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HOCHBAHN Annual Report 2015

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We link up Hamburg | Management | Management Report | Annual Financial Statements | Further Information 2.3.2 Financial situation The following condensed cash flow statement shows the origin and appropriation of the financial resources in financial year 2015 and has been drawn up in line with accounting standard DRS 21. The public subsidies received by the HOCHBAHN are netted under the cash flow from investments. in € million 2015 Cash and cash equivalents as at 1.1.2015 5.1 Cash flow from current operating activities + 29.9 Cash flow from investment activities – 177.6 Cash flow from financing activities + 148.7 Cash and cash equivalents as at 31.12.2015 6.1 The cash and cash equivalents as at 31 December 2015 are liquid funds. In order to finance its investments in the amount of € 224.9 million before public subsidies, as well as for planned capital repayment under old loans in the amount of € 29.4 million, the HOCHBAHN took out three long-term loans with a total volume of € 110.0 million as part of its financing activities in 2015. Loan liabilities as at the end of the financial year were € 455.8 million. This is an increase year-on-year of € 80.7 million or 21.5 %. The financing needs for durable capital goods which cannot be covered by internally generated funds are in principle always financed by means of long-term bank loans. The HOCHBAHN had committed credit lines from German banks with a total volume of € 20.1 million on which to draw. The credit lines are freely available for use within the framework of the company’s regular business activities and were partially drawn down to the tune of € 4.8 million. Short-term financing needs are funded from the cash pool of the HGV Group. The HOCHBAHN expects a sufficiently high financing line in an appropriate amount to be made available to it by HGV in future too. The HOCHBAHN’s ability to meet its payment obligations was assured at all times during 2015. 26 Investments The HOCHBAHN made gross investments (before deduction of subsidies) totalling € 224.9 million in financial year 2015 (2014: € 178.1 million). The lion’s share of this, € 182.5 million (2014: € 118.6 million) representing 81.1 % of overall investments, went to the U-Bahn Division including Infrastructure. € 107.6 million of this was accounted for by the

Annual Report 2015 procurement of DT5 units of the first to fifth series, € 32.0 million by new construction of U-Bahn infrastructure (the U4 line link to the HafenCity, the construction of a loop line and siding complex as well as work on the extension of the U4 as far as the bridges across the Elbe), € 11.7 million by conversion of U-Bahn stations to enable barrier-free access, € 9.3 million by above-ground construction and € 4.1 million by the new building of the signal installation Barmbek. Further investments in the U-Bahn segment were in respect of modernisation and maintenance of existing rolling stock and facilities In the Bus Division, a total of € 29.6 million (2014: € 55.1 million) was invested, of which € 16.2 million was for the purchase of new buses, € 9.8 million for new construction of the bus depots Langenfelde, Harburg II and Billbrookdeich, € 0.8 million for the overnight parking site at Adenauer Allee and € 0.5 million for the ecological compensation area for the planned depot Gleisdreieck. A total of € 2.0 million was invested in shared facilities. € 0.4 million of this was accounted for by the expansion of the leisure and event centre (HALLE 13) and the integration of the canteen, € 0.5 million for the procurement of automated devices for counting passengers and € 0.1 million for the procurement of ticket machines. The financial investments are in respect of additions to the capital reserves of an affiliated company and a company in which we hold a participation totalling € 10.8 million. The following table shows a summary in a year-by-year comparison: Investments 2015 € million 2015 Share % 2014 € million 2013 € million U-Bahn Division including Infrastructure New rolling stock and facilities – DT5 107.6 47.8 54.4 34.8 – U-Bahn extension U4 32.0 14.2 26.9 15.3 U-Bahn rolling stock and facilities held – Track facilities, line equipment, security installations, construction projects and rolling stock 42.9 19.1 37.3 47.7 Sub-total U-Bahn 182.5 81.1 118.6 97.8 Bus Division Vehicles, fittings, facilities and depot installations 29.6 13.2 55.1 42.2 Shared facilities 2.0 0.9 4.4 3.0 Financial assets 1) 10.8 4.8 0.0 0.8 Total investments 224.9 100.0 178.1 143.8 1) without changes in the value of the securities portfolio 27

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