Annual Report 2008 (pdf) - Flughafen München

Moving people
Annual Report 2008

Moving people
Munich Airport is committed to driving and
enhancing mobility. To make it happen, we build
on technology’s latest advances, environmentally
sound practices, and smooth and efficient interaction
between the 30,000 people who work at our
airport. No other aviation hub has as extensive
a European route network as Munich. Plus, we
have a choice of global connections that put the
world’s markets and major cities within quick
and easy reach. For all our efficiency, speed and
quality of service, though, we’re a hub with a
heart, delivering that personal touch you’d expect
from a cosmopolitan airport, coupled with Bavaria’s
unmistakable charm. Because at the end of
the day, ours is a people business.

Business figures
Financials
FMG Group
Group sales and earnings (€ million) 2008 2007 2008 / 2007
Group sales 1,043.7 999.6 + 4.4 %
EBITDA 1) 2) 346.1 369.6 - 6.4 %
EBIT 1) 2) 204.1 216.7 - 5.8 %
Group net income 2) 3) 78.8 69.7 + 13.1 %
Profitability indicators 2008 2007 2008 / 2007
EBITDA margin (%) 1) 2) 33.2 37.0 - 10.3 %
EBIT margin (%) 1) 2) 19.6 21.7 - 9.8 %
ROCE (%) 1) 2) 6.6 6.7 - 1.9 %
1)
EBITDA excl. leasing expense of €44 million in 2008 (2007: €50 million), EBIT excl. leasing interest
2)
Earnings excl. accruals of €31.3 million for Ground Handling in 2008 (2007: €20.0 million)
3)
Group net income excl. interest on shareholder loans of €43.5 million in 2008 (2007: €0) not taking into account tax effects
Key consolidated balance-sheet and
cash flow statement items (€ million) 2008 2007 2008 / 2007
Cash flow from operations 214.5 186.4 + 15.1 %
Investments 120.4 121.8 - 1.1 %
Depreciation 124.4 137.0 - 9.2 %
Balance-sheet total 2,964.5 2,992.4 - 0.9 %
Fixed assets 2,827.5 2,838.4 - 0.4 %
Equity 443.6 439.7 + 0.9 %
Personnel 2008 2007 2008 / 2007
Personnel costs (€ million) 314.1 299.1 + 5.0 %
Employees (average for year) 7,609 7,389 + 3.0 %
Aviation/non-aviation sales
2008 2007
Aviation sales 53 % 53 %
Non-aviation sales 47 % 47 %

Ten-year overviews
Commercial passenger movements 1999 – 2008
Passengers (million)
36
34.0
34.5
32
28
24
21.3
23.1 23.6 23.2
24.2
26.8
28.6
30.8
20
16
12
8
4
0
* 10.2 % 8.7 % 2.3 % - 2.0 % 4.4 % 10.8 % 6.7 % 7.5 % 10.4 %
1999 2000 2001 2002 2003 2004 2005 2006 2007
1.7 %
2008
* Percentage change on prior year
Total aircraft movements 1999 – 2008
Takeoffs and landings
450,000
400,000
350,000
300,000
299,071
319,009
337,653 344,405
355,602
383,110
398,383
411,335
431,815
432,296
250,000
200,000
150,000
100,000
50,000
0
* 7.4% 6.7% 5.8% 2.0% 3.3% 7.7% 4.1% 3.1% 5.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007
0.1%
2008
* Percentage change on prior year

Ten-year overviews
Cargo 1999 – 2008
Flown air freight and air mail (tons)
270,000
240,000
218,049
238,075
265,607
259,645
210,000
192,167
180,000
150,000
137,521
148,018 145,940
166,884 162,545
120,000
90,000
60,000
30,000
0
* 16.3% 7.6% - 1.4% 14.4% - 2.6% 18.2% 13.5% 9.2% 11.6%
1999
2000 2001 2002 2003 2004 2005 2006 2007
- 2.2%
2008
* Percentage change on prior year
Maximum takeoff mass (MTOM) in all traffic segments 1999 – 2008
MTOM (millions of tons)
16
14
12
10
8.8
9.3
9.7 9.4 9.5
10.7
11.3
12.0
13.2
13.8
8
6
4
2
0
* 8.1% 5.3% 4.3% - 3.2% 1.8% 11.6% 6.2% 6.5% 9.6%
1999
2000 2001 2002 2003 2004 2005 2006 2007
4.3%
2008
* Percentage change on prior year

Ten-year overviews
Commercial workload units 1999 – 2008
Workload units (thousand)
45,000
40,000
36,549
37,072
35,000
30,000
25,000
22,427
24,417 24,943 24,628
25,639
28,588
30,684
33,061
20,000
15,000
10,000
5,000
0
*10.6% 8.9% 2.2% - 1.3% 4.1% 11.5% 7.3% 7.7% 10.6%
1999 2000 2001 2002 2003 2004 2005 2006 2007
1.4%
2008
Workload units are a unit of measure used to record commercial passenger and goods traffic volumes. One workload unit
comprises one passenger with hand luggage (together, roughly 100 kg) flying into or out of an airport, or 100 kg of cargo or air
mail handled, or a combination of passengers (arrivals and departures) and local cargo and air mail (unloaded and loaded).
* Percentage change on prior year
Transfer passenger growth 1999 – 2008
Transfers as a percentage of departing passengers
45
40
35
30
27 %
27 %
29 %
31 %
31 %
33 %
34 %
34 %
35 %
36 %
25
20
15
10
5
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Traffic figures
Air traffic
2008 2007 2008 / 2007
Passenger movements (total) 34,552,189 33,979,904 + 1.7 %
- Commercial traffic 34,530,593 33,959,422 + 1.7 %
- Scheduled and charter traffic 34,501,806 33,928,057 + 1.7 %
Load factor (%) 72.8 73.4 - 0.8 %
Aircraft movements (total) 432,296 431,815 + 0.1 %
- Commercial traffic 420,866 419,977 + 0.2 %
- Scheduled and charter traffic 408,292 406,594 + 0.4 %
Cargo handled
Flown air freight and air mail (t) 259,645 265,607 - 2.2 %
Maximum takeoff mass (MTOM)
in commercial and non-commercial traffic (t) 13,768,050 13,201,180 + 4.3 %

Munich in comparison
Traffic figures for German airports in 2008 (commercial traffic)
Passengers
(in + out + transit)
Aircraft
movements
Cargo: Air freight
and air mail (t)
Frankfurt / Main 53,467,450 479,623 2,111,116
Munich 34,530,593 420,866 259,645
Berlin (total) 21,403,327 235,780 31,258
Düsseldorf 18,151,252 222,740 70,120
Hamburg 12,838,350 150,264 36,359
Cologne/Bonn 10,342,931 128,713 578,161
Stuttgart 9,924,697 142,058 30,118
Hanover 5,637,517 75,256 17,407
Nuremberg 4,269,606 59,544 10,206
Hahn 3,940,159 38,309 123,918
Bremen 2,486,337 38,154 723
Leipzig / Halle 2,457,077 54,934 429,915
Dortmund 2,329,440 29,555 35
Dresden 1,856,390 29,310 335
Münster / Osnabrück 1,570,506 30,179 200
Weeze 1,523,990 12,310 56
Karlsruhe/Baden-Baden 1,141,070 28,127 2,678
Paderborn/Lippstadt 1,137,043 25,400 71
Friedrichshafen 649,646 14,357 11
Lübeck 534,509 9,327 0
Saarbrücken 518,283 14,649 97
Erfurt 308,228 8,711 2,147
Total 191,018,401 2,248,166 3,704,576
Source: German Airports Association (ADV)
Passenger figures for Europe’s top ten airports in 2008 (commercial sector)
Ranking
Passengers
(million)
2008/2007
London Heathrow 1 67.1 - 1.5 %
Paris Charles de Gaulle 2 60.9 + 1.6 %
Frankfurt / Main 3 53.5 - 1.3 %
Madrid 4 50.8 - 2.4 %
Amsterdam 5 47.4 - 0.8 %
Rome Fiumicino 6 35.1 + 6.9 %
Munich 7 34.5 + 1.7 %
London Gatwick 8 34.2 - 2.9 %
Barcelona 9 30.2 - 8.1 %
Paris Orly 10 26.2 - 0.9 %
Source: Airports Council International (ACI), status: January 2009

Contents
2
Contents
Making dreams happen
About us | 52 – 73

Contents
3
Encountering cultures
FMG Group consolidated financial statements 2008 | 76 – 103
Driving efficiency
Business divisions | 24 – 49
Growing together
Interview | 14 – 15
Opening up new horizons
Highlights | 18 – 21
Creating connections
Management | 6 – 11

Munich
Johannesburg
Creating connections
I do business with people all over Europe and,
as a frequent flier, I appreciate being able to cut
journey times when I can. From my perspective,
Munich Airport is ideal: Besides offering a daily
Johannesburg flight, Munich makes connecting
to onward flights incredibly quick and easy.

CEO’s letter
Management
6
Management
CEO’s letter
In 2008 – for the sixth straight year – Munich Airport registered new all-time highs in the number of passengers
and the number of takeoffs and landings. With 34.5 million passenger movements, we once again
scored a new record result in the passenger sector. Given the economic malaise that began to take hold
during the latter half of the year, this is a more than commendable result – one that again put Munich firmly
ahead of the curve in comparison with other airports in Germany and across Europe. Major hubs like London
Heathrow, Madrid and Amsterdam, by contrast, reported lower passenger totals compared to a year earlier.
This meant we were able to reaffirm our position as number seven among Europe’s ten busiest airports and
to move up one place in the global rankings to 27th.
One of the most gratifying advances in the aviation sector was the exceptional growth we saw in 2008 in
long-haul traffic, a segment of special strategic importance. The gains here helped us underscore and
strengthen our role as an international hub airport. Our increasingly rich route network and the outstanding
quality of the handling and other services at Munich Airport are earning us greater recognition in both the
international and the domestic arena – something reflected in our renewed selection as Europe’s best airport
in 2008: In the annual survey conducted by well-known London-based market researchers Skytrax among
more than 8 million air travelers, we were voted as number one in Europe for the fourth year in succession.
Nonetheless, all of us at Flughafen München GmbH are very much aware that we can’t afford to rest on our
laurels after a result like this. To continue to rate as highly in our customers’ estimation in the future, we
need to maintain a strong, customer-driven culture and first-rate service. Crucially, we also need to offer
them sufficient infrastructure capacity.
Our most important project as far as the latter is concerned is the construction of a third runway. This key
addition to the airport’s infrastructure will create the right conditions to enable us to continue to fulfill the
valuable role we’ve performed for Bavaria’s economy and people in the past. In the light of the rates of traffic
growth we’ve seen in recent years, the need for additional runway capacity at Munich Airport is more than
a horizon issue, it’s an operational reality we already face on more than one occasion every single day.

Management
CEO’s letter
7
I believe firmly that the current slow demand in the aviation sector caused by the economic crisis won’t exert
a lasting drag on the pace of growth in the longer term. Anyone familiar with aviation’s course of development
over a longer period knows that the troughs in the growth curve are frequently followed by periods of
especially rapid gains. So although the current crisis may be having an enormous negative impact on international
economies, it won’t halt the growing need for mobility in globally networked societies, cultures and
business regions. This means that sacrificing opportunities to support and sustain mobility in economically
difficult times is not the answer; instead, we need to respond to the continuing advance of globalization
and a contracting world by creating a traffic infrastructure capable of meeting future demand. The more
rigorously we maintain a long view and stick to our plans for tomorrow and beyond, the more we’ll be able
to participate in the resurgent growth that we can expect to see once the current crisis is over.
Planning for the future, however, also means controlling and confining the environmental impacts of airport
operations to unavoidable levels. We’re therefore working on managing the airport according to sustainable
principles – to conserve resources, to minimize noise and emissions, and to deploy innovative new technologies
that will help us reduce our environmental footprint. Because in the end, our ability to manage airport
operations sustainably will be our license to grow.
Dr. Michael Kerkloh
President and Chief Executive Officer
Flughafen München GmbH

Group structure
Management
8
Group structure
Finance and Controlling
Human Resources
Central divisions
Corporate Communications
Legal Affairs and Security
Corporate Development and Environment
Business divisions
Aviation
Corporate Real
Estate Management
and Development
Retail and
Services
Ground
Handling
Terminal 2
Engineering and Facilities
Support divisions
Information Technology
Corporate Services
Security
Flughafen München GmbH’s group structure organizes
company functions into strategic business divisions,
support divisions, and overarching central divisions.
Whereas the business divisions operate independently
within their markets, the support divisions
primarily operate internally and provide the business
divisions with professional expertise and specialized
services. The central divisions are responsible for the
overall control of the FMG Group of companies.
Flughafen München GmbH (FMG) shareholders
City of Munich
23%
Free State of Bavaria
51%
Federal Republic of Germany
26%

Executive board
Thomas Weyer
Chief Operating Officer
(from September 1, 2008)
Dr. Michael Kerkloh
President and Chief Executive Officer
Personnel Industrial Relations Director
Walter Vill
Vice President and
Chief Financial Officer

Management team
Management
10 Management team
Andreas von Puttkamer
Director
Senior Vice President Aviation
Siegfried Pasler
Senior Vice President
Ground Handling
Rainer Beeck
Director
Senior Vice President Corporate
Real Estate Management
and Development
Dr. Karl Heinz Schwarzmeier
Director
Senior Vice President Terminal 2
(until April 9, 2008)
Senior Vice President Retail
and Services
(from April 10, 2008)
Thomas Scheidler
Director
Senior Vice President
Human Resources
(until May 31, 2008)
Senior Vice President
Corporate Services
(from June 1, 2008)
Josef-Heinz Loichinger
Senior Vice President
Finance and Controlling
Dr. Deniz Akitürk
Senior Vice President
Human Resources
(from October 1, 2008)
Thomas Ross
Director
Senior Vice President
Legal Affairs and Security

Management
Management team
11
Florian Fischer
Director
Senior Vice President
Corporate Development and
Environment
(until April 9, 2008)
Senior Vice President Terminal 2
(from April 10, 2008)
Johann Bernhard
Director
Senior Vice President
Engineering and Facilities
Michael Zaddach
Senior Vice President
Information Technology
Gerhard Wirth
Senior Vice President
Security
Hans-Joachim Bues
Senior Vice President
Corporate Communications
Dr. Brigitte Englert
Director
Corporate Representative
for Government Affairs
Gertrud Seidenspinner
Senior Vice President Corporate
Strategy and Project, Process
and Innovation Management

Munich
Mumbai
Growing together
Employees at our latest branch office in the Munich
area are in daily contact with the head office of
our high-tech business in Mumbai. In spite of the
possibilities of online communication today, faceto-face
meetings are still essential from time to
time. So for us it’s great that there are several
flights a week between Mumbai and Munich.

Embracing the partnership principle
Interview
14
Interview
Embracing the partnership principle
Interview with Georg Randlkofer, managing partner of the company
Alois Dallmayr KG
Airports have gradually transitioned from pieces of
transport infrastructure into multifunctional service
and communications centers. For some time now,
non-aviation business has played an important role
alongside aviation – and it’s becoming more important
all the time. How do you view this process of change
Randlkofer: Airports have long since ceased to be
purely functional transport hubs. They now focus
more on travelers’ specific needs, they have extensive
retail offerings and they host cultural events –
they’re a place where you can enjoy yourself and
experience something new.
How did the close collaboration between Alois
Dallmayr KG and Munich Airport begin
Randlkofer: At Dallmayr, we generally pursue a conservative
location policy. We don’t have a chain of
branches and we don’t operate a franchise scheme.
Historically, we’ve confined our delicatessen retail
and dining operations entirely to our main location in
Munich’s Dienerstrasse. What convinced us to set up
at the airport, too, was the fact that we felt we’d
found a partner in the Flughafen München GmbH
subsidiary eurotrade and, above all, in its managing
director Hellmut Gebhardt, who shared our perception
of, and commitment to, product quality and service.
A partnership can’t function without this kind of
conformance of business principles. Granted, it took
a long time before we opened up in Terminal 1.
But this is because we wanted to create an absolutely
authentic Dallmayr experience for customers. Every
tiny detail counts – from store fixtures and fittings
to décor like the ornamental Nymphenburg vases to
the blue-and-white livery worn by our staff. And it’s
a living tradition of which we’re proud.
Choosing one of Europe’s most modern airports as a
location for a traditional business like Alois Dallmayr KG:
Is this a win-win combination
Randlkofer: In every respect. The name Dallmayr
has been a mark of quality since 1700 and is tied
inextricably with Munich’s identity. At the airport,
our brand can reach out to an international audience,
in a smart, up-market environment surrounded by a
select range of premium brands. And Munich Airport
achieves something that not every airport of a similar
size can: Its retail and hospitality offering authentically
reflects its location’s root identity. That’s pretty special
for Munich.
To what extent is Terminal 2 important
Randlkofer: When Terminal 2 was built, it was immediately
obvious that this was the right kind of location
for us. Retail and hospitality were not separate, they
were combined and united, just like they are at our
main location in Dienerstrasse. Terminal 2 is a top
location, an upscale environment where passengers
converge in one central area. This was a key factor

Interview
Embracing the partnership principle
15
driving our decision to open a Dallmayr Bistro there in
addition to our specialty retail outlet. We’re now able
to give our customers and guests a friendly farewell
as they set off into the big wide world and to welcome
visitors from all over the globe with a cup of Dallmayr
coffee in the finest tradition of Munich hospitality.
So a franchise-based Dallmayr chain was never an
option
Randlkofer: No, and for the simple reason that we
need to maintain complete control over quality if
we’re to succeed in keeping our brand promise. This
is a principle that my fellow Dallmayr executive Wolfgang
Wille and I have upheld for years. It’s one of the
basic policies by which our family-owned business is
run and has been for several generations now.
Eurotrade Flughafen München Handels-GmbH sees
its role as a that of a flexible partner to retail and
hospitality businesses. What are the company’s
strengths from your point of view
Randlkofer: Professional service with a human touch –
it’s something that eurotrade demonstrates anew
every day. Eurotrade employees come to us regularly
for training; we find they feel almost like Dallmayr
employees, and they appreciate and understand that
they need to fulfill our promise of quality right down
to the very last detail. It can be extremely tough at
times. Maintaining quality means constantly pushing
standards. I’m happy to say, the bistro at the airport
exactly reflects our main location in all key aspects –
in terms of its design, its materials and, above all, its
atmosphere and the conduct of its staff.
What makes the Dallmayr café and bistro in Terminal 2
one of eurotrade’s leading businesses
Randlkofer: There are plenty of reasons. The offering
is carefully tailored to the needs and wishes of air
travelers and visitors. The location is outstanding.
The whole look is distinctively “Dallmayr.” And the
friendly and well-trained staff fulfill our promise of
quality with every dish and with every cup of Dallmayr
coffee they serve.
As an aviation hub, Munich Airport has an international
flair yet it hasn’t lost touch with its local roots.
Is that an important success factor, particularly for a
premium brand
Randlkofer: Yes, without doubt. Munich Airport has
managed to combine the two: high-profile fashionable
international brands with a premium local brand
like Dallmayr that couldn’t be more typical for Munich.
What perspectives do you see for the dining and
shopping sector at Munich Airport
Randlkofer: Retail and hospitality operations will continue
to expand as the airport grows. The Terminal 2
satellite is being planned right now. We’re not sure
at this time whether we’ll be opening an additional
Dallmayr outlet there. But if we do, it will be on the
same premiss as with the first: We won’t compromise
on quality.
Georg Randlkofer (left)
and Wolfgang Wille at
the main entrance to
Dallmayr’s delicatessen.

Munich
Singapore
Opening up new horizons
As Singapore-based tour operators, we know that
Bavaria’s mountains, palaces and lakes hold an
enormous appeal for travelers from our region.
Munich Airport is the perfect starting point for
tours, but it also has plenty to offer in its own right.
Our passengers enjoy making the most of the
airport’s rich retail offering before they depart on
their homeward journeys.

The year in review
Highlights
18
Highlights
The year in review
January 22, 2008
Flughafen München GmbH (FMG) institutes
a new innovation and environmental award to
encourage the development of new technologies
and advance environmental protection at
Munich Airport. Known as the MUC Award,
and with a cash prize of €10,000, it is to be
bestowed for the first time in 2008. FMG
hopes the award will foster the creative potential
of students and researchers and encourage
research into ways to make airport operations
more environment-friendly and less resourceintensive.
The MUC Award is to recognize
ideas and projects that address environmental
issues of importance for the aviation industry.
March 2008
In the international Air Cargo Excellence Survey,
Munich Airport ranks second, behind Japan’s
Nagoya International. The initiator of this global
survey among airlines and freight forwarders,
conducted for the fourth time, is the renowned
magazine Air Cargo World. The Air Cargo Excellence
Survey scores airports according to four
measures: Performance, Value, Facilities, and
Regulatory Operations; they are also rated on
their overall impression. Munich ranked among
the top three airports worldwide in each of these
categories and made first place in the Facilities
category.
March 30, 2008
Munich Airport adds a number of attractive
new Asian destinations to its worldwide
network of routes with the introduction of
the summer timetable. Deutsche Lufthansa
begins offering three weekly nonstops to
Mumbai in India, plus five frequencies a
week to Singapore. The range of services to
Seoul, too, expands, with Lufthansa increasing
its number of flights to the South Korean
capital from three to five and, later in the
season, six a week. These flights also serve
Busan, the country’s second-largest city,
and Shenyang in China. Korean Air, too,
previously a freight-only carrier in Munich,
begins operating a passenger service to
Seoul. Airlines coordinated almost 246,000
takeoffs and landings for the summer timetable
season through to October 25.

Highlights
The year in review
April 23, 2008
At an aviation industry summit on air traffic
and the environment held in Geneva, Flughafen
München GmbH and more than 300
airport operators attending from all over the
world sign a joint declaration on climate
change. Although the aviation sector only
accounts for around 2 percent of global carbon
emissions, the purpose of the declaration
is to affirm the industry’s commitment
to progress in the area of technology, operating
procedures and efficiency with the goal
of reducing aviation’s climate impacts. Targets
include driving and implementing new
technologies, further optimization of aircraft
fuel efficiency, and the introduction of positive
economic instruments to achieve greenhouse
gas reduction.
June 10, 2008
Shortly before the fifth anniversary of Terminal
2’s inauguration, Flughafen München
GmbH and Deutsche Lufthansa AG greet the
100-millionth air traveler, a passenger arriving
on a Lufthansa Airbus A330-300 from New
York, with an official welcome and gifts.
19
May 21, 2008
At an official ceremony, FMG receives a new
certificate, valid for three years, attesting to
the high standards of service and the quality
of traffic handling at Munich Airport. The
award is given based on a recently introduced
certification procedure conducted by independent
auditors Kiwa GlobalCert GmbH. FMG’s
ground handling services, passenger services,
traffic services, traffic and operations planning
and traffic management units had all
sought and successfully obtained certification
to the DIN EN ISO 9001:2000 international
quality standard for the second time,
giving them official credentials testifying to
their high service standards.
June 29, 2008
Munich Airport and Lufthansa celebrate five
years of Terminal 2, the passenger building
run jointly by the airport operating company
and Germany’s flag carrier and used by the
latter along with its Star Alliance and other
partners. The terminal, one of the most
advanced in Europe, regularly receives top
ratings in passenger surveys. Its exceptional
convenience, easy way-finding, efficient
handling (including the minimum connecting
time of just 30 minutes), and the friendly
atmosphere are all factors that please the
traveling public.

The year in review
Highlights
20
July 26, 2008
A new EU directive concerning the rights of
passengers with disabilities or reduced
mobility comes into force. The directive aims
to ensure that this group of travelers has the
same access to air transport as other passengers.
New rules mean that airport operators
rather than airlines are responsible for
providing these passengers with the support
and assistance they need. In Munich, this is
taken care of by a support services operator
contracted by Flughafen München GmbH
(FMG). Information on services for travelers
with special needs is available in an FMG
brochure titled Barrier free, available on the
airport’s website.
September 18, 2008
An official prize ceremony for FMG CEO
Dr. Michael Kerkloh: Munich wins the title of
“Best Airport in Europe” in the World Airport
Awards 2008 for the fourth straight year.
Around 8.2 million passengers had taken part
in the international award survey conducted
by Skytrax, a London-based, independent
aviation market research organization. Munich
comes fifth in the world rankings, after Hong
Kong, Singapore, Seoul, and Kuala Lumpur.
In the category “Best international transit
airport,” Munich manages a highly commendable
second place, behind overall winner
Hong Kong.
August 13, 2008
Topping out ceremony for a new rooftop
passageway in Terminal 2. The construction
project, completed while the terminal continued
to operate, was a necessity issuing
from a European Union directive requiring
the systematic separation of passenger
streams at European airports from January
2009. The new internal routing prevents
outbound passengers who have been security
screened according to EU standards
from mixing with passengers arriving on
feeder flights not subject to the same levels
of screening. The 1,000-meter glass passageway
is located on the roof of the passenger
terminal, facing toward the apron,
and can be accessed from 16 of the 24 air
bridges at Terminal 2. The remodeling project
is costing roughly €60 million.
September 28, 2008
Munich Airport marks 20 years of airport
tours for visitors with a special open house
day at the Visitors’ Park. Over the years,
more than 1.5 million people have been on
bus tours for a behind-the-scenes look at the
airport, many of them in the pre-1992 era
when the airport was still a construction site.
Since the airport opened, more than 6 million
people have been to the Visitors’ Park.

Highlights
The year in review
21
October 14, 2008
Flughafen München GmbH bids farewell to
retiree Peter Trautmann, a long-serving executive
who, over the decades, had played a
key role in making Munich the airport it is
today. In recent years, Trautmann had served
as FMG’s Chief Operating Officer, a post
now taken over by Thomas Weyer, who is
officially inaugurated at the farewell event. On
March 20, 2008, Weyer, at the time CEO of
Flughafen Berlin Schönefeld GmbH and
involved extensively in the major Berlin Brandenburg
International Airport project in Germany’s
capital, had been appointed by
FMG’s supervisory board to succeed Trautmann
on September 1.
November 11, 2008
Hearings conducted as part of the zoning
procedure for the construction of a third runway
at Munich Airport begin. Held in Unterschleiss
heim, near Munich, to enable the
regional government of Upper Bavaria to
review objections to the project raised by
communities and private individuals, the
hearings kick off with Flughafen München
GmbH CEO Dr. Michael Kerkloh explaining
the importance from the airport operator’s
perspective of completing the new runway
as swiftly as possible.
October 26, 2008
Airlines coordinate around 164,000 take-offs
and landings at Munich Airport for the winter
timetable. The 183 international destinations
served by nonstop flights include 45 in
Africa, the Americas and Asia. South African
Airways begins operating its service to
Johannesburg on a daily basis; Lufthansa
flies to Mumbai five times a week; and LTU
adds a fourth frequency a week to Phuket in
Thailand. Carrier TUIfly begins serving a new
destination, Boa Vista, on the Cape Verde
islands off Africa, with one flight a week. In
comparison with the 2007/2008 winter season,
Lufthansa’s offering of flights from
Munich has expanded significantly. Besides
its Mumbai service, the carrier also continues
operating the long-haul flights to
Shenyang and Singapore through the winter
months that it originally launched in the summer
season.
November 20, 2008
Flughafen München GmbH’s newly instituted
MUC Award, which carries a €10,000 cash
prize, goes to Dr. Marco Weiss, a researcher
at the Technical University of Berlin’s Aircraft
and Lightweight Construction Chair. The
Award’s brief – to offer new ideas and strategies
with the potential to help reduce
aviation’s environmental and climate impacts –
had attracted 13 entries in total, all highquality
scientific studies. A high-caliber jury
panel made up of scientists and aviation
experts, impressed by Weiss’s “Proposal
for the inclusion of noise emissions in the
operating cost assessment in the preliminary
design of airliners and its application in an
innovative low-noise configuration,” picked
him as the Award’s first winner.
December 15, 2008
A change at the helm of Flughafen München
GmbH’s supervisory board: At its meeting,
FMG’s supervisory board appoints Bavaria’s
Minister of State for Finance, Georg Fahrenschon,
to succeed Erwin Huber, who, in the
same public office, had chaired the board
since December 2007.

Munich
Seoul
Driving efficiency
As freight forwarders, we’re reliant on quality
freight services by air and optimum cargo facilities
on the ground. Between Seoul and Munich,
our goods are carried as bellyhold freight on
passenger flights. Munich is one of the most
efficient hub airports through which we distribute
goods across Europe, especially to the southeast
of the continent.

24
Business divisions
Aviation
Ground Handling
Corporate Real Estate Management and Development
Retail and Services
Terminal 2

Business divisions
Aviation
Aviation
25
Exceptionally rapid growth over a period of many years has turned
Munich Airport into one of Europe’s major commercial airports.
Services to new destinations, additional frequencies on existing
routes, and collaborative initiatives with travel and tourism partners
have steadily strengthened Munich’s role within the aviation industry.
Today we’re firmly established as an important hub airport in the
domestic and European aviation networks.
Exceptional passenger growth
Over 34.5 million air travelers – almost 2 percent
more than a year earlier – passed through Munich
Airport in 2008. In spite of the significantly weaker
general economic environment in the latter half of
the year, Bavaria’s international hub succeeded
once again in setting new records for passenger
traffic and defended its number seven ranking
among the top ten passenger airports in Europe,
recording the second-highest percentage rate of
Traffic figures for commercial airports in Germany 1992 – 2008
Mean growth rate
10 %
MUC
5 %
ADV (German Airports Association) excl. MUC
1.3%
5.2%
4.1%
6.8%
growth after Rome. The number of transfer passengers
also grew an additional percentage point, rising
to 36 percent, or 12.4 million.
Nonetheless, Munich Airport did begin to feel the
effects of the deepening financial and economic
crisis in the year’s second half, with global demand
in the aviation sector slipping sharply in the latter
months of 2008. Even so, Munich’s passenger
growth remained well above European averages,
and the airport rose in the world rankings to the
number 27 slot, up one place on a year earlier. To
put this figure in a broader perspective, Munich
ranked 42nd just ten years ago.
Larger aircraft in service
Compared to 2007, the number of takeoffs and
landings grew 0.1 percent to 432,296 movements
in total. Just as in prior years, carriers continued to
operate increasingly large jets on services to and
from Munich, causing the mean maximum takeoff
weight in 2008 to rise sharply, to 66.1 metric tons
from 63.7 tons in 2007. The overall offering of seats
was higher whereas the mean load factor on flights
was down slightly at 72.8 percent, from 73.4 percent
a year earlier.
Thanks to renewed
passenger growth,
Munich Airport is 27th
in the world rankings
0 %
Aircraft movements
(total traffic)
Passengers
(commercial traffic)

Aviation
Business divisions
26
The Munich hub:
Exceptional growth in
intercontinental traffic
Significant gains on intercontinental routes
With around 23,000 long-haul flights and more than
4.6 million passengers in 2008 – a gain of 4.6 percent
– intercontinental traffic in Munich again
showed exceptional and extremely gratifying growth.
These figures reflect a continued increase in Munich
Airport’s importance as an aviation hub.
Growth was highest on routes to the Far East, which
saw passenger movements surge by 14.6 percent,
or more than 1.4 million. Lufthansa began serving
three new long-haul destinations from Munich –
Mumbai, Shenyang and Singapore – and doubled
its offering of services to Seoul to six frequencies a
week. In addition, Korean Air began offering its first
ever passenger flights from Munich Airport with a
new service to Seoul. South African Airways, too,
played a key role in intercontinental growth by stepping
up the number of frequencies on its Johannesburg
route from three flights a week to seven.
The highest number of passengers in the long-haul
sector – more than 2.3 million – was recorded on
transatlantic services, with flights to and from the
U.S. alone accounting for almost 1.9 million passenger
movements. Routes to and from Dubai, Chicago,
Bangkok and Washington were the busiest.
Transfer passenger flows in 2008
Domestic
< 1 %
Domestic
18 %
Munich Airport
18 %
International
64 %
International

Geschäftsbereiche
Aviation
27
Eastern European passenger traffic booms
In the continental segment, aircraft movements
increased by 2.7 percent and passenger numbers
by 2.2 percent to around 20 million. For the most
part, this gain in European traffic was due to the
popularity of services to Eastern Europe, which
saw a swift rise of 11.5 percent in passengers.
Munich Airport also added a new destination in this
region – Tallinn, Estonia’s capital – to its timetable.
As in past years, Spain, Italy and the United
Kingdom were the destination countries with
the most traffic in 2008. Passenger numbers
were highest on flights to London Heathrow
(around 977,500), followed by Paris Charles de
Gaulle (806,200) and Barcelona (632,000).
Domestic traffic: Hamburg in high demand
In the domestic segment, movements were
down 5.4 percent, but mainly because carriers
were operating larger aircraft on routes in Germany.
The number of passenger movements – close
to 10 million – dipped 0.5 percent, mostly as a
result of scaled-back hub operations for vacation
traffic, but also because of industrial action at
Lufthansa in July and August, which hit domestic
services hardest. Like a year earlier, passenger
numbers were highest on services to and from
Hamburg (around 1.7 million), followed by Düsseldorf
with around 1.6 million passengers.
Record figures
In 2008, more than 200 airlines operated
scheduled and charter services to and from
Munich. Of these, 99 carriers regularly served
244 destinations in 71 countries. Twenty-one
of these destinations were in Germany, 152 in
Europe and 71 in Africa, Asia and the Americas.
Our 2008 traffic statistics at Munich Airport again
included new all-time highs. September was
the busiest month in the airport’s history, with
3,253,823 passengers. Friday, September 26,
was our busiest day ever, with a record-breaking
128,099 passengers. On average, we handled
94,346 passenger movements and 1,150 takeoffs
and landings a day in the commercial segment.
Contraction on the heels of strong gains
In spite of new records and continued growth,
aviation-sector demand stalled on a large scale as
a result of the global economic downturn in 2008,
and Munich, like other airports, felt the effects.
Given these circumstances, 2009 will prove a difficult
year – one in which the entire aviation industry,
including Munich Airport – will see traffic volumes
decline. However, past experience has shown that
growth in the aviation sector is rarely linear over
prolonged periods. On the contrary, it tends to follow
a pattern of steep declines followed by phases of
rapid gains. Typically, when the economy reignites,
Regular flights to
244 destinations in
71 countries

Aviation
Business divisions
28
Emissions-based fees
have been introduced for
a three-year trial period
it sparks an exceptional increase in demand for
flights on a scale that frequently more than makes
up for prior market contraction.
Higher takeoff and landing fees
In spite of the cooling economy, revenue from
takeoff and landing fees grew 4.9 percent to
€315.8 million in 2008. The rise was partly
due to price adjustments and partly to a 1.7
percent increase in the number of passengers,
a 0.2 percent gain in commercial aircraft movements,
and MTOM growth of 4.3 percent.
In line with the growth in traffic, revenue generated
by central infrastructure in Terminal 1 was
up 8.4 percent on its year-earlier level at €26.1
million. Revenue from central infrastructure in
Terminal 2 is booked to FMG subsidiary Terminal 2
Betriebsgesellschaft, the terminal building’s operating
company, and is not reported in Flughafen
München GmbH’s own year-end accounts.
Emissions-based charges
For a three-year trial period that began on January 1,
2008, airlines serving Munich and Frankfurt airports
are being charged €3 per kilogram of emission
equivalent based on planes’ nitrogen oxide and
hydrocarbon output. Launched by the German Air
Transport Initiative in association with Germany’s
Federal Ministry of Transport, Building and Urban
Affairs, the pilot project was rolled out smoothly.
The goals behind introducing emissions-based
fees along with higher noise-dependent charges
are twofold: first, to create an incentive for airlines
to operate low-noise, low-emission aircraft, and
second, to make aircraft makers aware of the
importance of driving technological innovations in
the interests of greater environmental efficiency.
In 2008, the new emissions-based charging scheme
generated around €6 million in emissions fees. In
total, environmental charges accounted for around
45 percent of fixed takeoff and landing fees, compared
to 38 percent a year earlier. The new fee structure
does not create additional revenue for Munich
or Frankfurt. Instead, additional expense to carriers
from emissions-based charges is offset against
the fixed takeoff and landing fees determined by
the takeoff weight of the respective aircraft type.

Business divisions
Aviation
29
Marketing: Promotion tour in Saudi Arabia
One of Marketing’s core tasks is to promote
Munich Airport as the perfect destination and
transfer airport. Exhibiting at trade shows and
organizing events in foreign countries both play an
important part in the airport’s marketing initiatives.
With annual overnight stays of close to 255,000
by guests from the Arab Gulf states, Munich is
one of the five most popular European cities to visit
among people from the Gulf region. A little over
half of these visitors are from Saudi Arabia. Given
that Saudi Arabian Airlines began operating nonstop
services to Munich in 2007, Munich Airport’s marketing
department, in association with Saudi Arabian
Airlines, the Munich Tourist Office, and more than
20 partners in the travel and tourism sector, ran a
promotion tour in Saudi Arabia, including workshops
in Riyadh and Jeddah.
The tourism delegation was the largest ever to
have visited the Saudi kingdom from Germany. The
tour’s success far outstripped expectations, as the
Saudis’ interest in Munich, the wider Alpine region,
its wealth of tourist attractions and, by extension,
Munich Airport as a destination was huge.
Munich is popular with
travelers from the Gulf,
and we’re working to
attract more tourism
from the region
Long-haul destinations in 2008
Calgary
Vancouver
Montreal
Toronto
Chicago
Boston
New York
Denver
Philadelphia
Washington
San Francisco Raleigh
Los Angeles
Charlotte
Atlanta
Orlando
Fort Myers Miami
Cancún Varadero Puerto Plata
La Romana
Punta Cana
Aruba
Sal
Boa Vista
Munich
Yekaterinburg
Tyumen
Aktyubinsk
Sulaymaniyah
Amman
Delhi
Riyadh
Jeddah Doha Dubai
Abu Dhabi Mumbai
Colombo
Male
Mombasa
Shenyang
Beijing Dalian
Seoul Tokyo
Busan
Shanghai
Hong Kong
Bangkok
Phuket
Singapore
São Paulo
Windhoek
Mauritius
Johannesburg
Cape Town

Aviation
Geschäftsbereiche
30
Marketing: Present all
over the world - from
Singapore to Jeddah to
Vienna
Shows in Singapore and Vienna
Flughafen München GmbH and Lufthansa co-exhibited
at the ITB Asia show, which in 2008 was held
in Singapore for the first time. Our main focus was
on marketing Lufthansa’s new service from Singapore
to Munich. The show’s importance extends
well beyond Singapore’s boundaries, and we were
able to hold several highly constructive meetings
with multipliers from the pan-Asian marketplace.
Marketing’s key goals also include expanding
Munich Airport’s catchment area. A rise in the
number of passengers from the Vienna region
has shown us that Munich’s appeal remains
high, even at the outer reaches of the region it
serves. To promote the airport at the local level,
FMG exhibited with its own booth at Vienna’s
“Ferien-Messe” show for the first time.
Focus: Foreign tour operators
Germany Travel Mart (GMT), an industry event
held in a different city each year by the German
Tourist Board (DZT), took place in Munich in early
2008 and drew a record attendance of 675 visitors
from 41 countries. GTM is the most important
incoming marketplace for foreign tour operators
offering tours to Germany. Their buyers, along
with numerous members of the international
travel and tourism press, came from all over
the world in response to the DZT’s invitation to
spend a few days in Munich, to gather information,
and to network with others in the industry.
As an event sponsor, Flughafen München GmbH
was responsible for providing the visitors with
the best possible care on their arrival and prior to
departure. We also held a presentation at GTM.
Together with the company Saisoncheck, we
offered our first-ever online training program for
travel and tourism industry multipliers in 2008.
More than 1,500 travel agency employees used
the program to learn about the extensive range of
services and flights available at Munich Airport.

Business divisions
Aviation
31
Expanding our consulting business
In 2008, Flughafen München GmbH succeeded
in further expanding its international consulting
business, growing revenue from its Operational
Readiness and Airport Transfer (ORAT) consulting
program (based on expertise accumulated during
the successful commissioning of Munich Airport
and Terminal 2) by 36 percent, year on year.
We were involved in opening Singapore’s new
Terminal 3, the new airport in Hyderabad, India,
and, in a certain areas, London Heathrow’s Ter -
minal 5 – all projects that have now been completed.
We’ve since been hired to consult on the
commissioning of new passenger terminals in
Abu Dhabi, Barcelona, New Delhi, Moscow
Sheremetyevo, and Vienna.
In the light of growing demand for our professional
expertise at the international level, we’re planning
to step up our consulting activities and to extend
our offering of services to encompass other sectors.
We took an initial step in this direction in 2008 by
opening an FMG branch office in Abu Dhabi.
MediCare: Healthcare services at Munich Airport
FMG subsidiary MediCare Flughafen München Medi -
zinisches Zentrum GmbH is responsible for providing
healthcare services to air travelers, visitors, and
employees at Munich Airport. The subsidiary also
runs AirportClinic M under license as a private medical
treatment facility as defined in German trade and
industry statutes.
MediCare is co-owned by Flughafen München GmbH
with 51 percent and by MAHM GmbH, a company
operated by a group of physicians, some of whom
are based at Munich Airport, with 49 percent. Medi-
Care currently has a workforce of 70 employees and
in 2008 reported sales of €5.3 million.
FMG is stepping up its
international consulting
activities
Munich’s ascent in the world airport rankings (based on passenger numbers)
37
35 35
33 33 33
30
28
27
40
42
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Airports Council International (ACI)

Ground Handling
Business divisions
32
Ground Handling
Passengers and carriers expect a hub airport to provide smooth
and efficient handling. To address the complex challenges involved
in ground services operations, FMG is working continuously to
optimize processes, secure high standards of employee training,
and manage quality rigorously. The result: quick connections and
rapid turnaround times.
A comprehensive range
of ground services from
a single source
A full-service offering
The Ground Handling division and its subsidiaries
aerogate, Cargogate, mucground Services and EFM
(Gesellschaft für Enteisen und Flugzeugschleppen)
operate as a full-service provider, offering airline
companies a comprehensive portfolio of land-side
and air-side services from a single source. These
services include aircraft ramp handling, baggage
and cargo handling, passenger and crew transports,
land-side handling and cargo handling.
Certified quality standards
Ground Handling and its subsidiaries’ strength lies
in the ability to coordinate and interlock complex,
time-critical service processes. Our work involves
supporting ramp-side hub operations for Deutsche
Lufthansa and its Star Alliance partners at Terminal
2, and tourist traffic operations for airberlin, LTU,
Condor and TUIfly, as well as long-haul traffic for upmarket
carriers like Emirates, Etihad, Saudi Arabian
Airlines, and Delta Airlines at Terminal 1. Our customers
also include well-known cargo and express
carriers, such as Korean Air Cargo, Emirates Sky
Cargo, British Airways World Cargo, DHL, FedEx
and UPS.
We help to ensure minimum connecting times and
rapid turnaround times by delivering flexible, professional
and reliable ramp services – the right basis
for trusting, enduring and successful partnerships
with customer airlines.
Munich Airport’s ground handling services were
the first at any airport in Germany to receive DIN
EN ISO 2001 certification (in 1994); we also went
on to obtain IATA AHM 804 certification in 2003.
This underscores our commitment to quality and
innovation leadership. We focus on serving the
needs of customer airlines, providing high-quality,
continuously optimized services based on a mature
total quality management system, and developing
new products in line with customers’ specific
needs and requirements. In 2008, we reaffirmed
our commitment to exceptional quality through
re-certification to DIN EN ISO 2001.
Extensive training programs
Our emphasis on making sure that our employees
receive a high standard of training plays a central
role in our ability to continuously optimize and
streamline our service processes. In 2008, Ground
Handling and its subsidiaries held 720 seminars
for 2,668 attendees, delivering a total of 7,584
attendee-days of employee training. On average,
these seminars scored an A+ when rated by recipients,
reflecting the consistently high quality of
these offerings.
Besides regular continued education programs, key
areas of training included courses on process optimization
and the operation of ramp equipment.

Business divisions
Ground Handling
33
Quality assurance and stable market share
We have a comprehensive quality management
system in place to monitor service quality, speed
and customer satisfaction. This enables us to adjust
our processes in line with customers’ needs and
to rapidly roll out precisely targeted improvements
where necessary. This responsiveness is something
customers appreciate. In a recent survey of
8.2 million passengers carried out by respected
London-based opinion researchers Skytrax, Munich
Airport was chosen as the best airport in Europe
for the fourth year in succession. This outstanding
result would not have been possible without smooth
and efficient aircraft and baggage handling.
In spite of tough competition at Munich Airport,
Flughafen München GmbH’s ground handling business
again performed well in 2008, commanding a
market share of 86.3 percent. With a workforce of
around 2,600 people, the Ground Handling division
and its subsidiary mucground handled almost
178,000 aircraft. This means we succeeded in
matching our prior-year performance in spite of
the burgeoning economic crisis in the final quarter
of 2008. More than 140 airline companies chose
to source their ground services with us.
Besides the global financial crisis, the fierce price
war in aviation and the massive decline in air fares
brought on by low-cost carriers and their cut-price
offers continued to heighten the already highly
Market share remains
high in spite of tough
competition

Ground Handling
Business divisions
34
Optimized processes,
greater flexibility, and
productivity gains
competitive situation in the ground handling sector,
just as in 2007. FMG responded by thoroughly optimizing
processes and introducing major improvements
to productivity and flexibility.
mucground: Handling and other services
Ground Handling receives comprehensive and highly
efficient support in its ramp handling operations
from mucground Services Flughafen München GmbH,
a wholly owned subsidiary with a workforce of more
than 500 people. In 2008, mucground again provided
a wide variety of ramp and internal services and,
among other things, the limousine service for Deutsche
Lufthansa HON and first-class passengers.
Restructuring continues
To keep Ground Handling competitive in the longer
term and to be able to offer our services at realistic
market prices, we continued to pursue our restructuring
strategy, launched in 2005, in collaboration
with the works council. Thanks to internal optimization,
we were able to improve the division’s results.
However, the future success of the restructuring
will depend largely on our ability to establish a viable
long-term competitive framework and cost structures,
particularly in the area of collectively agreed
wages and salaries.
Twenty-four destinations served by freight carriers from Munich Airport in 2008
Scheduled freight services
Courier/express services
Stockholm
Moscow
Nottingham
Warsaw
London
Leipzig / Halle
Cologne/Bonn
Brussels Frankfurt Katowice
Liège Stuttgart
Paris Munich
Geneva
Zurich
Budapest
Ljubljana
Seoul
Hong Kong
Athens
Tel Aviv
Bahrain
Dubai
Delhi

aerogate: On the expansion track
Besides ramp-side handling, Ground Handling
provides passenger handling services through
its wholly owned subsidiary aerogate München
Gesellschaft für Luftverkehrsabfertigungen mbH.
Although the passenger handling segment is
extremely competitive, aerogate, with its workforce
of around 430 people, handled in excess of 35,000
passenger flights in 2008 and increased its market
share in Terminal 1 to 60 percent. More than 30 percent
of total earnings are now generated by an
expanded range of handling-related services. These
include a IATA ticket and last-minute travel agency,
a lost luggage delivery service, lounge and check-in
staffing, and accounting operations at the airport’s
Visitors’ Park.
In 2008, our subsidiary aerogate reported total
sales in excess of €12.2 million.
Cargogate: Still strong in the cargo sector
Although cargo volumes contracted sharply in
the third quarter as a result of the deepening
global and financial crisis, Ground Handling’s
wholly owned subsidiary Cargogate Flughafen
München GmbH transshipped around 100,000
metric tons of freight in 2008.
Cargogate and its 300 or so employees are responsible
for handling and storing air cargo and providing
documentation and customs clearance services
at Munich Airport. Around 40 percent of the flown
freight transshipped at Munich Airport passes
through Cargogate’s warehouse facilities. The Ground
Handling subsidiary reported sales of €12.5 million
in 2008.
The Ground Handling
division and its subsidiaries:
Professional,
reliable and efficient

Ground Handling
Business divisions
36
EFM: Environmental compatibility
EFM – Gesellschaft für Enteisen und Flugzeugschleppen
am Flughafen München mbH, co-owned by
Ground Handling (49 percent) and GGG Service for
Airlines GmbH, part of the Lufthansa Group, provides
aircraft pushback, preconditioned air, and de-icing
services, plus a range of training and consulting services.
For EFM, customer satisfaction is paramount,
and the company is committed to delivering quality
service with a small environmental footprint. Its quality
management has been certified to ISO 9001 and
its environmental management to ISO 14001.
In fiscal 2007/2008, EFM conducted around 137,000
pushback and maneuvering operations and roughly
7,300 de-icing operations. With a workforce of 120,
the company generated €22 million in sales.

Business divisions
Ground Handling
37
Cargo business falters
In contrast to the growth in the passenger sector,
the cargo volume as a whole, comprising flown air
freight and air mail, dropped by 2.2 percent to
around 260,000 metric tons. The average cargo
volume handled per day in 2008 was 661 tons,
down from 688 tons in 2007.
Traffic figures for commercial airports in Germany 1992 – 2008
Mean annual growth rate
10 %
MUC
ADV (German Airports Association) excl. MUC
7.6%
Although cargo figures for the first few months
of the year set new records, volumes shrank
rapidly toward yearend, reflecting just how
sensitive the cargo sector is to large-scale global
economic turbulence of the kind that began in
the summer of 2008.
Bellyhold freight at 80 percent
In 2008, the air cargo volume totaled approximately
242,000 tons, down 3.6 percent on a year earlier.
The primary mode of transportation remained
unchanged, with around 80 percent of air cargo
still carried as bellyhold freight in passenger aircraft,
compared to 20 percent on dedicated freight
services.
Air mail on the ascent
The positive trend evident in air mail in 2007
rapidly gained momentum in 2008, presumably
because a proportion of the mail and goods
shipments formerly carried by express services is
now being shipped increasingly as air mail: Munich
Airport handled 17,700 tons of air mail, up almost
22 percent year on year.
Cargo in 2008: Recordbreaking
figures followed
by a swift downturn
Eighty percent of air
cargo is carried on passenger
services
5 %
4.2%
0 %
Flown cargo (commercial traffic)

Corporate Real Estate Management and Development
Business divisions
38
Corporate Real Estate Management and
Development
For travelers and visitors, Munich Airport presents a diverse and
multi-faceted environment that aims to meet a wide variety of needs.
Our constantly refined and enhanced retail and hospitality offering,
plus a range of high-profile events and the airport’s incomparable
surroundings combine to provide customers with a rich and highly
engaging experience.
The airport is a popular
location for restaurateurs,
hoteliers and
advertisers
The airport – a place of encounter
Munich Airport is much more than a facility for handling
passenger traffic: It’s also a vibrant place of
encounter for travelers and airport employees and
a popular location for restaurateurs, hoteliers and
advertisers. The needs and expectations of customer
groups and partners are shifting constantly,
so for FMG creative thinking, a commitment to
quality, and consistent customer focus are all factors
essential to our success in the corporate real
estate sector.
Thus, 2008 was another year of new projects and
construction programs, new leases aimed at
addressing target groups’ needs better, optimization
of our retail business, and numerous successfully
organized events – initiatives, in other words,
aimed at making Munich Airport an even more
engaging and attractive location.
A key addition: The new hotel
To meet the growing need for overnight accommodation
at the airport, a new three-star-plus, mediumprice-segment
hotel with more than 250 rooms – a
valuable addition to the airport’s extensive service
infrastructure – is currently being built. Novotel, part
of the French global hotel group Accor, won the bid
to construct the new on-campus airport hotel, which
is scheduled to open in early 2010.

Business divisions
Corporate Real Estate Management and Development
39
The building is being erected on a 10,000-squaremeter
site in the northwest sector of the airport campus,
close to the main approach road and P41, the
vacationer parking lot. A shuttle service will be available
to take hotel guests to either of the airport’s two
terminals or the Central Area, just a few minutes
away. The hotel will also have a large car park of its
own and direct access to the rapid transit rail line.
Demand for overnight stays at Munich Airport is on
the rise, not just among business travelers but also
among people traveling for pleasure, especially
families, so the new hotel will be filling a gap rather
than competing with the airport’s existing five-star
Hotel Kempinski. Priced in a more affordable category,
it complements perfectly the hotel accommodation
already available on campus.
A new airport hotel
with 250 rooms in the
medium-price segment

Corporate Real Estate Management and Development
Business divisions
40
Plenty to see and do
at the airport – from
shopping to dining and
high-profile events
Munich Airport: Shopping, fine food and fun
In 2008, the retail sector at Munich Airport continued
to develop successfully. With retail and hospitality
units covering an area of more than 32,000 square
meters, passengers and airport visitors have a rich
choice of places to shop, eat and drink – an offering
that we’re constantly expanding and refining. In
2008 we widened the already attractive retail mix
in the public area by introducing several new international
brands, including fashion goods specialist
Accessorize.
One major new highlight is the Cosmetic Institute,
opened in Terminal 2 by FMG subsidiary eurotrade.
Here travelers and airport visitors can enjoy a range
of facial and body treatments with luxury cosmetics
from Lancôme, Clarins, La Prairie and Sisley. We
also created space for new and larger retail units in
Terminal 2 with the addition of the new rooftop
passageway.
Changes in the hospitality sector
The hospitality sector, too, saw a number of important
changes in 2008. FMG subsidiary Allresto
remodeled and modernized a number of snack bars
in Terminal 1. The Erdinger Bar beer garden in
Module C, for instance, now offers guests snacks
and beverages in typical Bavarian surroundings, and
two hospitality units in the Central Area, Fruttibar
and Nordsee, both received facelifts for a new and
fresher look.
Munich Airport’s entire retail, hospitality and entertainment
offering, which unites a large number of
stores, bars and restaurants and a wide-ranging
events program under a single roof, visually
rebranded at the end of 2008, introducing a more
eye-catching and memorable look featuring vibrant
colors and silhouetting as a stylistic device.

Business divisions
Corporate Real Estate Management and Development
41
Events in the MAC Forum
As in previous years, events held in the München
Airport Center’s unique and distinctive Forum were
again the focus of the advertising industry’s marketing
activities.
Highlights in 2008 included the Airport Beach
Weeks, public viewing events during the European
Football Championship and the Olympic Games,
and the tenth winter market, with an abundantly
varied family program and a large ice skating and
curling rink.
Other notable events included a “Children run for
children” day for the benefit of UNICEF, the “Open
Airport” regional band contest, and a meet-andgreet
day with TSV 1860 München (a popular German
soccer club with 60,000 members) at which
fans could rub shoulders with their idols.

Retail and Services
Business divisions
42
Retail and Services
The key to our success is our ability to fulfill as many wishes as
possible for as many customers as possible. Travelers’ needs are
as varied as their destinations, which is why our offering – from
retail and hospitality to parking facilities and services – is exceptionally
wide. All our subsidiaries are committed to delivering the
highest quality standards, and their record revenues are a mark
of our customers’ satisfaction.
Airport parking: 34,000
spaces plus value-added
services
Parking and Services: Quality parking, 24/7
The Parking and Services unit operates the parking
facilities at Munich Airport – 15 multistory garages
and several open-air lots, with a total capacity in
excess of 34,000 parking spaces. Our customer
base comprises not just air travelers but also airport
building tenants and airport employees.
The range of services we offer includes convenience
and secure parking, available in the multistory parking
garage P20, plus value-added automobile services,
including washing and valeting and transfers to auto
repair shops. Our valet parking, too, is a popular service:
Travelers can hand their car over to an airport
employee who parks it in a garage of their choice,
and when they arrive on their return journey, the car
is driven up for them, ready for collection. We also
provide XXL parking – extra-wide bays with plenty of
space for getting in and out. And lastly, there’s “Park,
Sleep & Fly,” a special deal from the Hotel Kempinski
Airport München. Bannered “Start your vacation well
rested,” this is a package that combines an in expensive
room for a night plus up to eight days
of free parking at the airport.
Other parking-related services at Munich Airport
include the option of pre-booking parking spaces
through the airport’s website at attractive rates with
fee savings of as much as 44 percent, and creditcard-based
parking, which allows users to access
and pay for parking directly by credit card at car park
barriers without needing to draw a ticket.
A new record: 6.4 million vehicles parked
During 2008, around 6.4 million vehicles used the
parking facilities at Munich Airport – 4.3 percent
more than a year earlier. This boosted external
parking revenue, most of which is generated by
originating passengers, by 2 percent in 2008 to
around €65 million.
Allresto: Dining to suit every taste
Formed in 1978, Allresto Flughafen München Hotel
und Gaststätten GmbH comprises a number of
different businesses. They include restaurants such
as Airbräu, Käfer, il Mondo, Bamee, Piazza Monaco,
and the whole food bistro Organic, bars in both
terminals, five employee canteens, the “municon”
conference center, and the Kempinski Hotel Airport
München. Allresto runs its bars and restaurants
itself, but its hotel and its employee canteens are
managed by third-party operators.
With its 645 employees (the average headcount
over the year), Allresto generated total revenue of
€76.5 million in 2008. In spite of the swift downturn
in the business environment in the latter half of the
year, earnings were up 2.7 percent overall on the
prior fiscal.
The positive earnings growth was driven in part by
a number of changes and additions. The Piazza
Monaco in Terminal 2 and the gourmet restaurant il
Mondo and the Erdinger Weissbräu beer garden in
Terminal 1 were refurbished and redesigned. An

Business divisions
Retail and Services
43
attractive new feature, the Ballonstüberl, was added
to the Airbräu pub. Another highlight among the
eateries is Smokey Joe’s sausage stand in the
München Airport Center’s Forum, which sells a
range of curried sausages in traditional Munich,
Ruhr, and Berlin styles.
Allresto has made important advances environmentally,
too. Not only has the company published its
own environmental statement, it also successfully
obtained ISO 14001 and EMAS certification in 2008.
This process has helped to identify potential for
saving energy, water, packaging material and cleaning
agents. In addition, certification has greatly
improved the transparency of individual eco initiatives
while at the same time raising employees’ awareness
of environmental issues – both important factors
toward improving Allresto’s environmental performance
in the future.
The exceptional quality of Allresto’s bars and restaurants
was underscored by Munich’s results in the
Word Airport Awards 2008. Besides being voted
number one in Europe and number five worldwide,
we ranked third globally in the category Airport Dining.
Allresto: Strong business
and environmental performance

Retail and Services
Business divisions
44
Sales and headcount both higher at eurotrade
Thanks to its highly attractive retail range – from
duty free and Travel Value shops to newsagent,
travel goods and souvenir stores and outlets for
clothing, cosmetics, toys, jewelry and watches –
eurotrade Flughafen München Handels-GmbH once
again reported record earnings in 2008 in spite of
the deteriorating economic situation in the second
half of the year.
Sales per departing passenger
Retail and hospitality
€15
€13.67 €14.03
€10
€14.45
In spite of the unfolding
economic crisis,
eurotrade again reported
outstanding earnings
With revenue of €158.4 million, up 7.3 percent in
comparison with 2007, the company recorded its
highest ever sales since its inception. Thanks to
this exceptional performance, the company was
able to create 64 new jobs, bringing the overall
headcount to 925 employees and 11 vocational
trainees by yearend.
Customer focus
Eurotrade carefully assesses passenger flows when
choosing where to locate stores in the terminal
buildings and adjusts to changing private and business
traveler needs by remodeling and renovating
outlets and opening new types of stores where
€5
€0
2006
2007
2008
Retail space at Munich Airport in 2008
Total: 32,998 m 2 Retail/services: 19,535 m 2 Hospitality: 13,463 m 2 Air-side
Air-side
retail/services
10,278m²
hospitality
4,701m²
Land-side
retail
9,257m²
Land-side
hospitality
8,762m²

Geschäftsbereiche
Retail und Services
45
appropriate. In 2008, the portfolio of popular brands
was extended to include a Boss Porsche Design
Accessories store; in addition, a branch of Cosmetic
Institute opened in Terminal 2, offering passengers
wellness treatments in a first-rate spa facility.
Airport retail growth (units)
Retail/services
Hospitality
A number of retail stores, including Escada/Aigner,
Airsport, Behringer and Rolex, were all given facelifts
to align better with customers’ wishes
and expectations.
200
198
51
With all the development measures in the retail
sector, differences between the two terminals’
structure and design need to be taken into account.
In Terminal 1, for instance, with its decentralized
structure, each module needs its own duty free,
Travel Value and newsagent stores, whereas in
Terminal 2, businesses can be located centrally.
150
100
50
0
42
11
31
1992
89
28 147
61
1998/1999 2008
The number of retail,
service and hospitality
units at the airport is
growing constantly

Terminal 2
Business divisions
46
Terminal 2
The success story continues: In 2008, FMG and Deutsche
Lufthansa’s joint operating company celebrated the arrival
of Terminal 2’s 100-millionth passenger. And with numerous
new flights – including services to Asia and South Africa –
plus an expanded non-aviation offering, Terminal 2 today
is more attractive than ever.
LH and FMG: Jointly
responsible for operating
Terminal 2
FMG and LH’s collaborative venture
The Terminal 2 division consists of Terminal 2 Betriebsgesellschaft
mbH & Co OHG, the company responsible
for operating the passenger terminal. The company
is co-owned by Flughafen München GmbH and
Deutsche Lufthansa AG, with respective holdings of
60 percent and 40 percent, and represents the first
instance worldwide of an airport operator and an
airline company teaming up to share the entrepreneurial
responsibility for constructing and operating
a piece of airport infrastructure.
Terminal 2 Betriebsgesellschaft does not function in
a production capacity as such; instead, its two corporate
parents provide services on its behalf. Other
services needed in connection with marketing and
operating the building are bought in, mainly from
FMG. The subsidiary’s task is to coordinate and
integrate services, to optimize processes, and to
develop new ideas and strategies.
One terminal, many advantages
Joining forces to build and operate Terminal 2,
which is used exclusively by Lufthansa and its partner
airlines, above all the Star Alliance, brings important
benefits for both FMG and Lufthansa. Besides
having the use of a passenger building designed
from the ground up to handle international hub operations,
the carrier can also guide and shape the facility’s
future development. For FMG, the terminal has
created considerable additional aircraft and passenger-

Business divisions Terminal 2
47
handling capacity, and secured a long-term commitment
to its airport from Germany’s largest airline –
a commitment that will help to drive and sustain
future growth.
Terminal 2 offers a minimum connecting time of
just 30 minutes (unmatched among international
airports), is a well structured and user-friendly building,
and has an extensive retail and hospitality offering.
It has played a central role in Munich Airport
being chosen again in 2008 as the best airport in
Europe in the Skytrax passenger survey.
Terminal 2 has a minimum
connecting time
of just 30 minutes –
unparalleled worldwide

Terminal 2
48
Five years and 100 million passengers
There were two landmark events for Terminal 2
in 2008: On June 29, the building celebrated its
fifth birthday. And a few days earlier, on June 10,
it welcomed its 100-millionth passenger, a traveler
arriving from New York on a Lufthansa Airbus.
Attractive new destinations
In 2008, Terminal 2 handled 295,769 takeoffs and
landings, 0.5 percent fewer than a year earlier, and
registered around 22.5 million passenger movements
(down 3.3 percent on 2007).
Barring Carpatair’s relocation to Terminal 1 at yearend,
there were no changes to the group of airlines
operating out of Terminal 2 in 2008. Twenty-five carriers
provided regular passenger services from Terminal
2 to 142 destinations all over the world. These
included 18 domestic destinations, 93 in other European
countries, one (Cairo) in the non-European
Mediterranean region, and 30 on intercontinental
routes. Not included here are carriers operating
services for Lufthansa under an LH flight number.
Among the highlights were new Lufthansa services
to Mumbai, Singapore and Shenyang, as well as
a daily service to Johannesburg by South African
Airways. Other additions included a Lufthansa
service to Klagenfurt and a new Cimber Air flight to
Norrköping, the carrier’s third destination in Sweden.

49
Retail and hospitality: An attractive offering
In 2008, we made significant additions to Terminal
2’s already attractive non-aviation portfolio: At yearend,
the building had 87 retail and service outlets
(25 in the public area and 62 in the restricted area),
plus 20 bars, cafés and restaurants (seven in the
public area and 13 in the restricted area) serving
passengers’ and guests’ needs.
In the public area, we added an Accessorize store
selling an extensive range of jewelry and fashion
accessories.
In the restricted area, the Escada and Aigner unit
located immediately behind the security screening
points was redesigned and now offers a range of
Burberry goods. Likewise new is a Hilscher store
with a range of exclusive jewelry and watches, and
an AirSport outlet selling Adidas and Puma goods.
Mid-year, a Cosmetic Institute unit with an exclusive
offering of spa and beauty treatments opened next
to the duty-free shop in the departure area for flights
to non-Schengen destinations. We also made a
number of other changes to further raise the appeal
of Terminal 2 and enrich the retail offering: a major
new Look store, next to the Swarovski and Mont-
Blanc brand stores, which sells a comprehensive
international range of watches; Gautam Diamonds
and Antwerp Diamonds, both at new locations,
which sell precious jewelry and gems; a new House
of Bruges selling a range of delicatessen foods
and fine wines; and a greatly enlarged sales area
for Tumi luggage store.
We’ve also introduced special facilities for travelers
in need of a rest. Two sleeping pods known as
napcabs have been installed in the non-Schengen
area, where passengers facing longer waits can
r etreat to relax, rest or work in peace.
New passageway on the terminal roof
There was also an important new structural addition
to Terminal 2 in 2008. Due to a new EU directive
coming into force on January 1, 2009, requiring
passengers in transit from outside the EU and EFTA
to undergo special security screening, passenger
flows had to be rerouted within the building.
We implemented this requirement by building a
new passageway on the roof of the terminal that
connects to 16 of the terminal’s air bridges. The
construction work began in 2007 and was completed
while the terminal continued to operate. The project
as a whole has cost around €60 million to complete.
A new rooftop passageway
costing €60 million
has been built to meet
new EU regulations

Munich
San Francisco
Making dreams happen
My home is in San Francisco but my real passion
for years now has been Italy. I spend almost every
vacation there and I invariably fly via Munich Airport.
With the number of travelers catching flights to
and from Italy, you can see why they call it “Italy’s
third-largest airport.” I really appreciate the excellent
onward connections and the short connecting
times. And the Italian atmosphere in the Spazio
Italia bistro at the departure gate always makes
me feel as if I’m almost there already.

Über uns
52
About us
Sustainability
Expanding the airport infrastructure
Aviation and climate change
Communications and regional relations
Personnel

About us
Sustainability
Sustainability
53
Success in business should not be achieved at the expense of
tomorrow’s generations. The only way a company can maintain
its societal license to operate and grow is to pursue a business
strategy that focuses on the longer term and seeks to use
resources responsibly. FMG’s environmental management
system, first certified in 2005, is one of the cornerstones of
sustainable airport operations.
Building an end-to-end strategy
Munich Airport is one Europe’s foremost aviation
hubs and in 2008 retained its number seven ranking
among the top ten. Airport operator Flughafen
München GmbH’s success is based more than anything
on its performance-oriented corporate culture,
its drive and its consistent focus on profitable
growth. Like many other businesses, though, we’re
also highly aware of our responsibilities as a corporate
citizen and we’re committed to balancing our
success as a business with sound environmental
practices. Companies that take this kind of holistic
approach to business are described as “sustainable.”
Sustainability’s three
pillars: Sound environmental,
business and
citizenship practices

Our sustainability
project is shaping
corporate strategy
The sustainability process at FMG
We already operate to sustainable principles in many
areas of our business. Our aim going forward is to
unify and streamline these activities and to raise
their visibility. Our executive management has therefore
given the green light for a sustainability reporting
project.
With the aid of outside experts, we’re working to
anchor sustainability factors in the company’s goal
system and to step up communications on sustainability
and its importance for FMG. One major milestone
along this road will be a sustainability report,
slated for publication in the autumn of 2009.
The sustainability project at FMG also guides and
informs company strategy. In particular, it shapes
the development of our strategic roadmap and determines
the intermediate-term performance targets
contained in our balanced scorecard (BSC).

About us
Sustainability
55
Using resources responsibly
At root, business sustainability is about managing
and using resources responsibly – not just raw and
natural materials, but also financial capital, business
networks, and relations with communities in our
host region. Above all, our human capital is of special
importance, and our employees’ ability to unfold
their full potential and to be their best in the work
they do plays a vital role in our success as a company.
An effective sustainability strategy makes us
more efficient, paves the way for more innovative
products, technologies and services, and, at the end
of the day, gives us a crucial competitive edge in the
various markets we serve.
FMG’s sustainability process is a logical and, indeed,
crucially important outgrowth of our environmental
management system, which we first had certified in
2005. By promoting greater awareness within the
organization of economic and societal as well as
environmental issues, we can ensure that our business
strategy is not just all-encompassing but charts
the best way forward when it comes to meeting the
challenges we as a company will face tomorrow.
GRI sector supplement for airports
To promote and expedite the anchoring of sustainability
management throughout the aviation sector,
FMG is involved in a working group preparing a
so-called sector supplement – a set of airport-specific
additions – to the Global Reporting Initiative’s
third-generation (G3) guidelines on sustainability
reporting.
The working group, comprising representatives from
ten international airports and various interest groups,
is involved in identifying framework conditions that
apply specifically to airports and in evaluating the
special factors that are unique to aviation. The sector
supplement is slated for completion in the first half
of 2010.
FMG is working on a
GRI sector supplement
for airports

Expanding the airport infrastructure
About us
56
Expanding the airport infrastructure
Continued growth in recent years has brought Munich Airport close
to the limits of its capacity. The current two-runway system is already
unable to cover demand during times of peak traffic. Our ability to
expand the airport in line with aviation’s needs secures important
growth opportunities while protecting Bavaria’s value creation
capacity, labor market and appeal as a business location.
Continuous, demanddriven
development of
the airport is essential
Developing in line with demand
Ranked once again as one of Europe’s top ten commercial
airports in 2008, Munich Airport continues
to enjoy as outstanding a name among air travelers
and visitors as it does among airport organizations
and airlines worldwide. It was due in no small part
to this excellent reputation that Munich was able
to record gains in passenger traffic in 2008, even
though general economic conditions deteriorated
significantly in the latter half of the year.
Going forward, aviation sector growth is not just
essential to meeting Germany’s need for mobility
as a center of industry and a crucial factor in the
overall performance and competitiveness of the
country’s economy, it remains essential to prosperity
and employment. This applies not just to airports
themselves but also, in Munich’s case for example,
to the state of Bavaria and even the country as a
whole. To help ensure that this continues, that
Munich can remain an attractive and efficient hub
airport and can profit from tomorrows’ projected
growth, we need to create the right conditions to
enable the airport to grow and develop in line with
demand.
Munich’s third runway
Intraplan Consult GmbH, an independent firm of
consultants, has predicted that annual commercial
passenger numbers in Munich could rise to 57.3 million
and aircraft movements to 607,000 by 2020. What’s
more, a third runway is no longer a distant need, it’s
an acute and pressing issue: It’s already common
for us to reach maximum capacity and run into takeoff
and landing bottlenecks during day-to-day operations.
Free takeoff and landing slots are now scarce
and, with its current two-runway system capable of
processing 90 scheduled movements an hour, the airport
regularly reaches the limits of what it can handle.
Application for zoning approval
Once the regional planning process for the third
runway was brought to a successful close on
February 21, 2007, with the grant of planning
approval, Flughafen München GmbH on August 24,
2007, submitted an application for zoning approval
to Upper Bavaria’s regional government, the relevant
planning authority, for the runway project. The
application documents included 47 file folders with
more than 30 explanatory reports, specialist papers
and expert opinions running to over 10,000 pages
and more than 500 drawings.
Having verified the application documents submitted
by Flughafen München GmbH, the South
Bavaria Aviation Office, a regional government
department, initiated the zoning approval process
required under aviation law on October 9, 2007.

About us
Expanding the airport infrastructure
57
In November and December 2007, the application
documents were made available for public scrutiny
and published on the Internet. Besides the general
public, around 130 bodies representing public interests,
including local community organizations, public
offices, and conservation organizations, took the
opportunity to address the plans in writing in a public
review procedure. Upper Bavaria’s local government
received around 60,000 objections and state-
ments on the application for the third runway. All of
these objections were registered, scrutinized and
appraised and, once the deadline for filings expired,
were sent to Flughafen München GmbH for review
and comment. We examined all of the statements
and objections raised and responded to them, fully
and conclusively, by September 30, 2008.
Around 60,000 objections
and opinions were
reviewed in judicial
hearings

Expanding the airport infrastructure
About us
58
A target capacity of at
least 120 takeoffs and
landings per hour
Public involvement
On October 14, 2008, Upper Bavaria’s regional government
announced the starting date for statutory
hearings at which bodies representing public interests,
spokespersons for interest groups, individuals
with objections, and the project owner could make
their cases. The hearings began on November 11,
2008, at the BallhausForum in Unterschleissheim,
near Munich, and are scheduled to comprise a total
of 50 days. Once the hearings are complete, the
zoning authority will review and assess the application
documents in their entirety along with the
statements and objections raised and the findings
emerging from the statutory hearings, and, having
weighed all of the significant issues raised, will
issue its decision.
A third runway at the site known as “5b,” currently
the subject of the zoning process, would be 4,000
meters long and located at a distance of 1,180
meters from the airport’s north runway (center to
center), with a threshold offset of 2,100 meters. It
would enable us to meet our capacity target of at
least 120 scheduled takeoffs and landings an hour
and to efficiently handle the air traffic volumes that
we anticipate for the year 2020. This addition would
safeguard Munich’s continuing development as a
major hub airport and aviation center in Europe.
We hope that the third runway, essential as it is to
Munich and Bavaria’s ability to compete effectively
in tomorrow’s aviation arena, can go into service as
soon as possible.
Planned location for the third runway (preferred variant “5b” in the airport’s northeast sector)

59
On the drawing board: The T2 satellite
The new runway isn’t the only major construction
project initiated by FMG in response to the rapid
growth at Munich Airport. Our expansion plans for
the intermediate term also include augmenting
passenger-handling capacity. Back during the
planning phase for Terminal 2, the idea was born
to expand the baggage sorting hall on the east
apron at some time in the years ahead to create
a satellite for passenger traffic.
The satellite isn’t a new terminal in its own right
but a functional extension of Terminal 2, designed
to optimize flight transfers, create more air-side
capacity and provide additional contact aircraft
stands. As such, it won’t have the kind of dedicated
land-side road access or check-in facilities that a
new terminal building would normally require;
instead, it will use Terminal 2’s facilities. Passengers
will be carried between Terminal 2 and the satellite
on an underground rail line.
Having received the approval of its oversight bodies,
FMG in September 2007 initially commissioned
a number of planning offices to prepare plans for an
underground people mover system and the expansion
of the baggage transportation system and
then, in April 2008, to produce exploratory and preliminary
plans for the satellite, essential changes to
current ramp areas, and new tunnel structures. This
preliminary planning work, along with the related
cost estimates, will map out possible solutions in
detail and create a foundation for subsequent decisions
on how to proceed with implementation.
The satellite currently
being planned is
intended as a functional
extension to Terminal 2

Expanding the airport infrastructure
About us
60
Aviation sector demand
will rebound once the
current crisis is over
Future-focused development strategy
This expansion program means that Flughafen
München GmbH will be embarking on a major
investment drive. Particularly in periods of economic
decline and attendant unease, negative
sentiment and restraint, it’s all the more important
to assess situations objectively and to focus on
facts. This is why FMG, with its investment policy,
is banking on the aviation industry’s ability to
achieve sustained growth in the intermediate and
longer term. All the trend indicators show clearly
that, once the current crisis has been overcome,
there will be a rebound, and former characteristic
growth patterns will re-emerge. After all, mobility
today is a fundamental human need, and it will
remain so in the future.
This means that Munich Airport has to make the
requisite provisions to ensure that it’s in a position
to swiftly accommodate a strong resurgence in
demand for air travel and transportation as soon as
the global and local economies reignite. We’re

About us
Expanding the airport infrastructure
61
therefore taking the longer view by electing to go
ahead with current plans and preparatory construction
work and to lay the foundations for tomorrow –
by creating a competitive and demand-centric aviation
infrastructure and adding urgently needed
capacity upgrades to our airport. At the same time
we’re helping to provide the best possible infrastructure
conditions for the future growth of Germany’s
and Bavaria’s highly export-driven economies.
Munich Airport: Recovery following crises
Mean change in annual passenger volume compared to prior year
Recovery
Consolidation Hub development Crises
First oil and global economic crises
0.6 %
p. a.
8.0 %
p. a.
7.2 %
p. a.
Global economic crisis after 2nd oil crisis
1.1 %
p. a.
12.5 %
p. a.
7.3 %
p. a. 6.9 %
p. a.
Gulf War
Terror attacks of Sept. 11, 2001,
Iraq War, SARS
11.3 %
p. a. 10.8 %
10.2 %
p. a.
p. a.
1.5 %
p. a.
8.2 %
p. a.
Financial and economic crisis
1.7 %
p. a.
- 5.5 %
p. a.
1973 1975 1980 1985 1990 1995 2000 2005 2008
Source: Flughafen München GmbH, market research (April 2009)

Aviation and climate change
About us
62
Aviation and climate change
The demands of climate change will play a central role in shaping
the future of aviation. Through rigorous efforts to achieve greater
energy efficiency and reduce emissions, FMG is working to improve
climate performance within the industry. With initiatives like the
introduction of emissions-based landing charges, we will continue
to make the most of the means at our disposal to help protect
the world’s climate.
Reducing climate impact
through advances in
technology, operating
processes and efficiency
FMG signs a declaration on climate change
At an aviation industry summit on air traffic and
the environment held in Geneva in April 2008, Flughafen
München GmbH and more than 300 other
airport operators attending from all over the world
signed a joint declaration on climate change.
Although the aviation sector only accounts for
around 2 percent of the carbon emissions worldwide,
the purpose of the declaration was to affirm
the industry’s commitment to progress in the area
of technology, operating procedures and efficiency
with the goal of reducing aviation’s climate impacts.
In keeping with the so-called four-pillar strategy
approved at the annual meeting of the International
Civil Aviation Organization (ICAO) in 2007, the
Geneva declaration set out the following targets
and requirements:
– Push forward the development and implementation
of new technologies, including cleaner fuels
– Further optimize the fuel efficiency of fleets, in
taxiing operations and ground handling
– Improve air routes, air traffic management and
airport infrastructure
– Implement positive economic instruments to
achieve greenhouse gas reductions wherever
they are cost-effective
The first MUC Award
To advance the development of new technologies
and to promote better environmental stewardship
at airports, Flughafen München GmbH created the
MUC Award, an innovation and environmental prize
worth €10,000, which the company bestowed for
the first time in 2008. We instituted the award with
the intention of encouraging creative thinking in the
academic and science community and leveraging
research outcomes capable of reducing airports’
resource consumption and enhancing environmental
performance. The award is aimed at students
and scientists whose work and projects for universities
and other places of research focus on environmental
issues of relevance for the aviation
industry.
The MUC Award 2008 went to Dr. Marco Weiss
at the Technical University of Berlin’s Aircraft and
Lightweight Construction Chair. A high-caliber jury
panel made up of scientists and aviation experts,
impressed by his “Proposal for the inclusion of
noise emissions in the operating cost assessment
in the preliminary design of airliners and its application
in an innovative low-noise configuration,” picked
him as the new Award’s first winner.

About us
Aviation and climate change
63
Reducing carbon emissions
To evaluate the success of specific initiatives
to reduce carbon emissions, Flughafen München
GmbH needs to compute the total emissions
at the airport. To this end, we set up a database
to track emission types and quantities from every
single source. The findings help us to define sets
of goals and initiatives that we can or should
undertake and accomplish in the short, intermediate
and longer term. We review and assess
initiatives that can help us to use energy more
efficiently, make greater use of renewable energy
sources, and bring about behavioral change among
energy users.
One carbon reduction project we’re currently evaluating
is the use of a pre-conditioned air (PCA) system
to supply air to aircraft parked on stands. Other initiatives
already in progress include running our
vehicle fleet on biogenic fuels (rapeseed, bioethanol
and biogas), burning biogas in the airport’s combined
heat and power plant, using solar cooling in
the cargo area canteen (a pilot project), and installing
energy-saving lamps and LED lighting all over
the airport.
Aviation noise levels are unchanged
The marginal increase in the number of aircraft
movements year on year meant that the continuous
sound pressure recorded at our aviation noise monitoring
system’s 16 measuring stations remained at
essentially the same levels as in 2007. At 12 of the
stations there was zero change compared to a year
earlier; three stations – at Eitting, Massenhausen and
Reisen – each recorded a gain of 1 dB(A); and the Pallhausen
station showed a lower continuous sound
pressure level than during the prior year.
The only station to measure a level of more than
60 dB(A) was Pulling, sited very close to the airport;
eight of the stations showed readings between 55 and
60 dB(A); and seven registered levels below 55 dB(A).
To put this in perspective, in 1999, a year with
300,000 aircraft movements, five of the measuring
stations recorded a continuous sound pressure
level of between 55 and 60 dB(A), and 11 measured
levels below 55 dB(A). So although none of the 16
stations recorded levels in excess of 60 dB(A) ten
years ago, only one station did in 2008 – and this in
spite of the huge increase in the volume traffic in
the intervening years and a total of 430,000 takeoffs
and landings in the review year.
Several carbon reduction
projects are already in
progress at the airport

Levels of airborne
pollutants are in the
low-to-middle range,
and particulates are
down slightly
The incidence of individual noise events in excess
of 70 dB(A) increased by 5 percent to around
354,700 in 2008; of these, events in excess of 85
dB(A) only occurred three times a day on average –
the same as a year earlier and, in spite of the enormous
rise in the number of aircraft movements, the
same as in 1999.
The number of mobile aviation noise measurements
taken in the area around the airport rose to 13 in
2008, up from six in 1999 and seven in 2007. This
was in response to an increase in demand for
mobile readings, which prompted us to add a further
mobile measuring unit to our pool of monitoring
systems.
We’re happy to report that in 2008 the mean nighttime
continuous sound pressure level of 50 dB(A)
was not exceeded at any point where aviation
routes intersect with the noise protection zone,
and the airport only used up 56 percent of its allotted
noise quota.
Levels of airborne pollutants are unchanged
Airborne pollutant and particulate levels recorded in
2008 were similar to those registered in prior years –
in other words in the low-to-middle range. The
mean level of nitrogen dioxide, the most important
traffic-related pollutant, over the year was 31 micrograms
per cubic meter – close to the levels of
30 – 34 micrograms per cubic meter measured in
2005 – 2007. In the case of particulate matter (PM10),
the mean annual level was 18 micrograms per cubic
meter. Compared with the levels of 19 – 25 micrograms
per cubic meter recorded between 2005 and
2007, the particulate load dropped slightly in 2008.
No pollutants in local honey
A monitoring program was conducted in which
samples of honey collected over a period of several
months in the airport’s local area were tested for
airborne pollutants by an independent laboratory
and compared against samples gathered in areas
with a similar environmental structure but with no
airport nearby.
The lab findings revealed that honey produced in
Munich Airport’s surrounding area showed no signs
of pollutants. The presence of the airport had no
demonstrable impact on the quality of the honey.

About us
Aviation and climate change
65
Subsidiaries obtain environmental certification
When FMG successfully gained environmental
certification in 2005, the company already had
plans to have its subsidiaries certified too. The first
was the Kempinski Hotel Airport München, which
was certified to the EMAS environmental standard
in November 2007. It was followed by Allresto Flughafen
München Hotel- und Gaststätten GmbH, the
company that operates many of the bars and
restaurants as well as a brewery at the airport;
it successfully gained DIN ISO 14001 and EMAS
certification in 2008.
Specifically, the process involves collecting data,
computing key performance indicators, and developing
a catalogue of initiatives that individual company
units then implement. This approach ensures
visibility of the success of individual initiatives and
enables us to track the progress of processes easily.
Besides promoting efficient use of resources, it
also allows us to verify that we are fulfilling statutory
environmental requirements and complying
with our legal obligations in this area.
We plan to have other subsidiaries certified and to
introduce continuous environmental improvements
over the next few years. Corporate parent FMG and
its Office of Environmental Protection and Sustainability
Strategy will offer subsidiaries support in
the form of tailored guidance and will carry out the
annual audits.
Successful certification for the second time
Flughafen München GmbH’s environmental management
system was successfully validated according
to the DIN EN ISO 14001:2004 standard and
Eco-Management and Audit Scheme (EMAS) Regulation
761/2001 for the second time in August
2008 by an independent environmental auditor.
This confirms that Munich Airport is operated
according to sound environmental principles and
high environmental standards. To ensure successful
re-certification, we pursued a strategy of continuous
improvement designed to promote new
thinking and ensure that new initiatives are implemented
rigorously throughout the company. This is
an ongoing process that calls for intensive collaboration
across all company units and departments
working on environmental issues and projects.
FMG’s environmental
management system
was successfully revalidated

Communications and regional relations
About us
66
Communications and regional relations
Keeping the public informed and engaging in an open dialogue
with the media and stakeholders builds a strong foundation of
mutual respect and fosters collaboration in a spirit of trust. Munich
Airport consistently delivers clear and balanced communications,
whatever the issue – traffic growth, airport expansion or sports
and cultural events.
Information for the
media, customers,
neighbors and
employees
Munich Airport in the media spotlight
New traffic records at Munich Airport, our ongoing
expansion program, and landmark events like the
arrival of the 100-millionth passenger at Terminal 2
provided a wealth of material to be covered in
FMG’s corporate communications in 2008. Thanks
to our media relations work, including several press
meetings and events and large-scale distribution of
media releases and information, events at the airport
received extensive coverage in television and
radio reports and in regional, national and international
print media.
One key area of our communications work centered
on explaining plans for a third runway at Munich
Airport. From the perspective of mainstream media,
Munich Airport is now firmly established as a second,
functionally equal hub alongside Frankfurt. Media
relations work helped generally to further anchor a
positive perception of Munich Airport among the
general public.
Information tailored to target groups
FMG’s updated website went live in early 2008, with
an attractive new design, optimized navigation and
barrier-free access. The redesigned “virtual airport”
offers site visitors – more than 400,000 every month –
quick and easy access to a comprehensive range of
services and information on Munich Airport.
Print media, too, are an important communications
vehicle. They include our magazine MUC life, with a
circulation of 39,000 copies, M Dialog, our monthly
neighboring newsletter, which has a circulation of
160,000 copies and is sent out to households in the
airport’s extended local area, and a range of brochures
and fliers published by Flughafen München GmbH.
In 2008, the latter included our environmental statement,
titled Perspectives, a redesigned edition of
our brochure Facts and Figures, a flier on the third
runway, and a brochure with detailed information
for passengers with disabilities and special needs.
Central to Flughafen München GmbH’s success is
the way the company engages with its employees
and here, too, corporate communications plays an
essential role. Alongside our monthly employee
newsletter Flughafen Report and the corporate
intranet, we rolled out a third internal communica-

About us
Communications and regional relations
67
tions medium in 2008, FRonline, a daily electronic
newspaper that offers employees more immediate
and up-to-date information on important events at or
relevant to Munich Airport and on aviation in general.
Airport neighbors: Community relations
FMG engages in communications work at different
levels, one of which is community engagement
with airport neighbors. In 2008, our regional relations
officer and his team worked to build stronger
ties at the local level and, importantly, to expand and
develop existing networks with neighboring boroughs
and communities. Thanks to these efforts,
we were able to intensify partnerships between the
airport operating company and its host region and
to implement a number joint projects at the community
level.
Fund for regional infrastructure development
The Communities Council, formed in 2005 as a
platform for information and dialogue on the
expansion of the airport, prepared a catalogue of
qualifying criteria in 2008 to enable local communities
to receive financial support from our regional
fund. This €100 million impact fund was set up on
a voluntary basis by FMG to provide compensation
above and beyond statutory requirements for burdens
and hardships sustained as a result of the
construction of the airport’s third runway. Payouts
generally go toward advancing projects that are
important for the region, such as the development
of common infrastructure, but individual cases of
hardship, too, may qualify.
A €100 million impact
fund to compensate for
hardships sustained by
the region

Communications and regional relations
About us
Financial support for local
community projects
At the infrastructure level, for example, the impact
fund is supporting two projects, the construction of
Erding’s north bypass and Freising’s west expressway,
each with €5 million; efforts are also underway
to advance completion of Erding’s circular rapid
transit rail line. From Flughafen München GmbH’s
point of view, improving rail connections is crucial
to Munich Airport’s accessibility on the ground and
to reducing the region’s road traffic burden. At the
same time, better rail access would help us to compete
more effectively with other aviation hubs in
Europe.
Against this background, FMG and its neighboring
communities have been working to convince decision-makers
in national and regional government of
the need to further improve the road and rail transport
infrastructure around the airport and throughout
the region.
Promoting the airport region
In 2008, FMG continued its work in the regional
marketing initiative co-founded in 2005 with the
Erding and Freising administrative districts. The
initiative, named “AirfolgsRegion Erding-Freising,”
exhibited at a number of trade shows and produced
several publications, including the first ever
accommodation catalog for the whole of the Erding/
Freising region. It also produced a promotional
video highlighting the region’s diverse qualities and
merits. To step up and channel the initiative’s
efforts more efficiently in the future, its founders
are seeking to turn it from a simple working affiliation
into a formal and independent legal entity.
Cultural, community and sports sponsorships
In 2008, the airport continued to support a number
of associations, organizations and projects in its
neighboring Erding and Freising districts. These
sponsorships centered primarily on sports, culture
and communities, but were also extended to
include education for the first time in 2008.

About us
Communications and regional relations
69
Besides supporting several cultural events, including
the Freising Folk Music Festival and the Erding Jazz
Festival, which we’ve sponsored for several years
now, we also helped the Freising Citizens’ Foundation,
in the process of being formed, by providing
information resources and funding. Child welfare
and education are two priority areas of FMG’s citizenship
efforts, so we also helped fund a café drop-
in for mothers with young children in Freising and
an organization that offers homework support and
supervision for kids in Erding.
In 2008, we sponsored and supported close to
400 projects throughout the local region. Our sports
sponsorships alone benefited almost 24,000 children
and youth in nearly 80 sports clubs.
FMG sponsored almost
400 projects across the
region in 2008

Personnel
About us
70
Personnel
The success of any business is ultimately down to the qualifications,
skills and dedication of its employees. Our HR development
initiatives include onward training, comprehensive health management,
and targeted programs to train the young people who will
form tomorrow’s workforce. Our employees’ motivation is what
drives Munich Airport.
Munich Airport: A workforce
of 30,000 in around
500 businesses
Munich Airport: Driving job growth
With around 30,000 employees at more than 500
businesses and government offices, Munich Airport
is one of the largest places of employment in Germany.
The three biggest employers on the airport
campus are the Lufthansa Group, the FMG Group
and SGM, the security operator at Munich Airport.
Between the summer of 2006 and the end of 2008,
these three enterprises, together, grew their total
headcount by around 2,800 employees to well in
excess of 18,000. This clearly reflects Munich Airport’s
growth in importance as an employment
driver during the past two-and-a-half years.
During 2008, the FMG Group had an average headcount
of 7,609 employees – 3 percent more than in
2007 – from a total of 56 countries. This gain is
largely the result of a need for higher HR capacity in
FMG’s affiliates. FMG’s subsidiaries in particular
employed an increasing number of temporary workers,
causing the number of people working for the
FMG Group as a whole to rise to as many as 8,350
in 2008. At Flughafen München GmbH itself, the
number of contract employees at December 31,
2008, totaled 4,528, down 2.5 percent compared to
the figure at yearend 2007. Of these, 4,289 employees
had unlimited contracts.
Breakdown of Flughafen München GmbH personnel costs (€ million)
2008 2007
Wages and salaries
(including travel expenses
and meal subsidies) 177.4 173.9
Social security levies, costs of
retirement plans and related benefits 49.4 49.6
Total personnel expense 226.8 223.5

About us
71
Marginal rise in HR expense
Restructuring in our Ground Handling division and
efforts to optimize processes in other parts of the
company led to changes in staffing levels at FMG.
Our average HR capacity during 2008 dropped by
3 percent year on year, to 3,941 employee years.
Given the rise in the numbers of passengers and
aircraft handled during the course of the year, this
also reflects a notable gain in efficiency.
At €226.8 million, FMG’s personnel expense in
2008, was up just 1.5 percent on its year-earlier
level, not least on account of a public service sector
collective pay settlement.
The workforce is remunerated and given a share in
the company’s success through scale and non-scale
increments; in addition, remuneration is now increasingly
performance-driven, based on target agreements
and performance reviews.
The region’s biggest vocational trainer
The FMG Group is more than just a major local
employer. With 268 people in vocational training
programs in 2008, the highest number ever, we offer
the region’s youth outstanding career opportunities,
and we’re constantly expanding and aligning our
interesting and future-focused career training program
with the employment market’s needs. FMG
itself had 147 vocational trainees on its books, and
650 young people in total are currently in vocational
programs at the airport. This makes us the biggest
vocational trainer in the airport region.
In September 2008, 90 school-leavers embarked on
vocational training with units in the FMG Group – 48
of them at FMG – for eight different career tracks,
including a new event management program.
Vocational trainee award and youth engagement
For the first time, a young person who trained with
FMG was honored as the year’s best vocational
trainee, nationwide. Stefan Sollfrank personally
received an honorary certificate from federal labor
minister Olaf Scholz in Berlin in recognition of his
exceptional performance in achieving the best final
exam results in Germany in his chosen career track
of aviation service management.
In 2008, as in prior years, FMG took part in EQJ,
a program that provides youngsters unable to win
a place on a vocational program with an opportunity
to gain preparatory work experience through interim
placements in companies as means of helping them
find their way into a career.
The airport is the region’s
biggest provider of vocational
training programs

Extensive training and
development programs
for employees of all
grades
A range of programs
We continue to attend numerous careers shows
and careers information events throughout the
region to inform students about training opportunities
available at the airport. We’re also actively
involved in “Arbeitskreis Schule-Wirtschaft Freising-
Erding-Flughafen,” a local business and education
working group that promotes networking between
the region’s schools and businesses. In addition,
FMG is now a preferred partner for local secondary
schools when it comes to implementing senior
grade projects.
We organized a number of workshops for our
management-level employees, as well as exchange
programs with our partner airports Denver International
and Central Japan International Airport (Centrair)
in Nagoya. We also engaged in targeted initiatives
to enable up-and-coming managers to
advance and develop their knowledge and skills,
partly in collaboration with Hong Kong Airport.
Aggregate workforce of the airport’s three largest employers
(Lufthansa Group, FMG Group and Sicherheitsgesellschaft
am Flughafen München mbH)
20,000
18,331*
18,000
16,000
15,562
14,000 13,372
12,000
10,000
8,000
6,000
4,000
2,000
0
2003
2006
2008
*As at December 31, 2008

About us
Personnel
73
Management programs
Following on from a management audit conducted
in 2007, we rolled out a comprehensive executive
development program in 2008 with two primary
focuses: first, values and, second, communication
in leadership and performance reviews. We additionally
provided tailored coaching and mentoring,
plus team events designed to prepare managers
for the employee reviews now required in connection
with our new performance-based remuneration
system.
To maintain leadership quality standards, we will
soon embark on a new project in which managers
are scored on their performance, enabling us to
develop carefully targeted training initiatives and
programs based on a thorough analysis of individuals’
potential.
Employee training
Our training and education department, now known
as the Munich Airport Academy, underwent restructuring
and saw a number of innovations in 2008,
most important of which was to unite equipment
training and air traffic training activities in a new
unit called Aviation Training. We also set up a new
group, Security Training, whose core tasks include
delivery of statutory security training to all employees
with access to Munich Airport’s secure areas, and
basic and onward training for aviation security
officers at the company CAP Flughafen München
Sicherheits-GmbH.
The aim behind the restructuring and the training
programs is to ensure our people have the qualifications
they need to accomplish the tasks expected
of them. Positive employee feedback in response
to our qualifications drive was overwhelming, and
our Aviation Training, Security Training, and Human
Resources & Management units reported at total
of 17,384 attendee-days of training delivered in
2008, an increase of 26 percent compared to 2007.
Award for health management
Not just employee training and education, but also
employee health is an issue of major importance
for FMG, and we’re proud to have received a goldstandard
certificate for comprehensive health management
from the Bavarian Ministry of the Environment,
Public Health and Consumer Protection in
2008. The citation praised FMG’s strategies for
raising employees’ awareness of the importance
of health and for helping them to maintain a sound
state of health during day-to-day working life. Prior
to receiving the award, we had conducted a health
management self-audit, developed by the health
ministry, covering such areas as leadership style,
employee empowerment, occupational health and
safety, addiction prevention, emergency management,
and health promotion.
In appreciation of their services and with sorrow
we remember the following colleagues who passed
away in 2008. They will be sadly missed by their
fellow employees.
Armin Hanifi Kulman † January 7, 2008
Egon Renz † January 20, 2008
Rudolf Ott † February 10, 2008
Bernhard Großwieser † March 13, 2008
Peter Schwirblat † June 17, 2008
Josef Adlkirchner † September 1, 2008
Richard Hörgstetter † October 23, 2008
Wolfgang Schiller † November 4, 2008
Franz Maier † November 12, 2008
FMG’s comprehensive
health management
program received a
gold-standard certificate

Munich
St. Petersburg
Encountering cultures
Munich Airport has a firm place among the destinations
in our airline’s route network, and there are
plenty of reasons why: Flights are on time, turnaround
times are short, and the quality of the handling
service is exceptional. Better still, some of the
terminal staff speak Russian, and even the flight
announcements are in our language. That’s part of
why air travelers from St. Petersburg’s service area
have enjoyed flying through Munich from day one.

FMG consolidated financial statements 2008
76
FMG consolidated
financial statements 2008
Supervisory board’s report
Consolidated management report
Consolidated balance sheet
Consolidated income statement
Consolidated cash flow statement
Changes in consolidated equity
Annex to the consolidated financial statements
Independent auditor’s report

FMG consolidated financial statements 2008
Supervisory board’s report
Supervisory board’s report
77
The supervisory board was informed regularly and
in detail by executive management through written
reports and at meetings about the company’s situation,
its development, and important business
events. On the basis of the reports and the information
received, the supervisory board monitored the
management of the company’s business and made
such decisions as it was called upon to make in
accordance with its statutory responsibilities.
The year-end accounts as at December 31, 2008,
and the consolidated management report on Flughafen
München GmbH and its group of companies
presented by executive management have been
audited and approved by Susat & Partner OHG,
the appointed auditors. Having conducted its own
review, the supervisory board accepts the auditors’
findings and raises no objections. In accordance
with Section 42a, Paragraphs 2 and 4 of the Limited
Liability Companies Act (GmbHG) and Section 171,
Paragraph 2 of the Stock Corporations Act (AktG),
the board approves the yearend accounts of Flughafen
München GmbH and the FMG Group. The
supervisory board proposes that the share holders
endorse the yearend accounts of Flughafen München
GmbH and the FMG Group.
In fiscal 2008, Minister of State Erwin Huber and
Undersecretary Hans Spitzner stepped down from
the supervisory board. The board would like to thank
them for their expert and committed service to the
company.
The supervisory board wishes to express its gratitude
and respect for the work carried out and the successes
achieved by the company’s executive management
and employees in fiscal 2008.
Munich, July 24, 2009
Flughafen München GmbH
The supervisory board
Georg Fahrenschon
Chairman

Consolidated management report for 2008
FMG consolidated financial statements 2008
78
Consolidated management report for 2008
The purpose of the Flughafen München Group is
to operate Munich Airport and to engage in ancillary
lines of business.
The FMG Group comprises Flughafen München
GmbH and 13 subsidiary companies.
General economic environment
and situation in the industry
Growth in the first six months of fiscal 2008 was gratifyingly
strong, but in the latter half of the year, Germany’s
economy was no longer able to withstand the
general downward pull exerted by the global financial
crisis. This resulted in declining order books, contracting
industrial output and a sizeable drop in confidence
in specific sectors of industry.
In spite of the negative trends emerging in global
aviation, member airports of the German Airports
Association (ADV) reported passenger growth of
1.1 percent and total passenger movements of 191
million in 2008.
Business trends and earnings
Passenger numbers at Munich Airport increased
once again in fiscal 2008, rising to 34.6 million,
another new all-time high.
Although the economy cooled off rapidly in the second
half of fiscal 2008, we were able nonetheless to
better our year-earlier total for passenger movements
by 1.7 percent or around 600,000.
Once again, this puts Munich Airport well ahead of
the growth curve at other German and European
commercial airports. By contrast, several of the
major hubs across Europe, including London Heathrow,
Frankfurt, Madrid and Amsterdam, saw year-onyear
declines in passenger movements in 2008.
Ranked on passenger traffic, Munich Airport
remained number seven in Europe, albeit amid a
reshuffle: In contrast to a year earlier, we recorded
more passenger movements than London Gatwick
yet fewer than Rome Fiumicino, which rose to sixth
place in the rankings as crisis-stricken Alitalia moved
a substantial number of its Milan-based routes
there. Ranked on aircraft movements, Munich is still
sixth in Europe. In the global rankings on passenger
numbers, we succeeded in climbing one place, from
28th in 2007 to 27th in 2008.
Compared to a year earlier, the number of takeoffs
and landings in the commercial and non-commercial
segments grew by a marginal 0.1 percent to
432,296 movements in total.
Gains in passenger numbers at Munich Airport were
again higher than in the number of aircraft movements
in 2008. As in prior years, this was because
carriers operated increasingly large aircraft types on
routes to and from Munich.
Counter to the gains seen in the passenger segment,
the volume of cargo transshipped at Munich
Airport in 2008 dropped by 5,962 metric tons to
259,645 t, down 2.2 percent on a year earlier. The
cargo business at Munich Airport was an early indicator
of the shrinking global economy, as demand
for cargo shipments by air, in contrast to passenger
flights, began to slacken in the summer of 2008.
Customers’ perception of Munich Airport remained
extremely positive, with air travelers choosing us
once again – for the fourth year in succession – as
the best airport in Europe in Skytrax’ World Airport
Awards 2008.
This excellent result was due in part to our extensive
choice of onward flights, our generally high standards
of service, our strong incoming services, and
our rich retail and hospitality offering. On the downside,
travelers scored our rail access as an area in
which we could do significantly better.

FMG consolidated financial statements 2008
Consolidated management report for 2008
79
Group net sales in fiscal 2008 totaled €1,043.7 million,
up 4.4 percent on the prior year. The change in
Group revenue and earnings is discussed in the section
headed “Group segments” below.
In comparison with 2007, materials expense rose by
€24.8 million to €286.9 million, an increase of 9.5
percent. This was largely due to higher spending on
third-party services for maintenance and services
totaling €12.7 million and to the formation of
reserves for the replacement and maintenance of
fire extinguishing systems, slot drains on the apron,
cable runs, and recessed ground lights. In addition,
our retail subsidiaries’ consumption of materials
increased in tandem with the strong growth in sales.
Collective public-sector pay scale increases and
rising headcounts in a number of our business and
service units fueled a rise of €15.0 million in our HR
expense, to €314.1 million in total.
Other operating expense and interest, a major factor
in the company’s costs, accounted for €358.2 million
or 33.1 percent of total pre-tax costs.
For the first time since 2002, interest expense of
€126.4 million in fiscal 2008 included interest on
shareholder loans of €43.5 million. Because loss
carryovers were eliminated from Flughafen München
GmbH’s accounts in 2008 for the first time since
2002, we had to report interest on loans in the
active balance as a liability to shareholders.
Our financial income dropped by €38.8 million compared
to a year earlier. This was largely due to the
interest expense on the parent company’s shareholder
loans.
Depreciation across the Group totaled €124.4 million.
The drop compared to a year earlier is primarily
the result of operating equipment at Flughafen
München GmbH reaching the end of its useful life.
The FMG Group earned a net profit of €4.0 million in
fiscal 2008.
Group segments
The FMG Group’s operations are organized as profit
centers in the following segments: Aviation, Ground
Handling, Retail and Services, and Corporate Real
Estate Management and Development.
Aviation and Ground Handling
Our Aviation and Ground Handling segment is tasked
with handling all of the airport’s air traffic for Flughafen
München GmbH and the FMG subsidiaries
belonging to this segment. In line with the positive
growth in traffic, sales rose 4.7 percent to €550.7
million. Exceptional gains were achieve in earnings
from aircraft landing and parking fees. Also worth
special note is the outstanding growth achieved in
the long-haul segment, due in part to new routes to
and from Asia and to South African Airways stepping
up its Johannesburg service from three frequencies
a week to daily. Even so, earnings after taxes (EAT)
in this segment were negative €38.2 million.
In spite of intense competitive pressure in the area
of ramp services, the FMG Group succeeded in
boosting earnings in the Aviation and Ground
Handling segment by €22.9 million. However,
the Ground Handling division reported losses in
the double-digit million euro range in fiscal 2008.
Retail and Services
Units in this segment include the FMG subsidiaries
eurotrade Flughafen München Handels-GmbH and
Allresto Flughafen München Hotel und Gaststätten
GmbH, as well as Flughafen München GmbH’s parking
business.
Eurotrade operates 73 retail outlets with a total retail
space of 12,195.34 square meters. Compared with the
passenger traffic gains in 2008, the company grew its
sales by an impressive 5.7 percent, to €146.2 million.

Consolidated management report for 2008
FMG consolidated financial statements 2008
80
Allresto is responsible for the airport restaurants,
canteens, and hotel. In spite of the negative effects
of the financial crisis emerging in the latter half of
the fiscal year, the company succeeded in posting
consolidated year-on-year sales growth of 1.3 percent
and total sales of €71.5 million.
Parking fee revenue in 2008 rose by €1.5 million to
€63.5 million, an increase of 2.3 percent.
In fiscal 2008, the entire Retail and Services Division
generated €281.2 million in sales, a gain of 3.8 percent
on the prior year. Aggregate EAT totaled €28.2
million.
Corporate Real Estate Management and Development,
and the Central and Support divisions
This profit center is essentially responsible for marketing
real estate and related service areas essential
to the operation of the airport. This segment contributed
€211.8 million in sales and an EAT of €14.0 million
to the Group’s overall result.
Asset and capital structure
Total assets in comparison with December 31 of
the prior year were €27.9 million lower at €2.964
billion. The reasons for the drop in total assets are
explained below.
Book values of Group fixed assets changed marginally
by €10.9 million compared to a year earlier.
Depreciation totaled €124.4 million, compared to
asset additions of €121.4 million. Financial assets
were €146 thousand higher, at €3.060 million, due
to an at-equity valuation of the associated companies
included in the consolidated financial
statements.
Current assets, which were €16.4 million lower
year on year, changed in different directions.
Whereas inventories grew €7.3 million to €65.0 million,
rigorous receivables management resulted in a drop
of €15.9 million in trade receivables, to €42.0 million.
In addition, liquid assets were reduced by €10.9 million
to €5.5 million compared to a year earlier.
The €4.0 million change in equity is the result of
Group profits to the same amount. The amount of
shareholder loans was the same as a year earlier
at €491.9 million.
Compared to the prior fiscal, accruals in 2008 were
€48.0 million higher at €225.7 million. This was
largely the result of the formation of accruals by the
corporate parent company in fiscal 2008 for anticipated
losses of €51.3 million from its loss-making
Ground Handling division.
The FMG Group’s liabilities in 2008 totaled €1.799
billion, down €79.1 million in comparison with the
prior year.

FMG consolidated financial statements 2008
Consolidated management report for 2008
81
December 31, 2008 December 31, 2007
€ million % € million %
Assets
Unpaid contributions to capital stock 0.1 0.0 0.1 0.0
Intangible assets 3.4 0.1 2.4 0.1
Tangible assets 2,821.0 95.2 2,833.1 94.7
Financial assets 3.1 0.1 2.9 0.1
Fixed assets 2,827.5 95.3 2,838.4 94.9
Inventories 65.0 2.2 57.7 1.9
Receivables 64.1 2.1 76.9 2.6
Liquid assets 5.5 0.2 16.4 0.5
Current assets 134.6 4.5 151.0 5.0
Prepaid expenses and deferred charges 2.3 0.1 2.9 0.1
Total assets 2,964.5 100.0 2,992.4 100.0
Capital
Capital stock 443.6 15.0 439.6 14.7
Shareholder loans 491.9 16.6 491.9 16.4
Long-term debt 1,437.1 48.5 1,461.8 48.9
Short-term debt 591.9 19.9 599.1 20.0
Total assets 2,964.5 100.0 2,992.4 100.0
Liabilities to banks were reduced by €111.6 million
to €1.623 billion compared to a year earlier. At the
same time, however, the Group booked new liabilities
to shareholders of €43.5 million in loan interest
in 2008.
Financial situation
Cash flow from operating activities, most of which
originated from the Group’s corporate parent, provided
sufficient financial resources to ensure the
Group’s liquidity at all times. The Group’s companies
are all part of a cash pool formed for financing purposes.
Capital spending in fiscal 2008 was funded
entirely through operating cash flow. In addition, the
Group further reduced the size of its bank debts.
Risks
The FMG Group’s system of risk management is
designed to identify and gauge potential risk facing
the enterprise and covers all of its operational and
strategic business processes. Risks are assessed
based on the likelihood of occurrence and on quantification
of the scale of impact in the event of an
occurrence. The primary goal of risk management is
to take a controlled approach to risk and to define
preventive measures to avoid it.
All risk information is processed internally on a
quarterly basis to enable executive management
and division heads to respond swiftly and effectively
to shifts in risk scenarios. When the need arises,

Consolidated management report for 2008
FMG consolidated financial statements 2008
82
management responds immediately to new or
changing risk situations. The latest risk reports are
also made available to the members of the supervisory
board on a regular basis.
To minimize possible financial damage, the FMG
Group has insurance for appropriate amounts
covering key areas of potential loss and liability.
In 2008, the restructuring process and risks in our
Ground Handling division were rated as a significant
internal risk and reviewed in detail as part of our
reporting process. Restructuring has been underway
at the division for several years now but, for
structural reasons, it continued to make a loss in
2008 in spite of major progress on restructuring.
Reducing these losses to zero remains one of
executive management’s foremost targets.
The most significant external risk identified in 2008
was the cooling of the economy. This gained importance
as the year progressed. The effects on Flughafen
München GmbH were reviewed and presented
in our risk reporting. Other external risks – with a
low likelihood but a potentially severe economic
impact – include acts of terror, air accidents and
their consequences, and the loss or impairment
of the airport’s ability to function as a hub.
Other risks, such as strikes, cessation of operations
or reductions in frequencies by airlines, the loss of
market share to rival ground services operators,
or the migration of passengers to regional airports
were also addressed in our system of risk
management.
Barring the already noted risk of failure of efforts to
restructure our Ground Handling division, a concluding
review of the risks has shown no threat to the
company, either before or subsequent to the making
of risk provisions.
Financial risks are addressed at regular intervals
through a range of financial instruments (derivatives,
and the management of receivables, liabilities and
financial assets) and assessed with regard to current
price changes and to default and liquidity risks.
Derivative financial instruments are employed with
the approval of executive management to hedge and
optimize interest rates. The total hedge amount is
set at FMG Group shareholder meetings.
Opportunities and growth projects
The expansion projects we’ve planned are intended
to close the gap between Munich Airport and the
major hubs in Europe and to sustain Munich’s rapid
growth in spite of the current difficult economic
situation.
Likewise key to continued growth is the quality of
the overall package we offer airport users, including
short connecting times, high standards of service,
and attractive offerings in the non-aviation segment.
Our current growth opportunities and our expansion
projects – in particular, our plans for a third runway –
will create a foundation on which to implement
development options in the future.
Capital investments
Additions to tangible assets totaled €121.4 million,
compared to retirements totaling €40.6 million.
Strategy and sustainability
Munich Airport ranks as one of Europe’s foremost
aviation hubs. The airport’s success as an enterprise
is the result of its ability to operate efficiently, to
sustain its business momentum and to focus rigorously
on profitable growth.
The FMG Group has set itself the goal of turning
Munich Airport into Europe’s most attractive and
efficient hub airport by 2010.

FMG consolidated financial statements 2008
Consolidated management report for 2008
83
Worldwide customer surveys (by Skytrax) have
confirmed that we are very much on the right track
toward achieving that goal.
Like many other companies, the FMG Group is
aware of its responsibilities as a corporate citizen
and works to unite its business success with sound
environmental practices (the sustainability
principle).
In many areas, the Group already operates in line
with the principle of sustainability. One important
milestone in this regard will be the publication of
a sustainability report in 2009.
Pursuing the principle of sustainability will also
form part of the process of development mapped
out in our 2015 strategy and in our system of goals
(balanced scorecard).
To promote and accelerate awareness in the FMG
Group and throughout the aviation industry, Munich
Airport is actively involved in the creation of socalled
sector supplements to the G3 guidelines of
the Global Reporting Initiative (GRI) on sustainability
reporting. The working group responsible, which
comprises ten international airports as well as a
number of interest groups, is working on the framework
conditions to apply specifically to airports and
evaluating those factors that are unique to airports.
The sector supplements are slated for completion in
the first six months of 2010.
In the years immediately ahead, special emphasis
will be placed on reducing carbon emissions. To
assess the effectiveness of specific carbon-cutting
measures, we need to compute and monitor Munich
Airport’s total emissions, and for this purpose we
have set up a special database to track all emissions
by type, quantity and source. The findings delivered
by this project will be used to set targets and define
initiatives that can and should be implemented in
the immediate, intermediate and longer term.
Flughafen München GmbH’s environmental management
system was validated to the DIN EN ISO
14001:2004 standard and Eco-Management and
Audit Scheme (EMAS) Regulation 761/2001 for the
second time in August 2008 by an independent
environmental auditor. This certification confirms
that Munich Airport is operated according to sound
environmental principles and to high environmental
standards.
Human resources
FMG has a comprehensive health management
system in place. This has received a gold-standard
certificate from the Bavarian Ministry of the Environment,
Public Health and Consumer Protection.
In 2008, the main thrust of our HR and organizational
advancement efforts centered on providing
tailored and comprehensive development opportunities
for managers at every leadership level. These
efforts had two main focuses: first, values and, second,
communication in leadership and performance
reviews.
We further increased the number of places on vocational
training programs available in the FMG Group
to 230 in 2008. This, along with our continued support
for a program to help unemployed youth (EQJ)
and projects in partner schools, underscores our
commitment to engage with the community. We
also took steps to promote greater networking at
the international level.
For the first time, we have concluded target agreements
with all our employees. These agreements
have established a foundation for performancebased
remuneration as defined in the public-sector
collective pay agreement TVöD.

Consolidated management report for 2008
FMG consolidated financial statements 2008
84
Notable events after the end of fiscal 2008
On May 19, 2009, the supervisory board addressed
the issue of our loss-making Ground Handling division.
The board failed to reach the consensus needed
to enable reorganization of Ground Handling with a
view to making the division more competitive and
efficient. However, FMG’s executive management
abides by its goal of restructuring Ground Handling
and keeping the division within the Group as a strategic
service platform. Our shareholders, though,
have stated that no loss-making handling contracts
may be made with airline companies, and if Ground
Handling is unable to balance this internally, there is
a high risk that we could lose significant share in the
ground services market.
Outlook
With its current two-runway system, Munich Airport
is no longer in a position to cover airlines’ demand
for slots in peak periods, which means that lengthier
waits for aircraft at runway heads are now unavoidable.
Back in 2005, FMG’s shareholders approved
plans to build a third runway in order to redress the
foreseeable capacity problems we would encounter
with the two-runway system.
After finalization of the regional planning process
for the third runway, in which Upper Bavaria’s
regional government approved the airport expansion
project in the form proposed, a judicial review was
started to enable the Upper Bavarian government’s
South Bavaria Aviation Office to discuss with the
interested parties objections to and positions on
the FMG Group’s plans for a third runway; this was
completed by mid-April. Objections submitted by
communities, government offices and other organizations
were dealt with first and were followed
from January 2009 by objections raised by private
citizens.
Since 2004, actual traffic volumes at Munich Airport
have consistently exceeded the traffic forecasts on
which our expansion plans were based. FMG is
convinced that current weakness in demand in
the aviation sector will not have a lasting effect
on the rate and scale of growth in the longer term.
Flughafen München GmbH’s executive management
is therefore keeping to its plans to expand the
airport’s traffic infrastructure – expansion that will
also help to revitalize the economy. The planned
addition to Munich’s capacity will help to sustain
future demand for flights and, in the longer term,
strengthen the region’s appeal as a center of
business.
Parallel to the ongoing approval process for the third
runway, the FMG Group is engaged in an intensive
dialogue with stakeholders in the airport’s surrounding
area. To redress hardships sustained as a result of the
expansion project, we have offered to set up an impact
fund with €100 million in assets, which the airport
may use, on a voluntary basis and in addition to any
statutory obligations, to support specific projects in
the airport’s surrounding area. As part of this initiative,
two initial projects – the north bypass in Erding and
the west expressway in Freising – are each to receive
€5 million in funding from the FMG Group.
We are actively involved in efforts to improve Munich
Airport’s land-side transport access. The highestpriority
projects are, first, the creation of a high-speed
rail link between the airport and Munich’s central
train station, and, second, completion of Erding’s
circular rapid transit rail line, a project we are
pursuing in close collaboration with neighboring
communities.
Although the third runway remains our most important
expansion project at the airport, we will also be
working on additional projects and initiatives. The
most important of these at present is the creation of
additional capacity for Terminal 2 with the construction
of a satellite, which is currently in the preliminary
planning phase. In 2010, we will also open a

FMG consolidated financial statements 2008
Consolidated management report for 2008
85
second airport hotel, a medium-price-segment facility
with 250 rooms. This will create a valuable complement
to the airport’s Kempinski Hotel, which is also
to be extended by adding around 165 rooms to ensure
it can keep pace with growing demand in the longer
term.
Besides expanding the runway system, we are
currently planning to invest more than €2 billion in the
onward development of Munich Airport through to
2020.
To protect the economic substance of the FMG
Group, it remains essential that we succeed in
turning around our Ground Handling division, which,
in fiscal 2008, reported losses in the double-digit million
euro range. The primary goal of negotiations with
customers, employee representatives and labor
unions remains to create a profitable and competitive
ground services unit.
This is why we are keeping to our expansion plans –
not just to resolve our existing capacity issues at
Munich Airport, but also to help optimize Germany’s
traffic infrastructure. At the end of the day, going
ahead with these plans in a difficult economic situation
helps to support and sustain the local economy
and, by extension, to protect a large number of jobs
in the region.
Munich, May 20, 2009
Dr. Michael Kerkloh
Walter Vill
Thomas Weyer
Our business performance and traffic figures in fiscal
2009 will ultimately depend on the length and depth
of the current economic crisis. The global economic
decline has caused demand for air transport to slow
worldwide, and Munich Airport has not been spared.
The forecasts on overall economic development are
all consistent in their view that the German economy
will remain in recession in 2009. We therefore expect
to see lower earnings across the FMG Group in fiscal
2009, but we cannot put a figure on how much lower
as of this writing. We will have to await the outcomes
of the various economic stimulus programs and
finance policy initiatives. Many airlines have cut their
current market capacity, reduced frequencies or
stopped serving certain routes. Against this background,
we expect 2009 to be a tough year in which
air traffic will decline. Just how long demand will
remain slow is impossible to predict as it will depend
on how the recession continues to unfold. However,
we are confident that the FMG Group will see sustained
growth in the intermediate and longer term.

Consolidated balance sheet as at December 31, 2008
FMG consolidated financial statements 2008
86
Consolidated balance sheet
as at December 31, 2008
Assets Dec. 31, 2008 2007
€ € € thousand
A. Outstanding contributions to subscribed capital 110,249.25 110
B. Fixed assets
I. Intangible assets
1. Franchises, intellectual property, and similar rights 3,202,658.71 2,305
2. Advances on intangible assets 155,174.79 42
II. Tangible assets
3,357,833.50 2,347
1. Land, rights similar to land, and buildings,
including buildings on land not owned 2,305,421,589.39 2,348,411
2. Technical equipment and machinery 355,168,874.50 391,556
3. Other equipment, plant and office equipment 45,754,550.36 41,947
4. Construction in progress and advances on fixed assets 114,691,712.32 51,205
III. Financial assets
2,821,036,726.57 2,833,119
1. Investments in associated companies 2,557,546.08 2,376
2. Other loans 502,402.98 538
3,059,949.06 2,914
2,827,454,509.13 2,838,380
C. Current Assets
I. Inventories
1. Substitute plots of land 34,123,954.02 31,091
2. Raw materials and supplies 5,270,803.57 4,751
3. Finished goods and goods for resale 25,563,510.63 21,903
64,958,268.22 57,745
II. Receivables and other current assets
1. Trade accounts receivable 42,004,594.88 57,911
2. Receivables from associated companies 1,151,232.02 1,388
3. Other current assets 20,951,967.40 17,626
64,107,794.30 76,925
III. Liquid assets 5,484,359.47 16,358
D. Prepaid expenses 2,346,192.38 2,897
2,964,461,372.75 2,992,415

FMG consolidated financial statements 2008 Consolidated balance sheet as at December 31, 2008
87
Liabilities and equity Dec. 31, 2008 2007
€ € € thousand
A. Equity
I. Subscribed capital 306,776,000.00 306,776
II. Capital reserves 102,258,376.24 102,258
III. Earnings reserves
Other reserves 7,983,900.23 7,836
IV. Consolidated net profit 15,109,329.22 11,255
V. Minority interests 11,428,780.43 11,533
443,556,386.12 439,658
B. Shareholder Loans 491,912,735.89 491,913
C. Accrued liabilities
1. Pension accruals 13,121,519.00 12,896
2. Tax accruals 43,284,225.00 47,884
3. Other accruals 169,284,796.30 116,893
225,690,540.30 177,673
D. Liabilities
1. Liabilities to shareholders 43,492,081.49 0
2. Liabilities to banks 1,623,078,837.69 1,734,644
3. Trade accounts payable 60,587,956.97 63,857
4. Liabilities to associated companies 372,134.92 401
5. Other liabilities 71,608,546.58 79,350
1,799,139,557.65 1,878,252
E. Deferred income 4,162,152.79 4,919
2,964,461,372.75 2,992,415

Consolidated income statement
FMG consolidated financial statements 2008
88
Consolidated income statement for the period
from January 1 to December 31, 2008
2008 2007
€ € € thousand
1. Net sales 1,043,691,513.78 999,574
2. Other capitalized labor, overheads and material 8,719,836.67 5,527
3. Other operating income 50,874,844.54 56,420
1,103,286,194.99 1,061,521
4. Material expense
a) Supplies and raw materials - 143,235,523.25 - 132,062
b) Purchased services - 143,679,029.87 - 130,056
- 286,914,553.12 - 262,118
5. Personnel expense
a) Wages and salaries - 250,667,031.89 - 237,952
b) Social security, pension costs
and support - 63,439,510.13 - 61,153
- 314,106,542.02 - 299,105
6. Depreciation, amortization and write-downs
on intangible assets and property, plant and
equipment, and on capitalized startup and business
expansion expenses - 124,400,425.04 - 136,958
7. Other operating expense - 231,729,280.54 - 200,525
- 957,150,800.72 - 898,706
146,135,394.27 162,815
8. Income from investments in associated companies 996,655.85 1,045
9. Other interest and similar income 1,108,312.75 860
10. Interest and similar expense - 126,427,361.29 - 87,455
- 124,322,392.69 - 85,550
11. Income from ordinary activities 21,813,001.58 77,265
12. Taxes on earnings - 6,922,635.60 - 14,505
13. Other taxes - 1,190,766.45 - 1,223
14. Losses absorbed under profit-and-loss transfer agreements - 9,657,078.11 - 11,788
15. Consolidated net income 4,042,521.42 49,749
16. Minority interest in consolidated net income - 46,236.92 - 221
17. Transfers to retained earnings - 141,413.25 - 91
18. Consolidated profit carried forward (2007: loss) 11,254,457.97 - 38,182
19. Consolidated net profit 15,109,329.22 11,255

FMG consolidated financial statements 2008
Consolidated cash flow statement
Consolidated cash flow statement
for fiscal 2008
89
Financial resources 2008 2007
€ million € million
Consolidated net income 4.0 49.7
Depreciation, amortization and write-downs on fixed assets and
on capitalized startup expenses 124.4 137.0
Increase in medium- and long-term accruals 33.1 1.2
Cash earnings according to DVFA/SG 161.5 187.9
Increase in short-term accruals 14.9 21.8
Profit (2007: loss) from the retirement of assets (on balance) 0.1 - 1.2
Decrease (2007: increase) in inventories, trade receivables and
other assets not booked under investment or financing activities 6.2 - 26.9
Increase in trade payables and other liabilities not booked under
investment or financing activities 31.8 4.8
Cash flow from operating activities 214.5 186.4
Proceeds from the sale of noncurrent assets and from subsidies 7.1 18.6
Capital expenditure - 121.4 - 122.9
Cash flow from investment activities - 114.3 - 104.3
Payments to minority shareholders 0.0 - 0.2
Proceeds from financing loans 10.0 41.3
Repayment of financing loans - 121.1 - 117.9
Cash flow from financing activities - 111.1 - 76.8
Change in cash and cash equivalents - 10.9 5.3
Cash and cash equivalents at start of period 16.4 11.1
Cash and cash equivalents at end of period 5.5 16.4

Changes in consolidated equity
FMG consolidated financial statements 2008
90
Changes in consolidated equity
Subscribed
capital
Parent company
Capital
reserve
Consolidated
retained
earnings
Equity
Minority
shareholders
Minority
capital
Consolidated
equity
€ € € € € €
At Jan. 1, 2007 306,776,000.00 102,258,376.24 - 30,437,785.61 378,596,590.63 11,461,125.59 390,057,716.22
Other changes 0.00 0.00 0.00 0.00 0.00 0.00
Dividend 0.00 0.00 0.00 0.00 - 148,901.10 - 148,901.10
Consolidated net income 0.00 0.00 49,527,970.56 49,527,970.56 221,227.02 49,749,197.58
At Dec. 31, 2007 306,776,000.00 102,258,376.24 19,090,184.95 428,124,561.19 11,533,451.51 439,658,012.70
At Jan. 1, 2008 306,776,000.00 102,258,376.24 19,090,184.95 428,124,561.19 11,533,451.51 439,658,012.70
Other changes 0.00 0.00 6,760.00 6,760.00 - 6,760.00 0.00
Dividends 0.00 0.00 0.00 0.00 - 144,148.00 - 144,148.00
Consolidated net income 0.00 0.00 3,996,284.50 3,996,284.50 46,236.92 4,042,521.42
At Dec. 31, 2008 306,776,000.00 102,258,376.24 23,093,229.45 432,127,605.69 11,428,780.43 443,556,386.12

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
Annex to the consolidated financial statements
2008
91
I. General notes to the consolidated
financial statements
Flughafen München GmbH (FMG), Munich, manages
and coordinates all of the businesses in the
FMG Group. In accordance with Section 290, Paragraph
1 of the German Commercial Code (HGB),
FMG, the parent company, has therefore published
consolidated financial statements and a consolidated
management report for the FMG Group for
fiscal 2008.
1. Scope of consolidation
Besides FMG, the parent company, the consolidated
financial statements also incorporate the following
subsidiaries:
− aerogate München Gesellschaft für Luftverkehrsabfertigungen
mbH (aerogate), Munich
− AeroGround Flughafen München Aviation Support
GmbH (AeroGround), Munich
− Allresto Flughafen München Hotel und Gaststätten
GmbH (Allresto), Munich
− CAP Flughafen München Sicherheits-GmbH
(CAP), Freising
− Cargogate Flughafen München GmbH (Cargogate),
Munich
− eurotrade Flughafen München Handels-GmbH
(eurotrade), Munich
− Flughafen München Baugesellschaft mbH
(FMBau), Oberding
− FM Terminal 2 Immobilienverwaltungsgesellschaft
mbH & Co oHG (IMMO), Oberding
− FMV - Flughafen München Versicherungsver mittlungsgesellschaft
mbH (FMV), Freising
− MediCare Flughafen München Medizinisches
Zentrum GmbH (MediCare), Oberding
− Terminal 2 Betriebsgesellschaft mbH & Co oHG
(T2 BG), Oberding
− Beteiligungsgesellschaft mbH der FMG (formerly,
Flughafen München Holding GmbH) (BetFMG),
Freising
− mucground Services Flughafen München GmbH
(mucground), Freising
The yearend accounts for all the fully consolidated
companies are dated December 31, 2008, and have
received the full and unqualified approval of the
appointed auditors.
2. Principles of consolidation
In fiscal 2008, capital consolidation was conducted
using the fair-value method in accordance with
Section 301, Paragraph 1, Item 2 of the German
Commercial Code (HGB).
As in the prior year, assets and liabilities were valuated
in accordance with German Accounting Standards
(DRS), Section 4, “Company acquisitions in
consolidated accounts.”
In the review period, a deceased minority shareholder’s
stake in eurotrade (26 percent) passed to FMG
at no charge in accordance with the provisions laid
down in eurotrade’s memorandum of association;
eurotrade is now wholly owned by FMG.
Flughafen München Baugesellschaft mbH (FMBau),
Oberding, was acquired in 2008 and was included in
FMG’s consolidated financial statements for the first
time at December 31, 2008.
EFM – Gesellschaft für Enteisen und Flugzeugschleppen
am Flughafen München mbH, Freising,
and Bayern Facility Management GmbH, Munich,
are reported as associated companies at the value
of the proportionate interest in their respective net
worth. The two companies were initially consolidated
as follows at the value of the proportionate
interest in their respective net worth as per Section
312, Paragraph 1, Item 2 of the German Commercial
Code: EFM at December 31, 1992, and Bayern
Facility Management GmbH at December 31, 2004.
EFM’s fiscal year is from October 1 to September 30.
Insolvency proceedings for Augsburger Betriebs
GmbH AFBG that commenced during the course of
fiscal 2005 were concluded in 2008. FMG’s stake in

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
92
AFBG was transferred to the city of Augsburg. Due
to valuation adjustments undertaken in 2005, FMG’s
stake in AFBG has no further relevance in accounting
terms.
Sales, expenses and earnings, as well as receivables
and liabilities within the group of consolidated companies
are set off against one another. Interim profits
in fiscal 2008 for FMG and FMBau of €1.9 million
through IMMO and €1.4 million through T2 BG were
booked to other capitalized labor, overheads and
material for the Group and written down accordingly.
II. Accounting and valuation principles
1. Tangible and intangible assets
Changes in Group assets are presented separately.
Tangible and intangible assets are valuated at their
original cost or at their mandatory capitalized cost
of production in accordance with statutory fiscal
requirements. Assets with a limited useful life are
written down over their anticipated overall service
life as per the write-down tables for airport operating
companies. Movable items of plant and office
equipment and production equipment, plant structures,
fittings and machinery, which until December
31, 2003, were generally written down according
to the declining balance method, are now written
down as per the straight-line method, effective
January 1, 2004.
The difference between the additional depreciation
recorded by Flughafen München GmbH and by
FM Terminal 2 Immobilien-Verwaltungsgesellschaft
mbH & Co oHG between the accounts prepared for
tax purposes and the accounts prepared for financial
reporting purposes in fiscal 2008 totaled €24.7 million.
This concerns buildings as per Section 7, Paragraph
4, Item 1 of the German Income Tax Code that
are operating business assets and are non-residential
in character – essentially, buildings belonging to
the passenger handling facilities. The assumed periods
of use correspond to recommendations issued
by the German Airports Association (ADV).
As of fiscal 2008, in accordance with new fiscal regulations,
assets costing between €150 and €1,000
are grouped into collective items and depreciated
over a period of five years, regardless of the assets’
actual useful life.

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
93
2. Financial assets
In fiscal 2008, EFM’s carrying value contracted from
€1.530 million at January 1, 2008, to €1.235 million
at December 31, 2008, and the unit generated a
proportionate net profit for the year of €440 thousand
and a payout of €735 thousand.
On account of the insolvency proceedings for AFBG
initiated in 2005, FMG’s stake in AFBG was fully
value-adjusted. The insolvency proceedings were
concluded in 2008 and FMG’s stake in AFBG was
transferred to the city of Augsburg. MediCare has a
20 percent stake in the Radiology Diagnostics Center
(RDZ).
Bayern Facility Management GmbH’s carrying value
in fiscal 2008 rose from €841 thousand at January 1,
2008, to €1.318 million at December 31, 2008, with
a proportionate net profit of €557 thousand and a
payout of €80 thousand.
Other financial assets are stated at the lower of cost
or fair value.
Low-interest employee loans are stated at their
nominal value at the balance-sheet date.
3. Current assets
Inventories are mostly stated at their weighted average
cost for the past three months and are written
down at the lower of cost or fair value to cover risks
arising from slow-moving items and drops in price.
Substitute plots of land reported as inventories are
capitalized at the lower of cost or fair value.
Receivables, other current assets, and liquid assets
are stated at the lower of nominal or fair value.
Identifiable risks are accounted for in valuation
adjustments. Appropriate provisions are made to
cover general credit risk.
4. Accruals
Accruals for pensions are valuated as per Section
6a of the German Income Tax Code (EStG) according
to their actuarial value at a 6 percent rate of interest
and according to 2005 tables produced by Prof.
Klaus Heubeck.
The calculation of accruals for phased retirement
schemes is based on rules contained in a federal
finance ministry circular of March 28, 2007
(IV B 2 – S 2175/07/002), as well as guideline tables
published Prof. Klaus Heubeck in 2005, at an interest
rate of 5.5 percent.
Accruals for anniversaries and benefits, too, are
calculated on the basis of Prof. Heubeck’s tables
and at an interest rate of 5.5 percent.
Other provisions, including tax provisions, take into
account all uncertain liabilities and potential losses.
They are of a size deemed appropriate to meeting
obligations, based on a reasonable commercial
assessment.
5. Liabilities
Liabilities are valuated at the respective amounts
repayable. Liabilities for annuity payments are
stated at their cash values.
6. Currency conversion
Foreign-currency receivables and liabilities are
booked at the respective buying or selling rate and
converted at the less favorable rate applicable on
the balance-sheet date.

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
94
III. Notes on the balance sheet
1. Changes in Group fixed assets
Fixed assets
Acquisition and production costs
At Jan. 1, 2008 Additions Retirements Reclassifications At Dec. 31, 2008
€ € € € €
I. Intangible assets
1. Franchises, intellectual property,
and similar rights and assets 24,171,882.99 2,223,356.49 - 241,586.14 67,002.06 26,220,655.40
2. Advances on intangible assets 42,226.79 112,948.00 0.00 0.00 155,174.79
24,214,109.78 2,336,304.49 - 241,586.14 67,002.06 26,375,830.19
II. Tangible assets
1. Land, rights similar to land, and
buildings, including buildings on
land not owned 3,384,500,681.70 19,338,105.42 - 3,572,512.93 - 1,303,995.55 3,398,962,278.64
2. Technical equipment and
machinery 1,360,832,995.14 5,759,610.68 - 25,953,993.42 9,720,594.81 1,350,359,207.21
3. Other equipment, plant and
office equipment 252,775,452.97 14,635,378.60 - 6,938,799.92 3,419,462.31 263,891,493.96
4. Construction in progress and
advances on fixed assets 51,204,788.78 78,327,991.50 - 2,938,004.33 - 11,903,063.63 114,691,712.32
5,049,313,918.59 118,061,086.20 - 39,403,310.60 - 67,002.06 5,127,904,692.13
III. Financial assets
1. Investments in associated
companies 2,401,976.85 996,655.85 - 841,086.62 0.00 2,557,546.08
2. Other loans 537,921.96 50,000.00 - 85,518.98 0.00 502,402.98
2,939,898.81 1,046,655.85 - 926,605.60 0.00 3,059,949.06
5,076,467,927.18 121,444,046.54 - 40,571,502.34 0.00 5,157,340,471.38

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
95
Accumulated depreciation
Book values
At Jan. 1, 2008 Additions Retirements Reclassifications At Dec. 31, 2008 At Dec. 31, 2008 At Dec. 31, 2007
€ € € € € € €
- 21,866,812.49 - 1,392,749.34 241,565.14 0.00 - 23,017,996.69 3,202,658.71 2,305,070.50
0.00 0.00 0.00 0.00 0.00 155,174.79 42,226.79
- 21,866,812.49 - 1,392,749.34 241,565.14 0.00 - 23,017,996.69 3,357,833.50 2,347,297.29
- 1,036,089,694.44 - 58,139,400.41 73,055.47 615,350.13 - 1,093,540,689.25 2,305,421,589.39 2,348,410,987.26
- 969,277,191.99 - 50,942,110.44 25,590,152.00 - 561,182.28 - 995,190,332.71 355,168,874.50 391,555,803.15
- 210,828,177.91 - 13,926,164.85 6,671,567.01 - 54,167.85 - 218,136,943.60 45,754,550.36 41,947,275.06
0.00 0.00 0.00 0.00 0.00 114,691,712.32 51,204,788.78
- 2,216,195,064.34 - 123,007,675.70 32,334,774.48 0.00 - 2,306,867,965.56 2,821,036,726.57 2,833,118,854.25
- 26,244.44 0.00 26,244.44 0.00 0.00 2,557,546.08 2,375,732.41
0.00 0.00 0.00 0.00 0.00 502,402.98 537,921.96
- 26,244.44 0.00 26,244.44 0.00 0.00 3,059,949.06 2,913,654.37
- 2,238,088,121.27 - 124,400,425.04 32,602,584.06 0.00 - 2,329,885,962.25 2,827,454,509.13 2,838,379,805.91

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
96
2. Details of ownership
Companies included in the consolidated financial statements Seat Share of capital
%
aerogate München Gesellschaft für Luftverkehrsabfertigungen mbH Munich 100.0
AeroGround Flughafen München Aviation Support GmbH Munich 100.0 1
Allresto Flughafen München Hotel und Gaststätten GmbH Munich 100.0 1
CAP Flughafen München Sicherheits-GmbH Freising 76.1
Cargogate Flughafen München GmbH Munich 100.0 1
eurotrade Flughafen München Handels-GmbH Munich 100.0 1
Flughafen München Baugesellschaft mbH Oberding 60.0
FM Terminal 2 Immobilien-Verwaltungsgesellschaft mbH & Co oHG Oberding 60.0 1
FMV – Flughafen München Versicherungsvermittlungsgesellschaft mbH Freising 100.0 1
MediCare Flughafen München Medizinisches Zentrum GmbH Oberding 51.0
mucground Services Flughafen München GmbH Freising 100.0 1
Terminal 2 Betriebsgesellschaft mbH & Co oHG Oberding 60.0 1
Beteiligungsgesellschaft mbH der FMG (formerly Flughafen München Holding GmbH) Freising 100.0 1
1
Exemption provisions with regard to the yearend accounts as per Section 264, Paragraph 3
and Section 264 b of the German Commercial Code apply.
Associated companies Seat Share of capital
%
Bayern Facility Management GmbH Munich 49.0
EFM – Gesellschaft für Enteisen und Flugzeugschleppen am Flughafen München mbH Freising 49.0

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
97
3. Equity
The FMG Group’s retained earnings comprise other
retained earnings from Allresto, CAP, eurotrade, and
FMG, earnings from consolidation entries, and subsidiaries’
net income.
The Group’s net profit is calculated as follows:
Dec. 31, 2008
€ thousand
Consolidated net income 4,042
Minority interest in net income - 46
Amounts transferred to retained earnings - 141
Profit carried forward 11,254
Consolidated net profit 15,109
Minority interests comprise eurotrade (+ €31 thousand),
CAP (+ €66 thousand), IMMO (+ €10.00 million),
MediCare (+ €111 thousand), T2 BG (+ €1.21
million), and FMBau (+ €11 thousand).
4. Accruals
Accruals for deferred taxes in the FMG consolidated
financial statements comprise €7.5 million for current
trade income and corporation tax and €35.8 million
for deferred trade income and corporation tax. In
the review year, no accruals were formed within the
Group for deferred trade income tax or corporate
tax. Existing accruals were reversed.
In fiscal 2008, the FMG Group had other accruals
of €169.3 million. This sum essentially comprises
€51.3 million as a contingency against losses in
the Ground Handling division, €25.9 million for settlement
backlogs and future obligations in connection
with phased retirement programs, €19.4 million
for vacation and overtime entitlements and other
HR expense, €10.0 million for specific impact fund
projects, €7.1 million for the fulfillment of statutory
requirements, and €10.4 million for the refurbishment
of recessed apron taxiway lighting, maintenance
obligations and outstanding invoices.
The change in consolidated equity is presented separately
in the equity table.

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
98
5. Liabilities
Liabilities table
Total
Residual term
up to 1 year
Dec. 31, 2008 Dec. 31, 2007
Residual term
1 to 5 years
Residual term
over 5 years
Total
Residual term
up to 1 year
€ € € € € €
Liabilities to
shareholders 43,492,081.49 43,492,081.49 0.00 0.00 0.00 0.00
Liabilities to
banks 1,623,078,837.69 51,345,083.57 179,793,162.06 1,091,940,592.06 1,734,643,616.31 406,492,618.13
Trade accounts
payable 60,587,956.97 57,594,878.71 2,993,078.26 0.00 63,857,246.22 61,143,697.16
Liabilities to
associated
companies 372,134.92 372,134.92 0.00 0.00 401,287.64 401,287.64
Other
liabilities 71,608,546.58 20,973,600.99 6,722,124.34 43,912,821.25 79,350,012.61 27,817,613.42
of which to
insurance
companies (43,716,869.86) (148,869.86) (0.00) (43,568,000.00) (43,717,516.22) (149,516.22)
of which in taxes (1,561,756.79) (1,561,756.79) (0.00) (0.00) (8,341,167.07) (8,341,167.07)
of which in social
welfare (21,252.84) (21,252.84) (0.00) (0.00) (54 299.15) (54,299.15)
1,799,139,557.65 473,777,779.68 189,508,364.66 1,135,853,413.31 1,878,252,162.78 495,855,216.35
The liabilities are not secured.

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
99
IV. Notes on the income statement
The consolidated income statement was prepared
according to the total cost method.
1. Proceeds on sales
Proceeds on sales are broken down by segments and,
along with the prior-year figures, adjusted to reflect
changes in the internal organizational structure.
2008 2007
€ million % € million %
Aviation, Ground Handling 550.7 52.8 525.8 52.6
Retail and Services 281.2 26.9 270.9 27.1
Corporate Real Estate Management and Development
and Support and Central divisions 211.8 20.3 202.9 20.3
1,043.7 100.0 999.6 100.0
2. Own work capitalized/Other operating income
For the most part, our own work capitalized in 2008
comprised €5.4 million in planning work for the airport’s
third runway and €3.3 million in interim profits
within the Group.
Other operating income includes €20.0 million from
the reversal of contractual provisions in the Ground
Handling division.
Additional other operating income items include €6.2
million for the writeback of current accruals formed in
the past yet not required in fiscal 2008, €4.2 million
in revenue from advertising measures in a subsidiary
and €2.5 million from the writeback of accruals for
loss contingencies for constant maturity swaps on
account of an increase in the latters’ market values.

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
100
V. Additional notes
1. Other financial obligations
Existing real-estate lease contracts are expected
to incur costs of around €44.74 million in 2009. The
burden through to the end of the basic lease term
in 2014 will amount to €256.4 million.
Existing construction, supply and service contracts
and agreements with planners, architects and
engineers pertain essentially to ongoing business
operations and are of a scope consistent with business
operations. There are also additional obligations
for environmental protection measures and
the honoring of public-law requirements.
Obligations issuing from service agreements and
purchasing commitments are within the usual business
scope.
2. Derivative financial instruments
The FMG Group had the following derivative financial
instruments at the balance-sheet date:
– Twenty-nine payer swaps with a volume of €979.4
million and terms through to 2016. Of these, one
swap with a nominal value of €25 million had a
positive market value of €0.2 million at December
31, 2008, and 28 swaps with a nominal volume
of €954.4 had a market value of negative €55.1
million.
– Two receiver swaps with a volume of €190 million
(market value: €3.1 million)
– Three caps with a volume of €80 million and terms
through to 2010; of these, one cap had a positive
market value of €51 thousand and two caps had
a market value of negative €25 thousand.
– Four constant maturity swaps (CMS) with a volume
of €178 million and terms through to 2015;
of these, two CMS had a market value of positive
€2.2 million and two had a market value of negative
€1.3 million.
The market values of all of the derivative financial
instruments were supplied by the relevant banks
and were computed by these banks using the
discounted cash flow method and current interest
structure curves.
For the two constant maturity swaps with negative
market values, a reserve of €1.3 million was formed
as a hedge against losses (2007: €3.8 million).
All other swaps and caps were combined with
underlying transactions for valuation purposes and
are not stated separately in the balance sheet.
Moreover, two loans in existence at the balancesheet
date that were originally taken out in Japanese
yen were transferred into euros by means of
cross-currency swaps (total volume: €43.6 million).

FMG consolidated financial statements 2008
Annex to the consolidated financial statements 2008
101
3. Executive board
Members of the executive board in fiscal 2008:
− Dr. Michael Kerkloh
President and Chief Executive Officer
− Walter Vill
Vice President and Chief Financial Officer
− Peter Trautmann
Chief Operating Officer until August 31, 2008
− Thomas Weyer
Chief Operating Officer from September 1, 2008
4. Supervisory board
Members of the supervisory board in fiscal 2008:
− Erwin Huber
Minister of State, Bavarian State Ministry of
Finance, Munich, chairman until October 29, 2008
− Georg Fahrenschon
Minister of State, Bavarian State Ministry of Finance,
Munich, supervisory board member from December
10, 2008, chairman from December 15, 2008
− Thomas Bihler
Clerical employee, employee representative and
vice chairman
Free State of Bavaria
− Josef Poxleitner
Director-General, Board of Building and Public Works
in the Bavarian State Ministry of Home Affairs
− Hans Spitzner
Undersecretary, Bavarian State Ministry for Economic
Affairs, Infrastructure, Transport and Technology, supervisory
board member until November 19, 2008
− Dr. Hans Schleicher
Director-General, Bavarian State Ministry for Economic
Affairs, Infrastructure, Transport and Technology, supervisory
board member from December 10, 2008
− Klaus Weigert
Director-General, Bavarian State Ministry of Finance,
Munich
Federal Republic of Germany
− Dr. Dieter Knoll
Ministerial councilor, Federal Ministry of Finance,
Bonn
− Robert Scholl
Director-General, Federal Ministry of Transport,
Building and Housing
City of Munich
− Christian Ude
Chief Mayor, City of Munich
− Dr. Reinhard Wieczorek
Councilor, City of Munich
Employee representatives
− Heinrich Birner
Director of the ver.di labor union, Munich region
− Hans-Joachim Bues
Senior Vice President Corporate Communications,
executive employees’ representative
− Willy Graßl
Head of Operations, works council chairman
− Ralf Krüger
Clerical employee, full-time works councilor
− Orhan Kurtulan
Certified aircraft handler, full-time works councilor
− Anna Müller
Clerical employee, full-time works councilor
− Otto Siegl
Clerical employee, full-time works councilor

Annex to the consolidated financial statements 2008
FMG consolidated financial statements 2008
102
5. Executive board remuneration and loans
Remuneration of executive board members consists
of a fixed salary and a variable, performance-based
amount:
Remuneration in 2008 Fixed Variable Total
€ thousand € thousand € thousand
Dr. Michael Kerkloh 250.0 113.3 363.3
Walter Vill 187.8 76.5 264.3
Peter Trautmann 119.7 64.3 184.0
Thomas Weyer 73.3 36.2 109.5
Total 630.8 290.3 921.1
6. Employees
With the introduction of a new collective labor
agreement, we stopped differentiating between
wage, salaried and temporary employees in our
reporting in fiscal 2006.
As per Section 267, Paragraph 5 of the German
Commercial Code, the FMG Group had, on average,
7,379 employees on unlimited, fixed-term and trainee
contracts in fiscal 2008 (2007: 7,175). In addition, 230
apprentices were undergoing vocational training in
2008 (2007: 214).
In addition to this remuneration, executive board
members received emoluments in kind and contractually
agreed fringe benefits totaling €47.9 thousand
in 2008. Reserves totaling €1.658 million were also
formed at December 31, 2008, to cover future pension
obligations.
Former members of executive management and
surviving dependents of former members received
emoluments of €528.1 thousand in fiscal 2008.
Reserves of €5.062 million were formed to cover
future pension payments and accrued pension rights
of surviving dependents.
Munich, May 20, 2009
Dr. Michael Kerkloh
Walter Vill
Thomas Weyer
Emoluments paid to supervisory board members
totaled €16.4 thousand.

FMG consolidated financial statements 2008
Independent auditor’s report
Independent auditor’s report
103
We have audited the consolidated financial statements
prepared by Flughafen München GmbH,
Munich, comprising the balance sheet, income
statement, cash flow statement, equity statement,
and the notes to the consolidated financial
statements, together with the consolidated
management report for the fiscal year from January
1 to December 31, 2008. The preparation of
the consolidated financial statements and the
consolidated management report in accordance
with German commercial law requirements is the
responsibility of the company’s management. Our
responsibility is to express an opinion, based on
our audit, of the consolidated financial statements
and of the consolidated management report.
We conducted our audit of the consolidated
financial statements in accordance with Section
317 of the German Commercial Code (HGB) and
with generally accepted standards for the audit
of financial statements in Germany as issued by
the Institute of Public Auditors in Germany (IDW).
These standards require that we plan and perform
the audit such that misstatements materially
affecting the presentation of the net assets,
financial position and results of operations in the
consolidated financial statements in accordance
with the principles of proper accounting and in
the consolidated management report are detected
with reasonable assurance. Knowledge of the
business activities and the economic and legal
environment of the Group and expectations as to
possible misstatements are taken into account
in the determination of audit procedures. The
effectiveness of the accounting-related internal
control system and the evidence supporting the
disclosures in the consolidated financial statements
and the consolidated management report
are examined primarily on a test basis within the
framework of the audit. The audit includes assessing
the annual financial statements of those entities
included in consolidation, the determination
of entities to be included in consolidation, the
accounting and consolidation principles used and
significant estimates made by management, as
well as evaluating the overall presentation of the
consolidated financial statements and the consolidated
management report. We believe that our
audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit,
the consolidated financial statements comply with
the statutory requirements and give a true and fair
view of the net assets, financial position and results
of operations of the Group in accordance with
these requirements. The consolidated management
report is consistent with the consolidated financial
statements and, as a whole, provides a suitable
view of the Group’s position and suitably presents
the opportunities and risks of future development.
Munich, May 29, 2009
SUSAT & PARTNER OHG
Appointed auditors
Dr. Kirnberger
Auditor
Dr. Doll
Auditor

104
Publisher
Flughafen München GmbH
Finance and Controlling
Corporate Communications
Tel.: +49 89 975-00
Editor
Internal Communications and Publications
Dr. Reingard Schöttl
Flughafen München GmbH
P.O. Box 23 17 55
85326 München
Germany
www.munich-airport.de
Photographs
Peter Bock-Schroeder
Alex Tino Friedel
Dr. Werner Hennies
Christian Höhn
Design
RED, Munich / Krailling
Translation
Tom Rattray
Printing
G. Peschke Druckerei GmbH, Munich
Paper
PhoeniXmotion Xenon