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First Half 2002: Fraport AG Records Significant Increase in Revenues and Profits - Progress in Manila

Frankfurt, Germany (ots)

Frankfurt Airport's Expansion Plan on Track
Fraport AG Frankfurt Airport Services
Worldwide today presented its interim results for the first half of
2002. The airport manager achieved significant growth in consolidated
revenues, which rose 13 percent to euros 855.2 million. Consolidated
profit climbed even higher by 37 percent to 53.6 million.
This strong increase in revenues and profits for the first half of
2002 is viewed by Fraport AG as confirmation of its forecast for
positive results for the total year 2002. This growth in revenues can
be largely attributed to ICTS Europe Holding B.V. (ICTS Europe) - the
European market leader for aviation-related security services - which
has been fully consolidated for the first time since January 2002.
Excluding this consolidation, Fraport's revenues exceeded the
previous year by 3.3 percent. Particularly satisfying was the
development of revenues from retailing, which grew by 12.1 percent to
about euros 33 million.
Air traffic demand recovered noticeably from the significant
decline that occurred after the 9/11 terrorist attacks. Group-wide,
Fraport recorded 31 million passengers in the first half of 2002,
only a 2.6 percent decline versus the same period last year. At
Frankfurt Airport (FRA), the Group's most important location,
passenger traffic declined by 4.3 percent to 22.9 million. A
turnaround has certainly become discernible in the cargo sector,
which is sensitive to economic fluctuations. With about 724 thousand
metric tons handled at FRA in the first half of 2002, airfreight
traffic was still 2.8 percent below the above-average level of the
same period last year.  In the second quarter of 2002 airfreight
tonnage increased for the first time again, growing by 1.9 percent.
Fraport's earnings before interest, tax, depreciation and
amortization (EBITDA) reached euros 234 million, a 14.3 percent
increase compared to the previous year. In addition to higher
revenues, this increase was attributed to only a moderate increase in
expenditures. Non-staff costs dropped almost three percent below the
same period last year and personnel expenses rose 23.6 percent due to
newly consolidated entities.
Revenue growth, a reduction in non-staff costs, and an improvement
in net interest expense, due to the repayment of debt following our
initial public offering (IPO), led to a significant 37 percent jump
in consolidated profit to euros 53.6 million.  The profit per share,
according to IAS (International Accounting Standards), was euros 0.59
compared to euros 0.58 for the first half of 2001.
Fraport AG's executive board is optimistic about negotiations with
the Philippine government, which in a letter to Fraport has signaled
its willingness to discuss in detail the option of re-transferring
the Manila terminal project to the Philippine state. Fraport AG will
continue to abstain from providing further funding to the PIATCO
project company, until an acceptable solution has been achieved with
both the government and Fraport's  Philippine partners.
The Airport Expansion Program at Frankfurt Airport is one of
Fraport AG's most important projects for the future. With the
completion of the regional planning procedure (Raumordnungsverfahren
or ROV) on airport expansion in June, the next step can proceed. The
ROV decision from the Darmstadt administrative district, the 
responsible government authority, has confirmed Fraport's position
that the Runway Northwest option provides the necessary capacity
increase at FRA and produces the lowest possible impact and
disturbance to the region. Fraport AG is now preparing for the
so-called zoning procedure or project plan approval procedure
(Planfeststellungsverfahren). The process continues to be oriented on
the existing time and cost plan - in particular, the company is
adhering to its completion date of 2006 for a new fourth runway.
Independent of zoning for the Airport Expansion Plan, Fraport AG
will start another zoning procedure. This procedure will create the
basis for initiatives to adapt and optimize the airport to allow the
operation and maintenance of the new Airbus A380 wide-body jets
(super jumbos) at Frankfurt Airport.
Remaining cautious with its prognosis for air traffic development
in the total year 2002, Fraport AG expects a decline in passenger
traffic in the low single-digit percent range versus 2001.
Nevertheless, the company expects a significant increase in
consolidated revenues, mainly because of the first-time full
consolidation of ICTS Europe, an increase in airport charges, and a
passenger-related security surcharge. Fraport AG will achieve an
EBITDA in 2002 of at least euros 500 million. "Fraport AG continues
to be on the right course," said the company's executive board
chairman, Dr. Wilhelm Bender. "We will also remain successful beyond
this difficult year of 2002."

Contact:

Fraport AG Frankfurt Airport Services Worldwide
Robert A. Payne
Manager International Press
60547 Frankfurt am Main, Germany
Tel. +49/69/690-78547
Fax +49/69/690-60548
mailto:r.payne@fraport.de
Internet: http://www.fraport.com

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