3. Consolidation, Accounting and Valuation Principles

3.1 Basis for Preparation of the Condensed Interim Consolidated Financial Statements

The Condensed Interim Consolidated Financial Statements for the period from 1 January to 30 June 2016 were prepared in compliance with the rules of IAS 34 Interim Financial Reporting.

The IFRS requirements that apply in the European Union have been met in full.

The Condensed Interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of 31 December 2015.

3.2 Principal Accounting and Valuation Methods

The accounting and valuation methods used for the preparation of the Condensed Interim Consolidated Financial Statements correspond to the methods used in the preparation of the Consolidated Financial Statements as of 31 December 2015. The company started applying the following new standards on 1 January 2016:

  • Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations
  • Amendments to IAS 1 Disclosure Initiative
  • Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation
  • Amendments to IAS 19 Defined Benefit Plans: Employee Contributions
  • Improvements to IFRS 2010–2012 Cycle
  • Improvements to IFRS 2012–2014 Cycle

Applying these standards had no significant impact on the Condensed Interim Consolidated Financial Statements.

3.3 Changes in the Group of Consolidated Companies

METRANS Danubia Krems GmbH, Krems an der Donau, Austria, and METRANS Railprofi Austria GmbH, Krems an der Donau, Austria, were consolidated and included in HHLA’s Consolidated Financial Statements for the first time as of 31 March 2016.

As of 30 June 2016, METRANS Adria D.O.O., Koper, Slovenia, METRANS Danubia Kft., Gyor, Hungary, and METRANS ISTANBUL STI, Istanbul, Turkey, were consolidated for the first time and DHU Gesellschaft Datenverarbeitung Hamburger Umschlagsbetriebe mbH, Hamburg, was included in HHLA’s Consolidated Financial Statements for the first time using the equity method.

The effects of initial consolidation on HHLA’s Consolidated Financial Statements were recognised directly in equity and were immaterial.

HHLA Intermodal Polska Sp. z o.o., Warsaw, Poland, was merged with POLZUG Intermodal Polska Sp. z o.o., Warsaw, Poland, in June 2016. The merger had no effect on HHLA’s Consolidated Financial Statements.