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HOCHBAHN Annual Report 2015

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We link up Hamburg |

We link up Hamburg | Management | Management Report | Annual Financial Statements | Further Information Future cooperation partners will be, besides car2go and StadtRAD Hamburg, also Drive- Now and cambio Carsharing. Europcar (in the shape of a marketing cooperation) and Taxi Hamburg (taxi services displayed in the app) will continue to be part of the cooperation agreements. The number of switchh points was increased from six to nine locations during the course of the financial year 2015: the existing locations were complemented by three further switchh points at the stations U Saarlandstraße, U Lattenkamp and U Rödingsmarkt. Three further switchh points – one of them at S-Bahn Dammtor – are planned to be completed in financial year 2016. Probable future development of earnings at the HOCHBAHN The HOCHBAHN reported a deficit of € 60.2 million in financial year 2015, thus achieving a cost coverage ratio of 89.6 %. A deficit of € 65 million is planned for 2016. Additional costs will be incurred in 2016 chiefly through higher amortisation costs as a result of the procurement of DT5 units as well as retrofitting which has become necessary to prolong the service life of DT3 units. 4.2 Risk and opportunities report Risk and opportunity management The systematic identification, quantification, control and communication of risks and opportunities that may arise from the company’s business activities is regulated in the risk and opportunities management (ROM) system of the HOCHBAHN. In order to facilitate a targeted risk and opportunities management system, the basic principles are fixed by Group management and implemented throughout the Group. These principles are set out in the ROM manual and regularly reviewed to determine whether they are still relevant and appropriate to the current situation. The Management Board and Supervisory Board are kept informed of the results of the risk and opportunities inventories. There is also a duty to report immediately and directly any material risks which may occur outside the regular reporting schedule. The main prerequisites for an effective risk management system are a dedicated risk culture in all areas of the company and a commonly shared concept of what constitutes a risk and how to react to it. The goal of risk management is to recognize essential and existence-threatening risks at an early stage and to bring them under control. The Risk Management Manual defines risks and opportunities as follows: 36 “Possible future developments or events that may lead to a negative (risks) or a positive (opportunities) prognosis for or deviation from the achievement of the corporate objectives.”

Annual Report 2015 According to this, risks include the occurrence of an economic loss or a disadvantage as well as the negative deviation from the approved budget. Opportunities, on the other hand, can lead to an economic gain or an advantage and thus to a positive deviation from the approved budget. To a large extent, the same instruments and processes are used in the handling of risks and of opportunities within the framework of the inventory procedure. The risks set out in the report on the overall risk position are divided into categories and classed according to the probability of their occurrence. Differentiated rules and regulations apply, however, depending on whether the occurrence of an event is expected in the short or the medium term. Risks The main risks for the HOCHBAHN are listed in the following. In addition, the aggregate risk position is explained and evaluated: Delays in deliveries of new DT5 U-Bahn units The original plans envisaged that the DT3 units, up to 45 years old, would be replaced by a new generation of units, the DT5, in the years from 2012 to 2016. In the past, there were repeated delays in the delivery of the new units. During the period under review a binding delivery schedule was successfully agreed with the manufacturing consortium. In all, 118 units of the new type have been ordered. These are now due to be delivered gradually up to 2020. Possible further delivery delays as well as the expansion of services on the Hamburg U-Bahn network, mean however that the DT3 units will have to be kept in service well after 2016. Current plans up to 2025 therefore envisage that a certain number of DT3 units must be kept running and will not be withdrawn from service. The costs for the retrofitting of these units have been factored into the HOCHBAHN investment plan. Cuts in subsidies and grants from public authorities The Federal Government and the governments of the federal states reached agreement in September 2015 to continue the Federal Local Transport Financing Programme under the Gemeindeverkehrsfinanzierungsgesetz (GVFG) at its present level for a further 15 years. As regards the scope of regionalisation funds, the Federal Government and the federal states agreed on a volume of € 8 billion for 2016, to be increased as of 2017 by 1.8 % per year. In addition, it is planned to make changes to the distribution key between the federal states. No solution has yet been reached as regards the funds under the “Unbundling Law” (Entflechtungsgesetz). Current regulations give planning security up to the end of 2019. The exclusive tying of these funds to one purpose (public transport) was already abolished in 2014. 37

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