"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 reportNotable events after the end offiscal 2011Flughafen München GmbH has agreed to furnishMAC Grundstücksgesellschaft mbH & Co. KG with a€66.500 million loan to help it secure financing. MACGrundstücksgesellschaft mbH & Co. KG was assuredthis loan in a letter dated March 5, 2012.OutlookThere will be numerous strategic growth and developmentopportunities for Munich Airport in the foreseeableterm.Growth projectionsLeading research organizations predict that Germany’seconomy will grow during 2012, but at a rateof less than 1.0 percent. Moderate growth, of lessthan 2.0 percent, is anticipated for 2013. In light ofimproving economic data, sentiment within the aviationindustry is positive on the near-term future.It remains to be seen how the European economyand the aviation industry fare, going forward. Keyissues in this context are whether the sovereigndebt crisis will spread to the real economy, andwhether solutions can be reached in the currentdisagreement over the European Union’s emissionscap-and-trade scheme.We are confident that in 2012 we will be able to sus -tain the kind of rapid growth that we have accomplishedin prior years. Based on the estimates in ourcurrent business plan, we expect passenger num -bers to reach 39.5 million and our consolidated netincome to be roughly the same as in 2011.Looking ahead to the intermediate term, we expectour consolidated total income in 2013 to be at roughlythe same level as in 2011, and we anticipate plentyof opportunities for Munich Airport’s strategic growthand development emerging in the foreseeable future.Air transport demand at Munich Airport remains onthe rise in 2012. In the early part of the year, pas -senger traffic, for example, was up between 3.0 and4.0 percent on prior-year figures. However, given ourcurrent runway system’s capacity issues, we do notexpect to see a significant increase in aircraft move -ments, because we have no more free slots at indemandtimes of the day when traffic is at its heaviest.The International Air Transport Association (IATA)expects passenger numbers to increase 4.0 percentover the year (2011: 6.1 percent) but cargo traffic toremain flat. The German Airports Association (ADV)predicts growth will run to around 2.6 percent nationwidein 2012. The ADV forecast is lower than in prioryears to reflect the impact of the plane ticket tax andthe increasingly difficult economic circumstances.127