PRINCIPIO N° 5: ENFOQUE DE SISTEMAS PARA LA GESTIÓN

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 Havalimani 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.

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The following overviews contain summarized balance sheet 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 2014 2013

Revenue 326.8 320.7

Regular depreciation and amortization – 104.0 – 103.8

Interest income 4.6 6.1

Interest expenses – 82.3 – 88.3

Income tax expense – 30.6 – 10.3

Result after taxes 76.6 56.2

Other result 2.2 13.6

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

2014 2013 2014 2013 2014 2013

Investment carrying amount on January 1

(Fraport share) 52.9 30.4 20.8 18.7 73.7 49.1

Share of annual net profit 38.3 28.1 0.9 4.0 39.2 32.1

Share of other result 1.1 6.8 0.0 0.0 1.1 6.8

Comprehensive income 39.4 34.9 0.9 4.0 40.3 38.9

Dividends – 27.5 – 12.4 – 1.3 – 1.7 – 28.8 – 14.1

Other adjustments – 0.8 0.0 – 0.3 – 0.2 – 1.1 – 0.2

Investment carrying amount on December 31

(Fraport share) 64.0 52.9 20.1 20.8 84.1 73.7

Financial position data for Antalya

Results data for Antalya

€ million December 31,

2014 December 31, 2013

Non-current assets 957.5 1,035.2

Non-current liabilities 1,061.0 1,159.3

thereof financial liabilities 331.1 372.8

thereof other liabilities

(including trade accounts payable) 729.9 786.5

Current assets 265.4 262.3

thereof cash and cash equivalents 235.9 240.6

thereof other assets 29.5 21.7

Current liabilities 154.1 159.2

thereof financial liabilities 41.8 48.6

thereof other current liabilities

(including trade accounts payable) 112.3 110.6

Net assets 7.8 – 21.0

Share of net assets 3.9 – 10.5

Continued proportional Group figures from the acquisitions of the shares 43.2 47.5

Goodwill 1) _{16.9 15.9}

Investment carrying amount 64.0 52.9

1) _{Change resulting from subsequent purchase price adjustment in 2014 of €1.0 million. Table 75}

Table 76

Table 77

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 additional Chinese com- panies. 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 holds 30 % of the shares, while the city of Hanover and state of Lower Saxony each hold a 35 % participation in the company. NCG, Xi’an, and Hannover-Langenhagen GmbH are no 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,

2014 December 31, 2013 December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013

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

Non-current assets 815.5 1,036.0 789.1 614.8 338.8 344.4

Non-current liabilities 607.3 1,056.2 256.7 250.6 166.6 170.0

thereof financial liabilities 524.3 957.0 239.7 246.7 137.6 141.4 thereof other liabilities

(including trade accounts payable) 83.0 99.2 17.0 3.9 29.1 28.6

Current assets 150.5 144.1 95.9 210.5 12.0 12.0

thereof cash and cash equivalents 123.0 105.0 68.3 182.2 0.7 0.6

thereof other assets 27.5 39.1 27.6 28.3 11.3 11.4

Current liabilities 610.4 126.8 151.2 149.4 52.8 53.1

thereof financial liabilities 535.3 5.6 0.0 0.0 23.2 22.0 thereof other liabilities

(including trade accounts payable) 75.1 121.2 151.2 149.4 29.6 31.1

Net assets – 251.7 – 2.9 477.1 425.3 131.3 133.3

Table 78

In connection with financing the concession in Antalya, €235.9 million of bank balances are subject to a drawing restriction (previous year: €209.9 million).

There are no further significant restrictions pursuant to IFRS 12.

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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