Die FBB betreibt den Flughafen Schönefeld und über ihre Tochtergesellschaft BFG den Flughafen Tegel. Im Jahr 2017 wurden an den Flughäfen rund 33,3 Millionen Passagiere befördert. Damit ist Berlin der drittgrößte Flughafenstandort in Deutschland. Um die nötigen Kapazitäten für die Zukunft zu schaffen, entsteht derzeit der neue Flughafen Berlin Brandenburg Willy Brandt am Standort Schönefeld.
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Annual Report 2012

  • Text
  • Berlin
  • Brandenburg
  • Flughafen
  • Tegel
  • Assets
  • Operational
  • Previous
  • Passengers
  • Airports
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Portraits, finances, prospects: Flughafen Berlin Brandenburg GmbH presents its key business segments, latest financial statements and most recent developments in the annual report.

42 | Flughafen Berlin

42 | Flughafen Berlin Brandenburg GmbH Off-balance-sheet transactions There are Other financial obligations in the amount of €596,625k. These obliga- tions break down into concluded or awarded contracts as shown below: No. Other financial liabilities 31/12/2012 €k 1. Order commitment from awarded investment/consulting contracts 2. Payment obligations pursuant to the leasing agreements with Dalandi Objekt KGs 1) 3. Payment obligations from leases and leasing agreements 4. Payment obligations equalisation levy for sealing in accordance with the planning stipulation decision 5. Payment obligations pursuant to construction permit agreements/compensation payments 31/12/2011 €k 340,099 377,780 227,564 240,000 16,147 8,637 9,422 12,849 3,393 3,434 Total 596,625 642,700 1) This value represents the cash value of the maximum future payment obligations (rent and interest and repayment) if the interest rate implicitly to be paid by FBB in excess of the leasing rate is applied as the discount interest rate. The exact payment obligations will not be known until after conclusion of the construction activities. The awarded investment/consulting contracts (No. 1) for 2013 are related mainly to measures for BER, including terminal (€173,190k), underground work (€27,192k), third-party investments (€35,108k) and technical infrastructure (€21,941k). The payment obligations pursuant to leasing agreements (No. 2) arise from the leasing financing of up to €240m signed in April 2010, concluded by Berlin Brandenburg Airport as the lessee to secure the financing of the construction and operational start-up of nine buildings in the BER environs. The lessors are nine limited partnerships from the German Savings Banks Finance Group. FBB is a limited partner in every one of the limited partnerships. It was possible to show the leasing financing without a guarantee outside of the BER long-term financing because the related heritable building rights provided adequate collateral of sustainable value. The leasing agreements also include clauses providing that FBB assume the function of general contractor for the development and construction of the properties. This minimises the risk of disruptions and interface problems during the construction. The obligations pursuant to the leases and leasing agreements (No. 3) end in the period between 2013 and 2027 and are related primarily to hereditary tenancy, office blocks, IT equipment, motor vehicles and office furniture. Moreover, there is an obligation pursuant to the (supplementary) planning stipulation decision to initiate noise protection measures and/or make compensation payments. These obligations amount to as much as €444m. Invoices for actions subject to capitalisation which had been received at FBB by

the balance sheet date, but which are still under review, amount to €122m. The amount which would actually be reasonable for the claims submitted by the contractors with respect to these invoices has not been finally clarified. As of the balance sheet date, construction services which had been performed, but not yet billed, amounted to about €100m. FEW has concluded a natural gas supply agreement in which it assumed the obligation to accept and pay in every billing year a minimum of 60% of the total annual quantity which had been ordered until Tegel Airport was closed. There are financial obligations in the amount of €1,553k p.a. pursuant to this agreement. Derivative financial instruments The interest for the long-term borrowing represents a major component of the payment obligations of FBB. The Company therefore secured its position in the event of an increase in interest rates and the resulting rise in financing costs by concluding interest swaps in December 2006. Each of these agreements has been concluded to hedge future cash flows. The secured risk is the change in value of the interest payments for the long-term borrowing resulting from changes in the 3-month Euribor interest rates. The objective of the interest hedge transactions is to establish a fixed rate for a part of the series of expected interest payments (3-month Euribor). During the period until 2013, about 70% of the total borrowing needs according to current liquidity planning and business plan is to serve as the underlying transaction for the security. In the period from 2014 to 2026, up to 50% of the total borrowing needs in each case according to the business plan is to be secured. Risks from payment flow fluctuations in the amounts shown above are therefore excluded for future interest payments on these underlying transactions. The derivative financial instruments are cases of pending transactions. That is why they are not disclosed in the balance sheet per 31 December 2012. The interest swaps and the loans to finance the construction of the BER create a hedge in accordance with HGB. They are disclosed in the balance sheet in accordance with the net hedge presentation method. Changes in the value of the interest swaps are accordingly not shown in the balance sheet if they are balanced out by value changes in the underlying transaction. The creation of a provision for contingent loss would be required if there is a possibility of unrealised loss. The attributable fair values per 31 December 2012 amount to a nominal value of €1.5bn and a market value of €-294.9m. The market value of the swaps was determined with the aid of the discounted cash flow valuation. The future interest payments were discounted by the interest structure curve of 31 December 2012. The cash value of these payments represents the value of the swaps. The three swaps are amortising swaps. FBB’s obligation to secure the swap transactions expired on 15 March 2012 following the successful conclusion of a restructuring of the contracts with banks in December 2011. Our Figures | 43

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