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

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$Luftfracht (pdf) - Flughafen MÃ¼nchen$

Introduction Company profile and strategyService portfolio Communication and social responsibilityscenarios and to mount a swift response to new andemerging threats. Supervisory board members alsoreceive copies of the latest risk reports.To ensure thorough observance of laws and directivesas well as the company’s own internal rules andguidelines, Flughafen München GmbH’s executivemanagement took steps to firmly embed complianceprinciples into business processes and the Group’sgeneral corporate and management culture during thepast year. These steps included the introduction of anoverarching compliance framework on January 1, 2011.To minimize possible financial damage, the FMGGroup has insurance for appropriate amounts coveringkey areas of potential loss and liability. Throughoutfiscal 2011, the Group was fully able to meet itsneed for financial resources, thanks to stable internalfunding and guaranteed lines of credit. Munich Airportis not currently experiencing any kind of liquiditysqueeze in money markets.The main focuses of our risk reporting in 2011 wereas follows: the legal proceedings initiated by theLandshut prosecutor’s office, the Landshut revenueservice investigators, and Munich’s central customsoffice in connection with events at the FlughafenMünchen GmbH subsidiary CAP Flughafen MünchenSicherheits-GmbH; risks associated with a possiblefurther opening up of the ground handling servicesmarket; and a European Commission review concerningthe construction of Terminal 2. All of the aboverepresent risks that will continue beyond 2011.Other risks addressed included possible industrial actionin connection with collective bargaining on paydeals for air traffic control operators and airport fireservice personnel. These risks receded during thecourse of the year when the pay negotiations endedin a successful settlement.In the latter half of the year, uncertainty surroundingthe future of the economy and the possible implicationsfor Flughafen München GmbH became a focusof our risk reporting.External risks assessed as having a low likelihood ofoccurrence but a potentially severe economic impactincluded acts of terror, natural disasters, and the lossor impairment of the airport’s ability to function as anaviation hub.Financial risks, including risks issuing from variousfinancial instruments (derivatives, and the managementof receivables, liabilities and financial assets)are reviewed at regular intervals and assessed withregard to current price changes and to default andliquidity risks. Derivative financial instruments arenow only employed as an interest rate and currencyrisk hedge, and require the express approval ofexecutive management.We identified no risks to our continuity as anenterprise in 2011.Fiscal risksFlughafen München GmbH and the FMG Group facecredit, interest rate and foreign exchange risks inconnection with reported and future items and trans -actions. To address interest rate and foreign exchangerisks, Flughafen München GmbH hedges underlyingtransactions on a large scale with derivative financialinstruments. The treasury is responsible for managingmarket risks efficiently. As a rule, only those risksare managed that can affect cash flow. Interestderivatives are only employed to optimize lendingterms and to limit exposure to adverse movementsin interest rates. No transactions are conducted forcommercial or speculative reasons.Our exposure to interest risk is mainly through financialliabilities with variable interest rates. Interestrate hedging positions can result in negative marketvalues when market interest rates are lower.In instances where planned foreign currency incomecannot be matched with foreign currency expense,foreign exchange risks arise; these are hedged withforeign currency forward contracts.124
Workforce and work environmentEnvironmental and climate protectionFinancial reviewSustainable developmentP Supervisory board’s reportq Consolidated management reportp Consolidated financial statementsp Independent auditor’s reportCredit risk is tied mainly to short-term financial investments.This risk is generally controlled by makingfinancial investments with banking organizations inthe European Union that offer deposit protection.Risks affecting Flughafen München GmbH’s assets,finances and earnings may arise in connection withthe current situation in global financial markets andits potential impact on the economy as a whole, ongeneral liquidity, and on future bank lending.Potential bad debt risk is addressed through strict andeffective debt management. This includes checkingcustomers’ credit ratings thoroughly, continuouslytracking unpaid invoices, and taking a strict approachto payment reminders and collections.The FMG Group’s overall risk situationNo risks posing a threat to continuity have beenidentified.Opportunities and growth projectsWith the economy expected to stabilize and demandfor air transport likely to increase, Flughafen MünchenGmbH’s executive management considers the inter -mediate and long-term prospects for continuedgrowth in hub traffic to be promising. To be able tocapitalize on the opportunities for growth, MunichAirport urgently needs a third runway. In 2011, thezoning process for the runway ended in a grant ofapproval, allowing the expansion work vital for theairport’s future to go ahead.A municipal referendum is to be held in the statecapital, Munich, on June 17, 2012, on the constructionof the airport’s third runway. The purpose of thereferendum is to determine whether the city of Munich,as a shareholder of Flughafen München GmbH,should approve the planned construction project.In addition, 20 cases brought against the zoningapproval are currently being heard by the BavarianAdministrative court. Flughafen München GmbH haschosen not to immediately exercise the right grantedby the zoning approval and begin construction, but toawait the court’s rulings.Irrespective of the forecasts and the traffic scenariosprojected for the decades ahead, the airport alreadyneeds a third runway today. Our present capacitywith our two-runway system, which allows us toschedule 90 takeoffs and landings and hour, is byno means sufficient to cover airlines’ current needs.Munich Airport is already operating at the limits of itscapacity, and carriers would readily use as many as110 slots an hour at peak times – in other words, foreight to ten hours a day – if they were available.Besides additional runway capacity, Munich Airportalso needs more contact stands at terminals andmore passenger-handling resources if it is to accommodateits growing hub traffic.To address these needs, we are collaborating withLufthansa to build a satellite on the east apron as anextension to Terminal 2. The satellite will be connectedto the terminal via an underground automatedpeople mover system. The project has been grantedzoning approval, and the foundation stone ceremonyset for April 23, 2012. The satellite, which will have52 gates and 27 contact stands with direct buildingaccess, is due to open in 2015 and will create thecapacity to handle a further 11 million passengers ayear.As with the construction of Terminal 2 previously, thecosts of the new building and its technical installations– around €650 million in total – will be shared60:40 by FMG and Lufthansa.125
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EconomyCargo volumeup 5.9%to more t
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Environment60%65%of aircraft deicer
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Social equityPeople fromaround 50na
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PublisherFlughafen München GmbHP.O
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