ll. Accounting policies
The principal accounting policies applied in these consolidated financial statements are set out below. The policies have been consistently applied to all periods presented.
The reporting currency is the euro. Unless otherwise stated, all amounts are in thousands of euros (TEUR). Rounding errors may occur for computational reasons.
1. Basis of preparation of the financial statements Summary
In accordance with Section 315e(3) of the Handelsgesetzbuch (HGB – German Commercial Code), Flughafen München GmbH voluntarily prepares consolidated financial statements in accordance with internationally recognized accounting standards. The company applies the International Financial Reporting Standards (IAS/IFRS) and interpretations (SIC/IFRIC) published by the International Accounting Standards Board (IASB) and by the International Financial Reporting Standards Interpretations Committee (IFRS IC) as adopted by the European Union, completely and without any restriction. It also observes the regulations of Section 315e (3) sentence 2 in conjunction with (1) HGB.
The consolidated financial statements, with the exception of certain items, such as financial assets available for sale, derivative financial liabilities, hedged items, pensions, and similar obligations, have been prepared according to the principle of historical acquisition and production cost.
The consolidated statement of profit or loss is prepared using the nature of expense method.
The fiscal year is the calendar year.
The preparation of financial statements in accordance with IFRS is based on the judgments and estimates made by the Executive Board. Judgments and estimates on accounting items of certain matters may have a material effect on the overall presentation of the consolidated financial statements. Therefore, matters whose accounting is based on judgments and estimates that have a material effect on the financial statements are disclosed separately in Section V.
2. New or revised accounting regulations Summary
a) New regulations applied for the first time
Munich Airport applied the following amendment to the IFRS Accounting Standards issued by the IASB for the first time in the 2025 fiscal year:
IAS 21 (determination of the exchange rate when there is a long-term lack of exchangeability)
The amendment did not have any material impacts on the disclosures or on the amounts reported in these consolidated financial statements.
b) New regulations not yet applied
Amendments and additions to existing IAS had been issued up to the date of preparation of these financial statements, the initial application of which is required or permitted only after the end of the reporting period. These include amendments effective as of January 1, 2026 to IFRS 9 and IAS 7 (Amendments to the Classification and Measurement of Financial Instruments as well as Contracts Referencing Nature-dependent Electricity) and the IFRS 18 (Presentation and Disclosure in Financial Statements), which is required to be applied for the first time for reporting periods beginning on or after January 1, 2027.
In addition, the IASB and IFRS Interpretations Committee has issued further standards and interpretations that are not yet mandatory for the fiscal year 2025 and have not yet been endorsed by the EU. These include the new standard IFRS 19 (Subsidiaries without Public Accountability: Disclosures), which is expected to be applied for the first time on January 1, 2027
Munich Airport assumes that the initial application of the amendments to existing standards and of the new IFRS 19 standard will not have any material impacts on the consolidated financial statements.
The new IFRS 18 standard replaces IAS 1 (Presentation of Financial Statements). The standard contains significant new requirements, including in relation to the classification of all income and expenses in the statement of profit or loss, the disclosure of management-defined performance measures (MPMs), the introduction of new guidance on the structure and aggregation of information within the financial statements, and the requirement to use the operating profit or loss as the starting point for the statement of cash flows if the cash flow from operating activities is presented in accordance with the indirect method.
Munich Airport is currently assessing the possible impacts of IFRS 18 in particular with regard to the structure of the consolidated statement of profit or loss, the statement of cash flows, and the additional disclosure requirements for MPMs. It is also reviewing the effects on the aggregation of information in the financial statements. Munich Airport assumes that the initial application of the new standard will have an impact on the consolidated financial statements, in particular on the presentation of the consolidated statement of profit or loss.