Annual Report 2015

→ 112 | Flughafen

→ 112 | Flughafen Berlin Brandenburg GmbH currently in the final stage and will be secured in their full amount, as is already the case for the long-term financing of BER, by guarantees given by the three FBB shareholders. Precautionary measures in the form of effective financing management will accordingly be implemented to prevent any bottlenecks in liquidity. With respect to the risk of changes in interest rates, the Company has secured its position in part against an increase in interest rates and the subsequent rise in financing expenses with the aid of interest swaps. 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. In addition, there is the intention to convert a majority part of the long-term financing for BER into a fixed-interest loan as part of the new loan financing; this represents another security component. Taking this step will make it possible to secure by and large the low interest rates of the moment by taking out loans over periods of 10 and 20 years. B.8 Full use of utility grids Owing to the postponement of the operational startup of BER, there is a risk that the utility grids operated by FEW in Schönefeld will not be utilised to their full capacity, which will mean that costs cannot be charged onward in full. Furthermore, there is a risk that the calculated basic price will be too high because the equipment is not being utilised adequately and will not be paid by third-party customers. B.9 Deconcentration pursuant to Sections 6 et seqq. EnWG [German Energy Management Act] The EnWG obligates vertically integrated utility company to deconcentrate electric power and gas grids pursuant to Sections 6 et seqq. EnWG. The electric power grids at the airport locations Berlin Tegel and Berlin Schönefeld have been operated in the form of closed distributor grids by FEW as an independent grid operator since 1 January 2014. The supervisory authority for grid operation in this case is the responsible regulatory authority BNetzA.

Unsere Zahlen | 113 ← B.10 General risks General risks which have not been described in detail are recorded in the FBB Group’s risk management system and are under constant observation. B.11 Appraisal of overall risk The risk management system at FBB Group did not reveal any threats to the Company’s existence for fiscal year 2015, whether from isolated risks or from aggregate risks, nor are any risks to the Company’s existence discernible for 2016. C Major Opportunities A balanced relationship between opportunities and risks that actively manages risks while simultaneously seizing upon opportunities with the market potential to heighten the Company’s earning power continues to be at the focus of FBB’s activities. C.1 Revenue increases resulting from rising numbers of passengers Viewed over the long term, the trend toward further stable development in global aviation continues. FBB is confident as it looks ahead to 2016 and assumes that it will be possible to increase revenues again because of the continued rise in passenger numbers at the Berlin airports; there is also a chance that revenue will increase in excess of the values proposed in the budget. This increase in revenues can be achieved by the stationing of more aircraft by certain airlines, optimisations in the flight schedule, in the utilisation of aircraft capacities and airport slots and the adjustment in the charges per 1 January 2016, for instance. A major driver in the development of future increases in passenger volume will be the expansion of capacity realised by planned expansion of the infrastructure at the existing Schönefeld Airport and at BER.