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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

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