Flughafen Berlin-Schoenefeld GmbH, Schoenefeld Consolidated Notes for Fiscal Year 2009 General Remarks These consolidated annual accounts have been pre pared in accordance with Sections 290 and following HGB (German Commercial Code). The consolidated income statement was prepared in accordance with the cost summary method. Companies Included in the Consolidation The consolidated annual accounts are prepared by Flughafen Berlin Schoenefeld GmbH (FBS). The consolidation includes the parent company FBS, Berliner Flughafen-Gesellschaft mbH, Berlin (BFG), Flughafen Energie & Wasser GmbH (FEW), Schoenefeld, and FMT Facility Management Tempelhof GmbH (FMT), Berlin. FBS holds all of the shares in BFG, which has share capital in the amount of ¤ 38,347k. Shareholders’ equity of BFG amounts to ¤ 142,863k. FBS is sole shareholder of FEW, which is endowed with share capital of ¤ 25k. The shareholders’ equity is the equivalent of the share capital. FBS is sole shareholder of FMT, which is endowed with share capital of ¤ 25k. The shareholders’ equity is the equivalent of the share capital. Accounting and Evaluation Methods The annual accounts of the companies included in the consolidated annual accounts of FBS were prepared in accordance with uniform accounting and evaluation methods which have not been changed since the previous year. The intangible fixed assets were valuated at acquisition costs less reductions in acquisition costs, taking into account any depreciation (straight-line method). The tangible fixed assets are measured at acquisition or manufacturing costs less reductions in acquisition costs and, if they are limited-life assets, reduced by scheduled depreciation (straight-line method). Proportionate overhead costs as well as the direct costs are included in the own work capitalised taken into account for the manufacturing costs. The tangible and intangible fixed assets are depreciated according to the presumed useful life. Low-value assets with a value of up to ¤ 150.00 are written off in full in the year of their addition; their immediate disposal is presumed in the fixed assets movement. Depreciation on additions to the tangible fixed assets is always taken pro rata temporis. A collective item which is written off over a period of 5 years is created every year for fixed assets with acquisition costs per asset ranging between ¤ 150.00 and ¤ 1,000.00. The disposal of these assets is shown in the fixed assets movement at the end of the five-year utilisation period. The purchase price for the buildings scheduled for demolition which are located on the areas purchased for the BBI was attributed to the purchase price for the land. As has been decided by a consensus resolution, the opening of the airport Berlin Brandenburg International BBI will simultaneously result in the closure of the Tegel Airport. The leasehold concluded between the Company and the State of Berlin or the Federal Government provides for compensation based on market value if and when the buildings and premises can continue to be used for state or Federal purposes. Since there are at this time no concrete concepts for a later utilisation of the premises and equipment shown in the balance sheet, the useful life periods have been adjusted to the expected opening date of BBI. The end of the useful life period for Tegel has been set as 31 December 2011. The resulting additional writeoffs amount to ¤ 12,060k (previous year ¤ 7,905k). New construction of significant infrastructure elements of the airport Berlin Brandenburg International BBI is linked to the operational start-up of the airport at the Schoenefeld location. The scheduled operational start-up date for BBI was taken into account for the useful life periods of significant infrastructure elements at the existing Schoenefeld Airport and the end of the useful life periods was set for 31 December 2011. Pursuant to a subsequent usage concept modified in 2009, additional write-offs in the amount of ¤ 411k (previous year ¤ 2,801k) were taken. Fixed assets include investments in 2009 for the planning and construction of the Capital Airport BBI in the amount of ¤ 489.1 million. Investments total ¤ 509.0 million. Stock rights and bonds in the financial assets were measured at the lower of acquisition costs or the attributable value. Stocks of raw materials and supplies in the inventories were measured at the lower of average acquisition costs or replacement costs on the balance sheet date. All of the discernible risks in the inventory assets are taken into account by reasonable devaluations. 55
As was the case in the previous year, uninvoiced services essentially show construction services performed for third-party investments to be carried out in relation to BBI measures. As provided in a developer/ building agreement with Deutsche Bahn AG, FBS is performing planning, coordination and construction services and will act as the project executing organisation to award contracts for construction to subcontractors. Another contract encompasses the underground fuelling. The manufacturing costs include proportionate overhead costs as well as the direct costs. The principle of measure ment without unrealised losses was observed. Except for the retention of title clauses usual in business, the inventories are free of any third-party rights. Receivables and other assets are measured at nominal value. All of the items subject to risks have been secured by the creation of reasonable valuation allowances; the general credit risk is covered by lump-sum deductions. The plots of land for the Business-Park Berlin (previously Baufeld-Ost) designated for sale and shown under Other assets are measured at the lower attributable value which is oriented to the market value for land which is expected to be developed in the near future. This value was determined on the assumption of future development and exploitation as a commercial area. Cash is shown at the nominal amount in the balance sheet. Prepaid expenses contain expenditures which are related to a specific period after the closing date. A payment in the amount of ¤ 14.0 million was made to the lender within the framework of the loan agreements for the financing of the BBI. This payment is related to future savings in interest. The company has deferred this amount as expenses similar to interest so that the expenses are distributed over the term of the loans. Subscribed capital and capital surplus are shown at nominal value. All discernible risks have been taken into account for the creation of provisions. The provisions for pensions are shown in the amounts permitted in accordance with tax laws. The partial values in accordance with Section 6a EStG (German Income Tax Act) calculated in application of actuarial principles are based on an interest rate of 6 % and the reference tables 2005 G of Dr Klaus Heubeck. The tax provisions and the other provisions cover all of the contingent liabilities. They have been created in the amount dictated by reasonable commercial judgement. The provisions for partial retirement provisions include 56 commitments from outstanding wage payments based on the collective negotiated agreement regulating partial retirement as well as obligations to pay additional increases of benefits which will presumably arise and on which interest at a rate of 5.5 % is paid on the cash value. Liabilities are shown at the repayment amounts. Deferred income contains income representing earnings for a certain period after the closing date. Consolidation principles Capital was consolidated according to the basis method. The book value of the shareholdings in the consolidated companies shown in the FBS balance sheet is offset against the equity shown in the balance sheets of these subsidiaries at the point in time of the initial consolidation. The capital consolidation of BFG resulted in a liabil ity difference of ¤ 21.2 million which was allocated to the earning reserves during the reporting period because it has equity character. In the previous year, this item was shown as a special account between equity and liabilities. Receivables and liabilities among the consolidated companies are offset against each other. Sales revenues and other income were offset against the corresponding expenditures. The closing date for all of the companies included in the consolidation is the same as that of the parent company. All of the annual accounts included in the consolidation were prepared in euros. Explanatory Comments on the Consolidated Balance Sheet Fixed assets The movement of individual items of the fixed assets, including write-offs taken in the fiscal year, is shown in the fixed assets movement. 31/12/2009 31/12/2008 ¤k ¤k Intangible assets 2,604 2,693 Tangible assets 1,520,928 1,077,542 – thereof land and buildings – thereof payments on account and (479,383) (469,308) assets in process of construction (964,099) (533,910) Financial assets 56 56 1,523,588 1,080,291 Work in progress FBS is performing construction services related to the railway connections and other construction facilities for the BBI on behalf of third parties. The capitalised manu facturing costs (¤ 197,819k, in previous year ¤ 116,340k) are covered in full by payments received on account.
Annual Report 2009
Important update: The new airport i
Editorial Dear Readers, The new Ber