Daños en plantas

Reconciliation of the assets and liabilities recognized in the financial position:  

Provisions for pensions and similar obligations

€ million 2012 2011 2010 2009 2008

Present value of the obligation as of January 1 37.6 35.8 32.6 26.5 1) _27.6

Interest cost 1.6 1.6 1.6 1.5 1.4

Current service cost 1.7 1.6 1.6 1.5 1.5

Past service cost 0.0 0.0 0.0 0.9 0.1

Benefits paid – 2.3 – 1.6 – 1.6 – 1.8 – 1.5

Actuarial (gain)/loss 7.2 0.2 1.6 4.0 – 1.8

Present value of the obligation as of December 31 45.8 37.6 35.8 32.6 27.3 Fair value of plan assets (qualifying insurance policy)

as of December 31 18.3 16.9 15.7 13.8 12.4

Offsetting      

Reconciliation to assets and liabilities recognized

in the financial position          

Present value of funded financial obligations 18.9 14.7 13.7 12.3 8.3

Fair value of plan assets – 18.3 – 16.9 – 15.7 – 13.8 – 12.4

Underfunding/Overfunding 0.6 – 2.2 – 2.0 – 1.5 – 4.1

Present value of unfunded financial obligations 26.8 22.9 22.1 20.3 19.0

Unrecognized actuarial gains/(losses) 0.0 0.0 0.0 0.0 0.0

Unrecognized past service cost 0.0 0.0 0.0 0.0 0.0

(Net) liabilities recognized in the financial position 27.4 2) _{22.9 22.1 20.3 19.0}

Amounts recognized in the income statement      

Current service cost 1.7 1.6 1.6 1.5 1.5

Interest cost 1.6 1.6 1.6 1.5 1.4

Income expected from plan assets – 0.4 – 0.4 – 0.4 – 0.3 – 0.2

Net actuarial (gain)/loss from pension provision

recognized in the current year 7.2 0.2 1.6 4.0 – 1.8

(Gain)/loss on plan assets 0.2 0.4 0.3 0.1 0.2

Past service cost 0.0 0.0 0.0 0.9 0.1

Expenses recognized in the income statement 10.3 3.4 4.7 7.7 1.2

Reconciliation of recognized net liabilities in the period      

Net liabilities at the beginning of the year 22.9 22.1 20.3 18.3 1) _19.4

Change in overfunding – 2.3 0.2 0.5 – 2.7 0.7

Expenses recognized in the income statement 10.3 3.4 4.7 7.7 1.2

Benefits paid – 2.3 – 1.6 – 1.6 – 1.8 – 1.5

Asset value of insurance policy paid – 1.2 – 1.2 – 1.8 – 1.2 – 0.8

Net liabilities at the end of the year 27.4 22.9 22.1 20.3 19.0

Reconciliation development of plan assets      

Fair value of plan assets (qualifying insurance policy)

at the beginning of the year 16.9 15.7 13.8 12.4 11.6

37

The pension obligations essentially include 20 (previous year: 18) vested pension benefits promised in individual agreements to the members of the Fraport AG Executive Board and their dependents. A total of 335 further benefits (166 of them non-vested) become payable to Senior Managers and employees not covered by collective bargaining agreements in connection with the Fraport AG company benefit plan. These pension commitments depend on years of service and salary. The present value of the non-vested benefits amounts to € 0.8 million (previous year: € 0.9 million). In 2012, reinsurance policy contributions of around € 1.2 million (previous year: € 1.2 million) were paid. Contribu- tions of € 1.2 million are expected for 2013.

There are commitments to employee-financed pension benefits of € 4.0 million (previous year: € 3.3 million) for Senior Managers (15 vested rights, previous year: 15) of Fraport AG. The calculation is based on an actuarial opinion dated December 12/15, 2012.

Valuation is based on the provisions under IAS 19. The pension obligations on December 31, 2012, were calculated on the basis of actuarial opinions of December 15, 2012. The calculations are based on Professor Dr. Klaus Heubeck’s fundamental biometric data (RT 2005 G).

A reinsurance policy was already obtained in 2005 to reduce actuarial risks and to protect pension obligations for the former and current members of the Executive Board against insolvency. The reinsurance benefits are recognized at the active value reported by the insurance company in the amount of € 18.3 million (previous year: € 16.9 million). A part (€ 18.3 million) of the present value of the defined benefit obligation (DBO) attributable to the members of the Executive Board has been offset against the asset of the reinsurance policy. The anticipated return on the reinsur- ance claims for the next fiscal year amounts to approximately 3.17 %. This amount corresponds to the current interest rate in the year under review. The actual income from plan assets amounts to € 0.7 million in the year under review (previous year: € 0.5 million).

Fraport AG has insured its employees for purposes of granting a company pension under the statutory insurance scheme based on a collective bargaining agreement (Altersvorsorge-TV-Kommunal – [ATV-K]) with the Zusatzversorgungskasse (top-up provision insurance scheme) for local authority and municipal employers in Wiesbaden (ZVK). The contribu- tions are collected based on a pay-as-you-go model. The contribution rate of the ZVK is as in the previous year at 6.2 % on compensation subject to mandatory top-up; thereof, the employer pays 5.7 %, with the contribution paid by the employee amounting to 0.5 %. In addition, a tax-free restructuring charge of 2.3 % of compensation subject to mandatory top-up is levied by the employer in accordance with Section 63 of the ZVK Statutes (ZVKS). An additional contribution of 9 % is paid for some employees included in the statutory social security insurance scheme (generally employees exempted from collective bargaining agreement and Senior Managers) for the consideration subject to ZVK that, according to Section 38 of the ATV-K, exceeds the upper limit defined in the collective bargaining agreement. Consideration subject to pay-as-you-go contributions totaled € 460.6 million in 2012 (previous year: € 437.7 million). This plan is a multi-employer plan (IAS 19.7), since the companies involved share the risk of the investment and also the biometric risk.

The ZVK insurance policy is generally to be classified as a defined benefit plan (IAS 19.27). Since the plan is a defined benefit plan, the company has to account for its proportionate share of its benefit obligations in the total obligations and for the exact share in the total assets of ZVK under IAS 19.29.

If there is no sufficient information on the plan and a company also covers the risks of other insured companies (IAS 19.32b), only the regular contributions are accounted for as if it was a defined contribution plan.

For this reason, Fraport AG treated this plan as a defined contribution plan.

In the fiscal year, € 26.8 million (previous year: € 25.1 million) were recorded as contributions to defined contribution plans.

Furthermore, in accordance with German statutory provisions, contributions are also made to state-administered pen- sion funds. The current contributions are shown as expenses for the respective year (IAS 19.46). Employer contributions made by the Fraport Group to state-administered pension funds totaled € 71.7 million (previous year: € 70.0 million).