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

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$Luftfracht (pdf) - Flughafen MÃ¼nchen$

Introduction Company profile and strategyService portfolio Communication and social responsibilityInvestment in associatesIn the fiscal year reviewed, MediCare Flughafen MünchenMedizinisches Zentrum GmbH is no longer re -ported in the consolidated yearend accounts as anaffiliated company but as an associated company. Itis carried at the value of the attributable equity shareof €227 thousand as at the time of the transitionalconsolidation. In the review year, the carrying valueincreased to €300 thousand through a share of€73 thousand in MediCare’s net profit for the year.EFM’s carrying value grew from €2.910 million at January1, 2011, to €3.061 million at December 31, 2011.Over the same period, the unit generated a proportionatenet profit for the year of €2.307 million with apayout of €2.156 million.2. Receivables and other assetsOther assets totaling €20.433 million are due withinmore than one year (2010: €21.424 million). All otherreceivables and other assets are due within one year.Receivables from affiliated and associated companiesof €169 thousand (2010: €0 thousand) and €428 thou -sand (2010: €258 thousand), respectively, result entirelyfrom the provision of goods and services.3. EquityThe FMG Group’s retained earnings comprise otherretained earnings from Flughafen München GmbH,eurotrade Flughafen München Handels-GmbH, Aero-Ground Flughafen München GmbH, CAP FlughafenMünchen Sicherheits-GmbH, and Flughafen MünchenBaugesellschaft mbH, and earnings from consolidationentries and from subsidiaries’ net income.The Group’s consolidated net profit at December 31,2011, is calculated as follows:€ thousandConsolidated net income 197,119Minority interest in net income –24,995Allocation to other retained earnings –5,346Consolidated profit carried forward 19,765Consolidated net profit 186,543The minority interests comprise Flughafen MünchenBaugesellschaft mbH (€13 thousand), FM Terminal2 Immobilien-Verwaltungsgesellschaft mbH(€10.000 mil lion), Terminal 2 BetriebsgesellschaftmbH & Co oHG (€1.210 million), MFG Flughafen-Grund stücksver wal tungsgesellschaft mbH & Co.ALPHA KG (€145.006 million), MFG Flughafen-Grundstücksverwaltungs gesellschaft mbH & Co. BETAKG (€168.312 million), MFG Flughafen-GrundstücksverwaltungsgesellschaftmbH & Co. Gamma oHG(€50.871 million), MALTO GrundstücksverwaltungsgesellschaftmbH & Co. KG (€5.575 million), MACGrundstücksgesellschaft mbH & Co. KG (negative€58 thousand), and München Airport Center Betriebs -gesellschaft MAC mbH (negative €2.681 million).The change in consolidated equity is presented separatelyin the equity table.4. ProvisionsProvisions for deferred taxes in the FMG Group’sconsolidated financial statements total €15.995 million(2010: €25.610 million).In fiscal 2011, the FMG Group had other provisionstotaling €183.740 million (2010: €181.279 million).These essentially comprise €10.400 million (2010:€89.900 million) for the restructuring of our groundhandling activities, €17.749 million (2010: €11.838 million)for settlement backlogs and future obligationsin connection with phased retirement programs,€78.169 million (2010: €9.476 million) for the regionalimpact fund, €3.351 million (2010: €4.523 million) forthe fulfillment of statutory requirements concerningfire extinguishing systems, and €21.885 million(2010: €19.083 million) for maintenance work, majorrepairs, restoration commitments and outstandinginvoices for construction work.In accordance with Section 246, Paragraph 2, Sentence2 of the German Commercial Code, entitlementsfrom reinsurance contracts that are ring-fencedfrom other creditors and are solely for the purposeof meeting liabilities from phased retirement obligationscan be offset against these obligations. Theacquisition costs of the assets in connection withphased retirement programs amount to €12.471 million(2010: €14.331 million). The figures representthe current value as determined by experts at AllianzLebensversicherungs AG. At the balance sheet date,the settlement backlog of the offset liabilities totaled€20.481 million (2010: €26.169 million).140
Workforce and work environmentEnvironmental and climate protectionFinancial reviewP Supervisory board’s reportP Consolidated management reportq Consolidated financial statementsp Independent auditor’s reporttSustainable development5. LiabilitiesLiabilities tableDecember 31, 2011 December 31, 2010TotalResidual termup to 1 yearResidual term1 to 5 yearsResidual termover 5 yearseTotalResidual termup to 1 year€ thousand € thousand € thousand € thousand € thousand € thousandLiabilities to shareholders ofthe parent company 15,948 15,948 0 0 151,982 151,982Liabilities to banks 1,742,155 84,467 836,224 821,464 1,763,145 78,288Trade liabilities 73,627 69,202 4,425 0 58,840 55,386Liabilities to affiliatedcompanies 657 542 115 0 0 0Liabilities to associatedcompanies 2,506 2,506 0 0 6,455 6,455Other liabilities 296,411 102,807 172,530 21,074 255,162 50,364of which to insurancecompanies 43,622 54 43,568 0 43,614 462,131,304 275,472 1,013,294 842,538 2,235,584 342,475Total liabilities to affiliated and associated companiesof €657 thousand (2010: €0 thousand) and €2.506 mil -lion (2010: €6.455 million), respectively, include€530 thousand (2010: €0 thousand) and €1.599 million(2010: 4.652 million) from cash managementwithin the Group and €12 thousand (2010: €0 thou -sand) and €907 thousand (2010: €1.803 million) inaccounts payable, and €115 thousand (2010: €0 thousand)in outstanding contributions.Under the terms of a master loan agreement and asyndicate agreement concluded with two subsidiaries,the financing banks have as security the cessionof entitlements from rents, land use agreements andinsurance contracts, and the temporary transfer oftitle to Terminal 2 buildings and structures, to extensionsabove and below ground, and to superstructureson these buildings and structures, includingthe extended baggage sorting hall and the plannedsatellite building. For one of the two subsidiaries, thetitle to furniture, fittings, movables and productionequipment has also been transferred temporarily. AtDecember 31, 2011, the two subsidiaries’ liabilitiesto banks totaled €924.392 million.6. Deferred tax liabilitiesDeferred tax liabilities are incurred by differences inthe valuation of fixed assets, particularly in connectionwith buildings. Differences in the accrual valuationslead to deferred tax assets which are netted againstdeferred tax liabilities and pertain essentially to thereserve formed for the restructuring of our groundhandling activities. Losses and interest carried forwardalso incur deferred tax assets; these too arenetted. It is expected that the loss and interest carryforwardswill be used in full by 2013. Deferred taxeswere computed within Flughafen München GmbH’stax consolidation group at a corporate income taxrate, including reunification tax, of 15.825 percentand a trade tax rate of 11.83 percent (trade tax indexof 3.5 percent, multiplied by the assessment rate of338 percent). The deferred taxes of businesses outsidethe tax consolidation group are valuated on thebasis of corporate income tax (including reunificationtax) at a rate of 15.825 percent and individual tradetax rates of between 8.4 and 11.2 percent.141
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