Annual Report 2001 - Flughafen Wien

Notes to the Consolidated Financial
Statements 2001
Flughafen Wien AG
General Information
Reporting in accordance with International Accounting Standards (IAS)
___The consolidated financial statements of Flughafen Wien AG for the 2001 Business Year
were prepared in accordance with the principles set forth in International Accounting Standards
(IAS), following the initial application of IAS in 2000. These financial statements reflect
the International Accounting Standards (IAS) in effect for the 2001 Business Year. In keeping
with § 245a of the Austrian Commercial Code, these financial statements fulfil legal requirements
for the exemption from the obligation to prepare consolidated financial statements
under Austrian law. Therefore, financial statements were not prepared in accordance with the
Austrian Commercial Code.
Reporting in EURO
___In order to provide a better overview, amounts are generally shown in thousand euro (T€).
These rounded figures also include exact amounts that are not shown, and rounding differences
can therefore occur.
Information on the Company
___Flughafen Wien AG is active in the construction and operation of civil airports with
all related facilities. As a civil airport operator, the Company manages Vienna International
Airport and the Vöslau-Kottingbrunn Airport. The headquarters of the Company are located
in Schwechat, Austria.
Significant Accounting Policies
___The consolidated financial statements were prepared in accordance with the historical cost
convention. The income statement was prepared in keeping with the Austrian method under
which “total costs“ are shown. The financial statements of companies included in the consolidation
are prepared in accordance with uniform Group accounting and valuation principles.
Consolidation Range
___The companies included in the consolidated financial statements and the methods used
for consolidation are shown in an appendix to the Notes. Six subsidiaries and one associated
company were not included in the consolidated financial statements because their influence
on the asset, financial and earnings position of the group is immaterial. The combined sales
of these unconsolidated companies equalled 0.1% of Group sales for 2001.
___Vienna Airport Baumanagement GmbH., which was founded in 2001 and in which
Flughafen Wien AG holds 51% of shares, and Vienna International Beteiligungsmanagement
Gesellschaft m.b.H., a 100% subsidiary of Flughafen Wien AG, and its wholly owned subsidiary
Vienna International Airport España, S.L., which owns 18.7% (paid-in contribution: 4%)
of the Spanish airport construction company CR Aeropuerto S.L., were included in the consolidated
financial statements at 100% for the first time. The inclusion of these companies led
to an increase of T€ 779.3 in Group sales and T€ 203.9 in Group earnings. The holdings in
Corvin Hotel Airport Plaza Errichtungs- und Betriebsgesellschaft m.b.H. (33.3%) and Airport
Consulting Vienna GmbH (50%) were sold during the 2001 Business Year. The deconsolidation
of these companies, which were included according to the equity method in 2000, led to
a decrease of T€ 92.9 in financial assets and improvement of T€ 379.4 in financial results during
the reporting year. The following companies were founded in 2001 by the wholly owned
78 Notes
Annual Report 2001