What FMG says about its journey towards <IR>
Quick to recognize the value of integrated corporate reporting as a means of presenting a more all-encompassing picture of an organization’s performance, Munich Airport was an early adopter of the IIRC’s principle-based reporting approach recommended by the IIRC’s International <IR> Framework and participated in the IIRC Pilot Program, the precursor to the current Integrated Reporting<IR> Business Network. Moreover, as a co-founder of the German <IR> Roundtable as well as an active participant in the <IR> Business Network, Munich Airport underlines the importance it attaches to promoting integrated reporting.
The contents of the integrated report are derived from a survey-based materiality matrix, the sustainability program and embedded initiatives, measures and statuses, as well as data on the financial and economic performance of the company. Besides detailing the integrated corporate strategy, the diverse businesses and service portfolio, the report focuses on the expansion plans of Munich Airport, the efforts undertaken to engage with surrounding communities, advancing and retaining employees, as well as on protecting the environment and combating climate change. Other elements of the integrated report include the consolidated financial statements, the management report and key performance indicators for all relevant capitals.
Munich Airport uses integrated reporting to promote integrated thinking within the group. The departments of Corporate Communications, Corporate Development, and Finance and Controlling publish the report jointly. Around 130 employees across all divisions provide text, data or information for the report. In this way, they realize that their work contributes to a company-wide, interdepartmental project of far-reaching relevance.
“Showing Class”, Munich Airport’s 2017 report, is additionally published online as an HTML report, using animated graphics to illustrate facts and developments. A prominently placed double page describes the qualitative and quantitative interactions brought about by the business model, using the six types of capitals defined by the IIRC. Munich Airport has arranged its key resources into six types of capital, which represent its value creation and enable it to illustrate essential cause and effect correlations showing changes in capital.
Jörg Ebbighausen, Senior Vice President of Corporate Development:
“Integrated thinking is the key to sustainable action and integrated reporting. Integrated reporting fosters a close collaboration between colleagues of various departments. Relevant topics are dealt with jointly. Together with its stakeholders, Munich Airport evaluates material topics in order to include the results in the annual strategic planning process. This way we make sure that our corporate strategy is geared towards sustainable value creation.”
Hans-Joachim Bues, Senior Vice President of Corporate Communications:
“Munich Airport is committed to the transparent communication of the company’s performance. The integrated report is compiled in accordance with international standards defined by the International Integrated Reporting Council (IIRC) and the Global Reporting Initiative (GRI). Publishing an online report for the first time, we also managed to establish a style and framework accessible for experts and non-specialists alike.”
Munich Airport integrated report database:
The current and prior integrated reports of Munich Airport can be found on its corporate website. Additionally, readers can answer the annual stakeholder survey, which is linked to the publication of each integrated report.
Known as a trailblazer in German integrated corporate reporting, Munich Airport sets itself ambitious goals while preparing and completing its integrated reports. Every year, Munich Airport receives several recognized national and international awards for its integrated reporting publications. To date, these include prizes at the Econ Awards, the BCM Awards, LACP Awards, German and International Stevie Awards, Fox Finance and ARC Awards.
Flughafen München GmbH (FMG) operates Munich Airport along with its 15 subsidiaries, and employs more than 8,700 people. Within a few years of its opening, Munich Airport developed into a major air transportation hub and firmly established its position as in the top 10 of Europe’s busiest airports. It offers connections to more than 250 destinations all over the world and, in 2016, handled 42.3 million passengers.
Munich Airport is one of Bavaria’s most important workplaces and has a total workforce numbering 34,500 employees in almost 600 businesses on the campus, A total of 17,500 jobs have been created since 1994, doubling the workforce 20 years.