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46 47 Economic Situation and Group Status Report for the financial year from 1 January to 31 December, 2009 In contrast, total personnel costs remained almost unchanged from the previous year (EUR 37.7m). The significant increase in insolvency insurance for company pensions was compensated for in its entirety by lower contributions to pension provisions. Personnel costs represent 16.0 percent (previous year: 16.1 percent) of sales and other revenue achieved in 2009. At EUR 36.1m, other operating expenses are EUR 0.3m higher than the previous year. This increase consists for the most part of the additional capital contribution for GroundSTARS (EUR 1.1m); FHG is obliged by the terms of the Articles of Association to cover the 2009 deficit reported by GroundSTARS (before the additional capital contribution) up to the amount of additional expenditure for the securing of vested interests. Expenditure for public relations and consulting, on the other hand, decreased. The completion of the Airport Plaza at the end of 2008 in particular, along with other aspects of the HAM21 Expansion Programme and the completion of the rubber strip attachment on the runways, resulted in growth in asset value and thereby in an increase in planned depreciation of EUR 5.4m to EUR 28.2m in 2009. Miscellaneous taxes rose to EUR 2.9m (previous year: EUR 1.6m), largely as a result of higher energy taxes. The improvement in the interest balance to EUR -8.9m (previous year: EUR -9.9m) is a result of the significantly lower interest rate level. Taxes on income and profit are characterised by a high tax refund for the years 1999 and 2000 along with the release of provisions made in this respect; for this reason they are shown with a value of EUR -2.8m (previous year EUR -0.3m), increasing the final result. Due to the operative development of the business described above along with the large number of special effects, the company reported a profit for the financial year 2009 of EUR 35.0m, which is EUR 4.3m (10.9 percent) less than the previous year’s result of EUR 39.3m. Calculated on the basis of this annual surplus the company reported a turnover profit of 15.6 percent (previous year: 17.0 percent). In accordance with the existing profit and loss transfer agreement, the previous year’s profit of EUR 39.3m (previous year: EUR 48.2m) was transferred to Flughafen Hamburg Konsortial- und Service GmbH & Co. oHG (FHK) in 2009. At a group level, sales revenue declined by EUR 6.3m over the previous year to EUR 225.6m. Internal turnover resulted essentially from services performed by ground handling subsidiaries, RMH (real estate management) and AIRSYS (IT services). For the business year 2009, the Group reported earnings from ordinary activities of EUR 34.2m, EUR 6.0m lower than in the previous year. Assets and financial position At EUR 478.5m, FHG’s balance sheet total is EUR 22.5m (4.9 percent) higher than the previous year (Group: +4.6 percent to EUR 495.7m). On the asset side, completed investments (excluding financial investments) of EUR 34.7m, taking depreciation into account, resulted in an increase in fixed assets of EUR 9.0m (2.1 percent) to EUR 443.0m, of which 79.9 percent (previous year: 73.3 percent) is covered by subscribed capital and long-term investment capital. The growth in liquidity from financial activities is responsible for the increases in balance on account at credit institutions and receivables from associated companies (EUR 8.2m of which from the HGV cash pool), resulting in a EUR 12.8m increase in current assets to EUR 33.6m. On the liabilities side of the balance sheet, cumulative liabilities to credit institutions in particular rose by EUR 45.6m to EUR 242.2m. This credit served both to finance investment activities and to completely repay the short-term withdrawal from the HGV cash pool (previous year: EUR 17.4m). Capital resources are reported unchanged at EUR 63.8m; the increased balance sheet total thus leads to a reduction in the capital ratio to 13.3 percent (previous year: 14.0 percent). Capital resources for the Group constituted 14.6 percent of the balance sheet total (previous year: 15.7 percent). Medium and long-term bound assets balanced 79.9 percent (Group: 83.1 percent) of subscribed capital and long-term fixed investments. Cash flow arising from business operations allowed investments of EUR 34.7m (excluding financial investments) to be covered. Taking into account the negative financial reserves at the beginning of the financial year (EUR -26.9m), the cash flow arising from financial activities resulted in financial reserves of EUR 2.9m. As the existing liquidity of subsidiaries and holdings has been borrowed from the cash pool, there has been an increase in overnight money assets at HGV and credit institutions. Within the Group, too, investments could be met by cashflow arising from business operations. The resultant year end financial reserves are EUR 12.3m. The overnight money assets held at HGV and credit institutions significantly exceed the remaining overnight money assets from the cash pool of subsidiaries and holdings not incorporated in the Group Financial Statement. Future investments are to be financed both from the cash flow arising from business operations and the usage of currently available lines of credit. The Executive Board regularly receives information relating to the liquidity and potential financial risks to support it in treasury management. A joint cash pool, aimed at the optimal deployment of liquid financial resources, has been established for FHG and its subsidi aries; liquidity is thereby centrally concentrated at FHG. FHG offsets short-term liquidity variations with HGV resources. The integration of FHG in the HGV Group, along with the high creditworthiness of the shareholders, mean that there is no indication of financial problems either at present or for the future. Investments The total volume of investments in 2009, excluding financial assets, was EUR 34.7m (Group: EUR 38.4m). Investment activities were focused on the HAM21 project with the completion of the P2-P4 parking deck, close to the terminals, the fixing of the rubber strip beside the runways (graded portions) and the partial replacement of the lighting electronics (BÜS3). Employees Including the Executive Board, trainees and apprentices, FHG had 684 employees in the year under review (previous year: 686), whilst the Group had a total of 1,590 employees (previous year: 1,624). At the end of the year FHG had 42 (Group: 48) trainees and ap prentices undergoing qualified training in five different career paths. FHG deliberately trains beyond its own needs, fulfilling in this way its social obligation. On 1 January, 2009, a wage increase came into effect for FHG and its subsidiaries, based on the Public Service Wage Agreement (TVöD). Future development – opportunities and risks FHG and the Group have at their disposal a central risk management system, which is continually being updated. The goal is to deal with risk in a controlled and managed way. To this end, organisational regulations have been implemented and committees established, guaranteeing very early recognition of risk-laden developments. The definition and parameterisation of both specific risks and general potential risk are documented in a risk handbook. Based on these classifications, no risks can be identified which threaten the airport’s survival. One risk with substantial influence on the asset, financial and revenue position is an unexpected and significant decline in passenger volume. On the other hand, unexpectedly strong growth in passenger volume is an identified opportunity. Financial instruments implemented by FHG and the Group consist of interest swaps to match the level and period of the financing structure and cover the risk of interest rate changes. Outlook In the light of the incipient economic recovery, slight growth in traffic volume is expected for 2010. In the area of airport charges, the regulatory agreement has been extended (it now runs until the end of 2014) and its scope expanded to include charges for central infrastructure facilities. This continues to provide planning certainty for both FHG and the airlines. Simultaneously, a revenue-neutral emissions-based take-off and landing charge was introduced on 1 January, 2010. In the ground handling sector, last year saw the signing of a contract with Germany’s second-largest airline, Air Berlin; the airline had previously purchased ground handling services from the competition. As well as generating a significant increase in sales revenue, this has also resulted in a temporary market share of 100 percent, as the competitor has suspended operational activities at Hamburg Airport until further notice. For 2010, a result (before profit transfer) of around EUR 30m is expected (Group: EUR 29m); despite improvements in both traffic and revenue, this is below the 2009 result. This is due to several special effects which resulted in exceptionally high other operating revenues in 2009, along with the increased expenditure for depreciation and interest for the airport expansion programme, completed in 2009. The latter is essentially complete now that the P2-P4 parking deck, close to the terminals, has been finished; in 2010, the investment volume will return to a lower level of approximately EUR 20.9m. The HAMSTEP project will continue, with internal resources being de ployed to identify further optimisation potential and capacity requirements with reference to existing infrastructure. There have been no developments of special significance to FHGs or the Groups commercial situation since the accounting date. Hamburg, 22 January, 2010 Flughafen Hamburg Gesellschaft mit beschränkter Haftung, Hamburg
Flughafen Hamburg GmbH: balance sheet 48 49 31 December 2009 31 December 2008 Assets € € A. Fixed Assets 1 I. Intangible fixed assets Commercial rights, similar rights and assets 1,241,164.00 1,429,800.00 II. Tangible assets 1. Land, leasehold rights and buildings, including buildings on leasehold land 350,275,248.51 334,238,903.52 2. Technical equipment and machinery 67,643,941.00 52,869,182.00 3. Other equipment; fixtures and fittings 15,106,488.00 13,751,322.00 4. Payments on account and assets under construction 3,109,664.86 26,066,669.65 III. Financial assets 436,135,342.37 426,926,077.17 1. Shares in Group companies 2,986,240.35 2,986,240.35 2. Holdings 2,591,316.20 2,591,316.20 5,577,556.55 5,577,556.55 442,954,062.92 433,933,433.72 B. Current Assets I. Stocks Raw materials and supplies 396,119.02 328,556.79 II. Debtors and other assets 2 1. Trade debtors 14,489,760.31 14,635,650.65 2. Amounts owed by group companies 3. Amounts owed by companies in which the 10,429,241.67 4,212,865.34 company has a participating interest 4. Amounts owed by the Free & 42,852.11 16,810.72 Hanseatic City of Hamburg 5,122.81 12,580.38 5. Other assets 2,695,093.61 1,133,164.85 27,662,070.51 20,011,071.94 III. Cash in hand and credit at banks and financial institutions 5,566,875.38 412,207.20 33,625,064.91 20,751,835.93 C. Prepaid expenses 1,915,566.37 1,282,426.03 1 See Appendix (notes on financial statements) 5. 2 See Appendix (notes on financial statements) 6. 478,494,694.20 455,967,695.68 31. 31 December Dezember 2009 31. 31 December Dezember 2008 Passiva Equity and liabilities € € A. Equity 1 I. Subscribed capital 56,026,500.00 56,026,500.00 II. Capital reserves III. Profit reserves 6,925,498.05 6,925,498.05 Other profit reserves 808,007.65 808,007.65 63,760,005.70 63,760,005.70 B. Provisions 2 1. Pension provisions 55,440,039.00 55,932,292.00 2. Tax provisions 1,285,000.00 2,575,000.00 3. Other provisions 46,535,140.29 51,412,120.28 103,260,179.29 109,919,412.28 C. Creditors 3 1. Amounts owed to financial institutions 242,591,069.88 196,956,695.14 2. Trade creditors 1,995,150.98 2,806,886.71 3. Amounts owed to Group companies 4. Amounts owed to companies in which the 53,349,100.89 73,904,102.55 company has a participating interest 5. Amounts owed to the Free & 74,060.61 99,822.82 Hanseatic City of Hamburg 4,108,348.05 4,137,503.17 6. Other creditors 3,309,225.80 3,183,864.03 305,426,956.21 281,088,874.42 D. Deferred income 6,047,553.00 1,199,403.28 1 See Appendix (notes on financial statements) 7. 2 See Appendix (notes on financial statements) 8. 3 See Appendix (notes on financial statements) 9. 478,494,694.20 455,967,695.68
Page 1 and 2: hamburg-airport.de Annual Report 20
Page 3 and 4: Annual Report 2009 Contents The Com
Page 5 and 6: Foreword from the Supervisory Board
Page 7 and 8: 8 Interview with the Executive Boar
Page 9 and 10: 12 13 Business Units
Page 11 and 12: 16 Department of Aviation Marketing
Page 13 and 14: 20 Aviation Division Only system of
Page 15 and 16: 24 Center Management Division Hambu
Page 17 and 18: 28 Real Estate Management Division
Page 19 and 20: 32 Ground Handling Division Ideas a
Page 21 and 22: 36 Subsidiaries and holdings Import
Page 23 and 24: In Focus: Service 40 41 Ideas compe
Page 25: 44 Economic Situation and 45 Group
Page 29 and 30: Hamburg Airport Group: balance shee
Page 31 and 32: Appendix (notes on the financial st
Page 37 and 38: Group cash flow Group Capital Flow
Page 39 and 40: Declaration of Compliance of Flugha
Page 41 and 42: 76 The year in 77 faces and stories
Page 43 and 44: 80 81 September October November De

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