25. Associates accounted for using the equity method

Interests in joint ventures include Hansaport Hafenbetriebsgesellschaft mit beschränkter Haftung, ARS-UNIKAI GmbH, Kombi-Transeuropa Terminal Hamburg GmbH, Spherie GmbH (formerly Spherie UG [haftungsbeschränkt]), Third Element Aviation GmbH and Hyperport Cargo Solutions GmbH i. G; they also include HHLA Frucht- und Kühl-Zentrum GmbH, Ulrich Stein Gesellschaft mit beschränkter Haftung and HVCC Hamburg Vessel Coordination Center GmbH. The HHLA Group holds more than half of the voting rights in these companies, yet has no controlling influence as the companies are effectively jointly managed. This is due in principle to the equal representation of the essential corporate bodies (shareholders’ meeting, supervisory board and/or management).

Interests in associated companies include the shares in CuxPort GmbH and the shares in DHU Gesellschaft Datenverarbeitung Hamburger Umschlagsbetriebe mbH.

No material unrecorded losses relating to joint ventures were incurred either in the reporting year or on a cumulative basis.

The higher level of interests reported compared to the previous year is largely due to the earnings recorded in financial income for the various companies at equity less dividends received; see Note 16.