Financial performance

Low fuel prices and the dynamism of the low-cost sector were the significant growth drivers boosting German air traffic in the year 2015. But large traditional European airlines also expanded their portfolio in Germany. Overall, the number of IFR flights in German airspace increased by 1.6 percent.

DFS realised a net income of €122.4 million (2014: €34.9 million). This result is influenced by the impact of converting the charges-related cost-base to IFRS and the resulting remeasurements for occupational pensions.

Last year, DFS earned its revenues from two sources. The main source of revenue is generated by collecting charges from aircraft operators for air navigation services in line with the principles of the International Civil Aviation Organisation (ICAO) and EUROCONTROL. The regulated sub-area of en-route services has been subject to economic regulation in the form of a performance system that has laid down binding charges in accordance with EU regulations since 1 January 2012. At the beginning of 2015, the sub-area of terminal services was also transferred to a system of economic regulation. As was the case until the end of 2014, the charges are still set by means of a statutory instrument of the Federal Government.

The second source of revenue comes from other DFS business activities.

Extracts from 2015 business year

(according to IFRS)

EUR
Revenues
1,204.7 million
Capital expenditure
74.5 million
Balance sheet total
1,809.5 million
Net income
122.4 million
Bonds*
47.9 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 listed to trading on a regulated market.