Audited

Annual Financial Statements of HHLA AG

The Annual Financial Statements and Combined Management Report of Hamburger Hafen und Logistik Aktiengesellschaft, Hamburg, for the 2017 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
in €	2017	2016
Revenue	127,569,089.29	157,858,227.42
Increase or decrease in work in progress	- 309,045.51	- 582,546.35
Own work capitalised	1,059,691.04	682,321.59
Other operating income	4,914,777.40	7,030,996.79
of which income from translation differences	80,859.72	150,409.49
Cost of materials	8,807,422.32	8,000,778.36
Expenses for raw materials, consumables, supplies and purchased merchandise	3,560,189.39	2,455,967.28
Expenses for purchased services	5,247,232.93	5,544,811.08
Personnel expenses	107,137,287.31	113,545,257.69
Wages and salaries	94,947,979.97	97,032,971.37
Social security contributions and expenses for pension and similar benefits	12,189,307.34	16,512,286.32
of which for pensions	- 2,814,648.04	540,212.01
Depreciation and amortisation on intangible fixed assets and property, plant and equipment	2,848,971.49	3,078,660.75
Other operating expenses	47,169,653.52	61,491,974.77
of which expenses from translation differences	61,195.75	79,981.76
Income from profit transfer agreements	76,076,469.84	78,629,889.20
Income from equity participations	40,445,005.86	36,161,488.68
of which from affiliated companies	36,612,834.19	33,553,193.95
Other interest and similar income	3,462,509.22	3,930,739.39
of which from affiliated companies	3,292,275.65	3,727,975.67
Depreciation and amortisation on financial assets	4,376,951.71	0
Expenses from assumed losses	23,412,928.55	20,612,301.49
Interest and similar expenses	25,834,598.18	10,831,094.41
of which to affiliated companies	0	0
of which from accrued interest	24,506,781.44	9,158,463.48
Taxes on income	9,273,757.02	18,394,143.09
of which income from the change unrecognised taxes	7,959,383.58	3,693,661.45
Profit after tax	24,356,927.04	47,756,906.16
Other taxes	257,618.26	171,589.67
Net profit for the year	24,099,308.78	47,585,316.49
Profit carried forward from the previous year	224,126,013.29	222,602,383.86
Dividend distributed	46,737,812.06	46,061,687.06
Unappropriated profit	201,487,510.01	224,126,013.29

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Balance Sheet
in €	31.12.2017	31.12.2016
ASSETS

Intangible assets
Internally generated industrial and similar rights and values	917,131.25	1,185,559.91
Purchased software	1,899,941.99	2,120,960.28
Assets in development	9,700,288.48	6,497,245.41
Payments in advance	10,000.00	74,160.00
	12,527,361.72	9,877,925.60
Property, plant and equipment
Land, equivalent land rights and buildings, including buildings on leased land	4,405,996.48	3,893,662.05
Technical equipment and machinery	1,511,729.34	8,621.10
Other plant, operating and office equipment	2,711,146.67	2,103,866.46
Payments made on account and plant under construction	2,017,435.95	1,833,912.10
	10,646,308.44	7,840,061.71
Financial assets
Interests in affiliated companies	358,224,331.58	367,696,955.51
Loans to affiliated companies	9,250,000.00	10,500,000.00
Equity investments	8,085,658.02	7,604,179.45
Non-current securities	950,952.04	947,277.94
	376,510,941.64	386,748,412.90
Non-current assets	399,684,611.80	404,466,400.21

Inventories
Raw materials, consumables and supplies	198,775.69	102,560.19
Work in progress	361,127.33	670,172.84
	559,903.02	772,733.03
Receivables and other assets
Trade receivables	568,371.16	651,293.14
Receivables from the Free and Hanseatic City of Hamburg	607.00	2,771.91
Receivables from the HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg	74,000,000.00	74,000,000.00
Receivables from affiliated companies	338,348,026.07	399,332,181.78
Receivables from investee companies	3,868,878.50	5,033,946.75
Other assets	9,410,778.14	4,788,787.38
	426,196,660.87	483,808,980.96
Cash and cash equivalents	147,931,500.73	129,632,909.02
Current assets	574,688,064.62	614,214,623.01

Accruals and deferrals	798,661.01	661,717.95

Deferred tax assets	50,405,159.00	39,885,000.92
Balance sheet total	1,025,576,496.43	1,059,227,742.09

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	169,961,460.97	196,564,319.39
Real Estate subgroup	31,526,049.04	27,561,693.90
	201,487,510.01	224,126,013.29
Equity	474,276,200.12	496,914,703.40
Provisions
Provisions for pensions and similar obligations	309,575,395.53	303,327,400.31
Tax provisions	0	8,938,584.01
Other provisions	56,049,859.69	39,612,292.25
	365,625,255.22	351,878,276.57
Liabilities
Liabilities from bank loans	70,300,499.73	70,300,499.73
Payments on account	295,332.33	774,740.36
Trade Liabilities	3,379,399.47	1,253,010.61
Liabilities towards the Free and Hanseatic City of Hamburg	12,170.98	28,766.33
Liabilities towards affiliated companies	57,911,338.40	119,367,283.16
Liabilities towards investee companies	1,449,592.79	3,300,781.14
Other liabilities	44,513,469.72	10,156,198.70
of which from taxes	5,080,092.48	2,100,803.00
of which for social security	699,244.66	794,761.92
	177,861,803.42	205,181,280.03
Accruals and deferrals	11,236.61	12,255.53
Deferred tax liabilities	7,802,001.06	5,241,226.56
Balance sheet total	1,025,576,496.43	1,059,227,742.09