20,000 people work at the airport . i am one of them.” · “20,000 people work at the airport ....

Annual Report 2015 F

“20,000 people work at the airport . I am one of them.”

Thorsten Scheff er, Marshaller

Annual Report 2015

Five-year Overview 2

Editorial by Management 7

Group Structure 10

Bodies of the Company 11

Chronology 2015 14

Top Five Destinations and Airlines 22

Düsseldorf Airport Flight Services 26

Report by the Supervisory Board 31

Annual Accounts as at 31 December 2015 34

Development of Traffic

2011 2012 2013 2014 2015 Passengers

Passengers (in millions) 20.34 20.83 21.23 21.85 22.50

Daily average 55,723 56,921 58,159 59,864 61,579

Aircraft Movements Aircraft Movements 221,668 217,219 210,828 210,732 210,205 Daily Average 607 593 578 577 576

Air Freight

Air freight turnover (t) 97,250 101,588 110,815 114,180 105,300

Development of Business all figures in million EUR

2011 2012 2013 2014 2015 Sales revenues 418.7 425.8 429.2 425.6 449.0

Balance sheet sum 1,042.8 1,035.2 1,067.6 1,079.8 1,044.0

Fixed assets 948.4 944.0 984.1 1.003.0 950.8

Capital expenditures 52.5 75.3 104.2 83.1 62.6

Depreciation 65.5 71.0 61.3 63.5 68.6

Result for the year 42.5 40.3 34.5 42.9 53.7

Cash flow 64.7 95.2 111.0 116.4 130.7

Employees (headcount) 2.,03 2,268 2,246 2,252 2,314* including special purpose companies

Five-year Overview2011–2015

Passengers 2011–2015

Aircraft movements 2011–2015

Air freight turnover 2011–2015

Sales revenues 2011–2015

Result for the year 2011–2015

Cash flow 2011–2015

*

4 5Düsseldorf Airport Annual Report 2015

“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 DietzfelbingerCEO, Lower Rhine Chamber of Industry and Commerce

Q


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 eco-nomic 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 through-out 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 impor-tance 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 Düssel-dorf Airport as an important economic factor, and 76% stated that aircraft noise simply has to be ac-cepted 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

its way from Barcelona to Düsseldorf. Many emplo-yees 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 “Air-port Station” for the care of arriving refugees, and that we will provide these people in need with non-bureaucratic 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 competiti-ve 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 Thomas SchnalkeSpeaker of Management

Thomas SchnalkeT

Dr. Ludger Dohm and Thomas Schnalke


“Of course the planes are within your reach in Lohausen. However, that’s nothing new.Everyone wants to fl y.”

Nicole KochAirport neighbour from Lohausen

J


Bodies of the Company

Group

Flughafen Düsseldorf GmbH50% State Capital City of Düsseldorf50% Airport Partners GmbH

40% AviAlliance GmbH20% AviC GmbH & Co. KGaA 40% Aer Rianta International cpt

Management

Dr. Ludger DohmManagement SpeakerLabour DirectorManagement divisionAviation, Marketing, Property Management and Human ResourcesEssen (since 1 March 2015)

Dipl.-Kfm. Thomas SchnalkeExecutive DirectorManagement divisionNon-aviation andCommercial AreasDüsseldorf

Authorised Officers(‘Prokurists’)

Business division manager Real Estate ManagementEssen

Michael HannéBusiness division managerOperationsDüsseldorf

Norbert LungwitzHead of service and control-ling centre Finances and AccountingVelbert (until 31 March 2015)

Karin MöllersBusiness division managerNon-aviationDüsseldorf

Lawyer Thomas PoosCentral Division ManagerPersonnel Management and SecurityMönchengladbach(until 31 March 2015)

Ulrich WorzallaHead of service and controlling centre Commercial Aff airsDuisburg (since 1 April 2015)

ShareholdersAirport Partners GmbHState Capital City of Düsseldorf

Supervisory Board

Thomas GeiselLord MayorCity of DüsseldorfChairman (since 16 January 2016)

2nd Deputy Chairman (until 15 January 2016)

Peter BüddickerRegional administration manager, regional group administration; Unified Services Trade Union ver.diEmployee representative1st Deputy Chairman

Dipl.-Kfm. Gerhard SchroederManaging Director AviAlliance GmbHChairman (until 15 January 2016)

2nd Deputy Chairman (since 16 January 2016)

Ümit AbayWorks council memberFlughafen Düsseldorf Ground Handling GmbHEmployee representative(until 23 March 2015)

Christine BehleMember of the National Executive Board of ver.di and Head of the departmentTraffic (substitute member) (until 1 February 2016)

Dr.-Ing. Rolf BierhoffFormer Board Member RWE AG (until 1 February 2016)

Cafer CelikAssistant to managementWarehouseEmployee representative(since 23 March 2015)

Frank EnnersOperations managerEmployee representative(until 23 March 2015)

Raymond GrayGroup CFO DAA plc, Ireland

Michael Hanné Authorised officer and business division managerEmployee representative

Heinz HardtMayor (retired)City of Düsseldorf

Angela HebelerSpeaker GREENSCity Council Group (since 21 August 2015)

Michael HenningConsultant Wildlife Control and Hunting Law (substitute member) (since 23 March 2015)

Rainer HindenburgGroup ManagerEmployee representative

Uwe Kasischke Personnel administratorEmployee representative

Werner KiepeTrade union secretaryRegional administrationUnified Services Trade Union ver.di; Employee representative(since 23 March 2015)

Stefani KleebergEditorEmployee representative

Heinz KnollClothing administratorEmployee representative(until 23 March 2015)

Miriam KochCommissioner for RefugeesCity of Düsseldorf(until 21 August 2015)

Dipl.-Ök. Holger LinkweilerManaging DirectorAviAlliance GmbH

Jörg LorenzenCaseworker (substitute member)(until 23 March 2015)

Volker MaaßenChairman works councilFlughafen Düsseldorf Ground Handling GmbHEmployee representative

Wolfgang MeßingTrade union secretaryKomba Trade Union(substitute member)(until 23 March 2015)

Markus PaulichChairman works councilFlughafen Düsseldorf GmbHEmployee representative(since 23 March 2015)

Stephanie PeiferManaging DirectorRegional AdministrationUnified Services Trade Union ver.diEmployee representative(since 23 March 2015)

Jürgen PoggemannConstruction engineer(substitute member)(until 23 March 2015)

Andreas RimkusGerman Bundestag member

Thomas SchürmannManager Marketing & Sales(substitute member)(since 23 March 2015)

Rolf TupsCompany consultant

Michael UptonSenior Vice PresidentFinances, DAA International, Ireland

Gustav WildenTrade union secretary regi-onal administration Unified Services Trade Union ver.diEmployee representative(until 23 March 2015)

Flughafen Düsseldorf Immobilien GmbH (100 % FDG)

Flughafen Düsseldorf Security GmbH (100 % FDG)

Flughafen Düsseldorf Energie GmbH (100 % FDG)

Flughafengesellschaft Mönchengladbach GmbH (70,03 % FDG)

Flughafen Mönchengladbach Grundstücksverwaltungsgesellschaft mbH (100% FMG)

Flughafen Düsseldorf Ground Handling GmbH (100 % FDG)

Flughafen Düsseldorf Cargo GmbH (100 % FDG)

Flughafen Düsseldorf Verwaltungs GmbH (100 % FDG)

SITA Airport IT GmbH (30 % FDG)

BISAWA Objekte Airport-Düsseldorf GmbH & Co. KG (100 % FDG)

Estamin Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG(100 % FDG)

Japon Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG (100% FDI)LAROBA GmbH & Co. KG (99,9% FDI)

Group Structure


“I would never have thougt that I would land at an airport .”

Santoso, cook in the Palavrion

c


02 03

27 FebruaryApplication fi led with the approving authorityDüsseldorf Airport submitt ed its application for planning appro-val and amendment of the airport ’s operating permit to the Mi-nistry of Construction, Housing, Urban Development and Traffi c of the State of Nort h Rhine-Westphalia (MBWSV). The required documents, expert studies and plans were fi led with the respon-sible approving authority, aft er the airport company had publis-hed the project in June 2013.

Chronology 2015

2 MarchDr. Ludger Dohm launches his service for the airport Dr. Ludger Dohm took up his position as Speaker of Manage-ment 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 Commu-nication, Neighbourhood Dialogue, Propert y Management as well as Construction and Management of the Environment. 10 March

Airport City presents itself at MIPIMFlughafen 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 & part ners” that FDI introduced the business park Airport City to interested specialist visitors, companies and investors.

24 MarchDUS mournsThe 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 fl owers and condolence notes in the terminal in the following days.

23 FebruaryEmployees move into new airport headquartersApproximately 500 employees of Flughafen Düsseldorf GmbH moved into their new workplaces in the new airport headquart ers on Flughafenstrasse 105. The airport inves-ted 50 million euros in this modern, energy-effi cient six-fl oor building.

1 FebruaryEtihad Dreamliner completes its maiden flightThe fi rst Boeing 787-9 that was delivered to Etihad Airways completed its offi cial maiden fl ight into the worldwide net-work and landed at Düsseldorf Airport . The Dreamliner was welcomed by Gerhard Schroeder, Chairman of the superviso-ry board of the airport ; Michael Rudolf from the part ner airline Air Berlin; Joost den Hart og, 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 entert aining 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.

26 FebruaryWorld Duty Free Group takes over the duty-free businessThe Spanish World Duty Free Group took over the duty-free business at Düsseldorf Airport . The shops at the airport in Düsseldorf , which off er passengers a new shopping experi-ence, are the fi rst stores that are operated in Germany by the Spanish operator. The World Duty Free Group runs more than 500 shops in 19 countries worldwide.

4 March NRW Economics Minister visits the airport standGarrelt Duin, Economics Minister of the state of Nort h Rhine-Westphalia (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 import ance 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 MarchAviation industry support s new operating permitIThe 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 fl ight operations more fl exible. 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 opport unity to furt her expand its service off ers at its company hub in Düsseldorf – in the interest of passengers, jobs throughout the region and the international connection of Nort h Rhine-Westphalia.”


0406

0708

5 June With Air Bulgaria to Sofi aA new airline, a new route: Bulgaria Air now connects Düsseldorf non-stop with Sofi a, the Bulgarian capital. The airline operates an aircraft type Embraer E190 on this route. Bulgaria Air off ers this scheduled air traffi c connection in cooperation with its code-sharing part ner, Air Berlin.

Chronology 2015

1 AprilParkvogel (‘Parking Bird’) takes over management of holiday parking spaceAll 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 JulyGreat cinema on the Visitors’ TerracePopular 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 co-operation 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 JuneAn invitation to dance at the airportThe airport invited everyone to dance. Top sport smen 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 opport unity to part icipate in one of the many dance courses or take part in the Discofox Competition.

1 JulyThe A380 has arrived!The fi rst landing of the Emirates A380. The airport fi re briga-de 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 fi rst landing during a festive reception at the gate. Operation of the new Airbus fl agship will strengthen the position of Düsseldorf Air-port as the most import ant airport in Nort h Rhine-Westphalia.

23 JulyGreen light for “Substitute Areas Apron West”The state Ministry for Building, Housing, Urban Development and Transport of the state of Nort h 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 conside-ration from the very beginning of this process.

21 AugustPublic disclosure delayedThe completeness check by the Ministry for Building, Housing, Urban Development and Transport of the state of Nort h Rhine-Westphalia (MBWSV) of the application documents for an incre-ase in capacities at Düsseldorf Airport required Flughafen Düs-seldorf GmbH to modify and supplement the documents for substantiation of the application. The contents of the application were not aff ected by this procedure. However, the public disclo-sure of the contents of the application was also delayed owing to this situation.

8 JulyDUS goes electricFour electric cars (E-Golfs) went into operation at the airport . These vehicles complement the car pool of the airport head-quart ers, which now disposes of 15 vehicles in total for use by employees of the company for business rides. Düsseldorf Airport defi ned objectives to reduce CO2 emissions in 2010 and has continued to consistently track them in connection cooperation with the climate-protection programme “Airport -Carbon-Accreditation” (ACA). The airport plans to switch ap-proximately 30 vehicles to alternative drives by 2020.

22 AugustTraining workshop opens its doorsDüsseldorf Airport opened its gates to the training workshop for interested pupils, and additionally informed them about training opport unities and job profi les. The following tech-nical apprenticeships are available in 2016: plant mechanic for sanitary, heating and air conditioning; automotive me-chatronics, mechatronics specialists; electronics specialists for operations technology and the airport fi re brigade. In the commercial sector, the airport also off ers an apprenticeship for offi ce management, in addition to dual studies in the supply technology sector.


0911 12

Chronology 2015

4 SeptemberBamboo linksA 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 art ists association “Künstlerverein Malkasten” mirrors the connection between the People’s Republic of China and the state capital city of Düsseldorf .

17 SeptemberDUS gets EcoProfi t AwardAIt was on the occasion of the 15th anniversary of the environ-mental protection programme “EcoProfi t” in NRW that Düs-seldorf Airport was honoured for its employee project “CO2 Scouts”. This sustainability initiative of the airport is conse-quently one of a total of three honoured lighthouse projects in the category “Staff Retention – Treading new paths together”.

8 DecemberGreat acceptance for DUS96 percent of all people believe that the airport is an import ant 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 import ance of the air-port and approach it in a very rational and relaxed way. The benefi ts exceed the costs, e.g. in the form of noise pollution.

1 SeptemberNon-stop to Hong KongFrom Düsseldorf to Hong Kong in twelve hours. Cathay Paci-fi c Airways start ed off ering four weekly fl ights to the Chinese metropolis. The airline’s “Triple Seven”, i.e. the Boeing 777-300 aircraft , takes off from Düsseldorf Airport at 01:20 pm every Monday, Tuesday, Thursday and Saturday.

25 SeptemberDUS as a Lego modelPart of Düsseldorf Airport can be marvelled at a scale of 1:45 on the depart ures level before the model is moved permanent-ly to its fi nal 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.

25 NovemberThe world champion boxes in the terminalProfessional boxers Vladimir Klitschko and Tyson Fury ab-solved 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 interna-tional media representatives. This event was their last pub-lic 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-witt edness

5 DecemberThe airport invites to its skating rinkVisitors 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 depart ures building, the two former fi gure skaters, Marika Kilius and Tanja Szewczenko, assisted them.

9 NovemberNon-stop SingaporeDüsseldorf Airport was pleased about a new carrier, a new aircraft type and an additional top-class intercontinental fl ight connection: Singapore Airlines announced that they would fl y three times a week from the biggest airport in NRW to their hub in Singapore start ing July 2016. Düsseldorf Air-port will then be the fi rst German airport to be served using the new Airbus A350-900.

11 NovemberAir Berlin goes AmericaThe long-haul network of Düsseldorf Airport continues to grow: Air Berlin announced that they would introduce non-stop fl ight services to new destinations in Nort h and Central America start ing in May 2016. These new additional destina-tions will be served by Air Berlin using an Airbus A330-200 with business and economy classes.

14 December Passenger recordMaurice 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 Pacifi c for Flight CX376. Dr. Dohm pre-sented him with a voucher for VIP handling for two persons at Düsseldorf Airport . The costs for his next fl ight from Hong Kong to Düsseldorf with an accompanying person in the pre-mium economy class will be taken over by Cathay Pacifi c.

11 NovemberFirst ground water remediation plant goes into operationDüsseldorf Airport put into operation its fi rst large scale plant for remediation of the ground water on the airport grounds. This new plant helps to prevent PFT-contaminated ground water from fl owing downstream from the former fi re drill pond into the Kaiserswert h 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 perf luori-nated tensides (PFT).n.


„I save a lot of time since I can fl y directly to Tokio.“

Yuta Maruyama, frequent fl yer

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1 12 23 3

4 45 5

1. Munich 1.6m passengers

4. Antalya 1.0m passengers

5. Istanbul 1.0m passengers

1. Air Berlin 7.1m passengers

2. Germanwings/Eurowings 4.5m passengers

5. Sun Express 0.8m passengers

4. Condor 0.9m passengers

3. Lufthansa 1. 4m passengers

2. Palma de Mallorca 1.2m passengers

3. Berlin 1.1m passengers

Top Five Destinations and Airlines from DUS in 2015


“Düsseldorf Airport is the onlything that knocks me out.The connections are great,the service is perf ect, too.“

Wladimir Klitschko, boxer

K


A

C

D

GV

U

WZ

T

R

SN

PO

K L MIJF

EBDalamanDjerbaDresdenDubaiDubai-World CentralDublinDubrovnik

CagliariCalviCancunCardiffCataniaChania (Crete)ChicagoCorkCuraçao

OlbiaOmskOrenburgOsloOstrava

Umea

NadorNantesNaplesNew York-JFKNew York-NewarkNewcastleNewquayNiceNovosibirskNuremberg

MadridMahon (Menorca)MalagaMalatyaMaltaManchesterMarrakechMarsa AlamMarseilleMiamiMilan-LinateMilan-MalpensaMontego BayMontpellierMoscow-DomodedovoMoscow-SheremetyevoMoscow-VnukovoMunichMykonosMytilene

La RomanaLajesLamezia-TermeLeeds-BradfordLeipzig/HalleLinzLisbonLondon-CityLondon-GatwickLondon-HeathrowLondon-StanstedLongyearbyen (Spitzbergen)Los AngelesLuxembourgLuxorLyon

KalamataKarpathosKattowiceKavallaKayseriKopenhagenKorfuKosKrasnadorKütahya

Jerez de la FronteraJerseyJönköping

IbizaInnsbruckIstanbul-AtaturkIstanbul-Sabiha GökçenIzmir

GaziantepGazipasaGenevaGenuaGlasgowGothenborgGran CanariaGrazGuernsey

FaroFlorenceFort MyersFrankfurtFriedrichshafenFuerteventuraFunchal

TehranTel AvivTenerife-SouthThessalonikiTokyo-NaritaTrabzonTscheljabinskTunisTurin

SalSalalahSalzburgSamosSamsunSan FranciscoSanta Cruz de la PalmaSantiago de CompostelaSantorin (Thira)SevillaSharm El SheikhSingaporeSkiathosSkopjeSofiaSouthamptonSplitSt. PetersburgStockholmStuttgartSulaymaniyah

Reykjavik/KeflavikRhodosRigaRijekaRiminiRome

Palma de MallorcaPaphosParis-CDGPatras-AraxosPeking/BeijingPodgoricaPortoPorto SantoPoznanPragPrevezaPrištinaPuerto PlataPunta Cana

ValenciaVaraderoVarnaVenice

WarsawWesterland (Sylt)WienWroclaw/Breslau

203 destinations 51 countries 72 airlines

USA

Morocco

Mexico

Netherlands

United Arab Emirates

Jamaica

Dominican RepublicBarbados

NetherlandsAntilles

Cuba

Portugal

SwedenFinland

Russia

Malta

Norway

Latvia

Iceland

Canaries

Cape Verde

Italy

PolandDenmark

Great Britain

Irland

Spain

Iraq Iran

Tunisia

France

Egypt

ChinaJapan

Greek

Israel

Rumania

Macedonia

HungaryAustria

SerbiaSwiss

CroatiaKosovo

Montenegro

CyprusTurkey

BulgariaLuxembourg

Czech Republic

Flight Services 2016 Düsseldorf Airport

Abu DhabiAdanaAgadirAlicanteAlmeriaAl NajafAmsterdamAnkaraAntalyaArbil/ErbilArrecife (Lanzarote)AthensAtlanta

BarcelonaBariBarnaulBaselBastiaBeirutBelgradeBerlin-TegelBilbaoBillundBirminghamBoa VistaBodrumBolognaBostonBridgetownBrindisiBristolBucharestBudapestBurgas

East MidlandsEdinburghEdremitElazigEnfidhaErzurum

HHamburgHatayHavannaHelsinkiHeraklionHeringsdorf (Usedom)Hévíz-BalatonHong KongHurghada

OmanLibanon

SingaporeHongkong

ZadarZakynthosZonguldakZurich


“I travel throughout Europe pro-fessionally. The great thing about Düsseldorf Airport is that I can get everywhere within having to change planes.“

Mart in Göring, frequent fl yer

A


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 num-bers to about 22.5 million passengers in 2015. The introduction of a new direct flight connection to Hong Kong by Cathay Paci-fic and the scheduling of additional long-haul flights Asian regi-on 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 popula-ted 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 per-mit; 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 Barcelo-na 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 SupervisoryBoard has, among others, constantly dealt in detail with the standing of the company, the development of business, corpo-rate planning, investment activities and the company’s business policy, as well as requesting additional information from mana-gement about important issues on selected topics.

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 in-stalled from its midst were also informed about material events and important business transactions. Whenever business tran-sactions required the express approval of the Supervisory Board, management duly requested them. The Chairman of the Super-visory Board additionally informed himself constantly about material operational occurrences.

Baker Tilly Roelfs AG Wirtschaftsprüfungsgesellschaft, Düssel-dorf 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. The-se documents were prepared by management and given an un-qualified 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 Ger-man Budgetary Principles Act and the respectively published Principles Governing the Auditing of Companies. The Supervi-sory Board does not have any objections to the above. The Su-pervisory 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’ Mee-ting 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 sig-natory to the present report was elected as the new Chairman of the Supervisory Board for the period from 16.01.2016 un-til 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 Düssel-dorf GmbH following expiration of their regular office terms. Ms Stephanie Peifer, Mr Cafer Celik, Mr Werner Kiepe and Mr Mar-kus Paulich were elected as their successors. Ms Angela Hebe-ler 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 new-ly 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 outstan-ding performance during the business year 2015.

Düsseldorf, 14 March 2016

Flughafen Düsseldorf GmbHThe Supervisory Board

Thomas Geisel (Chairman of the Supervisory Board)

Report by the Supervisory Boardfor the Business Year 2015

“Many Dutch people fl y fromDüsseldorf because it is so close.“

Desirée van BenthemTravel agency Schoenmackers, Roermond

F


“Long-haul connections are very import ant for us freight forwarders.”

Alexander HapManaging Director Air Cargo Professional GmbH

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Audit Cert ifi cate

We have audited the financial statements – consisting of the balance sheet, profit-and-loss account and notes to the accounts to-gether 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 re-view of observation of the accounting obli-gations pursuant to § 6b Sect. 3 EnWG, ac-cording to which separate accounts must be kept for activities pertaining to § 6b Sect. 3 EnWG and activity reports must also be pre-pared. The maintenance of the books and re-cords as well as the preparation of the finan-cial statements and the management report in correspondence with German commercial law and observation of the obligations pursu-ant to § 6b Sect. 3 EnWG are the responsibi-lity of the legal representatives of the Compa-ny. 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 accoun-ting in accordance with § 6b Sect. 3 EnWG.

We conducted our audit of the financial state-ments in accordance with § 317 HGB and the generally accepted German standards for auditing of financial statements, as pro-mulgated by the German Institute of Auditors (IDW). These standards require us to plan and carry out our audit such that any mate-rial 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 expec-tation of possible errors were taken into ac-count while determining our audit activities and procedures. The effectiveness of the in-ternal control system relating to accounting and the evidence supporting the disclosures made in the accounting records, the financi-al 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 appro-priate and comprehensible and whether the principle of continuity has been observed. We believe that our audit represents an ade-quately secure basis for our opinion.

Our audit has not led to any reservations.

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 ma-nagement report accords with the financial statements, provides an accurate overall pic-ture of the standing of the Company and pre-sents 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 fol-lows, in accordance with § 321 Sect. 5 HGB, § 32 WPO:

Düsseldorf, 15 January 2016 Baker Tilly Roelfs AGAuditing Company

Stephan Martens Rüdiger ReinkeAuditor Auditor

Audit Certificate 35

Balance Sheet FDG 36

Profit-and-loss Account FDG 38

Consolidated Balance Sheet 39

Consolidated Profit-and-loss Account 41

Notes 42– General Notes 42– Group of consolidated companies 42– Principles of consolidation, accounting and valuation

– Notes to Consolidated Balance Sheet 50– Notes to Consolidated Profit-and-loss Account

– Additional information 53

Group Management Report 56

Annual Accountas at 31 December 2015


Liabilities 31. 12. 2015 31. 12. 2014 EUR EUR EUR A. Equity Capital I. Subscribed capital 25,564,594.06 25,564,594.06 II. Capital reserve 80,582,202.95 80,582,202.95 III. Revenue reserve (other revenue reserves) 1,230,210.15 1,230,210.15 IV. Net income for the year 55,028,168.70 44,680,49.46 162,405,175.86 152,057,501.62

B. Special Item for Tangible Asset Investment Subsidies 44,837,101.61 48,027,951.53 C. Special Item with Accrual Character 54,081,568.69 56,552,410.25 D. Accrued Liabilities 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 3. Other provisions 65,223,472.57 67,463,400.63 78,188,793.41 76,005,169.91 E. Liabilities 1. Due to banks 560,583,256.02 594,196,961.95 2. Verbindlichkeiten aus Lieferungen und Leistungen 9,521,204.41 9,320,497.96 3. Accounts payable 19,752,058.34 21,308,779.64 4. Due to companies with which the company is linked by virtue of participating interests 16,587,604.70 17,884,141.21 5. Other liabilities 12,761,272.78 10,711,173.93 619,205,396.25 653,421,554.69 F. Deferred Income 524,087.81 673,679.16

959,242,123.63 986,738,267.16

01. 01. – 31. 12. 2015EUR

404,641,527.55

1,824,045.09

10,719,529.19

31,000,472.5675,026,705.54

62,367,243.5817,325,973.48

61,618,288.46

64,857,659.04

3,698,549.42

9,620,409.47

4,413.07

407,788.26

13,774,221.38

19,210,818.25

85,734,879.76

1,598,133.78

4,526,425.35

-2,928,291.57

24,989,136.95

2,789,282.54

55,028,168.70

01. 01. – 31. 12. 2014EUR

389,060,052.18

1,869,394.07

11,933,364.82

28,167,085.7671,963,793.48

59,568,256.5716,755,273.01

56,833,831.23

73,236,348.51

3,555,685.74

0.00

5,486.14

1,294,460.38

20,778,479.54

21,054,394.94

59,360,980.29

10,278,276.24

2,408,136.35

7,870,139.89

21,166,015.89

1,384,609.83

44,680,494.46

Assets 31. 12. 2015 31. 12. 2014 EUR EUR EUR A. Fixed Assets I. Intangible assets 1. Concessions, industrial property rights acquired for a consideration and similar rights and values as well as licences to such rights and values 16,805,312.47 19,839,291.47 2. Payments on account 1,360.00 10,150.39 16,806,672.47 19,849,441.86 II. Tangible assets 1. Land, leasehold rights and buildings, including 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 d) Building leases 1,925,310.00 2,085,753.00 2. Plant and machinery a) Airport facilities 92,789,806.00 83,790,819.00 b) Operating facilities 167,990,573.77 121,766,196.17 3. Other facilities, business and operating equipment 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 III. Financial assets 1. Shares in affiliated undertakings 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 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 3. Due from companies with which the company is linked by virtue of participating interests 2,366,304.55 45745,835.38 4. Other assets 3,871,760.98 2,426,301.76 45,569,377.78 76,015,827.65 III. Liquid funds 23,174,517.10 8,412,973.44 70,726,870.41 86,540,904.02 C. Prepayments and Accrued Income 1,725,904.82 2,060,810.24 959.242.123,63 986.738.267,16

Balance Sheet FDG as at 31.12.2015

Profi t- and loss Account FDG from 1 January 2015 until 31 December 2015

Profit-and-loss-Account (with comparative figures for the period from 01.01.2014 until 31.12.2014) 1. Sales revenues 2. Capitalised cost of self-constructed assets 3. Other operating revenues 4. Cost of materials a) Raw materials and supplies b) Cost of purchased services 5. Personnel expenses a) Wages and salaries b) Social contributions and other pension costs 6. Depreciation on intangible fixed assets and tangible assets 7. Other operating expenses 8. Investment income 9. Income from profit-transfer agreements 10. Income from other securities and lending of financial assets 11. Other interest and similar income 12. Loss acceptance expenses 13. Interest and similar expenses 14. Results from ordinary activities 15. Extraordinary income 16. Außerordentliche Aufwendungen 17. Extraordinary result

18. Taxes on income 19. Other taxes

20. Net income for the year

39 40 41Düsseldorf Airport Annual Report 2015

01.01. – 31.12.2015EUR

448,997,074.99

1,824,045.09

13,731,326.88

30,089,272.1668,812,194.98

100,302,928.3328,030,586.50

69,256,420.28

65,509,404.62

2,366,185.55

4,413.07

360,513.30

123,455.00

20,771,671.41

84,387,625.60

1.598.133,78

4,499,888.01

24,609,119.80

3,160,923.73

53,715,827.84

33,403,965.43

44,680,494.46

42,439,298.810.00

42,39,298.81

01.01. – 31.12.2014EUR

425,582,662.78

1,869,394.07

14,016,596.45

28,867,135.6867,290,110.57

98,238,391.1327,444,597.40

63,529,574.36

76,900,734.80

1,635,762.09

5,486.14

842,405.42

21,118.00

22,582,979.81

59,077,625.20

10,278,276.24

2,408,136.35

22,246,608.27

1,757,315.51

42,943,841.31

27,081,362.83

36,622,617.80

33,402,586.341,379.09

33,403,965.43

Liabilities 31. 12. 2015 31. 12. 2014 EUR EUR EUR A. Equity I. Subscribed Capital 25.,64,594.06 25,564,594.06 II. Capital Reserves 80,582,202.95 80,582,202.95 III. Revenue Reserves (Other Revenue Reserves) 2,855,001.48 1,274,128.48 IV. Third-party Equity Shares 175,692.52 174,715.23 V. Consolidated Balance Sheet Profit 42,439,298.81 33,403,965.43 151,616,789.82 140,999,026.00

B. Special Item for tangible asset investment subsidies 44,837,101.61 48,027,951.53 C. Acrueled Liabilities 1. Provisions for pensions and similar obligations 15,211,236.00 15,222,602.00 2. Provisions for taxation 7,636,630.97 3,667,614.46 3. Other provisions 90,505,019.82 91,203,918.53 113,352,886.79 110,094,134.99 D. Liabilities 1. Liabilities to banks 588,874,519.37 623,506,658.74 2. Property-financing liabilities 85,848,411.28 91,422,892.94 3. Trade accounts payable 10,135,595.59 16,144,295.36 4. Amounts payable to joint and associated undertakings 16,587,604.70 17,884,141.21 5. Other liabilities 13,818,484.03 12,763,809.28 715,264,614.97 761,721,797.53 E. Deffered Income 1,880,179.28 2,051,581.12 F. Deferred Tax Liabilities 16,981,612.57 16,909,170.00

1,043,933,185.04 1,079,803,661.17

Assets 31. 12. 2015 31. 12. 2014 EUR EUR EUR A. Fixed Assets I. Intangible Assets 1. Concessions, industrial commercial property rights and similar rights and values, as well as licenses thereto 16,819,209.83 19,868,913.83 2. Goodwill 217,963.37 254,315.40 3. Payments on account 1,360.00 10,150.39 17,038,533.20 20,133,379.62 II. Tangible assets 1. Land, leasehold rights and buildings, including 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 23,633,643.64 120,339,405.79 929,692,998.98 978,571,691.91 III. Financial assets 1. Holdings in joint ventures and associated undertakings 3,897,888.29 3,996,368.29 2. Other loans 199,763.41 253,087.65 4,097.651.70 4,249,455.94 950,829.183.88 1,002,954,527.47 B. Current Assets I. Inventories Raw materials and supplies 4,709,538.45 7,293,672.74 II. Accounts Receivable and Other Assets 1. Trade accounts receivable 27,311,113.74 22,506,057.06 2. Receivables from joint ventures and associated undertakings 2,366,304.55 1,795,039.28 3. Other assets 5,131,563.21 3,868,497.24 34,808,981.50 28,169,593.58 III. Liquid Funds 25,586,743.90 13,460,074.43 65,105,263.85 48,923,340.75 C. Prepaid Expenses 1,754,724.26 2,689,668.92 D. Deferred Tax Assets 26,244,013.05 25,236,124.03 1.043,993,185.04 1,079,803,661.17

Profit-and-loss-Account (with comparative figures for the period from 01.01.2014 until 31.12.2014) 1. Sales revenues 2. Other company-produced additions 3. Other operating revenues 4. Cost of materials a) Raw materials and supplies b) Purchased services 5. Personnel expenses a) Wages and salaries b) Social contributions and expenses for pensions and support 6. Amortisation of intangible and tangible assets 7. Other operating expenses 8. Income from application of the equity method 9. Income from other securities and lending of financial assets 10. Other interest and similar revenues 11. Write-downs on financial assets

12. Interest and similar expenses 13. Results from ordinary business activities 14. Extraordinary income 15. Extraordinary expenses 16. Taxes on income 17. Other taxes 18. Consolidated profit for the year – of which relating to other shareholders 0.00 EUR (prev. year: -580.15 EUR) 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

Consolidated Balance Sheetas at 31. December 2015

Consolidated Profi t-and-loss Account from 1 Jan. 2015 until 31 Dec. 2015


General Notes

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.

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, con-solidated profit-and-loss account, conso-lidated 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 profit-and-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 compa-ny. All subsidiaries, joint undertakings and associated undertakings prepare their fi-nancial statements on the basis of this ba-lance sheet date.

Companies included in the consolidated financial statements by way of the so-called equity method as well as those com-panies obliged to provide this information pursuant to § 313 Sect. 2 No. 2 and 3 HGB can be presented as follows:

Preparation of full consolidation

The annual accounts of the parent com-pany and its subsidiary companies are in-cluded in the consolidated financial state-ments on the basis of uniform accounting, valuation and presentation methods ac-cording to group accounting guidelines.

Whenever the individual financial state-ments of subsidiaries are not already in line with the accounting, valuation and presen-tation methods of the parent company and/or whenever the accounting, valuation and presentation methods in the consolidated financial statements differ from those ap-plied to the individual financial statements of the parent company, the required stan-dardizations are carried out by preparing so-called Commercial Balance Sheets II.A conversion of currencies is not required pursuant to § 308a HGB since the conso-lidated financial statements only encom-pass resident (German) companies.

Full consolidation

Full consolidation measures consist of the following:

– Capital consolidation– Debt consolidation– Consolidation of expenses and income

Deferred taxes are also given considerati-on as required for consolidation.

If at all necessary, the elimination of inter-company profits is dispensed with pursu-ant to § 304 Sect. 2 HGB owing to their minor significance.

Capital is consolidated for all subsidiari-es 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, provisi-ons according to § 253 Sect. 1 Sentence 2 and 3, Sect. 2, and deferred taxes are es-

tablished according to the balance sheet-oriented concept (subsequently as requi-red during transition to BilMoG) pursuant to § 274 Sect. 2 HGB. A positive differen-tial amount remaining as a result of capi-tal consolidation is shown as goodwill. Ne-gative 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 liabi-lities as well as other contractual obliga-tions between companies included in the consolidated financial statements are eli-minated in connection with debt consoli-dation 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 con-nection with consolidation of expenses and income.

Deferred taxes are formed for consolida-tion measures according to the so-called balance sheet-oriented concept and pur-suant to § 306 HGB. Deferred taxes must also be given consideration during capital consolidation, with the exception of diffe-rential amounts remaining from offsetting of capital. A possible so-called surplus of assets resulting from the formation of de-ferred taxes on consolidation measures is recognized in full.

Deferred taxes resulting from consolida-tion measures are recorded in the con-solidated financial statements in full and aggregated together with deferred taxes not relating to consolidation pursuant to § 274 HGB.

Name Reg.Office Subscribed Share %Flughafen Düsseldorf GmbH Düsseldorf Parent CompanyFlughafen Düsseldorf Ground Handling GmbH Düsseldorf 100Flughafen Düsseldorf Cargo GmbH Düsseldorf 100Flughafen Düsseldorf Immobilien GmbH Düsseldorf 100Flughafen Düsseldorf Verwaltungs GmbH Düsseldorf 100Flughafen Düsseldorf Security GmbH Düsseldorf 100Flughafengesellschaft Mönchengladbach GmbH Mönchengladbach 70.03Flughafen Mönchengladbach Grundstücks-verwaltungsgesellschaft mbH* Mönchengladbach 70.03Flughafen Düsseldorf Energie GmbH Düsseldorf 100ESTAMIN Grundstücksverwaltungs-gesellschaft mbH & Co. Vermietungs KG** Mainz 100Japon Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG** Mainz 100* held via Flughafengesellschaft Mönchengladbach GmbH** special purpose company pursuant to § 290 Sect. 2 No. 4 HGB

Name Reg.Office Subscribed Share % NotesBISAWA Objekte Airport- Pullach 100 Joint Düsseldorf GmbH & Co. KG undertakingSITA Airport IT GmbH Düsseldorf 30 Associated undertakingFlughafen Düsseldorf Düsseldorf 40 AssociatedTanklager GmbH undertaking

Consolidated Companies

Companies included in the consolidated fi-nancial statements by way of full consolida-tion and those which are obliged to provide such information pursuant to § 313 Sect. 2 No. 1 HGB can be presented as follows:

Notes

The following changes were noted for the consolidated group during the period un-der review:

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.

Laroba GmbH & Co. KG was fully consoli-dated 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 fi nancing of construction of the new building during the above-menti-oned years and part icularly carried most of the fi nancial risks from an economic viewpoint. The new administration buil-ding was completed during the business year under review and the interim fi nan-cing of construction was taken over by Laroba in connection with a long-term bank loan. The company was then decon-solidated on the basis of the correspon-dingly changed distribution of opport uni-ties and risks.

Consolidation, Accounting and Valuation Principles

Consolidation principles

In addition to observing the provisions of HGB, consolidation also gives conside-ration to German Accounting Standards (DRS) by the German Accounting Stan-dards Committee.


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 person-nel and materials expenses for own em-ployees who are responsible for the plan-ning, execution and monitoring of projects relating to the production of an asset are capitalised as internally produced assets. Whenever an asset is acquired or manu-factured, interest on borrowed capital is capitalised during the manufacture res-pectively the purchase period (construc-tion period interest) whenever there is a direct relationship between the asset its-elf and the respectively borrowed capital.Useful lives are estimated on the basis of the airport-specific Useful Life Table pub-lished by Arbeitsgemeinschaft der deut-schen Verkehrsflughäfen, ADV.

Depreciation at the relevant lower reporta-ble value is only applied in case of perma-nent impairment.

As in prior years, low-value items with ori-ginal costs of up to 410 EUR have been completely written off in the year of ac-quisition since 2010 (assumed disposal).Goodwill is only noted in the consolidated financial statements in connection with the consolidation of the subsidiary FD Car-go GmbH. Useful lives were determined under consideration of the circumstance that the key sales and procurement mar-kets 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.

Consolidation of joint undertakings and associated undertakings

Under application of the respectively appli-cable option right, so-called joint underta-kings and associated undertakings are in-cluded in the consolidated financial state-ments according to the equity method. In such cases, initial application of the equity method is carried out from the date of ac-quisition, in analogy to full consolidation.When dealing with joint undertakings, the equity method is applied on the basis of financial statements of the joint underta-king that have been adjusted to match the accounting, valuation and disclosure me-thods shown in the consolidated financi-al statements (HB II). In accordance with the option right, the accounting, valuation and disclosure methods applied by asso-ciated undertakings have not been adjus-ted to match those applied by the group of companies.

The elimination of inter-company profits has been dispensed with due to minor si-gnificance in connection with application of the equity method and in accordance with §§ 312, 304 HGB.

Goodwill respectively negative consoli-dation differences have not been noted to date in connection with application of the equity method.

Accounting and valuation principles

General notes

The accounting, valuation and disclosu-re 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 sing-le company accounts level of the parent company and subsidiary companies res-pectively 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 resul-ting from determination of deferred taxes is capitalised and an unbalanced reporting (gross reporting form) of deferred tax as-sets and liabilities is recognised. At a level of the single company financial statements of the parent company, however, recogniti-on of a possibly existing surplus of assets is dispensed with and deferred taxes and liabilities are offset (net reporting form). Variances noted between commercial ba-lance sheet and tax balance sheet valua-tions 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 in-dividual company are applied alternatively to such procedures whenever future tax ra-tes 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 conso-lidation measures (not offset). Consolidati-on-based deferred taxes are generally trea-ted in analogy to non-consolidation-based deferred taxes up to a commercial balance sheet II level owing to the deviating exer-cise of the option relating to deferred taxes.The option pursuant to Article 28 Sentence 2 EGHGB regarding the recognition of pro-visions for so-called indirect pension ob-ligations and similar obligations is exer-cised in the single company accounts of

the parent company by not making provi-sions for such obligations. The consolida-ted financial statements of the FDG Group give consideration to indirect pension ob-ligations and similar obligations by apply-ing a so-called intermediate amount – i.e. only a partial amount and not the full obli-gation 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 par-tial 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 quan-tified. These obligations relate to vested company pension rights held by certain group members in Rheinische Zusatzver-sorgungskasse (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 procedu-re was carried out until the so-called Bil-MoG transition came into force and was in line with the so-called principle of re-versed 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 recog-nised in the consolidated financial state-ments since then.

At the level of those companies which are included in the group of companies, ac-counting 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 produ-ced intangible assets (development ex-penses) has not yet been pertinent to the FDG Group. Such assets are correspon-dingly not shown in the consolidated ba-lance sheet.

The FDG Group has also formed corres-ponding valuation units at a balance sheet level in cases where variable interest lo-ans are hedged against the interest rate risk in connection with risk management policy. Interest swaps and forward inte-rest swaps relating to micro hedges are aggregated correspondingly into valuati-on units together with the secured loan tranche. The so-called net hedge presen-tation method is then applied to the ac-counting treatment.

The timing requirements for preparation and audit of the consolidated financial statements necessitate a so-called Fast Close Procedure. Particularly revenu-es 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 pay-ment are capitalised at cost of acquisition and written off according to their service lives under application of the linear me-thod of depreciation whenever they are subject to wear and tear.

Tangible assets are shown at cost of acqui-sition respectively cost of manufacture mi-nus scheduled linear depreciation in case

Notes


Notes

Accruals and deferrals

On the Assets side, prepayments and ac-crued income consist of expenditures pri-or 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.

Financial assets

Shares in joint undertakings and associ-ated companies are accounted for using the equity method (cf. above).

Other loans refer to loans from employer to employees and are recognised at no-minal 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 in-dividual and lump-sum value adjustmentsLiquid funds consist of cash in hand and bank balances and are shown at nomi-nal value.

Accrued liabilities

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-men-tioned 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 conside-ration 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 re-sidual terms on the basis of the average interest rates specified by Deutsche Bun-desbank for the past seven years.

Provisions for pensions and similar obliga-tions (assistance payments), early retire-ment obligations, anniversary obligations and continued pay in case of death were shown on the basis of values that were de-termined by the actuarial expert.

The discounting of provisions for pensions and similar obligations (assistance pay-ments) was based on the interest rate ap-plied to a residual term of 15 years (3.89%), in correspondence with § 253 Sect. 2 Sen-tence 2 HGB.

Actuarial calculations are generally based on the following:

– The projected unit credit method (PUC method) as the actuarial procedure respectively the net present value method for calculation of early retirement obligations;

– The Reference Tables RT 2005 G from Heubeck Richttafeln GmbH for biomet- ric 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 obli-gations 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 con-tributions that increases during the wor-king phase is accumulated in the provision.To the extent that price/cost increases ari-se in connection with other provisions, the-se were included in calculation at an inte-rest rate of 2% - 3%.

Liabilites

Liabilities are shown at repayment amount.


Schedule of consilidated Fixed Cost of Purchase and Manufacture Accumulated Depreciation Book Values Asset Movements Carried forward Additions during Write-ups Transfers Disposals Status on Carried forward to Additions Write-ups Transfers Disposals Stantus on Status on Status on 01.01.2015 business year 31.12.2015 01.01.2015 31.12.2015 31.12.2015 31.12.2014 EUR EUR EUR EUR EUR EUR EUR EUR 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 68,685,541.14 723,042.29 88,838.00 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 2. Goodwill 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 3. Payments on account 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 Total intangible assets 69,625,891.33 723,042.29 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 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 2. Plant and machinery 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 3. Other fixtures and fittings, tools and equipment 115,537,652.46 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 4. Payments on account and tangible assets in course of construction 120,339,405.40 10,713,936.38 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 Total tangible assets 2,142,874,417.57 61,883,874.40 15,460.68 -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

III. Financial assets 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 2. Loans to affiliated undertakings 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 Total financial assets 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 Total fixed assets 2,216,770,942.77 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 1,254,176,832.66 950,829,183.88 1,002,954,527.47

Notes


31.12.2015 31.12.2014 TEUR TEURSecured by mortgages 114,410 106,181Secured by negative pledge 560,583 589,197 674,723 695,378

Liablities 31. 12. 2015 Residual Residual Residual 31. 12. 2014 term term term < 1 year 1-5 years > 5 years TEUR TEUR TEUR TEUR TEURDue to banks 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 Other liabilities 13,818 11,781 2,037 0 12,764 – thereof relating to other loans 74 74 0 0 80– thereof relating to taxes 3,190 3,190 0 0 6,818– thereof relating to social security 0 0 0 0 1 715,265 96,305 277,741 341,219 761,722

Notes to the Consolidated Balance Sheet

Fixes assets

The development of fixed assets during the financial year 2015 and its breakdown can be taken from the attached Schedule of Fixed Asset Movements.

Current assets

An amount of 2.048m EUR of current as-sets refers to raw materials and supplies while an amount of 2.662m EUR pertains to land in Airport City that is earmarked for sale.

Accounts receivableand other assets

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.


The greatest item in the position defer-red 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.

Subscribed capital

The fully paid-up share capital of the Com-pany 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.

Capital reserve

The capital reserve has not changed.

Revenue reserves

Revenue reserves have increased, exclusi-vely as a result of the non-income-effective deconsolidation of Laroba GmbH & Co. KG.

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 compa-ny exceeds the consolidated net earnings.

Adjustment item for minority interests

The adjustment item minority interests refers to shares held by co-shareholders in Flughafengesellschaft Mönchenglad-bach GmbH.

Special item for tangible asset investment grants

In past years, Flughafen Düsseldorf GmbH received investment grants (state sub-sidies 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. In-come from the release of this item amoun-ted to 3.141m EUR during the business year under review.

This item also includes EU grants for cons-truction 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

Accrued liabilities

Among others, the item ‘other provisions’ refers to amounts set aside for noise pro-tection measures. These funds relate to possible refund claims for noise insulati-on measures carried out by the owners of private homes and supporters of facilities requiring special protection within a spe-cified noise protection area. It additionally considers a provision for performance of the expected refund claims due to com-pensation for outdoor living areas in ac-cordance 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 FDG Group established a provision in an amount of 5.146m EUR (discounted) in 2010 to cover the risk of ground water con-tamination with perfluorinated tensides (PFT) on the airport grounds and the re-sulting redevelopment obligations. Taking into account amounts spent in the mean-time and discounting, this provision is pre-sently noted at an amount of 3.467m EUR. The estimate for the duration and deve-lopment of expected remediation measu-res was updated during the reporting year.

Provisions include an amount of approxi-mately 9.0m EUR for indirect pension ob-ligations and similar obligations.

Other provisions refer to outstanding in-voices, rebates on airport charges, provi-sions for the personnel sector (including early retirement and anniversary bonuses), payroll expenses and other customary pro-visions such as the audit of the year-end financial statements, for instance.

Liabilities

The following list shows the breakdown of liabilities and their maturities:

31.12.2015 31.12.2014 TEUR TEURTrade accounts receivable 27,311 22,506- of which with residual terms <1 year 27,311 22,506

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 ofparticiparting interests 0 0- of which with the residual terms < 1 year 0 0

Other assets 5,132 3,868- of which with the residual terms <1 year 4,911 3,548- of which with the residual terms > 1 year 221 320

Notes

The following collaterals were furnished for amounts due to banks and property financingt:

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.


Notes to the Consolidated Profit-and-loss-Account

Sales revenues

Passenger numbers at Düsseldorf Airport increased by 2.9% to 22,476,500 passen-gers in comparison with the previous busi-ness year. The total number of aircraft mo-vements has practically remained constant on prior year with a total of 210,205 take-off and landing procedures.

Sales revenues amounted to 448.997m EUR in 2015 and have consequently incre-ased by 23,415m EUR respectively 5.5% on prior year.

Aviation revenues are reported with a figu-re of 274.873m EUR and have also decrea-sed by 3.3% on prior year (2014: 266.092m EUR). This development was mainly pro-duced by the reported increase in passen-ger 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 beve-rage/catering) and retailing areas, utility (energy) revenues, management of adver-tising areas and revenue from the internal rental of parking areas

Other operating revenues

Other operating revenues are reported with a result of 13.731m EUR and have practically remained unchanged in com-parison with the previous business year (14.017m EUR). Among others, the gre-atest revenues noted during the business year 2015 relate to revenues from the re-lease 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 .

Cost of materials

The cost of materials increased by 2.744m EUR to a total sum of 98.901m EUR in comparison with the business year 2014.

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 contribu-tions, 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 be-nefits (previous year: 8.764m EUR).

Depreciation

The reported depreciation sum includes an amount of 36k EUR representing the con-solidation-based amortisation of goodwill at an FDGHG level.

Other operating expenses

Among others, this position includes PR expenses, individual write-downs on recei-vables, EDP costs, legal and professional expenses, expenses for insurance premi-ums as well as security services.

Income from application of the equity-method

DThis income exclusively refers to BISA-WA Objekte Airport-Düsseldorf GmbH & Co. KG, Düsseldorf and represents the commercial-law-based allocation of divi-dends for the business year 2015.

Interest expenditures

Interest paid in an amount of 20.772m EUR (previous year: 22.583m EUR) mainly re-fers to long-term financing.

The compounding of provisions produ-ces 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).

Extraordinary result

The item extraordinary expenses is main-ly characterised by two business transac-tions. Revenues noted during the business year under review mainly refer to the re-lease 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 red-undancy payments and severance agree-ments, early retirement and advisory fees.

Taxes and income tax splitting

Baxes on income give consideration to a balanced amount of 935k EUR for defer-red taxes.

Other taxes mainly refer to real estate tax.

Additional information

Breakdown of staff numbers

The average number of employees can be broken down as follows:

Staff 2015 2014Clerks 2,182 2,159Apprentices 69 64Total 2,251 2,223

BISAWA Objekte Airport-Düsseldorf GmbH & Co. KG and Laroba GmbH & Co. Kommanditgesellschaft have no em-ployees.

Guarantees and other commitments

Flughafen Düsseldorf GmbH has entered into the following rent guarantees on be-half of BISAWA:

Minimum net Duration annual rent until (TEUR)Maintan. hangar 8 1,280 October 2018Air-freight building Oktober 2018 and car rental center 6,900 resp. May 2019

It is highly improbable that these obliga-tions will have to be carried out under con-sideration of the economic circumstances of BISAWA.

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 acqui-re on a pro rata basis all claims relating to tenant’s loans and the Estamin leasing contracts which are noted completely ac-ross all group companies with a term en-ding 2029. An initial period of interest rate fixation relating to these agreements en-ded on 31 January 2013, after which cor-respondingly adjusted leasing rates have had to be paid.

Among others, the banks have been gran-ted 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 accor-dingly sold to this bank the overall claim resulting from the leasing rates according to leasing agreement which relates com-pletely to other group companies. The loan term ends on 30 September 2030. An initi-al period of interest rate fixation relating to these agreements ends on 30 September 2020, after which correspondingly adjus-ted leasing rates will have to be paid.

Among others, a land charge was registe-red on the leasing object in favour of the bank and in an amount equivalent to the loan sum.

Notes


Among others, deferred income liabilities include a paid-out present value benefit that resulted from a subsequently conclu-ded, more favourable refinancing of exis-ting loans. This was recognised under de-ferred income in 2002 and has been rever-sed over the loan terms since then.


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 li-quidity situation (use without having to fi-nance a one-off purchase price) and also to improve financial performance. Movab-le 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 Fi-lana 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 informati-on. The leasing rates could change upon expiration of the first tied interest term be-cause the adjustment of refinancing. Flug-hafen 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 ren-tal term. Managing the parking facilities jointly with an operator during the lease term will present the FDG Group with op-portunities in cooperation with an operator. The group of companies noted revenue in an amount of 639k EUR from this const-ruct in 2015.

The company BISAWA Objekte Airport-Düsseldorf GmbH & Co. KG was establis-hed in 2008. The parent company of the group, Flughafen Düsseldorf GmbH, is the limited partner and BISAWA Beteili-gungs 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 air-port: 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 allo-cated to a special item with accrual cha-

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 administra-tion 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 subsi-diary company Flughafen Düsseldorf Im-mobilien GmbH to the future lessor, Laro-ba GmbH & Co. Kommanditgesellschaft (“Laroba”) at the end of 2012.

Flughafen Düsseldorf Immobilien GmbH is the limited partner of Laroba whose capi-tal 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 ac-cepted financing during the construction phase. Laroba was then deconsolidated following takeover by Berliner Hypothe-kenbank of the final financing and the as-sociated changed distribution of risks for FDG. This company is now shown at cost of acquisition of the investment book va-lue by Flughafen Düsseldorf Immobilien GmbH within the group of companies.

In addition to the above-mentioned off-balance-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 commit-ments in an amount of 36.7m EUR for or-ders placed as at the balance sheet date.

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 mea-sures. 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 in-stance, 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 re-spect (cf. above). FDG will have the option to purchase all shares in the general part-ner GmbH at the end of the calendar year 2034. In its function as the property-ma-naging company, BISAWA does not have to pay any trade taxes received in this res-pect, in accordance with the provisions of § 9 No. 1 Sentence 2 GewStG. Flughafen Düsseldorf GmbH had to furnish an over-all 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 opportuni-ties 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 peri-od under review.

The FDG Group has also entered into a building lease agreement (Düsseldorf In-ternational Airport is basically operated on building-lease land) as well as diver-se tenancy and maintenance/service ag-reements.

Valuation units

The FDG Group secures itself against the risk of higher interest rates for variable in-terest loans denominated in EUR by em-ploying interest swaps and forward inte-rest swaps. Reference is made in this con-text to our notes regarding the formation and accounting of valuation units. Variable interest on underlying business is regularly EURIBOR-based.

Collaterals refer to partial tranches of a consortium loan in an amount of 1.05bn EUR that was taken out in 1998 after the fire at the airport in 1996 and a promisso-ry note loan in an amount of 198m EUR that was taken out in 2015. The residu-al amount of the consortium loan in an amount of 161.909m EUR and of the pro-missory note loan in an amount of 78.0m EUR is included in valuation units. The va-luation units also include a bilateral loan that was taken out from KfW Ipex GmbH in an amount of 50.0m EUR in 2013. Col-laterals were not provided via valuation units for liabilities relating to the financing of real properties.

So-called micro hedges represent valua-tion units – i.e. there is individual, full col-lateral for each secured tranche that runs over either the full tranche period or only partly and which is fully effective. Follow-up collaterals (forward interest swaps) are also available, if required. The cash flow change risk is also secured. Pertaining to basic business, there are no other risks than an increase of interest rates. The ef-fectiveness of collaterals is determined under application of the so-called critical terms match method. Provisions cover possibly existing negative market values.Current collaterals are applicable at least until the second quarter of 2016 and until 2024 at the latest. Of the above-mentioned amounts secured to the balance sheet date, amounts totalling to a sum of appro-ximately 83.6m EUR are not secured over their entire residual periods. The balance sheet values are, however, still subject to repayment until the currently existing col-laterals expire so that possible follow-up

collateral would refer to lower amounts. These collaterals produce synthetic, fixed interest loans at interest rates ranging bet-ween 1.405% and 4.03% plus the respec-tively applicable credit margin

.

Deferred taxes

Deferred taxes were determined on the basis of a uniform Group-wide tax rate of 31.4% since all companies included in the consolidated financial statements are re-sident (German) companies.

Material differences between commer-cial and tax balance sheet valuations per-tain to:

– Pension and benefit obligations; deferred tax assets

– Other provisions, particularly early retirement obligations, costs of litigation and anniversary bonuses; deferred tax assets

– Neutralisation of additional purchase price relating to group-internal sale by the special purpose entities ESTAMIN and Japon; deferred tax assets (18.418m EUR

– Special item with equity portion; deferred tax liabilitiesThere are no losses carried forward.

Auditing and consulting fees

Audit fees were noted in an amount of 114k EUR for the business year 2015 and pertain to the audit of the consolidated financial statements, the single compa-ny accounts of the parent company, the subsidiary companies and a joint underta-king. An amount of 12k EUR of the above-mentioned sum relates to the audit of the consolidated financial statements 2015. An amount of 88k EUR was noted for tax advice during the business year under re-view. The (group-wide) fee for other ad-visory services amounted to a sum of 75k EUR in 2014.

Total emoluments of the board of Management and of former Management members as well as remuneration paid to the Supervisory Board

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 Ma-nagement. The respectively formed pen-sion provisions are shown at an amount of 1,974,916 EUR as at 31 December 2015.

The Supervisory Board received emolu-ments in a total amount of 62,530.13EUR in 2015 including attendance fees.

Notes on the Cash Flow Statement

Cash and cash equivalents generally con-sist 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 in-cluded in financial resources. Bank liabili-ties due on demand and other future bor-rowing 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

Flughafen Düsseldorf GmbHDr. Ludger Dohm Thomas Schnalke

Notes


average of 4.3 with a result of 3.3% for the above-mentioned period. Düsseldorf Air-port was also below the national average of +1.3% for aircraft movements and re-ported an increase of 0.1% for the refe-renced period.

Many airlines tended to employ bigger aircraft types during recent months. The above-average growth of traffic during the summer and autumn holidays in NRW is also noteworthy so that the performance indicators Seats/Flight (153.0; +3.3 seats) and MTWO/Flight 71.6t; +0.9t) show the corresponding results.

The share of transfer passengers was 9.6% (934,102 in comparison with 2014;

-65,748 transfer passengers) during the period under review. This result, which was 1.0% points below the comparative 2014 figure, corresponds to a decrease in transfer passengers by 6.6% on prior year. A considerable decrease in the num-ber of transfer passengers was noted af-ter Lufthansa had transferred traffic to Germanwings with effect from April 2014. Air Berlin was also only able to maintain last year’s results for transfer passengers. However, the total number of non-transfer passengers increased from 8,389,784 to 8,766,353 passengers (+4.5%) during the period under review.

Seen from a regional traffic viewpoint, do-mestic traffic decreased by 0.3% during the period under review, mainly due to frequency cuts not only by Germanwings/Lufthansa, but also by Air Berlin on the routes to Frankfurt, Hamburg and Nurem-berg. Flight cancellations caused by seve-ral strikes (particularly the strike by Luft-hansa/Germanwings pilots, security staff members etc.) respectively the grounding of flights because of weather conditions (e.g. the storm “Niklas” in March) additio-nally had a negative impact on traffic du-ring the period under review.

Development of Business and General Conditions

Business activities

Flughafen Düsseldorf GmbH (“FDG”) de-velops and operates Düsseldorf Interna-tional Airport. The subsidiary companies are also included in the operation of the airport. Only the subsidiary Flughafenge-sellschaft Mönchengladbach GmbH runs its business outside of Düsseldorf Interna-tional Airport. The operation of air trans-port services is not part of the business ac-tivities of FDG. This is done by the airlines.

Modern airports are a lot more than simply traffic interchanges respectively the begin-ning or end of a journey these days. They also present themselves as a world of ex-perience 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 busi-ness activity. The airport is also active via its business sectors Aviation and Non-aviation in the provision of infrastructures and the handling of airport operations. In the passenger and baggage-handling sec-tor, this is done by the subsidiary Flugha-fen Düsseldorf Ground Handling GmbH while Flughafen Düsseldorf Cargo is res-ponsible for the freight sector and Flugha-fen Düsseldorf Security GmbH performs diverse security services. Flughafen Düs-seldorf 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 im-portant 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.

FDG is involved in the business sec-tor 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 coopera-tes regularly with partner companies whereby the airport acts as the prop-rietor or lessor and overall coordinator.

Düsseldorf Airport and the region are located in the centre of Europe from a geographical perspective and in the in-dustrial 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 kilo-metres in the catchment area of Düs-seldorf International Airport. The sett-lement of the Rhine-Ruhr Region can be compared with the metropolitan re-gions London and Paris in Europe and it is the third strongest economic area in Europe. If nothing else, this special lo-cation represents the basis for the busi-ness success of Düsseldorf Internatio-nal Airport and its future development.

Macroeconomic Conditions

The German Council of Economic Experts stated in November 2015 that it expected the German gross domestic product to in-crease by 1.7% in 2015 and by 1.6% in 2016. Most other experts, however, meanwhile ex-pect 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 le-vel 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 asso-ciated 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 re-quired 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 inflati-on for 2016: 1.2% instead of 0.3% in 2015). A further expansion of investments by the eco-nomy is additionally stunted by an economic downturn in threshold countries, particularly China. Positive impulses will probably conti-nue to come from a strong domestic econo-my. The situation in the labour market, which was largely unimpressed by the brief econo-mic downturn, will continue to improve des-pite 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 availab-le 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 un-der review. This number corresponds to the figure that was reported for the enti-re year 2007. The increase in passenger numbers for the overall period was 4.3% at national level. Passenger numbers increa-sed 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% du-ring 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 Ber-lin during the first half of 2015 were not as serious as expected.

European air traffic developed a lot bet-ter 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 provi-de sufficient additional capacities to the German market in connection with a de-crease of tourists from the Russian market. Holiday destinations in Spain additionally reported considerable growth during the period under review.

Intercontinental air traffic (+5.1%) deve-loped even better than European traffic and turned out to be a stable growth dri-ver. Traffic to Asia was the key growth dri-ver during the period under review where-by 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

Group Management Report

forget Dubai that noted a strengthening of transfer traffic during the reporting period. The other airports in the Gulf Region also made their contribution to this above-ave-rage growth. In the Far East, the strongest markets (China and India, but also Korea and Japan) reported strong growth during the period under review. However, Singa-pore was only able to note losses owing to the expansion of the Middle East hub. Malaysia and Thailand reported dwind-ling passenger numbers because of fre-quency cuts and plane crashes, in additi-on to political crises. Air services to Africa weakened slightly because of current de-velopments in North Africa. Flight servi-ces to Tunisia slumped initially following terrorist attacks, so that the demand for flights to destinations in Egypt also de-creased during the reporting period. Air traffic to North Africa and the Caribbean region increased considerably during the period under review.

Development of Traffic at Düsseldorf Airport (January – October 2015)

The total number of passengers registe-red at Düsseldorf Airport increased by 623,000 between January and October 2015. This figure was a lot higher than that noted for the comparative 2014 pe-riod and included a slight increase in mo-vements. The performance indicator PAX/Flight increased accordingly on prior year (113.9; + 3.5 PAX). Increased frequencies respectively new flight services and a sta-ble range of intercontinental flight service offers were the main factors leading to the noted increase in passenger numbers at DUS. However, this growth was negatively impacted by the cancellation of flights owing to weather and strike conditions (approximately 500 movements respec-tively about 40,000 passengers).

A comparison with the other German air-ports shows that DUS was below the ADV


European traffic increased by 3.0% during the reporting period. Particularly traffic to Spain, Italy and Portugal developed quite positively during the period under review. Traffic volumes to Turkey were also a lot better than in 2014 because of an incre-ase in transfer passengers to the Far East via Istanbul to the Far East. The Scandi-navian countries reported increasing traf-fic volumes during the reporting period. The range of flight services offered was increased during the reporting period by new destinations on the one hand (among others by Germania, BMI Regional, Ger-manwings and Sun Express Germany) and new airlines, such as Adria Airways, Bul-garia Air, Onur Air, Air Cairo and Alitalia on the other hand. DUS ranked a lot better than the national trend in the sector air-traffic to destina-tions outside of Europe and reported a general increase in passenger numbers by +6.0%. Flight services to the USA (-5.8%) were mainly characterised by the tempora-ry cancellation of flights to Chicago by Lufthansa from 27 January until 12 Febru-ary 2015 and by American Airlines during the winter season. Air Berlin increased its flight services to New York and Los Ange-les at the beginning of the summer season. Pertaining to flight connections to Africa (+12.5%), considerable growth was parti-cularly driven by flight services to Egypt (+32.3%) and stable growth to Morocco (+87.3%). The demand for flight services to Tunisia decreased considerably (-30.1%) after the terror attacks in Tunis and Djer-ba. Passenger numbers to Asia continu-ed to develop very positively on prior year (+107,700 more passengers respectively +12.3%). Emirates has been successfully employing an Airbus A380 for the noon flight to Dubai since 01 July 2015. Cathay Pacific took off on their maiden flight to Hong Kong on 01 September 2015 and have been offering 4 weekly flights to this destination since then with a Boeing 777.The share of business travellers at Düssel-dorf Airport decreased by 1.5% points du-

ring the first three quarters of 2015 (-30.0). This result was 31.5% in 2014 and was mainly produced by a lower number of trade fair visitors (-190,800 passengers;

-31.6%). There were no bigger trade fairs in the spring 2015 in comparison with 2014

– such as “Wire and Tube” and “Interpack”.The transfer of traffic by Lufthansa to Ger-manwings going forward from the second quarter of 2014 has led to strong decrea-ses in all transfer passenger sectors, par-ticularly with regard to other professionally occasioned transfer traffic (-91,400 pas-sengers; -28.7%).

The share of private travellers increased accordingly from 68.5% to 70.0% du-ring the period under review whereby the sector “visits to relatives/friends” in non-transfer traffic demonstrated considera-ble growth during the reporting period (+299,700; +12.9%). Touristic traffic ad-ditionally showed strong signs of growth again (+397,100; +5.2%).

Approximately 68,100 more passengers from the Netherlands took off from DUS during the first three quarters of 2015 in comparison with 2014. This figure cor-responds to an increase of 11.7%. The percentage share of passengers from the Netherlands in the overall passenger number increased by 0.2% points to 3.8% during the reporting period. This growth was particularly driven by an increase in touristic traffic (-57,800; +23.5%).

In absolute figures: The airport registe-red roughly 651,300 passengers in to-tal from the Netherlands during the first three quarters of 2015 so that the num-ber of passengers from the Netherlands is roughly the same as in 2013 although it is still far from the highest level noted in 2009 (883,200 passengers).

An analysis of the distribution of departing passengers to ground travel used to get to the airport shows that the share of people who took a train increased by 0.9% points,

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 pe-riod. The number of long-term parkers (car parked at the airport throughout the entire journey) has increased slightly by approxi-mately 8,900 users (+0.8%). Considerab-le 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 rea-sons 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 schedu-les by many other airlines.

Development of the Non-aviation Sector

Those business areas that are not direct-ly part of flight operations are called the Non-aviation sector. This area consists of the marketing and rental/leasing of retai-ling, food and beverages (F&B), duty-free and other business and commercial areas as well as parking area management (per-formed 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 proper-ty development subsidiary of FDG. Within this framework, Düsseldorf International Airport endeavours to further expand its importance as a location in the metropo-litan Rhine-Ruhr region and strengthen its presence even more as a centre of attrac-tion and a world of experience.

Düsseldorf Airport currently counts 79 re-tail stores (including duty-free) and 42 res-taurants, bars and cafés. The shops along the piers, on the arrivals and departures le-vels in the check-in building and in the Air-port Arcades (meaning the public “landsi-de” 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 met-res. 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.

The business year 2015 was characterised by significant strategic measures evolving around the newly introduced slogan “enjoy the airport”. These measures were desig-ned to top up the new slogan and fill it with more life. Main focus was on the customer, service and offers in this context. The new DUS Excellence Award was presented for the first time to the best retail and food stores at the airport. This new award re-presents a continuation of the service and customer offensive that will be continued in other customer areas at the airport.

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

offered, processes and also with regard to state-of-the-art technologies. The key-word is “digitalisation” here.

Close cooperation with partners of the air-port 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.

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 estab-lishing new and smaller event formats, some of which were for the first time linked with an entrance fee. Several events even stretched over several weekends and tur-ned out to be quite successful. The event

“Open Air Cinema” is an outstanding ex-ample of the airport’s event concept. This event took place on the airport terrace in July 2015. It was fully booked out as a re-sult of its having been marketed in an out-standing way. The skating rink in Decem-ber was also very successful. Last year’s strategy of focussing even more on the diverse target groups was carried out in a consistent and very successful way.

The Airport Advertising sector continued to develop very positively during the busi-ness year under review. This sector took advantage from moving into the new FDG administration building and has been ma-naged under the new header “Airport Me-dia” 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 ori-entation of the sector. Düsseldorf Airport will not only have to deal with the pure mar-keting 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-mar-keting concepts”, “performance-oriented media issues” and the “development of in-novative media concepts”.

The issue “Digitalisation of Advertising Media”, the trend from 2014, was continu-ed in the media sector during 2015, parti-cularly with regard to the sector “Digital-out-of-Home” (DOOH). Media in the public sector are particularly noting an increase in attention from media planners since the corresponding target groups are increa-singly mobile and frequently under way for several days in many cases. “Mobility” has consequently been the mega trend for se-veral 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 in-novation boost in the sector at hand, so that further new digital media have already been developed in this context.

Another important product was also ad-ded to the digital media area at Düssel-dorf Airport in 2015: The product DUS AD GATE went live in July. DUS AD GATE re-presents a further important contact point during the customer’s sojourn at Düssel-dorf 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 Düs-seldorf. Travellers can be addressed re-garding their destination and irrespective of the airline. The attention of passengers for corresponding advertisements is at a very high level in this situation.



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 corres-ponding destination and flight number is displayed on the monitor above the coun-ter as soon as boarding personnel has ac-tivated 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 advan-tages 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.

Düsseldorf Airport has another novelty on its agenda for the digital media sector in 2016: The installation of a large-format media was (approximately 7 x 4 metres) in the departures terminal (Y Axis). All de-parting passengers will then be able to be addressed using emotional moving ima-ges on a large monitor wall in the public area of the terminal building.

The media market continued to be very vo-latile in 2015. – i.e. the ratio between gross and net media prices changed constantly along with the increasing scarcity of lead times for media reservations as a whole. It can also be noted that the media industry has not increased its budget as a whole. However, the number of advertising me-dia providers has increased. A dramatic shift can already be noted between bran-ding and performance advertising space

owing to the above. The application of an advertising budget is no longer opportu-ne without documenting its effectiveness and the efficient control of media budgets replaces an unscheduled squandering of the use of media. Only proof of the effec-tiveness 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 stu-dy clearly demonstrates and documents the effectiveness of advertising at Düs-seldorf Airport.

The marketing situation for advertising media in 2015 was mainly characterised by the general and network marketing of the standardised product Colorama 4/1. The presentation of vehicles in the terminal also represented a completely new quali-ty. The presentation space for vehicles in Pier A has become extremely interesting for the automotive industry since the au-tomotive innovator Tesla has also placed an e-car here. Sales activities in this area focussed on the acquisition of new cus-tomers and the continued addressing of medium-sized enterprise from the regi-on. The advertising sector noted above-budget income during the business year under review so that the airport’s tactics of compensating lost advertising budgets has really paid off. This approach will con-tinue to be expanded in 2016 since the marketing of advertising media is a rapidly rotating business. These marketing activi-ties will continue to be based on the three fundamental pillars (Airport Media “Sales”,

“Communication” and “Media”). Renaming the department as Airport Media has not changed its basic function.

The situation in the passenger parking sec-tor has become more intensive owing to competition in the environment. The suc-cessful establishment of the second brand

“Parkvogel” (Parking Bird) by SAIT in 2014 was strengthened even more in 2015. Ren-

ting long-term parking space specifically for the target group Holidaymakers to SAIT on 1 April 2015 and marketing the opera-tion of this space under the brand name Parkvogel has led to a considerable incre-ase in the utilisation of parking facilities as a whole, not only with regard to parking fa-cilities 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 sig-nificant increase in the advanced booking of parking stands in the holiday sector.

New and differentiated price structures were also introduced for parking near the terminal building, so that not only the

“Spent-per-PAX” amounts have increased but also the utilisation of these capacities.

Total sales and the number of parking pro-cedures were able to be significantly in-creased during the business year under review, in spite of the intensive competi-tive environment and thanks to the posi-tive development of passenger numbers. Amounts spent per PAX also increased by approximately 3% in this context.

Development of Business Areas Operated by Subsidiaries and Affiliated Undertakings

Air Freight FDCG closed the business year 2015 with a decrease in tonnage volumes by appro-ximately 8.0% and roughly 105,300 ton-nes, so that the increase in tonnage vo-lumes noted in 2014 was missed during the business year under review. However, the freight company was nevertheless in a position to exceed the 100,000 tonnes mark again. Cost-savings have led to po-sitive results.

At a national level, airfreight volumes de-creased by 0.2% on prior year between January and November. This development was produced by overall economic deve-lopments. China, still the most important import market that is increasingly also becoming an important export market, had a significant influence on this deve-lopment. Particularly imports to Germa-ny 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 con-sequently also lower because of the above-mentioned developments. Such a global development naturally has a considerable impact here because of the limited capa-cities at DUS in comparison with other air-ports. Düsseldorf Airport consequently re-gistered 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 stab-le 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 di-verged from the development of tonna-ge 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 deve-lopment 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. Ove-rall, 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 sec-tor. The economic success and the stra-tegic orientation of both of these carriers not only present FDCG with risks but also opportunities. The development of medi-um and long haul routes are consequent-ly more important for FDCG than the less important short-distance routes. Ground Handling Services The subsidiary Flughafen Düsseldorf Ground Handling GmbH (FDGHG) repor-ted sales revenues in an amount of 32.5m EUR for the business year 2015. This re-sult was about 8.4% higher than in 2014 (30.0m EUR). In the position sales reve-nues, handling charges amounted to ap-proximately 11.8m EUR, which was 0.9m below the 2014 result of 12.7m EUR. Spe-cial service revenues increased by 2.6m EUR to approximately 14.0m EUR in total (previous year: 11.4m EUR). Higher de-icing service revenues mainly drove this result. Temperatures were very mild in De-cember, so that the demand for de-icing services was practically zero and the re-ferenced 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 ye-ars (among others, Onur Air and Aeroflot in 2015, for instance) have reduced short-to medium-term the business volume of FDGHG considerably, particularly with re-ference to aircraft and baggage handling. The corresponding market share has me-anwhile decreased from about 85% to pre-sently 13.4%. This situation has led to the fact that many employees from FDGHG were out of work and the increasingly in-tensive loss situation noted by the ground handling company in recent years has de-teriorated even more.

It was owing to the above situation that management of FDGHG developed a long-term strategic restructuring concept at the beginning of 2012. The proposed cata-logue of measures was approved for im-plementation. The corresponding imple-mentation measures were then introduced during the summer 2013 and continued in 2014 and 2015. 35 employees have addi-tionally left the company since the begin-ning of 2015 in connection with measures designed to adjust staffing capacities. Em-ployees are also already being transferred internally to other jobs in the areas Trans-portation, Bussing and De-icing. These vacancies are posted internally.

The greatest challenge to implementation of the above measures are seen in absen-teeism quotas, some of which have fluctu-ated considerably and even reached a tem-porary figure of more than 30% in individu-al 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 documen-ted and reported degree of disability.

The OPS area was unable to prolong the existing service agreement with ano-ther 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-



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 go-ing 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 con-sequently 5.0% lower than in 2014 (32.5m EUR). The increase in average payroll ex-penses 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 ab-senteeism 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 conside-ration of a small group of customers left for the company to take care of and the opportunity to continue to provide hand-ling 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 resour-ces cannot be compensated by cost-sa-ving measures.

Air Safety / Security The subsidiary Flughafen Düsseldorf Se-curity 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

are reported with a figure of 22.7m EUR, which was 8.2% higher than in 2014. This positive development was mainly produ-ced 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 seve-ral employees from FDGHG during 2015 in connection with the restructuring of the ground handling company. This has natu-rally 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 secu-rity services will be increasingly performed by FDSG employees in future, meaning that they will be performed by people who were transferred from FDGHG in connec-tion with the restructuring of the ground handling subsidiary. This will naturally lead to an increase in staffing numbers at FDSG. Under certain circumstances, these mea-sures could lead to a waiver of a possibly more reasonable procurement of emplo-yees by way of leasing.

Energy Supply Flughafen Düsseldorf Energie GmbH (FDEG) was formed in June 2009 to pro-vide transparency and optimise costs in the energy-supply sector, in addition to giving consideration to the impact of EU implementation requirements (accoun-ting, operational and unbundling of infor-mation etc.) concerning the supply of air-

ports with energy. Flughafen Düsseldorf Energie GmbH is responsible for distribu-tion 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 elec-tricity 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) un-der 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 rela-ted to other periods.

The power supply and network use con-tract 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 com-pany 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 Com-bined Power and Heating Station II with Absorber Cooling Machine have generally also had an adverse impact on the ear-nings situation of the company. The volu-me of electricity purchased externally has also decreased in connection with Com-bined Power and Heating Station II situ-ation 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 Flughafen Düsseldorf Verwaltungs GmbH still has two property subsidiaries belon-ging to the FDG Group since Flughafen Düsseldorf Objekt Eins GmbH was mer-ged into Flughafen Düsseldorf Immobili-en 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 im-portance from a group viewpoint.

The real property subsidiary FDI was able to sell land as scheduled during the busi-ness year under review. It was on this ba-sis that the company generated sales re-venues in an amount of 10.7m EUR. Rent revenues that generally relate to the group-internal 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 re-sults for the business year 2015.

Flughafen Düsseldorf Immobilien GmbH holds participating interests in Laroba GmbH & Co. KG from a company-law vie-wpoint. Laroba GmbH & Co. KG purchased land in Airport City in 2012. A new admi-nistration building was built for the FDG Group on this land. FDG took over respon-sibility for the interim financing of this pro-ject, after which Laroba GmbH & Co. KG redeemed and took over the entire finan-cing 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 compa-ny as a special purpose vehicle in 2015, in accordance with the provisions of § 290 Sect. 2 No. 4 HGB.

The companies Estamin Grundstück-verwaltungs 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 Airport-Düsseldorf GmbH & Co. KG, a joint un-dertaking with LHI Leasing GmbH, Pullach, developed quite positively during the busi-ness 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 car-ried out at Mönchengladbach Airport in-creased to 39,411 movements respectively by +7.1% in 2015. Passenger numbers also increased to 28,175 passengers, re-presenting a +0.6% increase on prior year.

The restructuring measures carried out in the years between 2010 and 2012 conti-nued to show their impact during the busi-ness year under review. While the average loss incurred by the airport in past ye-ars 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 connec-tion with the present domination and pro-fit-transfer agreement amounts to a total amount of 2.4m EUR for 2015.

However, the company will continue to be structurally unprofitable in a medium-term sense.

GVG, the only subsidiary of FHG MG, is in-significant 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 substan-tial influence.

The fuel farm is planned to be built on the territory of Düsseldorf Airport. FDTG will allow every supplier or purchaser of avia-tion fuel to use the fuel farm against pay-ment of corresponding charges.

Construction of the new fuel farm is sche-duled 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 com-missioned 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 administrati-ve expenses incurred during the business year under review. FDG provides these ad-ministrative services for FDTG on the basis of a service agreement.



Non-financial Performance Indicators

Personnel

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 bar-gaining agreements. A non-tariff pay sys-tem that is coupled with a target-setting system and consists of variable pay com-ponents is applied to executives up to the middle management level. A performance-based payment pursuant to § 18 TVöD-F was made to eligible employees in addition to their standard pay.

Flughafen Düsseldorf Cargo GmbH no-tes tariff commitments in connection with the collective wage agreement for forwar-ding agents. Flughafen Düsseldorf Ground Handling GmbH and Flughafen Düsseldorf Security are subject to the TVöD-Flughä-fen (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 31.12.2014 31.12.2015Clerks 2,144 2,240Apprentices 74 74Total 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 Düssel-dorf 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 emplo-yees 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.

Target Figure for the Share of Women

In its resolution dated 15 September 2015, the Supervisory Board of Flughafen Düs-seldorf GmbH specified a 0.0% share of women in management and 15.0% for re-presentation of women on the Superviso-ry Board.

Management adopted the additional reso-lution on the same day stating that the re-spective target figure for the first manage-ment level below executive management is 15.8% and that for the second manage-ment level is 25.0%.

The deadline for achievement of the abo-ve-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 pro-tection programme, the airport and the airlines have invested a total sum of ap-proximately 70.9m EUR for noise protec-tion 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 com-pensation that remains to be processed, the total sum spent since this program-me 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 pro-tection programme.

The airport maintains a flight noise measu-ring system consisting of 13 stationary and two portable measuring devices in additi-on to a measuring vehicle. Following a re-quest from the city of Meerbusch and local residents, the airport installed an additio-nal portable measuring point at an optio-

isance to an absolute minimum in order to increase the acceptance of air traffic in spite of environmental damage.The air-port announced in the spring 2013 that it would file a planning permit application to increase capacities. The airport carried out a total of 10 information events in sur-rounding communities (Kaarst, Mülheim, Essen, Meerbusch, Düsseldorf, Ratingen, Neuss, Duisburg, Krefeld and Heiligen-haus) between November 2013 and mid-February 2014, as requested by concerned parties and local politicians. The verbatim records from these events and additional information about the addressed issues are available to everyone on the airport’s internet page.

Concerns and reservations voiced by lo-cal citizens during these events were gi-ven consideration by the airport which then modified in September 2014 two key issues contained in the application, thus helping to abate central reservations. The required expert studies are also being re-vised at present and modified to match the changed contents of the application. The application for the planning permit procedure was filed with the responsib-le authorities in 2015. The decision is still outstanding.

The airport’s staffing unit “Neighbourhood Dialogue and Emission Protection” addi-tionally provides services to visitors and organises trips around the airport. 19 em-ployees provide the associated services.

Environment

The environmental commitment of Düssel-dorf Airport to reduce carbon dioxide (CO2) emissions from operation of the airport was officially awarded the certified seal of approval from the prestigious climate protection programme “Airport-Carbon-Accreditation” (ACA) at the beginning of 2012. The airport was also certified by the umbrella organisation of airports (ACI) for the first of four environmental protection le-vels (stocktaking). Düsseldorf Airport was

in a position to present both a comprehen-sive climate protection strategy and a valid CO2 balance.

“Airport-Carbon-Accreditation” is an inter-national standard-based system that was exclusively developed so that airports can record greenhouse gas emissions at the airport together with an independent re-view of computed CO2 footprints and spe-cify reduction targets. The regular certifi-cation programme enjoys a high level of recognition worldwide. It requires envi-ronmental commitment and continuous improvement.

The volume of emissions that can be in-fluenced directly by Düsseldorf Airport amounted to a total of roughly 59,180 ton-nes in 2010, approximately 61,000 tonnes in 2011, 56,850 tonnes in 2012, 57,820 tonnes in 2013 and 53,880 tonnes in 2014. The increase in CO2 emissions was produ-ced by the increased CO2 emission factor of Stadtwerke, which supplies the airport with electricity. Düsseldorf Airport has set itself the target to save 10% of all emissi-ons until 2020 for every traffic unit (TU) with regard to the median value of the balance 2010-2012. In other words: The relative CO2 output is planned to be reduced by 0.28 kg (from 2.83 kg to 2.55 kg/TU) until 2020. The airport was also certified with the ECOPROFT seal in 2015. The City of Düsseldorf, the Chamber of Industry and Commerce, the Efficiency Agency NRW, Stadtwerke Düsseldorf and the Centre is-sue this certificate for the Environment and Energy of the Chamber of Trade in Düssel-dorf. This programme represents the intro-duction of management of the environment and combines ecological benefits with economic gains.

The airport was additionally honoured du-ring the 15th anniversary of ECOPROFIT as a Lighthouse Project for the involvement and commitment of its employees. 37 CO Scouts supported the company in this pro-ject that is geared to help the airport in its efforts to protect the environment.

Energy Efficiency Guideline 2012/27/EU was implemented into national law in con-nection 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 lo-cated in the centre of Europe from a geo-graphical 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. Appro-ximately 18 million people live within a ra-dius of 100 kilometres in the catchment area of Düsseldorf International Airport. The settlement of the Rhine-Ruhr Region can be compared with the metropolitan re-gions London and Paris in Europe and is the third strongest economic area in Eu-rope. 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 compa-nies are located in the region while about 5,000 of these undertakings are either branch offices or subsidiaries of impor-tant foreign companies. More than 1,000 companies from the USA, Japan and Ko-rea have settled their businesses in the re-alm of IHK (chamber of industry and com-merce) 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 Düssel-dorf and the region have a great affinity for the airport. The successful settlement of high-ranking groups in the greater Düssel-dorf area – such as SAP, Mitsubishi Elec-tric, Vodafone, E-Plus, Esprit or Hewlett-Packard, for instance – can also be traced


nal measuring point in Lank-Latum in April 2014. The new measuring station is a lot closer to the ideal line of the northern de-parture routes. All measuring results are published in connection with the month-ly 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 be-ginning 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 measu-rements taken in 2009 shows that noise le-vels have not changed in this area.

The airport additionally operates on a vo-luntary basis air quality measuring devices for nitrogen oxides, sulphur dioxide, ben-zene, 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 de-veloped 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 is-sues, complaints about the impact of flight operations or enquiries about noise pro-tection claims. Regular publications or an information letter are used to inform Local residents about short-term, time-limited changes in flight operations or apron ac-tivities in addition to current issues rela-ting to the airport. Communications about required operating procedures at an air-port and activities that particularly relate to flight noise and air quality demonstrate that the airport strives to reduce such nu-


back to their nearness to the airport. The following conclusion was taken from a stu-dy that was carried out by the economic re-search institute Rheinisch-Westfälisches Institut für Wirtschaftsforschung Essen (RWI): The airport particularly promotes the settlement of airport-affiliated busi-nesses while on the other hand the compa-nies 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 servi-ces generated during the production pro-cess [production value]) minus overheads amounted to a total sum of 1,257.5m EUR. The volume of investments made by com-panies 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, me-aning 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 re-venue 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 lo-cal 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 reve-nue 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.

With more than 56,700 jobs, an added va-lue 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 di-rectly 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 Le-verkusen 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 loca-ted 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 lo-cated 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 Stati-on. 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 termi-nal 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 air-port is located in the interface of important transport routes such as motorways A 3, A 52 or A 44 and even has its own motor-way exit, an excellent connection even for passengers from the Netherlands and Bel-gium. 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 fol-lowing financial performance indicators, those which could possibly contain im-puted elements in commercial law data and which demonstrate the following de-velopment:

The Düsseldorf Airport Group generated a net group profit of 53.7m EUR for the busi-ness year 2015 (previous year: 42.9m EUR) under consideration of total sales amoun-ting 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 vari-able landing fees, parking fees and ground handling services. Landing charges incre-ased from 219.6m EUR to 228.0m EUR (+3.8%), whereby airline promotion pay-ments according to the Schedule of Fees (8.3m EUR) are recognised as income-re-ducing and shown under landing fee re-venues. Ground handling service revenu-es increased from 29.9m EUR in 2014 to 31.9m EUR in 2015. Freight charges de-creased from 16.6m EUR to 15.0m EUR (-9.6%) during the period under review.

Non-aviation (commercial) revenues incre-ased 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 peri-od. Lease and sales-based rent revenues increased from 42.5m EUR to 55.6m EUR in 2015. Utility revenues have also increa-sed by 14.5% to 14.6m EUR in 2015. Other revenues decreased from 18.6m EUR in 2014 to presently 17.6m EUR.

The results in the sub-segments of the areas Rent & Lease/sales-based rent were above average in comparison with the pre-vious year, mainly as a result of the positive development of traffic. The noted shift in sales in favour of lease/sales-based rent is related to the implementation of a new service contract model and management of car parks at the airport by the new brand

“Parkvogel” (SAIT).

Other operating revenues consist of in-come from the release of a special item for subsidies/grants in an amount of 3.2m EUR. The release of special items with accrual character are not included in the consolidated profit-and-loss account, in contrast to the profit-and-loss account of the parent company. The reason for this procedure is that such special items are not recognised in the consolidated finan-cial statements.

The cost of materials has increased by approximately 2.7m EUR on prior year. Among others, the FDG Group shows under cost of materials maintenance ex-

penses, the lease for the airport grounds, certain leasing expenses and the dispo-sal of waste and waste water, in addition to the classic cost of materials. Greater cost variances were only noted for main-tenance expenses and conversion services purchased from third parties. The amount


Key performance indicators at a group level YTD 2014 YTD 2015

Cash flow (in EUR k) 116,380 130,718EBIT (in EUR k) 80,834 104,918EBITDA (in EUR k) 144,363 173,555EBITDA margin 33.9 % 38.7 %ROCE 9.2 % 12.2 %Return on equity (EBIT) 39.5 % 45.0 %Return on sales (EBIT) 18.6 % 22.8 %Return on capital 8.5 % 10.0 %Sales / FTE employee (in EUR) 209,671 222,021Personnel expenses / employee (in EUR) 61,904 63,459Economic equity (in EUR k) 165,013 174,035Economic equity / balance sheet sum (in EUR k) 15.28 % 16.67 %

decreased by 1.8m EUR respectively 8.0% on prior year since interest rates were a lot better than expected. The borrowing en-velope (without the balance sheet position

‘Property-financing Liabilities’) in a total amount of 629m EUR is secured to rough-ly 80% by fixed interest rates. Net interest income reflects the fact that external loans were mainly accepted by the parent com-pany FDG. Only the subsidiaries FHG MG, FHG MG GVG, FDI and the special vehicle entities Estamin and Japon (balance sheet item ‘Property-financing Liabilities’) are fi-nanced independently to a noteworthy de-gree. The average loan portfolio was also above the average 2014 level. The finan-cing of the special purpose entities, how-ever, is only mirrored to a limited degree in net interest income as a result of the com-pounded balance sheet treatment of the forfaiting of leasing receivables. Revenue in an amount of 2.4m EUR was collected from the joint venture BISAWA Objekte Air-port-Düsseldorf GmbH & Co. KG in 2015. This company is consolidated at equity in the consolidated accounts.

The extraordinary result for the financial year 2015 includes extraordinary revenue in a total amount of 1.5m EUR from the release of the balance provision for fire claim damages. This income is offset by extraordinary expenses in an amount of 4.5m EUR for the restructuring of FDGHG. This sum relates exclusively to costs incur-red by FDGHG since the subsidy that was granted by Flughafen Düsseldorf GmbH is neutralised again in the group’s net profit. Tax expenses have increased in correspon-dence with the reported operating result. Both the operating result and the conso-lidated net income were higher than pro-jected for 2015, under consideration of below-budget sales revenues. The ope-rating result was consequently a lot high-er than mentioned in last year’s forecast.

involved here was 3.491m EUR. Personnel expenses increased by roughly 2.7m EUR during the business year 2015, mainly owing to an increase in standard pay and a slight increase in staffing num-bers. Depreciation developed in line with the noted increase in fixed assets and was 5.1m EUR higher than in 2014.

Other operating expenses decreased by 10.8m EUR during the business year un-der review. This decrease was mainly pro-duced by the complete elimination of mar-keting support payments for airlines. The reduction in personnel leased from third parties has also led to a reduction in the-se expenses and is in line with the reduc-tion in ground handling volumes, as alrea-dy reported.

The above-described developments pro-duce an operating result of 104.9m EUR which represents an increase of 30.0% on prior year. This leads to an EBITDA margin of 38.7% (previous year: 33.9%).

Interest on loans is reported with a sum of 20.8m EUR for 2015 and has consequently


Asset Situation

Medium- and long-term tied assets decre-ased 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 de-velopment was mainly characterised by the deconsolidation of Laroba GmbH & Co. KG and the related elimination of pay-ments accrued for the new airport admi-nistration building, including the respecti-ve 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 ad-ditions in an amount of 61.8m EUR. The-se were offset by the new baggage-hand-ling 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 com-parison 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 financi-al statements, deferred taxes are set up in the consolidated financial statements to offset differences between commer-cial 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 diffe-rences. 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-

ferred tax assets refer to differences bet-ween consolidated balance sheet and tax balance sheet values reflecting fixed as-sets carried by consolidated special ve-hicle entities.

Financial Standing

The subscribed capital sum and the capital reserve have remained unchanged in com-parison with 2014. Revenue reserves have increased in connection with the decon-solidation of Laroba since this company reported losses carried forward. This loss is no longer included. Minority interests refer exclusively to Mönchengladbach Air-port. Minority interests are not influenced by the year-end results of Mönchenglad-bach Airport since the profit-transfer ag-reement 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 provi-sions for taxation in connection with the completed tax audit and subsequent in-come 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 re-quirements.

Property-financing liabilities relate to the financing of the special purpose entities that are included in the consolidated finan-cial statements. This item has decreased as scheduled by 5.6m EUR.

Reference is made here to our above no-tes on deferred tax assets. The reduction in deferred tax liabilities by 72k EUR es-sentially 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 amoun-ted 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 (pre-vious year: 13.5m EUR) after payments for investment activities, payment by the pa-rent company of dividends to its sharehol-ders 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 compa-nies as being positive, thus representing an excellent starting point for the further development of the Company. This assess-ment additionally takes into account the progress already achieved in connection with the restructuring of the subsidiaries FDGHG and FHG MG.

Opportunities and Risks

The successful control and management of business opportunities and risks requi-res a cross-company inventory of all risks and opportunities that is based on the sys-tematic 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 up-dated on a regular basis since then, so that changes in individual risks can be noted and observed as time passes.

The opportunity and risk management process is essentially broken down into the phases Identification, Valuation, Con-trol, 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 figu-re. 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 constitu-tes the basis for any respective valuation.The internal control system represents ano-ther important element in the avoidance and control of risks. The internal control system consists of monitoring measures that are both process-integrated and in-dependent of processes. Material risks are compiled in a central documentation sys-tem as well as being documented in the accounting and operating processes along with the associated control procedures.

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 in-ternal control system, in addition to vari-ous control measures that are specifically tailored to the requirements of administ-rative, executive, invoicing and permit/ap-proval functions.

Budgetplanung 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 sharehol-ders’ meeting after having been subjected to a preliminary discussion by the super-visory board.

After the budget has been adopted, the controlling department then closely mo-nitors it in respect of budget compliance. This monitoring process is also associa-ted with a quarterly forecast for the annual profit-and-loss account and the anticipa-ted year-end profit.

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 exa-minations. The first system for remediati-on 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 ope-ration 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 as-sociated costs in form of a provision for the expected investigations and redevelop-ment measures. It cannot be fully exclu-ded at this early point in time that the FDG Group might be confronted with conside-rably higher costs for elimination of this problem owing to soil redevelopment mea-sures on the airport grounds and a possib-

ly required redevelopment of the PFT flags in the ground water outside of the FDG ter-ritory. 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 re-mediation target values. The requirement of a redevelopment of these flags can im-possibly be assessed at this point in time. There is also no definitive clarity as to whe-ther 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 associa-ted projects might have to be postponed, depending on the given situation.

The liberalisation of ground handling ser-vices 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 characte-ristic for comparative service and quality standards. Renegotiation and the exten-sion 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 pro-gramme that was drawn up in 2012/2013 is being implemented at present and will probably only improve the earnings situa-tion 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 program-me cannot be implemented as planned. The planned dispensation of terminations for operational reasons in favour of co-vering staffing demands internally (secu-rity 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 hand-ling services competitor in the meantime. Several airlines have for quality and pri-



ce reasons already demanded that a ten-der 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 air-lines. FDGHG still holds a ground-hand-ling license. The tender for the second and third license was completed in 2015. The approving authority awarded these licen-ses to Aviapartner and Acciona Airport, the new ground-handling company. Acci-ona Airport is expected to introduce ope-rations on 1 April 2016. However, this date might have to be postponed if the decision by the approving authority is legally con-tested. A delay by the third service provider in introducing operations will also lead to delays with the further restructuring mea-sures at FDGHG.

The past outsourcing of FDG divisions, such as the establishment of the subsi-diaries FDGHG and FDSG as well as the outsourcing of information technology into the joint venture SITA Airport IT GmbH al-ways related to a corresponding number of employees. As long as these personnel measures were also carried out under con-sideration of the provisions of the articles of Rheinische Zusatzversorgungskasse in Cologne, they will not affect a potentially possible compensation payment for alrea-dy acquired and vested pension rights of the rights of the concerned group of em-ployees. This issue is included in the ana-lysis of all projects, particularly since the value of a possible payable compensation increases along with the increasing ave-rage age of these employees. It can ne-vertheless still not be excluded that FDG might also have to make compensation payments for past outsourcing procedures.The discussion of air-traffic safety/securi-ty in general and particularly also the air-freight sector could culminate in official regulations that would lead to the require-ment of new investments such as scanner technologies (body and liquids scanners,

for instance) for passenger screening at the checkpoints (conversion measures) and at the checkpoints for persons and goods (liquids scanners). Additional of-ficial requirements resulting from audits in connection with the EU Security Gui-deline 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 ex-pectation that these EEG costs will pro-bably continue to rise in upcoming years and an additional offshore surcharge is possible. The referenced increase in ener-gy 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 (con-sisting of Lufthansa and Eurowings) are the two biggest airline groups at Düssel-dorf Airport. This naturally leads to oppor-tunities and risks for the airport, in additi-on to the economic development of these carriers. The already introduced cost-sa-vings programmes of both of these airlines could lead to a reduction in flight services and adversely affect hub traffic at Düssel-dorf 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. How-ever, the introduction of additional routes by already established or even new airlines

in the continental and intercontinental sec-tors 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 corre-spondingly related increase of traffic with the winter flight schedule 2019/2020. The-re 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 opera-ting permit may not be noted during the business-planning period.

The State Ministry of Transport issued the planning permit decision for the installa-tion of apron areas in the western sector of the airport. This decision is enforce-able with immediate effect. The cities of Ratingen, Kaarst, Meerbusch and 10 pri-vate 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 deman-ding restoration of the suspending effect of their suits. This leads to the risk that FDG might not be able to build the requi-red parking positions if the above decisi-on is repealed.

Potential risks to the economic develop-ment at Düsseldorf International Airport can be noted from the political level, me-aning the stance taken by German and Eu-ropean 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-pro-tection levies in the aviation sector. Such and similar measures could lead to an in-crease in ticket prices and consequently influence passenger numbers at Düssel-dorf Airport. We can also not exclude a

future complete or partial abolition of tax privileges on kerosene.

FDG has been making major efforts for ye-ars 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 requi-rements on FDG. FDG has formed corre-sponding 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 burde-ned with further noise protection require-ments in future.

The weather situation and damaging events represent another risk that can-not be ultimately influenced by Flugha-fen Düsseldorf GmbH. Snowfall and ice, for instance, can interfere with air traffic, which would then again affect the reve-nues noted by FDG. The same applies to natural catastrophes such as the eruption of volcanoes, as was last noted in 2010. 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 se-curity efforts usually introduced after such incidents. The general overall economic development also exercises a strong influ-ence on the development of traffic at Düs-seldorf Airport. In the event of an increase in national debt and/or the economic cri-sis in the euro zone, this could also have an impact on business and charter flights, not to forget political conflicts.

The development of the non-aviation busi-ness areas is also exposed to risks and opportunities. The rental situation, for in-stance, could decrease in connection with the termination or non-extension of rental contracts, as was the case with Hangar 8. These would then have to be buffered el-

sewhere. The advertising sector is stron-gly dependent on economic activity, but still provides considerable opportunities in connection with new forms of adverti-sing and increasing digitalisation. Prices are very sensitive in the parking sector, and competition is considerable in this en-vironment. The airport has already taken measures to counter this development and established the brand “Parkvogel” [Par-king Bird] by way of the subsidiary com-pany SITA Airport IT GmbH in the holiday parking sector. Retail revenues are also pl-anned to be increased by expanding and modernising the food-and-beverage sec-tor and the retailing areas. The increasing digitalisation additionally provides marke-ting opportunities.

The opportunities and risks noted by Flug-hafen Düsseldorf Immobilien GmbH are seen in the scheduled sale of land in “Air-port City”. Experience documents that the chances of this land being positively mar-keted outweigh the risks.

FDG has provided guarantees for subsi-diaries in individual cases although cur-rent estimations conclude that these will probably not be needed in the near future

.

Risks from Application of Financial Instruments FDG is not subject to any noteworthy exchange rate risks – neither with re-gard to its marketing activities nor to its purchasing procedures.

A comprehensive dunning process checks the risk of default on accounts receivable from customers. Customer deposits that must be maintained throughout the entire business relation are carried by FDG since a classic credit limit system is only appli-cable to FDG to a limited degree. Adequate write-downs are made for doubtful debts.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 re-gular 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 individu-al protection measures. At present, ap-proximately 79% of variable interest lo-ans are secured. FDG employs so-called micro hedges for security. Interest swaps are exclusively used as hedging instru-ments. The effectiveness of hedging is determined based on the so-called criti-cal-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 requi-red, so-called forward interest swaps are concluded as follow-up hedging measu-res. Seen from an accounting viewpoint, the above-described hedging leads to their treatment as valuation units with the respective (partial) loan so that the (for-ward) swaps themselves do not represent any further risks in this respect. Provisi-ons cover possibly existing negative mar-ket 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 non-observation could lead to termination of the loans. These covenants refer to an economic equity quota and a minimum re-lation between cash liquidity and average capital service for the next 5 years. Cash



liquidity in this context is understood as being a type of cash flow. A (future) non-observation of these financial covenants is improbable, according to current esti-mations.

The overall risk situation within the FDG Group is generally considered as being controllable from a present-day view-point. There are no evident potential risks to the Group‘s ability to continue as a go-ing 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 an-nouncement by Air Berlin and Lufthansa that they would maintain respectively ex-pand and reorganise their continental and intercontinental flight services in Düssel-dorf, despite current austerity measures. The already realised transfer of decentra-lised European traffic by Lufthansa to Ger-manwings 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-West-phalia, as in prior years. The provision of additional flight services and destinations by other already established and even new airlines in the continental and interconti-nental air-traffic sectors could have a po-sitive effect on Düsseldorf Airport.

Forecast

Ifo, the Munich-based private economic research institute, forecast that the on-coming year will demonstrate stronger growth than already projected in a shared expertise from last autumn. The econo-mic output is now expected to increase by 1.9% in 2016. This figure has impro-ved again in comparison with the figure of


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 im-portant influencing factor for the repeated increase in economic performance is seen in the loan-financed payments by the Ger-man government in connection with refu-gee aid since its impact is similar to that of an investment programme.

However, German enterprise will continue to make a poor contribution to the eco-nomic development in Germany in 2016 since they are still not willing to make the urgently needed investments.

The present very low oil prices, the histo-rically low interest on loans and the weak Euro as compared to the US Dollar still create extremely advantageous general economic conditions. Economic down-turns in threshold countries, particularly China, will have a negative impact.

The rate of unemployment should decre-ase accordingly to 6.4% in 2016, but is ex-pected to increase to about 7.1% again in 2017. The number of people in employ-ment will also reach a new record level of 43.4 million, owing to the strong immigrati-on 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. How-ever, 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 re-cord 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 Ber-lin Group will continue to focus on the big-gest 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 refe-rence coordination figures of 43 move-ments (single runway operation) respec-tively 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 stan-dardised 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 allo-cated by the airport coordinator for opera-tion 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 Oc-tober 2015. This number corresponds to a slight difference of 0.8% respectively 577 slots in comparison with initial coordinati-on 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 condi-tions for the summer flight schedule peri-od 2016 and the expectations on the win-ter flight schedule period 2016/2017 lead management of FDG to the expectation that Düsseldorf Airport will probably regis-ter 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 poten-tial growth in the aviation sector. The ope-rating result is expected to increase accor-dingly and reach a level of roughly 96m EUR. An overall assessment by manage-ment of FDG concludes that the earnings situation at Düsseldorf Airport should im-prove continuously.

Key investments planned for the business year 2016 consist of the general renova-tion of flight operation areas and new in-vestments in security/safety and comfort in the terminal building. The overall volu-me 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 develop-ment of the airport company. It is nonethel-ess 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.

Supplementary Report Events of special significance have not been noted since the end of the financial year to the present date.

Düsseldorf 29. January 2016Flughafen Düsseldorf GmbH

Dr. Ludger Dohm Thomas Schnalke

Imprint

PublisherFlughafen Düsseldorf GmbHCorporate CommunicationManager: Thomas Kötter

Concept and EditingJörn Bücher

DesignKarl-Heinz Morawietz

PhotographyJörn Bücher (page 15)Karl-Heinz Morawietz (page 23)Andreas WieseFotolia (page 15)World Duty Free Group (page 14)

Annual Report 2015

Düsseldorf AirportP. O. Box 30 03 63D-40403 Düsseldorf

Telephone +49 211 421 0Telefax +49 211 421 66 66

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