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HOCHBAHN Annual Report 2015

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  • Hochbahn
  • Hamburg
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We link up Hamburg |

We link up Hamburg | Management | Management Report | Annual Financial Statements | Further Information The investment grants from the federal budget of the Free and Hanseatic City of Hamburg (FHH) earmarked for maintaining the operative infrastructure of the U-Bahn have been subject to large variations in recent years. In the coming years the level of the subsidies will mainly be determined by the ongoing programme to convert U-Bahn stations for barrier-free access, but also by funding for the further expansion of the U-Bahn network. If the subsidies from the FHH were to be further reduced for this and other reasons, necessary measures would have to be financed in full by the HOCHBAHN. In the medium and long term this would lead to an increase in the costs of capital. Insufficient increase in HVV ticket prices to cover the actual cost increases The responsibility for fixing the ticket pricing structure in the area covered by the Association lies with the regional authority for public transport. The annual increases of the HVV ticket prices up to 2010 constituted a significant risk for the HOCHBAHN since there was a risk that they were not raised far enough to fully compensate the actual increases in internal costs. Following an agreement between the transport operators and the regional transport authority, the annual HVV price rises since 2011 have been coupled with the actual increase in expenditure. An insufficient rise in the HVV price tariff would lead to an increase in the HOCHBAHN’s deficit. Valuation of the investment in BeNEX The HOCHBAHN has bundled its regional passenger rail transport activities in Germany outside Hamburg in its subsidiary BeNEX GmbH. Insufficiently high dividend payments to the HOCHBAHN or a year without a dividend could lead to value adjustments having to be made on this investment. The value of the participation is regularly re-assessed during the drawing up of the annual financial statements at the HOCHBAHN. According to the current assessment, in particular the agilis companies will in all probability fail to post sufficient returns on the transport services contracted to them over the contract term. Alongside the continuing low fuel prices, which encourage people to use their private cars, this is due to falling passenger numbers as a result of the increasing popularity of intercity coach services. Differing views among the shareholders with regard to the financial responsibilities at agilis E are currently the subject of a judicial review to verify the facts of the case. The HOCHBAHN is proceeding on the assumption that the court will allocate the financial consequences as well as the already assumed operative responsibility to BeNEX. For this reason it is to be expected that investment income from BeNEX in the medium term will be reduced or may even be entirely absent. 38 The danger of tendering procedures for public transport by bus in Hamburg The basis for the provision of bus services by the HOCHBAHN is the official entrustment issued to us, which runs up to 2019. Proof is required every year that there is no overcompensation for our public service costs and that the services were provided at prices which comply with the arm’s-length principle. The expiry or abolition of the entrustment would pose the risk that bus services could be put out to tender by the regional transport authority. The preconditions for a direct award of the services are currently being

Annual Report 2015 put in place. These include proof of adequate economic efficiency as well as a cross-company optimisation of the bus route network in the Hamburg area. In addition, the HOCHBAHN needs to find a solution for BeNEX before an award can be made. Adjustments to cost structures – bus services The HOCHBAHN has a large fleet of vehicles with alternative propulsion systems, which have been operating on the Innovation Line 109 since December 2014. On this line, the HOCHBAHN is testing and trying out various technologies to determine their suitability for day-to-day use with the goal of making bus services in Hamburg even more ecofriendly. The maintenance and servicing of these vehicles cause relatively high running costs in comparison to conventionally powered buses. It is not possible in the short term to maintain a competitive cost level here by means of the savings and cost structure adjustments which have been introduced. Aggregate risk position Two regular risk and opportunities inventories were carried out in the HOCHBAHN Group during 2015. At year-end, 82 risks had been identified. Of these, 25 were categorised as counterparty risks (procurement, sales), 9 as market risks (services offered/performed), 18 were in respect of general economic fundamentals, 24 technical risks (processes and unexpected incidents) as well as six Group risks. These are risks which could arise out of the relationship between the HOCHBAHN and its participating interests. The medium-term aggregate risk position of the HOCHBAHN is mainly determined by developments in the public subsidy programmes of the Federal Government and the State of Hamburg as well as by various technical and organisational risks. Overall, the risk position has further improved over the previous year due to the measures initiated. The risks identified as a result of the risk inventory procedures carried out are neither individually nor in their aggregation such that they threaten the existence of the company. There are also no risks recognisable from today’s perspective which could present a danger to the existence of the company in the medium term. The risks represent a snapshot of the current position and are an excerpt from the aggregate risk position as at 31 December 2015. Strategic opportunities The continuous population growth in Hamburg and the required residential construction of additional homes and the related development of new residential and commercial areas and their access to public transport as well as the progressive change of mobility culture (“using instead of owning”) results for the HOCHBAHN in the possibility to attract new passengers and retain existing ones. Through the extension of the U4 up to the bridges across the Elbe as well as the various plans under review for the expansion of the U-Bahn network (construction of a new station, extension of the U4 to Horner Geest, construction of a new U-Bahn line, the U5), densely populated districts of the city with 39

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