Frankfurt/Main, Germany (ots) - For the first time since the
company's initial public offering last summer, Fraport AG Frankfurt
Airport Services Worldwide has issued a first-quarter interim report:
Compared to the corresponding period last year, Fraport clearly
increased consolidated revenues from January to March 2002 by 14.4
percent to EURO 401.7 million. Consolidated profits grew 166 percent
to EURO 18.1 million.
The airport management company today said that it is very
satisfied with the first three months of the current year. A
significant increase in revenues and a lowering of operating costs
led to a clear improvement in results. The first-time full
consolidation of ICTS Europe - the European market leader for
aviation security services - contributed substantially to the
positive revenue development. Excluding this full consolidation,
Fraport exceeded the prior year's revenues by 4.9 percent.
In addition, the increase in consolidated revenues resulted from
an average increase of 3.2 percent in airport fees and charges from
central infrastructure for ground-handling services effective January
1, 2002, as well as higher revenues from aviation-specific security
services. Once again, the retailing business saw satisfying revenue
development, growing by 10.4-percent to EURO 15.5 million.
For the first quarter of 2002, Group-wide passenger traffic
dropped by only 3.0 percent to 13.5 million. Frankfurt Airport (FRA)
- the company's most important location - received 10.5 million
passengers or 4.4 percent less than in the same period last year.
From January 1 to May 20, Frankfurt Airport recorded a 4.1 percent
decline in passenger traffic. Thus, the recovery in passenger traffic
continued following the strong drop in the last quarter of last year.
Earnings before interest, tax, depreciation, and amortization
(EBITDA) increased by 10.4 percent to EURO100.2 million, up from
EURO90.8 million in the same quarter of 2001. This increase resulted
from the positive revenue development along with the 10.3 percent
reduction in non-staff costs. Although there was a 17.8 percent
increase in personnel expenses due to the first-time consolidation of
ICTS Europe, the positive revenue development and improved interest
rates - resulting from repayment of bank loans - led to a strong
166.2 percent increase in consolidated profit to EURO 18.1 million.
Earnings per share, according to International Accounting Standards
(IAS), were EURO 0.20 compared to EURO 0.11 for the previous year's
Comparing first-quarter year-on-year figures, the operating cash
flow nearly tripled to EURO 35.9 million. Above all, this can be
attributed to lower advance interest and tax payments.
In the first quarter of 2002, Fraport invested EURO122.2 million
(2001: EURO 141.9 million). The most important investments included
EURO 69.2 million for acquiring the remaining 55 percent share of
ICTS Europe on January 1, 2002.
Negotiations in connection with Fraport's activities in the
Philippine capital of Manila are ongoing. Up to May 15, 2002, there
have not been any changes in Fraport's total exposure of $374.9
million. Not taking into account the open negotiating points,
construction of the new terminal is progressing on schedule and the
terminal is expected to become operational at the end of 2002.
Fraport still expects the entire project to be completed
In keeping with the medium and long-term traffic forecasts that
indicate high-growth potential for Frankfurt Airport, capacity
expansion at FRA is the most important activity during the coming
years. With Fraport AG's IPO last year, the financial basis for
FRA's further development was laid. Preparations for airport
expansion are running as scheduled. Fraport AG expects the
responsible regional administrative district to make its concluding
planning decision (ROV regional planning procedure) shortly. This
will be followed by the so-called project approval or zoning
Despite the relatively good development during the first months of
2002, Fraport remains cautious in its traffic forecast and expects a
slight decline in passenger volume for the entire year versus 2001.
Nevertheless, Fraport expects a clear increase in revenues in 2002.
Taking into consideration the absence of one-off gains in the
previous year and a slight reduction in operating costs, Fraport is
forecasting the 2002 EBITDA to reach a similar level as last year.
ots Originaltext: Fraport AG
Fraport AG Frankfurt Airport Services Worldwide
Attn: Robert A. Payne - Manager International Press
D-60547 Frankfurt am Main
Internet: http://www.fraport.de (click on "Press Lounge")