HOCHBAHN Annual Report 2015

Annual Report 2015 

WE LINK UP 

HAMBURG. 

INTELLIGENT MOBILITY SOLUTIONS.

THE HOCHBAHN 

AT A GLANCE 

Key indicators 

2015 2014 2013 

Financial information (in € million) 

Sales revenues 435.4 423.7 424.3 

Deficit for the year before assumption of 

losses by HGV 60.2 55.4 53.5 

Cost coverage ratio (in %) 89.6 90.0 90.3 

Fixed assets 832.2 732.6 661.2 

Balance sheet total 915.4 832.3 776.4 

Gross investments 224.9 178.1 143.8 

Employees 4,977 4,810 4,749 

Trains 

Passengers (in millions) 1) 221.6 218.3 218.1 

Passenger kilometres (in millions) 1,323.0 1,303.4 1,301.9 

Investments (in € million) 182.5 118.6 97.8 

U-Bahn units 861 805 764 

Lines 4 4 4 

Stations 91 91 91 

Buses 

Passengers (in millions) 1), 2) 212.2 209.1 209.5 

Passenger kilometres (in millions) 660.2 650.4 651.6 

Investments (in € million) 29.6 55.1 42.2 

Buses 803 802 777 

Lines 111 111 111 

Stops 1,327 1,321 1,317 

1) 2014 and 2015: provisional figures 

2) Correction of baseline figures from 2009

THE HAMBURGER 

HOCHBAHN AG 

The Hamburger Hochbahn AG (HOCHBAHN) is a company organised and managed according 

to private sector principles owned by the Free and Hanseatic City of Hamburg. As the second 

largest local public transport company in Germany with some 5000 employees we are the 

biggest partner in the Hamburg Public Transport Association (HVV). Together we get people 

where they want to go and carry Hamburg forward. About 1.2 million passengers travel with 

us every day, and the number is growing every year. 

On four U-Bahn and 111 bus lines, the HOCHBAHN provides high-quality public transport all around 

Hamburg. This is how we ensure a better climate, make less noise and keep the roads clear. 

We find solutions to redesign the mobility culture in our city, providing crucial impulses for urban 

development, improving the quality of life and making Hamburg a more attractive place to do business. 

We want to set mobility in the city without a car of your own as the new standard for travel. 

Reliability, quality and economic efficiency are the cornerstones of our daily work. The 

HOCHBAHN is among the most successful local public transport companies anywhere 

in Europe. 

CONTENTS 

04 WE LINK UP HAMBURG 

06 MANAGEMENT 

06 Prologue from the Chairman of the 

Supervisory Board 

08 Preface by the CEO Henrik Falk 

10 The Management Board 

12 Interview with Henrik Falk 

and Günter Elste 

14 GROUP MANAGEMENT REPORT 

15 Basic Principles of the company 

20 Economic Report 

30 Report on subsequent 

sheet events 

30 Forecast, Risk Report 

and Opportunities 

41 ANNUAL FINANCIAL STATEMENTS 

42 Balance Sheet 

43 Statement of Income 

44 Fixed Assets Movement Schedule 

46 Appendix 

62 FURTHER INFORMATION 

62 Auditors’ Report 

64 Report of the Supervisory Board 

66 Declaration of Compliance with the 

Hamburg Corporate Governance 

Code (HCGK) 

70 Overview of Subsidiary and 

Holding Companies 

Imprint 

3

We link up Hamburg | Management | Management Report | Annual Financial Statements | Further Information 

INTELLIGENT MOBILITY SOLUTIONS 

WE LINK UP 

HAMBURG. 

We want our services to reflect the modern urban lifestyle and needs 

of the people who live in Hamburg – that includes laying on free WIFI 

in the HOCHBAHN and expanding mobility services in our city. 

SWITCHH POWERS UP 

The pilot project for Hamburg is celebrating its second 

birthday and still growing: in 2015 the number of switchh 

points goes up by three: there are now nine in all. And 

others are planned in central locations. A new start for 

switchh is intended to make it Hamburg‘s innovative 

mobility platform alongside car2go und StadtRAD, and 

soon with new service partners – and then for all HVV 

customers, not only those with a yearly subscription ticket! 

BARRIER-FREE ACCESS FORGES AHEAD 

More than 80 percent of the U-Bahn network barrierfree 

by 2018 – that is the goal the HOCHBAHN has 

set itself as an arranger of complementary mobility. 

And we are on track to reach it: after completing work 

at Rauhes Haus station at the end of 2015, Hamburg 

now has the first entirely barrier-free U-Bahn line, the 

U4. In 2016, eleven more stations are being converted 

at the same time – more than ever before! 

A NEW BUS DEPOT PLANNED 

The bus depot at Gleisdreieck for some 

320 buses in all is due to be ready by 2019. 

This will not only give the HOCHBAHN 

expanded bus capacity, but also put in place 

the infrastructure for zero-emission buses with 

innovative drive technologies. The plans take 

account of charging points for battery-powered 

buses as well as operating fuel cell buses. 

25 YEARS OF RAIL LINK TO MÜMMELMANNSBERG 

When the HOCHBAHN started running services on the 

extended U3, as it then was, in 1990, it meant that over 

30,000 people were added to the U-Bahn network in one 

go. The link to the large housing estate at Mümmelmannsberg, 

where almost one in three inhabitants of Billstedt still 

live today, means a real improvement in quality of life even 

after 25 years. 

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THE HAMBURG U-BAHN NETWORK IS GROWING 

It is planned to extend the U4 out to Horner Geest and to 

build a new line, the U5. These projects are a vital keystone 

in making Hamburg’s infrastructure fit for the challenges 

of the future. Planning is in the hands of the HOCHBAHN. 

The feasibility studies carried out in 2015 are an important 

milestone. Their results give a green light for the expansion 

plans, which can now move forward into the next phase. 

BASE STATION 

FOR INNOVATIVE BUSES 

The electrobus terminal at 

Adenauerallee completed in 2015 

is the new start and end point for 

the buses of the Innovation Line 

109 as well as for lines 4 and 37. 

Various innovative technologies are 

being tried out in everyday service 

on the 109 – an important practical 

test on the way to achieving 

our political remit to only procure 

zero-emission buses wherever 

possible from 2020 on. 58 buses 

with innovative drives are already 

running in Hamburg. 

U4 EXTENSION TO ELBBRÜCKEN IS TAKING SHAPE 

The extension of the U4 up to the new station at Elbbrücken 

is in full swing. The construction work is 

extremely challenging, technically as well as logistically. 

All the building works have to be coordinated down to 

the last detail so that the U4 extension can start services 

in 2018. The 35 metre long steel bridges for the tracks 

and platforms were hoisted into position at the beginning 

of 2016. 

PIONEER OF LOCAL PUBLIC TRANSPORT: 

50 YEARS OF THE HVV 

The HVV is celebrating an anniversary: half a 

century ago, on 26 November 1965 to be precise, 

the HVV was founded, the first public transport 

association in the world. The HOCHBAHN was a 

founding partner from day one. With new services 

and offers, the passengers and their needs are 

the unchanged focus of our efforts. 

WELL-EARNED RETIREMENT FOR THE DT2 

It is the end of an era: after 50 years of service, 

the last U-Bahn train of the type DT2 is being 

decomissioned. The units of this type have 

travelled the equivalent of 62 times around 

the earth all told. The “Silverlings”, as they are 

known, were regarded as ambassadors of 

modern technology when they first went into 

service. For decades they were a familiar sight 

in the Hamburg cityscape. 

5


PROLOGUE FROM THE CHAIRMAN 

OF THE SUPERVISORY BOARD 

Frank Horch 

Mobility is a crucial prerequisite for a successful economy and for participation in society. 

This is why it is a key objective to guarantee comfortable, reliable and environmentally 

friendly mobility in the long term. This can only succeed with a modern, efficient public 

transport system – and Hamburg has just that. According to the Hamburg Public Transport 

Association (HVV), more than 748 million passengers used their services to travel by rail, 

bus and ferry in 2015. That is an increase of 10 million over 2014. And the HOCHBAHN 

and its subsidiaries are responsible for almost half of this performance. 

Major construction projects such as the link from the HafenCity East to the rapid transit 

network were rapidly driven forward by the HOCHBAHN in 2015. The steel bridges have 

meanwhile been hoisted into place at the future station at Elbbrücken. Services are due 

to start running from here in 2018. 

6


Major infrastructure projects need to be sounded out for viability long in advance of 

their realisation. That is especially true when building a new U-Bahn line in a densely 

populated and growing city like Hamburg. It is all the more gratifying that the Senate and 

Parliament already gave the go-ahead for the further planning process to develop the 

U-Bahn network in autumn of 2015, based on the successful conclusion of the feasibility 

studies for the first section of the U5 and the extension of the U4 to Horner Geest. Districts 

with over 100,000 inhabitants will be getting a link to the rapid transit rail network 

with the first section of the U5 alone. Important centres such as the City Nord with its 

300 companies and jobs for some 30,000 people will benefit from this. We are pursuing 

these major infrastructure projects to safeguard Hamburg’s economic vitality and the 

quality of life for our citizens in the coming decades too. 

You can rely on the HOCHBAHN: as a professional partner in planning and implementing 

crucial infrastructure projects and also as a soundly run business in its own right. Thus 

it succeeded once again, despite high investment levels and expansion of the services 

on offer, in achieving a very high cost coverage ratio in a German and international comparison. 

In doing this, the company made a useful contribution to taking the strain off 

the budget accounts of the Free and Hanseatic City of Hamburg. 

In February 2016, Günter Elste retired after 20 years leading the HOCHBAHN. He left an 

indelible stamp on the company as Chairman of the Management Board and developed 

it into one of the most innovative transport operators in Germany. The City of Hamburg 

would like to express their heartfelt thanks to him for this achievement! We extend a 

warm welcome to Henrik Falk as the new Chairman of the Management Board and wish 

him every success in his new task. 

Frank Horch 

Senator for Economic Affairs, Transport and Innovation 

of the Free and Hanseatic City of Hamburg 

Chairman of the Supervisory Board of Hamburger Hochbahn AG 

7


PREFACE BY THE CHIEF 

EXECUTIVE OFFICER 

Henrik Falk 

Dear readers, 

An encouraging trend is continuing: the preliminary figures show that the HOCHBAHN 

has been able yet again to get more people where they want to go – 433 million of them, 

an increase of 1.5 percent. This shows that we are on the right track with our strategy 

and the measures derived from it to provide an attractive local public transport system. 

We are persuading more and more people to switch to travelling by bus and U-Bahn. And 

more people using public transport means at the same time less noise and air pollution, 

less congested roads and more efficient use of the limited space available in Hamburg. 

Hamburg has the ideal preconditions to develop in an outstandingly positive direction. 

This is why the population in the metropolitan region will continue to grow. This development 

opens up great opportunities, but presents enormous challenges. Infrastructure 

needs to be expanded accordingly. That is especially true of the rapid transit system, the 

backbone of public transport in Hamburg. For this reason we have pushed ahead with 

undiminished vigour with plans to expand the existing U-Bahn network, involving the 

extension of the U4 to Horner Geest and construction of the first section of the new 

U5 from Bramfeld via Steilshoop to the City Nord. The feasibility studies here are now 

completed and yielded a preferred variant in each case. Now that the “whether” of the 

network extension has been decided by the political authorities, the question in hand is 

the “how”. We do not see early and comprehensive citizen involvement in the process 

as an annoying duty; on the contrary, it presents an opportunity. The HOCHBAHN will 

therefore enter into a dialogue with citizens from the beginning. We want them to be able 

to factor their needs, expectations and intimate knowledge of the city districts into the 

planning process as equal partners. 

8


The aim is to guarantee the quality of life in our city in the long term. We are called on 

to play a major part in realising the ambitious climate protection targets set by the Free 

and Hanseatic City of Hamburg and in reducing noise pollution. We are a driving force 

in developing zero-emission buses. On our Innovation line 109, we have already been 

testing and comparing all the currently relevant innovative propulsion technologies under 

practical conditions for a year and a half now. In this way we can identify the advantages 

and disadvantages and pass on important findings to the manufacturers to help them 

develop their technologies. 

For us, intelligent mobility means complementing traditional public transport with options 

which, in particular, take account of the urban lifestyle of younger generations. They want 

to be able to go places on the spur of the moment. They are not so much interested in 

possessing the means to do that, just using them. And our complementary option is 

geared to just that feeling: switchh lets people switch spontaneously from public transport 

to a rented bike or car with no hassle, just by going into the web or a special app. 

That way you can be mobile without needing a car of your own. 

But intelligent mobility also means something else for us: racing full speed ahead to 

convert our U-Bahn stations for barrier-free access, with the support of the Free and 

Hanseatic City of Hamburg. Fifty-six HOCHBAHN U-Bahn stations were already barrierfree 

at the end of 2015, and another eleven are being converted simultaneously this 

year – more than ever before in one year. Over 80 percent of the U-Bahn network will 

be barrier-free by the end of 2018. One of our contributions to making Hamburg a city 

worth living in where people can take a fuller part in life. 

A subject which concerns me particularly is the digitalisation of our world. This impacts 

on our private lives and is changing the work environment fundamentally and with breathtaking 

speed. I see that as a huge opportunity, especially for public transport and the 

HOCHBAHN. It makes brand new products and services for our customers possible, 

technological milestones such as fully automated U-Bahn services running at extremely 

short intervals can be realised. Let yourself be infected by my enthusiasm for the 

opportunities opened up by digitalisation! 

A decisive factor in facing all these challenges in the year just ended and our tasks in 

2016 is knowing that we have the backing of the Free and Hanseatic City of Hamburg. 

We succeeded in keeping our cost coverage ratio at the very high level of 90 percent 

in 2015. That puts us at the head of the field in a national and international comparison. 

I would like to thank our employees in the name of the Management Board for the dedicated 

work they have put in. My thanks also go to the Supervisory Board, the employee 

representatives, the political bodies and the administrative authorities. All of them together 

have helped to make the financial year 2015 a successful one for the HOCHBAHN. This 

cooperation in an atmosphere of mutual trust forms an excellent base from which to 

master the challenges facing us. 

Yours sincerly 

Henrik Falk 

Chief Executive Officer 

9


THE MANAGEMENT 

BOARD 

Having fun at work. Just before the photo shooting for the Management Board this group shot was taken with staff from the operational headquarter. 

(right to left): 1st row; Mirco Kötzsch, Ulrike Riedel (Management Board), Marko Lisch; 2nd row; Jens-Günter Lang (Management Board), Henrik Falk (CEO), 

Stefan Maßmann, Dan Zelck, Andreas Carlsen, Helmut König (Management Board); 3rd row; Thomas Dankers, Bärbel Waßmann, Volker Brunotte 

10


HENRIK FALK 

Henrik Falk has been a member of the Management Board of Hamburger Hochbahn 

AG since 1 January 2016 and its Chairman since 1 February 2016. Henrik 

Falk comes from the Berliner Verkehrsbetrieben (BVG), where he had responsibility 

on the Management Board for the Finance and Operations Division since 2008. 

In 2004, Falk, who studied Law, joined BVG as Chief Legal Officer, and from 2007 

he was Managing Director of BVG-Beteiligungsholding. Before going into the transport 

sector Falk was a partner in a law firm in Berlin. 

GÜNTER ELSTE 

Günter Elste was Chief Executive Officer of the Hamburger Hochbahn AG from 

1996 to 31 January 2016. Under his leadership the company established itself 

as one of the market leaders in the sector and is regarded as being synonymous 

with future, trend-setting developments. The member companies of the German 

Transport Operators’ Association (Verband Deutscher Verkehrsunternehmen (VDV) 

are also benefactors of this. Mr Elste was president of the industry association 

from 2003 to 2009 and was appointed its honorary president in 2010. 

ULRIKE RIEDEL 

UIlrike Riedel joined the Hamburger Hochbahn AG in 2009 as Head of the Personnel 

and Central Services Division. Ms Riedel, who holds a master’s degree in business 

administration, started her career at Jil Sander AG before a successful period working 

in the aviation industry. She held various management positions at Flughafen 

Hamburg GmbH and was managing director of AHS Aviation Handling Services 

GmbH for two years from 2007 onwards. Since 2014 she has been Head of the 

combined Personnel and Operations Division. 

HELMUT KÖNIG 

Helmut König, holder of a master’s degree in business administration, has been 

head of the Finance Division of the Hamburger Hochbahn AG since 2010. Before 

joining the HOCHBAHN, he served as chief financial officer of the Munich-based 

EPCOS AG after holding various commercial management positions at Panasonic 

AVC Networks Germany and was managing director of the Panasonic works in 

Peine and at a Slovakian subsidiary. 

JENS-GÜNTER LANG 

Jens Lang has been at the HOCHBAHN Group since 1995. He began as Head 

of Infrastructure, and was responsible in this position for the major construction 

projects of HOCHBAHN from 1999 onwards. On top of this, he was managing 

director of the P+ R operating company. After gaining his degree in mechanical 

engineering, he did a management training programme at the Unilever Group 

before working for five years at Deutsche Airbus in the factory and plant planning 

division. He has been responsible for the Technical Division on the Management 

Board of the HOCHBAHN since January 2014. 

11


AN INTERVIEW 

WITH HENRIK FALK 

AND GÜNTER ELSTE 

A discussion with the new Chief Executive Officer and his predecessor 

Mr Elste, what is your assessment of 

your last business year as CEO of the 

Hamburger Hochbahn AG? 

2015 was a successful financial year for our 

company. The HOCHBAHN was able to 

increase the number of passengers using it 

once again and increase the services on offer, 

both in quality and quantity. At the same time 

Günter Elste 

we made good progress with important projects 

which are vital for Hamburg’s future, whether it is the extension of the U4 to Elbbrücken 

or the accelerated conversion of our U-Bahn stations for barrier-free access. Expanding 

the local public transport system, especially the U-Bahn network, is a decisive factor in 

getting to grips with a growing population in the Hamburg metropolitan region and the 

increasing public transport volume that brings with it. With our plans for extending the 

U-Bahn network we took an important step forward here in 2015. The feasibility studies 

for the U4 extension to Horner Geest and the first construction phase of the new U5 

from Bramfeld via Steilshoop to the City Nord show: yes, both major projects are doable! 

And when you look back further, What conclusions would you draw after 

20 years as the head of the HOCHBAHN? 

It was a marvellous gift for me to be able to serve my home city and the community 

as the head of the HOCHBAHN for 20 years. Together with a strong team, and with 

restructuring efforts which were sometimes quite drastic as well as a great deal of 

courage, we succeeded in making the HOCHBAHN one of the most successful public 

transport companies in the whole of Europe. Just one example: we managed to raise the 

cost coverage ratio, 65 percent when we started, to 90 percent today. The HOCHBAHN 

today is a healthy company which does not need to shy away from competition and 

has a clear vision: “intelligent mobility for a future worth living in”. That is a collective 

achievement the entire HOCHBAHN team can be proud of. 

What makes you optimistic about the future of the HOCHBAHN? 

Our company is in excellent shape. And: the Hamburg metropolitan region is one of 

the most sought-after business locations in Germany. It has a high quality of life and 

above-average growth. This means that people’s need for mobility is going to increase 

even more in future and that will need a high-performance public transport system with 

the HOCHBAHN as a driver. 

12


Mr Falk, Mr Elste is handing over a well-ordered firm to you. 

What are your plans for the HOCHBAHN? 

Günter Elste will be a tough act to follow. He made our company a top player in the sector. 

For me, this means that we are starting in the pole position. 

We will drive forward our principal projects such as the extension of the U-Bahn, zeroemission 

bus services and the interlocking of public transport with other mobility options 

– switchh is one example. We will continue to make an important contribution with these 

to making Hamburg a more attractive location. 

Our priority goal is to gain more passengers. 

It is not a foregone conclusion that more and 

more people will use public transport. To 

achieve that, we need to gear our activities at 

HOCHBAHN systematically to the needs of 

our customers. That means intensively finding 

out what they want and expect from us and 

structuring the products we offer on that 

Henrik Falk 

basis. I am thinking here in particular of the 

under-eighteen segment. How can we win them over to our products to the point that 

they use the bus and train as their preferred means of transport even if they have a 

driving licence? That means, remain loyal to us and not bother to buy a car of their own. 

Why is digitalisation so important for the HOCHBAHN? 

The digitalisation of society and work is an enormous opportunity for our company. 

But it needs to be grasped quickly and with determination. We must have our finger on 

the pulse, keep pace with the times and get closer to the digital lifestyle of Hamburg. 

This is an area where our company can play a large part in shaping the future of the city 

of Hamburg in general. That includes, for instance, offering free WIFI over our systems, 

creating value-added with apps and simple, easy-to-use solutions for customers to buy 

tickets via mobile phone. And we will push forward digitalisation inside the company, 

too. It presents us with a whole range of new options to make our internal processes 

more efficient. At the same time digital data help the HOCHBAHN to match our day-today 

activities more closely to customer needs. I find it really exciting to press ahead 

with these themes. 

What are the major challenges in the current business year and beyond? 

We have a lot on our plate in 2016: this ranges from the work on the extension of the 

U4 to Elbbrücken station, the barrier-free conversion of further U-Bahn stations, the 

extensive construction work on the new bus depot at Gleisdreieck up to working out 

the detailed planning for the new U5 and the extension of the U4 to Horner Geest – to 

mention only a few of our projects. And we are sending a digital signal with the test 

phase and introduction of free WIFI access in our buses and at our stations. 

We will implement our vision HOCHBAHN 2030 step by step: developing intelligent 

mobility to guarantee the customers of local public transport a reliable, high-quality 

and above all high-performance service. I am absolutely certain that intelligent digital 

solutions will have a major part to play in that. 

13


GROUP MANAGEMENT REPORT 

15 1. BASIC PRINCIPLES OF THE COMPANY 

15 1.1 The company’s business model 

16 1.2 Goals and strategies 

18 1.3 Research and development 

20 2. ECONOMIC REPORT 

20 2.1 Overall economic and industry situtaion 

21 2.2 Business development 

24 2.3 Position of the company 

24 2.3.1 Profitability 

26 2.3.2 Financial situation 

28 2.3.3 Investments 

29 2.4 HOCHBAHN employees 

30 3. REPORT ON SUBSEQUENT EVENTS 

30 4. FORECAST, RISK AND OPPORTUNITIES REPORT 

30 4.1 Forecast report 

36 4.2 Risk and opportunities report 

14


1. BASIC PRINCIPLES OF THE COMPANY 

1.1 The company’s business model 

The Hamburger Hochbahn AG (HOCHBAHN) is one of the leading local public transport 

companies in Germany. About 1.2 million passengers use the public transport provided 

by the HOCHBAHN and its subsidiaries on four U-Bahn lines and more than 100 bus lines 

as well as several ferry services every day. This means that it covers about half of all 

public transport in the Hamburg Public Transport Association (Hamburger Verkehrsverbund 

(HVV). With almost 5,000 employees, the company is one of Hamburg’s biggest 

employers. As of 24 November 2009, the Free and Hanseatic City of Hamburg confirmed 

the entrustment of the HOCHBAHN with operating public transport in the common interest 

on regular bus and U-Bahn services in Hamburg. The contracts provide for the 

HOCHBAHN to be officially entrusted with bus services up to 2019 and regular U-Bahn 

services up to 2032. Together with its many subsidiaries and the companies in which 

it has a participation, including maintenance of rolling stock, security and cleaning 

services, the HOCHBAHN provides a substantial element of passenger mobility in the 

Free and Hanseatic City of Hamburg. 

The Hamburger Hochbahn AG is a company organised and managed according to private 

sector principles which is 100 % owned by the Free and Hanseatic City of Hamburg via the 

HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH (HGV). 

The company is organised in four Divisions. 

Management Board 

Chairman Henrik Falk 

Ulrike Riedel 

Helmut König 

Jens-Günter Lang 

Corporate Management 

Division 

Personnel and 

Operations Division 

Finance 

Division 

Technical 

Division 

Henrik Falk 

Ulrike Riedel 

Helmut König 


The Corporate Management Division is headed by the Chairman of the Management 

Board and comprises the Corporate Management and Systems Development, Marketing, 

Press and Internal Communication as well as Group Integration and Internal Auditing 

Departments. As of 1 February 2016 Henrik Falk took over as Chairman of the Management 

Board from Günter Elste, who retired after twenty years in this function. 

15


The segments U-Bahn and bus services, together with the Personnel and Work Safety 

Department and the Environmental Protection and Fire Safety Department make up the 

Personnel and Operations Division. 

The Finance and Controlling, Purchasing, Information Management and Legal and Real 

Estate as well as the Sales and Transport Economics Departments form the Finance 

Division. 

The Technical Division consists of the Project Construction and Rail Plant, Infrastructure 

and U-Bahn Rolling Stock Departments. 

The HOCHBAHN is particularly dependent on the legal framework within which it functions 

and on political decisions concerning public transport policy in the Free and Hanseatic City 

of Hamburg. 

The main driver of the company’s positive development in recent years was the significant 

increase in numbers of passengers carried, which rose faster than the average for 

Germany as a whole. The HOCHBAHN is geared towards further growth. 

Major projects during the year under review, 2015, were the continuing delivery and 

commissioning into regular service of additional new-generation DT5 type U-Bahn rolling 

stock, the testing of new innovative propulsion systems in bus operations (in particular 

on the Innovation Line 109) acceleration of ongoing work to convert U-Bahn stations for 

barrier-free access and the extension of the U-Bahn line U4 up to the bridges across the 

Elbe. On top of these, the following projects occupied an important place in planning 

activities: the extension of the U -Bahn network as far as the Horner Geest (U4), the new 

station at Oldenfelde (U1) and the new U- Bahn line U5. 

1.2 Goals and Strategies 

The corporate strategy HOCHBAHN 2030 has as its vision “intelligent mobility for a future 

worth living in”. In this context, the HOCHBAHN is developing a holistic, integrated range 

of future mobility options for Hamburg. The HOCHBAHN has set itself clear targets as to 

how it needs to manage the implementation of this vision. The overarching goal is to 

increase the numbers of passengers. In order to reach this primary goal, the HOCHBAHN 

has identified six fields of action with the corresponding targets. 

16 

To be the guarantor for high-performance local public transport services 

Hamburg is a growing city. This means that it is necessary to adapt our transport capacity 

with a view to the future in order to maintain the current quality of journeys with the 

HOCHBAHN in the coming years. Besides the procurement of new buses and rolling 

stock, extending local public transport to serve new work and residential districts and 

expanding the infrastructure for bus services as well as the rail network are areas of 

major importance.


To be an arranger of complementary mobility options 

The culture of mobility is changing; in modern big cities, it is becoming less and less 

important to have your own car. And if there is an attractive range of mobility options 

available, it is much easier to do without having a car of your own. This is why the 

HOCHBAHN, under the trademark name switchh, is organising multimodal transport 

options with partners in car sharing, bike sharing and car rentals to strengthen its 

core business. There are meanwhile a total of nine switchh points giving the citizens of 

Hamburg access to multimodal mobility. After the conclusion of the pilot phase, it is 

planned to expand and develop switchh in 2016 to get even more people on board who 

want to achieve, together with the HOCHBAHN, a long-term sustainable transformation 

of mobility culture in Hamburg. 

To be a driving force in environmental and resource protection 

Environmental and resource protection has traditionally been a key concern for 

the HOCHBAHN. Through new propulsion technologies and technical progress, the 

HOCHBAHN is continually enhancing the environmental efficiency of their means of local 

public transport. To meet the ambitious target set by policymakers of only procuring 

buses with zero emission propulsion systems from 2020 on, the HOCHBAHN has been 

operating the Innovation Line 109 for over a year now. This is the first line in Europe to 

test different propulsion technologies in service, thus enabling a direct comparison 

accompanied by scientific scrutiny and evaluation. The insights gained in this way will be 

used in the further development of the individual technologies involved, together with the 

industry, in order to bring vehicle drives to series production maturity in the coming years. 

To be an efficient provider of mobility services 

Guaranteeing a high-performance local public transport system goes hand in hand with 

a high level of investment. At the same time the cost constraints imposed by the city of 

Hamburg as our shareholder are a decisive influence. Strict demands on efficiency in 

expanding local public transport and the examination of new approaches to financing 

are helping to work towards our goal of increasing passenger numbers while keeping the 

economic parameters firmly in view. 

To be an internal operator with the highest level of competitiveness 

In order to secure the direct award of the licence for public transport services, it is 

absolutely necessary under the provisions of the Public Transport Act (Personenbeförderungsgesetz) 

that the HOCHBAHN continues to demonstrate that it is efficiently 

and successfully run and thus is the internal operator in Hamburg with the highest level 

of competitiveness. For the purpose of evaluating its competitiveness, the HOCHBAHN, 

among other measures, carried out an extensive benchmarking analysis with other public 

transport operators in German big cities, scoring good results. 

17


To be the employer of choice 

In order to achieve the goals it has set itself, the HOCHBAHN needs well-qualified and 

motivated staff. This means further enhancing its attractiveness as an employer to 

ensure long-term employee loyalty and recruit well-qualified new staff. Key levers here 

are ongoing development of new working time and remuneration models, attractive 

career prospects and a working atmosphere in which employees can feel at home 

and give their best. To help achieve these things, a HOCHBAHN-wide project entitled 

“Reconciling work, family and leisure time” has been set up among other measures. 

One aspect which cuts across all these six fields of action is digitalisation. The idea 

of “intelligent mobility“ is increasingly inseparable from the digitalisation of life. For 

the HOCHBAHN as an efficient provider of mobility options, the digital processing of 

analogue information already today opens up a plethora of new possibilities: processes 

within the company can be organised more efficiently and optimised. At the same time 

digital data helps the HOCHBAHN to adapt its day-to-day activities more closely to the 

needs of its customers. 

In the role of central mobility provider, the HOCHBAHN is helping to shape the establishment 

of a networked, intelligent traffic control system in the city. The utilisation of public 

transport capacity can be planned better and the deployment of resources organised 

much more efficiently in this way. A wide range of dynamically changing transport information 

can be made available to passengers, and electronic ticketing systems make it 

easier to choose the best tariff. 

The HOCHBAHN is taking up the challenge of using the opportunities presented by 

digitalisation in the best way possible to build, together with the City of Hamburg and its 

other mobility partners, an easy-to-use, individualised, flexible and sustainable mobility 

system for the future. 

1.3 Research and development 

The Federal Government adopted an Electromobility Law in the autumn of 2015. Since 

that time, the Hamburg Senate has implemented concrete measures to promote the use 

of electric vehicles in the city. Thus it is planned, for example, to expand the recharging 

infrastructure on public streets to 600 charging points. As of the end of 2015, some 1,800 

electric cars were registered in Hamburg. With a fleet of 40 e-cars, the HOCHBAHN itself 

is one of the most active users in Hamburg. 

Prices for petrol and diesel fell to a historically low level during the year under review. 

Irrespective of this fact, finding substitutes for fossil fuels and switching to public transport 

remain a major goal of Hamburg’s climate policy. The HOCHBAHN is advancing this 

development with the ongoing procurement of buses with state-of-the-art exhaust aftertreatment 

systems to reduce nitrogen oxide and particulate matter emissions. 

18


According to current plans, all HOCHBAHN buses will comply with the requirements of 

the Euro Norms 5 or 6 by 2018. With meanwhile approximately 60 hybrid propulsion 

buses, which enable fuel savings of up to 20 % compared with conventional diesel 

buses, the HOCHBAHN and its subsidiaries are making a lasting contribution to protecting 

the climate. 

In addition to air pollutants such as nitrogen oxides and particulate matter, in order to also 

reduce the climate killer carbon dioxide as well as noise levels, it is imperative to switch 

over to electrically driven buses. This is also in line with the political remit to procure only 

zero-emission buses from 2020 onwards. For this reason, the HOCHBAHN is supporting 

bus manufacturers such as Daimler Buses or Volvo in the framework of strategic partnerships 

to develop electric bus propulsion systems and to adapt them in a precisely 

targeted way to the needs of regular bus operations. The insights gained above all from 

the operation of the Innovation Line 109 are invaluable, since they enable all those vehicle 

concepts which seem promising today to be evaluated on a level playing field. 

Currently all the bus makers are working on developing innovative bus drives up to series 

production maturity. Recognisable progress is being made here in major components, for 

example in the storage density of batteries. Nevertheless, it is not possible at present to 

form any conclusive evaluation as to which propulsion or energy storage system will 

prevail. While battery buses are characterised by high efficiency and low energy costs, 

fuel cell buses have the edge in greater range and higher flexibility and productivity. 

As part of a scientific cooperation programme with the Fraunhofer Institut für Verkehrs- und 

Infrastruktursysteme (IVI), the HOCHBAHN is currently examining how far the experience 

gained with the Innovation Line 109 can be transferred to partial networks or all bus routes 

of the HOCHBAHN. In 2015, the HOCHBAHN also cooperated with the Institut für Stadt - 

und Kulturraumforschung (IfSK) at the Leuphana University in Lüneburg with the aim of 

compiling a scientifically substantiated basis to evaluate the environmental performance of 

the HOCHBAHN. As a result, parameters were defined to describe the relevant relationship 

between the choice of transport form and the environmental effects in the dimensions 

of sound generation, area affected and air. The services run by the HOCHBAHN provide 

relief for Hamburg equivalent to approx. 409,000 cars per day, thus avoiding emissions 

of the greenhouse gas carbon dioxide from cars of some 159 milligrams per person 

and kilometre. These findings underline the major contribution made by HOCHBAHN 

services to securing the quality of life in Hamburg. 

19


2. ECONOMIC REPORT 

2.1 Overall economic and industry situation 

a) Overall economic situation 

Once again, 2015 was a successful business year for the HOCHBAHN. Passenger 

numbers continued to increase, in line with the overarching strategic aims. Thanks to an 

extended range of options offered by the HOCHBAHN, both in quantity and quality, and 

supported by the favourable development of outside parameters, including a growing 

population, the company was able to acquire additional passengers in the year under review. 

Despite a difficult international environment, Hamburg’s economy was in excellent shape 

in 2015. In the first half of the year, nominal GDP for Hamburg rose by 4.1 % compared 

with the same period in 2014. After adjusting for price differences, this represented a real 

economic growth rate of 2.0 %. GDP growth year-on-year thus perceptibly gained 

momentum. In contrast to 2014, economic activity in Hamburg posted above-average 

growth in 2015 again. Real growth in Hamburg in the first half of 2015 outperformed the 

national average in Germany (+ 1.4 %) by 0.6 percentage points. 1) Average German economic 

growth for the whole year 2015 stood at 1.7 %. 2) The situation on the Hamburg 

labour market improved slightly during the year under review. The unemployment rate was 

down year-on-year by 0.1 percentage points, posting a figure of 7.1 % overall in December 

2015. 3) In the first half of 2015, the population of the Free and Hanseatic City of Hamburg 

stood at 1,770,162, and thus grew by 1.2 % over the same period of 2014. 4) The number 

of cars in Hamburg also rose from 750,510 in 2014 5) to 761,655 in 2015 6) (+ 1.5 %). 

b) Developments and parameters in the transport sector 

Local public transport – a growth sector 

The numbers of passengers in the German local public transport sector were up again 

last year. With 10 billion passengers in purely arithmetical terms, 0.5 % more people 

used local public transport than in 2014. The increase in the number of passengers was 

due to an increase in the local public road transport segment. Passenger numbers in the 

local public rail transport segment were down year-on-year by 1.0 %. Fare revenues 

were up by 3.5 % to a total of € 11.7 billion and the transport performance went down by 

0.3 % to 92.8 billion passenger kilometres. 6) 

1) 

http://www.statistik-nord.de/fileadmin/Dokumente/Presseinformationen/SI15_157.pdf 

2) 

https://www.destatis.de/DE/PresseService/Presse/Pressemitteilungen/2016/01/PD16_014_811.html 

3) 

https://statistik.arbeitsagentur.de/Navigation/Statistik/Statistik-nach-Regionen/Politische-Gebietsstruktur/Hamburg-Nav.html?year_month=201512 

4) 

http://www.statistik-nord.de/daten/bevoelkerung-und-gebiet/monatszahlen/ 

20 

5) 

http://www.kba.de/DE/Statistik/Fahrzeuge/Bestand/FahrzeugklassenAufbauarten/2014_b_fzkl_eckdaten_absolut.html?nn=652402 

6) 

http://www.kba.de/DE/Statistik/Fahrzeuge/Bestand/FahrzeugklassenAufbauarten/2015/2015_b_fzkl_eckdaten_pkw_dusl.html?nn=1343934


Preliminary figures 

Number of passengers using public transport (millions) according to VDV statistics and change 

compared with previous year 

2015 1) 2014 2013 2) 

Total number of passengers using public transport 

(millions) acc. to VDV statistics (journeys by operators) 10,004 9,954 9,825 

Change compared with previous year (%) 0.5 1.3 0.8 

1) The figures for 2015 are preliminary data based on extrapolation from the first three quarters. 

2) The figures for 2013 have been adjusted accordingly. 

2.2 Business development 

The development in the demand for services by the various public transport associations 

in the whole of Germany in 2015 presented a mixed picture. While several associations 

posted a decline in passenger load factors of as much as 2 %, others reported increases 

of up to 3 % (partially as a result of the expansion of the transport associations concerned). 

In the HVV area too, positive development in demand was posted in 2015. The continuing 

boom in Hamburg tourism, rising population and employment numbers and positive 

consumer confidence are major causes of this development. 

Based on preliminary figures, the HOCHBAHN expects passenger numbers to have 

reached almost 433 million people 1) (including those changing lines) in 2015. This would 

represent a rise of 1.5 % over the previous year. Despite a similar level of building activity 

to 2014, both transport segments were able to contribute to the positive trend in 

demand. Building work in the year under review consisted first and foremost in further 

conversion of stations to enable barrier-free access, longer term track renewal work 

between the stations Klosterstern and Jungfernstieg in the U -Bahn segment and further 

work on the bus optimisation programme. 

Transport revenues in the HVV in 2015 are expected to have gone up by 3.3 % 1) year-onyear. 

The increase was thus once again above the average price rise of 2.6 % in 

January 2015. The decline in the numbers of apprentices and trainees as well as schoolchildren 

travelling with us was compensated by a rise in demand from students. A positive 

development was apparent above all in subscriptions from corporate customers and 

in weekly season tickets. Cash sales of tickets have stabilised again. On the basis of the 

preliminary data available, the HOCHBAHN expects a similar increase 3.31 % 1) from the 

pro rata fare revenues of the association. 

1) 

provisional figures 

21


Transport performance of the HOCHBAHN 

2015 1) 2014 1) 2013 

Number of passengers carried (thousand) 2) 

U-Bahn 221,604 218,329 218,067 

Bus 212,206 209,070 209,462 2) 

Total both divisions (U-Bahn + Bus) 433,810 427,399 427,529 

Total number of passengers company-wide 3) 368,738 363,289 363,399 

Passenger kilometres (thousand) 

U-Bahn 1,322,975 1,303,424 1,301,860 

Bus 660,185 650,428 651,647 

Total both divisions 1,983,160 1,953,852 1,953,507 

1) Provisional figures 

2) Corrected baseline figures for 2009 

3) In the line“Total number of passengers company-wide”, passengers changing from bus to U-Bahn and vice versa are only included once. 

HOCHBAHN operating performance 

U-Bahn 2015 2014 2013 

Km per unit in service 1) (thousand km) 86,760 86,867 85,372 

Km per space 1), 2) (million km) 8,401 8,432 8,300 

Total track length 1) (km) 104.4 104.4 104.4 

Number of lines 4 4 4 

Number of stations 1) 91 91 91 

Average running speed (km/h) 33.3 33.3 33.2 

1) including the Verkehrsgesellschaft Norderstedt mbH 

2) Allowance made for standing space of 0.25 m 2 each 

HOCHBAHN operating performance 

Bus 2015 2014 2013 

Km per unit in service (thousand km) 49,320 48,744 48,572 

Km per space 1) (million km) 3,843 3,654 3,576 

Total route length 2) (km) 924.6 927.5 927.1 

Number of routes 2) 111 111 111 

Number of stops 1,327 1,321 1,317 

Average running speed (km/h) 18.8 18.8 19.0 


2) Regular services as per § 42 PBefG, the Line 380 (Arena Shuttle) is not included. 

22


Rolling stock held by the HOCHBAHN 

U-Bahn 2015 2014 2013 

Type Years built Carriages Units Carriages Units Carriages Units 

DT1 1) 1958 – 59 6 3 6 3 6 3 

DT2 1962 – 66 30 15 32 16 32 16 

DT3 1968 –71 207 69 207 69 207 69 

DT4 2) 1988 – 2005 504 126 504 126 504 126 

DT5 2012 – 2014 126 42 69 23 24 8 

Total rolling Number 873 255 818 237 773 222 

stock held 2) Spaces 3) 80,920 77,366 73,203 

Total ready for operation 861 250 805 232 764 218 

1) One DT1 unit, with two carriages, is the “Hanseat” of historical interest. 

2) Including 2 units (8 carriages) of the Verkehrsgesellschaft Norderstedt mbH 


Buses held by the HOCHBAHN 

Bus 2015 2014 2013 

City and express buses 1), 2) 466 490 502 

Articulated buses 1), 2) 270 255 240 

Double articulated buses 1), 2) 26 26 26 

Diesel hybrid articulated buses 1) 20 20 5 

Fuel cell battery articulated buses 1) 2 0 0 

Fuel cell /hybrid-/plug-in buses 1) 19 11 4 

All buses 

Number 2) 803 802 777 

Places 2), 3) 66,171 65,440 61,163 

1) Low-floor buses 

2) Not including leased buses (2015: 3 city and 2 articulated buses) 


23


2.3 Position of the company 

2.3.1 Profitability 

The HOCHBAHN posted an annual deficit of € 60.2 million and a cost coverage ratio of 

89.6 % for the business year 2015. Both the deficit and the cost coverage ratio were 

thus as planned. Compared with the previous year, there were the following changes: 

The transport revenues of the HOCHBAHN in 2015 were up by € 10.6 million at 

€ 394.2 million. The increase is due, on the one hand, to the positive rise in demand 

and, on the other, to the increase in HVV fare prices as per 1 January 2015. In the final 

calculation of HVV revenues for 2014, the HOCHBAHN’s proportional share was set 

at 47.93 %. This is the rate also to be used for the current reporting period. 

The internally produced and capitalised items in the business year 2015 posted a value 

of € 16.8 million, slightly up on the preceding year’s figure of € 15.4 million. Income from 

subsidies for 2015 is markedly higher than in the previous year at € 7.0 million (2014: 

€ 4.7 million). This can be attributed mainly to higher subsidies for the barrier-free 

conversion of U -Bahn stations as well as to the feasibility study for the planned new 

U -Bahn line U5. Income from rents stands at € 6.3 million, thus exceeding the 2014 figure 

of € 3.7 million by € 2.6 million. This increase is primarily due to the leasing of newly 

created space at the bus depot Langenfelde and the bus depot Billbrookdeich, which 

was completed last year, to subsidiaries. 

Overall performance was markedly improved in the year under review, 2015, increasing 

by € 17.8 million to € 506.2 million. 

As regards the cost of materials, electricity costs, at € 17.0 million, decreased by € 1.8 million 

compared with the year before. The reason for this was mainly back payments for 

the EEG (Renewable Energies Law) Levy made in 2014, which are not payable in 2015. 

The costs for diesel fuel fell by € 3.0 million to € 17.3 million despite more kilometres 

being driven by the HOCHBAHN buses, since the average price for a litre of diesel was 

€ 0.15 lower than the year before. 

Personnel costs were up year-on-year, in particular due to the increase in the number of 

employees. In contrast, the expenses resulting from the adjustment of various personnel 

provisions to reflect their actual payout value as per 31.12. 2015 were lower than in the 

previous year. On balance, personnel costs rose year-on-year by € 3.0 million to 

€ 222.4 million. 

24


The increase in other operating expenses by € 2.2 million in 2015 is mainly due to 

consultation services in connection with the planned construction of the new U-Bahn 

line U5, the study on the processes in the U- Bahn repair and maintenance shop and the 

upgrading of DT3 rolling stock. 

In the financial year 2015 there were write-downs of € 13.3 million on financial investments. 

The exposures of BeNEX GmbH on the local public rail transport market include 

a number of transport contracts which are unsatisfactory in terms of profitability. In the 

agilis companies, in particular, revenues and passenger numbers failed to meet expectations. 

The reasons for this lie in the continuing low fuel prices, which encourage people 

to use their private cars to travel, as well as the increasing popularity of intercity coach 

services. HOCHBAHN therefore wrote down its participation in BeNEX GmbH by an 

amount of € 12.0 million. As part of the restructuring of HanseCom GmbH, further value 

adjustment in the amount of € 1.3 million proved necessary. 

Due to the changes in presentation required by the German Accounting Law Modernisation 

Act (BilMoG), the corresponding differential amounts for long-term provisions are 

to be reported under Extraordinary Expenditures as from 1 January 2010. The extraordinary 

expenditures of financial year 2015 were, as in the previous year, due to the company’s 

exercise of the option to spread the differential amounts of pension provisions 

over 15 years. 

Despite the considerable rise in overall transport revenues by € 17.8 million in financial 

year 2015, the deficit increased year-on-year by € 4.8 million to € 60.2 million (+8.6 %). 

This is primarily due to the required write-downs on financial investments. Operational 

profitability, in contrast, came in much stronger: EBITDA (annual earnings before loss 

absorption, interest, taxes, depreciation and amortisation) was up over the previous year 

by € 15,553,000 at € 44,635,000. 

The cost coverage ratio of the company in 2015, at 89.6 %, was slightly (0.4 percentage 

points) below the comparable figure for the previous year (90.0 %). This nevertheless still 

represents one of the highest levels achieved in Germany and internationally. 

Annual deficit (in € million) 

Year 2015 2014 2013 2012 2011 

Annual deficit 60.2 55.4 53.5 53.7 55.6 

Cost coverage ratio (in %) 

Year 2015 2014 2013 2012 2011 

Cost coverage ratio 89.6 90.0 90.3 90.2 89.2 

25


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


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 


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


2.3.3 Investments 

The balance sheet total of the HOCHBAHN as at 31 December 2015 stood at € 915.4 

million, € 83.1 million or 10.0 % higher than the year before. This largely reflects the 

increase in tangible assets on the assets side. The main reason for this is the procurement 

of new U-Bahn units of the DT5 generation. Parallel to this, the liabilities towards 

banks were higher as a result of taking out new loans to finance investments in such 

tangible assets. 

The equity capital as at the balance sheet date is unchanged, at € 142.4 million. As a 

consequence of the higher balance sheet total, the equity ratio of the HOCHBAHN fell in 

purely arithmetical terms year-on-year by 1.5 percentage points to 15.6 %. 

Assets 


€ million 


Share % 

2014 

€ million 

Tangible assets (including intangible assets) 690.3 75.4 588.4 

Financial assets 141.9 15.5 144.2 

832.2 90.9 732.6 

Inventories 17.6 1.9 16.7 

Trade accounts receivable 8.3 0.9 12.4 

Liquid funds (cash flow) 6.2 0.7 5.1 

Other current assets and prepaid 

and accrued items 51.1 5.6 65.5 

83.2 9.1 99.7 

915.4 100.0 832.3 

Shareholders’ equity and liabilities 


€ million 


Share % 

2014 

€ million 

Equity capital 142.4 15.6 142.4 

Accruals for pensions 54.3 5.9 49.5 

Loans from banks and other loans 457.5 50.0 376.8 

654.2 71.5 568.7 

Other provisions 154.6 16.9 159.4 

Trade accounts payable 31.7 3.4 45.2 

Other liabilities and deferred items 74.9 8.2 59.0 

261.2 28.5 263.6 

915.4 100.0 832.3 

28


2.4 HOCHBAHN employees 

The number of people employed by the HOCHBAHN as per 31 December 2015 

increased year-on-year by 124. 

31.12.2015 31.12.2014 

Employees total, divided into 4,977 4,853 

Board members 4 4 

Apprentices/trainees 164 164 

Full-time staff 4,418 4,331 

Part-time staff 391 354 

Due to the need for more bus drivers, the cooperation agreements which have been in 

place since autumn of 2014 with the Agentur für Arbeit and the DEKRA Akademie were 

intensified during the year under review. 84 trainee bus drivers took part in seven courses, 

of whom 65 were taken on after successfully completing their courses. Three further 

courses with a total of 17 participants started up at the end of 2015/beginning of 2016. 

The collective wage agreement was cancelled in due time on 31 December 2015. The 

negotiations for a new tariff agreement had reached the stage by 2 March 2016 at which 

they are being examined by the trade union ver.di. The members of ver.di are currently 

being invited to vote on the proposals negotiated. 

Basic principles of remuneration for the members of the Management Board 

The remuneration structure resolved by the Supervisory Board is regulated individually 

for the members of the Management Board in their contracts of employment. The remuneration 

is divided into non-performance-related and performance-related components. 

The non-performance-related components comprise primarily the basic salary. The other 

benefits also belong to the non-performance-related components. They include the 

taxable monetary value of non-cash benefits such as a company car and driver as well 

as reduced-price travel for Board Members’ spouses and children. 

The variable portion of remuneration is paid on a performance-related basis. The components 

here are stipulated by the Supervisory Board. Goals and performance are 

agreed individually with every Board Member each year. 

29


3. REPORT ON SUBSEQUENT EVENTS 

As of 1 February 2016, Henrik Falk took over as Chairman of the Management Board 

from Günter Elste, who retired after twenty years in this function. No further particular 

events occurred subsequent to the balance sheet date which might influence the view of 

the situation of the company as it is presented in the Management Report. 

4. FORECAST, RISK AND OPPORTUNITIES REPORT 

4.1 Forecast report 

U4 line extension 

The extension of the U4 U-Bahn line is needed against the background of the planned 

and ongoing building development in the HafenCity East. The main component here is 

an extension to the route of 1.3 kilometres. This includes a turning loop and sidings in 

the immediate vicinity of the existing station as well as an additional station at Elbbrücken 

(the bridges over the Elbe), where passengers can change to the rapid transit 

network. The overall budget for the measure is € 178.2 million, which will be covered in 

its entirety by a grant from the Free and Hanseatic City of Hamburg and/or by funds 

made available by the Federal Government under the Local Authority Public Transport 

Finance Law (GVFG – Gemeindeverkehrsfinanzierungsgesetz). 

The major part of the construction work on the turning loop and sidings took place in 2015. 

With the exception of final installation work in 2016, this means that the plant is now completed. 

Operations could commence at the beginning of the year 2016/2017. Work on 

building the tunnel and trough section is proceeding according to plan. The shell construction 

on both the tunnel and trough section and the station at Elbbrücken was carried out at 

the beginning of the year 2015/2016. Shell construction work at Elbbrücken station is due 

to be completed in mid-2016 and on the tunnel and trough section in mid-2017. The subsequent 

erection of the station roof with pedestrian bridges and the track crossing inside 

the station were commissioned in November 2015. The project is proceeding within budget 

and on schedule. Services on this section of the U4 are due to begin at the end of 2018. 

30 

Barrier-free conversion of U-Bahn stations 

It is a particular concern of the Senate of the Free and Hanseatic City of Hamburg and of 

the Hamburger Hochbahn AG to facilitate access to local public transport for persons 

who are impaired in their mobility. The main elements in enabling barrier-free access are 

the integration of lift facilities, raising the level of platforms and equipping the stations 

with orientation aids for visually impaired persons. The entire programme for the conversion 

of stations for barrier-free access in the Hamburg metropolitan area is completely 

funded by grants from the Free and Hanseatic City of Hamburg. Financing for the 

stations in Schleswig-Holstein is enabled by funding from the federal state government 

of Schleswig-Holstein, the municipal authorities concerned and the rural district council 

of Stormarn. In Stage 1 of the accelerated programme, a total of 21 stations were to be 

converted to allow barrier-free access by the end of 2015.


At the end of 2015/beginning of 2016, 19 stations under this part of the programme were 

already converted for barrier-free access. Stage 1 is planned to be completed with the 

reopening of the stations Stephansplatz and Klosterstern in mid-2016. 

In December 2013, a feasibility study was commissioned for the necessary work in the 

following stages, covering a further 34 stations (four of them in Schleswig-Holstein), with 

construction to begin in 2016. The purpose of this study is to determine the preferred 

variant in each case, the costs and a schedule for implementation. The study is due to 

be completed in early 2016. Based on the initial results, a funding request for a grant for 

the design and approval planning was submitted and approved for the six stations to be 

converted in Hamburg in 2016 as well as for the three stations earmarked for conversion 

in Schleswig-Holstein. The design planning for these stations has been completed and 

the necessary approval procedures were successively initiated beginning in May 2015. 

Approval has already been given for the plans for four stations. Approval for a further 

four stations is expected for the beginning of 2016 and the approval application for one 

station was submitted at the beginning of 2016. 

The funding requests for the construction work on the stations have been submitted, the 

approval for the grant for the stations in Hamburg was given in August 2015 and for the 

stations in Schleswig-Holstein in October 2015. The contractual agreements with the 

municipal authorities involved and the rural district council of Stormarn for the financing 

of the stations in Schleswig-Holstein have similarly been concluded. All works in this 

stage are proceeding on schedule and within budget. In addition, a funding request for a 

grant for the design and approval planning for the twelve stations planned to be converted 

in 2017 and 2018 has been drawn up and was submitted in October 2015. The 

relevant interim notice of appropriation of funding was received in December 2015. 

Further realisation of the remaining stations still to be converted for barrier-free access is 

planned to continue into the next decade. 

An innovative bus line 

On 18 December 2014 services on the so-called Innovation Line were inaugurated by the 

First Mayor of the Free and Hanseatic City of Hamburg. This means that the day-to-day 

services on this route are predominantly run by vehicles powered by alternative propulsion 

technologies. The vehicle mix on the line comprises parallel and serial diesel hybrid 

buses from the manufacturers Evo-Bus and Volvo, hydrogen hybrid buses (Evo-Bus and 

Solaris) and plug-in-buses (Volvo). On top of this, the necessary recharging infrastructure 

for the operation of the plug-in buses (pantographs) has been put in place. 

The goal pursued with the “Innovation Line” 109 in bus services in Hamburg is to gain 

experience under identical conditions and in practical everyday operation with the different 

technologies used in vehicles with alternative propulsion systems as well as the infrastructure 

needed for them. The operating and maintenance know-how gained in this way with 

the various technologies will thus provide an excellent basis for future decision-making. 

31


With the Innovation Line, the HOCHBAHN and the Free and Hanseatic City of Hamburg 

are sending a clear message that the future lies with clean-exhaust public transport and 

at the same time reduced noise emission levels. 

In 2016, it is planned not only to stabilise the reliability level of the vehicles and infrastructure 

components operated so far but also to add a further propulsion technology to 

the vehicle mix. This involves pure battery powered buses. In addition to this, the 

HOCHBAHN is constantly updating its knowledge base concerning the reliability and 

energy consumption of the alternative drive buses. To do this, the HOCHBAHN monitors 

the operational characteristics on an ongoing basis in order to compare them both 

between the different innovative vehicle technologies as well as with conventional buses. 

For this reason it is also necessary to run conventional buses on the line from time to time 

so that reference data can be gathered. 

Bus optimisation 

The Senate of the Free and Hanseatic City of Hamburg has the goal to make the bus 

system in Hamburg one of the most modern bus transport systems in Europe by the end 

of the decade. Alongside the project sponsor BWVI (Hamburg Department for Economic 

Affairs, Transport and Innovation) together with LSBG (Hamburg State Agency for Roads, 

Bridges and Waterways), the Hamburger Hochbahn AG is a vital participant in the project 

as user of the infrastructure. The “bus optimisation programme” involves all the activities 

along the routes and at the stops which are to be implemented in the short and medium 

term. The objective is to achieve enhanced service capability (capacity) on the MetroBus 

lines, already operating at the limits of their capacity, while at the same time increasing 

the speed and reliability of bus services. Further steps towards building up a system of 

modern bus services will be the offering of improved services, barrier-free access almost 

everywhere as well as the use of new propulsion technologies in the vehicles. 

After the HOCHBAHN completed work on the MetroBus line 5 in 2014, the main focus in 

2015 was on implementing the measures for the MetroBus 7. All work on this line was 

completed in time for the change of timetable in December 2015. The result: journey time 

in the rush hour was reduced by three minutes in both directions. In all, the HOCHBAHN 

has equipped 13 sets of traffic lights with an intelligent system for regulating the 

sequence of lights and giving priority to buses, thus increasing efficiency, extended major 

intersections (e.g. Neue Wöhr) to improve traffic performance, and modernised 23 stops 

and converted them for barrier-free access. In 2016, it is planned to cut another minute off 

the journey time in each direction by further optimising the regulation of the traffic lights. 

On top of this, the HOCHBAHN had already completed some of the construction work on 

the route of the MetroBus line 6 (Mühlenkamp, Lange Reihe) during 2015. After activities 

started on the MetroBus lines 20 and 25 in 2015, some measures were already completed 

here as well (at U-Bahn Burgstraße and the stops in Martinistraße). 

32


For 2016, the MetroBus line 6 and the MetroBus lines 20 and 25 continue to be the main 

focus of activities. The planning process here will be accompanied by increasing scope 

for citizen participation concerning some major parts of the project (e.g. U-Bahn Borgweg, 

Max -Brauer -Allee, Eppendorfer Marktplatz). Most of the measures planned along 

the route of the MetroBus line 6 are due to be finished (including Papenhuder Straße, 

U-Bahn St. Pauli, the General Hospital St. Georg). Final completion is scheduled for 2017. 

U-Bahn network expansion 

The main thrust in the city’s vision for the future of public transport in Hamburg is the 

expansion of the existing rapid transport network. The HOCHBAHN has been entrusted 

with the planning and implementation of construction work for the measures affecting 

the U-Bahn. In a concept study completed at the end of 2014 a series of appropriate 

practical measures were defined in this context: 

• New building of a station at Oldenfelde on the U1 line 

• Extension of the U4 as far as Kleiner Grasbrook 

• Extension of the U4 to Horner Geest 

• Construction of a new U5 line from Bramfeld to Osdorfer Born (in various sections) 

At the request of the Hamburg Senate and Parliament, in-depth studies for these sections 

of track measures were to be initiated in 2015 and the planning of their financing beyond 

2015 was to be ensured. Various planning stages need to be completed in succession, 

from the feasibility study to approval and implementation planning. Including the approval 

process, several years will be required for each of these. 

The HOCHBAHN already began the preliminary and design planning as well as the 

approval planning for the new building of the station at Oldenfelde in 2014 and 2015. 

This planning process was accompanied by two meetings with citizen participation. In this 

way it was possible to incorporate suggestions from the participants into the planning. The 

planning is financed by means of a grant from the City of Hamburg in the amount of 

€ 800,000 from regionalisation funds. The planning permission hearings are due to start 

in summer of 2016. Construction is planned to commence in 2018. The construction 

costs are also planned to be financed out of regionalisation funds. The precondition for 

this is a formal decision by the Senate and Parliament, which is planned to be made 

before the end of 2016. 

The HOCHBAHN carried out feasibility studies in 2015 both for the extension of the U4 to 

Kleiner Grasbrook as well as to Horner Geest and for the first phase of construction on 

the new U-Bahn line U5 linking Bramfeld and the City Nord. These projects were financed 

in each case by grants from the City of Hamburg in the amount of € 800,000 out of 

regionalisation funds. The findings of both studies confirmed the feasibility of the routing 

and station installations in each case and pointed out important aspects which need to 

be taken account of in the further planning. 

33


In early 2016 the HOCHBAHN began the preliminary and design planning as well as the 

approval planning for the extension of the U4 to Horner Geest and the first construction 

phase of the new U5 in early 2016. 

After the HOCHBAHN abandoned its plans for the U4 extension to Kleiner Grasbrook 

following the negative outcome of the referendum on Hamburg’s application to host the 

Olympic Games, activities here are being concentrated on the section of track to Horner 

Geest. Regionalisation funds of € 15 million to finance the first steps of this have been 

raised via a document published by the Senate and Parliament. Construction may begin 

from 2019 onwards. Regionalisation funds of € 40 million for the construction of the first 

section of the U5 have been raised via a document published by the Senate and Parliament. 

Building work on this section can commence in 2021. 

Feasibility studies for the further construction phases of the U5, which envisage extending 

the line from City Nord via the Inner City to Siemersplatz, began in early 2016. In this 

context, in-depth examination of the different variants as regards routing, station installations 

and construction processes needs to be carried out in respect of those sections 

which failed to produce a clearly preferred variant in the concept study. The HOCHBAHN 

is financing these feasibility studies with € 2 million from regionalisation funds raised via 

a document published by the Senate and Parliament. The further routing of the line to 

connect Lurup and Osdorfer Born is currently the subject of an intensive study by the 

HVV to determine the best variant. As soon as the specialist authorities and the political 

bodies have been able to examine the results of this variant study, a decision can be 

made on how to proceed and the further planning steps can be initiated without delay. 

Direct award of contract for bus services 

On 19 August 2014, the Senate Commission in charge of public institutions invited the 

HOCHBAHN and the Verkehrsbetriebe Hamburg -Holstein GmbH (VHH) in a document to 

create the preconditions for the direct award of contracts for bus services. The transport 

companies are encouraged in this way to develop, among other goals, an optimised route 

network and bus cycles across company lines and to define benchmarking instruments 

involving other suitable transport operators. Extensive studies were carried out regarding 

the optimisation of the route network across company lines together with VHH and with 

the support of Signon (formerly HamburgConsult). The findings of the study are to be 

reviewed to see how they can be implemented in operational practice in 2016. 

Two suitable benchmarking partners have been found, in the shape of transport companies 

from Berlin (BVG) and Hanover (üstra). PricewaterhouseCoopers Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft has meanwhile, as lead company, carried 

out studies for various functional areas using comparable data from 2012 and 2014, 

with good results. 

34


The BWVI (Hamburg Department for Economic Affairs, Transport and Innovation) already 

announced the direct allocation of transport contracts in the case of the VHH in the EU 

Official Journal at the end of 2015. This publication in advance of calls for tender should 

be seen as a declaration of intent for the direct award of contracts for defined transport 

operations. Subject to a statutory minimum period of one year, the direct award of the 

contract to the VHH can be made at the earliest at the end of 2016. The advance publication 

for the HOCHBAHN is yet to be made since currently not all the statutory conditions 

have been fulfilled. According to the legal framework, the direct award of a contract is only 

permissible if and when the company is not involved either directly or through its subsidiaries 

outside the home market. This means that the HOCHBAHN must find a solution for 

BeNEX before the contract can be directly awarded. The HOCHBAHN is under no time 

pressure in taking the steps necessary for meeting the requirements for the direct award 

while safeguarding their interests in the best way possible. The HOCHBAHN has currently 

been entrusted by the City of Hamburg with providing bus services until the end of 2019. 

The switchh project 

The switchh project was launched in a two-year pilot phase on 31 May 2013. With 

switchh, the Hamburger Hochbahn AG links public transport with service providers for 

complementary mobility options such as car sharing on an online mobility platform at 

so-called switchh points. The aim of switchh is to persuade people that they do not need 

their own car, so as ultimately to make a contribution to improving not only traffic conditions 

but also living quality and environmental conditions in the Hansestadt. 

The two-year pilot phase gave way to a so-called transition phase which began with a 

participation procedure in summer of 2015 to encourage further cooperation partners on 

board. The aim of this is to launch the new range of services on offer from switchh onto 

the market in the second half of 2016. The mainstays of the new services are: 

• Opening up switchh for all HVV users, i.e. it will no longer be restricted to HVV 

subscription customers 

• A larger and more diverse choice of vehicles so that customers can cover more 

application scenarios where a car is needed without having a car of their own 

• Creating a diversified range of switchh products which will appeal to those interested in 

car sharing as well as those who use the car sharing service occasionally or regularly 

In this way we want to achieve a significantly better utilisation rate for the potential which 

already exists. It involves creating the preconditions for bringing only occasional HVV 

users, who up to now were largely left outside the personalised service, into the process in 

order to create a better relationship of loyalty and build on that. On top of this the financing 

purely from user revenues (the proceeds of selling products) will be supplemented by 

income from partners (service fees for marketing and the use of switchh points). 

35


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.”


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


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


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


high potential demand for transport services will profit from shorter journey times on the 

entire network as well as more comfortable travel into the Inner City without needing to 

change trains. 

Demographic change and the steadily rising proportion of senior citizens in the population 

have an impact on the mobility behaviour of society. Providing barrier-free mobility 

and thus improving the mobility options for everyone, for instance also for passengers 

with prams, provides an opportunity to increase passenger numbers on local public 

transport services. Present planning envisages providing barrier-free access to 81% of 

the U-Bahn network by the end of 2018. Virtually all stations will be converted by the 

beginning of the coming decade. 

Since, according to the Senate’s target, from 2020 onwards only zero-emission buses 

are to be procured, the HOCHBAHN is acting as a driver for the vehicle manufacturers in 

actively testing and operating innovative propulsion systems in everyday bus services. 

The bus number 109, the “Innovation Line“, almost exclusively runs buses with various 

innovative propulsion systems. This enables them to be tested in daily practical use 

under identical conditions thus giving the best possible overview of the advantages and 

disadvantages of the individual technologies, which can then be specifically developed 

further together with the manufacturers. In this way the HOCHBAHN is making a significant 

contribution to improving air quality and noise prevention in Hamburg. 

Market opportunities 

The ongoing improvement in the services on offer and their expansion, together with interlocking 

the different means of transport in an integrated network, make public transport 

attractive and can motivate people to leave their car at home and travel by bus and rail. In 

the long term, these measures will help to open up and retain whole new passenger 

groups for public transport. 

The road space available in Hamburg is finite, and the burden on it from continuing economic 

growth with increasing commercial traffic as well as the general needs of a growing 

metropolis is becoming ever greater. The negative stress on the Hamburg road system as 

a result of these developments, resulting to time delays, may lead to individual travel by 

car becoming less attractive. This can increase the demand for public transport services. 

Continuing growth in passenger numbers is also expected in the commuter segment. 

A pricing system tailored to people’s actual needs and service-orientated “one-stop 

shopping” products such as P+R and B+R help to strengthen customer loyalty and 

increase passenger numbers. 

40


ANNUAL FINANCIAL STATEMENTS 

42 BALANCE SHEET 

43 STATEMENT OF INCOME 

44 FIXED ASSETS MOVEMENT SCHEDULE 

46 APPENDIX 

49 Explanatory notes to the Balance Sheet 

52 Explanatory notes to the Statement of Income 

55 Other information 

61 Share ownership held by the Hamburger Hochbahn 

Aktiengesellschaft as of 31 December 2015 

41


Balance Sheet 

of the HAMBURGER HOCHBAHN AKTIENGESELLSCHAFT 

as of 31 December 2015 

ASSETS 

in € Appendix 31.12.2015 31.12.2014 

A. Fixed assets 

I. Intangible assets 1,161,886.00 1,967,006.98 

II. Property, plant and equipment 689,141,435.38 586,452,798.03 

III. Financial assets 141,894,125.78 144,169,635.35 

832,197,447.16 732,589,440.36 

B. Current assets 

I. Inventories (1) 17,570,874.51 16,694,521.20 

II. Accounts receivable and other assets (2) 58,750,192.75 77,826,092.08 

III. Cash on hand, cash in banks 6,230,469.47 5,117,688.28 

82,551,536.73 99,638,301.56 

C. Prepaid expenses and deferred charges 690,901.44 25,757.61 

915,439,885.33 832,253,499.53 

LIABILITIES 

in € Appendix 31.12.2015 31.12.2014 

A. Shareholders’ equity 

I. Subscribed capital (3) + (4) 88,938,200.00 88,938,200.00 

II. Capital reserves (4) 48,050,144.94 48,050,144.94 

III. Revenue reserves (4) 5,445,881.61 5,445,881.61 

142,434,226.55 142,434,226.55 

B. Special reserves for the year (5) 208,869,715.21 208,878,190.48 

C. Accrued liabilities (6) 563,208,347.27 479,778,897.77 

D. Deferred income 927,596.30 1,162,184.73 

915,439,885.33 832,253,499.53 

42


Statement of Income 


for the period 1 January to 31 December 2015 

in € Appendix 2015 2014 

1. Sales revenues (7) 435,378,597.85 423,703,823.65 

2. Other internally produced and capitalised items 16,769,380.42 15,378,105.25 

3. Other operating income (8) 54,075,330.54 49,360,098.89 

4. Total performance 506,223,308.81 488,442,027.79 

5. Cost of materials (9) – 213,964,145.68 – 214,191,971.10 

6. Personnel expenses (10) – 222,357,613.97 – 219,336,366.77 

7. Depreciation on intangible assets, 

plant and equipment (11) – 65,071,072.58 – 61,268,130.74 

8. Other operating expenses (12) – 36,907,862.55 – 34,669,525.41 

9. Income from investments in shares of 

subsidiaries and affiliated companies (13) – 341,418.24 9,263,916.07 

10. Interest and similar expenses (14) – 26,501,611.20 – 22,368,807.95 

11. Profit/loss from ordinary business 

operations – 58,920,415.41 – 54,128,858.11 

12. Extraordinary expenses/Extraordinary profit/loss (15) – 898,155.00 – 898,155.00 

13. Other taxes – 398,803.73 – 412,477.07 

14. Revenue due to loss absorption 60,217,374.14 55,439,490.18 

15. Net profit/Net loss for the year 0.00 0.00 

43


Fixed Assets Movement Schedule 


Acquisition and 

in € ’000 

As at 

01.01.2015 

Additions 

Disposals 

I. Intangible assets 

1. Purchased franchises, trademarks, patents, 

industrial property rights and similar rights 35,074 284 1,250 

2. Advance payments on intangible assets 231 0 1 

35,305 284 1,251 

II. Property, plant and equipment 

1. a) Land and leasehold rights, plus company, 

operational and other buildings 72,465 8,645 0 

b) Buildings on non-owned land 

ba) Rail infrastructure and installations, track buildings 174,493 681 19 

bb) Other buildings 78,679 1,900 256 

2. Technical facilities and machinery 

325,637 11,226 275 

a) Track facilities, track section equipment and safety installations 392,790 12,384 7,892 

b) Rolling stock for passenger transport and goods traffic 660,133 65,307 15,446 

c) Machinery, plant and facilities not accounted 

for under a) or b) 73,459 3,769 930 

1,126,382 81,460 24,268 

3. Plant and office equipment (+ low value assets) 97,838 2,945 4,247 

4. Advance payments and plant and equipment under construction 40,920 72,077 682 

1,590,777 167,708 29,472 

III. Financial assets 

1. Shares in affiliated companies 129,836 8,850 0 

2. Loans due from affiliated companies 1,570 45 207 

3. Investments 1,041 1,950 0 

4. Securities held 8,804 367 0 

5. Other loans 7,803 0 0 

149,054 11,212 207 

Total fixed assets 1,775,136 179,204 30,930 

44


production costs Depreciation Net book value 

Transfers 

As at 


As at 


Additions Disposals Transfers 

Net book 

value on 


Net book 

value on 


Previous 

year 

38 34,146 33,338 896 1,250 0 32,984 1,162 1,736 

– 230 0 0 1 1 0 0 0 231 

– 192 34,146 33,338 897 1,251 0 32,984 1,162 1,967 

135 81,245 26,011 1,912 0 1 27,922 53,323 46,454 

329 175,484 142,539 2,965 19 0 145,485 29,999 31,954 

1,232 81,555 55,479 1,999 256 0 57,222 24,333 23,201 

1,696 338,284 224,029 6,876 275 1 230,629 107,655 101,609 

3,473 400,755 276,753 12,050 7,525 0 281,278 119,477 116,037 

22,941 732,935 374,830 34,017 15,334 0 393,513 339,422 285,303 

1,496 77,794 49,387 3,546 925 – 1 52,010 25,784 24,073 

27,910 1,211,484 700,970 49,613 23,784 – 1 726,801 484,683 425,413 

863 97,399 79,327 7,518 4,211 0 82,634 14,765 18,511 

– 30,277 82,038 0 167 167 0 0.00 82,038 40,920 

192 1,729,205 1,004,326 64,174 28,437 0 1,040,064 689,141 586,453 

0 138,686 4,000 12,000 0 0 16,000 122,686 125,836 

0 1,408 0 0 0 0 0 1,408 1,570 

0 2,991 885 1,280 0 0 2,165 826 156 

0 9,171 0 0 0 0 0 9,171 8,804 

0 7,803 0 0 0 0 0 7,803 7,803 

0 160,059 4,885 13,280 0 0 18,165 141,894 144,169 

0 1,923,410 1,042,549 78,351 29,688 0 1,091,213 832,197 732,589 

45


Appendix 

of the HAMBURGER HOCHBAHN AKTIENGESELLSCHAFT as at 31 December 2015 

General information 

The Annual Financial Statements for the Hamburger Hochbahn Aktiengesellschaft 

(HOCHBAHN) for 2015 have been drawn up according to the regulations of the German 

Commercial Code (HGB). In addition, the regulations of the German Stock Corporation 

Law have been adhered to. Pursuant to § 291 HGB (German Commercial Code), the 

Hamburger Hochbahn Aktiengesellschaft has exercised its right to waive the issuing of 

its own Group Financial Statements with Appendix and Group Management Report. The 

Group Financial Statements and Group Management Report which justify the waiver will 

be drawn up and published by our parent company, HGV Hamburger Gesellschaft für 

Vermögens- und Beteiligungsmanagement mbH, Hamburg. 

For better clarification, some Balance Sheet and Statement of Income items have been 

combined and are shown separately in the Appendix. Notes to the Balance Sheet and 

Statement of Income are also shown in the Appendix for reasons of clarification. Pursuant 

to § 265 Par. 5 HGB, we have further subdivided the Fixed Assets Movement Schedule of 

the HOCHBAHN. The HOCHBAHN has structured the Annual Financial Statements in line 

with the “Regulation concerning the Arrangement of Financial Statements for Transport 

Companies” (BGBI, Part 1, 1968) in conjunction with the First Ordinance amending the 

Regulation concerning the Arrangement of Financial Statements for Transport Companies 

(BGBI, Part I, 1988, p. 1057). The total expenditure type of presentation was used for the 

Statement of Income. The financial year is the calendar year. 

Accounting and valuation principles 

The assets and liabilities have been valued according to the same methods as in the 

previous year. 

Intangible assets and property, plant and equipment have been valued at purchasing or 

manufacturing costs less public subsidies and depreciations. In addition to directly 

assignable costs, proportional overheads have been included in the company’s own 

manufacturing costs for plant and facilities. Long-term fixed cost items included in the 

overheads have been eliminated by the deduction of a percentage amount. 

Depreciations have been calculated for the normal periods prescribed for operation 

according to our own experience and good practice and the guidelines drawn up for 

public transport operators. With the exception of U-Bahn rolling stock and buses, calculations 

for assets acquired after 30 June 1997 have generally been based on the depreciation 

table for “Passenger and goods transport (by road and rail)” issued by the Ministry of 

46


Finance from 1 July 1997, and on the depreciation table for “general-purpose capital 

goods” valid as from 1 January 2001, taking into account the estimated useful lives of the 

respective assets. The fuel cell hybrid buses being operated in a test phase will be, 

assuming appropriate financing for the project, depreciated over a shortened useful life of 

two years. 

Linear depreciation has been exclusively applied to all assets acquired after 1 January 

2008. Assets acquired before 1 January 2008 are depreciated on a reducing balance 

basis with the exception of intangible assets, buildings, TV monitoring equipment, DT4 

U-Bahn units and buses. 

Viaducts, station buildings, rail infrastructure relating to buildings are on publicly owned 

land belonging to the Free and Hanseatic City of Hamburg. 

Movable assets subject to depreciation with an acquisition cost of € 150 or less which 

can be used independently have been accounted for to their full value as operating 

expenditure. 

Movable assets subject to depreciation with an acquisition cost between € 150 and 

€ 1000 which can be used independently have been grouped together as a collective 

item which will be dissolved using the linear method over five years decreasing the profit 

each year. 

Shares in affiliated companies, investments, securities and other loans have been 

entered at acquisition costs on the assets side. Where value impairments were apparent, 

the assets were measured at fair market value. 

Non-interest bearing and interest-bearing loans have similarly been entered at their fair 

values at that date. 

Auxiliary and operating materials are accounted for at weighted average costs. Inventories 

generated by the company have been calculated at manufacturing costs including overhead 

surcharges on wages and materials. Appropriate reductions in value have been 

made for recognisable depreciations. 

Accounts receivable and other assets are shown at nominal values. Risks have been 

accounted for by appropriate value adjustments. Liquid funds are shown at nominal 

value. 

47


Outgoing payments made before the balance sheet date are shown as prepaid 

expenses and deferred charges on the assets side to the extent that they represent 

expenses relating to a specific period after the balance sheet date. 

Based on actuarial appraisals, the pension liabilities have been calculated according 

to the Projected Unit Credit Method (PUC) using the 2005 G guidelines drawn up 

by Prof. Dr. Klaus Heubeck and assuming a notional average remaining term to maturity 

of eleven years, applying an interest rate of 3.59 % p. a. (2014: 4.25 % p. a.). Future 

increases in wages and salaries (including career advancement) were calculated at 

2.75 % p. a. (2014: 2.75 % p. a.). The anticipated rate of pension increase has been 

assessed at 2.50 % p. a. (2014: 2.50 % p. a.). The right of choice pursuant to Article 67 

Par. 1 Sentence 1 EGHGB (Introductory Act to the German Commercial Code) was exercised 

to divide the allocated amount resulting from the new assessment under the 

BilMoG (German Accounting Law Modernisation Act) equally over 15 years. This results 

in deficits of € 4,604,000 for current pensions and € 3,480,000 for pension entitlements 

as at 31 December 2015. 

Other provisions and accrued liabilities include all identifiable risks and contingent liabilities 

and are shown with the amounts deemed necessary for discharging them applying 

sound business judgement. Provisions and accrued liabilities have been partly determined 

on the basis of actuarial assessments. For provisions with a remaining term to 

maturity of more than one year, the amounts to be paid were calculated taking into consideration 

a rate of increase in wages and salaries (including career advancement) of 

2.75 % p. a. (2014: 2.75 % p. a.). Other price and costs increases were assessed at 

1.50 % p. a. (2014: 1.50 % p. a.). In addition, these provisions were discounted pursuant 

to § 253 Par. 2 Sentence 1 HGB in line with their respective remaining terms to maturity 

at the average rates of interest fixed by the Deutsche Bundesbank between 2.16 % p. a. 

(2014: 2.90 % p. a.) and 3.89 % p. a. (2014: 4.53 % p. a.). Other provisions also include 

provisions pursuant to § 249 Par. 2 HGB (old version). The right of choice to retain these 

provisions pursuant to Article 67 Par. 3 Sentence 1 EGHGB (Introductory Act to the 

German Commercial Code) was exercised. 

The liabilities are valued at the amounts to be paid. 

Incoming payments received before the balance sheet date are shown as deferred income 

on the liabilities side to the extent that they represent incomes relating to a specific period 

after the balance sheet date. 

48


EXPLANATORY NOTES TO THE BALANCE SHEET 

(1) Inventories 

in € ’000 2015 2014 

Auxiliary and operating materials 17,571 16,126 

Goods 0 568 

17,571 16,694 

(2) Accounts receivable and other assets 


1. Accounts receivable from deliveries and services 8,298 12,437 

2. Accounts receivable from affiliated companies 10,381 22,047 

for deliveries and services/liabilities (– 988) (3,870) 

for other receivables (11,369) (18,177) 

3. Accounts receivable from companies in which 

the HOCHBAHN holds a participating interest 1,819 1,887 

for deliveries and services (1,819) (1,887) 

4. Accounts receivable from the Free and Hanseatic City of Hamburg 35,924 35,866 

for deliveries and services (30,702) (31,320) 

for other assets (5,222) (4,546) 

5. Other assets 2,328 5,589 

Total 58,750 77,826 

(3) Subscribed capital 

The subscribed capital of the HOCHBAHN as at 31 December 2015 is € 88,938,200.00 

and is apportioned as follows: 

No.of shares 

held 

No. of votes 

held 

Fictitious 

nominal value 

Type of share 

€ ’000 

Bearer shares 

A shares 720,172 720,172 37,449 

Registered shares 

B registered shares without par value 219,616 219,616 11,420 

C registered shares without par value 768,898 768,898 39,982 

988,514 51,402 

B preference shares 1,664 1,664 87 

990,178 51,489 

1,710,350 1,710,350 88,938 

49


100 % of HOCHBAHN shares are held by HGV Hamburger Gesellschaft für Vermögensund 

Beteiligungsmanagement mbH, Hamburg. 

The Free and Hanseatic City of Hamburg holds 100 % of the shares in HGV Hamburger 

Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, Hamburg. 

(4) Statement of shareholders‘ equity 

in € ’000 

Subscribed 

capital 

Capital 

reserves 

Revenue 

reserves 

Equity 

capital 

as of 1.1.2015/ 

as of 31.12.2015 88,938 48,050 5,446 142,434 

The legal reserve amounts to € 4,124,000, the other revenue reserves amount to 

€ 1,322,000. 

(5) Provisions and accrued liabilities 


Provisions for pensions and similar liabilities 54,260 49,492 

Other provisions 154,610 159,386 

208,870 208,878 

Provisions for pensions and similar liabilities made by the HOCHBAHN include obligations 

for the provision of free pensioners’ tickets and reduced-price tickets for the spouses of 

beneficiaries entitled to them after 1 January 1987. There is a deficit of € 23,671,000 for 

current pensions and similar liabilities and of € 8,622,000 for future pensions towards 

beneficiaries and potential beneficiaries. 

50


Apart from reserves to ensure competitiveness of some € 95 million (obligatory reserves 

pursuant to § 249 Par. 1 HGB), the other provisions and accrued liabilities include obligations 

for remuneration back-payments to staff members, future anniversary donations, 

claims for remaining holiday pay, partial retirement obligations, surpluses on long-term 

working hours accounts, contributions to the employers’ liability insurance association, 

obligations for third-party insurance with the Haftpflichtgemeinschaft Deutscher Nahverkehrs- 

und Versorgungsunternehmen (HDN), deferred maintenance payments pursuant to 

§ 249 Par. 1 No. 1 HGB, reserves to cover official regulations, litigation risks and for outstanding 

invoices pursuant to § 249 Par. 2 HGB (old version) which have been retained 

pursuant to Article 67 Par. 3 EGHGB (Introductory Act to the German Commercial Code). 

(6) Liabilities 

in € ’000 


Remaining term 

2014 

Remaining term 

total 

within 

1 year 

over 

5 years 

total 

within 

1 year 

over 

5 years 

1. Liabilities to banks 457,500 1) 41,003 223,623 376,766 1) 30,978 192,437 

2. Accounts payable for 

deliveries and services 31,741 31,741 0 45,241 45,241 0 

3. Accounts payable to 

affiliated companies 37,824 37,824 0 25,231 25,231 0 

for deliveries and services (164) (164) (0) (47,979) (47,979) (0) 

for other obligations (37,660) (37,660) (0) (– 22,748) (– 22,748) (0) 

4. Accounts payable to 

companies in which the 

HOCHBAHN holds a 

participating interest 1,445 1,445 0 264 264 0 

for deliveries and services (1,445) (1,445) (0) (264) (264) (0) 

5. Other liabilities 34,698 34,698 0 32,277 32,277 0 

for taxes (2,747) (2,747) (0) (2,858) (2,858) (0) 

for social security 

contributions (1,250) (1,250) (0) (1,230) (1,230) (0) 

Total 563,208 146,711 223,623 479,779 133,991 192,437 

1) The liabilities to domestic banks are covered by negative pledge clauses. 

51


EXPLANATORY NOTES TO THE STATEMENT OF INCOME 

(7) Sales revenues 


Ticket sales 1) 394,161 383,575 

Revenue from rental and leasing agreements 

(including leasing out of advertising space) 14,714 14,324 

Other revenue 26,504 25,805 

435,379 423,704 

relating to prior and future periods 2) – 3,137 – 4,813 

1) Sales revenues principally comprise income as a member of the HVV, compensatory payments pursuant to § 45 a PBefG (schoolchildren’s fares) 

as well as §148 SGB IX (transportation of seriously handicapped persons). 

The final assignment of HVV income for 2015 is not yet available. Combined revenues have therefore been calculated on the basis of a 

qualified assessment of provisional figures from HVV GmbH. 

Revenues for the transportation of severely disabled persons (§ 148 SGB IX) are always in principle given as provisional calculations based 

on the previous year’s parameters. 

2) Sales revenues relating to prior and future periods comprise mainly subsequent adjustments to the estimates of HVV (€ – 2,858,000). 

(8) Other operating income 


Other operating income 54,075 49,360 

relating to prior and future periods 6,026 4,333 

(principally income from the write-back of reserves as well as damages 

and cost reimbursements from previous years) 

(9) Cost of materials 


Cost of auxiliary and operating materials and goods purchased 52,998 57,872 

Cost of purchased services 160,966 156,320 

213,964 214,192 

52


(10) Personnel expenses 


Wages and salaries 185,008 181,622 

Social security contributions and costs for pension 

and welfare benefits 37,350 37,714 

222,358 219,336 

for pensions and welfare benefits 2,148 3,382 

of which relating to prior and future periods – 1,527 3,134 

(principally in connection with allocations to the reserve for 

severance payments and the reserve for competitive purposes) 

Security for part-time early retirement agreements concluded after 1 July 2004 and for 

long-term working hours accounts was set up in the form of a securities account for the 

equivalent amounts. The value of the assets on this account as per 31 December 2015 

was € 9,288,000. 

(11) Depreciations 

Extraordinary depreciations of € 167,000 (2014: € 14,000) were made pursuant to § 253 

Par. 3 Sentence 3 HGB. 

(12) Other operating expenses 

Other operating expenses include expenses relating to prior and future periods of 

€ 406,000. These mainly result from the retention to be borne for own account in third 

person liability insurance claims paid out in the amount of € 169,000, lease payments of 

€170,000 and insurance premiums of € 47,000. The other operating expenses include 

expenses from foreign currency conversion in the amount of € 1,000 (2014: € 2,000). 

53


(13) Income from shareholding investments 


Income from profit transfer agreements 7,225 6,502 

Income from shareholdings 5,714 3,877 

from affiliated companies (5,590) (3,876) 

Write-downs on financial assets – 13,280 – 885 

Expenses from assumed losses 0 – 230 

– 341 9,264 

The income from shareholding investments includes write-downs on the shareholdings in 

BeNEX GmbH in the amount of € 12,000,000 and in HanseCom GmbH in the amount of 

€ 1,280,000 (2014: write-down on the shareholding in HanseCom GmbH of € 885,000). 

(14) Interest and similar income 


Income from the loan of financial assets 100 939 

from affiliated companies (86) (923) 

Other interest and similar income 565 889 

from affiliated companies (146) (242) 

from interest on receivables (384) (449) 

Interest and similar expenses – 27,166 – 24,197 

to affiliated companies (– 127) (– 136) 

from the addition of accrued interest (– 6,486) (– 7,335) 

– 26,501 – 22,369 

(15) Extraordinary profit/loss 

The extraordinary profit/loss consists exclusively of extraordinary interest expenses resulting 

from differences determined during the revaluation of reserves as per 1 January 2010 

due to first-time application of the German Accounting Law Modernisation Act (BilMoG). 

54


OTHER INFORMATION 

(16) Auditors’ fees 

The fee for services rendered by the auditors for the audit of the Annual Financial Statements 

was recorded in the year under review as expenses, as follows: 

Breakdown of auditors‘ fees in € ’000 2015 2014 

Services for the final audit of the annual accounts 89 94 

Services for verifying miscellaneous information 2 14 

Other services 9 82 

Services as a tax consultant 0 28 

100 218 

Of the reserves set up in previous years to cover services for the final audit of the annual 

accounts and other services, € 6,000 were released in the year under review. 

(17) Business not included in the Balance Sheet 

Cross-border leasing agreements 

General information on their type and purpose 

There is a finance leasing agreement for the financing of U-Bahn rolling stock which was 

concluded to attain cash value benefits. Under this, there are liabilities in favour of the 

foreign leasing providers of € 28,467,000, for which rights of recourse against a domestic 

bank in the same amount exist. These liabilities are secured by a chattel mortgage on the 

rolling stock itself as collateral. There are also liabilities under a cross-border leasing transaction 

for ferries. Purchase payments were made in NZD for these by the HOCHBAHN to 

ATG/HADAG AG. These are netted out against accounts receivable due from ATG/HADAG 

AG in the same amount in respect of rental payments in NZD on a pro rata basis congruent 

with the individual instalments. 

Risks and benefits 

The HOCHBAHN was able to achieve cash benefits out of these cross-border leasing 

transactions. These stood at € 926,000 as per 31 December 2015, but were not yet 

received and accounted for as income at that date. 

55


Interest and currency swap transactions 

Two loans denominated in NZD (€ 77,386,000) with a variable interest rate were taken out. 

Hedging was provided against the currency and interest rate risks in connection with 

this by appropriate interest and currency swaps matching the respective amounts and 

maturities. The swaps are inseparable from the underlying transaction. The current mark 

to market value of the swaps at the balance sheet date totalled +€ 3,372,000. The valuation 

units set up pursuant to § 254 HGB are micro-hedges. The contractual partners for 

the loan and swap contracts are identical so that no risk arises to the HOCHBAHN from 

these transactions. 

(18) Guarantees and other commitments 

Liabilities from guarantees stand at € 4,824,000. 

The liabilities from guarantees are mainly in connection with contractual obligations 

entered into by holding companies in which the HOCHBAHN holds an indirect stake 

when the holding company has commitments towards its contractual partners under 

transport and service contracts. It is highly unlikely that such guarantees will be called. 

In addition, there are further unlimited performance guarantees in favour of subsidiaries. 

As parent company, the HOCHBAHN monitors the compliance of the holding companies 

with their contractual obligations. 

(19) Other financial liabilities 

Other financial liabilities stand at € 266,857,000. This includes € 286,000 due to affiliated 

companies. 

56


(20) Employee information 

The figures show the persons employed over the year on average. 

2015 2014 

Personnel and Operations Division 3,082 2,989 

Technical Division 854 844 

Corporate Management and Finance Division 433 425 

Shareholding companies, suspended employment relationships, etc. 403 412 

4,772 4,670 

Apprentices/trainees 154 140 

(21) Total remuneration of the Supervisory and Management Boards 

The members of the Supervisory Board received no remuneration in the financial year 

2015, only the fee for attendance at meetings being paid. 

Total overall remuneration to the Management Board was € 1,024,000, which can be broken 

down as follows: 

in € ’000 Mr Elste Ms Riedel Mr König Mr Lang 

Non-performance-related 

remuneration components 260 185 185 175 

Ancillary benefits 

(remuneration in kind, direct insurance) 13 8 17 9 

Performance-related 

remuneration components 63 37 37 35 

Total 336 230 239 219 

In addition, provisions for pension payments to active and retired members of the 

Management Board and their surviving dependents were set up in a total amount of 

€ 6,048,000. € 503,000 was paid to former members of the Management Board and 

their surviving dependents in financial year 2015. 

57


(22) Company Boards and Members 

Members of the Supervisory Board 

Frank Horch, Hamburg 

Chairman, Senator, 

Department for Economic Affairs, 

Transport and Innovation 

Max Leininger *, Hamburg 

Deputy Chairman, 

Trade union secretary, ver.di 

Martin Huber, Hamburg 

Department Supervisor, 

Department for Economic Affairs, 

Transport and Innovation 

Dr. Sibylle Roggencamp, Hamburg 

Senate Director, Finance Department 

Wolfgang Michael Pollmann, Hamburg 

(as of 24 June 2015) State Secretary, 

Department for the Environment 

and Energy 

Andreas Rieckhof, Hamburg 

State Secretary, Department for Economic 

Affairs, Transport and Innovation 

Dr. Rainer Klemmt-Nissen, 

Hamburg 

Managing Director, HGV Hamburger 

Gesellschaft für Vermögens- und 

Beteiligungsmanagement mbH 

Martina Plag, Hamburg 

Director, Hachenberg und Richter 

Unternehmensberatung GmbH 

Claudia Plath, Hamburg 

Managing Director Finance, ECE 

Projekt management GmbH & Co. KG 

Anne-Louise Quiring *, Hamburg 

Trade union secretary, ver.di 

Klaus Ceglecki*, Hamburg 

Bus driver, member of the 

HOCHBAHN Works Council 

Karin Fritsche *, Hamburg 

Head of Division, 

TEREG Gebäudedienste GmbH 

Ingomar Spieß *, Hamburg 

Head of Division, Data Protection 

Officer of the HOCHBAHN 

58


Heinrich Hanebuth *, Hamburg 

Bus driver, member of the 


Norbert Klang *, Hamburg 

Public Relations Manager, 

member of the HOCHBAHN 

Works Council 

Marlies Schneider-Polich*, 

Hamburg 

U-Bahn driver, member of the 


Retired Members of the 


as per 24 June 2015 

Holger Lange, Hamburg 

State Secretary, Department for Urban 

Development and the Environment 

Members of the Management Board 

Henrik Falk, Chairman 

since 1 February 2016 

Corporate Management Division 

Ulrike Riedel 

Personnel and Operations Division 

Helmut König 

Finance Division 


Technical Division 

Retired Members of the 


As of 31 January 2016 

Günter Elste 

Corporate Management Division 

* Employee representatives 

59


(23) Name and Head Office of the parent company 

HGV Hamburger Gesellschaft für Vermögens und Beteiligungsmanagement mbH, 

Gustav -Mahler -Platz 1, 20354 Hamburg. 

The HOCHBAHN has a control and profit transfer agreement with HGV. 

HGV draws up the Group Accounts and Management Report pursuant to § 291 HGB 

for the majority of the companies in the Group. 

Sole shareholder of HGV is the Free and Hanseatic City of Hamburg. 

(24) Net profit/loss for the year 

Due to the absorption of losses, the annual accounts of the 

Hamburger Hochbahn AG show a balanced result. 

Hamburg, 29 March 2016 

Hamburger Hochbahn Aktiengesellschaft 

The Management Board 

Henrik Falk 

Ulrike Riedel 

Helmut König 


60


SHARE OWNERSHIP HELD BY HAMBURGER HOCHBAHN AKTIENGESELLSCHAFT 

AS AT 31 DECEMBER 2015 1) 

Name and registered office 

of the company 

Equity capital 

€ ’000 

Shareholder 

Name % 

Earnings 


€ ’000 

Control and 

profit transfer 

agreement 

FFG Fahrzeugwerkstätten 

Falkenried GmbH, Hamburg 4,100 HOCHBAHN 100.0 0 yes 

HADAG Seetouristik und Fährdienst AG, Hamburg 4,096 HOCHBAHN 100.0 0 yes 2) 

ATG Alster-Touristik GmbH, Hamburg 3,472 HOCHBAHN 100.0 0 yes 

HHW Hamburger Hochbahn-Wache GmbH, 

Hamburg 26 HOCHBAHN 100.0 0 yes 

HSF Hamburger Schnellbahn-Fahrzeug- 

Gesellschaft mbH, Hamburg 743 HOCHBAHN 100.0 142 yes 

SBG Süderelbe Bus GmbH, Hamburg 2,000 HOCHBAHN 100.0 0 yes 

Friedrich Jasper Rund- und 

Gesellschaftsfahrten GmbH, Hamburg 4,163 HOCHBAHN 100.0 0 yes 

Zentral-Omnibus-Bahnhof “ZOB” Hamburg 

GmbH, Hamburg 3) 901 HOCHBAHN 69.2 33 – 

HanseCom Gesellschaft für Informations- und 

Kommunikationsdienstleistungen mbH, Hamburg 0 HOCHBAHN 26.0 – 2,995 – 

HOCHBAHN Grundstücksverwaltungsgesellschaft 

mbH & Co. KG, Hamburg 39,572 HOCHBAHN 100.0 3,405 – 

HOCHBAHN-Verwaltungsgesellschaft mbH, 

Hamburg 133 HOCHBAHN 100.0 5 – 

HOCHBAHN Beteiligungsgesellschaft 

mbH & Co. KG, Hamburg 54,488 HOCHBAHN 100.0 – 10,346 – 

HSG Hanseatische 

Siedlungsgesellschaft mbH, Hamburg 8,545 

HOCHBAHN 

Beteiligungsgesellschaft 

100.0 0 yes 4) 


Beteiligungsgesellschaft 

56.0 0 yes 4) 

TEREG Gebäudedienste GmbH, Hamburg 1,731 

BeNEX GmbH, Hamburg 3) 67,268 HOCHBAHN 51.0 4,239 – 

agilis Eisenbahngesellschaft mbH & Co. KG, 

Regensburg 5) 

n.a. 


BeNEX 

51.0 

49.0 n.a. – 

agilis Verkehrsgesellschaft mbH & Co. KG, 

Regensburg 5) n.a. BeNEX 100.0 n.a. – 

1. BeNEX Fahrzeuggesellschaft mbH & Co. KG, 

Parchim 5) n.a. BeNEX 100.0 n.a. – 


Grünwald 5) n.a. BeNEX 100.0 n.a. – 





cantus Verkehrsgesellschaft mbH. Kassel 3) 6,494 BeNEX 50.0 2,400 – 

HNB Hamburger Nahverkehrs-Beteiligungsgesellschaft 

mbH, Hamburg 5) n.a. BeNEX 100.0 n.a. – 

Stadtverkehr Lübeck GmbH, Lübeck 3) 31,141 HNB 49.9 0 – 

NBE nordbahn Eisenbahngesellschaft mbH & 

Co. KG, Grünwald, Kaltenkirchen 3) 487 BeNEX 50.0 0 – 

ODEG Ostdeutsche Eisenbahn GmbH, Parchim 3) 6,258 BeNEX 50.0 4,774 – 

ODIG Ostdeutsche Instandhaltungsgesellschaft 

mbH, Eberswalde 3) 250 ODEG 100.0 0 yes 

1) Excluding those of minor interest. 

2) The HOCHBAHN has a profit transfer agreement with HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH. 

3) Figures of the previous year given 

4) The company has a profit transfer agreement with the HOCHBAHN. 

5) No details are given of the equity capital and net profit/loss for the year since the company is not required to publish its Annual Accounts 

61


Auditors’ Report 

“We have audited the annual financial statements – comprising the Balance Sheet, Statement 

of Income and the Appendix – together with the bookkeeping system, and the management 

report of Hamburger Hochbahn Aktiengesellschaft, Hamburg for the business 

year from 1 January to 31 December 2015. The maintenance of the books and records 

and the preparation of the annual financial statements and management report in accordance 

with German commercial law are the responsibility of the Company’s management. 

Our responsibility is to express an opinion on the annual financial statements, together 

with the bookkeeping system, and the management report based on our audit. 

We conducted our audit of the annual financial statements in accordance with § 317 HGB 

[“Handelsgesetzbuch: German Commercial Code”] and the German generally accepted 

standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer 

(IDW). Those standards require that we plan and perform the audit such that misstatements 

materially affecting the presentation of the net assets, financial position and 

results of operations in the annual financial statements in accordance with principles of 

proper accounting and in the management report are detected with reasonable assurance. 

Knowledge of the business activities and the economic and legal environment of 

the Company and evaluations of possible misstatements are taken into account in the 

62


determination of audit procedures. The effectiveness of the internal control system relating 

to the accounting system and the evidence supporting the disclosures in the books 

and records, the annual financial statements and the management report are examined 

primarily on a test basis within the framework of the audit. The audit includes assessing 

the accounting principles used and significant estimates made by management, as well 

as evaluating the overall presentation of the annual financial statements and management 

report. We believe that our audit provides a reasonable basis for our opinion. 

Our audit has not led to any reservations. 

In our opinion, the annual financial statements give a true and fair view of the net assets, 

financial position and results of operations of the Company in accordance with the principles 

of proper accounting. On the whole, the management report provides a suitable understanding 

of the Company’s position and suitably presents the opportunities and risks of future 

development.” 

Hamburg, 31 March 2016 

Ebner Stolz GmbH & Co. KG 

Wirtschaftsprüfungsgesellschaft 

Steuerberatungsgesellschaft 

(Hartmut Schmidt) 

Auditor 

(Jens Engel) 

Auditor 

63


Report of the Supervisory Board 

The Supervisory Board kept itself informed of the company’s state of affairs and on important 

management issues during the financial year 2015 by means of regular verbal and 

written reports from the Management Board. The Supervisory Board set up a Financial 

Committee and a Transport Committee as well as an Arbitration Committee as required 

by law, and on 18 March 2015 additionally set up an Identification Committee to select a 

successor for the position of Chairman of the Management Board of the Hamburger 

Hochbahn AG. During the financial year 2015, the Supervisory Board held four meetings, 

the Finance Committee two meetings and the Identification Committee six meetings. 

The Annual Statement of Accounts and the Group Management Report of the Hamburger 

Hochbahn AG for the year ended on 31 December 2015 and the company’s accounting 

processes were audited by Ebner Stolz GmbH & Co. KG Wirtschaftsprüfungsgesellschaft 

Steuerberatungsgesellschaft, Hamburg, which the company chose as its annual auditors at 

the last Annual General Meeting. No objections were made during the audit and an audit 

certificate was granted without reservation. 

The audit reports were submitted to the Supervisory Board members. In addition, 

the annual auditor presented a report on the most important results of the audit at the 

financial accounts meeting held by the Finance Committee. 

The Supervisory Board examined the Annual Statement of Accounts and the Group 

Management Report of the Hamburger Hochbahn AG and, in agreement with the 

auditors, raised no objections. It has therefore accepted and passed the Annual 

Statement of Accounts as presented by the Management Board. 

64


The Supervisory Board would like to extend its thanks to its longstanding member 

State Secretary Holger Lange, who retired from the Board as per 24 June 2015, for his 

many years of dedicated and constructive work. Since the date above, State Secretary 

Wolfgang Michael Pollmann has taken the retired Member’s place on the Supervisory 

Board. 

The Supervisory Board would like to extend its thanks to all Management Board members 

and company employees for their work in 2015. 

Hamburg, 22 June 2016 

The Supervisory Board 

Frank Horch 

Chairman 

65


Declaration of Compliance with 

the Hamburg Corporate Governance 

Code (HCGK) 

Hamburger Hochbahn AG (HOCHBAHN) 

Complied in the period from 1 January 2015 to 31 December 2015 with the regulations of 

the Hamburg Corporate Governance Codex, for which the Management Board and the 

Supervisory Board take responsibility. (Items 3 – 7 of the HCGK and their sub-sections). 

The HOCHBAHN subsidiaries 

Alster-Touristik GmbH (ATG) 

Fahrzeugwerkstätten Falkenried GmbH (FFG) 

HADAG Seetouristik und Fährdienst AG (HADAG) 

BeNEX GmbH (BeNEX) 

TEREG Gebäudedienste GmbH (TEREG) 

complied in the period from 1 January 2015 to 31 December 2015 with the regulations of 

the Hamburg Corporate Governance Codex with the exceptions given below, for which 

their respective Managing Directors and Supervisory Boards take responsibility. (Items 

3 – 7 of the HCGK and their sub-sections). Deviations from the Code resulted in the 

following points: 

• 4.2.1 Sentence 1 and Sentence 3 HCGK: 

“In principle, the Management Board shall comprise at least two persons who represent 

the company jointly. Management instructions shall regulate and make provision for how 

cooperation between the Board members is managed.” 

At the HOCHBAHN subsidiaries ATG, FFG and HADAG there is only one Managing 

Director in each case. Due to the small size of these companies, the appointment of 

only one Managing Director to ATG, FFG and HADAG is considered appropriate. 

Against this background, there are no management instructions regulating how board 

members should cooperate with one another. 

66


• 4.2.2 HCGK: 

“In principle, members of the Management Board should be chosen from the best candidates 

in a selection process (by advertising or through personnel management consultants).” 

Due to the HOCHBAHN’s shareholding status, Managing Directors are always appointed 

to the subsidiaries ATG, FFG, HADAG and TEREG and not chosen in a selection process. 

• 4.2.5 Par. 2 and Par. 4 HCGK: 

“Remuneration to Management Board members should comprise fixed and variable elements. 

Variable remuneration shall include one-off payments as well as annually recurrent components 

that depend on the sustained success of the company’s business activities and components 

granted as long-term incentives with risk elements. Contractual bonus payments 

should be agreed to in the form of target and performance agreements. In this context, targets 

and degrees of target achievement should be clearly defined and quantified. Subsequent 

amendments to the targets or comparative parameters shall be ruled out. For extraordinary, 

unforeseen developments, variable remunerations shall have an upper limit. Bonus payments 

should not exceed 50 % of the overall remuneration.” 

“When concluding contracts of employment, it should be agreed that payments to a member 

of the Management Board in the event of such person prematurely ending their activity as 

Managing Director shall not exceed, including ancillary benefits, the value of max. twice 

the basic annual salary plus one variable annual remuneration in the amount of the bonuses 

due for the year of leaving (severance payment cap), subject to this not exceeding the total 

remuneration which the member of the Management Board would have received for the 

remaining period of their contract of employment. If and when the contract of employment is 

terminated by a member of the Executive management/Management Board for a material 

reason for which they themself carry the responsibility, no payments shall be made to the 

member of the Executive management/Management Board concerned.” 

In the case of the subsidiary BeNEX, no targets were set as criteria for the achievement 

of goals for the variable remuneration component in the financial year 2015 since no 

agreement could be reached between the shareholders and the executive management 

regarding the risks concerning fulfilment of the plan (this included litigation). It is 

planned in the coming years to set goals again. 

67


• 4.2.6 Sentence 1 and Sentence 2 HCGK: 

“Remuneration to Management Board members should be disclosed on an individual basis – 

broken down into its non-performance-related, performance-related and long-term incentive 

components – in the appendix to the Annual Financial Statements or in the Management 

Report. In the case of those companies which are not required to publish Annual Financial 

Statements due to their group membership, the disclosure of the remuneration shall appear 

in the Declaration of Compliance with the HCGK.” 

The total sum of remuneration to members of the Management Board for the subsidiary 

BeNEX is shown according to the requirements of the shareholder INPP. In the case of 

the subsidiary TEREG, consent has not yet been given by the minority shareholder 

Vattenfall for the publication of the remuneration to the members of the Management 

Board. 

The subsidiaries FFG, ATG and HADAG are not subject to the obligation to disclose 

this information. As required by the HCGK, the remuneration to the members of the 

Management Board is published here: 

in € ’000 

Non-performance 

related 

remuneration 

components 

Ancillary 

benefits 

(remuneration 

in kind, direct 

insurance) 

Performancerelated 

remuneration 

components 

FFG Olaf Lilla 135 39 43 217 

ATG Gabriele Müller-Remer 45 3 12 60 

HADAG Gabriele Müller-Remer 90 5 25 120 

Total 

In addition, a provision for pension entitlements has been set up for Ms Müller-Remer 

in the amount of some € 221,000 (pro rata). 

• 5.3.1 HCGK: 

“The Supervisory Board shall form specially qualified committees, depending on the specific 

situation of the relevant company and the number of Supervisory Board members. These 

should help to raise the efficiency of the Supervisory Board’s work and its handling of 

complex issues. Each Committee Chairman should report to the Supervisory Board regularly 

on the work of these committees or send Committee Meeting minutes to all Supervisory 

Board members as soon as possible.” 

The Supervisory Boards of ATG, FFG, HADAG and TEREG have not formed any 

committees since it was not deemed necessary to do so due to the small size of 

the companies and the low number of Supervisory Board members in each case. 

68


• 5.3.2 HCGK: 

“The Supervisory Board of larger companies (companies which are classified as large 

corporate companies pursuant to § 267 (3) HGB) are required to set up an Audit Committee 

or instruct their Finance Committee to monitor the company’s accounting/reporting process, 

the effectiveness of its internal control system, its internal risk management and internal 

auditing systems and its annual audits, particularly the impartiality of the Annual Auditors and 

the additional work they carry out. At least one member of the Audit Committee/Finance 

Committee should have special knowledge of the principles of company accounting/reporting 

and how to apply them, and of the internal control procedures. The Chairperson of the 

Audit Committee/Finance Committee should not be a former member of the company’s 

Management Board and not be the Supervisory Board Chairman in office.” 

The Supervisory Boards of FFG and TEREG have not set up an Audit Committee, nor 

have they instructed their Finance Committee as described above, since it was 

not deemed necessary to do so due to the small size of the companies and the low 

number of Supervisory Board members in each case. 

• 6.2 HCGK: 

“Information concerning the company published by it should also be accessible via the 

company’s website. This includes the Memorandum of Association, the Management 

Report, the Annual Financial Statements including the Appendix and the Declaration of 

Compliance with the HCGK.” 

Information on the companies is published on the Transparency Portal set up in 

October 2014 according to the Hamburg Transparency Law (HmbTG), in particular in 

the investment report of the Free and Hanseatic City of Hamburg (FHH) which can 

be accessed there. 

Hamburg, 30 March 2016 Hamburg, 29 March 2016 

Henrik Falk 


Ulrike Riedel 

Frank Horch 

Supervisory Board, Chairman 

Helmut König 


69


Overview of Subsidiary and 

Holding Companies 

agilis Eisenbahngesellschaft mbH & Co. KG (www.agilis.de) 

Shareholder: Hamburger Hochbahn AG 51 %, BeNEX GmbH 49 % | Business objective: 

Operation of local rail passenger transportation in Bavaria: electrified regional rail network 

in and around Regensburg including the Donautalbahn | Number of railcars: 26 | Number 

of employees: 178 

ATG Alster-Touristik GmbH (www.alstertouristik.de) 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: tourist shipping 

cruises, mainly on the Alster Lake and its side-canals | Number of vessels: 18 | Number 


BeNEX GmbH (www.benex.de) 

Shareholder: Hamburger Hochbahn AG 51 %, INPP Public lnfrastructure Germany 

GmbH & Co. KG 49 % | Business objective: management of a group of companies providing 

all types of road/rail transport services outside the boundaries of the Free and 

Hanseatic City of Hamburg, as well as the purchase, maintenance and sale of shareholdings 

of this kind for the area of business detailed above including all associated financing, 

negotiating, consultancy and other services (to the extent that these do not require legal 

approval or official permission under the German Banking Act (KWG)) | Number of 

employees: 29 (annual average) 

FFG Fahrzeugwerkstätten Falkenried GmbH (www.ffg-hamburg.de) 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: maintenance of 

all types of utility vehicles, especially buses; technical and commercial upkeep of the 

HOCHBAHN’s bus fleet; maintenance of various U-Bahn station installations; construction 

and retrofitting of special vehicles | Number of employees: 276 

Friedr. Jasper Rund- und Gesellschaftsfahrten GmbH (www.jasper.de) 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: regular bus services 

and private coach tours, regular bus services on behalf of the HOCHBAHN, special 

“insider tours” of Hamburg | Number of city buses: 97; own (of which 10 diesel hybrid 

buses) and 11 leased; Number of overland coaches : 5; Number of articulated buses 

provided: up to 32 | Number of employees: on average 398 (without 8 trainees) 

70


HADAG Seetouristik und Fährdienst AG (www.hadag.de) 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: passenger transport 

services by ferry in the Port of Hamburg and on the Elbe | Number of ferries: 24 | Number 


HanseCom (www.hansecom.com) 

Gesellschaft für Informations- und Kommunikationsdienstleistungen mbH | Shareholder: 

Hamburger Hochbahn AG 26 %, Siemens AG 74 % | Business objective: operated as 

a joint venture between Siemens AG and the Hamburger Hochbahn AG, HanseCom 

develops integrated IT solutions for local public transport. With 25 years of experience 

in the sector, HanseCom delivers economically viable, innovative and attractive mobility 

solutions and proves their reliability every day as partner for more than 60 transport 

operators. Further details on: www.hansecom.com | Number of employees: 150 

HHW Hamburger Hochbahn-Wache GmbH 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: responsible for 

the security of passengers and employees, protection of rolling stock, facilities and 

installation, carrying out ticket inspections, collection of fare surcharges | Number of 

employees: 405 

HSF Hamburger Schnellbahn-Fahrzeug-Gesellschaft mbH 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: The business 

objective of the company is the procurement and financing of rail rolling stock and 

its renting to rail transport operators, in particular for deployment on the rapid transit 

network in the Greater Hamburg Area, as well as the construction, financing and renting 

to rail and rapid transit system operators of rolling stock maintenance depots and 

storage sidings | Number of employees: the company has no employees of its own. 

HSG Hanseatische Siedlungs-Gesellschaft mbH 

Shareholder: Hambuger Hochbahn AG via HOCHBAHN-Beteiligungsgesellschaft mbH 

& Co. KG 100 % | Business objective: renting out company-owned apartments to 

HOCHBAHN Group personnel | Number of apartments: 2 041 | Number of employees: 45 

HVW Hamburger Verkehrsmittel-Werbung GmbH 

Shareholder: Hamburger Hochbahn AG 24.9 %, DSM Deutsche Städte-Medien GmbH 

75.1 % | Business objective: setting up, managing and renting out advertising space 

at stations, marketing and design of advertising on board buses and U-Bahn trains | 

Number of employees: 2 

71


hySOLUTIONS GmbH (www.hysolutions-hamburg.de) 

Shareholder: Hamburger Hochbahn AG 56 %, Vattenfall Europe 25 %, Germanischer 

Lloyd 6 %, VHH Verkehrsbetriebe Hamburg-Holstein 5 %, Handelskammer Hamburg 4 %, 

Handwerkskammer Hamburg 4 % | Business objective: the promotion, coordination 

and implementation of hydrogen and fuel cell technology as well as innovative electric 

propulsion and supply systems in Hamburg | Number of employees: 11 

SBG Süderelbe Bus GmbH 

Shareholder: Hamburger Hochbahn AG 100 % | Business objective: regular bus services 

on behalf of the HOCHBAHN, licenced to run its own bus route in the administrative 

district of Harburg | City buses: 51 own (of which 7 diesel hybrid buses) and 2 leased; 

| Number of employees: on average 137 (without 2 trainees) 

TEREG Gebäudedienste GmbH (www.tereg.de) 

Shareholder: Hamburger Hochbahn AG via HOCHBAHN-Beteiligungsgesellschaft mbH 

& Co. KG 56 %, Vattenfall Europe 44 % | Business objective: providing cleaning 

and related services for sites, buildings, transport facilities and rolling stock, public 

establishments and industrial plants and facilities, repairing damage to buildings, sites 

and land, building management and providing security and services in the transport 

sector | Number of employees: 1 644 

Zentral-Omnibus-Bahnhof “ZOB” Hamburg GmbH (www.zob-hamburg.de) 

Shareholder: Hamburger Hochbahn AG 69.2 %, Autokraft 11.7 %, VHH 11.5 %, Jasper 

2.9 %, six further minority stakes 4.6 % | Business objective: operating Hamburg’s 

Central Bus Station (ZOB), renting out space for retail and catering outlets | Number 


72

Imprint 

Published by 

Hamburger Hochbahn AG 

Steinstraße 20, 20095 Hamburg 

Germany 

Phone: + 49 (0) 40/32 88-0 

Fax: + 49 (0) 40/32 64 06 

E-mail: info@hochbahn.de 

hochbahn.de 

Edited by 

Marketing and Communications Division 

Corporate Management and System Development Division 

Finances and Controlling Division 

Concept and design 

HGB Hamburger Geschäftsberichte GmbH & Co. KG 

Photographs 

Marc-Oliver Schulz 

Wolfgang Huppertz 

David Goltz 

Raupach Architekten / Pfarrè Lighting Design / Stauss + Pedrazzini 

(Illustration on page 5, bottom right)

Hamburger Hochbahn AG 

Steinstraße 20, 20095 Hamburg 

hochbahn.de 

HOCHBAHN Annual Report 2015

HOCHBAHN Annual Report 2015

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