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2011 2,339 2011 802 2011 251 2012 2,413 2012 849 2012 252 2013 2,310 2013 733 2013 236 2014 2,384 2014 790 2014 252 Financial Development Revenue At €2,394.6 million, the Group revenue in 2014 was 0.8 % higher than the value for the previous year. Adjusted for the recognition of earnings-neutral capacitive capital expen- diture in the Group companies Twin Star and Lima (IFRIC 12), revenue grew by €73.8 million to €2,383.8 million. At the Frankfurt site, traffic growth and the increase in airport and infrastructure charges in particular contributed to the rise in revenue. Outside of Frankfurt, the Group company Lima reported continuing revenue growth, EBITDA Despite higher personnel expenses, which primarily resulted from increases in collective bargaining agreements, the Group EBITDA improved from €732.9 million to €790.1 million in 2014. The positive development of revenue as well as a decline in the cost of materials and other operating expenses were crucial in the increase in EBITDA. A decrease in the cost of materials at the Frankfurt site resulted primarily from the mild winter, which led to lower expenses for Result The positive EBITDA development allowed the Group result to grow by €16.1 million to €251.8 million in financial year 2014, in the face of higher depreciation and amortization, a constant financial result, and higher income taxes. While the increase in depreciation and amortization was primarily due to the termi- nal inaugurations in Varna and Burgas at the end of financial year 2013 as well as the new Group companies AMU Holdings Inc. and Ljubljana, the investment in Antalya was the which was also a result of positive traffic de- velopment. In addition to Lima, the Twin Star Group company also achieved an increase in adjusted revenue. The decrease in revenue in the Retail & Real Estate segment was primarily due to lower retail revenue and revenue from land sales and energy supply services. The new Group companies AMU Holdings Inc. and Ljubljana contributed €27.8 million to revenue growth in the previous financial year. winter services as well as energy and supply services. In external business, lower capacitive capital expenditure in the Twin Star and Lima Group companies were the primary cause of a decrease in the cost of materials. The EBITDA margin accordingly improved by 2.2 percentage points to 33.0 %. Adjusted for the revenue and expenses from the rec- ognition of capacitive capital expenditure in connection with the application of IFRIC 12, the EBITDA margin rose from 31.7 % to 33.1 %. main positive highlight of the financial result and increased its result contribution from €28.1 million to €38.3 million. A negative contribution primarily resulted from the mar- ket valuation of derivatives (2014: -€8 million against 2013: +€11 million) and a decline in the interest result by €5 million. The tax rate increased from 29 % to 33 % among others as a result of higher tax provisions. Overall, the earnings per share increased from €2.40 to €2.54. 1) Revenue adjusted by IFRIC 12, revenue without joint ventures since 2013 (IFRS 11) 1) EBITDA since 2013, revenue without joint ventures (IFRS 11) Revenue in € million 1) EBITDA in € million 1) Result in € million 22 2014 CompactFinancial Development 222014 CompactFinancial Development