Annual Report 2015 “20,000 people work at the airport. I am one of

Transcription

F
Annual Report 2015
“20,000 people work at
the airport. I am one of them.”
Thorsten Scheffer, Marshaller
Five-year Overview
2011–2015
Development of Traffic
2011
2012
2013
2014
2015
20.34
20.83
21.23
21.85
22.50
55,723
56,921
58,159
59,864
61,579
221,668
217,219
210,828
210,732
210,205
607
593
578
577
576
97,250
101,588
110,815
114,180
105,300
Passengers
Passengers (in millions)
Daily average
Passengers 2011–2015
Aircraft Movements
Aircraft Movements
Daily Average
Aircraft movements 2011–2015
Air Freight
Air freight turnover (t)
Air freight turnover 2011–2015
Annual Report 2015
Development of Business
Sales revenues
Balance sheet sum
Fixed assets
all figures in million EUR
2011
2012
2013
2014
2015
418.7
425.8
429.2
425.6
449.0
1,042.8
1,035.2
1,067.6
1,079.8
1,044.0
948.4
944.0
984.1
1.003.0
950.8
Sales revenues 2011–2015
Five-year Overview
2
Editorial by Management
7
Group Structure
10
Bodies of the Company
11
Chronology 2015
14
Capital expenditures
52.5*
75.3 104.2
83.1
62.6
Depreciation
65.5
71.0
61.3
63.5
68.6
Top Five Destinations and Airlines
22
Result for the year
42.5
40.3
34.5
42.9
53.7
Düsseldorf Airport Flight Services
26
Cash flow
64.7
95.2
111.0
116.4
130.7
Report by the Supervisory Board
31
Employees (headcount)
2.,03
2,268
2,246
2,252
2,314
Annual Accounts as at 31 December 2015
34
* including special purpose companies
Result for the year 2011–2015
Cash flow 2011–2015
Q
“Düsseldorf Airport is a growth
driver – not only for our region, but
also for the city of Duisburg and the
entire Lower Rhine.”
Dr. Stefan Dietzfelbinger
CEO, Lower Rhine Chamber of Industry
and Commerce
4
Düsseldorf Airport Annual Report 2015
5
Editorial
by management
Dear Reader,
Düsseldorf Airport is continuing to grow. We
proudly look back on the sixth passenger record
in succession. 22.5 million passengers took off from
and landed at the airport last year, so that we have
upheld our position both in and for the state of
North Rhine-Westphalia. The noted increase in
passenger numbers is also mirrored in solid economic earnings in an amount of 53.7 million euros.
However, the present operating permit limits
our opportunities for growth. Our passenger
growth turns out lower in a comparison with the
other German airports. We nevertheless wish to
continue to develop the airport in response to the
demand situation in order to be able to ensure the
quality of our location, the value-added process
and jobs, not only in Düsseldorf but also throughout the entire Rhine-Ruhr region. Of course, we
are naturally also willing to satisfy the increasing
demand in the catchment area of the airport with
corresponding transport offers. For a long time,
we have not been able to meet the requests from
airlines for additional take-off and landing slots
during the hours of the day that are of vital importance to them. This is the reason why we attach
highest priority to the application for zoning
approval and an increase in capacities.
Companies in the region and large sections of
the population are well aware of the importance of
an international airport. Our airport enjoys a high
degree of acceptance by the public. A Forsa survey
concludes that 96% of all respondents see Düsseldorf Airport as an important economic factor, and
76% stated that aircraft noise simply has to be accepted if you wish to benefit from the advantages
of an international airport.
One event that moved us emotionally last year
was the crash of Germanwings Flight 4U9525 on
6
Dr. Ludger Dohm and Thomas Schnalke
its way from Barcelona to Düsseldorf. Many employees made exceptional contributions during these
sad days. Our sympathy goes out to the relatives
of all victims for having lost loved ones in such a
tragic way.
It is quite clear that we will continue in 2016
to place at the disposal of the capital city our “Airport Station” for the care of arriving refugees, and
that we will provide these people in need with nonbureaucratic assistance.
Not only our reliable business partners but
also our committed employees have contributed
towards meeting all challenges and making our
airport so successful in an increasingly competitive environment. We expressly thank all of them on
this occasion, accompanied by our wishes for
a continued excellent and trusting collaboration
Management
Dr. Ludger Dohm
Speaker of Management
T
Thomas
Schnalke
7
J
“Of course the planes are
within your reach in Lohausen.
However, that’s nothing new.
Everyone wants to fly.”
Nicole Koch
Airport neighbour from Lohausen
8
9
Group Structure
Group
Flughafen Düsseldorf GmbH
50% State Capital City of Düsseldorf
50% Airport Partners GmbH
40% AviAlliance GmbH
20% AviC GmbH & Co. KGaA
40% Aer Rianta International cpt
Flughafen Düsseldorf Cargo GmbH
(100 % FDG)
Flughafen Düsseldorf Ground Handling GmbH
(100 % FDG)
Flughafen Düsseldorf Energie GmbH
(100 % FDG)
Flughafen Düsseldorf Immobilien GmbH
(100 % FDG)
Japon Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG
(100% FDI)
LAROBA GmbH & Co. KG
(99,9% FDI)
Flughafen Düsseldorf Verwaltungs GmbH
(100 % FDG)
Flughafen Düsseldorf Security GmbH
(100 % FDG)
Flughafengesellschaft Mönchengladbach GmbH
(70,03 % FDG)
Flughafen Mönchengladbach Grundstücksverwaltungsgesellschaft
mbH (100% FMG)
SITA Airport IT GmbH
(30 % FDG)
BISAWA Objekte Airport-Düsseldorf GmbH & Co. KG
(100 % FDG)
Estamin Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG
(100 % FDG)
Shareholders
Bodies of the
Company
Airport Partners GmbH
State Capital City of Düsseldorf
Supervisory Board
Thomas Geisel
Lord Mayor
City of Düsseldorf
Chairman (since 16 January 2016)
2nd Deputy Chairman
(until 15 January 2016)
Peter Büddicker
Regional administration
manager, regional group
administration; Unified
Services Trade Union ver.di
Employee representative
1st Deputy Chairman
Dipl.-Kfm. Gerhard Schroeder
Managing Director
AviAlliance GmbH
Chairman (until 15 January 2016)
2nd Deputy Chairman
Michael Hanné
Authorised officer and
business division manager
Heinz Hardt
Mayor (retired)
City of Düsseldorf
Angela Hebeler
Speaker GREENS
City Council Group
(since 21 August 2015)
Michael Henning
Consultant Wildlife Control
and Hunting Law (substitute
member) (since 23 March 2015)
Rainer Hindenburg
Group Manager
(since 16 January 2016)
Ümit Abay
Works council member
Flughafen Düsseldorf Ground
Handling GmbH
(until 23 March 2015)
Christine Behle
Member of the National
Executive Board of ver.di and
Head of the department
Traffic (substitute member)
Uwe Kasischke
Personnel administrator
Werner Kiepe
Trade union secretary
Regional administration
Unified Services Trade Union
ver.di; Employee representative
Wolfgang Meßing
Trade union secretary
Komba Trade Union
(substitute member)
Management
Dr. Ludger Dohm
Management Speaker
Labour Director
Management division
Aviation, Marketing,
Property Management and
Human Resources
Essen (since 1 March 2015)
Markus Paulich
Chairman works council
(since 23 March 2015)
Stephanie Peifer
Managing Director
Regional Administration
Unified Services Trade Union
ver.di
Jürgen Poggemann
Construction engineer
(substitute member)
Andreas Rimkus
German Bundestag member
(until 1 February 2016)
Stefani Kleeberg
Editor
Thomas Schürmann
Manager Marketing & Sales
(substitute member)
Dr.-Ing. Rolf Bierhoff
Former Board Member
RWE AG (until 1 February 2016)
Heinz Knoll
Clothing administrator
Rolf Tups
Company consultant
Dipl.-Kfm. Thomas Schnalke
Executive Director
Management division
Non-aviation and
Commercial Areas
Düsseldorf
Authorised Officers
(‘Prokurists’)
Business division manager
Real Estate Management
Essen
Michael Hanné
Operations
Düsseldorf
Norbert Lungwitz
Head of service and controlling centre Finances and
Accounting
Velbert (until 31 March 2015)
Karin Möllers
Non-aviation
Düsseldorf
Cafer Celik
Assistant to management
Warehouse
Miriam Koch
Commissioner for Refugees
City of Düsseldorf
(until 21 August 2015)
Frank Enners
Operations manager
Dipl.-Ök. Holger Linkweiler
Managing Director
AviAlliance GmbH
Raymond Gray
Group CFO DAA plc, Ireland
10
Volker Maaßen
Chairman works council
Flughafen Düsseldorf Ground
Handling GmbH
Jörg Lorenzen
Caseworker (substitute member)
Michael Upton
Senior Vice President
Finances, DAA International,
Ireland
Lawyer Thomas Poos
Central Division Manager
Personnel Management and
Security
Mönchengladbach
Gustav Wilden
Trade union secretary regional administration Unified
Services Trade Union ver.di
Ulrich Worzalla
Head of service and
controlling centre
Commercial Affairs
Duisburg (since 1 April 2015)
11
c
“I would never have thougt
that I would land at an airport.”
Santoso, cook in the Palavrion
12
13
Chronology 2015
02
23 February
Employees move into new airport headquarters
Approximately 500 employees of Flughafen Düsseldorf
GmbH moved into their new workplaces in the new airport
headquarters on Flughafenstrasse 105. The airport invested 50 million euros in this modern, energy-efficient six-floor
building.
1 February
Etihad Dreamliner completes its maiden flight
The first Boeing 787-9 that was delivered to Etihad Airways
completed its official maiden flight into the worldwide network and landed at Düsseldorf Airport. The Dreamliner was
welcomed by Gerhard Schroeder, Chairman of the supervisory board of the airport; Michael Rudolf from the partner airline
Air Berlin; Joost den Hartog, head of Etihad Europe; Thomas
Geisel, Lord Mayor of Düsseldorf and the Managing Director
of the Airport, Thomas Schnalke (from left to right).
6 February
“What does your everyday life look like?”
Take an extraordinary location, the entertaining star chef
Johann Lafer, an exquisite multiple-course menu and an
ambience that is completely kept in red. The result: “Dîner
en rouge” during the ‘Exclusive Sunday’ in the terminal. The
star cook served invited guests who were all dressed in red a
culinary delight.
14
26 February
World Duty Free Group takes over the duty-free business
The Spanish World Duty Free Group took over the duty-free
business at Düsseldorf Airport. The shops at the airport in
Düsseldorf, which offer passengers a new shopping experience, are the first stores that are operated in Germany by the
Spanish operator. The World Duty Free Group runs more than
500 shops in 19 countries worldwide.
27 February
Application filed with the approving authority
Düsseldorf Airport submitted its application for planning approval and amendment of the airport’s operating permit to the Ministry of Construction, Housing, Urban Development and Traffic
of the State of North Rhine-Westphalia (MBWSV). The required
documents, expert studies and plans were filed with the responsible approving authority, after the airport company had published the project in June 2013.
03
2 March
Dr. Ludger Dohm launches his service for the airport
Dr. Ludger Dohm took up his position as Speaker of Management and Labour Director at Flughafen Düsseldorf GmbH. He
constitutes the management team of the airport company
together with Thomas Schnalke. Among others, Dr. Dohm,
who is 56 years old, signs for the areas Flight Operations,
Aviation Marketing, Human Resources, Corporate Communication, Neighbourhood Dialogue, Property Management as
well as Construction and Management of the Environment.
4 March
NRW Economics Minister visits the airport stand
Garrelt Duin, Economics Minister of the state of North RhineWestphalia (NRW), paid Düsseldorf Airport a visit at the ITB in
Berlin. At this biggest tourism trade fair in the world, the chief
executives from the airport, Dr. Ludger Dohm and Thomas
Schnalke, talked to the minister about the importance of aviation
for the export-oriented state of NRW. In this context, they
emphasised the necessity of having to ensure in a sustained
way the international connection of the Rhine-Ruhr region to the
growth markets all over the world with an amended operating
permit.
6 March
Aviation industry supports new operating permit
IThe aviation industry and companies domiciled at Düsseldorf
Airport expressly support in several communiques the plans
of the airport to increase slot capacities in connection with an
amended operating permit, and additionally make flight operations
more flexible. Stefan Pichler, CEO of Air Berlin, for instance,
stated that “Air Berlin, the market leader in Düsseldorf, already
employs about 2,500 people at the airport. Düsseldorf Airport’s
plans will give Air Berlin the opportunity to further expand its
service offers at its company hub in Düsseldorf – in the interest
of passengers, jobs throughout the region and the international
connection of North Rhine-Westphalia.”
10 March
Airport City presents itself at MIPIM
Flughafen Düsseldorf Immobilien GmbH (FDI) presented
itself at the biggest real estate fair in the world, MIPIM
(Marché International des Professionels de l’Immobilier) in
Cannes, France. It was under the umbrella brand “rhine city
düsseldorf & partners” that FDI introduced the business park
Airport City to interested specialist visitors, companies and
investors.
24 March
DUS mourns
The employees at Düsseldorf Airport were deeply saddened
by the crash of the Germanwings aircraft on its way from
Barcelona to Düsseldorf. While emergency management
procedures were under way, passengers, visitors and
employees laid flowers and condolence notes in the
terminal in the following days.
15
Chronology 2015
5 June
With Air Bulgaria to Sofia
A new airline, a new route: Bulgaria Air now connects Düsseldorf
non-stop with Sofia, the Bulgarian capital. The airline operates
an aircraft type Embraer E190 on this route. Bulgaria Air offers
this scheduled air traffic connection in cooperation with its
code-sharing partner, Air Berlin.
04
06
1 April
Parkvogel (‘Parking Bird’) takes over management of
holiday parking space
All of the holiday parking spaces at the airport were taken
over by SITA Airport IT GmbH under the already established
brand “Parkvogel”. These facilities consist of Car Parks 4 and
5 as well as Parking Lots 23, 24 and 26. Parking directly at the
terminal with an additional roughly 10,000 parking stands in
central Car Parks P1, P2, P3, P7 and P8 will continue to be
operated by the airport, as in the past.
4 July
Great cinema on the Visitors’ Terrace
Popular film hits from the cinema season were presented
during the event “OpenAirport Cinema” which stretched over
a period of eight days. This happening was carried out in cooperation with the UFA Palast Düsseldorf. A twelve-metre
wide and six-metre high cinema screen on the observation
deck captivated movie buffs and cinema fans alike on this
occasion while flight operations continued on the apron.
7 June
An invitation to dance at the airport
The airport invited everyone to dance. Top sportsmen and
women competed for the Düsseldorf Airport Cut during
the event “Dance, Terminal, Dance!” and were evaluated by
Joachim Llambi, among others. Stars from the successful
TV series “Let’s Dance” were also there. Spectators were
given the opportunity to participate in one of the many dance
courses or take part in the Discofox Competition.
07
8 July
DUS goes electric
Four electric cars (E-Golfs) went into operation at the airport.
These vehicles complement the car pool of the airport headquarters, which now disposes of 15 vehicles in total for use
by employees of the company for business rides. Düsseldorf
Airport defined objectives to reduce CO2 emissions in 2010
and has continued to consistently track them in connection
cooperation with the climate-protection programme “AirportCarbon-Accreditation” (ACA). The airport plans to switch approximately 30 vehicles to alternative drives by 2020.
1 July
The A380 has arrived!
The first landing of the Emirates A380. The airport fire brigade welcomed this new arrival in the traditional way with a
water fountain while a great number of spectators watched
this spectacle live from the Visitors’ Terrace. Invited guests
from politics and the economy celebrated the first landing
during a festive reception at the gate. Operation of the new
Airbus flagship will strengthen the position of Düsseldorf Airport as the most important airport in North Rhine-Westphalia.
16
23 July
Green light for “Substitute Areas Apron West”
The state Ministry for Building, Housing, Urban Development
and Transport of the state of North Rhine-Westphalia (MBWSV)
approved Düsseldorf Airport’s application to set up substitute
areas for the parking of aircraft in the western apron sector of
the airport. The interests of local residents were given consideration from the very beginning of this process.
08
21 August
Public disclosure delayed
The completeness check by the Ministry for Building, Housing,
Urban Development and Transport of the state of North RhineWestphalia (MBWSV) of the application documents for an increase in capacities at Düsseldorf Airport required Flughafen Düsseldorf GmbH to modify and supplement the documents for
substantiation of the application. The contents of the application
were not affected by this procedure. However, the public disclosure of the contents of the application was also delayed owing to
this situation.
22 August
Training workshop opens its doors
Düsseldorf Airport opened its gates to the training workshop
for interested pupils, and additionally informed them about
training opportunities and job profiles. The following technical apprenticeships are available in 2016: plant mechanic
for sanitary, heating and air conditioning; automotive mechatronics, mechatronics specialists; electronics specialists
for operations technology and the airport fire brigade. In the
commercial sector, the airport also offers an apprenticeship
for office management, in addition to dual studies in the
supply technology sector.
17
Chronology 2015
11
1 September
Non-stop to Hong Kong
From Düsseldorf to Hong Kong in twelve hours. Cathay Pacific Airways started offering four weekly flights to the Chinese
metropolis. The airline’s “Triple Seven”, i.e. the Boeing 777300 aircraft, takes off from Düsseldorf Airport at 01:20 pm
every Monday, Tuesday, Thursday and Saturday.
09
4 September
Bamboo links
A seven-metre high and eleven-metre wide bamboo sculpture
found a new place in Airport City, in coincidence with the
Chinese Festival in the city. This gift from the artists association
“Künstlerverein Malkasten” mirrors the connection between
the People’s Republic of China and the state capital city of
Düsseldorf.
9 November
Non-stop Singapore
Düsseldorf Airport was pleased about a new carrier, a new
aircraft type and an additional top-class intercontinental
flight connection: Singapore Airlines announced that they
would fly three times a week from the biggest airport in NRW
to their hub in Singapore starting July 2016. Düsseldorf Airport will then be the first German airport to be served using
the new Airbus A350-900.
11 November
First ground water remediation plant goes into operation
Düsseldorf Airport put into operation its first large scale plant
for remediation of the ground water on the airport grounds.
This new plant helps to prevent PFT-contaminated ground
water from flowing downstream from the former fire drill
pond into the Kaiserswerth area. The airport had tested
diverse treatment systems with a pilot system since 2014 in
order to clean the water as much as possible from perfluorinated tensides (PFT).n.
17 September
DUS gets EcoProfit Award
AIt was on the occasion of the 15th anniversary of the environmental protection programme “EcoProfit” in NRW that Düsseldorf Airport was honoured for its employee project “CO2
Scouts”. This sustainability initiative of the airport is consequently one of a total of three honoured lighthouse projects in
the category “Staff Retention – Treading new paths together”.
25 September
DUS as a Lego model
Part of Düsseldorf Airport can be marvelled at a scale of 1:45
on the departures level before the model is moved permanently to its final destination in Legoland in Oberhausen. This 70
kilogramme heavy model with its 47,200 Lego bricks is the
biggest building that was ever built in Legoland Oberhausen.
18
11 November
Air Berlin goes America
The long-haul network of Düsseldorf Airport continues to
grow: Air Berlin announced that they would introduce nonstop flight services to new destinations in North and Central
America starting in May 2016. These new additional destinations will be served by Air Berlin using an Airbus A330-200
with business and economy classes.
25 November
The world champion boxes in the terminal
Professional boxers Vladimir Klitschko and Tyson Fury absolved their last public workout in connection with the event
“Düsseldorf Airport – a World of Experience” in the presence
of roughly 1,000 spectators as well as national and international media representatives. This event was their last public workout before their world championship boxing match in
the Esprit Arena. Düsseldorf Airport already knows Vladimir
Klitschko from several past appearances at the airport. Last
August, he was a guest at the airport’s summer festival for
kids, where he also impressed his audience with his verbal
quick-wittedness
12
8 December
Great acceptance for DUS
96 percent of all people believe that the airport is an important
economic factor while only two percent deny it. This conclusion
was drawn from a Forsa survey in the environment of the airport.
Summary: Most people are aware of the importance of the airport and approach it in a very rational and relaxed way. The
benefits exceed the costs, e.g. in the form of noise pollution.
5 December
The airport invites to its skating rink
Visitors of the airport and passengers were able to skate
around on the airport’s plastic skating rink on three weekends
in December, right in the centre of the terminal. On this
roughly 350 square metre large skating rink in the departures
building, the two former figure skaters, Marika Kilius and
Tanja Szewczenko, assisted them.
14 December
Passenger record
Maurice Felen was the 22 millionth passenger at Düsseldorf
Airport in 2015. Felen, a businessman from Hong Kong,
was surprised by the airport CEO, Dr. Ludger Dohm, while
checking in at Cathay Pacific for Flight CX376. Dr. Dohm presented him with a voucher for VIP handling for two persons
at Düsseldorf Airport. The costs for his next flight from Hong
Kong to Düsseldorf with an accompanying person in the premium economy class will be taken over by Cathay Pacific.
19
F
„I save a lot of time since I can fly
directly to Tokio.“
Yuta Maruyama, frequent flyer
20
21
1
2
3
4
5
1. Munich 1.6m passengers
1. Air Berlin 7.1m passengers
2. Palma de Mallorca 1.2m passengers
2. Germanwings/Eurowings 4.5m passengers
3. Berlin 1.1m passengers
3. Lufthansa 1. 4m passengers
4. Antalya 1.0m passengers
5. Istanbul 1.0m passengers
22
Top Five Destinations and
Airlines from DUS in 2015
4. Condor 0.9m passengers
5. Sun Express 0.8m passengers
1
2
3
4
5
23
K
“Düsseldorf Airport is the only
thing that knocks me out.
The connections are great,
the service is perfect, too.“
Wladimir Klitschko, boxer
24
25
Flight Services 2016
Düsseldorf Airport
203 destinations
51 countries
72 airlines
A
Abu Dhabi
Adana
Agadir
Alicante
Almeria
Al Najaf
Amsterdam
Ankara
Antalya
Arbil/Erbil
Arrecife (Lanzarote)
Athens
Atlanta
Barcelona
Bari
Barnaul
Basel
Bastia
Beirut
Belgrade
Berlin-Tegel
Bilbao
Billund
Birmingham
Boa Vista
Bodrum
Bologna
Boston
Bridgetown
Brindisi
Bristol
Bucharest
Budapest
Burgas
USA
Iceland
Norway
D
E
Dalaman
Djerba
Dresden
Dubai
Dubai-World Central
Dublin
Dubrovnik
East Midlands
Edinburgh
Edremit
Elazig
Enfidha
Erzurum
Finland
Sweden
Mexico
Jamaica
Cuba
Dominican
Republic
Barbados
Great Britain
Russia
Latvia
Denmark
Irland
Poland
Czech
China
Republic
Netherlands
Austria
Japan
Luxembourg
Rumania
Hungary
Swiss
Croatia Serbia Bulgaria
France
Kosovo
Iraq Iran
Montenegro
Turkey
Oman
Italy
Macedonia
Portugal
Greek
Libanon
Cyprus
United
Spain
Arab
Israel
Emirates
Malta
Hongkong
Egypt
Tunisia
Singapore
Netherlands
Antilles
Canaries
N
Nador
Nantes
Naples
New York-JFK
New York-Newark
Newcastle
Newquay
Nice
Novosibirsk
Nuremberg
O
Olbia
Omsk
Orenburg
Oslo
Ostrava
Morocco
Cape Verde
Sal
Salalah
Salzburg
Samos
Samsun
San Francisco
Santa Cruz de la Palma
Santiago de Compostela
Santorin (Thira)
Sevilla
Sharm El Sheikh
Singapore
Skiathos
Skopje
Sofia
Southampton
Split
St. Petersburg
Stockholm
Stuttgart
Sulaymaniyah
S
T
Tehran
Tel Aviv
Tenerife-South
Thessaloniki
Tokyo-Narita
Trabzon
Tscheljabinsk
Tunis
Turin
B FH
P V
L
W
M
K
I
CG J
Z
R
Cagliari
Calvi
Cancun
Cardiff
Catania
Chania (Crete)
Chicago
Cork
Curaçao
26
Faro
Florence
Fort Myers
Frankfurt
Friedrichshafen
Fuerteventura
Funchal
Gaziantep
Gazipasa
Geneva
Genua
Glasgow
Gothenborg
Gran Canaria
Graz
Guernsey
Hamburg
Hatay
Havanna
Helsinki
Heraklion
Heringsdorf (Usedom)
Hévíz-Balaton
Hong Kong
Hurghada
Ibiza
Innsbruck
Istanbul-Ataturk
Istanbul-Sabiha Gökçen
Izmir
Jerez de la Frontera
Jersey
Jönköping
Kalamata
Karpathos
Kattowice
Kavalla
Kayseri
Kopenhagen
Korfu
Kos
Krasnador
Kütahya
La Romana
Lajes
Lamezia-Terme
Leeds-Bradford
Leipzig/Halle
Linz
Lisbon
London-City
London-Gatwick
London-Heathrow
London-Stansted
Longyearbyen (Spitzbergen)
Los Angeles
Luxembourg
Luxor
Lyon
Madrid
Mahon (Menorca)
Malaga
Malatya
Malta
Manchester
Marrakech
Marsa Alam
Marseille
Miami
Milan-Linate
Milan-MalpensaMontego
Bay
Montpellier
Moscow-Domodedovo
Moscow-Sheremetyevo
Moscow-Vnukovo
Munich
Mykonos
Mytilene
Palma de Mallorca
Paphos
Paris-CDG
Patras-Araxos
Peking/Beijing
Podgorica
Porto
Porto Santo
Poznan
Prag
Preveza
Priština
Puerto Plata
Punta Cana
Reykjavik/Keflavik
Rhodos
Riga
Rijeka
Rimini
Rome
U
Umea
Valencia
Varadero
Varna
Venice
Warsaw
Westerland (Sylt)
Wien
Wroclaw/Breslau
Zadar
Zakynthos
Zonguldak
Zurich
27
A
“I travel throughout Europe professionally. The great thing about
Düsseldorf Airport is that I can get
everywhere within having to
change planes.“
Martin Göring, frequent flyer
28
29
Report by the Supervisory Board
for the Business Year 2015
Düsseldorf Airport was able to maintain its position as the third
biggest airport in Germany and additionally as the biggest airport
in the state of NRW by registering an increase in passenger numbers to about 22.5 million passengers in 2015. The introduction
of a new direct flight connection to Hong Kong by Cathay Pacific and the scheduling of additional long-haul flights Asian region and America in 2016 document the international character of
Düsseldorf Airport as an aviation location on the one hand and
underline its great importance within the most densely populated state in Germany. The maiden flight of the A 380 aircraft by
the airport’s long-standing partner, Emirates, has rounded this
picture off even more. Capacities are intended to be increased
with the requested modification of the airport’s operating permit; however, without losing sight of the needs of local residents.
Two events have left indelible images in our memories: The tragic
crash of Germanwings Flight 4U 9525 on its way from Barcelona to Düsseldorf and the arrival of thousands of refugees at the
long-distance railway station.
Throughout the business year under review, the Supervisory
Board of Flughafen Düsseldorf GmbH has perceived the duties
and responsibilities provided for by law and the Partnership
Agreement and has also monitored and consulted management
of the company during this period. In so doing and within the
scope of its advisory and supervisory duties, the Supervisory
Board has, among others, constantly dealt in detail with the
standing of the company, the development of business, corporate planning, investment activities and the company’s business
policy, as well as requesting additional information from management about important issues on selected topics.
F
“Many Dutch people fly from
Düsseldorf because it is so close.“
Desirée van Benthem
Travel agency Schoenmackers, Roermond
30
In addition to being regularly informed by management in writing
and orally in respect of the standing and development of the
company, the Supervisory Board and the (sub-) committees installed from its midst were also informed about material events
and important business transactions. Whenever business transactions required the express approval of the Supervisory Board,
management duly requested them. The Chairman of the Supervisory Board additionally informed himself constantly about
material operational occurrences.
Baker Tilly Roelfs AG Wirtschaftsprüfungsgesellschaft, Düsseldorf were chosen as the company auditors by the Shareholders’
Meeting of the company and contracted by the Supervisory
Board to audit the Annual Accounts as at 31 December 2015,
the Annual Report 2015, the Consolidated Accounts as at 31
December 2015 and the Group Management Report 2015. These documents were prepared by management and given an unqualified audit certificate by the auditing company. The audit
reports were presented to the Supervisory Board. The auditors
participated in the balance sheet meeting of the Supervisory
Board on 14 March 2016 and reported on the findings of their
audits. The Supervisory Board reviewed and discussed in detail
the present annual accounts, the management report and the
proposal for appropriation of year-end profits, the consolidated
annual accounts and the group management report 2015 on
the basis of the audit reports, the notes according to § 53 German Budgetary Principles Act and the respectively published
Principles Governing the Auditing of Companies. The Supervisory Board does not have any objections to the above. The Supervisory Board approves management’s Annual Accounts as
at 31 December 2015 and the Consolidated Annual Accounts
2015 and has no objections to the results of the audits.
The Supervisory Board proposes that the Shareholders’ Meeting should:
- adopt the annual accounts as at 31.12.2015;
- endorse the consolidated annual accounts and the group
management report 2015;
- distribute to the shareholders the year-end profit in an amount
of 55,028,168.70 EUR for the business year 2015; and
- approve the acts of management for the business year 2015.
The office term of Mr Gerhard Schroeder as Chairman of the
Supervisory Board of Flughafen Düsseldorf GmbH expired as
scheduled on 15 January 2016. As a committed chairperson,
Mr Schroder has made a significant contribution to the further
development of Düsseldorf as an air traffic location. The signatory to the present report was elected as the new Chairman
of the Supervisory Board for the period from 16.01.2016 until 15.01.2018, and Mr Schroeder was elected as the Deputy
Chairman.
Mr Ümit Abay, Mr Frank Enners, Mr Heinz Knoll and Mr Gustav
Wilden retired from the Supervisory Board of Flughafen Düsseldorf GmbH following expiration of their regular office terms. Ms
Stephanie Peifer, Mr Cafer Celik, Mr Werner Kiepe and Mr Markus Paulich were elected as their successors. Ms Angela Hebeler took over the mandate held by Ms Miriam Koch in 2015. The
Supervisory Board wishes to thank all retired board members
at this point for the work they have done and for their dedicated
commitment to the interests of Düsseldorf Airport. Mr Michael
Hennig and Mr Thomas Schürmann additionally joined the newly constituted Supervisory Board as alternate members.
Beyond this, there were no further changes to Supervisory
Board mandates during the business year 2015.
The Supervisory Board appointed Dr. Ludger Dohm as Speaker
of Management and Labour Director, and Mr Thomas Schnalke
as a Chief Executive Officer of the Company for an additional
five years.
The Supervisory Board extends its gratitude to Management
and all employees for their great dedication and their outstanding performance during the business year 2015.
Düsseldorf, 14 March 2016
The Supervisory Board
Thomas Geisel
(Chairman of the Supervisory Board)
31
>
“Long-haul connections are very
important for us freight forwarders.”
Alexander Hap
Managing Director
Air Cargo Professional GmbH
32
33
Audit Certificate
We have audited the financial statements –
consisting of the balance sheet, profit-andloss account and notes to the accounts together with the accounting records and the
management report of Flughafen Düsseldorf
GmbH, Düsseldorf, for the financial year from
1 January 2015 until 31 December 2015. In
accordance with the requirements of § 6b
Sect. 5 EnWG, our audit also included a review of observation of the accounting obligations pursuant to § 6b Sect. 3 EnWG, according to which separate accounts must be
kept for activities pertaining to § 6b Sect. 3
EnWG and activity reports must also be prepared. The maintenance of the books and records as well as the preparation of the financial statements and the management report
in correspondence with German commercial
law and observation of the obligations pursuant to § 6b Sect. 3 EnWG are the responsibility of the legal representatives of the Company. Our responsibility is, on the basis of out
audit, to express an opinion on the financial
statements, the bookkeeping system and the
management report, in addition to accounting in accordance with § 6b Sect. 3 EnWG.
Annual Account
as at 31 December 2015
Audit Certificate
35
Balance Sheet FDG
36
Profit-and-loss Account FDG
38
Consolidated Balance Sheet
39
Consolidated Profit-and-loss Account
41
Notes
– General Notes
– Group of consolidated companies
– Principles of consolidation, accounting
and valuation
– Notes to Consolidated Balance Sheet
– Notes to Consolidated
Profit-and-loss Account
– Additional information
42
42
42
Group Management Report
34
50
We conducted our audit of the financial statements in accordance with § 317 HGB and
the generally accepted German standards
for auditing of financial statements, as promulgated by the German Institute of Auditors
(IDW). These standards require us to plan
and carry out our audit such that any material misstatements affecting the presentation
of the net assets, the financial position and
earnings situation in the financial statements
and in the management report are prepared
in accordance with the German principles
of proper accounting are detected with a
reasonable degree of assurance and that it
can be confirmed with an adequate degree
of certainty that the accounting obligations
pursuant to § 6 Sect. 3 EnWG have been
met in all material issues. Knowledge of the
business activities, the economic and legal
environment of the Company and the expectation of possible errors were taken into account while determining our audit activities
and procedures. The effectiveness of the internal control system relating to accounting
and the evidence supporting the disclosures
made in the accounting records, the financial statements, the management report and
the accounting obligations pursuant to § 6b
Sect. 3 EnWG were primarily examined on a
test basis within the framework of the audit.
Our audit comprised an assessment of the
accounting principles used and significant
estimates made by the legal representatives
of the Company as well as acknowledgement
of the overall presentation of the financial
statements, the management report and
our assessment whether the applied values
and allocation of accounts pursuant to the
provisions of § 6b Sect. 3 EnWG are appropriate and comprehensible and whether the
principle of continuity has been observed.
We believe that our audit represents an adequately secure basis for our opinion.
In our opinion and on the basis of knowledge
gained during performance of our audit, the
financial statements are in compliance with
the law and, in accordance with the German
principles of proper accounting, present a
true and fair view of the asset, financial and
earnings situation of the Company. The management report accords with the financial
statements, provides an accurate overall picture of the standing of the Company and presents an accurate picture of the opportunities
and risks to future developments.
Our review of observation of the accounting
obligations pursuant to § 6b Sect. 3 EnWG –
according to which separate accounts must
be kept and activity reports are required for
activities according to § 6b Sect. 3 EnWG –
has not produced any objections.
The present audit report is signed as follows, in accordance with § 321 Sect. 5 HGB,
§ 32 WPO:
Düsseldorf, 15 January 2016
Baker Tilly Roelfs AG
Auditing Company
Stephan Martens
Auditor
Rüdiger Reinke
Auditor
Our audit has not led to any reservations.
53
56
35
Balance Sheet FDG
as at 31.12.2015
Profit- and loss Account FDG from
1 January 2015 until 31 December 2015
Assets
Liabilities
EUR
31. 12. 2015
31. 12. 2014
EUR
EUR
A. Fixed Assets
1. Concessions, industrial property rights acquired for
a consideration and similar rights and values as well
2. Payments on account
EUR
31. 12. 2014
EUR
EUR
(with comparative figures for the period from 01.01.2014 until 31.12.2014)
01. 01. – 31. 12. 2015
01. 01. – 31. 12. 2014
EUR
EUR
404,641,527.55
389,060,052.18
1,824,045.09
1,869,394.07
10,719,529.19
11,933,364.82
a) Raw materials and supplies
31,000,472.56
28,167,085.76
b) Cost of purchased services
75,026,705.54
71,963,793.48
a) Wages and salaries
62,367,243.58
59,568,256.57
b) Social contributions and other pension costs
17,325,973.48
16,755,273.01
6. Depreciation on intangible fixed assets and tangible assets
61,618,288.46
56,833,831.23
7. Other operating expenses
64,857,659.04
73,236,348.51
8. Investment income
3,698,549.42
3,555,685.74
9. Income from profit-transfer agreements
9,620,409.47
0.00
4,413.07
5,486.14
407,788.26
1,294,460.38
12. Loss acceptance expenses
13,774,221.38
20,778,479.54
13. Interest and similar expenses
19,210,818.25
21,054,394.94
14. Results from ordinary activities
85,734,879.76
59,360,980.29
15. Extraordinary income
1,598,133.78
10,278,276.24
16. Außerordentliche Aufwendungen
4,526,425.35
2,408,136.35
17. Extraordinary result
-2,928,291.57
7,870,139.89
18. Taxes on income
24,989,136.95
21,166,015.89
2,789,282.54
1,384,609.83
55,028,168.70
44,680,494.46
A. Equity Capital
I. Intangible assets
as licences to such rights and values
Profit-and-loss-Account
31. 12. 2015
I. Subscribed capital
25,564,594.06
25,564,594.06
II. Capital reserve
80,582,202.95
80,582,202.95
1,230,210.15
1,230,210.15
55,028,168.70
44,680,49.46
III. Revenue reserve (other revenue reserves)
16,805,312.47
19,839,291.47
1,360.00
IV. Net income for the year
10,150.39
16,806,672.47
162,405,175.86
152,057,501.62
44,837,101.61
48,027,951.53
1. Sales revenues
2. Capitalised cost of self-constructed assets
3. Other operating revenues
19,849,441.86
4. Cost of materials
B. Special Item for Tangible Asset Investment Subsidies
II. Tangible assets
1. Land, leasehold rights and buildings, including
C. Special Item with Accrual Character
buildings on third-party land
a) Airport buildings (including land)
507,255,022.51
515,082,822.51
b) Land with buildings
18,224,374.49
10,271,941.74
c) Land without buildings
13,770,056.94
13,955,730.50
1,925,310.00
2,085,753.00
92,789,806.00
83,790,819.00
d) Building leases
a) Airport facilities
167,990,573.77
121,766,196.17
3. Other facilities, business and operating equipment
b) Operating facilities
17,978,971.63
19,348,328.66
4. Payments on account and assets in course of construction
23,526,215.23
85,410,401.91
843,460,330.57
851,711,993.49
5. Personnel expenses
1. Provisions for pensions and similar obligations
5,404,700.00
5,225,612.00
2. Provisions for taxation
7,560,665.84
3,316,157.28
65,223,472.57
67,463,400.63
78,188,793.41
76,005,169.91
E. Liabilities
1. Due to banks
2. Verbindlichkeiten aus Lieferungen und Leistungen
3. Accounts payable
560,583,256.02
594,196,961.95
9,521,204.41
9,320,497.96
19,752,058.34
21,308,779.64
16,587,604.70
17,884,141.21
4. Due to companies with which the company is linked
III. Financial assets
1. Shares in affiliated undertakings
56,552,410.25
D. Accrued Liabilities
3. Other provisions
2. Plant and machinery
54,081,568.69
22,260,080.10
22,260,080.10
2. Investments
4,072,784.75
4,072,784.75
3. Other loans
189,480.51
242,252.70
26,522,345.36
26,575,117.55
886,789,348.40
898,136,552.90
by virtue of participating interests
5. Other liabilities
12,761,272.78
10,711,173.93
619,205,396.25
653,421,554.69
524,087.81
673,679.16
10. Income from other securities and lending of financial assets
11. Other interest and similar income
F. Deferred Income
B. Current Assets
I. Inventories
Raw materials and supplies
1,982,975.53
2,112,102.93
II. Accounts receivable and other assets
1. Trade accounts receivable
22,949,096.44
17,915,852.91
2. Due from affiliated undertakings
16,382,215.81
9,927,837.60
2,366,304.55
45745,835.38
3. Due from companies with which the company is
linked by virtue of participating interests
4. Other assets
III. Liquid funds
C. Prepayments and Accrued Income
3,871,760.98
2,426,301.76
45,569,377.78
76,015,827.65
23,174,517.10
8,412,973.44
70,726,870.41
86,540,904.02
1,725,904.82
2,060,810.24
19. Other taxes
20. Net income for the year
959,242,123.63
959.242.123,63
36
986,738,267.16
986.738.267,16
37
38
as at 31. December 2015
Consolidated Profit-and-loss Account
from 1 Jan. 2015 until 31 Dec. 2015
Assets
Liabilities
EUR
31. 12. 2015
31. 12. 2014
EUR
EUR
EUR
A. Fixed Assets
I. Subscribed Capital
1. Concessions, industrial commercial property
II. Capital Reserves
rights and similar rights and values, as well as
2. Goodwill
31. 12. 2014
EUR
EUR
III. Revenue Reserves (Other Revenue Reserves)
16,819,209.83
19,868,913.83
217,963.37
254,315.40
1,360.00
10,150.39
17,038,533.20
IV. Third-party Equity Shares
V. Consolidated Balance Sheet Profit
25.,64,594.06
25,564,594.06
80,582,202.95
80,582,202.95
2,855,001.48
1,274,128.48
175,692.52
174,715.23
42,439,298.81
33,403,965.43
151,616,789.82
20,133,379.62
B. Special Item for tangible asset investment subsidies
buildings on non-owned property
603,061,665.22
614,071,261.25
2. Technical equipment and machinery
278,364,753.77
218,978,959.17
3. Other equipment, operational and business equipment
24,632.936.35
25,182,065.70
4. Advance payments and assets under construction
23,633,643.64
120,339,405.79
1. Provisions for pensions and similar obligations
978,571,691.91
2. Provisions for taxation
929,692,998.98
44,837,101.61
48,027,951.53
3. Other provisions
15,222,602.00
7,636,630.97
3,667,614.46
90,505,019.82
91,203,918.53
113,352,886.79
3,897,888.29
110,094,134.99
199,763.41
253,087.65
4,097.651.70
4,249,455.94
950,829.183.88
1,002,954,527.47
D. Liabilities
1. Liabilities to banks
Current Assets
623,506,658.74
2. Property-financing liabilities
85,848,411.28
91,422,892.94
3. Trade accounts payable
10,135,595.59
16,144,295.36
16,587,604.70
17,884,141.21
5. Other liabilities
I. Inventories
Raw materials and supplies
4,709,538.45
13,818,484.03
12,763,809.28
715,264,614.97
761,721,797.53
1,880,179.28
2,051,581.12
II. Accounts Receivable and Other Assets
27,311,113.74
22,506,057.06
2,366,304.55
1,795,039.28
2. Receivables from joint ventures and
C. Prepaid Expenses
D. Deferred Tax Assets
1,869,394.07
13,731,326.88
14,016,596.45
a) Raw materials and supplies
30,089,272.16
28,867,135.68
b) Purchased services
68,812,194.98
67,290,110.57
100,302,928.33
98,238,391.13
28,030,586.50
27,444,597.40
69,256,420.28
63,529,574.36
65,509,404.62
76,900,734.80
2,366,185.55
1,635,762.09
4,413.07
5,486.14
10. Other interest and similar revenues
360,513.30
842,405.42
11. Write-downs on financial assets
123,455.00
21,118.00
12. Interest and similar expenses
20,771,671.41
22,582,979.81
13. Results from ordinary business activities
84,387,625.60
59,077,625.20
14. Extraordinary income
1.598.133,78
10,278,276.24
15. Extraordinary expenses
4,499,888.01
2,408,136.35
24,609,119.80
22,246,608.27
3,160,923.73
1,757,315.51
53,715,827.84
42,943,841.31
33,403,965.43
27,081,362.83
44,680,494.46
36,622,617.80
42,439,298.81
33,402,586.34
3. Other operating revenues
b) Social contributions and expenses for pensions and support
6. Amortisation of intangible and
tangible assets
F. Deferred Tax Liabilities
5,131,563.21
16,981,612.57
16,909,170.00
3,868,497.24
34,808,981.50
28,169,593.58
25,586,743.90
13,460,074.43
65,105,263.85
48,923,340.75
1,754,724.26
2,689,668.92
26,244,013.05
25,236,124.03
16. Taxes on income
17. Other taxes
18. Consolidated profit for the year
1,043,933,185.04
1.043,993,185.04
8. Income from application of the equity method
9. Income from other securities and lending of financial assets
7,293,672.74
E. Deffered Income
III. Liquid Funds
1,824,045.09
2. Other company-produced additions
7. Other operating expenses
588,874,519.37
associated undertakings
3. Other assets
425,582,662.78
3,996,368.29
4. Amounts payable to joint and
448,997,074.99
1. Sales revenues
a) Wages and salaries
15,211,236.00
1. Holdings in joint ventures and
1. Trade accounts receivable
EUR
5. Personnel expenses
C. Acrueled Liabilities
B.
01. 01. – 31.12.2014
EUR
4. Cost of materials
1. Land, leasehold rights and buildings, including
2. Other loans
01.01. – 31.12.2015
140,999,026.00
II. Tangible assets
(with comparative figures for the period from 01.01.2014 until 31.12.2014)
A. Equity
I. Intangible Assets
licenses thereto
31. 12. 2015
1,079,803,661.17
– of which relating to other shareholders 0.00 EUR (prev. year: -580.15 EUR)
1,079,803,661.17
19. Profit carried forward
– of which relating to other shareholders 0.00 EUR (prev. year: -1,379.09 EUR)
20. Distribution of dividends
– of which relating to other shareholders 0.00 EUR (prev. year: 0.00 EUR)
21. Consolidated balance sheet profit including minority interests
22. Auf andere Gesellschafter entfallender Verlust
23. Consolidated balance sheet profit
39
40
0.00
1,379.09
42,39,298.81
33,403,965.43
41
Notes
General Notes
Consolidated Companies
Flughafen Düsseldorf GmbH, the parent
company of the Flughafen Düsseldorf
GmbH Group (FDG Group), is obliged to
prepare consolidated financial statements
in compliance with the requirements of §§
290 ff. HGB.
Companies included in the consolidated financial statements by way of full consolidation and those which are obliged to provide
such information pursuant to § 313 Sect.
2 No. 1 HGB can be presented as follows:
The consolidated financial statements as
at 31 December 2015 were prepared in
accordance with the relevant provisions
under commercial law and the regulations
governing accounting by limited liability
companies (GmbHs). They comprise the
legal elements pursuant to § 297 Sect. 1
HGB (consolidated balance sheet, consolidated profit-and-loss account, consolidated cash flow statement, consolidated
statement of changes in equity and notes
to the consolidated financial statements).
Segment reporting was not noted. The
breakdown principles according to § 298
Sect. 1 in conjunction with §§ 266, 275 ff.
HGB were observed for the consolidated
balance sheet and the consolidated profitand-loss account. As in the previous year,
the total cost method was applied to the
profit-and-loss account. The breakdown
was expanded in line with § 275 Sect. 4
HGB in conjunction with § 158 AktG.
The consolidated balance sheet date is the
balance sheet date of the parent company. All subsidiaries, joint undertakings and
associated undertakings prepare their financial statements on the basis of this balance sheet date.
Name
Flughafen Düsseldorf Ground Handling GmbH
Flughafen Düsseldorf Cargo GmbH
Flughafen Düsseldorf Security GmbH
Flughafengesellschaft Mönchengladbach GmbH
Flughafen Mönchengladbach Grundstücksverwaltungsgesellschaft mbH*
ESTAMIN Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG**
Japon Grundstücksverwaltungsgesellschaft
mbH & Co. Vermietungs KG**
Preparation of
full consolidation
The following changes were noted for the
consolidated group during the period under review:
Reg.Office Subscribed Share %
Düsseldorf
Parent Company
Düsseldorf
100
Düsseldorf
100
Düsseldorf
100
Düsseldorf
100
Düsseldorf
100
Mönchengladbach
70.03
Mönchengladbach
Düsseldorf
Mainz
70.03
100
100
Mainz
100
* held via Flughafengesellschaft Mönchengladbach GmbH
** special purpose company pursuant to § 290 Sect. 2 No. 4 HGB
Companies included in the consolidated
financial statements by way of the socalled equity method as well as those companies obliged to provide this information
pursuant to § 313 Sect. 2 No. 2 and 3 HGB
can be presented as follows:
Düsseldorf
Laroba GmbH & Co. KG was fully consolidated according to § 290 Sect. 2 No. 4
HGB in 2013 and 2014. The purpose of
the company is to establish and manage
the new airport administration building.
The parent company had taken over the
interim financing of construction of the
new building during the above-mentioned years and particularly carried most
of the financial risks from an economic
viewpoint. The new administration building was completed during the business
year under review and the interim financing of construction was taken over by
Laroba in connection with a long-term
bank loan. The company was then deconsolidated on the basis of the correspondingly changed distribution of opportunities and risks.
40
Notes
Joint
undertaking
Associated
undertaking
Associated
undertaking
Full consolidation
Full consolidation measures consist of the
following:
Deferred taxes are also given consideration as required for consolidation.
If at all necessary, the elimination of intercompany profits is dispensed with pursuant to § 304 Sect. 2 HGB owing to their
minor significance.
Consolidation, Accounting and
Valuation Principles
Consolidation principles
In addition to observing the provisions of
HGB, consolidation also gives consideration to German Accounting Standards
(DRS) by the German Accounting Standards Committee.
42
Whenever the individual financial statements of subsidiaries are not already in line
with the accounting, valuation and presentation methods of the parent company and/
or whenever the accounting, valuation and
presentation methods in the consolidated
financial statements differ from those applied to the individual financial statements
of the parent company, the required standardizations are carried out by preparing
so-called Commercial Balance Sheets II.
A conversion of currencies is not required
pursuant to § 308a HGB since the consolidated financial statements only encompass resident (German) companies.
– Capital consolidation
– Debt consolidation
– Consolidation of expenses and income
Name
Reg.Office Subscribed Share %
BISAWA Objekte AirportPullach
100
Düsseldorf GmbH & Co. KG
SITA Airport IT GmbH
Düsseldorf
30
Flughafen Düsseldorf
Tanklager GmbH
Flughafen Düsseldorf Objekt Eins used to
be fully consolidated as a subsidiary
company. This subsidiary was merged
into Flughafen Düsseldorf Immobilien
GmbH during the year under review.
The annual accounts of the parent company and its subsidiary companies are included in the consolidated financial statements on the basis of uniform accounting,
valuation and presentation methods according to group accounting guidelines.
Capital is consolidated for all subsidiaries according to the revaluation method.
First-time consolidation is carried out in
this context on the basis of the respective
date of purchase, whereby assets, debts
and prepaid expenses are valued at current
fair value at the time of purchase, provisions according to § 253 Sect. 1 Sentence 2
and 3, Sect. 2, and deferred taxes are es-
tablished according to the balance sheetoriented concept (subsequently as required during transition to BilMoG) pursuant
to § 274 Sect. 2 HGB. A positive differential amount remaining as a result of capital consolidation is shown as goodwill. Negative differential amounts have not been
noted to date. Uncovered hidden reserves
and charges are developed further during
subsequent consolidation of capital and
goodwill is written off.
Accounts receivable, provisions and liabilities as well as other contractual obligations between companies included in the
consolidated financial statements are eliminated in connection with debt consolidation pursuant to § 303 HGB.
Income and expenses noted between
companies included in the consolidated
financial statements – particularly those
resulting from intergroup deliveries and
services provided – are eliminated in connection with consolidation of expenses
and income.
Deferred taxes are formed for consolidation measures according to the so-called
balance sheet-oriented concept and pursuant to § 306 HGB. Deferred taxes must
also be given consideration during capital
consolidation, with the exception of differential amounts remaining from offsetting
of capital. A possible so-called surplus of
assets resulting from the formation of deferred taxes on consolidation measures is
recognized in full.
Deferred taxes resulting from consolidation measures are recorded in the consolidated financial statements in full and
aggregated together with deferred taxes
not relating to consolidation pursuant to
§ 274 HGB.
43
Notes
Consolidation of joint
undertakings and
Under application of the respectively applicable option right, so-called joint undertakings and associated undertakings are included in the consolidated financial statements according to the equity method. In
such cases, initial application of the equity
method is carried out from the date of acquisition, in analogy to full consolidation.
When dealing with joint undertakings, the
equity method is applied on the basis of
financial statements of the joint undertaking that have been adjusted to match the
accounting, valuation and disclosure methods shown in the consolidated financial statements (HB II). In accordance with
the option right, the accounting, valuation
and disclosure methods applied by associated undertakings have not been adjusted to match those applied by the group
of companies.
The elimination of inter-company profits
has been dispensed with due to minor significance in connection with application
of the equity method and in accordance
with §§ 312, 304 HGB.
Goodwill respectively negative consolidation differences have not been noted to
date in connection with application of the
equity method.
44
Accounting and valuation
principles
General notes
The accounting, valuation and disclosure methods applied to the consolidated
financial statements are generally in line
with the methods applied by the parent
company in its single company financial
statements. Variances are described in
the following.
Pertaining to deferred taxes at a single company accounts level of the parent
company and subsidiary companies respectively at a commercial balance sheet II
level, the options pursuant to §§ 298, 274
HGB are exercised in such a way in the
consolidated financial statements that a
so-called surplus of assets possibly resulting from determination of deferred taxes
is capitalised and an unbalanced reporting
(gross reporting form) of deferred tax assets and liabilities is recognised. At a level
of the single company financial statements
of the parent company, however, recognition of a possibly existing surplus of assets
is dispensed with and deferred taxes and
liabilities are offset (net reporting form).
Variances noted between commercial balance sheet and tax balance sheet valuations are valued on the basis of the tax rate
applicable to the individual group at the
time the respective variance is reduced.
Discounting is not applied in such cases.
The present rates currently used by the individual company are applied alternatively
to such procedures whenever future tax rates have not been adequately specified yet.
Deferred taxes noted up to a Commercial
Balance Sheet II level are aggregated and
recognised with deferred taxes on consolidation measures (not offset). Consolidation-based deferred taxes are generally treated in analogy to non-consolidation-based
deferred taxes up to a commercial balance
sheet II level owing to the deviating exercise of the option relating to deferred taxes.
The option pursuant to Article 28 Sentence
2 EGHGB regarding the recognition of provisions for so-called indirect pension obligations and similar obligations is exercised in the single company accounts of
the parent company by not making provisions for such obligations. The consolidated financial statements of the FDG Group
give consideration to indirect pension obligations and similar obligations by applying a so-called intermediate amount – i.e.
only a partial amount and not the full obligation sum is provided for. Allocation of a
corresponding partial amount was carried
out for the first time during the business
year 2008. Further allocations of partial
amounts are only carried out whenever
the obligations associated with the partial amount are no longer applicable. The
overall (loss) amount for indirect pension
obligations and similar obligations is not
disclosed since the associated obligations
can be accurately and sufficiently quantified. These obligations relate to vested
company pension rights held by certain
group members in Rheinische Zusatzversorgungskasse (RZVK). A considerable
number of group members is entitled to
this supplementary pension arrangement.
The single company financial statements
of the parent company and those of the
subsidiaries concerned contained special
items with equity portions as special items
of deferred income, especially in the case
of recognition of reinvestment provisions
in the tax balance sheet. This procedure was carried out until the so-called BilMoG transition came into force and was
in line with the so-called principle of reversed decisiveness in addition to being
in accordance with the corresponding tax
regulations. The respective option right to
continue this special item was exercised
during transition to BilMoG. Special items
with equity portion have not been recognised in the consolidated financial statements since then.
At the level of those companies which are
included in the group of companies, accounting and valuation methods are based
on the assumption of a “going concern”
pursuant to § 252 Sect. 1 No. 2 HGB.
The option to capitalise internally produced intangible assets (development expenses) has not yet been pertinent to the
FDG Group. Such assets are correspondingly not shown in the consolidated balance sheet.
The FDG Group has also formed corresponding valuation units at a balance sheet
level in cases where variable interest loans are hedged against the interest rate
risk in connection with risk management
policy. Interest swaps and forward interest swaps relating to micro hedges are
aggregated correspondingly into valuation units together with the secured loan
tranche. The so-called net hedge presentation method is then applied to the accounting treatment.
The timing requirements for preparation
and audit of the consolidated financial
statements necessitate a so-called Fast
Close Procedure. Particularly revenues and expenses noted in December are
correspondingly partly based on planning
data estimates and previous experience.
Intangible assets and
tangible assets
Intangible assets purchased against payment are capitalised at cost of acquisition
and written off according to their service
lives under application of the linear method of depreciation whenever they are
subject to wear and tear.
of wear and tear. Only buildings that were
added between 1993 and 1995 are written
off according to the specifications of § 7
Sect. 5 Income Tax Law. Pro rata personnel and materials expenses for own employees who are responsible for the planning, execution and monitoring of projects
relating to the production of an asset are
capitalised as internally produced assets.
Whenever an asset is acquired or manufactured, interest on borrowed capital is
capitalised during the manufacture respectively the purchase period (construction period interest) whenever there is a
direct relationship between the asset itself and the respectively borrowed capital.
Useful lives are estimated on the basis of
the airport-specific Useful Life Table published by Arbeitsgemeinschaft der deutschen Verkehrsflughäfen, ADV.
Depreciation at the relevant lower reportable value is only applied in case of permanent impairment.
As in prior years, low-value items with original costs of up to 410 EUR have been
completely written off in the year of acquisition since 2010 (assumed disposal).
Goodwill is only noted in the consolidated
financial statements in connection with
the consolidation of the subsidiary FD Cargo GmbH. Useful lives were determined
under consideration of the circumstance
that the key sales and procurement markets of FD Cargo GmbH are only subject to
slight changes, that there is a high level of
customer loyalty on the sales side, and that
there are certain market-entry barriers.
The useful life was determined as 20 years.
Tangible assets are shown at cost of acquisition respectively cost of manufacture minus scheduled linear depreciation in case
45
Notes
Financial assets
Accruals and deferrals
Accrued liabilities
Shares in joint undertakings and associated companies are accounted for using
the equity method (cf. above).
On the Assets side, prepayments and accrued income consist of expenditures prior to the balance sheet date, those which
will continue to be expenses for a certain
time hereafter. The liabilities side shows
revenues prior to the balance sheet date
which will continue to be revenues for a
certain time hereafter.
Provisions are made for identifiable risks,
contingent obligations, contingent losses
on pending transactions and deferred
maintenance which is caught up within
a period of 3 months after the end of the
respective financial year. Provisions for
anticipated losses and the above-mentioned deferred maintenance measures
were used neither to the current balance
sheet date nor to that of the previous year.
Valuation was carried out on the basis of
the amount required according to prudent
commercial judgement. Future price and
cost increases are also taken into consideration in this process whenever these have
been adequately specified and objectified
to the balance sheet date. Provisions with
residual terms of more than one year are
discounted correspondingly over their residual terms on the basis of the average
interest rates specified by Deutsche Bundesbank for the past seven years.
Other loans refer to loans from employer
to employees and are recognised at nominal value.
Depreciation pursuant to § 253 Sect. 3
Sentence 3 HGB is only applied in case
of permanent impairment.
Current assets
Raw materials and supplies are valued at
average cost price giving consideration to
the lowest-value principle.
Accounts receivable and other assets are
shown at nominal value. Risks relating to
accounts receivable and other assets have
been given consideration by adequate individual and lump-sum value adjustments
Liquid funds consist of cash in hand and
bank balances and are shown at nominal value.
Provisions for pensions and similar obligations (assistance payments), early retirement obligations, anniversary obligations
and continued pay in case of death were
shown on the basis of values that were determined by the actuarial expert.
The discounting of provisions for pensions
and similar obligations (assistance payments) was based on the interest rate applied to a residual term of 15 years (3.89%),
in correspondence with § 253 Sect. 2 Sentence 2 HGB.
Liabilites
– The projected unit credit method (PUC
method) as the actuarial procedure
respectively the net present value
method for calculation of early retirement obligations;
Liabilities are shown at repayment amount.
– The Reference Tables RT 2005 G from
Heubeck Richttafeln GmbH for biometric calculations
– A pension progression trend of 2%
– The price respectively cost increase
trend of 2% in case of assistance and, if
applicable, in case of anniversary
bonuses
– Age-dependent fluctuation assumptions
where appropriate, particularly in case of
anniversary bonuses and continued pay
in case of death.
When dealing with early retirement obligations that are exclusively subject of the
so-called “block model”, the so-called
topping-up amount is set aside as soon as
the early retirement agreement has been
signed, and the pro-rated shortfall in contributions that increases during the working phase is accumulated in the provision.
To the extent that price/cost increases arise in connection with other provisions, these were included in calculation at an interest rate of 2% - 3%.
Actuarial calculations are generally based
on the following:
46
47
Notes
Schedule of consilidated Fixed
Cost of Purchase and Manufacture
Accumulated Depreciation
Book Values
Asset Movements
Carried forward Additions during
01.01.2015
business year
EUR
EUR
Write-ups
Transfers
Disposals
Status on
Carried forward to
31.12.2015
01.01.2015
Additions
EUR
EUR
EUR
EUR
EUR
EUR
723,042.29 88,838.00
Write-ups
Transfers
Disposals
Stantus on
Status on
Status on
31.12.2015
31.12.2015
31.12.2014
EUR
EUR
EUR
EUR
EUR
EUR
I. Intangible assets
1. Concessions, industrial commercial
property rights and similar
rights and values, as well as
licenses thereto
2. Goodwill
68,685,541.14
9,883.79
589,294.26
68,918,010.96
48,816,627.31
3,870,114.04
0.00
1,354.04
589,294.26
52,098,801.13
16,819.209.83
19,868,913.83
930,199.80
0.00
0.00
0.00
0.00
930,19980
675,884.40
36,352.03
0.00
0.00
0.00
712,236.43
217,963.37
254,315.40
10,150.39
0.00
0.00
-8,790.39
0.00
1,360.00
0.00
0.00
0.00
0.00
0.00
0.00
1.360.00
10,150.39
723,042.29 88,838.00
1,093.40
589,294.26
69,849.570.76
49,492,511.71
3,906,466.07
0.00
1,354.04
589,294.26
52,811,037.56
17,038.533.20
20,133,379.62
Total intangible
assets
69,625,891.33
II. Tangible assets
1. Land and leasehold rights
and buildings,
including buildings
on third-party land
1,142,987,560.99
21,175,893.84
0.00
4,504,452.22
23,793,844.52
1,144,874,062.53
528,916,299.74
28,027,004.61
0.00
-523.98
15,130,383.06
541,812,397.31
603,061,665.22
614,071,261,25
764,009,798.72
22,881,417.52
0.00
67,354,368.87
10,086,185.15
844,159,399.96
545,030,839.55
28,774,882.81
0.00
1,717.25
8,012,793.42
565,794,646.19
278,364,753.77
218,978,959.17
7,112,626.66 15,460.68
505,136.28
4,923,820.67
118,247,055.41
90,355,586.76
7,929,060.79
0.00
-2,547.31
4,667,981.18
93,614,119.06
24,632,936.35
25,182,065.70
2. Plant and
machinery
3. Other fixtures and fittings,
tools and equipment
115,537,652.46
4. Payments on account and tangible
assets in course of construction
Total tangible assets
120,339,405.40
2,142,874,417.57
0.0
-72,365,050.77
35,054,647.76
23,633,643.25
-0.39
0.00
0.00
0.00
0.00
-0.39
23,633,643.64
120,339,405.79
61,883,874.40 15,460.68
10,713,936.38
-1,039.40
73,858,498.10
2,130,914,161.15
1,164,302,725.66
64,730,948.21
0.00
-1,354.04
27,811,157.66
1,201,221,162.17
929,692,998.98
978,571,691.91
1. Shares in
affiliated companies
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,017,486.29
0.00
0.00
0.00
0.00
4,017,486.29
21,118.00
123,455.00
0.00
0.00
0.00
144,573.00
3,872,913.29
3,996,368.29
3. Investments
0.00
24,975.00
0.00
0.00
0.00
24,975.00
0.00
0.00
0.00
0.00
0.00
0.00
24,975.00
0.00
4. Other loans
253,147.58
0.00
0.00
0.00
53,324.24
199,823.34
59.93
0.00
0.00
0.00
0.00
59.93
199,763.41
253,087.65
4,270,633.87
24,975.00
0.00
0.00
53,324.24
4,242,284.63
21,177.93
123,455.00
0.00
0.00
0.00
144,632.93
4,097,651.70
4,249,455.94
62,631,891.69 104,298.68
0.00
74,501,116.60
2,205,006,016.54
1,213,816,415.30
68,760,869.28
0.00
0.00
28,400,451.92
1,254,176,832.66
2. Loans to affiliated undertakings
Total financial assets
Total fixed assets
48
2,216,770,942.77
950,829,183.88 1,002,954,527.47
49
Notes
Notes to the
Fixes assets
Revenue reserves
Accrued liabilities
Liabilities
The development of fixed assets during
the financial year 2015 and its breakdown
can be taken from the attached Schedule
of Fixed Asset Movements.
Revenue reserves have increased, exclusively as a result of the non-income-effective
deconsolidation of Laroba GmbH & Co. KG.
Among others, the item ‘other provisions’
refers to amounts set aside for noise protection measures. These funds relate to
possible refund claims for noise insulation measures carried out by the owners of
private homes and supporters of facilities
requiring special protection within a specified noise protection area. It additionally
considers a provision for performance of
the expected refund claims due to compensation for outdoor living areas in accordance with the requirements of the
operating permit for Düsseldorf Airport
from 21 September 2000. The provision
for noise protection measures amounted
to a sum of approximately 7.492m EUR as
at the balance sheet date.
The following list shows the breakdown of
liabilities and their maturities:
Current assets
An amount of 2.048m EUR of current assets refers to raw materials and supplies
while an amount of 2.662m EUR pertains
to land in Airport City that is earmarked
for sale.
31.12.2015
31.12.2014
TEUR
TEUR
Accounts receivable
and other assets
Trade accounts
receivable
27,311
22,506
27,311
22,506
- of which with
residual terms <1 year
The key item with a residual term of more
than one year in other assets relates to a
corporation tax credit claim against the
tax authorities.
Consolidated balance sheet profit
The consolidated balance sheet profit is
completely available for distribution to the
shareholders of the parent company. The
distribution potential of the parent company exceeds the consolidated net earnings.
Adjustment item for minority
interests
The adjustment item minority interests
refers to shares held by co-shareholders
in Flughafengesellschaft Mönchengladbach GmbH.
Due from joint an
affilliated undertakings
2,366
1,795
- of which with
residual terms < 1 year
2,366
1,795
Due from companies with
which the company is
associated by the way of
participarting interests
0
0
0
0
5,132
3,868
Subscribed capital
4,911
3,548
221
320
The fully paid-up share capital of the Company has remained unchanged at 50m
DM in comparison with the previous year.
The state capital Düsseldorf and Airport
Partners GmbH, Düsseldorf each held
half of the share capital as at the balance
sheet date.
- of which with the
residual terms < 1 year
Other assets
The greatest item in the position deferred expenses and accrued income refers
to costs incurred for the procurement of
funds in an amount of 472k EUR. All other
amounts mainly refer to SAP license fees
for the individual systems.
Special item for tangible asset
investment grants
In past years, Flughafen Düsseldorf GmbH
received investment grants (state subsidies to improve the traffic situation in
communities) for construction of a people
mover system between the new IC railway
station and the new terminal building. Income from the release of this item amounted to 3.141m EUR during the business
year under review.
The FDG Group established a provision in
an amount of 5.146m EUR (discounted) in
2010 to cover the risk of ground water contamination with perfluorinated tensides
(PFT) on the airport grounds and the resulting redevelopment obligations. Taking
into account amounts spent in the meantime and discounting, this provision is presently noted at an amount of 3.467m EUR.
The estimate for the duration and development of expected remediation measures was updated during the reporting year.
Provisions include an amount of approximately 9.0m EUR for indirect pension obligations and similar obligations.
Liablities
31. 12. 2015
TEUR
Residual
term
< 1 year
TEUR
Residual
term
1-5 years
TEUR
588,875
53,388
258,055
277,431
623,507
Real-estate
financing liabilities
85,848
4,412
17,649
63,788
91,423
Trade
deptors
10,136
10,136
0
0
16,144
Due to joint
and associated
undertakings
16,588
16,588
0
0
17,884
13,818
11,781
2,037
0
12,764
74
3,190
74
3,190
0
0
0
0
80
6,818
0
0
0
0
1
715,265
96,305
277,741
341,219
761,722
Due to
banks
Other liabilities
– thereof relating
to other loans
– thereof relating to taxes
– thereof relating
to social security
The following collaterals were furnished
for amounts due to banks and property
financingt:
- of which with the
residual terms <1 year
- of which with the
residual terms > 1 year
This item also includes EU grants for construction and equipment of the check-in hall
at the IC railway station. An amount of 50k
EUR was released from this item during
the business year under review
Other provisions refer to outstanding invoices, rebates on airport charges, provisions for the personnel sector (including
early retirement and anniversary bonuses),
payroll expenses and other customary provisions such as the audit of the year-end
financial statements, for instance.
Secured by mortgages
Secured by negative pledge
31. 12. 2015
TEUR
114,410
560,583
674,723
31. 12. 2014
TEUR
106,181
589,197
695,378
The recognition of liabilities with maturities
up to one year includes deferred interest
payments and the contractually agreed
repayment of long- and short-term loans.
Capital reserve
The capital reserve has not changed.
50
Residual 31. 12. 2014
term
> 5 years
TEUR
TEUR
51
Notes
Notes to the Consolidated
Liabilities relating to the
financing of real estate
Estamin concluded a receivables purchase
agreement with Bayerische Landesbank,
Munich and Stadtsparkasse Düsseldorf in
order to finance the purchase price for the
real properties Car Parks P3 and P4 as well
as the hotel on Car Park 3. In accordance
with this agreement, the banks will acquire on a pro rata basis all claims relating to
tenant’s loans and the Estamin leasing
contracts which are noted completely across all group companies with a term ending 2029. An initial period of interest rate
fixation relating to these agreements ended on 31 January 2013, after which correspondingly adjusted leasing rates have
had to be paid.
Among others, the banks have been granted collaterals for the loan sums by way of
land charges on the respective fractional
building lease plots.
Japon concluded a receivables purchase
agreement with Deutsche Postbank AG,
Bonn to finance the purchase of Car Park
P8 (underground garage). Japon accordingly sold to this bank the overall claim
resulting from the leasing rates according
to leasing agreement which relates completely to other group companies. The loan
term ends on 30 September 2030. An initial period of interest rate fixation relating to
these agreements ends on 30 September
2020, after which correspondingly adjusted leasing rates will have to be paid.
Among others, a land charge was registered on the leasing object in favour of the
bank and in an amount equivalent to the
loan sum.
52
Additional information
Sales revenues
Cost of materials
Among others, deferred income liabilities
include a paid-out present value benefit
that resulted from a subsequently concluded, more favourable refinancing of existing loans. This was recognised under deferred income in 2002 and has been reversed over the loan terms since then.
Passenger numbers at Düsseldorf Airport
increased by 2.9% to 22,476,500 passengers in comparison with the previous business year. The total number of aircraft movements has practically remained constant
on prior year with a total of 210,205 takeoff and landing procedures.
The cost of materials increased by 2.744m
EUR to a total sum of 98.901m EUR in
comparison with the business year 2014.
Sales revenues amounted to 448.997m
EUR in 2015 and have consequently increased by 23,415m EUR respectively 5.5%
on prior year.
Aviation revenues are reported with a figure of 274.873m EUR and have also decreased by 3.3% on prior year (2014: 266.092m
EUR). This development was mainly produced by the reported increase in passenger numbers.
The revenue sector Non-aviation reported
total revenues in an amount of 174.124m
EUR in 2015 (previous year: 159.518m
EUR). This result was 9.2% higher than in
2014 and basically includes revenues from
rental and lease of F&B (food and beverage/catering) and retailing areas, utility
(energy) revenues, management of advertising areas and revenue from the internal
rental of parking areas
This item basically includes the cost of
materials, energy and maintenance costs,
payment of the land rent, certain rent and
leasing expenses as well as expenses for
other third-party services.
Personnel expenses
Personnel expenses, consisting of wages
and salaries as well as social contributions, pension costs and assistance, have
increased by 2.651m EUR to a total sum
of 128.333m EUR.
Personnel expenses also include an
amount of 8.572m EUR for retirement benefits (previous year: 8.764m EUR).
DThis income exclusively refers to BISAWA Objekte Airport-Düsseldorf GmbH
& Co. KG, Düsseldorf and represents the
commercial-law-based allocation of dividends for the business year 2015.
Breakdown of staff numbers
The average number of employees can be
broken down as follows:
Staff
Clerks
Apprentices
Total
2015
2,182
69
2,251
Interest paid in an amount of 20.772m EUR
(previous year: 22.583m EUR) mainly refers to long-term financing.
The compounding of provisions produces interest expenditures in an amount
of 1.423m EUR (prior year: 1.473m EUR).
BISAWA Objekte Airport-Düsseldorf
GmbH & Co. KG noted interest expenses
in an amount of 53k EUR for the business
year under review (previous year: 88k EUR).
BISAWA Objekte Airport-Düsseldorf
GmbH & Co. KG and Laroba GmbH &
Co. Kommanditgesellschaft have no employees.
Guarantees and other
commitments
Flughafen Düsseldorf GmbH has entered
into the following rent guarantees on behalf of BISAWA:
Minimum net
Duration
annual rent
until
Depreciation
The reported depreciation sum includes an
amount of 36k EUR representing the consolidation-based amortisation of goodwill
at an FDGHG level.
Other operating expenses
Among others, this position includes PR
expenses, individual write-downs on receivables, EDP costs, legal and professional
expenses, expenses for insurance premiums as well as security services.
2014
2,159
64
2,223
Interest expenditures
Extraordinary result
Other operating revenues
Other operating revenues are reported
with a result of 13.731m EUR and have
practically remained unchanged in comparison with the previous business year
(14.017m EUR). Among others, the greatest revenues noted during the business
year 2015 relate to revenues from the release of provisions in an amount of 3.459m
EUR and the release of several special
items in amount of 3.191m EUR as well as
income in an amount of 1.245m EUR from
consolidation measures .
Income from application
of the equity-method
(TEUR)
The item extraordinary expenses is mainly characterised by two business transactions. Revenues noted during the business
year under review mainly refer to the release of balance provisions for fire claim
settlements. Expenses relate to costs for
the restructuring and redevelopment of
Flughafen Düsseldorf Ground Handling
GmbH in 2015. These costs refer to redundancy payments and severance agreements, early retirement and advisory fees.
Maintan. hangar 8
Air-freight building
1,280 October 2018
Oktober 2018
and car rental center 6,900 resp. May 2019
It is highly improbable that these obligations will have to be carried out under consideration of the economic circumstances
of BISAWA.
Taxes and income tax splitting
Baxes on income give consideration to a
balanced amount of 935k EUR for deferred taxes.
Other taxes mainly refer to real estate tax.
53
Notes
Off-balance-sheet
transactions and other
financial obligations
The Company has entered into several
leasing agreements for real estate and
movable assets in order to improve the liquidity situation (use without having to finance a one-off purchase price) and also
to improve financial performance. Movable assets basically refer to assets that have
to be replaced on a regular basis, such as
motor vehicles and office equipment.
The FDG Group leases Car Park 5 from Filana Grundstücksvermietungsgesellschaft
mbH & Co. KG. This parking garage was
completed in 2006. Flughafen Düsseldorf
GmbH was involved in the purchase of this
land as a mediator. The future leasing rates
will amount to a total sum of 15.713m EUR
until 2029, according to current information. The leasing rates could change upon
expiration of the first tied interest term because the adjustment of refinancing. Flughafen Düsseldorf GmbH has the option
to purchase all limited partner’s shares in
Filana as well as all shares in the general
partner GmbH at the end of the basic rental term. Managing the parking facilities
jointly with an operator during the lease
term will present the FDG Group with opportunities in cooperation with an operator.
The group of companies noted revenue in
an amount of 639k EUR from this construct in 2015.
The company BISAWA Objekte AirportDüsseldorf GmbH & Co. KG was established in 2008. The parent company of the
group, Flughafen Düsseldorf GmbH, is
the limited partner and BISAWA Beteiligungs GmbH, Pullach (formerly: Munich)
is the general partner. Four building leases
were sold in total to the company, some of
which included buildings. This transaction
refers to partial building leases at the airport: the DACC freight centre, Hangar 8,
the car rental centre and Hangar 7. The
purchase price was 110.102m EUR and
the gain on disposal was 35.861m EUR.
The gain on disposal was completely allocated to a special item with accrual cha-
54
Total emoluments of the board
of Management and of former
Management members as well
The FDG Group secures itself against the
collateral would refer to lower amounts. as remuneration paid to the
risk of higher interest rates for variable in- These collaterals produce synthetic, fixed Supervisory Board
Valuation units
racter. A total loan sum in an amount of
150.0m EUR was borrowed by BISAWA
from a consortium of banks to finance the
purchase prices for the 4 partial building
leases and the ensuing construction measures. Flughafen Düsseldorf GmbH cannot
fall short of an equity quota of 15% in its
single company accounts throughout the
entire credit period. The banks also have
a right to terminate the loan agreement if
economic circumstances change for the
worst. This is assumed the case, for instance, whenever the overall volume of rent
revenues falls short of an annual sum of
13.0m EUR. Flughafen Düsseldorf GmbH
has also issued rent guarantees in this respect (cf. above). FDG will have the option
to purchase all shares in the general partner GmbH at the end of the calendar year
2034. In its function as the property-managing company, BISAWA does not have
to pay any trade taxes received in this respect, in accordance with the provisions of
§ 9 No. 1 Sentence 2 GewStG. Flughafen
Düsseldorf GmbH had to furnish an overall limited liability capital sum of 1.5m EUR.
In addition to the risk of losing its capital
contribution, the risk for the FDG Group
is seen in the rent guarantee and possibly
also the loss of remuneration for services
provided to BISAWA. FDG’s opportunities are considered the collection of profit
shares and the collection of revenues for
diverse services provided for BISAWA. The
profit share received by FDG during the
business year 2015 amounted to a sum
of 2.366m EUR while revenues from the
provision of services (before service costs)
amounted to 1.537m EUR during the period under review.
The FDG Group has also entered into a
building lease agreement (Düsseldorf International Airport is basically operated
on building-lease land) as well as diverse tenancy and maintenance/service agreements.
The building lease for the airport grounds
was concluded on 1 January 1998 and has
a 30-year term. The land rent amounted to
a sum of 10.295m EUR in 2015.
Following adoption of a corresponding
resolution by the Shareholders’ Meeting
and the Supervisory Board of FDG on 13
September 2012, Flughafen Düsseldorf
GmbH decided to build a new administration building via a leasing company, after
which FDG will then lease the new building
going forward from 2015. The land upon
which the new administration building is
planned to be built was sold by the subsidiary company Flughafen Düsseldorf Immobilien GmbH to the future lessor, Laroba GmbH & Co. Kommanditgesellschaft
(“Laroba”) at the end of 2012.
Flughafen Düsseldorf Immobilien GmbH is
the limited partner of Laroba whose capital resources amount to a sum of 25k EUR.
Laroba has been fully consolidated into
the consolidated accounts on the basis of
the distribution of opportunities and risks
since 2013 and 2014 since FDG had accepted financing during the construction
phase. Laroba was then deconsolidated
following takeover by Berliner Hypothekenbank of the final financing and the associated changed distribution of risks for
FDG. This company is now shown at cost
of acquisition of the investment book value by Flughafen Düsseldorf Immobilien
GmbH within the group of companies.
In addition to the above-mentioned offbalance-sheet risks, the FDG Group will
note other financial obligations in a total
amount of 209k EUR until 2015. These
mainly refer to leasing rates not only for
moveable assets but also for maintenance/
servicing and rent.
The Company also notes order commitments in an amount of 36.7m EUR for orders placed as at the balance sheet date.
terest loans denominated in EUR by em- interest loans at interest rates ranging betploying interest swaps and forward inte- ween 1.405% and 4.03% plus the respecrest swaps. Reference is made in this con- tively applicable credit margin
text to our notes regarding the formation .
and accounting of valuation units. Variable
interest on underlying business is regularly Deferred taxes
EURIBOR-based.
Deferred taxes were determined on the
Collaterals refer to partial tranches of a
basis of a uniform Group-wide tax rate of
consortium loan in an amount of 1.05bn 31.4% since all companies included in the
EUR that was taken out in 1998 after the
consolidated financial statements are refire at the airport in 1996 and a promisso- sident (German) companies.
ry note loan in an amount of 198m EUR
that was taken out in 2015. The residu- Material differences between commercial and tax balance sheet valuations peral amount of the consortium loan in an
amount of 161.909m EUR and of the pro- tain to:
missory note loan in an amount of 78.0m – Pension and benefit obligations;
deferred tax assets
EUR is included in valuation units. The valuation units also include a bilateral loan – Other provisions, particularly early
retirement obligations, costs of
that was taken out from KfW Ipex GmbH
litigation and anniversary bonuses;
in an amount of 50.0m EUR in 2013. Coldeferred tax assets
laterals were not provided via valuation
units for liabilities relating to the financing – Neutralisation of additional purchase
price relating to group-internal sale by
of real properties.
the special purpose entities ESTAMIN
and Japon; deferred tax assets
So-called micro hedges represent valua(18.418m EUR
tion units – i.e. there is individual, full collateral for each secured tranche that runs – Special item with equity portion;
deferred tax liabilities
over either the full tranche period or only
partly and which is fully effective. Follow- There are no losses carried forward.
up collaterals (forward interest swaps) are
also available, if required. The cash flow Auditing and consulting fees
change risk is also secured. Pertaining to
basic business, there are no other risks Audit fees were noted in an amount of
than an increase of interest rates. The ef- 114k EUR for the business year 2015 and
pertain to the audit of the consolidated
fectiveness of collaterals is determined
financial statements, the single compaunder application of the so-called critical
terms match method. Provisions cover ny accounts of the parent company, the
subsidiary companies and a joint undertapossibly existing negative market values.
king. An amount of 12k EUR of the aboveCurrent collaterals are applicable at least
mentioned sum relates to the audit of the
until the second quarter of 2016 and until
2024 at the latest. Of the above-mentioned consolidated financial statements 2015.
amounts secured to the balance sheet An amount of 88k EUR was noted for tax
date, amounts totalling to a sum of appro- advice during the business year under reximately 83.6m EUR are not secured over view. The (group-wide) fee for other adtheir entire residual periods. The balance
visory services amounted to a sum of 75k
sheet values are, however, still subject to
EUR in 2014.
repayment until the currently existing collaterals expire so that possible follow-up
The total emoluments of the Board of
Management amounted to a sum of
754,872.48 EUR for the business year 2015.
An amount of 286,223.45 EUR was paid
to former members of the Board of Management. The respectively formed pension provisions are shown at an amount of
1,974,916 EUR as at 31 December 2015.
The Supervisory Board received emoluments in a total amount of 62,530.13EUR
in 2015 including attendance fees.
Notes on the Cash Flow Statement
Cash and cash equivalents generally consist of means of payment (cash and sight
deposits due on a daily basis) as well as
cash and cash equivalents (short-term,
liquid financial investments that are only
subject to minor value fluctuations) at the
group of companies. There were no cash
equivalents as at the current balance sheet
date and not at the previous balance sheet
date so that these are consequently not included in financial resources. Bank liabilities due on demand and other future borrowing were included in financial funds for
the first time. These liabilities amounted
to as sum of 5.0m EUR as at the previous
deadline date. Financial funds from the
previous period were adjusted accordingly.
A quotation of figures from the previous
year was dispensed with in compliance
with the provisions of DRS 21.54.
Dividends were not paid out to minority
shareholders.
Düsseldorf, 29 January 2016
Dr. Ludger Dohm
Thomas Schnalke
55
Development of Business
and General Conditions
Business activities
Flughafen Düsseldorf GmbH (“FDG”) develops and operates Düsseldorf International Airport. The subsidiary companies
are also included in the operation of the
airport. Only the subsidiary Flughafengesellschaft Mönchengladbach GmbH runs
its business outside of Düsseldorf International Airport. The operation of air transport services is not part of the business activities of FDG. This is done by the airlines.
Modern airports are a lot more than simply
traffic interchanges respectively the beginning or end of a journey these days. They
also present themselves as a world of experience and a service centre, in addition
to being an ideal location for the retail and
catering trades.
It is in this spirit that FDG sees its business activity. The airport is also active via
its business sectors Aviation and Nonaviation in the provision of infrastructures
and the handling of airport operations. In
the passenger and baggage-handling sector, this is done by the subsidiary Flughafen Düsseldorf Ground Handling GmbH
while Flughafen Düsseldorf Cargo is responsible for the freight sector and Flughafen Düsseldorf Security GmbH performs
diverse security services. Flughafen Düsseldorf Immobilien GmbH markets land
in Airport City and Flughafen Düsseldorf
Energie GmbH ensures the purchase of
electricity and the further processing of
energy into useful energies (heating and
cooling) in addition to ensuring operation
of the two combined heating and power
stations. Flughafen Düsseldorf Tanklager
GmbH will build and operate a fuel farm.
This project has meanwhile reached the
cross-European tender stage since the important permits were obtained during the
business year under review. Construction
is scheduled to be introduced at the end
of 2016. The new fuel farm is planned to
be partly commissioned in 2018 and it will
go into full operation in 2019.
56
Macroeconomic Conditions
FDG is involved in the business sector Non-aviation (commercial) and is
actively involved in the catering (F&B),
retail and advertising areas as well
as managing the provision of parking
space. The airport company cooperates regularly with partner companies
whereby the airport acts as the proprietor or lessor and overall coordinator.
Düsseldorf Airport and the region are
located in the centre of Europe from a
geographical perspective and in the industrial heart of Germany. Practically
all European centres can be reached
from here within one and a half hours
of flight time. Approximately 18 million
people live within a radius of 100 kilometres in the catchment area of Düsseldorf International Airport. The settlement of the Rhine-Ruhr Region can
be compared with the metropolitan regions London and Paris in Europe and it
is the third strongest economic area in
Europe. If nothing else, this special location represents the basis for the business success of Düsseldorf International Airport and its future development.
The German Council of Economic Experts
stated in November 2015 that it expected
the German gross domestic product to increase by 1.7% in 2015 and by 1.6% in 2016.
Most other experts, however, meanwhile expect this increase to be 1.5% in real terms in
2015. The overall economic development
in 2015 was mainly characterised by two
factors: The EURO/Greece Crisis and the
marked increase of refugees within the Euro
Area, particularly in Germany.
The German economy is still benefitting from
sustained low interest rates combined with
a repeated high domestic demand situation
and a correspondingly high consumption level by consumers. With regard to the refugee
situation, government spending is expected
to amount to a sum of approximately 9.0bn
EUR to 14.3bn EUR (direct gross spending)
for refugees, reception and primary care of
migrants in 2016.
However, the expansive monetary policy of
the European Central Bank and the associated favourable financial conditions also
give rise to the risks of negative incentives
for member states within the Euro Area so
that these countries could postpone the required reforms.
The economic upswing is not expected to
gain further momentum in 2016 since key
effects such as low energy prices and a rate
of inflation that is practically zero become
relative or even rise (projected rate of inflation for 2016: 1.2% instead of 0.3% in 2015). A
further expansion of investments by the economy is additionally stunted by an economic
downturn in threshold countries, particularly
China. Positive impulses will probably continue to come from a strong domestic economy. The situation in the labour market, which
was largely unimpressed by the brief economic downturn, will continue to improve despite the minimum wage situation.
Development of Traffic in
Germany
(January – October 2015)
Air traffic developed positively at a national
level between January and October 2015.
The related traffic results were only available for this period. The following information
can be provided in respect of the general
development in this sector:
German airports counted more than
186.5m passengers in total during the
first ten months of the business year under review. This number corresponds to
the figure that was reported for the entire year 2007. The increase in passenger
numbers for the overall period was 4.3% at
national level. Passenger numbers increased by more than 7.7m in comparison with
2014 while movements were 1.1% higher
than in 2014.
Domestic air traffic increased by 2.3% during the period under review, mainly since
the impact of strike- and weather-based
flight cancellations that were particularly
noted for the strongly frequented routes
to Frankfurt, Hamburg, Munich and Berlin during the first half of 2015 were not as
serious as expected.
European air traffic developed a lot better and increased by 5.5%. The increase
in flight services to destinations on the
Mediterranean Sea are particularly worth
mentioning in this context. Turkey, as an
option to North Africa, was able to provide sufficient additional capacities to the
German market in connection with a decrease of tourists from the Russian market.
Holiday destinations in Spain additionally
reported considerable growth during the
period under review.
Intercontinental air traffic (+5.1%) developed even better than European traffic
and turned out to be a stable growth driver. Traffic to Asia was the key growth driver during the period under review whereby destinations in the Near East reported
the strongest growth. The dynamic growth
in traffic to Israel was also noteworthy in
connection with increased offers, not to
forget Dubai that noted a strengthening of
average of 4.3 with a result of 3.3% for the
transfer traffic during the reporting period. above-mentioned period. Düsseldorf AirThe other airports in the Gulf Region also
port was also below the national average
made their contribution to this above-ave- of +1.3% for aircraft movements and rerage growth. In the Far East, the strongest
ported an increase of 0.1% for the refemarkets (China and India, but also Korea
renced period.
and Japan) reported strong growth during
the period under review. However, Singa- Many airlines tended to employ bigger
pore was only able to note losses owing
aircraft types during recent months. The
to the expansion of the Middle East hub. above-average growth of traffic during the
Malaysia and Thailand reported dwind- summer and autumn holidays in NRW is
ling passenger numbers because of fre- also noteworthy so that the performance
quency cuts and plane crashes, in additi- indicators Seats/Flight (153.0; +3.3 seats)
and MTWO/Flight 71.6t; +0.9t) show the
on to political crises. Air services to Africa
weakened slightly because of current de- corresponding results.
velopments in North Africa. Flight serviThe share of transfer passengers was
ces to Tunisia slumped initially following
9.6% (934,102 in comparison with 2014;
terrorist attacks, so that the demand for
flights to destinations in Egypt also de- -65,748 transfer passengers) during the
period under review. This result, which
creased during the reporting period. Air
was 1.0% points below the comparative
traffic to North Africa and the Caribbean
2014 figure, corresponds to a decrease
region increased considerably during the
in transfer passengers by 6.6% on prior
year. A considerable decrease in the number of transfer passengers was noted afDevelopment of Traffic at
ter Lufthansa had transferred traffic to
Düsseldorf Airport
Germanwings with effect from April 2014.
(January – October 2015)
Air Berlin was also only able to maintain
last year’s results for transfer passengers.
The total number of passengers registe- However, the total number of non-transfer
red at Düsseldorf Airport increased by
passengers increased from 8,389,784 to
623,000 between January and October
8,766,353 passengers (+4.5%) during the
2015. This figure was a lot higher than
that noted for the comparative 2014 period and included a slight increase in mo- Seen from a regional traffic viewpoint, dovements. The performance indicator PAX/
mestic traffic decreased by 0.3% during
Flight increased accordingly on prior year
the period under review, mainly due to
(113.9; + 3.5 PAX). Increased frequencies
frequency cuts not only by Germanwings/
respectively new flight services and a sta- Lufthansa, but also by Air Berlin on the
ble range of intercontinental flight service
routes to Frankfurt, Hamburg and Nuremoffers were the main factors leading to the
berg. Flight cancellations caused by sevenoted increase in passenger numbers at
ral strikes (particularly the strike by LuftDUS. However, this growth was negatively
hansa/Germanwings pilots, security staff
impacted by the cancellation of flights
members etc.) respectively the grounding
owing to weather and strike conditions
of flights because of weather conditions
(approximately 500 movements respec- (e.g. the storm “Niklas” in March) additiotively about 40,000 passengers).
nally had a negative impact on traffic during the period under review.
A comparison with the other German airports shows that DUS was below the ADV
57
European traffic increased by 3.0% during
ring the first three quarters of 2015 (-30.0).
the reporting period. Particularly traffic to This result was 31.5% in 2014 and was
mainly produced by a lower number of
Spain, Italy and Portugal developed quite
positively during the period under review. trade fair visitors (-190,800 passengers;
Traffic volumes to Turkey were also a lot -31.6%). There were no bigger trade fairs in
better than in 2014 because of an incre- the spring 2015 in comparison with 2014
ase in transfer passengers to the Far East – such as “Wire and Tube” and “Interpack”.
via Istanbul to the Far East. The Scandi- The transfer of traffic by Lufthansa to Gernavian countries reported increasing traf- manwings going forward from the second
fic volumes during the reporting period. quarter of 2014 has led to strong decreases in all transfer passenger sectors, parThe range of flight services offered was
ticularly with regard to other professionally
increased during the reporting period by
new destinations on the one hand (among occasioned transfer traffic (-91,400 pasothers by Germania, BMI Regional, Ger- sengers; -28.7%).
manwings and Sun Express Germany) and
new airlines, such as Adria Airways, Bul- The share of private travellers increased
garia Air, Onur Air, Air Cairo and Alitalia on accordingly from 68.5% to 70.0% during the period under review whereby the
the other hand.
sector “visits to relatives/friends” in nontransfer traffic demonstrated consideraDUS ranked a lot better than the national
trend in the sector air-traffic to destina- ble growth during the reporting period
(+299,700; +12.9%). Touristic traffic adtions outside of Europe and reported a
general increase in passenger numbers by ditionally showed strong signs of growth
+6.0%. Flight services to the USA (-5.8%)
again (+397,100; +5.2%).
were mainly characterised by the temporary cancellation of flights to Chicago by Approximately 68,100 more passengers
Lufthansa from 27 January until 12 Febru- from the Netherlands took off from DUS
ary 2015 and by American Airlines during during the first three quarters of 2015 in
the winter season. Air Berlin increased its comparison with 2014. This figure corflight services to New York and Los Ange- responds to an increase of 11.7%. The
les at the beginning of the summer season. percentage share of passengers from
Pertaining to flight connections to Africa
the Netherlands in the overall passenger
(+12.5%), considerable growth was parti- number increased by 0.2% points to 3.8%
cularly driven by flight services to Egypt during the reporting period. This growth
(+32.3%) and stable growth to Morocco
was particularly driven by an increase in
(+87.3%). The demand for flight services to
touristic traffic (-57,800; +23.5%).
Tunisia decreased considerably (-30.1%)
after the terror attacks in Tunis and Djer- In absolute figures: The airport registeba. Passenger numbers to Asia continu- red roughly 651,300 passengers in toed to develop very positively on prior year tal from the Netherlands during the first
three quarters of 2015 so that the num(+107,700 more passengers respectively
ber of passengers from the Netherlands
+12.3%). Emirates has been successfully
is roughly the same as in 2013 although
employing an Airbus A380 for the noon
flight to Dubai since 01 July 2015. Cathay it is still far from the highest level noted in
Pacific took off on their maiden flight to 2009 (883,200 passengers).
Hong Kong on 01 September 2015 and
have been offering 4 weekly flights to this An analysis of the distribution of departing
destination since then with a Boeing 777. passengers to ground travel used to get to
The share of business travellers at Düssel- the airport shows that the share of people
dorf Airport decreased by 1.5% points du- who took a train increased by 0.9% points,
58
i.e. from 19.8% to 20.7%. This corresponds
to an absolute increase of 136,800 people
who took a train to the airport.
The share of cars increased slightly from
53.8% to 54.0% during the period under
review so that 198,100 more passengers
used a car to get to the airport than was
the case during the comparative 2014 period. The number of long-term parkers (car
parked at the airport throughout the entire
journey) has increased slightly by approximately 8,900 users (+0.8%). Considerable growth was noted for passengers who
were driven to the airport and dropped
off, whereby the vehicle was not parked
(+199,300 users; +7.8%). The number of
short-term parkers, however, decreased
during the period under review (-10,100
car users; -3.0%.
Coordination of the Winter Flight
Schedule Period 2015/2016
72,046 movements were coordinated as
at 11 November 2015 for the winter flight
schedule period 2015/2016. This figure
is 3.1% respectively 2,331 slots below the
comparative 2014 number. The main reasons for this development are seen in the
late return of approximately 3,100 slots by
Air Berlin, strike-based cancellations by
Lufthansa and the on-going consolidation
respectively adjustment of flight schedules by many other airlines.
Development of the
Non-aviation Sector
Those business areas that are not directly part of flight operations are called the
Non-aviation sector. This area consists of
the marketing and rental/leasing of retailing, food and beverages (F&B), duty-free
and other business and commercial areas
as well as parking area management (performed by operators) and the management
of advertising areas. The development
and marketing of commercial property in
Airport City assumes a special role in this
sector which is taken care of by Flughafen
Düsseldorf Immobilien GmbH, the property development subsidiary of FDG. Within
this framework, Düsseldorf International
Airport endeavours to further expand its
importance as a location in the metropolitan Rhine-Ruhr region and strengthen its
presence even more as a centre of attraction and a world of experience.
offered, processes and also with regard
to state-of-the-art technologies. The keyword is “digitalisation” here.
Close cooperation with partners of the airport will be newly developed in future since
this aspect is a key success factor. A new
F&B outlet that went into operation during
the business year under review (the new
casual dining concept “Palavrion – Urban
Grill”) reflects this new form of cooperation
and orientation in an excellent way.
Düsseldorf Airport currently counts 79 retail stores (including duty-free) and 42 restaurants, bars and cafés. The shops along
the piers, on the arrivals and departures levels in the check-in building and in the Airport Arcades (meaning the public “landside” sector) offer retail facilities over an area
of approximately 3,800 square metres and
the food & beverages sector covers an
overall area of about 4,400 square metres. A major part of the present retailing,
F&B and duty-free areas are spread over
an area of roughly 5,200 square metres
on the airside, meaning that passengers
in the piers can only access them.
Several events were additionally carried
out in 2015 in order to further establish
Düsseldorf Airport as an event location.
These events have meanwhile become
an integral component in the Airport as a
World of Experience – and that has been
so for more than five years now. Roughly
200,000 grown-ups and children attended
the airport’s Experience Sundays last year.
The terminal is turned into a very special
world of experience every first Sunday of
a month. The associated concepts were
modified in a consistent way by establishing new and smaller event formats,
some of which were for the first time linked
The business year 2015 was characterised
with an entrance fee. Several events even
by significant strategic measures evolving
stretched over several weekends and turaround the newly introduced slogan “enjoy ned out to be quite successful. The event
the airport”. These measures were desig- “Open Air Cinema” is an outstanding exned to top up the new slogan and fill it with ample of the airport’s event concept. This
more life. Main focus was on the customer, event took place on the airport terrace in
service and offers in this context. The new July 2015. It was fully booked out as a reDUS Excellence Award was presented for sult of its having been marketed in an outthe first time to the best retail and food
standing way. The skating rink in Decemstores at the airport. This new award re- ber was also very successful. Last year’s
presents a continuation of the service and
strategy of focussing even more on the
customer offensive that will be continued diverse target groups was carried out in a
in other customer areas at the airport.
consistent and very successful way.
The two biggest tender projects noted
in 2015 – the biggest food and beverage
package (an area of approximately 1,500
square metres) as well as all book and print
shops in the public sector of the airport)
are geared to the unconditional objective
of addressing customers in an optimum
way with regard to services and products
The Airport Advertising sector continued
to develop very positively during the business year under review. This sector took
advantage from moving into the new FDG
administration building and has been managed under the new header “Airport Media” since March 2015. This change was
mainly driven by the expanded interpreta-
tion of the term “Media”, which assumes
a greater horizon in the entire branch with
regard to media issues. The term “Media”
additionally refers to a new strategic orientation of the sector. Düsseldorf Airport
will not only have to deal with the pure marketing of advertising space at the airport
but will also have to market the associated
advertising media in addition to having to
give consideration to other issues such
as “targeted cooperation”, “concept-marketing concepts”, “performance-oriented
media issues” and the “development of innovative media concepts”.
The issue “Digitalisation of Advertising
Media”, the trend from 2014, was continued in the media sector during 2015, particularly with regard to the sector “Digitalout-of-Home” (DOOH). Media in the public
sector are particularly noting an increase
in attention from media planners since the
corresponding target groups are increasingly mobile and frequently under way for
several days in many cases. “Mobility” has
consequently been the mega trend for several years now and has become the driver
for increased innovation activities by the
entire branch, particularly with regard to
outdoor advertising. The division Airport
Media has been doing justice to this innovation boost in the sector at hand, so
that further new digital media have already
been developed in this context.
Another important product was also added to the digital media area at Düsseldorf Airport in 2015: The product DUS AD
GATE went live in July. DUS AD GATE represents a further important contact point
during the customer’s sojourn at Düsseldorf Airport. The advertising companies
use the product DUS AD GATE to get the
attention of all passengers on their way to
the most important destinations from Düsseldorf. Travellers can be addressed regarding their destination and irrespective
of the airline. The attention of passengers
for corresponding advertisements is at a
very high level in this situation.
59
DUS AD GATE uses monitors above the
boarding counters at the gates. Every
boarding procedure at airports all over
the world is carried out using the same
behaviour pattern. Passengers go to their
corresponding departure gate and wait in
the waiting area, as required. The corresponding destination and flight number is
displayed on the monitor above the counter as soon as boarding personnel has activated the counter. DUS AD GATE uses
this situation and provides passengers
with corresponding information about
his/her flight destination, news, weather
information and naturally also advertising.
DUS AD GATE is the latest digital product
at Düsseldorf Airport. It unites all advantages of digital media in a special waiting
situation to the advantage of passengers.
DUS AD GATE is a performance-oriented
advertising media that has been very well
accepted by the advertising market with
its accurate destination targeting. The
first group of customers from the tourism
industry and the service sector are already
successfully employing this special, new,
innovative and digitalisation-based media
presentation.
owing to the above. The application of an
advertising budget is no longer opportune without documenting its effectiveness
and the efficient control of media budgets
replaces an unscheduled squandering of
the use of media. Only proof of the effectiveness of employed media budgets will
contribute to their legitimation in future.
It was on this basis that Airport Media
cooperated with the advertising agency
Kinetic in 2015 and published a study on
the effectiveness of advertising. This study clearly demonstrates and documents
the effectiveness of advertising at Düsseldorf Airport.
ting long-term parking space specifically
for the target group Holidaymakers to SAIT
on 1 April 2015 and marketing the operation of this space under the brand name
Parkvogel has led to a considerable increase in the utilisation of parking facilities as
a whole, not only with regard to parking facilities near the terminal building but also
pertaining to long-term parking. This new
concept is marketed by SAIT and entails
a new price and service concept involving
the adjusted homepage dus.com. These
adjustments have once more led to a significant increase in the advanced booking
of parking stands in the holiday sector.
New and differentiated price structures
The marketing situation for advertising
were also introduced for parking near
media in 2015 was mainly characterised
the terminal building, so that not only the
by the general and network marketing of
the standardised product Colorama 4/1. “Spent-per-PAX” amounts have increased
The presentation of vehicles in the terminal
but also the utilisation of these capacities.
also represented a completely new quality. The presentation space for vehicles in Total sales and the number of parking proPier A has become extremely interesting cedures were able to be significantly infor the automotive industry since the au- creased during the business year under
tomotive innovator Tesla has also placed
review, in spite of the intensive competian e-car here. Sales activities in this area
tive environment and thanks to the posifocussed on the acquisition of new cus- tive development of passenger numbers.
tomers and the continued addressing of Amounts spent per PAX also increased by
Düsseldorf Airport has another novelty medium-sized enterprise from the regi- approximately 3% in this context.
on its agenda for the digital media sector on. The advertising sector noted abovein 2016: The installation of a large-format
budget income during the business year
media was (approximately 7 x 4 metres)
under review so that the airport’s tactics
in the departures terminal (Y Axis). All de- of compensating lost advertising budgets Development of Business Areas
parting passengers will then be able to be
has really paid off. This approach will con- Operated by Subsidiaries and
addressed using emotional moving ima- tinue to be expanded in 2016 since the Affiliated Undertakings
marketing of advertising media is a rapidly
ges on a large monitor wall in the public
rotating business. These marketing activi- Air Freight
area of the terminal building.
ties will continue to be based on the three
The media market continued to be very vo- fundamental pillars (Airport Media “Sales”, FDCG closed the business year 2015 with
latile in 2015. – i.e. the ratio between gross “Communication” and “Media”). Renaming a decrease in tonnage volumes by approand net media prices changed constantly
the department as Airport Media has not ximately 8.0% and roughly 105,300 tonalong with the increasing scarcity of lead changed its basic function.
nes, so that the increase in tonnage votimes for media reservations as a whole. It
lumes noted in 2014 was missed during
can also be noted that the media industry The situation in the passenger parking sec- the business year under review. However,
has not increased its budget as a whole. tor has become more intensive owing to
the freight company was nevertheless in
However, the number of advertising me- competition in the environment. The suc- a position to exceed the 100,000 tonnes
cessful establishment of the second brand
dia providers has increased. A dramatic
mark again. Cost-savings have led to poshift can already be noted between bran- “Parkvogel” (Parking Bird) by SAIT in 2014 sitive results.
was strengthened even more in 2015. Rending and performance advertising space
60
At a national level, airfreight volumes decreased by 0.2% on prior year between
January and November. This development
was produced by overall economic developments. China, still the most important
import market that is increasingly also
becoming an important export market,
had a significant influence on this development. Particularly imports to Germany decreased by 1.1% in comparison with
2014, and the weakened demand in the Far
East has only led to an increase in German
air freight exports by 0.1% in comparison
with 2014.
Import and export volumes registered in
the Düsseldorf airfreight market were consequently also lower because of the abovementioned developments. Such a global
development naturally has a considerable
impact here because of the limited capacities at DUS in comparison with other airports. Düsseldorf Airport consequently registered a decrease in tonnage volumes by
8% on prior year, which was below average
in comparison with the German airfreight
market as a whole. The global airfreight
situation started to become more stable starting in September and particularly
had a positive impact on the development
of export freight in the Düsseldorf market.
The earnings situation of the company diverged from the development of tonnage volumes. Sales revenues decreased
by 10% to 15.006m EUR (previous year:
16.654m EUR). The main reason for the
above-mentioned diverging development
can be seen in dwindling sales revenues
from higher-priced full-handling services,
mainly owing to the noted decreases in
import and export tonnage volumes. The
price structure was also increased slightly.
However, these additional revenues were
still not able to prevent a negative development of sales revenues due to declining
tonnage volumes.
The company’s operating result decreased
by 50% (from 2.861m EUR to 1.431m EUR)
because of the above developments. Overall, the company closed the business year
2015 with a year-end profit in an amount
of 914k EUR (2014: 1.899m EUR).
The airlines Air Berlin and Lufthansa play a
dominant role at Düsseldorf Airport. This
situation also refers to the airfreight sector. The economic success and the strategic orientation of both of these carriers
not only present FDCG with risks but also
opportunities. The development of medium and long haul routes are consequently more important for FDCG than the less
important short-distance routes.
Ground Handling Services
The subsidiary Flughafen Düsseldorf
Ground Handling GmbH (FDGHG) reported sales revenues in an amount of 32.5m
EUR for the business year 2015. This result was about 8.4% higher than in 2014
(30.0m EUR). In the position sales revenues, handling charges amounted to approximately 11.8m EUR, which was 0.9m
below the 2014 result of 12.7m EUR. Special service revenues increased by 2.6m
EUR to approximately 14.0m EUR in total
(previous year: 11.4m EUR). Higher deicing service revenues mainly drove this
result. Temperatures were very mild in December, so that the demand for de-icing
services was practically zero and the referenced increase still failed to meet the
company’s expectations at the end of the
business year.
The company reported a loss of -10.5m
EUR for the entire business year under
review (previous year: -15.3m EUR). This
loss was balanced by FDG on the basis of
the present domination and profit-transfer
agreement. The earnings situation is still
influenced by the declining development
of handling volumes.
Termination of the handling agreements by
Air Berlin and Condor in 2012 and further
switches of other airlines in following years (among others, Onur Air and Aeroflot
in 2015, for instance) have reduced shortto medium-term the business volume of
FDGHG considerably, particularly with reference to aircraft and baggage handling.
The corresponding market share has meanwhile decreased from about 85% to presently 13.4%. This situation has led to the
fact that many employees from FDGHG
were out of work and the increasingly intensive loss situation noted by the ground
handling company in recent years has deteriorated even more.
It was owing to the above situation that
management of FDGHG developed a longterm strategic restructuring concept at the
beginning of 2012. The proposed catalogue of measures was approved for implementation. The corresponding implementation measures were then introduced
during the summer 2013 and continued in
2014 and 2015. 35 employees have additionally left the company since the beginning of 2015 in connection with measures
designed to adjust staffing capacities. Employees are also already being transferred
internally to other jobs in the areas Transportation, Bussing and De-icing. These
vacancies are posted internally.
The greatest challenge to implementation
of the above measures are seen in absenteeism quotas, some of which have fluctuated considerably and even reached a temporary figure of more than 30% in individual cases. This situation is mainly produced
by the average age of employees (52 years)
on the one hand and the fact that almost
20% of these employees have a documented and reported degree of disability.
The OPS area was unable to prolong the
existing service agreement with another service provider beyond the end of
2015, so that it had lost its business basis
for maintenance of the OPS sector. The
employees from this area and the works
council were informed about the develop-
61
ment and possible options in February and
March 2015 (internal job offers etc.).
It can be assumed on the basis of the
present planning status that the entry of
an additional ground handling services
provider will make competitive pressure
more intensive in the handling market going forward from the beginning of 2016.
Further staff-adjustment measures may
be required in 2016, depending on how the
company’s customer portfolio develops.
Personnel expenses amounted to a grand
total of 30.8m EUR in 2015 and were consequently 5.0% lower than in 2014 (32.5m
EUR). The increase in average payroll expenses per employee is mainly driven by
the impact of the increase in standard pay
(2.1%) with effect from 1 March 2015. New
early retirement agreements were also
concluded in 2015 in connection with the
restructuring modalities. The average absenteeism quota of 12.1% for 2015 was
slightly lower than that reported for 2014
(12.5%).
The developed restructuring concept will
absolutely have to be implemented if the
subsidiary is to become profitable in a
medium-term sense, also under consideration of a small group of customers left
for the company to take care of and the
opportunity to continue to provide handling services.
The decrease in the market share in the
sector Apron- and Baggage-handling has
also produced a significant drop in sales
revenues. The declining productivity, the
dwindling operational efficiency and the
delayed adjustment of personnel resources cannot be compensated by cost-saving measures.
Air Safety / Security
The subsidiary Flughafen Düsseldorf Security GmbH (FDSG) was once again in a
position to offer successfully its terminal
and security services at the airport during
the business year 2015. Sales revenues
62
are reported with a figure of 22.7m EUR,
which was 8.2% higher than in 2014. This
positive development was mainly produced by sales to group companies due to
an increased demand for security services
and required price adjustments as a result
of collective wage agreements. Revenue
from services provided for third parties has
also increased during the business year
under review. The effective contribution of
security services to group earnings is a lot
lower since more than 95% of all sales are
generated within the group of companies.
The company employed 202 people on
average during the business year under
review (2014: 180). FDSG took over several employees from FDGHG during 2015
in connection with the restructuring of the
ground handling company. This has naturally also led to a corresponding increase
in personnel expenses and this also the
main reason for the noted year-end loss
reported by FDSG.
The annual loss sum was -888k EUR for
the business year under review (previous
year: -1.469m EUR).
The overall group strategy states that security services will be increasingly performed
by FDSG employees in future, meaning
that they will be performed by people who
were transferred from FDGHG in connection with the restructuring of the ground
handling subsidiary. This will naturally lead
to an increase in staffing numbers at FDSG.
Under certain circumstances, these measures could lead to a waiver of a possibly
more reasonable procurement of employees by way of leasing.
Energy Supply
(FDEG) was formed in June 2009 to provide transparency and optimise costs in
the energy-supply sector, in addition to
giving consideration to the impact of EU
implementation requirements (accounting, operational and unbundling of information etc.) concerning the supply of air-
ports with energy. Flughafen Düsseldorf
Energie GmbH is responsible for distribution and also partly for generating useful
energies (heating and refrigeration) for the
entire airport in Düsseldorf, particularly for
operation of the correspondingly required
energy-generating plants and the network
infrastructure. The Flughafen Düsseldorf
Group also purchases most of the electricity volumes required or sold from this
subsidiary. FDEG exclusively contributes
to the group earnings indirectly in form
of granting the group of companies cost
advantages.
The company noted a net annual profit of
2.773m EUR in 2015 before absorption
of results (previous year: net annual loss:
1.366m EUR before transfer of results) under consideration of sales revenues in an
amount of 16.709m EUR (2014: 16.861m
EUR). Sales revenues and the year-end
result were higher than projected for the
year under review since prices and sales
developed a lot better than expected. The
company additionally noted income related to other periods.
The power supply and network use contract between Stadtwerke Düsseldorf and
FDEG expired at the end of 2014. Several
issues still have to be clarified in respect
of the invoice involved, particularly with
regard to the amount. Past provisions
for these liabilities were decreased in an
amount equivalent to that which the company might be expected to use according
to reasonable commercial assessment,
so that the company noted income in an
amount of 2.237m EUR.
Delays with the commissioning of Combined Power and Heating Station II with
Absorber Cooling Machine have generally
also had an adverse impact on the earnings situation of the company. The volume of electricity purchased externally has
also decreased in connection with Combined Power and Heating Station II situation and also since various customers of
FDG have switched to another electricity
provider. This development is additionally
accompanied by a reduction in expenses
for the purchase of electricity, as can be
seen in the fact that electricity expenses
were -4.378m EUR lower.
Property Companies
Nach der unterjährigen Verschmelzung
still has two property subsidiaries belonging to the FDG Group since Flughafen
Düsseldorf Objekt Eins GmbH was merged into Flughafen Düsseldorf Immobilien GmbH short-term. The development
of these companies must be regarded on
a differentiated basis.
The sales and profit contributions made by
FD Verwaltung are only of subordinate importance from a group viewpoint.
The real property subsidiary FDI was able
to sell land as scheduled during the business year under review. It was on this basis that the company generated sales revenues in an amount of 10.7m EUR. Rent
revenues that generally relate to the groupinternal rental of an underground garage
amounted to a sum of 2.9m EUR at an FDI
level. The company noted sales revenues
in a total amount of 14.0m EUR (previous
year: 4.2m EUR). FDI reported a year-end
profit of 6.848m EUR before transfer of results for the business year 2015.
holds participating interests in Laroba
GmbH & Co. KG from a company-law viewpoint. Laroba GmbH & Co. KG purchased
land in Airport City in 2012. A new administration building was built for the FDG
Group on this land. FDG took over responsibility for the interim financing of this project, after which Laroba GmbH & Co. KG
redeemed and took over the entire financing going forward from the first quarter
of 2015. This change of opportunities and
risks relating to the financing issue again
led to the deconsolidation of the company as a special purpose vehicle in 2015, in
accordance with the provisions of § 290
Sect. 2 No. 4 HGB.
The companies Estamin Grundstückverwaltungs GmbH & Co. Vermietungs
KG and Japon Grundstücksverwaltungs
GmbH & Co. KG (which are consolidated
as special purpose property companies
in accordance with the specifications of
§ 290 Sect. 2 No. 4 HGB) developed as
expected during the period under review.
Both of the above companies exclusively
generate income from sales within the
group of companies and only show minor
year-end results.
As expected, BISAWA Objekte AirportDüsseldorf GmbH & Co. KG, a joint undertaking with LHI Leasing GmbH, Pullach,
developed quite positively during the business year 2015 with the properties Hangar
8, the freight centre DUS-ACC as well as
the new maintenance Hangar 7 and the
car rental centre. The company reported
a year-end profit under commercial law in
an amount of 2.4m EUR (2014: 1.6m EUR)
for the financial year 2015. This profit will
be absorbed by the group of companies
in form of revenue from application of the
equity method.
Mönchengladbach Airport
The total number of flight movements carried out at Mönchengladbach Airport increased to 39,411 movements respectively
by +7.1% in 2015. Passenger numbers
also increased to 28,175 passengers, representing a +0.6% increase on prior year.
The restructuring measures carried out in
the years between 2010 and 2012 continued to show their impact during the business year under review. While the average
loss incurred by the airport in past years amounted to a sum of approximately
5.0m EUR p.a., this loss sum was able to
be practically halved in 2015 as a result of
adjustment measures carried out in 2015.
The loss sum absorbed by FDG in connection with the present domination and profit-transfer agreement amounts to a total
amount of 2.4m EUR for 2015.
However, the company will continue to
be structurally unprofitable in a mediumterm sense.
GVG, the only subsidiary of FHG MG, is insignificant from a group viewpoint.
Flughafen Düsseldorf Tanklager
GmbH
Flughafen Düsseldorf Tanklager GmbH
was established in December 2013 jointly
with partners from the mineral oil industry
and airlines (joint venture). The partners
in this independent company will supply
aircraft with fuel in future. FDG is only a
minority shareholder (40%) with substantial influence.
The fuel farm is planned to be built on the
territory of Düsseldorf Airport. FDTG will
allow every supplier or purchaser of aviation fuel to use the fuel farm against payment of corresponding charges.
Construction of the new fuel farm is scheduled to be introduced in 2016, following
completion of execution planning and an
ensuing cross-European tender. The new
fuel farm is intended to be partially commissioned in 2018 and will probably go
into full operation in 2019.
The net loss of 256k EUR for the business
year 2015 mainly relates to administrative expenses incurred during the business
year under review. FDG provides these administrative services for FDTG on the basis
of a service agreement.
63
Non-financial Performance
Indicators
Target Figure for the Share of
Women
Personnel
In its resolution dated 15 September 2015,
the Supervisory Board of Flughafen Düsseldorf GmbH specified a 0.0% share of
women in management and 15.0% for representation of women on the Supervisory Board.
The TVöD-F Collective Wage Agreement
(for civil servants at airports) is applicable
to all employees of Flughafen Düsseldorf
GmbH who are bound by collective bargaining agreements. A non-tariff pay system that is coupled with a target-setting
system and consists of variable pay components is applied to executives up to the
middle management level. A performancebased payment pursuant to § 18 TVöD-F
was made to eligible employees in addition
to their standard pay.
Flughafen Düsseldorf Cargo GmbH notes tariff commitments in connection with
the collective wage agreement for forwarding agents. Flughafen Düsseldorf Ground
Handling GmbH and Flughafen Düsseldorf
Security are subject to the TVöD-Flughäfen (collective wage agreement for public
services at airports).
The Flughafen Düsseldorf GmbH Group
noted the following staff numbers as at
31.12.2015 (without managing directors):
Staff
Clerks
Apprentices
Total
31. 12. 2014 31. 12. 2015
2,144
2,240
74
74
2,218
2,314
In Bezug auf die Altersstruktur der BeWith
regard to the age structure of employees
as at 31.12.2015, the Flughafen Düsseldorf GmbH Group noted an average age
of 46.45 years (including apprentices). The
age structure is characterised by the fact
that most employees are located in the
upper age group: About 13% of all employees are aged between 41 and 45 while
20% are between 46 and 50 years old and
21% of all employees are aged between 51
and 55 years.
64
Management adopted the additional resolution on the same day stating that the respective target figure for the first management level below executive management
is 15.8% and that for the second management level is 25.0%.
The deadline for achievement of the above-mentioned target figure was specified
as 30 June 2017 following unanimous vote.
Emission (Noise) Protection
Düsseldorf International has carried out
an extensive noise protection programme
in its neighbourhood since 2003. Since
the beginning of the present noise protection programme, the airport and the
airlines have invested a total sum of approximately 70.9m EUR for noise protection measures such as the installation of
noise-insulating windows and balcony
doors, as well as low-noise ventilation
systems in bedrooms. Since there is only
a small number of applications for compensation that remains to be processed,
the total sum spent since this programme was launched amounts to an amount
of approximately 7.0m EUR. This figure
has practically remained the same as in
2014. Roughly 6 employees are assigned
full-time to handle the airport’s noise protection programme.
The airport maintains a flight noise measuring system consisting of 13 stationary and
two portable measuring devices in addition to a measuring vehicle. Following a request from the city of Meerbusch and local
residents, the airport installed an additional portable measuring point at an optio-
nal measuring point in Lank-Latum in April
2014. The new measuring station is a lot
closer to the ideal line of the northern departure routes. All measuring results are
published in connection with the monthly Measuring Result Reports. Following a
proposal from the City of Meerbusch, the
airport examined an additional location
since the measuring location mentioned
above entails a relatively high degree of
background noise. The measuring point
will consequently be relocated at the beginning of 2016.
The volume of flight noise was additionally
measured in Essen-Kettwig over several
months, below the base approach lane on
Runway North. A comparison with measurements taken in 2009 shows that noise levels have not changed in this area.
The airport additionally operates on a voluntary basis air quality measuring devices
for nitrogen oxides, sulphur dioxide, benzene, toluene, particulate matter PM10
and PM2.5 as well as ozone. Propagation
calculations are additionally carried out
here since these measurements include
exhaust gasses from other groups. The
software Lasport that was specifically developed for use by airports was updated in
2015 so that current emission factors can
also be given consideration, such as road
traffic emissions.
Neighbourhood Dialogue
The Local Citizens’ Office at the airport is
the first contact point for all air-traffic issues, complaints about the impact of flight
operations or enquiries about noise protection claims. Regular publications or an
information letter are used to inform Local
residents about short-term, time-limited
changes in flight operations or apron activities in addition to current issues relating to the airport. Communications about
required operating procedures at an airport and activities that particularly relate
to flight noise and air quality demonstrate
that the airport strives to reduce such nu-
isance to an absolute minimum in order in a position to present both a comprehensive climate protection strategy and a valid
to increase the acceptance of air traffic
in spite of environmental damage.The air- CO2 balance.
port announced in the spring 2013 that it
would file a planning permit application “Airport-Carbon-Accreditation” is an international standard-based system that was
to increase capacities. The airport carried
out a total of 10 information events in sur- exclusively developed so that airports can
rounding communities (Kaarst, Mülheim, record greenhouse gas emissions at the
Essen, Meerbusch, Düsseldorf, Ratingen, airport together with an independent reNeuss, Duisburg, Krefeld and Heiligen- view of computed CO2 footprints and spehaus) between November 2013 and mid- cify reduction targets. The regular certifiFebruary 2014, as requested by concerned cation programme enjoys a high level of
parties and local politicians. The verbatim
recognition worldwide. It requires envirecords from these events and additional
ronmental commitment and continuous
information about the addressed issues
improvement.
are available to everyone on the airport’s
internet page.
The volume of emissions that can be influenced directly by Düsseldorf Airport
Concerns and reservations voiced by lo- amounted to a total of roughly 59,180 toncal citizens during these events were gi- nes in 2010, approximately 61,000 tonnes
ven consideration by the airport which
in 2011, 56,850 tonnes in 2012, 57,820
then modified in September 2014 two key
tonnes in 2013 and 53,880 tonnes in 2014.
issues contained in the application, thus The increase in CO2 emissions was produhelping to abate central reservations. The
ced by the increased CO2 emission factor
required expert studies are also being re- of Stadtwerke, which supplies the airport
vised at present and modified to match
with electricity. Düsseldorf Airport has set
the changed contents of the application. itself the target to save 10% of all emissiThe application for the planning permit ons until 2020 for every traffic unit (TU) with
procedure was filed with the responsib- regard to the median value of the balance
le authorities in 2015. The decision is still 2010-2012. In other words: The relative
CO2 output is planned to be reduced by
outstanding.
0.28 kg (from 2.83 kg to 2.55 kg/TU) until
The airport’s staffing unit “Neighbourhood 2020. The airport was also certified with
Dialogue and Emission Protection” addi- the ECOPROFT seal in 2015. The City of
tionally provides services to visitors and
Düsseldorf, the Chamber of Industry and
organises trips around the airport. 19 em- Commerce, the Efficiency Agency NRW,
ployees provide the associated services.
Stadtwerke Düsseldorf and the Centre issue this certificate for the Environment and
Energy of the Chamber of Trade in DüsselEnvironment
dorf. This programme represents the introduction of management of the environment
The environmental commitment of Düssel- and combines ecological benefits with
dorf Airport to reduce carbon dioxide (CO2)
economic gains.
emissions from operation of the airport
was officially awarded the certified seal The airport was additionally honoured during the 15th anniversary of ECOPROFIT
of approval from the prestigious climate
protection programme “Airport-Carbon- as a Lighthouse Project for the involvement
Accreditation” (ACA) at the beginning of and commitment of its employees. 37 CO
2012. The airport was also certified by the
Scouts supported the company in this proumbrella organisation of airports (ACI) for ject that is geared to help the airport in its
the first of four environmental protection le- efforts to protect the environment.
vels (stocktaking). Düsseldorf Airport was
Energy Efficiency Guideline 2012/27/EU
was implemented into national law in connection with the Energy Services Act. This
guideline states that the airport would
have to subject itself to an environmental
audit by 5 December 2015. The audit was
designed to lead to further energy-saving
proposals.
Economic importance
Düsseldorf Airport and the region are located in the centre of Europe from a geographical perspective and in the industrial
heart of Germany. Practically all European
centres can be reached from here within
one and a half hours of flight time. Approximately 18 million people live within a radius of 100 kilometres in the catchment
area of Düsseldorf International Airport.
The settlement of the Rhine-Ruhr Region
can be compared with the metropolitan regions London and Paris in Europe and is
the third strongest economic area in Europe. Nine of the 30 enterprises listed on
the DAX have their headquarters in North
Rhine-Westphalia, among others E.ON,
Henkel, METRO, Bayer, ThyssenKrupp and
RWE. 40% of all German groups have their
headquarters in NRW. All in all, more than
100,000 German and international companies are located in the region while about
5,000 of these undertakings are either
branch offices or subsidiaries of important foreign companies. More than 1,000
companies from the USA, Japan and Korea have settled their businesses in the realm of IHK (chamber of industry and commerce) Düsseldorf and IHK Lower Rhine,
for instance. International presence and
quick accessibility assume a significant
importance for these companies in view
of globalisation of the economy.
Surveys confirm that companies in Düsseldorf and the region have a great affinity for
the airport. The successful settlement of
high-ranking groups in the greater Düsseldorf area – such as SAP, Mitsubishi Electric, Vodafone, E-Plus, Esprit or HewlettPackard, for instance – can also be traced
65
back to their nearness to the airport. The
following conclusion was taken from a study that was carried out by the economic research institute Rheinisch-Westfälisches
Institut für Wirtschaftsforschung Essen
(RWI): The airport particularly promotes
the settlement of airport-affiliated businesses while on the other hand the companies in the region provide the airport with
passengers and air freight.
With regard to the reference year 2012, a
survey from November 2013 concludes
that the direct gross value added by the
airport (total value of all goods and services generated during the production process [production value]) minus overheads
amounted to a total sum of 1,257.5m EUR.
The volume of investments made by companies at the airport was 239.3m EUR.
The estimated immediate input sum of
1,601.7m EUR and the above-mentioned
investments produce an order volume of
1,841.0m EUR for suppliers to operations
at Düsseldorf Airport. The overall volume
of orders again leads to an indirect added
value of 1,309.4m EUR and this produces
an indirect effect on the employment of
23,134 employed persons.
Calculation of the fiscal impact of direct,
indirect and induced income effects, meaning the strongest tax types (such as
wage and income taxes, sales tax, trade
and corporation taxes in addition to energy
and electricity taxes) lead to a total tax revenue sum of approximately 846.9m EUR.
When we apply the distribution of these
tax revenues contributed by Düsseldorf
Airport as a whole to federal, state and local authorities, we come up with a sum of
429.4m EUR for the federal government,
302.3m EUR for the state and an amount
of 115.2m EUR for local communities. The
share of the state of NRW in this tax revenue sum is roughly 200m EUR.
The impact of the above-mentioned
amounts on the City of Düsseldorf was
approximately 84.2m EUR in 2012, taking
into account the distribution of dividends,
payment of the land rent for the airport
grounds and the most important tax types.
66
With more than 56,700 jobs, an added value of 3.4bn EUR and a tax revenue sum of
almost 850m EUR from the provision of
services alone, the airport is presently an
important economic factor, not only with
regard to the Düsseldorf region but also to
the entire state of NRW.
Significance for the Labour
Market
About 19,729 people work at Düsseldorf
Airport, according to a recent workplace
survey. 17,061 of these people work directly in the airport and 2,668 work in the
office and commercial buildings in Airport
City. The airport is consequently one of
the biggest workplaces in NRW. Duisburg
Port, in comparison, counts about 40,000
workplaces and the chemical park in Leverkusen has roughly 30,000 employees.
Traffic infrastructure
The railway station “Düsseldorf Airport”
links the airport with Deutsche Bahn AG’s
long-distance railway network. It is located on one of the busiest railway routes in
Germany. Approximately 310 trains stop
here day in, day out – from the ICE to the
suburban S-Bahn. The train station is located in the centre of important German
traffic junctions and connections with the
entire Ruhr District. To the referenced 310
stops we must, however, also add 60 more
stops at the underground Terminal Station. Passengers from many places all over
the catchment area can catch a train at
least once every hour to get directly to or
from the airport without having to change
trains. The airport pursues the objective of
seamless travel, which allows passengers
to comfortably change forms of transport.
The “SkyTrain Station” is located directly
in the railway station “Düsseldorf Airport”.
This transport system is a people mover
that transports passengers to the terminal building within a short space of time.
Düsseldorf International Airport is of the
opinion that intermodality simply does not
end with the journey to the airport. The airport is located in the interface of important
transport routes such as motorways A 3,
A 52 or A 44 and even has its own motorway exit, an excellent connection even for
passengers from the Netherlands and Belgium. Düsseldorf Airport can be reached
from many areas in both neighbouring
countries a lot faster now than it would
take to get to the airports in Amsterdam
or Brussels, particularly after completion
of the A 44 Bridge across the Rhine
Earnings Situation
Internal Group Control assumes the following financial performance indicators,
those which could possibly contain imputed elements in commercial law data
and which demonstrate the following development:
The Düsseldorf Airport Group generated a
net group profit of 53.7m EUR for the business year 2015 (previous year: 42.9m EUR)
under consideration of total sales amounting to 449.0m EUR (2013: 425.6m EUR).
Aviation revenues increased by 3.3%, i.e.
from 266.1m EUR to 274.9m EUR in 2015.
Aviation revenues consist of fixed and variable landing fees, parking fees and ground
handling services. Landing charges increased from 219.6m EUR to 228.0m EUR
(+3.8%), whereby airline promotion payments according to the Schedule of Fees
(8.3m EUR) are recognised as income-reducing and shown under landing fee revenues. Ground handling service revenues increased from 29.9m EUR in 2014 to
31.9m EUR in 2015. Freight charges decreased from 16.6m EUR to 15.0m EUR
(-9.6%) during the period under review.
Non-aviation (commercial) revenues increased by 9.2%, namely from 159.5m EUR to
174.1m EUR in 2015.
Non-aviation revenues generally consist of
rent revenues, lease and sales-based rent,
utility revenues as well as income from the
sale of real properties and other revenues.
Rent revenues decreased from 85.6m EUR
to 75.7m EUR during the reporting period. Lease and sales-based rent revenues
increased from 42.5m EUR to 55.6m EUR
in 2015. Utility revenues have also increased by 14.5% to 14.6m EUR in 2015. Other
revenues decreased from 18.6m EUR in
2014 to presently 17.6m EUR.
penses, the lease for the airport grounds, decreased by 1.8m EUR respectively 8.0%
certain leasing expenses and the dispo- on prior year since interest rates were a lot
better than expected. The borrowing ensal of waste and waste water, in addition
to the classic cost of materials. Greater velope (without the balance sheet position
cost variances were only noted for main- ‘Property-financing Liabilities’) in a total
tenance expenses and conversion services amount of 629m EUR is secured to roughpurchased from third parties. The amount
ly 80% by fixed interest rates. Net interest
income reflects the fact that external loans
were mainly accepted by the parent company
FDG. Only the subsidiaries FHG MG,
Key performance indicators at a group level
YTD 2014 YTD 2015
FHG MG GVG, FDI and the special vehicle
Cash flow (in EUR k)
116,380
130,718 entities Estamin and Japon (balance sheet
EBIT (in EUR k)
80,834
104,918 item ‘Property-financing Liabilities’) are fiEBITDA (in EUR k)
144,363
173,555 nanced independently to a noteworthy deEBITDA margin
33.9 %
38.7 % gree. The average loan portfolio was also
ROCE
9.2 %
12.2 % above the average 2014 level. The finanReturn on equity (EBIT)
39.5 %
45.0 % cing of the special purpose entities, howReturn on sales (EBIT)
18.6 %
22.8 % ever, is only mirrored to a limited degree in
Return on capital
8.5 %
10.0 % net interest income as a result of the comSales / FTE employee (in EUR)
209,671
222,021 pounded balance sheet treatment of the
Personnel expenses / employee (in EUR)
61,904
63,459 forfaiting of leasing receivables. Revenue
Economic equity (in EUR k)
165,013
174,035 in an amount of 2.4m EUR was collected
Economic equity / balance sheet sum (in EUR k)
15.28 %
16.67 % from the joint venture BISAWA Objekte Airport-Düsseldorf GmbH & Co. KG in 2015.
This company is consolidated at equity in
the consolidated accounts.
involved here was 3.491m EUR.
The results in the sub-segments of the
Personnel expenses increased by roughly
areas Rent & Lease/sales-based rent were 2.7m EUR during the business year 2015, The extraordinary result for the financial
year 2015 includes extraordinary revenue
above average in comparison with the pre- mainly owing to an increase in standard
vious year, mainly as a result of the positive
pay and a slight increase in staffing num- in a total amount of 1.5m EUR from the
development of traffic. The noted shift in
release of the balance provision for fire
bers. Depreciation developed in line with
sales in favour of lease/sales-based rent
the noted increase in fixed assets and was claim damages. This income is offset by
is related to the implementation of a new
extraordinary expenses in an amount of
5.1m EUR higher than in 2014.
service contract model and management
4.5m EUR for the restructuring of FDGHG.
of car parks at the airport by the new brand Other operating expenses decreased by This sum relates exclusively to costs incur“Parkvogel” (SAIT).
10.8m EUR during the business year un- red by FDGHG since the subsidy that was
der review. This decrease was mainly pro- granted by Flughafen Düsseldorf GmbH is
Other operating revenues consist of induced by the complete elimination of mar- neutralised again in the group’s net profit.
come from the release of a special item
keting support payments for airlines. The Tax expenses have increased in corresponfor subsidies/grants in an amount of 3.2m
reduction in personnel leased from third dence with the reported operating result.
EUR. The release of special items with
parties has also led to a reduction in the- Both the operating result and the consoaccrual character are not included in the
se expenses and is in line with the reduc- lidated net income were higher than proconsolidated profit-and-loss account, in
tion in ground handling volumes, as alrea- jected for 2015, under consideration of
contrast to the profit-and-loss account of dy reported.
below-budget sales revenues. The opethe parent company. The reason for this
rating result was consequently a lot highprocedure is that such special items are The above-described developments pro- er than mentioned in last year’s forecast.
not recognised in the consolidated finan- duce an operating result of 104.9m EUR
cial statements.
which represents an increase of 30.0% on
prior year. This leads to an EBITDA margin
The cost of materials has increased by of 38.7% (previous year: 33.9%).
approximately 2.7m EUR on prior year.
Among others, the FDG Group shows
Interest on loans is reported with a sum of
under cost of materials maintenance ex- 20.8m EUR for 2015 and has consequently
67
Asset Situation
Medium- and long-term tied assets decreased from 1.029bn EUR in 2014 to 978m
EUR in 2015.
Additions to tangible fixed assets were
48.9m EUR lower than in 2014. This development was mainly characterised by
the deconsolidation of Laroba GmbH &
Co. KG and the related elimination of payments accrued for the new airport administration building, including the respective land, whereby the overall sum involved
was roughly 42.1m EUR. Asset disposals
at book value were 46.0m EUR in total and
scheduled depreciation was 64.7m EUR.
This development was offset by asset additions in an amount of 61.8m EUR. These were offset by the new baggage-handling system (5.5m EUR, a new operations
building in an amount of 10.0m EUR and
construction of the new police station
(2.4m EUR).
Short-term tied assets are reported with
an amount of 65.9m EUR for 2015 in comparison with 50.6m EUR in 2014.
Receivables from customers amounted to
a sum of 27.3m EUR for the business year
under review in comparison with 22.5m
EUR in 2014. This result represents an
average trade accounts receivable term
of 20.3 days in comparison with 22.2 days
in 2014.
In contrast to the single entity financial statements, deferred taxes are set up
in the consolidated financial statements
to offset differences between commercial and tax balance sheet valuations at
a single company level respectively at a
so-called Commercial Balance Sheet II
level. Deferred taxes are also established
to compensate consolidation-based differences. Following international accounting
practice, deferred tax assets and liabilities
are recognised at gross value, i.e. without
offsetting. Deferred tax assets increased
by approximately 1.0m EUR to 26.2m EUR
in comparison with the previous business
year. Losses carried forward are still not
included in deferred tax assets. With an
amount of approximately 18.4m EUR, de-
68
ferred tax assets refer to differences between consolidated balance sheet and tax
balance sheet values reflecting fixed assets carried by consolidated special vehicle entities.
Financial Standing
The subscribed capital sum and the capital
reserve have remained unchanged in comparison with 2014. Revenue reserves have
increased in connection with the deconsolidation of Laroba since this company
reported losses carried forward. This loss
is no longer included. Minority interests
refer exclusively to Mönchengladbach Airport. Minority interests are not influenced
by the year-end results of Mönchengladbach Airport since the profit-transfer agreement does not make any provisions for
compensation of the minority shareholder.
Provisions have increased from 110.1m
EUR in 2014 to 113.4m EUR in 2015. This
increase mainly relates to higher provisions for taxation in connection with the
completed tax audit and subsequent income tax payments for the calendar year
2015.
Amounts due to banks have decreased to
currently 588.9m EUR and generally refer
to liabilities from a consortium loans that
was taken out in 1998, after the airport
fire in 1996, in addition to a promissory
note loan. The parent company accepted
new short-term loans during the business
year under review to meet operational requirements.
Property-financing liabilities relate to the
financing of the special purpose entities
that are included in the consolidated financial statements. This item has decreased
as scheduled by 5.6m EUR.
Reference is made here to our above notes on deferred tax assets. The reduction
in deferred tax liabilities by 72k EUR essentially results from not having applied
the special item with equity portion to the
consolidated financial statements while
reinvestment provisions are noted from a
tax balance sheet viewpoint.
Cash inflow from current activities amounted to a sum of 130.7m EUR during the
business year under review and cash flow
for investment activities are shown with an
on-balance amount of 18.5m EUR. Cash
flow for financial activities amounted to a
sum of 95.1m EUR in 2015.
Financial funds at the end of the period are
reported with a figure of 25.6m EUR (previous year: 13.5m EUR) after payments for
investment activities, payment by the parent company of dividends to its shareholders and the repayment of long-term loans.
Seen from an overall standpoint, group
management sees the earnings, asset and
financial standing of the group of companies as being positive, thus representing
an excellent starting point for the further
development of the Company. This assessment additionally takes into account the
progress already achieved in connection
with the restructuring of the subsidiaries
FDGHG and FHG MG.
Opportunities and Risks
Budgetplanung
The successful control and management
of business opportunities and risks requires a cross-company inventory of all risks
and opportunities that is based on the systematic tracing of the opportunity and risk
landscape at Flughafen Düsseldorf GmbH
and its subsidiary companies. A complete
risk inventory was presented for the first
time in 2000. This inventory has been updated on a regular basis since then, so that
changes in individual risks can be noted
and observed as time passes.
A distinct corporate planning process
(“budgeting”) additionally represents a
central part of the overall risk management
system at FDG. This process is carried out
every autumn for the following year (on a
monthly basis) and for the four following
years. The business plan is prepared on
the basis of the counter-flow principle
and must be approved by the shareholders’ meeting after having been subjected
to a preliminary discussion by the supervisory board.
The opportunity and risk management
process is essentially broken down into
the phases Identification, Valuation, Control, Monitoring and Communication and
is documented in form of an Opportunity
and Risk Management Guideline. The term
‘risk’ is specified in this context as already
noted current risks and those that could
result from future developments and could
consequently cause an actual value to vary
negatively from a pre-defined budget figure. Whenever an actual value varies from a
budgeted value in a positive sense, this is
then defined as an opportunity whereby
the currently valid business plan constitutes the basis for any respective valuation.
The internal control system represents another important element in the avoidance
and control of risks. The internal control
system consists of monitoring measures
that are both process-integrated and independent of processes. Material risks are
compiled in a central documentation system as well as being documented in the
accounting and operating processes along
with the associated control procedures.
After the budget has been adopted, the
controlling department then closely monitors it in respect of budget compliance.
This monitoring process is also associated with a quarterly forecast for the annual
profit-and-loss account and the anticipated year-end profit.
The individual business units are urged
to document the observation respectively
the performance of the diverse control/
monitoring measures. An annual recurrent
process serves to ensure that the various
process control measures are carried out.
Automated IT process control measures
represent an important element of the internal control system, in addition to various control measures that are specifically
tailored to the requirements of administrative, executive, invoicing and permit/approval functions.
Significant risks
The Environmental Agency of the City of
Düsseldorf has conducted surveys in the
north of the city since 2007 to examine
contamination caused by perfluorinated
tensides (PFT). Increased concentrations
were not only noted on the airport grounds
in the course of these examinations but
also in the ground water in Kaiserswerth
and Lohausen. A hazard assessment was
carried out on the basis of numerous examinations. The first system for remediation of the ground water went into operation
at the former fire drill pond in November
2015, following the successful operation of
a pilot system. Two additional remediation
systems are now planned to go into operation at Fire Station North and at Runway
South (Atlas Air accident site) during the
first quarter of 2016. The annual accounts
2010 already gave consideration to the associated costs in form of a provision for the
expected investigations and redevelopment measures. It cannot be fully excluded at this early point in time that the FDG
Group might be confronted with considerably higher costs for elimination of this
problem owing to soil redevelopment measures on the airport grounds and a possib-
ly required redevelopment of the PFT flags
in the ground water outside of the FDG territory. The rehabilitation options and legal
requirements for a redevelopment of the
soil masses are still not clear at present,
due to lack of specified limit values and remediation target values. The requirement
of a redevelopment of these flags can impossibly be assessed at this point in time.
There is also no definitive clarity as to whether the FDG Group will have recourse at
least for part of those costs incurred by it.
Additional construction costs could also
be noted for civil engineering measures if
the ground is contaminated with PFT that
will have to be disposed of. The associated projects might have to be postponed,
depending on the given situation.
The liberalisation of ground handling services that have been provided since 2004
by FDGHG, the 100% subsidiary of FDG,
has led to an on-going intensification of
competition in this sector. Prices are the
key deciding and differentiating characteristic for comparative service and quality
standards. Renegotiation and the extension of handling agreements scheduled
to expire in 2014 and following years are
under considerable price pressure and
represent the decisive risk potential on
the revenues side. The restructuring programme that was drawn up in 2012/2013
is being implemented at present and will
probably only improve the earnings situation at FDGHG in a sustained way in 2017.
FDG will consequently have to continue to
absorb further significant losses until then.
One important risk is, however, seen in the
possibility that the restructuring programme cannot be implemented as planned.
The planned dispensation of terminations
for operational reasons in favour of covering staffing demands internally (security and other services) leads to the waiver
of other group companies of a possibly
more reasonable coverage of these needs
in connection with leasing of personnel.
The successive loss of customers by
FDGHG has led to an almost monopoly
situation in favour of the ground handling services competitor in the meantime.
Several airlines have for quality and pri-
69
ce reasons already demanded that a tender should be introduced to grant a third
ground-handling company access to the
ground-handling market in Düsseldorf in
order to restore a real competitive situation
on the apron and ensure that Düsseldorf
Airport will continue to be attractive for airlines. FDGHG still holds a ground-handling license. The tender for the second and
third license was completed in 2015. The
approving authority awarded these licenses to Aviapartner and Acciona Airport,
the new ground-handling company. Acciona Airport is expected to introduce operations on 1 April 2016. However, this date
might have to be postponed if the decision
by the approving authority is legally contested. A delay by the third service provider
in introducing operations will also lead to
delays with the further restructuring measures at FDGHG.
The past outsourcing of FDG divisions,
such as the establishment of the subsidiaries FDGHG and FDSG as well as the
outsourcing of information technology into
the joint venture SITA Airport IT GmbH always related to a corresponding number
of employees. As long as these personnel
measures were also carried out under consideration of the provisions of the articles
of Rheinische Zusatzversorgungskasse in
Cologne, they will not affect a potentially
possible compensation payment for already acquired and vested pension rights of
the rights of the concerned group of employees. This issue is included in the analysis of all projects, particularly since the
value of a possible payable compensation
increases along with the increasing average age of these employees. It can nevertheless still not be excluded that FDG
might also have to make compensation
payments for past outsourcing procedures.
The discussion of air-traffic safety/security in general and particularly also the airfreight sector could culminate in official
regulations that would lead to the requirement of new investments such as scanner
technologies (body and liquids scanners,
70
for instance) for passenger screening at
the checkpoints (conversion measures)
and at the checkpoints for persons and
goods (liquids scanners). Additional official requirements resulting from audits
in connection with the EU Security Guideline could also lead to an increase in
security costs.
An EEG (renewable energy portion) price
share of 6.354 ct/kWh was specified for
2016. Current forecasts lead to the expectation that these EEG costs will probably continue to rise in upcoming years
and an additional offshore surcharge is
possible. The referenced increase in energy costs generally represents a risk for the
development of business at an FDG level.
Countermeasures were already decided
in connection with the profit-assurance
programme that was launched in 2013.
Management is additionally looking into
further cost-saving measures, among
others in connection with an increasing
use of LED lighting and an expansion of
the company’s self-sufficiency.
Air Berlin and the Lufthansa Group (consisting of Lufthansa and Eurowings) are
the two biggest airline groups at Düsseldorf Airport. This naturally leads to opportunities and risks for the airport, in addition to the economic development of these
carriers. The already introduced cost-savings programmes of both of these airlines
could lead to a reduction in flight services
and adversely affect hub traffic at Düsseldorf Airport. However, both airlines have
already stated that they intend to expand
their present air traffic services. Air Berlin,
for instance, will particularly continue to
expand its intercontinental flight services,
including the associated feeder services,
and Eurowings is planning to expand its
continental services. This situation leads
to the opportunity that additional market
shares could be noted in the state of North
Rhine-Westphalia, as in prior years. However, the introduction of additional routes
by already established or even new airlines
in the continental and intercontinental sectors could also have a positive impact on
traffic volumes at Düsseldorf Airport.
The business plan makes provisions for a
new operating permit in 2019 and a correspondingly related increase of traffic with
the winter flight schedule 2019/2020. There is, however, the risk of possible delays
during the permit procedure, so that the
traffic increases that were planned to be
noted from the new and expanded operating permit may not be noted during the
business-planning period.
The State Ministry of Transport issued the
planning permit decision for the installation of apron areas in the western sector
of the airport. This decision is enforceable with immediate effect. The cities of
Ratingen, Kaarst, Meerbusch and 10 private parties have already filed suit against
this decision, demanding that it should
be repealed. The City of Meerbusch and
the above-mentioned 10 private parties
have additionally filed a petition demanding restoration of the suspending effect
of their suits. This leads to the risk that
FDG might not be able to build the required parking positions if the above decision is repealed.
Potential risks to the economic development at Düsseldorf International Airport
can be noted from the political level, meaning the stance taken by German and European politicians in respect of air traffic.
The so-called Aviation Tax, for instance,
was introduced in 2011. The air-traffic
sector was also included in the European
emission trading system in 2012 although
this measure was postponed again with
effect from 2013. ICAO, the international
aviation association, is presently working
on an international system for climate-protection levies in the aviation sector. Such
and similar measures could lead to an increase in ticket prices and consequently
influence passenger numbers at Düsseldorf Airport. We can also not exclude a
future complete or partial abolition of tax
privileges on kerosene.
FDG has been making major efforts for years in respect of noise protection, meaning
the limitation of noise nuisance caused
by air traffic in residential areas located in
the direct neighbourhood of the airport.
Prolongations or expansions of operating
permits have in the past been frequently
accompanied by noise protection requirements on FDG. FDG has formed corresponding provisions for the current noise
protection programme. It cannot, however,
be excluded that these provisions might
turn out to be insufficient, and it cannot
be excluded that the airport will be burdened with further noise protection requirements in future.
sewhere. The advertising sector is strongly dependent on economic activity, but
still provides considerable opportunities
in connection with new forms of advertising and increasing digitalisation. Prices
are very sensitive in the parking sector,
and competition is considerable in this environment. The airport has already taken
measures to counter this development and
established the brand “Parkvogel” [Parking Bird] by way of the subsidiary company SITA Airport IT GmbH in the holiday
parking sector. Retail revenues are also planned to be increased by expanding and
modernising the food-and-beverage sector and the retailing areas. The increasing
digitalisation additionally provides marketing opportunities.
The opportunities and risks noted by Flughafen Düsseldorf Immobilien GmbH are
seen in the scheduled sale of land in “Airport City”. Experience documents that the
chances of this land being positively marketed outweigh the risks.
The weather situation and damaging
events represent another risk that cannot be ultimately influenced by Flughafen Düsseldorf GmbH. Snowfall and ice,
for instance, can interfere with air traffic,
which would then again affect the reveFDG has provided guarantees for subsinues noted by FDG. The same applies to
diaries in individual cases although curnatural catastrophes such as the eruption
of volcanoes, as was last noted in 2010. rent estimations conclude that these will
probably not be needed in the near future
Aircraft accidents or even terrorist attacks
could also have a negative impact on the .
development of the air traffic business –
latter possibly also due to increased security efforts usually introduced after such Risks from Application of
incidents. The general overall economic Financial Instruments
development also exercises a strong influence on the development of traffic at Düs- FDG is not subject to any noteworthy
seldorf Airport. In the event of an increase
exchange rate risks – neither with rein national debt and/or the economic cri- gard to its marketing activities nor to its
sis in the euro zone, this could also have
purchasing procedures.
an impact on business and charter flights,
A comprehensive dunning process checks
not to forget political conflicts.
the risk of default on accounts receivable
The development of the non-aviation busi- from customers. Customer deposits that
must be maintained throughout the entire
ness areas is also exposed to risks and
opportunities. The rental situation, for in- business relation are carried by FDG since
stance, could decrease in connection with a classic credit limit system is only applithe termination or non-extension of rental
cable to FDG to a limited degree. Adequate
contracts, as was the case with Hangar 8. write-downs are made for doubtful debts.
These would then have to be buffered el- Reference is made to the above notes in
respect of risks relating to the group of
companies and holdings of FDG.
The major part of credit financing at FDG
is based on variable interest rates on a regular EURIBOR basis. In such cases, FDG
strives to obtain comprehensive hedging
against these risks but still leaves enough
room for interest opportunities by not
hedging a certain part. The so-called
Treasury Board passes decisions on the
hedging level as a whole and on individual protection measures. At present, approximately 79% of variable interest loans are secured. FDG employs so-called
micro hedges for security. Interest swaps
are exclusively used as hedging instruments. The effectiveness of hedging is
determined based on the so-called critical-terms-match method. When dealing
with loan tranches that are tagged with
repayments, the airport makes sure that
the hedging instrument also carries out
a “repayment”. The full remaining term of
loan tranches is not always hedged in this
process although one tranche is always
fully hedged. Consequently, there are also
some so-called part-time hedges. If required, so-called forward interest swaps are
concluded as follow-up hedging measures. Seen from an accounting viewpoint,
the above-described hedging leads to
their treatment as valuation units with the
respective (partial) loan so that the (forward) swaps themselves do not represent
any further risks in this respect. Provisions cover possibly existing negative market values. The current favourable interest
levels rather represent an opportunity for
FDG since the airport benefits from this
development with regard to the variable
portion of loans.
The consortium loan agreement includes
so-called financial covenants. Their nonobservation could lead to termination of
the loans. These covenants refer to an
economic equity quota and a minimum relation between cash liquidity and average
capital service for the next 5 years. Cash
71
liquidity in this context is understood as
being a type of cash flow. A (future) nonobservation of these financial covenants
is improbable, according to current estimations.
The overall risk situation within the FDG
Group is generally considered as being
controllable from a present-day viewpoint. There are no evident potential risks
to the Group‘s ability to continue as a going concern.
Significant Opportunities
Air Berlin and Lufthansa, the two biggest
carriers, are increasingly focussing on
Düsseldorf Airport. This situation has, for
instance, been documented by the announcement by Air Berlin and Lufthansa
that they would maintain respectively expand and reorganise their continental and
intercontinental flight services in Düsseldorf, despite current austerity measures.
The already realised transfer of decentralised European traffic by Lufthansa to Germanwings could also entail positive effects
for Düsseldorf. All of the above lead to the
opportunity that Düsseldorf Airport might
have the chance to gain additional market
shares in the state of North Rhine-Westphalia, as in prior years. The provision of
additional flight services and destinations
by other already established and even new
airlines in the continental and intercontinental air-traffic sectors could have a positive effect on Düsseldorf Airport.
Forecast
Ifo, the Munich-based private economic
research institute, forecast that the oncoming year will demonstrate stronger
growth than already projected in a shared
expertise from last autumn. The economic output is now expected to increase
by 1.9% in 2016. This figure has improved again in comparison with the figure of
72
1.8% that was mentioned in the referenced
autumn study.
Germany will continue to demonstrate
economic growth owing to the constantly
high amounts spent by private consumers,
according to the Ifo forecast. Another important influencing factor for the repeated
increase in economic performance is seen
in the loan-financed payments by the German government in connection with refugee aid since its impact is similar to that
of an investment programme.
However, German enterprise will continue
to make a poor contribution to the economic development in Germany in 2016
since they are still not willing to make the
urgently needed investments.
The present very low oil prices, the historically low interest on loans and the weak
Euro as compared to the US Dollar still
create extremely advantageous general
economic conditions. Economic downturns in threshold countries, particularly
China, will have a negative impact.
The rate of unemployment should decrease accordingly to 6.4% in 2016, but is expected to increase to about 7.1% again in
2017. The number of people in employment will also reach a new record level of
43.4 million, owing to the strong immigration ratio. The rate of inflation is expected to
be around 1.0% in 2016, which represents
a considerable increase in comparison with
the figure of 0.3% for the current year. However, the figure of 1.0% is still well below the
mark of roughly two percent as targeted by
the European Central Bank (ECB).
The financing surplus of the German
government will drop from the current record level of 31.3bn EUR to only 12.4bn
EUR in 2016, among others owing to the
extremely high costs for refugees.
Air-traffic respectively passenger numbers
are still expected to increase in 2016 at a
rate that is above the general growth rate.
The demand for take-off and landing win-
dows – so-called slots – is still very high
and the additional capacities provided
by the new operating permit are already
practically exploited.
Both Deutsche Lufthansa and the Air Berlin Group will continue to focus on the biggest airport in NRW as a hub.
Coordination of the Summer
Flight Schedule Period 2016
It was decided during the meeting of the
Coordination Committee that the reference coordination figures of 43 movements (single runway operation) respectively 45 movements (operation of two
runways) would remain unchanged for the
summer season 2016.
A total of 172,264 slot requests were filed
for Düsseldorf by the slot request deadline
10 October 2015. This corresponds to an
increase of 5.4% respectively 8,798 more
movements in comparison with the standardised 31-week summer flight period
2015. An average of 3.4% more slots was
requested for all coordinated respectively
facilitated airports in Germany.
With a figure of 64 slots per hour, a lot more
movements were requested for workday
peaks (Monday to Friday from 06.00h –
07.55h; 09.00h – 11.55h; 13.00h – 15.55h
and 17.00h – 21.55h) than the number of
45 slots per hour that can actually be allocated by the airport coordinator for operation of two runways at Düsseldorf Airport.
The airport coordinator was able to assign
152,670 slots for scheduled and charter
traffic during initial coordination on 27 October 2015. This number corresponds to a
slight difference of 0.8% respectively 577
slots in comparison with initial coordination for 2015. More than 16,500 slots could
not be awarded owing to the considerable
demand situation. More than 20,000 could
only be coordinated at time different from
those that were originally requested.
Expected Development of
Business in 2016
The above-mentioned framework conditions for the summer flight schedule period 2016 and the expectations on the winter flight schedule period 2016/2017 lead
management of FDG to the expectation
that Düsseldorf Airport will probably register about 22.9 million passengers in 2016.
The increases in sales in the aviation and
non-aviation sectors are also expected to
reflect this development. The continuing
trend towards employing bigger aircraft
will, however, lead to a decrease in potential growth in the aviation sector. The operating result is expected to increase accordingly and reach a level of roughly 96m
EUR. An overall assessment by management of FDG concludes that the earnings
situation at Düsseldorf Airport should improve continuously.
Imprint
Supplementary Report
Events of special significance have not
been noted since the end of the financial
year to the present date.
Publisher
Corporate Communication
Manager: Thomas Kötter
Düsseldorf 29. January 2016
Concept and Editing
Jörn Bücher
Dr. Ludger Dohm
Design
Karl-Heinz Morawietz
Thomas Schnalke
Photography
Jörn Bücher (page 15)
Karl-Heinz Morawietz (page 23)
Andreas Wiese
Fotolia (page 15)
World Duty Free Group (page 14)
Key investments planned for the business
year 2016 consist of the general renovation of flight operation areas and new investments in security/safety and comfort
in the terminal building. The overall volume of investments in 2016 is expected to
be roughly the same as in 2015.
Cash flow from current activities in 2016
is expected to be roughly in line with the
2015 result. The repeated high volume of
investments combined with the expected
full distribution of the current year-end
profit will probably cause FDG to take out
a long-term net loan in an amount of up
to 25m EUR.
In the overall analysis, management of
FDG believes that the company is well
positioned for a positive further development of the airport company. It is nonetheless important to master the restructuring
requirements at the subsidiary company
FDGHG, to implement these measures
effectively and efficiently, in addition to
securing the current mitigation of losses
incurred by FHG MG.
73
F
Annual Report 2015
Düsseldorf Airport
P. O. Box 30 03 63
D-40403 Düsseldorf
Telephone +49 211 421 0
Telefax
+49 211 421 66 66
dus.com

Annual Report 2015 “20,000 people work at the airport. I am one of

Transcription

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