Frankfurt, Germany (ots) - Fraport AG Frankfurt Airport Services
Worldwide, again recorded positive business results in what was an
extremely difficult year for the global aviation industry. Despite
negative influences resulting from the pilots' strike, the economic
slowdown, and the 9/11 terror attacks, consolidated profit reached
Euro 101.1 million for fiscal year 2001.
Group revenues rose by 2.9 percent over 2000 to almost Euro 1,581
million. Earnings before interest, tax, depreciation and amortization
(EBITDA) were Euro 507.2 million. Speaking at the Company's fiscal
2001 press conference in Frankfurt, Dr. Wilhelm Bender, Chairman of
the Executive Board of Fraport AG, stressed that the 4.9 percent
decrease from the previous year was within the range announced to the
capital market. "Despite the negative factors of 2001, both figures
exceeded the budget estimate," said Bender, "even though, we were
unable to reach the record results of 2000. "
Factors contributing to this positive sales development included:
an increase in airport and infrastructure charges, an expansion in
the number of companies included in the consolidated financial
statements (by eight to a total of 46), as well as higher proceeds
from rents and sales-linked revenues.
Total Group revenues rose by almost six percent to Euro 1.7
billion. Material expenditures increased by well over 10 percent on
the previous year to Euro 507 million, personnel expenses grew nine
percent to Euro 689 million - mainly because of the first-time
consolidation of personnel-intensive subsidiaries and because of an
increase in standard pay rates, introduction of a new performance and
success-related pay system and special expenditures for the employee
stock-purchasing program within the context of the initial public
offering (IPO). On the annual average, the Fraport Group employed a
total of 15,526 people.
Consolidated profit (net earnings) of Euro101.1 million dropped
about 22 percent below the previous year's level. On the basis of the
weighted average of shares issued, earnings per share came to Euro
1.28; on the basis of all shares qualifying for a dividend, earnings
per share amounted to Euro 1.12. The Executive Board and Supervisory
Board will recommend a dividend of 40 euro-cents per share at the
Annual General Meeting for shareholders on June 26.
For the first time, Fraport reported consolidated traffic figures
for Frankfurt, Hanover, Saarbrücken, Hahn, Antalya and Lima airports.
Group-wide, the number of air passengers increased slightly by 0.2
percent to a stable total of 67.9 million passengers. Airfreight and
airmail grew by 1.8 percent to 1.9 million metric tons; the number
of aircraft movements at the above Fraport airports decreased 1.1
percent to just under 719,000.
At Frankfurt Airport (FRA), passenger figures dropped only 1.6
percent below the peak year of 2000 to 48.6 million. Accounting for
71.6 percent of the Group's passenger traffic and over 86 percent of
the cargo tonnage, FRA is the Group's most important location.
Because of the terror attacks in September and the resulting
passenger decline of 13.9 percent in October and 10.9 percent in
November, the Company had "expected far worse," said Bender.
Airfreight at FRA decreased by six percent to just under 1.5
million metric tons in 2001. With 460,000 takeoffs and landings, the
number of aircraft movements at FRA dropped 0.5 percent below the
previous year's level to just under 460,000. The Maximum Takeoff
Weights (MTOWs) - particularly important for determining takeoff and
landing charges -- was 0.8 percent above the year 2000.
Fraport AG anticipates traffic at FRA to pick up again already in
the second half of the current year and expects high growth potential
at its home airport in the medium and long term. Consequently, FRA's
planned airport expansion is the most important project in the coming
years, Bender explained. Following the soon-to-be-completed regional
planning procedure on airport expansion (Raumordnungsverfahren or
ROV), the zoning or plan approval procedure
(Planfest-stellungsverfahren) for a new runway will get underway
later this year. The new runway (for landings only) is scheduled to
go into operation in 2006.
"We are doing everything possible to ensure that airport expansion
will be on schedule, within budget and environmentally focused,"
emphasized Fraport's chairman. "Furthermore, we do this in consensus
with the majority of the people in the region and will consistently
adhere to the findings of the mediation procedure."
Proceeds from Fraport AG's IPO last June are the primary financial
basis for FRA's planned expansion. Out of the Euro 863 million net
proceeds from the IPO and a capital contribution by the original
shareholders, about Euro 360 million was used to reduce high-interest
bank loans. The Company has invested Euro 525 million from the IPO in
a special fund for the medium term.
Regarding the terminal project in Manila, the Company has decided
not to provide any further funding within the framework of the
interim financing for the PIATCO project company, until progress has
been made in current discussions with the Philippine government and
negotiations with the Fraport partners. Construction progress of the
new international passenger terminal in Manila is on schedule and
inauguration is planned for the end of 2002. "We have contracts,
which we believe will be honored by the other contract partners in
the same way as we will fulfill these contracts. We are working
intensively on a solution to the problem," stressed Bender.
For the current business year, Fraport expects traffic development
overall to stabilize, however at a slightly lower level than in 2001.
For 2002, the Company is striving to achieve a stable EBITDA compared
to the previous year and anticipates consolidated profits to also
reach the level of the previous year.
ots Original Text Service: Fraport AG
Fraport AG Frankfurt Airport Services Worldwide
Attn: Robert A. Payne - Manager International Press
60547 Frankfurt am Main, Germany
Tel.: +49 69 690 -78547 / Fax: +49 69 690 -60548