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Fraport AG

Fraport AG Convinced of Long-term Growth in the Air Cargo Industry

Frankfurt/Main (ots)

According to Fraport AG Frankfurt Airport
Services Worldwide - owner and manager of Frankfurt Airport (FRA) -
the global air cargo industry has to deal with a temporary crisis but
not structural change. During the opening ceremony of the 12th
International Frankfurt Air Freight Days conference tonight at the
Frankfurt Airport Sheraton Hotel, Fraport AG's Executive Board
Chairman Wilhelm Bender said that this strong confidence is based on
past experience gained from  such events as the oil crisis, the Gulf
War and the Asian economic crisis.
Speaking to 200 key national and international decision makers in
the cargo industry, Bender pointed out that Frankfurt Airport has
registered an average annual growth of 4.6 percent since 1980. During
this period, FRA's cargo volume increased from 0.6 million to 1.6
million metric tons per year. "Other industries would be envious."
Bender stated that Fraport AG is responding to the temporary
decline in FRA's airfreight traffic by adjusting the allocation of
staff ("still no operations-related layoffs") and by re-examining all
expense items, investments and capital expenditures. Fraport's CEO
added that the past has taught us that air cargo is a growth market
"par excellence". But air cargo is also a very sensitive market that
reacts earlier than other branches to the cyclical fluctuations of
the world economy. "We expect that, within a manageable time frame,
we will be able to build on the industry's normal growth."
Bender said that Frankfurt Airport experienced a negative
4.6-percent growth rate in air cargo for the first three quarters of
2001. However, he warned not to let short-term trends block the view
on long-term developments. It is intolerable "to leave the shaping of
our world to terrorists".
Also, the latest traffic development does not provide any reasons
to renew discussions on the necessity of airport expansion, said
Bender. "We will expand our capacities according to demand... The
approval procedures are underway and we are proceeding entirely on
schedule."

Contact:

Fraport AG Frankfurt Airport Services Worldwide
Attn: Robert A. Payne - Manager International Press
60547 Frankfurt am Main, Germany
Tel. +49 69 690 -78547 (with voice mailbox)
Fax +49 69 690 -60548
E-mail: r.payne@fraport.de
Internet: www.fraport.de (click on "Press Lounge")

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