25. Associates accounted for using the equity method

As of the balance sheet date, interests in joint ventures include Hansaport Hafenbetriebsgesellschaft mit beschränkter Haftung, Kombi-Transeuropa Terminal Hamburg GmbH and Spherie GmbH. In the previous year, these interests also included ARS-UNIKAI GmbH and Third Element Aviation GmbH. 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 main governing bodies (shareholders’ meeting, Supervisory Board and/or management).

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

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

The interests reported are higher than in the previous year due to the earnings recorded in financial income for the various companies at equity – see Note 16 – less the dividends received.