Annual Report 2001 - Flughafen Wien

Financial Assets
___Shares in subsidiaries and associates, which are not included in the consolidation for reasons
of immateriality, and other non-consolidated investments and loans granted are shown at
present value, if available, or at acquisition price.
___Non-current securities are valued in accordance with IAS 39 in the Financial Statements
2001 (2000: pursuant to IAS 25). In keeping with IAS 39 § 10, these securities are classified as
“available for sale“ and stated at present value. Gains and losses resulting from a change in
present value are credited or charged directly to equity as required by IAS 39 § 103 (b) (ii) and
included on the consolidated statement of capital and reserves. When these securities are
sold, any gains and losses recorded under equity are reversed to the income statement.
Inventories
___Inventories are stated at historical cost or the lower net sales value. The moving average
price method is used for valuation.
Receivables
___Receivables are stated at nominal value, unless individual recognizable risks require the
use of a lower amount. Foreign currency receivables are valued at the average exchange rate
on the balance sheet date.
Securities
___In accordance with IAS 39, securities that are not intended to serve business operations on
a lasting basis are stated at market value as of the balance sheet date. These securities are
classified as “available for sale“ in keeping with IAS 39 § 10 and recorded at present value.
Gains and losses resulting from a change in present value are credited or charged directly
to equity as required by IAS 39 § 103 (b) (ii) and included on the consolidated statement of
capital and reserves. When these securities are sold, any gains and losses recorded under
equity are reversed to the income statement.
Provision for Deferred Taxes
___In keeping with IAS 12 (revised) deferred taxes are recorded for all temporary valuation
and accounting differences arising between the book value of an asset or a liability and its
value for tax purposes. Temporary differences arise primarily in connection with the valuation
of tangible assets, treasury stock and the provisions for pensions, severance compensation
and service anniversary bonuses. The tax rate expected when these differences reverse in the
future is used for the calculation. Deferred tax assets are created for tax loss carry-forwards
if they are expected to be used against taxable profits in the future. Deferred tax assets and liabilities
are shown as a net figure on the balance sheet.
Investment Subsidies from Public Funds
___Subsidies granted by public authorities for the purchase of tangible assets are shown
under current or non-current liabilities, and are reversed to the income statement over the
useful lives of the related assets on a straight-line basis.
Provisions for Severance Compensation, Pensions and Service Anniversary Bonuses
Flughafen Wien AG
___In keeping with IAS 19 the provisions for severance compensation, pensions and service
anniversary bonuses are calculated by the parent company Flughafen Wien AG according to
the projected unit credit method.
___These calculations incorporate future wage and salary increases. The discount rate is
based on yields for non-current Austrian federal securities as of the balance sheet date.
In accordance with relevant Austrian law, computations for the present value of obligations
arising from severance compensation, pensions and service anniversary bonuses (“defined
benefit obligation“, DBO) for the 2001 business year are based on the earliest possible retirement
age for men (61.5) and women (56.5). In keeping with the Austrian law that establishes
different retirement ages for male and female employees (early retirement), a gradual
increase to a retirement age of 60 for women was included in the calculation.
80 Notes
Annual Report 2001