Annual Report 2012 (PDF) - Hamburg
Annual Report 2012 (PDF) - Hamburg
Annual Report 2012 (PDF) - Hamburg
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<strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
hamburg-airport.de
Key figures – an overview<br />
<strong>2012</strong><br />
Passengers<br />
Aircraft movements<br />
Year<br />
Passengers (in millions)<br />
Aircraft movements<br />
2007 2008 2009 2010 2011 <strong>2012</strong><br />
12.78 12.84 12.23 12.96 13.56 13.70<br />
173,499 172,064 157,488 157,180 158,076 152,890<br />
Employees<br />
FHG Group<br />
Subsidiary companies<br />
FHG<br />
Year<br />
FHG Group<br />
Subsidiary companies<br />
FHG<br />
2007 2008 2009 2010 2011 <strong>2012</strong><br />
1,612 1,612 1,589 1,619 1,615 1,656<br />
945 938 924 976 957 959<br />
667 674 665 643 658 697<br />
Turnover<br />
Earnings<br />
Year<br />
Turnover (€ million)<br />
Earnings (€ million)<br />
2007 2008 2009 2010 2011 <strong>2012</strong><br />
234.2 230.7 224.1 248.6 253.3 251.5<br />
48.2 39.3 35.0 41.8 49.2 39.0
Contents<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
2 Foreword from the Supervisory Board<br />
4 Interview with the Executive Board<br />
6 Sustainability<br />
16 Economic Situation<br />
20 Balance Sheet, Profit & Loss Statement<br />
24 Appendix<br />
34 Auditors’ <strong>Report</strong><br />
35 <strong>Report</strong> of the Supervisory Board<br />
38 Declaration of Compliance of Flughafen <strong>Hamburg</strong> GmbH<br />
and its subsidiaries with the <strong>Hamburg</strong> Code of<br />
Corporate Governance<br />
42 Airlines and Direct Flights<br />
1
Chairman of the Supervisory Board<br />
Foreword<br />
The year <strong>2012</strong> was characterised by restrained performance.<br />
Economic growth in Germany did remain stable,<br />
but at a significantly reduced rate. In 2011, growth of<br />
3.0 percent was achieved; for <strong>2012</strong>, in contrast, the figure<br />
was just 0.7 percent. The aviation industry was not shielded<br />
from this trend. As the year began, three airlines disappeared<br />
from the European market. Many airlines examined<br />
the profitability of their routes and instigated cost saving<br />
programmes. Across Germany, passenger volume grew by<br />
only 1.1 percent. Credit for this development must also go<br />
to the unnecessary introduction of the Aviation Tax.<br />
Flughafen <strong>Hamburg</strong> GmbH felt the effects, too. Nevertheless,<br />
the company finished the <strong>2012</strong> financial year with<br />
a satisfying result. And although <strong>Hamburg</strong> Airport only<br />
achieved moderate passenger growth of 1.0 percent, this<br />
represented 13.7 million passengers – a new record. With<br />
strict cost management and entrepreneurial foresight,<br />
<strong>Hamburg</strong> Airport has managed to perform convincingly,<br />
even in difficult times. The leadership of <strong>Hamburg</strong> Airport<br />
is consistently continuing to pursue this path.<br />
Dr. Klaus-Jürgen Juhnke, Chairman of the Supervisory Board<br />
<strong>Hamburg</strong> Airport remains a reliable partner for its<br />
customers and a dependable employer for its workforce.<br />
I would like to express my thanks to the Executive Board<br />
and to all of <strong>Hamburg</strong> Airport’s employees for their commitment<br />
and their successful efforts in the financial year<br />
under review.<br />
Dr. Klaus-Jürgen Juhnke<br />
Chairman of the Supervisory Board<br />
2
Interview with the Executive Board<br />
“<strong>2012</strong> was a year with rough edges”<br />
From an economic point of view, the <strong>2012</strong> financial year was full of challenges. In<br />
Europe, states like Greece and Spain continued to struggle with their public finances,<br />
and the financial and banking sector experienced only mild relief. Preliminary calculations<br />
from the German Federal Statistics Office suggest that the real gross domestic<br />
product of the Federal Republic of Germany grew by only 0.7 percent over 2011.<br />
“Germany’s weak economic growth was also reflected<br />
in the aviation industry. How did this affect <strong>Hamburg</strong><br />
Airport?”<br />
Michael Eggenschwiler: “<strong>2012</strong> was a year with rough edges.<br />
Looking at the market environment, there were more<br />
unpleasant surprises than any of us would have liked. Right<br />
at the start of the year, three European airlines ceased operations:<br />
Cirrus Airlines, Malév and Spanair. In summer, Air<br />
Berlin announced cutbacks to take effect from autumn. We<br />
managed to find a new partner to take over every route that<br />
was lost, but we could not completely compensate for the<br />
loss of passengers. Whilst the 13.7 million passengers represented,<br />
once again, a new high water mark for <strong>Hamburg</strong><br />
Airport, we would have liked to see more.”<br />
Claus-Dieter Wehr: “And now, we can only wait and see<br />
what the developments within the Lufthansa Group will<br />
mean for <strong>Hamburg</strong> Airport. It is clear that Frankfurt and<br />
Munich will be the only destinations still served by the core<br />
Lufthansa brand. All the other routes are being taken over<br />
by the low-cost subsidiary, Germanwings. We hope that<br />
passengers will accept this change.”<br />
“The federal political environment was not particularly<br />
cooperative in <strong>2012</strong>. How has this affected the viability of<br />
German airports?”<br />
Michael Eggenschwiler: “The Aviation Tax continues to be<br />
a major burden on the industry. This is especially the case<br />
with domestic traffic where it hits passengers twice – for<br />
domestic flights, the Aviation Tax is levied for both the outbound<br />
and the inbound flight. The price is a decisive factor<br />
in choosing a flight. Domestic German traffic has declined<br />
by 6.0 percent, and the number of Danish passengers has<br />
also gone down. It is simply incomprehensible that the federal<br />
government should weaken this industry by imposing<br />
such an international competitive disadvantage. An industry<br />
that stands for growth and mobility in a way that no other<br />
industry can.”<br />
Claus-Dieter Wehr: “And at the European level, too, there<br />
are forces in action that are guided more by principles of<br />
liberalisation than they are by fairness. The airports package<br />
proposed by European Commissioner for Transport,<br />
Siim Kallas, demands further liberalisation of the market<br />
for ground handling services despite significant price reductions<br />
and quality improvements over recent years. This<br />
means even more competition in a market that is small as<br />
it is. The consequences are further cuts in pay, and it is the<br />
employees who suffer. Through joint action, employers and<br />
employees have managed to get the European Parliament<br />
to turn down the regulation for the time being. But the issue<br />
is not over yet.”<br />
Michael Eggenschwiler: “I want to make one thing very<br />
clear: <strong>Hamburg</strong> has given us great political support in all<br />
important issues – from all sides of politics. Such local<br />
backing is important if we are to succeed at the federal or<br />
European level.”<br />
4
Michael Eggenschwiler, Chief Executive Officer (left),<br />
Claus-Dieter Wehr, Managing Director (right)<br />
“Despite the low passenger growth of 1.0 percent, the<br />
passenger volume itself reached an all-time high. And the<br />
other statistics are developing positively too ...”<br />
Michael Eggenschwiler: “We are not satisfied with the<br />
growth rate achieved in <strong>2012</strong>. We are seeing, however, that<br />
the airlines are deploying larger aircraft as the years pass.<br />
Where we had 73 passengers per flight in 2002, in <strong>2012</strong><br />
there were more than 100 passengers per flight. And the<br />
load factor has risen too, from 66.0 percent in 2002 to 73.0<br />
percent ten years later.”<br />
Claus-Dieter Wehr: “The relative stability in aircraft movements<br />
is a positive development for neighbouring residents<br />
in particular. Despite growth in passenger numbers, aircraft<br />
movements have remained at the same level for the past<br />
ten years. On top of this, the aircraft have become quieter,<br />
as can be seen in the development of the authorised noise<br />
quota around the airport. Passenger numbers have risen by<br />
almost 60 percent since 1997, but the size of the approved<br />
noise quota has shrunk by almost 40 percent.”<br />
“The airport has been actively involved in environmental<br />
protection for decades, is particularly focussed on the<br />
development of its own personnel, maintains special relationships<br />
with the surrounding community and is developing<br />
the airport with economic foresight. Sustainability<br />
is at the core of all of this ...”<br />
Michael Eggenschwiler: “That is correct. In the final quarter<br />
of <strong>2012</strong>, we were able to launch the first steps in a further<br />
sustainable development of the airport. We have applied<br />
to our supervisory authority for permission to plan<br />
additional terminal aircraft parking positions on the rear<br />
of the southern Passenger Pier. We expect approval in the<br />
first quarter of 2013. The implementation can only happen<br />
when air cargo has moved to the new Air Cargo Centre on<br />
Weg beim Jäger. This is not going to happen before 2015.<br />
When the time comes, though, this will mean a substantial<br />
quality improvement: more comfort and service for our<br />
passengers.”<br />
Claus-Dieter Wehr: “The concept of sustainability has<br />
characterised the direction of the <strong>Hamburg</strong> Airport Group<br />
for many years. Apart from commercial developments, this<br />
can be seen most clearly in the areas of personnel, environmental<br />
activity and social engagement.”<br />
Michael Eggenschwiler: “We have definitively incorporated<br />
concepts of sustainability in our guidelines and our corporate<br />
principles. It is an area of management responsibility<br />
in all divisions and departments, and it is close to our<br />
hearts. It is a task that must be responsibly fulfilled even in<br />
economically challenging times.”<br />
5
<strong>Hamburg</strong> Airport<br />
Sustainability<br />
Sustainability has a long tradition at <strong>Hamburg</strong> Airport. Because of its proximity to the city, the airport<br />
carries a special responsibility for the surrounding area, for the environment and for secure employment<br />
in the <strong>Hamburg</strong> Metropolitan Region. <strong>Hamburg</strong> Airport’s sustainable corporate philosophy is<br />
stably built on four mutually supporting pillars, guaranteeing the long-term, forward-looking stability<br />
of the north’s largest airport.<br />
6
Sustainable economic activity<br />
Securing the future with economic targets<br />
<strong>Hamburg</strong> Airport is a significant economic growth factor in the region. As a direct and<br />
indirect customer, as the home to numerous service providers and as a traffic hub for<br />
people and goods. Recent years have seen a growing awareness of the fact that the<br />
company can only be successful if it fulfills its commercial, ecological and social responsibility.<br />
This awareness is firmly established across the breadth of the <strong>Hamburg</strong><br />
Airport Group.<br />
Voluntary commitments such as a Code of Governance,<br />
a Compliance Board, transparent processes at all levels<br />
and sustainable economic development are not just strategic<br />
guidelines; rather, they are regularly fed into specific<br />
areas of work. “This ensures that our expectations can<br />
be experienced and implemented in practice,” explains<br />
Manfred Schernus, Director of Finance and Controlling<br />
at <strong>Hamburg</strong> Airport.<br />
Sustainability<br />
A healthy commercial and financial foundation forms the<br />
basis for sustainable corporate development. The non-aviation<br />
business areas, opened up in the 1990s – including retail,<br />
food & beverage, parking and advertising – today contribute<br />
around 30.0 percent of total revenue. The variety<br />
provided by 60 airlines and more than 115 destinations has<br />
proven to be an equally stabilising factor contributing to<br />
healthy growth. This variety means that the <strong>Hamburg</strong> Airport<br />
business model is solidly built on a number of pillars,<br />
and this is why <strong>Hamburg</strong> Airport this year will once again<br />
show itself to be a reliable partner for its customers.<br />
In order to continue to offer the highest quality and service<br />
to both passengers and business customers, <strong>Hamburg</strong><br />
Airport regularly analyses the current situation and looks at<br />
market development forecasts for the years ahead in areas<br />
such as aircraft size, passenger demand, the impact of safety<br />
and security issues, fuel prices and potential governmental<br />
requirements.<br />
Future and sustainable process models for the aviation<br />
sector are also discussed by international academic and<br />
commercial experts at the annual <strong>Hamburg</strong> Aviation Conference.<br />
In <strong>2012</strong>, <strong>Hamburg</strong> Airport organised this famous<br />
conference for the fifteenth time.<br />
<strong>Hamburg</strong> Airport’s approach was further reinforced<br />
when the airport’s commitment to passenger service to<br />
date was rewarded with the SKYTRAX Award for Europe’s<br />
Best Regional Airport in 2011 and <strong>2012</strong> along with the ACI<br />
EUROPE Best Airport Award in <strong>2012</strong>. “Passengers and<br />
visitors to the airport are just as much our customers as<br />
the airlines and concession holders with whom we are<br />
building sustainable relationships. These awards underline<br />
the customer-friendly approach of the <strong>Hamburg</strong> Airport<br />
Group”, reports Michael Eggenschwiler, Chairman of the<br />
Executive Board at <strong>Hamburg</strong> Airport.<br />
Optimising existing facilities<br />
As a strong economic factor and as employer, the company<br />
has a great responsibility to the <strong>Hamburg</strong> Metropolitan<br />
Region. It is vital to always be guided by a balance between<br />
growth and ecological sustainability. In this context,<br />
<strong>Hamburg</strong> Airport will be launching a number of construction<br />
projects in the coming years with the aim of safeguarding<br />
the site. Efficient and responsible stewardship of our<br />
own resources secures the sustainable economic success<br />
of the company. This also includes the sustainable development<br />
of airport infrastructure, including terminals, runways<br />
and car parks.<br />
The combination of positive news about growing passenger<br />
figures and stricter security requirements creates<br />
the necessity to expand the security checkpoints. It is anticipated<br />
that four new lanes will enter operation in April<br />
2013. This should ensure smooth operations in this sensitive<br />
area for the foreseeable future, with a total of 25 checkpoints<br />
available.<br />
As early as the start of 2013, demolition work began on<br />
the 1,500-space multi-storey P1 car park, in the immediate<br />
vicinity of the terminals. From autumn 2014, the new multistorey<br />
car park will provide 1,350 more parking spaces. This<br />
will mean that airport visitors and passengers have even<br />
more parking available within walking distance of the terminals.<br />
Passenger surveys have shown that affordable parking,<br />
close to the terminals, is very important for many people.<br />
The existing Air Cargo Centre at <strong>Hamburg</strong> Airport is<br />
no longer up to date. There is a trend towards transport-<br />
8
The <strong>Hamburg</strong> Aviation Conference is an established forum for aviation experts from the industry<br />
and from the academic sector to discuss trends and business models of the future.<br />
ing more goods in aggregated despatches by air rather than<br />
sending lots of individual packages by road. <strong>Hamburg</strong> Airport<br />
wants to remain attractive for air cargo and is therefore<br />
building a new Air Cargo Centre on the site of the P8<br />
car park. The plan is that the new, modern Air Cargo Centre<br />
will be presented to customers in 2015.<br />
A successful airport, with more than 150,000 aircraft<br />
movements each year, must be able to guarantee safe<br />
runways. For this reason, there will be a comprehensive<br />
overhaul of the head of runway 05/23 (Niendorf/Langenhorn)<br />
in 2013.<br />
To ensure even more comfortable and modern ground<br />
handling, <strong>Hamburg</strong> Airport has applied to the Department<br />
of Economic Affairs, Transport and Innovation in <strong>Hamburg</strong><br />
for permission for six new jetbridges and thus six new aircraft<br />
positions with direct connection to the terminal buildings<br />
at the southern end of the Passenger Pier. We expect<br />
approval in the first quarter of 2013. This will bring the<br />
number of jetbridges from 17 to 23. The new handling positions<br />
on the Pier mean that passengers can board the aircraft<br />
without a bus transfer on the apron. This increases<br />
passenger comfort.<br />
“With entrepreneurial foresight and sustainable action,<br />
we want to safeguard our <strong>Hamburg</strong> operations for the future,<br />
offer 15,000 people a reliable and fair place of work,<br />
and stand by the airport’s neighbours and the ecosystem<br />
with protective measures,” emphasises Michael Eggenschwiler.<br />
Risk management<br />
To guarantee the integrated protection of the company and<br />
its employees from risk-laden developments, <strong>Hamburg</strong> Airport<br />
has introduced a control loop as part of its risk management.<br />
With the aid of workshops and individual discussions,<br />
the <strong>Hamburg</strong> Airport Group regularly carries out a<br />
risk identification and evaluation process in its own companies.<br />
This process also encompasses the establishment of<br />
risk management measures including assigning responsibility<br />
for dealing efficiently with identified risks. By involving<br />
managers and personnel from various areas of the company,<br />
the goal can be achieved: create a unified fundamental<br />
understanding and awareness of risks and strengthen this<br />
awareness across departmental lines.<br />
9
Sustainable personnel policy<br />
Value creation from value appreciation<br />
Personnel and their development are at the centre of <strong>Hamburg</strong> Airport’s corporate<br />
culture. This principle is firmly established in the <strong>Hamburg</strong> Airport Group’s mission<br />
statement: “Attractive working conditions, training and development are important<br />
to us, because qualified and motivated personnel are the most valuable resource.”<br />
Two figures demonstrate the success of the consistent implementation of this modern<br />
personnel policy: the low fluctuation rate of 2.0 percent and the average seniority<br />
of more than 15 years.<br />
“A sustainable and modern personnel policy has become<br />
a matter of course for us. It is built on four central pillars,<br />
described in our operational and strategic goals. The expansion<br />
of personnel-friendly and family-friendly structures<br />
along with the adaptation of work opportunities to<br />
suit demographic change constitute one central pillar.<br />
Two further pillars are the continual improvement of work<br />
safety and the promotion of employee health. The fourth<br />
pillar is training and education in all areas”, says Sandra<br />
Carstensen, Director of the Department of Human Resources<br />
at <strong>Hamburg</strong> Airport.<br />
Family-friendly structures<br />
Combining career and family is the central issue for female<br />
employees in particular. Family-friendly working<br />
hours, childcare during school holidays and the possibility<br />
of working from home are decisive criteria in the choice of<br />
employer. Stefanie Harder has been Head of Press and Public<br />
Relations at <strong>Hamburg</strong> Airport for around twelve years.<br />
When her daughter was six months old, the Family<br />
Service helped her find professional childcare. This year,<br />
her daughter is looking forward to the Airport Tigers<br />
summer camp, a programme for children of employees at<br />
the airport during the summer holidays. <strong>Hamburg</strong> Airport<br />
offers Stefanie Harder flexible working hours, and she<br />
can work from home when she needs to. “This makes it<br />
easier for me to fulfil the various demands,” says Stefanie<br />
Harder. Last summer, more than 50 children of employees<br />
took part in the programme. 14 employees of <strong>Hamburg</strong><br />
Airport were on parental leave in <strong>2012</strong>, and many<br />
mothers and fathers work part time. In 2013, childcare in<br />
particular is to be expanded further. It is not only young<br />
families that need support; increasingly, older employees<br />
also require assistance. <strong>Hamburg</strong> Airport wants to<br />
manage demographic change as well as possible. Regular<br />
assessment of employment positions appropriate to<br />
age and/or health issues is part of <strong>Hamburg</strong> Airport’s response<br />
to the changes in society, as is the adaptation of<br />
working conditions.<br />
Systematic occupational safety and safe operating<br />
processes<br />
“Many employees work in areas where the establishment<br />
and design of essential safety measures can be of vital importance.<br />
We therefore undertake regular risk assessments<br />
and are continually working on improvements to procedures<br />
and processes,” emphasises Lars Herfurth, Head of<br />
Corporate Safety at <strong>Hamburg</strong> Airport.<br />
Alongside the classic occupational safety system, flight operations<br />
safety is also subject to continuous improvement<br />
within the framework of the established Safety Management<br />
System. Both approaches are regularly monitored<br />
by the responsible authority. The renewed certification as<br />
a “company with an exemplary occupational safety system”<br />
is planned for Flughafen <strong>Hamburg</strong> GmbH and Ground-<br />
STARS in 2013.<br />
Alongside anticipatory safety measures, it is also important<br />
to systematically record and analyse incidents occurring<br />
as part of regular operations. This makes it possible to recognise<br />
areas of focus and, where appropriate, to establish<br />
effective, sustained solutions for gaps in safety. Independently<br />
of airport-specific data gathering tools, personnel on<br />
site are integrated into these measures. All personnel within<br />
the <strong>Hamburg</strong> Airport Group are able to register incidents<br />
and near accidents on the intranet as well as at the so-called<br />
Safety Ports, found at all points of transit to airside. The<br />
monthly statistical report on occupational and operational<br />
safety summarises, amongst other things, the number of accidents<br />
and incidents involving loss or damage.<br />
Continuing education<br />
The modern management concept of <strong>Hamburg</strong> Airport<br />
is characterised by respect based on partnership and by<br />
the value accorded to employees. Regular management<br />
10
The Airport Tigers camp takes place for two weeks each year in the summer holidays, giving the<br />
children of <strong>Hamburg</strong> Airport Group employees a look at the airport behind the scenes.<br />
team training and meetings intensely promote and extend<br />
competencies. Furthermore, all personnel have access to<br />
more than 140 courses within the education programme.<br />
“We advise managers and employees and create individual<br />
concepts to identify the appropriate course or a suitable<br />
further training programme,” explains Renate Jakstat-Peill,<br />
Head of Personnel Development, Training, and<br />
Employee & Family Services. The course offerings were<br />
very well received in <strong>2012</strong>. 1,103 employees took part in<br />
143 internal courses. Additionally, 432 employees successfully<br />
took part in external courses.<br />
HR Director Sandra Carstensen says, “The focus last<br />
year was on the expansion of family-friendly structures<br />
and improving occupational safety. These pillars will continue<br />
to be actively developed in the years ahead. But we<br />
also want to work more intensively on concepts for dealing<br />
with demographic change. We look forward to working<br />
with both long-term and new employees to continue<br />
and expand our sustainable personnel policy.”<br />
Sport and health<br />
Many of <strong>Hamburg</strong> Airport’s employees perform primarily<br />
physical work, for example on the apron or in baggage<br />
handling. Health promotion measures and preventive<br />
medical checks are especially important here. Alongside<br />
an attractive range of company sporting activities and a<br />
fully equipped gym, open 365 days a year, <strong>Hamburg</strong> Airport’s<br />
Employee and Family Services organise regular<br />
events such as the Airport Race or the Christmas Market<br />
at St Michaelis. This enhances employees’ sense of belonging.<br />
Last year, <strong>Hamburg</strong> Airport was recognised as a “Bicycle<br />
friendly company” as a result of the “Bike to work<br />
<strong>2012</strong>” programme. This shows how many sport enthusiasts<br />
there are amongst <strong>Hamburg</strong> Airport’s personnel. The<br />
result of the programme was not only fitter employees;<br />
sufficient bicycle racks have been made available to make<br />
room for even more cyclists this year.<br />
Leisure and recreation<br />
Alongside initiatives on site, Employee and Family Services<br />
are also active off site, for example managing holiday<br />
apartments in Heiligenhafen and Soderstorf to make<br />
holidays affordable and regularly organising attractive discounts<br />
for cultural events in <strong>Hamburg</strong>.<br />
11
Sustainable environmental action<br />
Technical innovations and new processes<br />
Sustainable environmental work is an established component of the company philosophy.<br />
<strong>Hamburg</strong> Airport’s Environmental Guidelines include the voluntary commitment to<br />
improving environmental protection. Programmes and measures arising from this commitment<br />
are subject to continual updating and adjustment. Beyond this, open and critical<br />
dialog with the general public along with the promotion of environmental awareness<br />
amongst employees are also part of <strong>Hamburg</strong> Airport’s proactive environmental<br />
policy. “Effective environmental protection for our inner-city airport incorporates the<br />
obligation to respond appropriately to the special demands of the location and the surrounding<br />
area,” emphasises Michael Eggenschwiler, CEO at <strong>Hamburg</strong> Airport.<br />
Award-winning: climate protection put into action at<br />
<strong>Hamburg</strong> Airport<br />
<strong>Hamburg</strong> Airport leads the way with its successful waste<br />
water handling, landscape care and noise-protection windows,<br />
all of which have been recognised according to international<br />
standards. The airport’s Environment Management<br />
System, certified according to EMAS (Eco Management<br />
and Audit Scheme) and ISO 14.001, systematically determines<br />
the environmental impact of airport operations in order<br />
to reduce or balance impact with environmental programmes.<br />
The current Environment Programme runs from<br />
2011 to 2014. The measures mandated therein are targeted<br />
at reducing <strong>Hamburg</strong> Airport’s carbon footprint by a total of<br />
5 percent in comparison to 2010.<br />
Thanks to its committed environmental work, <strong>Hamburg</strong><br />
Airport received Airport Carbon Accreditation in 2011. The<br />
airport had set out to achieve Level 2 accreditation (CO 2<br />
measurement and reduction) and producing less greenhouse<br />
gases in the future. “We have set ourselves a target<br />
of a 15 percent reduction in CO 2<br />
by 2020,” explains Axel<br />
Schmidt, Director of the Environmental Protection Centre at<br />
<strong>Hamburg</strong> Airport. <strong>Annual</strong> data must be recorded in order to<br />
fulfill the Airport Carbon Accreditation requirements. On the<br />
basis of these figures, a logical and effective concept has<br />
been put together to reduce CO 2<br />
emissions. <strong>Annual</strong> measurements<br />
of emission levels (carbon footprint) allow for regular<br />
assessment of the effectiveness of the concept, which<br />
is helping to identify solutions for alternatively powered<br />
vehicles.<br />
<strong>Hamburg</strong> Airport won the GreenFleet® Award <strong>2012</strong> for<br />
its pioneering economically and ecologically efficient fleet<br />
management last year. The award programme is operated<br />
by a subsidiary of TÜV SÜD. The current <strong>Hamburg</strong> Airport<br />
Group’s fleet consists of 42 biomethane tugs, six biomethane<br />
buses and 14 other biomethane vehicles. These vehicles<br />
are refuelled directly at the airport’s on-site facility. Other<br />
vehicles include one tug fitted with a fuel cell, two electric<br />
vehicles and two hydrogen-powered vehicles. The use<br />
of the hydrogen vehicles results in an annual saving of 528<br />
tonnes of CO 2<br />
.<br />
Heating levels have been lowered and air conditioning<br />
temperatures (cooling) raised as an operative climate<br />
protection measure. The thermolabyrinth under Terminal<br />
1 pre-warms and/or pre-cools the air, reducing the energy<br />
consumption of the air conditioning. The annual savings<br />
achieved here are approx. 400 tonnes of CO 2<br />
. The proportion<br />
of climate-neutral electricity in purchased electricity<br />
has also been doubled, and more eco-lightbulbs have being<br />
installed.<br />
Aircraft take the electricity they need, along with heating<br />
and air conditioning, from the airport’s supply lines at the<br />
Pier handling positions. The integration of the S-Bahn metro<br />
rail network into the transport mix (25 percent of passengers<br />
come by rail) has enabled the airport to record an annual<br />
saving of 577 tonnes of CO 2<br />
(in the airport vicinity).<br />
Passive and active noise protection to improve the<br />
noise situation<br />
Despite increased passenger numbers in recent years, the<br />
noise footprint has shrunk by around 40 percent since 1997,<br />
thanks to proactive environmental work. The airport has invested<br />
around 38 million euros in passive noise protection<br />
in the community over the past years, well beyond the legal<br />
requirement, aimed at sustainable safeguarding of the site.<br />
To date, the eight voluntary Noise Protection Programmes<br />
conducted by <strong>Hamburg</strong> Airport have resulted in over 15,000<br />
households being provided with noise-protection windows<br />
free of charge, and more than 9,300 soundproof ventilators<br />
have been installed. As part of the new legally mandated<br />
programme, which commenced with the definition of the<br />
new noise protection zones by the regulatory authority in<br />
the spring of last year, the airport is investing over 10 million<br />
euros to provide speedy assistance to additional affected<br />
parties. Active noise protection promotes the direct reduc-<br />
12
<strong>Hamburg</strong> Airport won the GreenFleet® Award <strong>2012</strong> for its pioneering economically and ecologically<br />
efficient fleet management last year.<br />
tion of aircraft noise. A special fee structure enables <strong>Hamburg</strong><br />
Airport to support the deployment of quieter aircraft,<br />
thereby reducing the noise generated by aircraft landing and<br />
taking off. This fee structure is further coupled with the existing<br />
restrictions on night flights. Take-offs and landings after<br />
10:00 pm and after 11:00 pm are subject to a surcharge<br />
of 100 percent or 200 percent, respectively. This encourages<br />
compliance with the restrictions.<br />
The Airport Usage Regulations prescribe the deactivation<br />
of APUs in order to avoid unnecessary noise emissions.<br />
<strong>Hamburg</strong> Airport therefore supplies the energy that an aircraft<br />
would otherwise acquire from an APU. This also further<br />
reduces the carbon footprint. The annual saving in carbon<br />
dioxide emissions resulting from the deactivation of<br />
APUs amounts to 9,200 tonnes of CO 2<br />
.<br />
Research for environmental efficiency<br />
Environmental protection also means continually monitoring<br />
new processes and technical innovations. <strong>Hamburg</strong> Airport<br />
is involved in <strong>Hamburg</strong> Aviation, an aviation cluster which<br />
aims to promote and further research and development in<br />
the aviation industry in <strong>Hamburg</strong>. The focal point is on environmental<br />
protection and environmental efficiency projects.<br />
The airport is participating in research on the improvement<br />
of energy efficiency in aircraft hangars and in the development<br />
of a multifunctional fuel cell.<br />
Looking towards future sustainable mobility, <strong>Hamburg</strong><br />
Airport joins companies such as Coca Cola and Hilton as<br />
one of the few premium partners testing Opel’s HydroGen4<br />
fuel cell car.<br />
The burnFAIR project (Future Aircraft Research), led by<br />
Airbus parent company EADS, is focussed on research into<br />
alternative fuels for aircraft. These fuels are aimed at a<br />
sustainable reduction in the influence of aviation on climate<br />
change. In 2011, <strong>Hamburg</strong> Airport took over the leadership<br />
of a project to test biofuel in a Lufthansa A321.<br />
“Green Airport 2030” is an ambitious project to be carried<br />
out by <strong>Hamburg</strong> Airport in cooperation with Siemens<br />
and the German Aerospace Center (DLR). The aim of this<br />
project is to establish fixed upper limits for all of the environmental<br />
indicators that have been developed, and to integrate<br />
these into everyday operations by 2014.<br />
13
Sustainable community responsibility<br />
Engagement in the community and the region<br />
The <strong>Hamburg</strong> Airport Group has been engaged in open and respectful dialog with<br />
stakeholders and interest groups for many decades, and this dialog will remain an important<br />
element of external communications in the years ahead. The success of northern<br />
Germany’s largest airport is also closely interconnected with sustainable and transparent<br />
public relations and community work. For that reason, 2013 will again be guided<br />
by the principle: “We inform the public and the media about the development of our airport,<br />
we maintain open dialog and are active in our community.”<br />
Active community work<br />
The airport is a good neighbour and plays its part in the<br />
community with many projects, initiatives, clubs and associations.<br />
Manfred Czub, who has been Community Officer<br />
for many years, and his team keep in touch with the public<br />
at community festivals, cultural and sporting events and<br />
other functions, talking about the airport, answering questions<br />
and taking note of requests from the airport’s neighbours,<br />
young and old. The <strong>Hamburg</strong> Airport Infomobil is active<br />
at around 35 events per year.<br />
<strong>Hamburg</strong> Airport has been a sponsor of the “Jugend<br />
musiziert” (“youth make music”) project for a number of<br />
years. “Young talent is unbelievably important – not just<br />
within <strong>Hamburg</strong> Airport as a workplace, but for the community<br />
as a whole. This is why <strong>Hamburg</strong> Airport sponsors<br />
the outstanding cultural achievements of these young musicians,”<br />
explains Manfred Czub. The concert at “Kulturwerk<br />
am See” in Norderstedt in <strong>2012</strong> gave the artists a platform<br />
to present their talents to the north German public.<br />
It is particularly important to engage the airport’s neighbours<br />
in ongoing and transparent dialog about environmental<br />
impact and aircraft noise. To this end, the Neighbourhood<br />
Council, an initiative of the airport, meets twice<br />
a year. Representatives of the various neighbourhood and<br />
community interests are present to discuss current issues<br />
and developments at the airport. “The open and often<br />
friendly dialog with our neighbours is very important to us.<br />
Over the years, we have created a respectful way of working<br />
together. This transparency has meant that a lot of resentment<br />
and strife could be avoided. For an inner city airport<br />
with more than 150,000 take-offs and landings per<br />
year, this really is something to be proud of,” reports Czub.<br />
And on paper, too, <strong>Hamburg</strong> Airport is hard at work for the<br />
community: the quarterly “<strong>Hamburg</strong> Flughafen” community<br />
newspaper, now in its 15th year, is distributed free of<br />
charge to local residents and keeps them up to date with<br />
news about the airport and their city.<br />
Political representation of interests<br />
For six years now, <strong>Hamburg</strong> Airport’s Executive Board has<br />
met with representatives from the world of politics, from<br />
associations and from regulatory authorities to discuss current<br />
developments in the aviation industry at the annual<br />
“Political Evening”. Responsibility and sustainability of the<br />
airport are also one of the major subjects at the Supervisory<br />
Board meetings, which take place four times each year.<br />
The <strong>Hamburg</strong> Airport Group’s political activities, however,<br />
are restricted to information and issues. There are absolutely<br />
no financial contributions to political parties.<br />
<strong>Hamburg</strong> Airport works together closely with aviation<br />
industry associations. Since <strong>2012</strong>, <strong>Hamburg</strong> Airport has<br />
been working together intensely with the German Airports<br />
Association (ADV) and the German Aerospace Industries<br />
Association (BDL) to achieve the revocation of Germany’s<br />
economically destructive Aviation Tax. This work will continue<br />
in 2013.<br />
In terms of political decisions at the European level, too,<br />
the <strong>Hamburg</strong> Airport Group is in close contact with representatives<br />
of political and industry association interests to<br />
promote a sustainable aviation economy in Germany. The<br />
important issues with which <strong>Hamburg</strong> Airport will critically<br />
engage in 2013 include the unilateral emissions trading<br />
completely introduced in <strong>2012</strong>. This forced many airlines to<br />
close last year along with the planned further liberalisation<br />
of the ground handling services market, which will expose<br />
existing and currently safe jobs to the risk of wage dumping.<br />
Dialog with the media<br />
Issues relating to <strong>Hamburg</strong> Airport attract broad public interest,<br />
regionally and nationally. An informative and straightforward<br />
press website is therefore essential. A new press<br />
portal will therefore go online in 2013. Representatives<br />
of various media will have access to a platform providing<br />
transparent information on the central interests and developments<br />
of the company, further expanding the Ham-<br />
14
<strong>Hamburg</strong> Airport showed itself to be a good, public-spirited neighbour at the city’s<br />
“You and Your World” retail expo.<br />
burg Airport Group’s credibility. The site will provide round<br />
the clock access not only to classical press releases, but also<br />
to current information on press events along with helpful<br />
background information. A new navigation concept improves<br />
user friendliness so that media representatives can<br />
find the information they need for their work with as few<br />
clicks as possible. The new press portal also makes the increased<br />
use of multimedia content such as videos and photo<br />
series possible. The site also integrates direct connectivity<br />
with the social media platforms Facebook, YouTube<br />
and Twitter, the importance of which just keeps on growing.<br />
“Communication is continually changing. The newly<br />
designed press site allows us not only to adapt visually to<br />
modern demands, but also, and above all, to offer our most<br />
important contacts – journalists – better service, with all<br />
relevant information available at a single glance,” explains<br />
Stefanie Harder, Head of Press and Public Relations.<br />
context, open and honest communication with the public,<br />
with the airport’s neighbours, and with the political sphere<br />
is very important for the development of sustained, healthy<br />
relationships. We in the <strong>Hamburg</strong> Airport Group look forward<br />
to working together well with the various interest<br />
groups.”<br />
Social networking<br />
<strong>Hamburg</strong> Airport was quick to identify the trend towards<br />
corporate presence in social networks and has been engaged<br />
in active dialog with fans on Facebook and Twitter<br />
since 2010. There are now more than 20,000 users following<br />
what happens at <strong>Hamburg</strong> Airport. Questions and problems<br />
can often be dealt with very quickly using this means<br />
of communication, and the latest news, new routes and infrastructural<br />
developments reach more than 20,000 interested<br />
people in an instant. Facebook and Twitter are monitored<br />
and updated daily. The social networks, for example, have facilitated<br />
the establishment of trust-based relationships with<br />
major interest groups such as plane spotters, neighbouring<br />
residents, passengers and visitors to <strong>Hamburg</strong> Airport. And<br />
even <strong>Hamburg</strong> Airport Group employees often gain new insights<br />
into their company via Facebook and Twitter.<br />
Looking ahead to the coming year, Matthias Quaritsch,<br />
Director of Corporate Communications at <strong>Hamburg</strong> Airport,<br />
comments that “2013 will be a year full of change. In this<br />
15
Economic Situation <strong>Report</strong><br />
for the <strong>2012</strong> financial year<br />
Overall economic developments<br />
and status of the industry<br />
In <strong>2012</strong>, once again, the budgetary crisis faced by the Euro<br />
nations and some financial institutions dominated economic<br />
development. In this difficult economic environment,<br />
Germany showed itself to be an overwhelmingly robust<br />
economic location, with the growth from previous years<br />
(2011: 3.0 %) continuing, albeit noticeably subdued. On the<br />
basis of preliminary calculations from the German Federal<br />
Statistics Office, the real gross domestic product increased<br />
by an average of just + 0.7 % over the 2011 figures.<br />
The aviation industry was not exempt from the overall<br />
economic developments within Europe; the sector was hit<br />
hard at the beginning of the year when a number of airlines<br />
were faced with bankruptcy (Spanair, Cirrus, Malév). On top<br />
of this, the European airlines – almost exclusively – were<br />
forced by the European Union to purchase emission rights<br />
for aviation from January <strong>2012</strong> on, subjecting them to an<br />
additional burden. As a consequence of the overall development<br />
of the legislative and regulatory environment for the<br />
aviation sector, almost all airlines have put cost cutting programmes<br />
in place and begun examining the profitability of<br />
individual routes.<br />
German aviation was not shielded from this development<br />
and achieved only moderate growth in demand. The<br />
German Airports Association (ADV) thus reported a growth<br />
in passenger numbers of 1.1 % at Germany’s international<br />
commercial airports.<br />
According to a study conducted by the German Aerospace<br />
Industries Association (BDL), the dampening effect<br />
of the Aviation Tax, introduced in 2011 and only applying in<br />
Germany, has prevented higher traffic growth rates.<br />
Traffic development at<br />
<strong>Hamburg</strong> Airport<br />
In <strong>2012</strong>, <strong>Hamburg</strong> Airport achieved moderate growth<br />
in line with the ADV average, closing the year successfully<br />
with 13.7 million passengers, an increase of + 1.0 % over<br />
<strong>2012</strong>. The trend towards larger average aircraft size and<br />
higher load factor continued in <strong>2012</strong>, so that the number of<br />
passengers per aircraft movement reached a historical high<br />
water mark of 100 (previous year: 96 passengers per aircraft<br />
movement), whilst the number of commercial aircraft<br />
movements declined slightly by 2.9 % to 137,200 take-offs<br />
and landings.<br />
Business development and earnings situation<br />
In comparison with the previous year’s figures, sales revenue<br />
for Flughafen <strong>Hamburg</strong> GmbH, <strong>Hamburg</strong> (hereinafter “FHG”)<br />
declined slightly by 1.8 m EUR (0.7 %) to 251.5 m EUR.<br />
In line with the mild traffic growth, revenue in the Aviation<br />
Division rose by 1.3 m EUR (1.0 %) to 132.0 m EUR. This<br />
represents a contribution to total revenue of 52.5 % (previous<br />
year: 51.6 %).<br />
In terms of non-aviation revenue, income from fixed<br />
rent, turnover-based rent and rent-related services remained<br />
constant at the same level as the previous year. Income<br />
from other services declined by 2.7 m EUR to 8.8 m<br />
EUR, due substantially to non-recurring effects in the previous<br />
year: income of 1.2 m EUR from German Air Traffic<br />
Services (DFS) for the planning, acquisition, construction,<br />
integration and commissioning of an Advanced Surface<br />
Movement Guidance and Control System (A-SMGCS). Further,<br />
maintenance revenue declined by 0.6 m EUR from<br />
the previous year. These developments constitute the reason<br />
for the reduced contribution of 30.0 % (previous year:<br />
30.8 %) made by the non-aviation segment to total revenues.<br />
Income from Ground Handling was 44.0 m EUR, which<br />
is 0.6 m EUR (1.4 %) lower than the previous year’s figures.<br />
This development is largely attributable to a slight loss in<br />
market share in the first half of the year, with an annual figure<br />
of 89 % for <strong>2012</strong>, in an area of business highly dependent<br />
on volume. FHG was able to prevent a more significant<br />
decline in revenue by means of indexed price increases and<br />
an expansion in the service portfolio; as a consequence, the<br />
increase in average revenue per handling instance that has<br />
been seen in recent years continued. Balanced with income<br />
from aircraft de-icing, 21.4 % above the previous year’s figure,<br />
the contribution made by the Ground Handling segment<br />
to total revenue, at 17.5 %, was almost unchanged<br />
(previous year: 17.6 %).<br />
Other operating revenues amounting to 2.9 m EUR are<br />
listed, consisting essentially of income from the liquidation<br />
of reserves (1.5 m EUR) and the reinstatement of building<br />
expenditure (0.7 m EUR). The high figure from the previous<br />
year (10.9 m EUR) was dominated by special items, consisting<br />
in particular of the reduction of provisions established<br />
the year before for mandatory noise protection measures,<br />
of appreciation on real estate based on a valuation, and of<br />
the retroactive activation of demolition work.<br />
Expenditure for materials is listed at 104.4 m EUR, 2.5 m<br />
EUR (2.4 %) above the previous year’s value. Substantial factors<br />
in this development are the increased maintenance expenditure<br />
and weather-related higher costs for gritting and<br />
spraying materials along with de-icing fluid for surface and<br />
aircraft de-icing. Maintenance expenditure was higher, due<br />
in particular to the renewal of the runway system in the year<br />
under review. This was countered by a reduction in aviation<br />
services bought in from ground handling subsidiaries due to<br />
a lower ground handling volume resulting from the decrease<br />
in aircraft movements and in ground handling market share.<br />
Personnel costs rose by 4.7 m EUR (13.6 %) over the previous<br />
year to 39.5 m EUR. This is due to an increase of 2.4m<br />
16
EUR in expenditure for pensions, an increase in the average<br />
number of employees and a 3.5 % pay rise from 1 March as<br />
part of the Public Service Wage Agreement (TVöD) accompanied<br />
by a one-off payment of 600 EUR per employee.<br />
The 0.6 m EUR (2.0 %) decrease in other operating expenses<br />
to 29.6 m EUR resulted in particular from lower expenditure<br />
for public relations/marketing and administration,<br />
as these had been high the previous year as a result of celebrations<br />
of the airport’s centennial jubilee.<br />
Amortisation and depreciation on intangible and tangible<br />
fixed assets amount to 29.3 m EUR (previous year:<br />
29.0 m EUR). The increase of 0.3 m EUR reflects the company’s<br />
ongoing investment activities.<br />
Additional income resulted from write up of a financial<br />
asset totalling 1.3 m EUR which had been amortised in 2002.<br />
The successful restructuring of the holding company facilitated<br />
the revaluation of the investment to its original value<br />
in the year under review.<br />
The expenditure of 4.2 m EUR listed for the previous<br />
year results from depreciation of financial assets carried<br />
out as a matter of commercial prudence on the basis of a<br />
decline in the value of a holding company. Nevertheless,<br />
FHG is convinced of the eventual success of the restructuring<br />
of the holding and as such will continue to act as a<br />
closely involved shareholder.<br />
After balancing non-recurring effects, the result from<br />
ordinary activities was 41.6 m EUR, which is 10.2 m EUR<br />
(19.7 %) lower than the level attained in the previous year.<br />
As a consequence of the controlling and profit/loss<br />
transfer agreement with FHK Flughafen <strong>Hamburg</strong> Konsortial-<br />
und Service GmbH & Co. oHG, <strong>Hamburg</strong> (hereinafter<br />
“FHK”), no tax is due on the income or profit. The tax listed<br />
relates to the interest due on a corporation tax credit to be<br />
repaid over several years. Other taxes amount to 1.9 m EUR,<br />
the same level as in the previous year.<br />
As a consequence of the development of operating<br />
business described above, the company reports a result before<br />
transfer of 39.0 m EUR, which is 10.2 m EUR (20.7 %)<br />
lower than the previous year’s result. This represents a<br />
reduced return on investment of 15.5 % (previous year:<br />
19.4 %). Adjusted for the special items described above and<br />
in view of the economic environment, it is clear that FHG is<br />
well positioned and despite the above finished the year successfully.<br />
Financial situation<br />
The cashflow from ongoing business operations (72.5 m<br />
EUR) covered the investments in fixed assets having an effect<br />
on payments (20.7 m EUR) along with the payment<br />
of dividends to shareholders from the previous year’s results<br />
(49.2 m EUR). Beyond this, however, the scheduled<br />
payment on existing bank loans (25.2 m EUR) led to a significant<br />
reduction in financial reserves, which declined by<br />
22.6 m EUR to a negative value of – 4.0m EUR (previous<br />
year: 18.6 m EUR). Essentially, overnight money assets at<br />
HGV <strong>Hamburg</strong>er Gesellschaft für Vermögens- und Beteiligungsmanagement<br />
mbH, <strong>Hamburg</strong> (hereinafter “HGV”)<br />
amounting to 3.6 m EUR are set against liabilities of 7.9 m<br />
EUR in the Cash Pool shared with holdings.<br />
The Executive Board regularly receives information relating<br />
to the liquidity and potential financial risks to support<br />
it in treasury management. FHG and its subsidiary holdings<br />
operate a joint cash pool with the goal of optimally deploying<br />
liquid resources by concentrating the liquidity surplus of<br />
the subsidiary holdings with the parent company. FHG offsets<br />
short-term liquidity variations, where necessary, with<br />
HGV resources. The integration of FHG in the HGV Group,<br />
along with the high creditworthiness of the shareholders,<br />
means that there is no indication of financial problems either<br />
at present or for the future.<br />
The difficult liquidity situation at year-end had already<br />
significantly improved after the first week of January 2013,<br />
when the receivables from a number of major customers,<br />
listed in the financial statement, had been paid. The annual<br />
result achieved in the course of <strong>2012</strong> was initially deployed<br />
for internal financing of ongoing investments and credit repayments;<br />
as a result, a new, long-term loan is necessary<br />
at the same time as the profit (39.0 m EUR) is distributed to<br />
shareholders in April 2013. In total, new loans totalling approximately<br />
50m EUR are planned for 2013; these are necessary<br />
in order to fund new investments (approx. 56.4 m<br />
EUR for projects including the construction of the new P1<br />
multi-storey car park and the replacement of the air cargo<br />
facilities) along with further planned repayments on old<br />
loans (25.2 m EUR).<br />
Investments<br />
FHG’s investments in tangible assets and intangible fixed assets<br />
throughout the course of <strong>2012</strong> amounted to a total of<br />
21.0 m EUR (previous year: 14.1 m EUR). The focus of investment<br />
activity was on the renewal of two tank facilities for<br />
aircraft de-icing fluid (1.7 m EUR) and the renewal of the<br />
manoeuvering area (1.0 m EUR). Some 1.7m EUR was invested<br />
in the extension of the central Southern Security Checkpoint,<br />
due for completion in the first half of 2013. Other<br />
investments included the construction of the Airport Conference<br />
Center in Terminal 2 (0.8 m EUR), the expansion of<br />
a rental area in the Airport Plaza (0.6 m EUR) and further investments<br />
in the baggage transportation system (0.6 m EUR).<br />
Nett asset position and asset structure<br />
FHG’s balance sheet total of 428.3 m EUR was 37.1 m EUR<br />
(8.0 %) lower than the total at year-end for the previous<br />
year.<br />
17
Economic Situation <strong>Report</strong><br />
for the <strong>2012</strong> financial year<br />
On the asset side, amortisation totalling 29.3 m EUR,<br />
offset only by relatively small investments and appreciation,<br />
resulted in a 7.2 m EUR (1.7 %) reduction in intangible assets<br />
to 402.9 m EUR; this is covered by equity capital along with<br />
medium and long-term investment capital. Current assets<br />
declined by 29.0 m EUR (55.0 %) to 23.7 m EUR. Reduced liquidity<br />
resulting from loan amortisation led to a lower balance<br />
on deposit at credit institutions (– 24.9 m EUR) along<br />
with reduced receivables from affiliated companies (in particular<br />
from the HGV Cash Pool).<br />
On the liabilities of the balance sheet, pension provisions<br />
increased by 3.0 m EUR to 61.3 m EUR. The lower<br />
balance sheet total is reflected here in reduced liabilities.<br />
Whilst liabilities to credit institutions in particular declined by<br />
30.8 m EUR to 204.0 m EUR (previous year: 234.8 m EUR) as<br />
a result of the repayment of loans, liabilities to associated<br />
companies also declined by 12.6 m EUR to 55.4 m EUR due<br />
to the lower profit transfer in <strong>2012</strong> along with the reduction<br />
of the group’s internal Cash Pool.<br />
With unchanged equity capital (63.8 m. EUR), the lower<br />
balance sheet total logically results in a slight increase<br />
in the equity ratio to 14.9 % (previous year: 13.7 %). Equity<br />
capital, along with medium and long-term investment capital,<br />
balanced 79.1 % (previous year: 83.4 %) of medium and<br />
long-term fixed investments.<br />
Employees<br />
Excluding the Executive Board and apprentices/trainees,<br />
FHG’s average workforce in <strong>2012</strong> consisted of 697 employees<br />
(previous year: 658). The increase is primarily attributable<br />
to the transfer of 18 group employees from the Ground-<br />
STARS subsidiary to FHG itself, reflected in an appropriate<br />
reduction in expenditure for services.<br />
In addition to these figures, an average of 39 apprentices<br />
and trainees were employed by FHG throughout the<br />
year. In the course of <strong>2012</strong>, eight of them completed their<br />
traineeship or apprenticeship and 13 new apprentices and<br />
trainees were taken on, chosen from around 1,250 applicants.<br />
The FHG Group deliberately trains beyond its own<br />
needs in seven different occupations, in this way fulfilling<br />
its social obligations.<br />
Furthermore, the leadership training programme initiated<br />
a number of years ago continues for around 70 employees<br />
of the FHG Group, and other employee groups within<br />
FHG and subsidiaries receive targeted training.<br />
Events occurring after the accounting date<br />
There have been no developments of special significance<br />
to FHG’s or the Group’s commercial situation since the accounting<br />
date.<br />
18
Opportunities and risks for future development<br />
FHG has at its disposal a central risk management system,<br />
which is continually being updated. The goal is to facilitate<br />
dealing with risks in a managed way. To this end,<br />
organisational regulations have been implemented and<br />
committees established, guaranteeing very early recognition<br />
of risk-laden developments. The definition and parameterisation<br />
of both specific risks and general potential risk<br />
are documented in a risk handbook. According to these<br />
classifications, there are no identifiable risks endangering<br />
the company’s continued existence, and no identifiable<br />
risks with a substantial impact on the asset, financial or<br />
profit situation.<br />
Risks have been identified in the area of traffic-related<br />
revenue, where the continuing consolidation of airlines<br />
brings the exposure of dependence on a decreasing number<br />
of increasingly large customers and/or alliances. Should<br />
FHG lose one of these major customers, this would result<br />
in a significant loss of revenue accompanied by a decline in<br />
market share within the ground handling area. In this context,<br />
the local competitor is also making intense efforts to<br />
acquire further customers from FHG by way of low prices.<br />
This brings with it the risk of the pricing level as a whole<br />
sinking still further. On the positive side, however, contracts<br />
with the two largest ground handling customers by far have<br />
been extended to the end of 2015 and 2016.<br />
Furthermore there are potential opportunities presented<br />
by unexpected significant growth in traffic levels which<br />
would translate almost directly into changes in earnings<br />
due to the company’s high proportion of fixed overhead<br />
costs.<br />
Financial instruments implemented by the company<br />
consist of interest swaps to match the level and period of<br />
the financial structure and to cover the risk of interest rate<br />
changes.<br />
Outlook<br />
For 2013, FHG expects further slight growth in traffic<br />
levels (passengers: + 1.5 % to 13.9 m EUR). Increases in<br />
both aviation and non-aviation revenues are expected, in<br />
line with this development. As current estimates foresee a<br />
stabilisation of market share in the area of ground handling,<br />
further improvement to the operating result is expected.<br />
The annual result before profit transfer is therefore expected<br />
to be higher than in <strong>2012</strong>. For 2014, business development<br />
is expected to be comparable with 2013.<br />
<strong>Hamburg</strong>, 31 January, 2013<br />
Flughafen <strong>Hamburg</strong> Gesellschaft mit<br />
beschränkter Haftung<br />
Executive Board<br />
Michael Eggenschwiler<br />
Claus-Dieter Wehr<br />
19
Balance sheet<br />
<strong>2012</strong><br />
Assets<br />
31 December, <strong>2012</strong> 31 December, 2011<br />
€ €<br />
A. Fixed assets 1<br />
I. Intangible fixed assets<br />
Purchased commercial rights,<br />
similar rights and assets 1,119,230.00 1,144,474.00<br />
II. Tangible assets<br />
1. Land, leasehold rights and buildings,<br />
including buildings on leasehold land 322,315,407.84 334,631,592.84<br />
2. Technical equipment and machinery 53,055,329.00 54,883,829.00<br />
3. Other equipment; fixtures and fittings 13,800,616.00 12,646,703.00<br />
4. Payments on account and assets under construction 8,004,283.15 3,433,738.71<br />
397,175,635.99 405,595,863.55<br />
III. Financial assets<br />
1. Shares in associated companies 4,280,425.65 2,996,822.09<br />
2. Holdings 346,171.35 346,171.35<br />
4,626,597.00 3,342,993.44<br />
402,921,462.99 410,083,330.99<br />
B. Current assets<br />
I. Stocks<br />
Raw materials and supplies 441,164.95 482,414.07<br />
II. Receivables and other assets 2<br />
1. Trade debtors 14,678,614.61 11,158,550.20<br />
2. Amounts owed by affiliated companies 5,794,926.36 12,823,168.57<br />
3. Amounts owed by companies in which the company<br />
has a participating interest 90,217.74 29,977.88<br />
4. Amounts owed<br />
by the City of <strong>Hamburg</strong> 7,936.56 530,714.21<br />
5. Other assets 2,476,704.36 2,610,749.35<br />
23,048,399.63 27,153,160.21<br />
III. Cash in hand and credit at banks and financial institutions 230,334.48 25,104,911.51<br />
23,719,899.06 52,740,485.79<br />
C. Prepaid expenses 1,653,998.90 2,566,344.46<br />
428,295,360.95 465,390,161.24<br />
1 See “Notes on financial statement” 3.<br />
2 See “Notes on financial statement” 4.<br />
20
Equity and liabilities<br />
A. Equity 1<br />
31 December, <strong>2012</strong> 31 December 2011<br />
€ €<br />
I. Subscribed capital 56,026,500.00 56,026,500.00<br />
II. Capital reserves 6,925,498.05 6,925,498.05<br />
III. Profit reserves<br />
Other profit reserves 808,007.65 808,007.65<br />
63,760,005.70 63,760,005.70<br />
B. Provisions 2<br />
1. Pension provisions 61,306,937.00 58,336,752.00<br />
2. Tax provisions 27,000.00 0.00<br />
3. Other provisions 29,872,637.38 30,000,561.68<br />
91,206,574.38 88,337,313.68<br />
C. Liabilities 3<br />
1. Liabilities to credit institutions 204,022,645.35 234,801,609.11<br />
2. Trade creditors 1,689,989.06 2,674,807.61<br />
3. Liabilities to affiliated companies 55,379,966.02 67,992,701.50<br />
4. Amounts owed to companies in which<br />
the company has a participating interest 264,470.52 449,006.17<br />
5. Amounts owed to the Free & Hanseatic<br />
City of <strong>Hamburg</strong> 4,751,454.89 74,904.58<br />
6. Other liabilities 2,313,459.22 1,899,581.13<br />
268,421,985.06 307,892,610.10<br />
D. Deferred income 4,906,795.81 5,400,231.76<br />
428,295,360.95 465,390,161.24<br />
1 See “Notes on financial statement” 5.<br />
2 See “Notes on financial statement” 6.<br />
3 See “Notes on financial statement” 7.<br />
21
Profit and loss statement<br />
<strong>2012</strong><br />
Profit and loss statement<br />
31 December, <strong>2012</strong> 31 December, 2011<br />
€ €<br />
1. Sales revenue 1 251,511,925.22 253,277,175.15<br />
2. Other own resources capitalised 1,097,374.00 650,407.00<br />
3. Other operating income 2 2,892,248.30 10,915,750.74<br />
4. Cost of materials<br />
a) Cost of raw materials<br />
and supplies 6,788,920.73 5,687,635.23<br />
b) Cost of bought-in services 97,605,339.14 96,225,733.85<br />
104,394,259.87 101,913,369.08<br />
5. Personnel expenses<br />
a) Wages and salaries 31,320,681.56 29,325,348.00<br />
b) Social security,<br />
pensions and other benefits, 8,157,821.02 5,438,805.15<br />
of which for pensions € 2,749,963.16<br />
(previous year: € 392,114.90)<br />
39,478,502.58 34,764,153.15<br />
6. Amortisation and depreciation on intangible<br />
and tangible fixed assets 3 29,334,813.54 28,952,335.40<br />
7. Other operating expenses 2 29,646,401.39 30,276,070.42<br />
8. Income from participatory investments – 369,577.25 1,089,511.31<br />
of which from Group companies € 184,391.95<br />
(previous year: € 890,278.10)<br />
9. Income from profit and loss transfer agreements 1,383,559.68 1,682,773.84<br />
10. Appreciation on financial assets 1,283,603.56 0.00<br />
11. Other interest received and similar income – 195,966.51 506,513.78<br />
of which from Group companies € 46,484.50<br />
(previous year:€ 157,030.41)<br />
12. Amortisation on financial assets 0.00 4,213,759.17<br />
13. Interest paid and similar expenses 4 – 14,279,874.78 16,196,970.48<br />
of which to Group companies € 53,079.10<br />
(previous year: € 165,870.42 )<br />
14. Expenses arising from transfer of losses 23,046.67 19,349.35<br />
15. Earnings from ordinary activities 41,577,355.69 51,786,124.77<br />
16. Exceptional expenses /<br />
Exceptional earnings 5 704,252.00 704,252.00<br />
17. Income taxes 6 -15,166.50 – 17,384.28<br />
18. Other taxes 7 1,882,275.32 1,886,712.02<br />
19. Profit transferred under the terms of profit and<br />
loss transfer agreement 39,005,994.87 49,212,545.03<br />
20. End of year surplus 0.00 0.00<br />
1 See “Notes on financial statement” 8. 2 See “Notes on financial statement” 9.<br />
3 See “Notes on financial statement” 10. 4 See “Notes on financial statement” 11.<br />
5 See “Notes on financial statement” 12. 6 See “Notes on financial statement” 13.<br />
7 See “Notes on financial statement” 14.<br />
22
Appendix<br />
for the <strong>2012</strong> financial year<br />
1 General<br />
The financial statement as at 31 December, <strong>2012</strong> has been<br />
produced in accordance with the provisions of the German<br />
Commercial Code for limited companies. The regulations<br />
of the Limited Liability Companies Act (GmbHG) have also<br />
been fulfilled.<br />
The profit and loss statement has been prepared on the<br />
basis of categorised expenses.<br />
2 Principles of accounting and valuation<br />
The principles of accounting and valuation were not<br />
changed from the previous year.<br />
Due to the tax group relationship with FHK Flughafen<br />
<strong>Hamburg</strong> Konsortial- und Service GmbH & Co. oHG (FHK<br />
oHG), reserves for provisional taxation have not been established.<br />
Purchased intangible assets have been counted as<br />
purchase expenses, reduced in line with planned linear<br />
depreciation.<br />
Tangible assets have been assessed based on purchase<br />
or production cost, reduced in accordance with both<br />
plannned linear depreciation over their respective normal<br />
operational lifetimes and unplanned depreciation.<br />
Assignments are made where the reason for unplanned<br />
depreciation has ceased to exist. In the course of the taxfree<br />
transfer of reserves in accordance with § 163 (1) of the<br />
Transfer Regulations (Abgabeordnung) in previous years,<br />
entries in the FHG financial statement were depreciated according<br />
to § 254 of the German Commercial Code as valid<br />
until 28 May, 2009.<br />
Economic goods of low value, acquired for no more<br />
than € 150.00, are fully depreciated in the year of purchase<br />
and treated as expenses. Assets costing between € 150<br />
and € 1,000 are summarised in a single annual entry<br />
and subjected to linear depreciation over a period of<br />
five years.<br />
Shares in associated companies are listed at purchase<br />
costs in the individual financial statements, reduced where<br />
necessary in line with non-scheduled depreciation.<br />
The valuation of raw materials, fuels and supplies is<br />
based on the lower value of cost price and minimum current<br />
market price.<br />
Moneys owed are balanced at nominal value; other assets<br />
are balanced at nominal or cash value. Recognisable<br />
risks are taken into account by means of depreciation and/<br />
or value reduction. For trade debtors, the general credit risk<br />
is reflected in a lump-sum provision.<br />
Liquid assets have been valued at their nominal value.<br />
Payments either made or received in advance are listed<br />
as prepaid expenses or deferred income, respectively, under<br />
Assets and Liabilities, in the proportion that they are for<br />
services or goods not yet received or provided.<br />
Provisions have been established at the level considered<br />
necessary in sound commercial judgment. A cost increase<br />
of 1.5 % p.a. has been taken into account for the calculation<br />
of the settlement amount for long-term provisions. Furthermore,<br />
the discounting of long-term provisions is based on<br />
the average market interest rate for matching maturities<br />
over the past seven years according to the information published<br />
by the German Bundesbank.<br />
Pension provisions are valued according to the projected<br />
unit credit method (as defined by the International Accounting<br />
Standard no. 19, paragraph 64). The biometric basis<br />
of calculation is the table of recommendations (2005 G)<br />
produced by Dr Klaus Heubeck, with an interest rate of<br />
5.06 % p.a. Furthermore, this calculation is based on a salary<br />
dynamic of 2 % p.a. and a pension dynamic of 1 % p.a.<br />
The provisions for anniversary bonuses have not been<br />
changed, as provided for by the option retained according<br />
to Art. 67 Para. 2 Subpara 1 of EGHGB, as the value will appreciate<br />
by the year 2024.<br />
Provisions for partial retirement are valued based on the<br />
appropriate implementation of the statement IDW RS HFA3<br />
from 18 November, 1998, in conjunction with BilMoG as<br />
published in the BGBI I No. 27 on 28 May, 2009, p. 1102.<br />
According to the regulations for interest provisions, the actuarial<br />
interest rate is set for the accounting reference date.<br />
This is applied at a rate of 5.06 % p.a. Future pay adjustments<br />
are accounted for with 2 % p.a.<br />
Liabilities are balanced at the settlement amount.<br />
Forward interest rate swaps are used to manage interest<br />
rate exposure for some loans from financial institutions;<br />
these are valued as a unit with their corresponding hedging<br />
transactions.<br />
In order to improve clarity, the provisions of § 265 Para.<br />
5 and Para 6 in the German Commercial Code have been<br />
applied by adding the entry for “Appreciation on financial<br />
assets” to the Profit and Loss Statement instead of the<br />
breakdown requirements of § 275.<br />
3 Fixed assets<br />
The composition and development of fixed assets is shown<br />
in the schedule of fixed-asset movements (pages 32 and 33).<br />
Additions to assets totalling € 21m for the year represent<br />
a large number of investment projects. Those worthy<br />
of mention include the renewal of de-icing tanks (€ 1.7m),<br />
the rebuilding of the security checkpoint (€ 1.7m), the<br />
renewal and enhancement of runway signage (€ 1.3m)<br />
and the renewal of the de-icing station for manoeuvering<br />
areas (€ 1.0m).<br />
The rise in financial assets results from appreciation for<br />
a subsidiary limited partnership.<br />
Details of shares held in other companies can be found<br />
in this Appendix on page 30.<br />
24
4 Receivables and other assets<br />
Receivables from affiliated companies are listed in Table 4.<br />
Receivables from affiliated companies include € 4,342,000<br />
(previous year: € 11,073,000) receivable from shareholders.<br />
Receivables from companies in which a participatory interest<br />
is held, along with receivables from the Free and Hanseatic<br />
City of <strong>Hamburg</strong>, relate in the year under review and in<br />
the previous year both to products delivered and to services<br />
provided.<br />
Receivables have, as in the previous year, a residual<br />
term of up to one year.<br />
Other assets to the value of € 1,725,000 (previous year:<br />
€ 2,328,000) have a residual term of more than one year.<br />
5 Equity<br />
Subscribed capital remains unchanged at € 56,026,500.00.<br />
As of 31 December, <strong>2012</strong> a total of € 0 is available to be<br />
paid as shareholder dividends (previous year: € 0). A total of<br />
€0 (previous year: € 0) is subject to the dividend payout restriction<br />
imposed by law and by the articles of association.<br />
6 Provisions<br />
Pension provisions are calculated with reference to the option<br />
specified in Art. 67 Para. 1 of EGHGB. The allocation of<br />
the difference is taking place in equal annual rates over a<br />
period of 15 years up until the year 2024. The outstanding<br />
sum not listed in the balance sheet was € 7,883,000 (previous<br />
year: € 8,540,000) at 31 December, <strong>2012</strong>.<br />
The provisions for anniversary bonuses have not been<br />
changed, as provided for by the option retained according<br />
to Art. 67 Para. 1 Subpara. 2 of EGHGB. The value will appreciate<br />
by the year 2024. Surplus provision at 31 December,<br />
<strong>2012</strong> was € 8,000 (previous year: € 22,000).<br />
Tax provisions relate to energy and electricity taxes. No<br />
tax provisions were established in the previous year.<br />
Significant individual items reported under other provisions<br />
at the accounting date include: provisions for noise<br />
protection measures amounting to € 10,152,000; provisions<br />
for outstanding supplier invoicing amounting to<br />
€ 7,229,000; provisions for partial retirement amounting<br />
to € 3,741,000; and provisions for former employees who<br />
transferred to subsidiary and other companies in previous<br />
years amounting to € 2,837,000.<br />
7 Liabilities<br />
The residual terms of liabilities as of the accounting date<br />
are shown in Table 7.<br />
Liabilities to Group companies include € 6,058,000<br />
arising from supplies and services (previous year:<br />
€ 5,689,000), € 47,686,000 in other liabilities (previous<br />
year: € 61,030,000) and € 2,545,000 for loans (previous<br />
year: € 2,545,000). They are balanced with receivables<br />
arising from supplies and services of € 364,000 (previous<br />
year: € 356,000) and miscellaneous receivables of<br />
€ 545,000 (previous year: € 915,000).<br />
Liabilities include € 39,006,000 payable to shareholders<br />
(previous year: € 49,213,000); this amount consists entirely<br />
of the profit transfer owed to the parent company, FHK<br />
(previous year: € 49,213,000).<br />
Liabilities to companies in which a participatory interest<br />
is held relate in the year under review, as in the previous<br />
year, to supplies and services. Liabilities to the Free and<br />
Hanseatic City of <strong>Hamburg</strong> relate, as in the previous year,<br />
primarily to miscellaneous liabilities.<br />
Miscellaneous liabilities include € 433,000 (previous year:<br />
€ 421,000) in taxes. Liabilities relating to social security<br />
amount to €83,000 (previous year: € 172,000).<br />
Liabilities are not secured by the company.<br />
8 Sales revenue<br />
Sales revenue is broken down in Table 8.<br />
9 Expenditure and income falling outside the year under<br />
review<br />
The profit and loss statement contains income falling outside<br />
the year under review amounting to € 2,461,000, in<br />
particular income from the liquidation of provisions, along<br />
with expenditure falling outside the year under review<br />
amounting to € 430,000, primarily losses arising from the<br />
disposal and/or sale of fixed assets.<br />
4 Receivables from affiliated companies<br />
<strong>2012</strong> in € ’000 2011 in € ’000<br />
Receivables from affiliated companies 5,795 12,823<br />
of which: trade debtors 6 198<br />
of which: balanced with trade creditors – 55 – 201<br />
of which: balanced with other liabilities 0 – 71<br />
of which: other receivables and other assets 5,844 12 897<br />
25
Appendix<br />
<strong>2012</strong><br />
7 Liabilities<br />
1. Liabilities to credit institutions<br />
(previous year)<br />
2. Trade creditors<br />
(previous year)<br />
3. Liabilities to affiliated companies<br />
(previous year)<br />
Total Less than 1 year 1 – 5 years More than 5 years<br />
€ ’000 € ’000 € ’000 € ’000<br />
204,023 25,496 150,644 27,883<br />
234,802 31,113 100,645 103,044<br />
1,690 1,690 – –<br />
2,675 2,675 – –<br />
55,380 55,380 – –<br />
67,993 67,993 – –<br />
4. Amounts owed to companies in which the company has a participating interest<br />
264 264 – –<br />
(previous year)<br />
449 449 – –<br />
5. Amounts owed to the Free and Hanseatic City of <strong>Hamburg</strong><br />
4,751 4,683 – 68<br />
(previous year)<br />
75 7 – 68<br />
6. Other creditors<br />
(previous year)<br />
Total<br />
(previous year)<br />
2,314 2,314 – –<br />
1,899 1,816 83 –<br />
268,422 89,827 150,644 27,951<br />
307,893 104,053 100,728 103,112<br />
8 Sales revenue<br />
<strong>2012</strong> 2011<br />
€ ’000 € ’000<br />
Revenue from traffic services<br />
Aviation revenue 131,996 130,694<br />
Aircraft ground handling 44,034 44,682<br />
176,030 175,376<br />
Other revenue<br />
Fixed and turnover-based rent, rent-related services 66,702 66,397<br />
Other revenue 8,780 11,504<br />
75,482 77,901<br />
Total sales revenue 251,512 253,277<br />
26
10 Depreciation<br />
In previous years, FHG has carried out special tax depreciation<br />
of assets and investments. A declaration of the amount<br />
of tax deferral is not applicable as a result of the existing<br />
profit transfer agreement with FHK.<br />
11 Interest paid and similar expenses<br />
Interest expenditure includes expenses from the accrual of<br />
interest on long-term provisions amounting to € 4,038,000<br />
(previous year: € 4,478,000).<br />
12 Exceptional income / Exceptional expenditure<br />
As part of the adoption of the Accounting Law Modernisation<br />
Act (BilMoG), items of extraordinary expenditure<br />
are listed in accordance with the provisions of Art. 67<br />
Para. 7 of the Introductory Act to the German Commercial<br />
Code (EGHGB); these items arise from adjustments to<br />
pension provisions and other provisions relating to pension<br />
obligations.<br />
The exceptional result does not have any effect on the<br />
income tax burden shown in the balance sheet.<br />
13 Income tax<br />
Income tax for periods falling entirely outside the year under<br />
review amount to € 15,000 (previous year: € 17,000) and<br />
relate exclusively to the accrual of interest on a corporation<br />
tax credit to be repaid over several years.<br />
14 Other taxes<br />
For the <strong>2012</strong> financial year, other taxes consist primarily of<br />
property and energy taxes. In the previous year, other taxes<br />
included income arising from the liquidation of tax provisions<br />
amounting to € 7,000.<br />
15 Transactions not included in the balance sheet<br />
Several hire and leasing contracts are in place for vehicles<br />
and office equipment. The residual term for the vehicle<br />
contracts is between 2 and 47 months; the contracts for<br />
office equipment have a residual term of between 5 and<br />
44 months with extension options of 12 months each.<br />
These ongoing contracts represent a liability for the company<br />
throughout the residual terms of € 1,296,000, of which<br />
€ 1,040,000 shall fall due in the next twelve months.<br />
Of this amount, € 758,000 consists of contracts with affiliated<br />
companies; these will effect the balance sheet with<br />
the full amount in the following year.<br />
Further liabilities may arise from the vehicle contracts<br />
due to eventual subsequent billing for damages or for exceeding<br />
the inclusive kilometres.<br />
The signing of leasing and hire contracts resulted in a<br />
positive effect in terms of minimising impact on the company’s<br />
liquidity by the avoidance of purchase expenditure.<br />
16 Contingent liabilities<br />
Potential liabilities arising from guarantee obligations to<br />
affiliated companies at the accounting date constitute<br />
€ 247,000. At the accounting date there was no actual risk<br />
exposure from claims.<br />
FHG and individual subsidiaries participate in a Cash<br />
Pool. FHG is jointly and severally liable for all liabilities of<br />
the subsidiaries arising from the Cash Pool. At the accounting<br />
date there was no actual risk exposure from claims. At<br />
the accounting date, there were no other contingencies as<br />
defined by § 251 of the German Commercial Code (HGB).<br />
17 Other financial liabilities<br />
Other financial liabilities not shown in the balance sheet<br />
amount to € 118,765,000. These consist of two long-term<br />
hereditary building right contracts totalling € 91,913,000,<br />
one with a term running until 31 December, 2020 and costing<br />
€ 9,075,000 per year and the other with a term running<br />
until 31 December, 2060 and costing € 402,000 per<br />
year, along with diverse property rental contracts totalling<br />
€ 18,313,000 with annual payments amounting to<br />
€ 3,451,000.<br />
A further € 8,539,000 relate to future expenditure for<br />
product and service contracts (open purchase orders).<br />
These financial obligations are due in the coming financial<br />
year. Of open purchase orders, € 1,139,000 are with affiliated<br />
companies.<br />
18 Auditors’ fees<br />
The auditors’ fee for FHG amounts to € 85,000 and includes<br />
€ 71,000 for auditing the financial statement and the Group<br />
financial statement, € 8,000 for other attestation services<br />
and € 6,000 for other services.<br />
19 Derivative financial instruments<br />
Derivative financial instruments take the form of forward interest<br />
rate swaps totalling € 179,293,000 with corresponding<br />
underlying transactions. The interest rate swaps have<br />
various terms, the longest running until 30 December, 2018;<br />
through the course of their term they protect against the<br />
risks associated with interest rate fluctuations. Valuation<br />
units have been established in accordance with § 254 of the<br />
German Commercial Code (HGB). The net hedge presentation<br />
method is used for accounting purposes. The current<br />
value of interest swaps, calculated according to the cash<br />
value method on the basis of the interest structure curve on<br />
the accounting date, amounts to € – 16,035,000.<br />
20 Group financial statement<br />
Our financial statement is also included in the consolidated<br />
financial statement of the company HGV <strong>Hamburg</strong>er<br />
Gesellschaft für Vermögens- und Beteiligungsverwal-<br />
27
Appendix<br />
<strong>2012</strong><br />
tung mbH, <strong>Hamburg</strong>, (registered with the <strong>Hamburg</strong> County<br />
Court HRB No. 6106) for the financial year ending 31 December,<br />
<strong>2012</strong>. Publication takes place in the electronic federal<br />
gazette (“Bundesanzeiger”). The sole shareholder of HGV is<br />
the Free and Hanseatic City of <strong>Hamburg</strong>.<br />
21 Total emoluments of the Supervisory Board and the<br />
Executive Board<br />
Remuneration paid to members of the Executive Board<br />
totalled € 669,000. In addition, there are pension obligations<br />
as of 31 December, <strong>2012</strong>, with a cash value of € 747,000.<br />
Payments made to former company executives and/or<br />
their surviving dependents totalled € 137,000. In addition,<br />
there are pension obligations for this group of persons as of<br />
31 December, <strong>2012</strong>, with a cash value of € 1,271,000. Provisions<br />
not established for obligations to this group of persons<br />
amount to € 255,000.<br />
A total of € 4,000 was paid to members of the Supervisory<br />
Board as remuneration for attending meetings.<br />
22 Employees<br />
An average of 697 persons were employed by FHG in <strong>2012</strong>,<br />
158 of them in part-time employment.<br />
23 Code of Corporate Governance<br />
In the financial year <strong>2012</strong>, FHG fulfilled the regulations of<br />
the <strong>Hamburg</strong> Code of Corporate Governance to the extent<br />
that this lies within the responsibility of FHG’s Executive<br />
Board.<br />
28
24 Information on official bodies of the company<br />
Honorary Chairman of the Supervisory Board<br />
HELMUT SCHMIDT, <strong>Hamburg</strong><br />
Former Chancellor of the Federal Republic of Germany.<br />
Supervisory Board<br />
Dr KLAUS-JÜRGEN JUHNKE, <strong>Hamburg</strong><br />
Former Head of Logistics, Preussag AG, Berlin / Hannover,<br />
Former Executive Chairman of VTG Vereinigte Tanklager<br />
und Transportmittel GmbH, <strong>Hamburg</strong>,<br />
Chairman of the Supervisory Board<br />
Prof. Dr MARTIN ROHR, Düsseldorf<br />
Member of the Board of Directors, HOCHTIEF AG<br />
Deputy Chairman of the Supervisory Board<br />
until 2 May, <strong>2012</strong><br />
GERHARD SCHROEDER, Düsseldorf<br />
Managing Director of HOCHTIEF AirPort GmbH<br />
from 4 May, <strong>2012</strong><br />
Deputy Chairman of the Supervisory Board<br />
from 15 May, <strong>2012</strong><br />
WINFRIED ADAMS, Oldesloe<br />
Former employee of GroundSTARS GmbH & Co. KG<br />
until 2 May, <strong>2012</strong><br />
UWE ARNDT, <strong>Hamburg</strong><br />
Employee of FHG<br />
until 2 May, <strong>2012</strong><br />
MARTIN HELLWIG, Bargteheide<br />
Chairman of the Works Council of FHG,<br />
Employee of FHG (under secondment)<br />
WOLFGANG KOPITZSCH, <strong>Hamburg</strong><br />
Chief Commissioner of Police in the Free and Hanseatic City of <strong>Hamburg</strong><br />
from 5 January, <strong>2012</strong><br />
until 2 May, <strong>2012</strong><br />
HOLGER LINKWEILER, Essen<br />
Managing Director of HOCHTIEF AirPort GmbH<br />
from 4 May, <strong>2012</strong><br />
REINHARD MEYER, Kiel<br />
Minister for the Economy in the State of Schleswig-Holstein<br />
from 27 November, <strong>2012</strong><br />
JONNY RICKERT, Lübeck<br />
Employee of FHG<br />
from 20 April, <strong>2012</strong><br />
Dr SIBYLLE ROGGENCAMP, <strong>Hamburg</strong><br />
Executive Director in the Department of Finance, Free and Hanseatic City of <strong>Hamburg</strong><br />
JUTTA BAUER, <strong>Hamburg</strong><br />
Employee of FHG<br />
from 20 April, <strong>2012</strong><br />
HARALD RÖSLER, <strong>Hamburg</strong><br />
Head of the Northern <strong>Hamburg</strong> Borough Council Office<br />
from 23 October, <strong>2012</strong><br />
Dr ROLF BIERHOFF, Essen<br />
Retired Executive Board Member<br />
Prof. Dr HANS-JÖRG SCHMIDT-TRENZ, <strong>Hamburg</strong><br />
Chief Executive Officer, <strong>Hamburg</strong> Chamber of Commerce<br />
CLAUDIA BOLDT, <strong>Hamburg</strong><br />
Employee of FHG<br />
JOST DE JAGER, Kiel<br />
Minister for Science, the Economy and Transport in the State of Schleswig-Holstein<br />
until 13 July, <strong>2012</strong><br />
REINER SCHRÄNKLER, Düsseldorf<br />
Chief Executive Officer of HOCHTIEF Concessions AG<br />
until 2 May, <strong>2012</strong><br />
JAN SIEVERS, <strong>Hamburg</strong><br />
Employee of FHG<br />
Dr BERND EGERT, Winsen (Luhe)<br />
Secretary of State at the Department of Economic Affairs, Transport and Innovation<br />
in the Free and Hanseatic City of <strong>Hamburg</strong><br />
JÖRN SÖDER, <strong>Hamburg</strong><br />
Lieutenant General (retired)<br />
Geschäftsführung<br />
MICHAEL EGGENSCHWILER, <strong>Hamburg</strong><br />
lic. oec. HSG<br />
Chief Executive Officer<br />
Dipl.-Ing. CLAUS-DIETER WEHR, <strong>Hamburg</strong><br />
Managing Director<br />
<strong>Hamburg</strong>, 31 January, 2013<br />
Flughafen <strong>Hamburg</strong> Gesellschaft mit<br />
beschränkter Haftung<br />
29
Appendix<br />
<strong>2012</strong><br />
Shares held in other companies by Flughafen <strong>Hamburg</strong> GmbH as of 31 December, <strong>2012</strong><br />
Name and registered office of company Company’s Holding Result Controlling<br />
equity <strong>2012</strong> and<br />
capital<br />
profit<br />
transfer<br />
in € ’000 in in % € ’000 agreement<br />
Aerotronic-Aviation Electronic Service GmbH, <strong>Hamburg</strong> – 4 CATS KG 100 – 3 –<br />
AHS Aviation Handling Services GmbH, <strong>Hamburg</strong> 1 –1,658 FHG 32.25 – 885 –<br />
AHS <strong>Hamburg</strong> Aviation Handling Services GmbH, <strong>Hamburg</strong> 1 1,190 FHG 49 484 –<br />
AIRSYS-Airport Business Information Systems GmbH, <strong>Hamburg</strong> 500 FHG 100 0 Ja<br />
C.A.T.S. Verwaltungs-GmbH, <strong>Hamburg</strong> 44 CATS KG 100 2 –<br />
CATS Cleaning and Aircraft Technical Services GmbH & Co. KG, 1,067 FHG 100 157 –<br />
<strong>Hamburg</strong><br />
CSP Commercial Services Partner GmbH, <strong>Hamburg</strong> 40 FHG 100 0 Ja<br />
GAC German Airport Consulting GmbH, <strong>Hamburg</strong> 169 FHG 100 15 –<br />
GroundSTARS GmbH & Co. KG, <strong>Hamburg</strong> 1,269 FHG 100 33 –<br />
GroundSTARS Verwaltungs GmbH, <strong>Hamburg</strong> 53 FHG 100 2 –<br />
Grundstücksgesellschaft Kaltenkirchen mbH & Co. KG , <strong>Hamburg</strong> 81 FHG 100 – 3 –<br />
Grundstücksgesellschaft Kaltenkirchen Verwaltungs-GmbH, 30 FHG 100 1 –<br />
<strong>Hamburg</strong><br />
RMH Real Estate Maintenance <strong>Hamburg</strong> GmbH, <strong>Hamburg</strong> 100 FHG 100 0 Ja<br />
SAEMS Special Airport Equipment and Maintenance Services 322 FHG 60 249 –<br />
GmbH & Co. KG, <strong>Hamburg</strong><br />
S.A.E.M.S. Verwaltungs-GmbH, <strong>Hamburg</strong> 44 SAEMS KG 100 0 –<br />
SecuServe Aviation Security and Services <strong>Hamburg</strong> GmbH, 150 FHG 100 0 Ja<br />
<strong>Hamburg</strong><br />
SecuServe Aviation Security and Services Holding International 250 FHG 100 0 Ja<br />
GmbH, <strong>Hamburg</strong><br />
STARS Special Transport and Ramp Services GmbH & Co. KG, 520 FHG 51 160 –<br />
<strong>Hamburg</strong><br />
S.T.A.R.S. Verwaltungs-GmbH, <strong>Hamburg</strong> 52 STARS KG 100 2 –<br />
1 Equity capital as at 31 December, 2011 and result from financial year 2011.<br />
30
Appendix<br />
<strong>2012</strong><br />
Flughafen <strong>Hamburg</strong> GmbH: schedule of fixed-asset movements<br />
I. Intangible<br />
fixed assets<br />
Cost of acquisition or production<br />
Value as of 01.01.<strong>2012</strong> Additions Decreases Transfers<br />
€ € € €<br />
1. Purchased commercial rights,<br />
similar rights<br />
and assets 4,613,160.65 450,085.92 177,391.10 42,154.61<br />
Total intangible assets 4,613,160.65 450,085.92 177,391.10 42,154.61<br />
II. Tangible assets<br />
1. Land, leasehold rights<br />
and buildings,<br />
including buildings<br />
on leasehold land 701,769,292.12 2,840,930.47 208,440.56 203,863.81<br />
2. Technical equipment<br />
and machinery 223,420,790.44 6,690,432.75 692,813.84 772,641.39<br />
3. Other equipment,<br />
fixtures and fittings 40,361,272.69 3,741,258.85 1,615,226.35 1,729,778.51<br />
4. Payments on account and<br />
assets under construction 3,433,738.71 7,318,982.76 – 2,748,438.32<br />
Total tangible assets 968,985,093.96 20,591,604.83 2,516,480.75 – 42,154.61<br />
III. Financial assets<br />
1. Shares in Group<br />
companies 4,408,248.62 0.00 0.00 0.00<br />
2. Holdings 2,591,316.20 0.00 0.00 0.00<br />
3. Loans to companies<br />
in which the company has<br />
a participating interest 1,968,614.32 0.00 0.00 0.00<br />
Total financial assets 8,968,179.14 0.00 0.00 0.00<br />
Total assets 982,566,433.75 21,041,690.75 2,693,871.85 0.00<br />
32
Amortisation Nett book value Nett book value Assignments Depreciation<br />
Value as of 12.<strong>2012</strong> and depreciation 31.12.<strong>2012</strong> 31.12.2011 during the financial during the financial<br />
€ € € € year in € year in €<br />
4,928,010.08 3,808,780.08 1,119,230.00 1,144,474.00 0.00 515,364.53<br />
4,928,010.08 3,808,780.08 1,119,230.00 1,144,474.00 0.00 515,364.53<br />
704,605,645.84 382,290,238.00 322,315,407.84 334,631,592.84 0.00 15,332,063.55<br />
230,191,050.74 177,135,721.74 53,055,329.00 54,883,829.00 0.00 9,267,385.30<br />
44,217,083.70 30,416,467.70 13,800,616.00 12,646,703.00 0.00 4,220,000.16<br />
8,004,283.15 0.00 8,004,283.15 3,433,738.71<br />
987,018,063.43 589,842,427.44 397,175,635.99 405,595,863.55 0.00 28,819,449.01<br />
4,408,248.62 127,822.97 4,280,425.65 2,996,822.09 1,283,603.56 0.00<br />
2,591,316.20 2,245,144.85 346,171.35 346,171.35 0.00 0.00<br />
1,968,614.32 1,968,614.32 0.00 0.00 0.00 0.00<br />
8,968,179.14 4,341,582.14 4,626,597.00 3,342,993.44 1,283,603.56 0.00<br />
1,000,914,252.65 597,992,789.66 402,921,462.99 410,083,330.99 1,283,603.56 29,334,813.54<br />
33
Auditors’ <strong>Report</strong><br />
The following certification has been issued for the financial<br />
statement and the economic situation report:<br />
“We have audited the end-of-year financial statement of<br />
Flughafen <strong>Hamburg</strong> Gesellschaft mit beschränkter Haftung,<br />
<strong>Hamburg</strong> for the financial year 1 January to 31 December,<br />
<strong>2012</strong>, consisting of balance sheet, profit and loss statement<br />
and appendices, with reference to the company’s accounting<br />
practices, along with the economic situation report. According<br />
to the provisions of German commercial law, both<br />
the accounting practices and the production of financial<br />
statement and economic situation report are the responsibility<br />
of the company’s legal representatives. Our responsibility<br />
as auditors is to express an opinion on the annual financial<br />
statement, including the accounting practices, and on<br />
the economic situation report, based on our audit.<br />
We have carried out our audit of the end-of-year financial<br />
statement according to the provisions of § 317 of the<br />
German Commercial Code, taking into account the German<br />
principles of proper accounting as stipulated by the<br />
German Institute of Auditors (IDW). These regulations require<br />
that the audit is planned and carried out in such a way<br />
that any errors and violations that may have a significant effect<br />
on the perception of the nett value, financial position<br />
and earnings situation of the company depicted by the financial<br />
statement and economic situation report in compliance<br />
with required principles of accounting will be identified<br />
with an adequate degree of certainty. In deciding on<br />
the scope and method of the audit, existing knowledge<br />
about the company’s business activities and the economic<br />
and legal conditions under which it conducts said business<br />
activities, along with any expected possible sources of error,<br />
are taken into consideration. Within the framework of<br />
the audit, the efficacy of the internal control system as well<br />
as evidence for the information contained in the financial<br />
statement and in the economic situation report are checked<br />
primarily on the basis of random samples. The audit covers<br />
the evaluation of the principles of accounting implemented,<br />
the main opinions and assessments of the company's officers<br />
and the overall presentation of the financial statement<br />
and the economic situation report. It is our opinion that our<br />
audit presents an adequately reliable basis for evaluation.<br />
We have no objections to make on the basis of our audit.<br />
We are of the opinion, based on our audit, that the endof-year<br />
financial statement fulfils the legal requirements<br />
and provides a realistic and accurate representation of the<br />
actual situation relating to the assets and complete financial<br />
situation of the company, with due reference to the principles<br />
of sound accounting. The economic situation report<br />
agrees with the end-of-year financial statement, accurately<br />
represents the company's current situation and presents<br />
the opportunities and risks associated with future developments<br />
in an appropriate way.”<br />
<strong>Hamburg</strong>, 31 January, 2013<br />
Ernst & Young GmbH<br />
Wirtschaftsprüfungsgesellschaft (Auditing Firm)<br />
Kreninger<br />
Auditor<br />
Weiß<br />
Auditor<br />
34
<strong>Report</strong> of the Supervisory Board<br />
The Executive Board of Flughafen <strong>Hamburg</strong> Gesellschaft<br />
mit beschränkter Haftung informed the Supervisory Board<br />
regularly, promptly and comprehensively about the economic<br />
situation and the development of the company and<br />
the Group, including the risk situation and risk management.<br />
During the financial year under review, the Supervisory<br />
Board of Flughafen <strong>Hamburg</strong> Gesellschaft mit Beschränkter<br />
Haftung continuously monitored the economic<br />
situation and development of the company and the Group<br />
through the written and oral reports of the Executive Board,<br />
as well as in four meetings with that body, and also monitored<br />
the management of the company. The Chairman of<br />
the Supervisory Board was also in regular contact with the<br />
Executive Board between Supervisory Board meetings and<br />
was kept informed at all times of current business developments<br />
and significant occurrences. Two members of the<br />
Supervisory Board were personally only able to attend less<br />
than half of the Supervisory Board meetings in <strong>2012</strong>. Furthermore,<br />
during the course of the financial year, the Finance<br />
and Personnel Committee and the Affiliates Committee<br />
each convened four times whilst the Planning and Construction<br />
Committee convened three times.<br />
For the financial year <strong>2012</strong>, the financial statement of<br />
Flughafen <strong>Hamburg</strong> Gesellschaft mit beschränkter Haftung,<br />
<strong>Hamburg</strong>, and the consolidated (Group) financial statement,<br />
along with the economic situation report of Flughafen <strong>Hamburg</strong><br />
Gesellschaft mit beschränkter Haftung, <strong>Hamburg</strong>,<br />
have been audited, with the accounts, by the auditors<br />
appointed at the shareholders' meeting: Ernst & Young<br />
GmbH, Wirtschaftsprüfungsgesellschaft, <strong>Hamburg</strong>. No<br />
objections were made on the basis of the audit. In each<br />
case, an unrestricted certification was issued by the auditor.<br />
The auditors’ reports have been viewed by the members<br />
of the Supervisory Board. The auditors attended the Supervisory<br />
Board meeting on 4 April, 2013, reporting on the<br />
principle findings of the audit and providing further information<br />
as requested.<br />
The Supervisory Board has examined the financial statement<br />
and economic situation report of both Flughafen<br />
<strong>Hamburg</strong> Gesellschaft mit beschränkter Haftung and the<br />
Group, and, in agreement with the auditors, has no objections.<br />
The Supervisory Board has approved the end-of-year<br />
financial statement and the Group financial statement as<br />
presented for the year ending 31 December, <strong>2012</strong>.<br />
In July 2009, the <strong>Hamburg</strong> Code of Corporate Governance<br />
(HCGK) came into effect at Flughafen <strong>Hamburg</strong> Gesellschaft<br />
mit beschränkter Haftung. The HCGK is modelled<br />
on the German Corporate Governance Code. It forms the<br />
basis for the management, supervision and auditing of the<br />
company. The Executive Board and the Supervisory Board<br />
follow the recommendations of the HCGK (as issued on 1<br />
January, 2010) and issued a joint Declaration of Compliance<br />
for the Financial Year <strong>2012</strong> on 13 December, <strong>2012</strong>. This joint<br />
Declaration of Compliance is published in the <strong>Annual</strong> <strong>Report</strong><br />
of Flughafen <strong>Hamburg</strong> Gesellschaft mit beschränkter<br />
Haftung.<br />
The Supervisory Board expresses its gratitude to the following<br />
members of the Supervisory Board, who departed<br />
the Board in the course of the year, for their successful<br />
efforts in the interests of the company, in some cases<br />
of many years: Dr Martin Rohr, Deputy Chairman; Mr Uwe<br />
Arndt; Mr Winfried Adams; Mr Rainer Schränkler; Mr Jost<br />
de Jager; Mr Wolfgang Kopitzsch. They have been succeeded<br />
on the Supervisory Board by Mr Gerhard Schroeder,<br />
new Deputy Chairman, Mr Reinhard Meyer, Mr Holger<br />
Linkweiler, Mr Harald Rösler, Ms Jutta Bauer and Mr Jonny<br />
Rickert.<br />
The Supervisory Board expresses its thanks to the Executive<br />
Board and to all of the company's employees for<br />
their dedication and commitment and their successful efforts<br />
in <strong>2012</strong>.<br />
<strong>Hamburg</strong>, 4 April, 2013<br />
The Supervisory Board<br />
Dr. Klaus-Jürgen Juhnke<br />
Chairman of the Supervisory Board<br />
35
Declaration of Compliance of Flughafen <strong>Hamburg</strong> GmbH<br />
and its subsidiaries with the <strong>Hamburg</strong> Code<br />
of Corporate Governance<br />
In the financial year <strong>2012</strong>, Flughafen <strong>Hamburg</strong> GmbH abided<br />
by the regulations of the <strong>Hamburg</strong> Code of Corporate<br />
Governance (as issued on 1 January, 2010), to the extent<br />
that this lies within the responsibility of the Executive Board<br />
and the Supervisory Board, apart from the exceptions listed<br />
in Part A below.<br />
Subsidiaries of Flughafen <strong>Hamburg</strong> GmbH<br />
– AIRSYS-Airport Business Information Systems GmbH,<br />
– CATS Cleaning and Aircraft Technical Services<br />
GmbH & Co. KG,<br />
– CSP Commercial Services Partner GmbH,<br />
– GAC German Airport Consulting GmbH,<br />
– GroundSTARS GmbH & Co. KG,<br />
– RMH Real Estate Maintenance <strong>Hamburg</strong> GmbH,<br />
– SecuServe Aviation Security and Services <strong>Hamburg</strong> GmbH,<br />
– SAEMS Special Airport Equipment and<br />
Maintenance Services GmbH & Co. KG,<br />
– STARS Special Transport and Ramp Services<br />
GmbH & Co. KG<br />
do not have a Supervisory Board. In the financial year <strong>2012</strong>,<br />
they abided by the regulations of the <strong>Hamburg</strong> Code of Corporate<br />
Governance, to the extent that this lies within the<br />
responsibility of the respective Executive Board, apart from<br />
the exceptions listed in Part B below.<br />
Part A<br />
Flughafen <strong>Hamburg</strong> GmbH deviated from the <strong>Hamburg</strong><br />
Code of Corporate Governance (HCGK) in the following<br />
points:<br />
HCGK point 3.2:<br />
“For transactions of fundamental importance, the articles<br />
of association, the Supervisory Board’s operative guidelines<br />
issued to the Executive Board or the Supervisory<br />
Board specify provisions requiring the approval of the Supervisory<br />
Board. This shall include decisions or measures<br />
which may result in a substantial change in business<br />
activities in the context of the articles of association or in<br />
a significant change to the asset, financial or earnings situation<br />
or the risk structure of the enterprise. The authority<br />
of the Supervisory Board to determine additional areas<br />
which are subject to its approval is not affected by this<br />
regulation.”<br />
The contract between the shareholders in Flughafen<br />
<strong>Hamburg</strong> GmbH (Consortium Agreement) specifies, notwithstanding<br />
the stipulations of the HCGK, that the authority<br />
to establish additional areas which are subject to the<br />
approval of the Supervisory Board is held by the shareholders’<br />
meeting.<br />
HCGK point 4.1.2:<br />
“The Executive Board shall present a corporate concept to the<br />
Supervisory Board to agree the long-term orientation, based<br />
on a conceptual objective from the Free & Hanseatic City of<br />
<strong>Hamburg</strong>. The concept is to be reviewed every five years.”<br />
Notwithstanding this HCGK stipulation, the Consortium<br />
Agreement specifies that the Executive Board of Flughafen<br />
<strong>Hamburg</strong> GmbH shall agree the long-term orientation of the<br />
company with the Consortium Committee, which consists<br />
of the shareholders.<br />
HCGK points 4.2.3, 4.2.5 and 4.2.6:<br />
4.2.3: “Members of the Executive Board shall be appointed<br />
by the Supervisory Board for a maximum of five years. The<br />
initial appointment shall be for a term not exceeding three<br />
years. A renewal of the appointment or an extension of the<br />
term (no more than one year before expiration of the term) is<br />
permitted. Re-appointment more than one year before the expiry<br />
of the term and simultaneous termination of the existing<br />
appointment should only occur in special circumstances.”<br />
4.2.5: “The remuneration paid to members of the Executive<br />
Board shall be determined by the Supervisory Board and<br />
subject to consultation and regular review; the basis for determining<br />
the level of payment shall be a performance review:<br />
criteria for determining the appropriateness of remuneration<br />
include, in particular, the responsibilities of the<br />
respective member of the Executive Board, individual performance,<br />
the performance of the Executive Board, the economic<br />
situation, sustained success and the company’s future<br />
outlook, with reference to comparable sectors. In order<br />
to ensure that remuneration levels are appropriate, comparisons<br />
should be made, in particular with other publiclyowned<br />
<strong>Hamburg</strong> companies, with the relevant industry and<br />
with the commercial environment. Remuneration should not<br />
exceed typical remuneration without special justification. Activities<br />
in the official organs of holdings shall not be subject<br />
to separate remuneration. Remuneration paid to members<br />
of the Executive Board shall have both fixed and variable elements.<br />
Variable remuneration shall include both one-off<br />
and annual components, linked to the sustained success of<br />
the company, along with components having a long-term incentive<br />
effect and including an element of risk. There should<br />
be contractual bonus agreements, in the form of target and<br />
performance agreements, which also include provisions to<br />
improve climate protection (climate bonuses). Targets and<br />
fulfilment levels must be clearly defined and quantified. Retroactive<br />
changes to targets and/or to parameters for comparison<br />
shall be prohibited. Limits on the variable components<br />
of remuneration shall be agreed for exceptional and<br />
38
unforeseen developments. Bonuses should not exceed 50 %<br />
of total remuneration. All components of the remuneration<br />
package shall be appropriate, both individually and in total.<br />
This also includes a reduction in remuneration in the event of<br />
a worsened economic situation for the company, to the extent<br />
that this is permissible by law. When contracts are being<br />
concluded for appointments to the Executive Board, it is to<br />
be agreed that payments (including fringe benefits) made to<br />
a member of the Executive Board in the event of premature<br />
termination of the appointment without serious cause do not<br />
exceed two years’ basic remuneration plus a variable annual<br />
payment at the level of the bonuses due in the year of termination<br />
(severance pay cap), and that the total payment shall<br />
not exceed that which the member of the Executive Board<br />
would have otherwise received during the rest of the term of<br />
appointment.”<br />
4.2.6 “Remuneration to members of the Executive Board shall<br />
be published individually in an appendix to the financial statement,<br />
broken down according to fixed components, successrelated<br />
components, and long-term incentive components.”<br />
The Consortium Agreement specifies that the responsibility<br />
for the appointment of Executive Board members at<br />
Flughafen <strong>Hamburg</strong> GmbH and the determination of their<br />
salaries lies with the Flughafen <strong>Hamburg</strong> GmbH shareholders’<br />
meeting. Remuneration for Executive Board members<br />
is determined according to typical market practice.<br />
HCGK point 5.4.1:<br />
“The Supervisory Board shall be made up of persons who,<br />
in terms of knowledge, ability and professional experience<br />
are suited and, with regard to the demands of their career,<br />
in a position to fulfil the responsibilities of Supervisory Board<br />
members. These persons may be employed by the City of<br />
<strong>Hamburg</strong> or by other public bodies (“Körperschaft des öffentlichen<br />
Rechts” or “KdöR”). The responsible authority must<br />
be represented in each Supervisory Board. It is advisable to<br />
also appoint to the Supervisory Board other persons who<br />
have special knowledge in the company’s area of operation<br />
or proven commercial experience – e.g. from leading other<br />
companies – where it is reasonable to assume that they will<br />
appropriately represent the interests of <strong>Hamburg</strong>. No persons<br />
should be appointed to the Supervisory Board who, on<br />
the basis of professional or personal relationships, are at risk<br />
of having a conflict of interest with regard to the company<br />
or <strong>Hamburg</strong> as shareholder. A target quota of at least 40 %<br />
female membership should guide the appointment of persons<br />
to the Supervisory Board.<br />
In especially relevant public companies (normally companies<br />
which would be considered large corporations according<br />
to the provisions of § 267 (3) of the German Commercial<br />
Code, and where appropriate other companies as determined<br />
by the executive branch of the city government), the<br />
political leadership of the authority should be represented.<br />
Members of the Supervisory Board are personally responsible<br />
to undertake whatever training measures necessary<br />
to fulfil their responsibilities. The company should<br />
provide appropriate support for them in this matter. The executive<br />
branch of the city government is answerable for the<br />
management of publicly-owned companies. In accordance<br />
with the constitutional principle of the separation of powers<br />
between the executive and legislative branches of government,<br />
members of the city parliament and employees of the<br />
parties within the city parliament may not be appointed to<br />
the Supervisory Board of a publicly-owned company as representatives<br />
of the Free & Hanseatic City of <strong>Hamburg</strong>.”<br />
The regulations listed above apply only for Supervisory<br />
Board members nominated by the Free & Hanseatic City of<br />
<strong>Hamburg</strong>.<br />
Part B<br />
The subsidiaries listed at the beginning of this declaration<br />
deviated from the HCGK in the following points:<br />
HCGK point 3.6:<br />
“The Executive Board and the Supervisory Board shall comply<br />
with the rules of proper corporate management. If they<br />
violate the due care and diligence to be expected of a prudent<br />
and conscientious Executive Board member or Supervisory<br />
Board member, they are liable to the company for damages.<br />
In the case of business decisions, an infringement of<br />
duty is not present if the member of the Executive Board or<br />
Supervisory Board could reasonably believe, based on appropriate<br />
information, that he/she was acting in the best interest<br />
of the company (Business Judgment Rule).<br />
A D&O (Directors’ and Officers’ liability insurance) policy<br />
may be taken out for the members of the Executive Board<br />
and Supervisory Board, subject to the approval of the Supervisory<br />
Board, if those members are subject to increased<br />
levels of entrepreneurial and/or operational risk. The decision<br />
and justification for a D&O policy, in particular with regard<br />
to its expediency, shall be documented and presented to the<br />
Supervisory Board.<br />
If the company takes out a D&O (Directors’ and Officers’<br />
liability insurance) policy for risks related to the professional<br />
duties of a member of the Executive Board, there shall be<br />
an excess of at least 10 % of the loss and up to at least the<br />
amount of one and a half times the fixed annual compensa-<br />
39
Declaration of Compliance of Flughafen <strong>Hamburg</strong> GmbH<br />
and its subsidiaries with the <strong>Hamburg</strong> Code<br />
of Corporate Governance<br />
tion of the Executive Board member. Should members of the<br />
Supervisory Board also be covered by this insurance, the supervisory<br />
authorities and/or the shareholders’ meeting must<br />
approve the policy.<br />
Members of the Supervisory Board covered by such a<br />
policy should only be subject to an excess when they are<br />
paid for their duties on the Supervisory Board.”<br />
The contracts for Managing Directors of majority holdings<br />
are not formulated to allow for such assumption of<br />
liability (up to one-and-a-half times the fixed annual remuneration).<br />
This is because the Managing Directors of subsidiaries<br />
are for the most part FHG employees.<br />
<strong>Hamburg</strong>, 13 December, <strong>2012</strong><br />
The Supervisory Board<br />
Dr. Klaus-Jürgen Juhnke<br />
Chairman of the Supervisory Board<br />
Executive Board<br />
Michael Eggenschwiler<br />
Chief Executive Officer<br />
Claus-Dieter Wehr<br />
Managing Director<br />
40
Airlines (62)<br />
EI<br />
Aer Lingus<br />
4U<br />
Germanwings<br />
SU<br />
Aeroflot<br />
HK<br />
<strong>Hamburg</strong> Airways<br />
VV<br />
AeroSvit<br />
FI<br />
Icelandair<br />
E5<br />
Air Arabia Egypt<br />
3L<br />
InterSky<br />
AB<br />
Air Berlin<br />
IR<br />
Iran Air<br />
ABR<br />
Air Contractors / Fedex<br />
O2<br />
Jet Air<br />
AF<br />
Air France<br />
KL<br />
KLM<br />
AHO<br />
Air <strong>Hamburg</strong><br />
LO<br />
LOT Polish Airlines<br />
KM<br />
Air Malta<br />
LG<br />
Luxair<br />
VIM<br />
Air Via Bulgarian Airways<br />
IG<br />
Meridiana Fly<br />
BT<br />
airBaltic<br />
DY<br />
Norwegian<br />
KK<br />
Atlasjet<br />
LBT<br />
Nouvelair<br />
OS<br />
Austrian Airlines<br />
OL<br />
OLT<br />
ATV<br />
Avanti Air /Fly Touropa<br />
PC<br />
Pegasus Airlines<br />
BA<br />
British Airways<br />
RKM<br />
RAK Airways<br />
SN<br />
Brussels Airlines<br />
FV<br />
Rossiya<br />
BUC<br />
Bulgarian Air Charter<br />
SK<br />
SAS<br />
MU<br />
China Eastern Airlines<br />
ZY<br />
Sky Airlines<br />
DE<br />
Condor<br />
SX<br />
SkyWork Airlines<br />
CAI<br />
Corendon Airlines<br />
XQ<br />
SunExpress<br />
OU<br />
Croatia Airlines<br />
XG<br />
SunExpress Germany<br />
OK<br />
Czech Airlines<br />
LX<br />
Swiss International Airlines<br />
LH<br />
Lufthansa<br />
AWU<br />
Sylt Air<br />
EZY<br />
Easyjet<br />
TWI<br />
Tailwind Airlines<br />
EK<br />
Emirates<br />
TP<br />
TAP Portugal<br />
K2<br />
Eurolot<br />
X3<br />
TUIfly<br />
AY<br />
Finnair<br />
TU<br />
Tunisair<br />
BE<br />
Flybe<br />
TK<br />
Turkish Airlines<br />
FHY<br />
Freebird<br />
UA<br />
United Airlines<br />
ST<br />
Germania<br />
VLG<br />
Vueling<br />
GHY<br />
German Sky Airlines<br />
GXL<br />
XL Airways Germany<br />
42
Direct flights (115)<br />
ADA<br />
Adana<br />
INN<br />
Innsbruck<br />
OLB<br />
Olbia<br />
AGA<br />
Agadir<br />
IST<br />
Istanbul-Atatürk<br />
OSL<br />
Oslo<br />
ALC<br />
Alicante<br />
SAW<br />
Istanbul-Sabiha Gökcen<br />
PMO<br />
Palermo<br />
AMS<br />
Amsterdam<br />
IZM<br />
Izmir<br />
PMI<br />
Palma de Mallorca<br />
ANK<br />
Ankara<br />
XRY<br />
Jerez de la Frontera<br />
PFO<br />
Paphos<br />
AYT<br />
Antalya<br />
JER<br />
Jersey<br />
PAR<br />
Paris<br />
BCN<br />
Barcelona<br />
JKG<br />
Jönköping<br />
PRG<br />
Prague<br />
BSL<br />
Basel<br />
FKB<br />
Karlsruhe / Baden-Baden<br />
PRN<br />
Priština<br />
BIA<br />
Bastia<br />
IEV<br />
Kiev<br />
RKT<br />
Ras Al Khaimah<br />
BGO<br />
Bergen<br />
KLU<br />
Klagenfurt<br />
REK<br />
Reykjavík<br />
BRN<br />
Bern<br />
KGS<br />
Kos<br />
RHO<br />
Rhodos<br />
BHX<br />
Birmingham<br />
KRK<br />
Krakow<br />
RIX<br />
Riga<br />
BVC<br />
Boa Vista<br />
ACE<br />
Lanzarote<br />
ROM<br />
Rome<br />
BOJ<br />
Bourgas<br />
LCA<br />
Larnaca<br />
SCN<br />
Saarbrücken<br />
BRU<br />
Brussels<br />
LPA<br />
Las Palmas<br />
SID<br />
Sal<br />
BUD<br />
Budapest<br />
LIS<br />
Lisbon<br />
SZG<br />
Salzburg<br />
CTA<br />
Catania<br />
LGW<br />
London-Gatwick<br />
SMI<br />
Samos<br />
CGN<br />
Cologne / Bonn<br />
LHR<br />
London-Heathrow<br />
SPC<br />
Santa Cruz de La Palma<br />
CPH<br />
Copenhagen<br />
LTN<br />
London-Luton<br />
JTR<br />
Santorini<br />
CFU<br />
Corfu<br />
LUX<br />
Luxembourg<br />
SOB<br />
Sármellék<br />
DLM<br />
Dalaman<br />
LXR<br />
Luxor<br />
PVG<br />
Shanghai<br />
DJE<br />
Djerba<br />
LYS<br />
Lyon<br />
SSH<br />
Sharm el Sheikh<br />
DRS<br />
Dresden<br />
MAD<br />
Madrid<br />
SPU<br />
Split<br />
DXB<br />
Dubai<br />
AGP<br />
Malaga<br />
LED<br />
St Petersburg<br />
DUB<br />
Dublin<br />
MLA<br />
Malta<br />
STO<br />
Stockholm<br />
DUS<br />
Düsseldorf<br />
MAN<br />
Manchester<br />
STR<br />
Stuttgart<br />
NBE<br />
Enfidha<br />
MRS<br />
Marseille<br />
THR<br />
Tehran<br />
FAO<br />
Faro<br />
FMM<br />
Memmingen<br />
TCI<br />
Tenerife<br />
FRA<br />
Frankfurt<br />
MAH<br />
Menorca<br />
SKG<br />
Thessaloniki<br />
FDH<br />
Friedrichshafen<br />
MIL<br />
Milan<br />
TLS<br />
Toulouse<br />
FUE<br />
Fuerteventura<br />
DME<br />
Moscow-Domodedovo<br />
TUN<br />
Tunis<br />
FNC<br />
Funchal<br />
SVO<br />
Moscow-Sheremetjevo<br />
UME<br />
Umeå<br />
GDN<br />
Gdansk<br />
VKO<br />
Moscow-Vnukovo<br />
VAR<br />
Varna<br />
GVA<br />
Geneva<br />
MUC<br />
Munich<br />
VCE<br />
Venice<br />
HGL<br />
Helgoland<br />
NAP<br />
Naples<br />
VIE<br />
Vienna<br />
HEL<br />
HER<br />
HRG<br />
Helsinki<br />
Heraklion<br />
Hurghada<br />
EWR<br />
NCE<br />
NUE<br />
New York-Newark<br />
Nice<br />
Nuremberg<br />
WAW Warsaw<br />
GWT Westerland<br />
ZRH Zürich<br />
IBZ<br />
Ibiza<br />
43
Publication Details<br />
Publisher<br />
Flughafen <strong>Hamburg</strong> GmbH<br />
Corporate Communications<br />
Matthias Quaritsch<br />
Postfach<br />
22331 <strong>Hamburg</strong><br />
Germany<br />
Telephone +49 (0) 405075 - 0<br />
Fax +49 (0) 405075 - 12 34<br />
presse@ham.airport.de<br />
www.hamburg-airport.de<br />
Textual concept and production<br />
Stefanie Harder (responsible for content)<br />
Svenja Strombeck<br />
Peter Gublass<br />
Manfred Meiser<br />
Translation<br />
Paul James Compton<br />
Further information<br />
Press and Public Relations<br />
Telephone +49 (0) 405075 - 3611<br />
Fax +49 (0) 405075 - 3622<br />
presse@ham.airport.de<br />
Design concept and production<br />
Sabine Barmbold<br />
Inga Löffler<br />
Claus Michael Semmler<br />
Photography<br />
Peter Meier<br />
Michael Penner<br />
Krafft Angerer<br />
Gregor Schläger<br />
Print production<br />
Druckerei Buchheister GmbH
Flughafen <strong>Hamburg</strong> GmbH<br />
Postfach<br />
22331 <strong>Hamburg</strong><br />
Germany<br />
Telephone +49 (0) 40 50 75 - 0<br />
Fax +49 (0) 40 50 75 - 12 34<br />
info@ham.airport.de<br />
www.hamburg-airport.de