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Financial performance The political unrest in North Africa, the nuclear catastrophe in Japan, the outbreak of the volcano Grimsvötn in Iceland and the high oil price were the dominant factors impacting global air traffic in the first half of 2011. In addition, the air traffic tax introduced in Germany in January led to some dramatic declines in passenger numbers, primarily at smaller airports. Overall, while the number of flights controlled by DFS rose by 3.0 percent, the net income earned at just €80 million was 25 percent lower than the figure posted in the previous year. When judging this result, the impact of the conversion of the cost-base relevant for charging to IFRS needs to be taken into account. In 2011, DFS obtains its revenues from two sources. The main source of revenue is ATC charges collected from aircraft operators for air navigation services in line with the principles of the International Civil Aviation Organisation (ICAO) and EUROCONTROL. These state that all of the charges collected must be used to cover costs and to allow for an appropriate return on equity. The setting up of operating reserves from user charges is not an option under the current charges system. However, it is possible to build up a limited amount of equity reserves from the return on equity. The second source of revenue comes from other business activities. Annual Report 2010 (PDF) Annual Report 2009 (PDF) Annual Report 2008 (PDF) Annual Report 2007 (PDF) Annual Report 2006 (PDF) Annual Report 2005 (PDF) Annual Report 2004 (PDF) Annual Report 2003 (PDF) Annual Report 2002 (PDF) Annual Report 2001 (PDF) Annual Report 2000 (PDF) Extracts from 2011 business year (according to IFRS) in Euro Revenues 1,070.3 million Capital expenditure 120.4 million Balance sheet total 1,106.1 million Net income 79.6 million Bonds* 54.9 million * The bonds issued by DFS are only listed on the Luxembourg stock exchange. For this reason, DFS chose Luxembourg as its Home Member State in keeping with Article 2 of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are listed to trade on a regulated market. 15/05/2012 PRINT

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