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  • Consolidated financial statements

    Consolidated income statement

    T Disclosure 2016 20151)

    Revenue VI.1 1,364,122 1,249,306

    Changes in inventories and working progress 0 -225

    Own work capitalized VI.2 19,930 21,722

    Other income VI.3 46,643 38,764

    Total income 1,430,695 1,309,567

    Cost of materials VI.4 -352,085 -326,599

    Personnel expenses VI.5 -452,515 -400,342

    Other expenses VI.6 -97,092 -88,393

    Earnings before interest, taxes, depreciation and amortization (EBITDA) 529,003 494,233

    Depreciation and amortization VI.7 -239,071 -214,278

    Operating result (EBIT) 289,932 279,955

    Interest result VI.8 -81,763 -71,626

    Other financial result VI.8 668 -11,043

    Financial result -81,095 -82,669

    Result from companies accounted for using the equity method VII.4 1,036 1,136

    Profit before tax (EBT) 209,873 198,422

    Income taxes VI.9 -58,242 -55,089

    Consolidated profit (EAT) 151,631 143,333

    of which attributable to controlling shareholders 146,736 145,690

    of which attributable to non-controlling interests 4,895 -2,3571) Adjustment in accordance with IAS 8. See page 116 for further details.

    108 Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

  • Consolidated statement of comprehensive income

    T Disclosure 2016 20151)

    Consolidated profit 151,631 143,333

    Cash flow hedging VII.16 13,239 19,650

    Deferred taxes not recognized in profit and loss VII.6 -3,389 -4,738

    Items that may be reclassified subsequently to profit and loss 9,850 14,912

    Actuarial gains and losses VII.17 -2,181 -851

    Deferred taxes not recognized in profit and loss VII.6 611 231

    Items that will not be reclassified to profit and loss -1,570 -620

    Other comprehensive income net of tax 8,280 14,292

    Total comprehensive income 159,911 157,625

    of which attributable to controlling shareholders 155,016 159,982

    of which attributable to non-controlling interests 4,895 -2,3571) Adjustment in accordance with IAS 8. See page 116 for further details.

    Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

    109

  • Consolidated balance sheet

    Assets

    T Disclosure Dec.31,2016 Dec.31,20151) Dec.31,20141)

    Intangible assets VII.1 13,748 12,316 11,912

    Property, plant, and equipment VII.2 4,906,024 4,858,657 4,778,221

    Investment property VII.3 167,573 177,562 190,352

    Investments in companies accounted for using the equity method VII.4 3,415 3,157 2,339

    Trade and other receivables VII.5 84 119 156

    Other financial assets VII.5 304 1,244 204

    Deferred tax assets VII.6 6,890 12,103 37,663

    Other assets VII.9 2,928 3,774 5,895

    Non-current assets 5,100,966 5,068,932 5,026,742

    Inventories VII.7 42,765 39,821 38,342

    Trade and other receivables VII.8 65,813 59,435 56,640

    Other financial assets VII.8 0 5 0

    Current income tax assets 4,901 3,682 1,227

    Other assets VII.9 10,162 11,812 7,167

    Short-term deposits VII.10 12,000 212,000 93,000

    Cash and cash equivalents VII.10 6,034 5,323 8,530

    Current assets 141,675 332,078 204,906

    Assets held for sale VII.11 1,220 3,398 5,214

    Assets 5,243,861 5,404,408 5,236,8621) Adjustment in accordance with IAS 8. See page 116 for further details.

    110 Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

  • Liabilities

    T Disclosure Dec.31,2016 Dec.31,20151) Dec.31,20141)

    Share capital VII.12 306,776 306,776 306,776

    Reserves VII.12 150,993 127,546 96,625

    Other equity VII.12 1,485,125 1,383,556 1,284,495

    Shares of non-controlling interests 13 -4,869 -2,512

    Equity 1,942,907 1,813,009 1,685,384

    Financial liabilities resulting from interests in partnerships VII.14 293,561 277,088 292,507

    Trade payables VII.15 27,671 22,753 16,229

    Other financial liabilities VII.15 1,523,333 1,390,497 1,629,727

    Employee benefits VII.17 47,588 42,356 40,857

    Other provisions VII.18 92,709 96,257 99,444

    Deferred tax liabilities VII.6 441,125 462,454 503,652

    Other liabilities VII.20 18,550 18,571 19,035

    Non-current liabilities 2,150,976 2,032,888 2,308,944

    Trade payables VII.19 167,833 102,052 93,735

    Other financial liabilities VII.19 594,112 1,092,429 794,202

    Employee benefits VII.17 35,294 23,229 20,801

    Other provisions VII.18 15,716 15,914 13,037

    Current income tax liabilities 32,292 15,885 10,419

    Other liabilities VII.20 11,170 31,914 17,833

    Current liabilities 856,417 1,281,423 950,027

    Liabilities associated with assets classified as held for sale 0 0 0

    Liabilities 5,243,861 5,404,408 5,236,8621) Adjustment in accordance with IAS 8. See page 116 for further details.

    Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

    111

  • Consolidated statement of changes in equity

    Disclosure Issuedcapital Reserves OtherequityNon-controlling

    interests Equity

    T Capital reserve Revenue reserve

    As of Dec. 31, 2014 VII.12 306,776 102,258 -5,633 1,506,083 -2,512 1,906,972

    Changes as a result of IAS 8 0 0 0 -221,588 0 -221,588

    Consolidated profit 0 0 0 145,690 -2,357 143,333

    Other comprehensive income 0 0 -620 14,912 0 14,292

    Total comprehensive income 0 0 -620 160,602 -2,357 157,625

    Distributions 0 0 0 -30,000 0 -30,000

    Transactions with shareholders 0 0 0 -30,000 0 -30,000

    Allocation to reserves 0 0 31,541 -31,541 0 0

    Change of reserves 0 0 31,541 -31,541 0 0

    As of Dec. 31, 2015 1) VII.12 306,776 102,258 25,288 1,383,556 -4,869 1,813,009

    Consolidated profit 0 0 0 146,736 4,895 151,631

    Other comprehensive income 0 0 -1,570 9,850 0 8,280

    Total comprehensive income 0 0 -1,570 156,586 4,895 159,911

    Distributions 0 0 0 -30,000 0 -30,000

    Deconsolidation 0 0 0 0 -13 -13

    Transactions with shareholders 0 0 0 -30,000 -13 -30,013

    Allocation to reserves 0 0 25,017 -25,017 0 0

    Change of reserves 0 0 25,017 -25,017 0 0

    As of Dec. 31, 2016 VII.12 306,776 102,258 48,735 1,485,125 13 1,942,9071) Adjustment in accordance with IAS 8. See page 116 for further details.

    112 Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

  • Consolidated cash flow statement

    T 2016 20151)

    Total comprehensive income 159,911 157,625

    Deferred taxes not recognized in profit or loss 2,778 4,507

    Actuarial gains and losses 2,181 851

    Cash flow hedging -13,239 -19,650

    Consolidated profit (EAT) 151,631 143,333

    Result from companies accounted for using the equity method -1,036 -1,136

    Income taxes 58,242 55,089

    Financial result 81,095 82,669

    Operating result (EBIT) 289,932 279,955

    Depreciation and amortization 239,071 214,278

    Gains/losses from disposal of fixed assets 3,195 4,670

    Increase/decrease in inventories -2,944 -1,479

    Increase/decrease in current receivables -4,051 -2,795

    Increase/decrease in liabilities 69,135 14,841

    Increase/decrease in employee benefits 13,483 2,252

    Increase/decrease in other provisions -5,916 -800

    Increase/decrease from acquisition of subsidiaries 450 0

    Increase/decrease in other working capital -11,573 25,698

    Remaining change in working capital

    Gross cash flow from operating activities 590,782 536,620

    Net income taxes paid/received -61,950 -72,221

    Cash flow from operating activities 528,832 464,399

    Proceeds from the disposition of self-used property, plant, and equipment 1,732 2,579

    Proceeds from the disposition of intangible assets 464 439

    T 2016 20151)

    Proceeds from the disposition of investment property 4 7

    Proceeds from distributions collected from associates 778 318

    Payments for the acquisition of subsidiaries -1,500 0

    Payments for investments in self-used property, plant, and equipment -263,432 -265,595

    Payments for investments in intangible assets -4,404 -3,813

    Payments for investments in investment property -5,521 -2,721

    Interest received 1,176 1,032

    Changes of short-term deposits 200,000 -119,000

    Cash flow from investing activities -70,703 -386,754

    Payments for distributions to shareholders -30,000 -30,000

    Proceeds from borrowings 200,000 96,211

    Repayments of borrowings -558,683 -31,065

    Cash flows from Group-wide cash management with associates and investments -1,203 778

    Interests paid (excluding construction period interest) -58,891 -98,882

    Payments from construction period interest -8,641 -17,894

    Cash flow from financing activities -457,418 -80,852

    Exchange gains or losses on cash and cash equivalents 0 0

    Change in cash and cash equivalents 711 -3,207

    Cash and cash equivalents at the beginning of the year 5,323 8,530

    Cash and cash equivalents at the end of the year 6,034 5,3231) Adjustment in accordance with IAS 8. See page 116 for further details.

    Munich Airport: Integrated Report 2016 Financial reportConsolidated financial statements

    113

  • Notes to the consolidated financial statements

    GRI 102-48 I. Company

    This report comprises the consolidated financial statements of Flughafen Mnchen GmbH, Munich (FMG). The companies included in the consolidated financial statements of FMG are referred to below as Munich Airport or the Group.

    FMG and its subsidiaries operate the airport in Munich and the associated ancillary lines of business.

    The registered office of the company is located at Nordallee 25, 85326 Munich, Feder

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