Comparación de accesos transfemoral y transapical 105

Sustained momentum in Port of Hamburg cargo handling and continuous optimization of the entire operating system were the main factors here. In fiscal 2005 total operating revenues of HHLA Group reached €840.1 million. That represents a 16.4% (€118.6 million) year-on-year impro- vement in HHLA Group performance. Group sales reve- nues in the year rose by €117.4 million to €833.0 million, exceeding the €800 million mark for the first time in the company’s history. Group operating result (EBIT) in fiscal 2005 at €110.1 million was 59.1% up on the previous year. All divisions contributed substantially to this boost

in earnings. However, the main contribution came from the Container Division, which this year again provided relatively the highest sum in absolute terms in earnings on normal business activities. Being consolidated for the first time, HPC Ukraine contributed positively to the division’s earnings. At Group level, the distinct increase in earnings was also reflected in net income. After tax and minority interests, this was 53.4% higher at €49.7 million.

Transactions and business between divisions was on normal commercial terms corresponding to those app- lying to transactions with Third parties.

SALES REVENUES 2005 BY DIVISION (T€) Container Intermodal Logistics Real Estate Elimination Group Segment sales revenues of division 540,422 253,604 105,199 42,472

Revenues for consolidation 67,186 24,562 8,598 13,692 114,038

Consolidated sales revenues of division 473,236 229,042 96,601 28,780 827,659

Consolidated sales revenues of segment 5,341

Consolidated Group operating revenues 833,000

SALES REVENUES 2004 BY DIVISION (T€) Container Intermodal Logistics Real Estate Elimination Group Segment sales revenues of division 451,003 213,632 94,051 41,074

Revenues for consolidation 62,939 4,612 6,644 14,197 88,392

Consolidated sales revenues of division 388,064 209,020 87,407 26,877 711,368

Consolidated sales revenues of segment 4,253

STRUCTURE OF ASSETS AND CAPITAL FURTHER IMPROVEMENT IN EQUITY RATIO

During the year under review consolidated assets rose by €110.3 million and as at 31.12.2005 totalled €913.1 million.

The high level of investment was also maintained in 2005. Non-current assets rose by 6.2% to €653.7 million (pre- vious year: €615.4 million). Intensity of investments amo- unted to 71.6% (previous year: 76.6%).

The sum of €9.6 million was added to pensions pro- visions on 31.12.2005. On balance sheet date these total- led €239.9 million. These expenses were only included in the balance sheet since they had an impact on taxes in the year under review. Hand in hand with this goes the entry of a deficit as at balance sheet date arising from exercise of this

option in accordance with article 28 para. 1, point 2 of the EGHGB (the introductory law to the German Commercial Code) of €10.2 million (previous year: €11.8 million).

Earnings performance and a contribution by the sha- reholders of €30 million towards capital reserves enabled group shareholders’ equity to be increased by €98.0 million. At balance sheet date this totalled €189.3 million. Equity ratio accordingly rose to 20.7% (previous year: 11.4%).

Net debts in the numerator arise from loan obligations less liquid funds. The denominator represents shareholders’ equity as at the balance sheet date 31.12.2005.

Net debts + pension provisions Group shareholders’ equity Definition of gearing ratio: Other liabilities Pension provisions TOTAL ASSETS 246.8 653.7 2005 12.6 165.5 615.4 2004 21.9 913.1 802.8 SHAREHOLDERS’ EQUITY AND LIABILITIES

319.7 239.9 189.3 2005 164.2 336.8 230.3 91.3 144.4 2004 913.1 802.8 ASSETS Liabilities to banks

DEVELOPMENT OF HHLA GROUP BALANCE SHEET (€ MILLION) Other assets Current assets 1.000 900 800 700 600 500 400 300 200 100 0

group shareholder’s equity gearing ratio equity ratio

2003 2004 2005 61.5 9.0 7.8 % 11.4 % 20.7 % 6.1 2.9 91.3 189.3

DEVELOPMENT OF HHLA GROUP

SHAREHOLDERS’ EQUITY AND GEARING RATIO

€ million 200 150 100 50 % 20 10 Equity 0 0 Non-current assets

INVESTMENTS AND FINANCING

INVESTMENTS AND DIVIDEND PAYMENTS WERE ALMOST FINANCED BY CASHFLOW ON CURRENT OPERATIONS

Investments during the year under review totalled €117.4 million, therefore virtually reaching the previous year’s level.

The Container Division took the largest share (€81.7 million) of these investments. The first stage of the project at HHLA’s Container Terminal Burchardkai (CTB) com- menced in 2004 and involving investment of €600 million was continued during 2005 (investment in 2004: €15 mil- lion). This investment aims to double handling capacity at CTB by 2012.

Altogether €34.3 million was invested in fiscal 2005 in continuing expansion at HHLA’s Container Terminal Alten- werder (CTA). Along with additional handling equipment, 4 container gantry cranes to handle new-generation ships were purchased and 4 new storage blocks constructed. Cashflow (DVFA/SG) amounted to €146.4 million (previous

year: €113.3 million). This resulted mainly from the distin- ct rise in Group earnings in fiscal 2005.

In the year under review cashflow (DVFA/SG) was entirely adequate for the financing of investments. The Group’s liabilities to banks decreased slightly to €319.7 million (previous year: €336.8 million).

SELECTED FINANCIAL FIGURES HHLA GROUP

(€ MILLION) 2005 2004 ∆in %

EBITDA 185.8 145.9 27.3 %

Cashflow (DVFA/SG) 146.4 113.3 29.2 % Investments 117.4 117.9 - 0.4 % INVESTMENT VOLUMES BY DIVISION (€ MILLION) Container Intermodal Logistics Real Estate Holding Total

Intangible assets 0.1 0.3 0.6 - 0.7 1.7 Property/plant/equipment 81.6 12.0 6.6 2.5 11.9 114.6 Financial assets - 1.0 0.1 - - 1.1 Assets 2005 81.7 13.3 7.3 2.5 12.6 117.4 Assets 2004 91.2 9.0 6.9 9.7 1.1 117.9 Change in % - 10.4 % 47.8 % 5.8 % - 74.2 % > 100.0 % - 0.4 %

RISK MANAGEMENT SYSTEM

The objective of the risk management system is to encou- rage serious consideration of corporate risks, averting any existential threat that would harm HHLA Group or Group companies. Risk management comprises the entirety of organizational regulations and measures designed to reco- gnize risks and to stimulate an active approach in all cor- porate activities to any immanent risk profile. The main essentials of risk management have been laid down in a Group guideline that is binding on all companies in which HHLA owns a majority stake. The main elements of the risk management system consist of clear responsibilities for the early recognition, control and making known of risks, clear-cut definitions of classes of risks and of risk areas, reporting routines, and the fundamentals of policy on risks. Risk management and reporting on risks are designed to promote company awareness and independent action.

Risks are regularly the subject of an inventory com- piled as part of the annually required planning process. In principle, risks need to be quantified, provided that reliable and acknowledged methods are available, and such quan- tification seems commercially acceptable and relevant to any decision on assessing risks. Reporting on risks is based on standard proforma throughout the Group, the aim being the capacity to draw up a consistent overall picture of gene- ral risk status. The internal audit department, along with the external auditors, is responsible for auditing of the risk management system.

CATEGORIZATION OF RISKS

HHLA Group is subject to specific risks in the divisions. Among these are strategic risks, market risks, finance risks, personnel and other risks.

STRATEGIC RISKS

The essential preliminary for successful expansion is rapid implementation of infrastructural measures of special impor- tance that affect the Port of Hamburg. These include:

Deepening of the navigation channel on the Lower Elbe to cater for growing containership traffic and increasing ship sizes.

Expansion of road infrastructure in the wider port area of Hamburg to facilitate efficient access and departure routes for container flows to and from terminals. Expansion and modernization of the Hamburg Port Rail- way to ensure direct rail arrival and departure for growing container volumes.

Electrification and improvement of the Hamburg-Lübeck railway line so that growing container traffic from the Baltic area can be successfully handled.

Further continued progress on the essential infrastructure projects can be assumed for fiscal 2006.

MARKET RISKS

The growth areas in East Asia and central and eastern Euro- pe, which are especially relevant for HHLA Group owing