.63
Real Estate subgroup	506,206.26	506,206.26
	137,277,676.89	137,277,676.89
Statutory reserve
Port Logistics subgroup	5,125,000.00	5,125,000.00
Real Estate subgroup	205,000.00	205,000.00
	5,330,000.00	5,330,000.00
Other earnings reserves
Port Logistics subgroup	56,105,325.36	56,105,325.36
Real Estate subgroup	1,322,353.86	1,322,353.86
	57,427,679.22	57,427,679.22
Retained earnings	62,757,679.22	62,757,679.22
Unappropriated profit
Port Logistics subgroup	196,564,319.39	199,044,818.51
Real Estate subgroup	27,561,693.90	23,557,565.35
	224,126,013.29	222,602,383.86
Equity	496,914,703.40	495,391,073.97
Provisions
Provisions for pensions and similar obligations	303,327,400.31	313,095,443.46
Tax provisions	8,938,584.01	33,620.28
Other provisions	39,612,292.25	22,244,010.29
	351,878,276.57	335,373,074.03
Liabilities
Liabilities from bank loans	70,300,499.73	76,237,999.73
Payments on account	774,740.36	1,611,568.19
Trade Liabilities	1,253,010.61	1,266,417.73
Liabilities towards the Free and Hanseatic City of Hamburg	28,766.33	5,167.63
Liabilities towards affiliated companies	119,367,283.16	107,621,393.32
Liabilities towards investee companies	3,300,781.14	3,746,352.30
Other liabilities	10,156,198.70	13,516,189.42
of which from taxes	2,100,803.00	3,536,812.32
of which for social security	794,761.92	917,536.31
	205,181,280.03	204,005,088.32
Accruals and deferrals	12,255.53	0.00
Deferred tax liabilities	5,241,226.56	4,528,344.19
Balance sheet total	1,059,227,742.09	1,039,297,580.51