Independent auditor’s report

We have audited the consolidated financial statements prepared by Flughafen München GmbH, Munich, consisting of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement, and the notes to the consolidated financial statements, as well as the Group management report for the fiscal year from January 1 to December 31, 2016. The preparation of the consolidated financial statements and the Group management report in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and the supplementary requirements of German commercial law pursuant to Article 315a (1) of the German Commercial Code (Handelsgesetzbuch – HGB) is the responsibility of the company’s Executive Board. Our responsibility is to express an opinion on the consolidated financial statements and on the Group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with Article 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the German Institute of Public Auditors (Institut der Wirtschaftsprüfer – IDW). Those standards require that we plan and perform the audit in such manner that material misstatements affecting the presentation of the net assets, financial position, and operating results in the consolidated financial statements in accordance with the applicable financial reporting rules and in the Group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group as well as evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the system of internal controls relating to the accounting system and the evidence supporting the disclosures in the consolidated financial statements and the Group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of the companies included in the consolidated financial statements, the determination of the scope of consolidation, the accounting and consolidation principles used and significant estimates made by the Executive Board, as well as evaluating the overall presentation of the consolidated financial statements and the Group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, which is based on our audit findings, the consolidated financial statements comply with the IFRS as adopted by the EU as well as the supplementary requirements of German commercial law pursuant to Article 315a (1) HGB and give a true and fair view of the net assets, financial position and operating results of the Group in accordance with these requirements. The Group management report is consistent with the consolidated financial statements, complies with statutory provisions, and, as a whole, provides a suitable view of the position of the Group and suitably presents the opportunities and risks of future development.

Munich, April 24, 2017

KPMG AG Wirtschaftsprüfungsgesellschaft

 

Schubert
German Public Auditor

Junghänel
German Public Auditor