Significant Events and Transactions

There were no particular events or transactions during the period under review, either in HHLA’s operating environment or within the Group, which had a significant impact on its earnings position and financial position. Both the economic indicators reported for the first three months of 2016 and HHLA’s actual economic performance were largely in line with the performance forecast in the 2015 Annual Report. However, a change in the interest rate used to calculate pension obligations led to a significant increase in pension provisions along with a corresponding reduction in equity. In addition, HHLA continues to be affected by exchange rate-related changes. See earnings and financial position