Annual Report 2007 - hci hammonia shipping ag

Management ReportBased on the result calculated in accordance with HGB and relevant to dividend payouts, the ManagementBoard therefore expects a positive result for the 2008 financial year. However, due to the fact thatthe new ships will not be put into service until later in the year, the target rate of return on equity of 6.5%is not likely to be achieved yet, taking into account the loss under HGB recorded for 2007 at the level ofthe parent company. The considerably weaker USD exchange rate also needs to be taken into account.Looking to 2009, the plan is to reach the target yield based on current plans.The Group’s investment programme will be worked through according to schedule in 2008 and 2009.There are currently no plans for further investments over and above the ships that have already beencontractually agreed, and the purchase of the three 7,400 TEU ships from Maersk.10. Main features of the remuneration systemIn accordance with the Articles of Association, the members of the Supervisory Board receive a fixedannual payment of EUR 5,000 each. The chairman of the Supervisory Board receives one-and-a-halftimes this amount.The Management Board receives no remuneration.11. Statutory DeclarationTo the best of our knowledge, and in accordance with the applicable accounting principles, the consolidatedfinancial statements give a true and fair view of the assets, liabilities, financial position and profit orloss of the Group, and the Management Report includes a fair review of the development and performanceof the business and the position of the Group, together with a description of the principal opportunitiesand risks associated with the expected development of the company.Hamburg, 14 April 2008Dr. Karsten LiebingMember of theManagement BoardJens BurgemeisterMember of theManagement Board23