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

More documents

Recommendations

Info

$Luftfracht (pdf) - Flughafen MÃ¼nchen$

Introduction Company profile and strategyService portfolio Communication and social responsibility7. Sales, earnings and expensesSales are grouped by areas of activity, correspondingto internal structures.2011 2010€ thousand % € thousand %Aviation and handling services 601,399 52.3 567,376 52.5Non-aviation 549,242 47.7 513,718 47.51,150,641 100.0 1,081,094 100.0Other operating income includes €69.093 million(2010: €0 thousand) from the write-back of contractuallyre quired provisions in ground handling. Addi tion -al other operating income items include €19.373 million(2010: €7.260 million) from the write-back of currentprovisions formed in the past but not requiredin fiscal 2011, €6.162 million (2010: €5.544 million) inincome from advertising in subsidiaries, €2.529 million(2010: €335 thousand) in revenue from the disposalof noncurrent assets, and €1.866 million (2010:€1.199 million) in ground rents.Other operating expense includes €24.657 million(2010: €21.880 million) for advertising, €13.664 million(2010: €11.042 million) for rents, leases and li -censes, €6.719 million (2010: €6.469 million) for insurance,and €10.097 million (2010: €9.040 million)for auditing and consulting.8. Income from investments in associatedcompaniesThis includes €73 thousand (2010: €0 thousand) inincome from associated companies.9. Interest earnings and expenseInterest earnings include €148 thousand (2010:€0 thousand) in interest earned on provisions.Interest expense from longer-term personnel provisionscomprises the net expense after offsettingagainst earnings from assets invested. The sole purposeof the assets invested is to meet pension andovertime payment obligations; these are ring-fencedfrom other creditors. Under the terms of Germany’sAccounting Law Modernization Act (Section 246,Paragraph 2, Sentence 2 of the German CommercialCode), €341 thousand (2010: €274 thousand) in investmentincome were offset against €695 thousand(2010: €687 thousand) in interest expense.10. Income taxesIncome tax expense of €38.228 million (2010:€37.206 million) comprises €14.303 million (2010:€8.270 million) allocated to deferred corporate incometax and trade tax liabilities, and €23.925 million(2010: €28.936 million) in advance payments andadditions to provisions for corporate income tax andtrade tax.11. Extraordinary gainThe extraordinary gain reported in the prior year resultedentirely from initial application of Germany’sAccounting Law Modernization Act (BilMoG).Interest expense includes a total of €5.852 million(2010: €3.241 million) in interest on long-term provisions.142
Workforce and work environmentEnvironmental and climate protectionFinancial reviewP Supervisory board’s reportP Consolidated management reportq Consolidated financial statementsp Independent auditor’s reporttSustainable developmentIV. Additional notes1. Contingent liabilitiesTo address risks relating to possible back payments ofwage taxes and social security contributions andcontinuing balance-sheet insolvency at CAP FlughafenMünchen Sicherheits-GmbH, Flughafen MünchenGmbH issued a renewed declaration of backing upto the amount of €8.500 million on behalf of its subsidiary.This amount exceeds the subsidiary’s ownreserve.Following a judicial investigation, CAP on February25, 2011, received a notice of liability for wage tax,church tax and reunification tax for the period fromApril 2003 to August 2008 amounting to €1.186 million.CAP appealed against this on March 25, 2011,within the statutory term and applied for the suspensionof enforcement. No judicial decision on this applicationhad been reached by the time FMG’s yearendaccounts were prepared. To protect CAP’s liquidity,FMG will provide a shareholder loan of €4.500 millionif required, which will be conditionally repayableand subject to conditional interest.2. Other financial obligationsRental and lease agreements on office and businessequipment and purchasing commitments incurredexpenses of €30.374 million, of which €15.026 millionapply to fiscal 2012.At the end of fiscal 2011, FMG had €16.895 million infinancial obligations for land purchases for which thepurchase amount is not yet or only partially due.Other financial obligations amounting to €5.272 millionfrom insurance contracts (business, terrorismand property insurance) will arise through to December31, 2012.Obligations from supply and service agreements essentiallyapply to ongoing business operations andamount to €9.533 million a year. The company alsohas additional obligations in connection with environmentalprotection measures and the honoring ofpublic-law requirements.Obligations issuing from purchasing commitmentsamount to €6.950 million.3. Derivative financial instrumentsThe FMG Group had the following derivative financialinstruments at the reporting date:- Forty-four payer swaps with a volume of€1.305 billion (including €50.000 million in followuptransactions for expiring interest swaps and€456.000 million in payer swaps concluded in fiscal2011 as interest hedges with regard to future utilizationof an existing syndicated loan agreement)and terms through to 2021. At December 31, 2011,the payer swaps had an accumulated value ofnegative €55.081 million.- Six US dollar foreign currency forwards with a vol -ume of US$9.361 million. The purpose of theseforeign exchange transactions is to secure futurepayments received in connection with the company’sinternational activities. The foreign exchangehedging transactions have a total market value ofnegative €88 thousand.All interest and currency derivatives are valuated inaggregate with their respective principal underlyingtransactions (of which some have a high probability),so there was no cause to form a reserve as ahedge against negative market values. A reserve of€249 thousand was formed to cover ineffective interestrate hedges.In addition, two loans in existence at the balancesheetdate, which have terms through to 2014 andwere originally taken out in Japanese yen, weretransferred into euros by means of cross-currencyswaps (total volume: €43.568 million).143
Page 2:
Introduction Company profile and st
Page 5 and 6:
Workforce and work environmentEnvir
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 17 and 18:
EconomyCargo volumeup 5.9%to more t
Page 20:
Environment60%65%of aircraft deicer
Page 24:
Social equityPeople fromaround 50na
Page 27 and 28:
Workforce and work environment Envi
Page 29:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
IntroductionCompany profile and str
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
pIntroduction Company profile and s
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95: Introduction Company profile and st
Page 150 and 151: IntroductionCompany profile and str
Page 160 and 161: AO2 / Aircraft movements 1 2011Intr
Page 164 and 165: LA7 / Sick leave 1 2011 2010Introdu
Page 166 and 167: LA1, LA2, EC7 / Employees’ areas
Page 186: PublisherFlughafen München GmbHP.O
show all

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

Create successful ePaper yourself

Delete template?

Save as template?