"Perspectives 2011" - Sustainability and Annual Report (pdf)

Workforce and work environmentEnvironmental and climate protectionFinancial reviewSustainable developmentP Supervisory board’s reportq Consolidated management reportp Consolidated financial statementsp Independent auditor’s reportInvestments in plant and office equipment totaled€11.120 million. These essentially comprise purchasesof vehicles, systems and plant and officeequipment at Flughafen München GmbH totaling€4.127 million.The drop of €765 thousand in financial assets is al -most entirely the result of changes involving asso ci -ated companies in the group of consolidated companies.Current assets increased by a total of €19.364 millionin 2011, but year-on-year changes varied from assetclass to asset class: Trade receivables and otherassets grew €4.499 million, and liquid assets rose by€21.647 million; inventories, by contrast, were lower,partly as a result of the reclassification of assets.The €119.152 million change in equity is due mainlyto the Group’s consolidated net income (€197.119 mil -lion), payouts from minority interests (€25.767 million)and the repayment of contributions to third-partyshareholders (€50.805 million).Provisions were down €7.153 million at €218.800 millionin 2011. The provision for the restructuring of ourground handling operations formed in 2010 wasrevalued and totaled €10.400 million at the balancesheet date. Tax provisions, too, were lower, down€9.615 million, at €15.995 million. However, oncezoning approval was granted for the airport’s thirdrunway in the summer of 2011, assets also had to betransferred into the regional fund.The FMG Group’s total liabilities (excluding shareholderloans) dropped by €104.280 million in 2011,to €2.131 billion. The liability to shareholders in 2010from interest on shareholder loans of €151.982 millionwas reduced by €136.034 million, to €15.948 million.Liabilities to banks dropped by €20.990 million;this occurred mainly in the context of loans withterms of more than one year. The increase in otherliabilities is essentially due to liabilities reported inconnection with the repayment of contributions tothird-party shareholders.In addition, trade payables were higher in 2011, up€14.787 million.Financial situationCash flow from operations secured sufficient financialresources to ensure the Group’s liquidity throughoutfiscal 2011. Including interest paid to shareholders,cash flow from operations totaled €208.068 million(2010: €305.466 million) and was sufficient to coverinvestments in 2011 of €136.919 million (2010:€84.248 million). Bank loans increased slightly inaddition.The Group’s companies are all part of a cash poolformed for financing purposes. Capital spending infiscal 2011 was funded entirely through operatingcash flow.Group-wide procurement optimizationIn 2011, FMG launched a new project to optimizeprocurement, group-wide. The project consisted ofan analysis phase, to assess the current situation,and an implementation phase in which individualprocurement processes were optimized.119