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

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$Luftfracht (pdf) - Flughafen MÃ¼nchen$

Introduction Company profile and strategyService portfolio Communication and social responsibility8. Executive board remuneration and loansRemuneration of executive board members consistsof a fixed salary and a variable, performance-basedcomponent:Executiveremuneration in 2011 Fixed Variable Total€ thousand € thousand € thousand9. EmployeesExcluding members of executive management butincluding all employees on unlimited, fixed-term andtrainee contracts, the FMG Group had an averageheadcount of 6,670 employees in fiscal 2011. In addition,there were 222 apprentices in vocational trainingprograms.Dr. Michael Kerkloh 262 150 412Thomas Weyer 236 118 354Total 498 268 766In addition, executive board members received emol -uments in kind and contractually agreed fringe benefitstotaling €24 thousand in 2011. Reserves werealso formed at December 31, 2011, to cover futurepension obligations, amounting to €1.221 million.Munich, April 30, 2012Dr. Michael KerklohThomas WeyerFormer members of executive management andsurviving dependents of former members receivedemoluments of €742 thousand in fiscal 2011. Reservesof €8.529 million were formed to cover futurepension payments and accrued pension rights ofsurviving dependents.Emoluments paid to supervisory board memberstotaled €16 thousand (2010: €17 thousand).Executive board members did not receive any loans,nor were there any contingent liabilities in their favor.146
Workforce and work environmentEnvironmental and climate protectionFinancial reviewP Supervisory board’s reportP Consolidated management reportq Consolidated financial statementsq Independent auditor’s reportSustainable developmentIndependent auditor’s reportWe, the appointed auditors, have audited the consolidatedfinancial statements prepared by FlughafenMünchen GmbH, Munich, comprising the balancesheet, income statement, cash flow statement, equitystatement, notes to the consolidated financial statements,and consolidated management report for thefiscal year from January 1 to December 31, 2011. Thepreparation of the consolidated financial statementsand the consolidated management report in accordancewith German commercial-law requirementsis the responsibility of the company’s management.Our responsibility as auditors is to express an opinion,based on our audit, of the consolidated financialstatements and of the consolidated managementreport.We conducted our audit of the consolidated financialstatements in accordance with Section 317 of theGerman Commercial Code (HGB) and with generallyaccepted standards for the auditing of financial statementsas issued by the Institute of Public Auditors inGermany. These standards require that we plan andperform the audit in such a manner that, under theprinciples of proper accounting, any misstatementsmaterially affecting the presentation of the net assets,financial position and results of operations in the consolidatedfinancial statements or in the consolidatedmanagement report are detected with reasonableassurance. Knowledge of the business activities andthe economic and legal environment of FlughafenMünchen GmbH and its group of companies andexpectations as to possible misstatements are takeninto account in the determination of audit procedures.The effectiveness of the accounting-related internalcontrol system and the evidence supporting the disclosuresin the consolidated financial statements andthe consolidated management report are examinedprimarily on a test basis within the framework of theaudit. The audit encompasses assessing the annualfinancial statements of those entities included inconsolidation, the determination of entities to beincluded in consolidation, the accounting and consolidationprinciples applied and significant estimatesmade by management, as well as evaluating the overallpresentation of the consolidated financial statementsand the consolidated management report. Webelieve that our audit provides a reasonable basis forour opinion.Our audit has not led to any reservations.Based on the findings of our audit, it is our view thatthe consolidated financial statements comply with thestatutory requirements and give a true and fair pictureof the net assets, financial position and results of operationsof Flughafen München GmbH in accordancewith these requirements. The consolidated managementreport is consistent with the consolidated finan -cial statements and, as a whole, provides an appropriaterepresentation of the Group’s position and itsfuture business opportunities and risks.Munich, May 4, 2012Deloitte & Touche GmbHAppointed auditorsDornAuditorHehlAuditor147
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