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

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

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Introduction Company profile <strong>and</strong> strategyService portfolio Communication <strong>and</strong> social responsibilityq Company profileq Company strategyp Expansion of Munich Airportp L<strong>and</strong>side access master plan) Glossary) Glossaryinclude building <strong>and</strong> car park rentals, our own retail<strong>and</strong> hospitality operations, <strong>and</strong> utility services. Ouraviation <strong>and</strong> non-aviation businesses contributedequal ly to our sales growth, with each showing a gainof more than 6 percent.Our personnel costs remained more or less flat, yearon year, at €308.1 million. Our material costs includeda one-time expenditure of €69.0 million to form a reservefor a regional impact fund set up in the contextof our project to build a third runway. Adjusted forthis expenditure, our material expenses were around5 percent higher than a year earlier, largely as a resultof a one-time increase in employee phased retirementpayments.Pretax earnings up sharplyHigher sales combined with careful cost managementled to a significant increase in our pretax earningsin fiscal 2011. Adjusted to account for the reservesformed for our regional impact fund (a total chargeof around €69.0 million) <strong>and</strong> for Ground H<strong>and</strong>ling (in -come of around €73.0 million), Group ) earnings beforeinterest <strong>and</strong> taxes (EBIT) rose by €42.2 mil lion,or 14.4 percent, to €334.6 million.Interest income of €104.8 million was up €145.4 millionon the prior year. This was largely due to the elim -ination of all outst<strong>and</strong>ing interest owed to shareholdersin 2010, with a payment of €152.0 million. As of2011, interest on shareholder loans amounts to around€20 million annually.The aforementioned interest payment of €152.0 millionto shareholders was actually transferred in 2011,causing a one-time drop in ) cash flow from operationsto €208.1 million, from the prior-year level of€305.5 million.Adjusted for the special effects noted above, our earningsafter tax (EAT) rose by 17.6 percent, to €193.2 million(2010: €164.3 million, including €152.0 million ininterest paid to shareholders).30

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