Frankfurt, Germany (ots)
- Dividends Despite 2001 Crisis - Stable
Results Announced for Current Year
Speaking at the company's first regular Annual General Meeting
(AGM) today, Fraport AG's executive board chairman, Dr. Wilhelm
Bender, urged shareholders "to look into the future with confidence
and optimism." The AGM was held at the Jahrhunderthalle in
Frankfurt-Hoechst. Bender also said, "We have efficient structures
and the right concepts to make our business even more profitable in
Frankfurt and around the world."
Bender stressed that the 2001 business year was characterized by
extremely difficult market conditions. In that context, he referred
to the Lufthansa pilot strike, the sluggish world economy, and the
9/11 terrorist attacks. "Nevertheless, we have performed well both in
terms of traffic figures and operating results."
Passenger traffic at Frankfurt Airport (FRA) declined by only 1.6
percent in 2001. Thus, Frankfurt was able to strengthen its position
as the seventh largest airport in the world. Despite the crisis in
the aviation industry, Fraport's revenues grew about three percent to
nearly Euro 1.6 billion. Consolidated profits for fiscal 2001
reached Euro 101.1 million. A dividend payment of Euro 0.40 per
share was recommended at the AGM.
With its initial public offering (IPO) in June 2001, Fraport AG
was the first airport company in Germany to become listed on the
stock exchange. "Of course, we are not satisfied with the development
of our share price during the year and with the current share level,"
said Bender. With the consistent implementation of our business
strategy, however, the share price will develop positively. "Many
analysts still consider Fraport shares to be undervalued."
Bender explained that Fraport AG's business model is based on
three pillars: consolidation at Frankfurt Airport, ongoing
development at Frankfurt Airport, and external business. He said the
demand-driven expansion of FRA "is of crucial importance for the
future of both Fraport and the Frankfurt/Rhine-Main region." Only by
expanding Frankfurt Airport's runway capacity will it be possible to
prevent the threatening loss of FRA's function as a hub for Lufthansa
and the Star Alliance.
Investing in Frankfurt-Hahn Airport in the Hunsrück region west of
Frankfurt, Bender elaborated, is not a substitute for expanding
capacity at our main airport (FRA) in Frankfurt am Main. Fraport's
chairman also reported on the company's current international
projects, for example in Antalya (Turkey) and Lima (Peru). Regarding
the Manila project, he said that irrespective of financial issues,
construction of the new terminal is at an advanced stage and on
schedule. "The exact opening date of the terminal depends on further
progress in negotiations. We continue to believe that our talks will
lead to positive results and, thus, will allow for the project's
Bender announced that Fraport's earnings before interest, tax,
depreciation and amortization (EBITDA) for the current business year,
would reach at least Euro 500 million. "In view of the overall
situation in the aviation industry and the difficulty of forecasting
this year, we consider this to be a special success on our part."
ots Originaltext: Fraport AG
Fraport AG Frankfurt Airport Services Worldwide
Robert A. Payne
Manager International Press
60547 Frankfurt am Main, Germany