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

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Introduction Company profile and strategyService portfolio Communication and social responsibility2. Financial assetsAdjustments in connection with migrating the yearendaccounts of associated companies to a consistentgroup-wide accounting and valuation systemwere so minor that none were required under Section312, Paragraph 5 of the German CommercialCode. Profits from the disposal of associated companiesare reported under income from investments inassociated companies.Other financial assets are stated at the lower of costor fair value.Low-interest employer loans are stated at their nominalvalue at the balance-sheet date.3. Current assetsInventories are mainly stated at their weighted averagecost for the past three months and are writtendown at the lower of cost or fair value to cover risksarising from slow-moving items and drops in price.Substitute plots of land and emissions allowancesreported as inventories are capitalized at the lowerof cost or fair value.Receivables and other current assets are stated atthe lower of nominal or fair value. Identifiable risksare accounted for in valuation adjustments. Appropriateprovisions are made to cover general credit riskfrom receivables. Non-interest-bearing or low-interestreceivables are reported at their present value.Cash on hand and credit balances with banks arereported at their nominal value.4. ProvisionsProvisions for pensions were calculated accordingto actuarial principles using the Projected Unit Creditmethod and interest rates of between 4.68 percentand 5.17 percent (2010: between 4.78 percent and5.22 percent) and an anticipated rate of increase inwages and salaries of 3.00 percent (2010: 3.00 percent).A rate of increase in pensions of 2.00 percentwas assumed (2010: 2.00 percent). Life tables publishedby Prof. Klaus Heubeck were also applied.Prospective entitlements for spouses’ pensionswere calculated using the collective method. Calculationswere based on notional final ages of 63, 65and 66 years for men and 65 years for women.Provisions for phased retirement schemes set upunder old agreements are calculated in accordancewith the terms set out in Section 253 of the GermanCommercial Code and accepted actuarial rules.Pension obligations were valuated at their presentactuarial value, assuming a salary rise trend of between0.00 percent and 1.50 percent (2010: between0.00 percent and 1.50 percent). These were calculatedaccording to the 2005 G guideline tables publishedby Prof. Klaus Heubeck and monthly paymentsin advance, at an interest rate of between 3.80 percentand 3.94 percent (2010: between 3.90 percentand 3.97 percent).To meet obligations arising through phased retirementagreements and overtime credits, reinsurance agreementswere concluded which are ring-fenced fromother creditors. In fiscal 2011, the reinsurance agreementsare valued at fair value and offset against theunderlying obligations. In instances where this resultsin an excess obligation, that excess is includedin the provisions.If the current value of the reinsurance exceeds theobligations, this is included on the asset side of thebalance sheet as an active difference resulting fromoffsetting.136
Workforce and work environmentEnvironmental and climate protectionFinancial reviewP Supervisory board’s reportP Consolidated management reportq Consolidated financial statementsp Independent auditor’s reporttSustainable developmentAs a result of a new collective pay agreement forapron controllers and airport fire service employees,provisions were made for phased retirement for theseroles for the first time in 2011. These provisions werealso calculated using Prof. Klaus Heubeck’s 2005 Gguideline tables, assuming monthly payments in ad -vance, at an interest rate of 5.14 percent, and a durationof 15 years. The valuation assumed that thetrend will be for apron controller salaries to rise 5.9 per -cent a year until 2016 and 3.00 percent a year from2017. A salary trend of 2.50 percent per year was as -sumed for fire service employees. Initially, no fluctuationwas taken into account for either of thesegroups.Prof. Heubeck’s 2005 G guideline tables were alsoused to calculate provisions for anniversaries andbenefits. The benefit provisions were based on aninterest rate of 5.05 percent (2010: 5.06 percent)and a salary and pension trend running at 2.00 percent(2010: 2.00 percent). Anniversary provisionswere based on an interest rate of between 4.49 and4.69 percent (2010: between 4.57 and 4.69 percent)and assumed a salary trend of between 2.00 and3.00 percent (2010: 3.00 percent) and a fluctuationof between 3.00 and 10.00 percent (2010: 3.00 percent).Other provisions are carried at anticipated settlementamounts based on prudent and reasonable commercialassessment. Other provisions with terms of morethan one year are discounted at interest rates appropriateto their terms, determined and publishedby Deutsche Bundesbank in accordance with theGerman Regulation on the Discounting of Provisions.The interest rates at which provisions were discountedin 2011 were between 3.75 percent and 4.78,depending on their residual term.Based on a conservative assessment, all foreseeablerisks and losses occurring through to the balancesheetdate – even those emerging between thereporting date and the date of the preparation ofthe consolidated yearend accounts – have been addressed.5. LiabilitiesLiabilities are valuated at their respective settlementamounts. Liabilities for annuity payments are statedat their present values, with a mean interest rate of5.5 percent.6. Deferred taxesDeferred taxes are determined based on differencesbetween the times at which values are measuredfor assets, liabilities, accruals and deferrals in connectionaccounts prepared for tax purposes and accountsprepared for financial reporting purposes. Taxlosses and interest carried forward are taken into accountin the process. Valuations for controlled com -panies are conducted on the basis of the currentcorporate income tax and trade tax rates (plus reunificationtax) for the tax consolidation group. Forcompanies outside the tax consolidation group, theirindividual rates of tax apply. In accordance with theoptions provided by Section 274, Paragraph 1, Sentence2 of the German Commercial Code, deferredtax assets exceeding deferred tax liabilities are notcapitalized. Deferred taxes under Section 306 ofthe German Commercial Code are offset against deferredtaxes under Section 274.7. Currency conversionsForeign-currency receivables and liabilities with a residualterm of less than one year are valuated at themid-market spot rate on the balance-sheet date.All other foreign-currency receivables and liabilitiesare valuated at the conversion rate applicable at theinvoice date or the less favorable of the lower orhigher spot rate on the balance-sheet date.8. Derivative financial instrumentsDerivative financial instruments are valuated individuallyat their market value on the balance-sheet date.The underlying transactions and hedging transactionsare combined in a single unit of valuation if they satisfythe requirements for doing so.137
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Workforce and work environmentEnvir
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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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Page 186: PublisherFlughafen München GmbHP.O
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