Real Estate Segment
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.
Revenue from sales or lettings and from services rendered, less sales deductions and VAT.
Earnings before interest and taxes.