Individualización posológica

Companies that are Group airports outside of Frankfurt are considered to be substantial joint ventures and associated companies in the Fraport Group. This applies to the airports in Antalya, Pulkovo, Hanover, and Xi’an.

Shares in joint ventures:

Fraport IC Ictas Antalya Havalimani Terminal Yatirim ve Isletmeciligi Anonim Sirketi, Antalya/Turkey (franchisee) is a joint venture of Fraport AG and IC Yatirim Holding A.S. that operates the terminals at Antalya Airport as part of the concession agreement of May 22, 2007 with the Turkish airport authority (DHMI franchisor). The concession for the operation of the terminals and the right to use all assets listed in the concession agreement runs for a total of 17 years to the end of 2024.

With regard to the authorized use of infrastructure, the company is obligated to perform maintenance and capacity expansions (as required). Distributed over the term of the concession agreement, concession fees of €2.01 billion net must be paid to DHMI. In exchange, the franchisee receives the right to use the existing and future terminal infrastructure to operate the airport and the right to generate revenue from passenger charges paid by the airlines and from other services related to terminal operations. Passenger charges are regulated by the franchisor.

Fraport holds a 51 % interest in the company’s share capital, of which 13.36 % is held indirectly through Antalya Havali- mani Uluslararasi Terminal Isletmeciligi A.S., though neither party may make a decision unilaterally due to the voting system laid down in the partnership agreement. The division of the variable returns from the company is governed separately in the partnership agreement, according to which both partners are entitled to equal amounts in returns. The company accounts for 50 % according to the equity method on the basis of the division of the dividend rights and the joint management and control. The dividends are for the most part distributed through the non-operating joint venture Fraport IC Ictas Havalimani Isletme Anonim Sirketi, Antalya/Turkey. Since the companies are not listed on a stock exchange, there is no available active market value for the shares.

The following overviews contain summarized financial position and results data from the Antalya companies accounted for using the equity method (Fraport IC Ictas Antalya Havalimani Terminal Yatirim ve Isletmeciligi Anonim Sirketi, Antalya/ Turkey, and Fraport IC Ictas Havalimani Isletme Anonim Sirketi, Antalya/Turkey).

€ million 2015 2014

Revenue 301.0 326.8

Regular depreciation and amortization – 108.5 – 109.4

Interest income 3.0 4.6

Interest expenses – 75.4 – 82.3

Taxes on income – 16.3 – 29.5

Result after taxes 59.2 76.6

Other result 9.2 2.2

Comprehensive income 68.4 78.8

The reconciliation for the carrying amount in joint ventures recognized in the Group is shown in the following overview:

Reconciliation for carrying amount in joint ventures

€ million Antalya Other

joint ventures Total

2015 2014 2015 2014 2015 2014

Investment carrying amount on January 1

(Fraport share) 64.0 52.9 20.1 20.8 84.1 73.7

Share of annual net profit/losses 29.6 38.3 0.9 0.9 30.5 39.2

Share of other result 4.6 1.1 0.0 0.0 4.6 1.1

Comprehensive income 34.2 39.4 0.9 0.9 35.1 40.3

Dividends – 28.9 – 27.5 – 0.3 – 1.3 – 29.2 – 28.8

Other adjustments – 1.2 – 0.8 0.0 – 0.3 – 1.2 – 1.1

Addition and capital increase FCS 0.0 0.0 5.7 0.0 5.7 0.0

Investment carrying amount on December 31

(Fraport share) 68.1 64.0 26.4 20.1 94.5 84.1

Unrecorded pro rata results/losses

In the reporting period 1.0 0.7

Cumulative – 0.4 – 1.3

Financial position data for Antalya

Results data for Antalya

€ million December 31,

2015 December 31, 2014

Non-current assets 960.7 1,065.5

Non-current liabilities 937.5 1,082.6

thereof financial liabilities 257.0 331.1

thereof other liabilities

(including trade accounts payable) 680.5 751.5

Current assets 267.1 265.4

thereof cash and cash equivalents 226.5 235.9

thereof other assets 40.5 29.5

Current liabilities 188.0 154.1

thereof financial liabilities 74.2 41.8

thereof other liabilities

(including trade accounts payable) 113.8 112.3

Net assets 102.3 94.2

Share of net assets 51.2 47.1

Goodwill 16.9 16.9

Investment carrying amount 68.1 64.0

Table 70

Table 71

Investments in associated companies

Thalita Trading Ltd. and its wholly-owned subsidiary Northern Capital Gateway LLC (NCG) were founded as companies by Fraport AG, the Russian bank VTB, and the Greek Copelouzos Group. NCG develops and operates Pulkovo Airport (St. Petersburg, Russia) as part of a 30-year concession agreement with the city of St. Petersburg. The company is responsible for the entire airport infrastructure. Fraport holds 35.5 % of the shares in Thalita Trading Ltd.

Xi’an Xianyang International Airport Co., Ltd. (Xi’an) was founded by Fraport AG and three Chinese companies. The company operates Xi’an International Airport, China. The company’s scope of responsibility includes the operation of the terminal including the commercial areas, as well as certain parts of the landside infrastructure. Fraport holds 24.5 % of the shares in Xi’an through its subsidiary, Fraport Asia Ltd.

Flughafen Hannover-Langenhagen GmbH operates the airport of Lower Saxony’s capital city of Hanover. Fraport AG holds 30 % of the shares and the City of Hanover and the State of Lower Saxony each have a 35 % stake in the company. NCG, Xi’an, and Hannover-Langenhagen GmbH are not listed companies. There are no available active market values for the shares.

The following information shows the IFRS financial statements of the associated companies. Accounting and valuation differences were adjusted to the requirements of the Group.

Summarized financial position

€ million Thalita/NCG Xi’an Hanover

December 31,

2015 December 31, 2014 December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014

Share of shareholders’ equity 35.50 % 35.50 % 24.50 % 24.50 % 30.00 % 30.00 %

Non-current assets 718.0 815.5 736.1 789.1 335.6 338.8

Non-current liabilities 1,119.6 607.3 261.7 256.7 159.2 166.7

thereof financial liabilities 1,063.3 524.3 234.1 239.7 130.8 137.6

thereof other liabilities

(including trade accounts payable) 56.3 83.0 27.6 17.0 28.4 29.1

Current assets 128.7 150.5 178.9 95.9 12.3 12.0

thereof cash and cash equivalents 104.9 123.0 138.5 68.3 1.0 0.7

thereof other assets 23.8 27.5 40.3 27.6 11.3 11.3

Current liabilities 86.8 610.4 140.3 151.2 53.2 52.8

thereof financial liabilities 36.1 535.3 0.0 0.0 21.0 23.2

thereof other liabilities

(including trade accounts payable) 50.7 75.1 140.3 151.2 32.2 29.6

Net assets – 359.7 – 251.7 513.0 477.1 135.5 131.3

Pro rata share of net assets – 179.9 – 125.9 125.7 116.8 40.7 39.5

Adjustments/accumulated impairments 0.0 0.0 0.0 0.0 – 25.7 – 25.7

Investment carrying amount 0.0 0.0 125.7 116.8 15.0 13.8

In connection with financing the concession in Antalya, €206.4 million of bank balances are subject to a drawing restriction (previous year: €235.9 million).

There are no further significant restrictions pursuant to IFRS 12.

The reconciliation for the carrying amount in associated companies recognized in the Group is shown in the following overview:

Reconciliation for carrying amount in associated companies