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HOCHBAHN Annual Report 2015

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We link up Hamburg | Management | Management Report | Annual Financial Statements | Further Information 2.3 Position of the company 2.3.1 Profitability The HOCHBAHN posted an annual deficit of € 60.2 million and a cost coverage ratio of 89.6 % for the business year 2015. Both the deficit and the cost coverage ratio were thus as planned. Compared with the previous year, there were the following changes: The transport revenues of the HOCHBAHN in 2015 were up by € 10.6 million at € 394.2 million. The increase is due, on the one hand, to the positive rise in demand and, on the other, to the increase in HVV fare prices as per 1 January 2015. In the final calculation of HVV revenues for 2014, the HOCHBAHN’s proportional share was set at 47.93 %. This is the rate also to be used for the current reporting period. The internally produced and capitalised items in the business year 2015 posted a value of € 16.8 million, slightly up on the preceding year’s figure of € 15.4 million. Income from subsidies for 2015 is markedly higher than in the previous year at € 7.0 million (2014: € 4.7 million). This can be attributed mainly to higher subsidies for the barrier-free conversion of U -Bahn stations as well as to the feasibility study for the planned new U -Bahn line U5. Income from rents stands at € 6.3 million, thus exceeding the 2014 figure of € 3.7 million by € 2.6 million. This increase is primarily due to the leasing of newly created space at the bus depot Langenfelde and the bus depot Billbrookdeich, which was completed last year, to subsidiaries. Overall performance was markedly improved in the year under review, 2015, increasing by € 17.8 million to € 506.2 million. As regards the cost of materials, electricity costs, at € 17.0 million, decreased by € 1.8 million compared with the year before. The reason for this was mainly back payments for the EEG (Renewable Energies Law) Levy made in 2014, which are not payable in 2015. The costs for diesel fuel fell by € 3.0 million to € 17.3 million despite more kilometres being driven by the HOCHBAHN buses, since the average price for a litre of diesel was € 0.15 lower than the year before. Personnel costs were up year-on-year, in particular due to the increase in the number of employees. In contrast, the expenses resulting from the adjustment of various personnel provisions to reflect their actual payout value as per 31.12. 2015 were lower than in the previous year. On balance, personnel costs rose year-on-year by € 3.0 million to € 222.4 million. 24

Annual Report 2015 The increase in other operating expenses by € 2.2 million in 2015 is mainly due to consultation services in connection with the planned construction of the new U-Bahn line U5, the study on the processes in the U- Bahn repair and maintenance shop and the upgrading of DT3 rolling stock. In the financial year 2015 there were write-downs of € 13.3 million on financial investments. The exposures of BeNEX GmbH on the local public rail transport market include a number of transport contracts which are unsatisfactory in terms of profitability. In the agilis companies, in particular, revenues and passenger numbers failed to meet expectations. The reasons for this lie in the continuing low fuel prices, which encourage people to use their private cars to travel, as well as the increasing popularity of intercity coach services. HOCHBAHN therefore wrote down its participation in BeNEX GmbH by an amount of € 12.0 million. As part of the restructuring of HanseCom GmbH, further value adjustment in the amount of € 1.3 million proved necessary. Due to the changes in presentation required by the German Accounting Law Modernisation Act (BilMoG), the corresponding differential amounts for long-term provisions are to be reported under Extraordinary Expenditures as from 1 January 2010. The extraordinary expenditures of financial year 2015 were, as in the previous year, due to the company’s exercise of the option to spread the differential amounts of pension provisions over 15 years. Despite the considerable rise in overall transport revenues by € 17.8 million in financial year 2015, the deficit increased year-on-year by € 4.8 million to € 60.2 million (+8.6 %). This is primarily due to the required write-downs on financial investments. Operational profitability, in contrast, came in much stronger: EBITDA (annual earnings before loss absorption, interest, taxes, depreciation and amortisation) was up over the previous year by € 15,553,000 at € 44,635,000. The cost coverage ratio of the company in 2015, at 89.6 %, was slightly (0.4 percentage points) below the comparable figure for the previous year (90.0 %). This nevertheless still represents one of the highest levels achieved in Germany and internationally. Annual deficit (in € million) Year 2015 2014 2013 2012 2011 Annual deficit 60.2 55.4 53.5 53.7 55.6 Cost coverage ratio (in %) Year 2015 2014 2013 2012 2011 Cost coverage ratio 89.6 90.0 90.3 90.2 89.2 25

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