Fraport Interim Report - First Quarter 2011: Fraport Records Surge in EBITDA and RevenueBy Fraport Ag, PRNE
Wednesday, May 11, 2011
Outlook for Full Year 2011 Confirmed
FRANKFURT, May 12, 2011 - In the first quarter of 2011, the Fraport Group's revenue
increased by 6.8 percent from EUR476.1 million to EUR508.6 million compared
to the same period of the previous year. The operating result or EBITDA
(earnings before interest, tax, depreciation and amortization) rose from
EUR115.8 million to EUR128.5 million year-on-year. This corresponds to an
increase of 11 percent. Group profit increased more than sixfold, from EUR4
million in the first quarter of 2010 to EUR24.2 million in the same period
"The noticeable rise in the Group's passenger figures during
the first quarter of 2011 has had a positive impact on the development of
Fraport's key financial figures," explained Dr. Stefan Schulte, executive
board chairman of Fraport AG. "Further improvements resulted from the
positive operating performance and the noticeable increase in the financial
result," said Schulte.
The surge in traffic volume caused personnel expenses to
expand year-on-year by around four percent to EUR232.2 million. "More
passengers and more cargo at Frankfurt Airport - along with our Great to Have
You Here! quality initiative for increasing service levels - is driving our
job statistics and underscores the business dynamics of the aviation
industry. This year alone, we plan to add a total of 2,000 new jobs,"
Non-staff costs (cost of materials and other operating
expenses) went up 6.4 percent to EUR165.2 million, primarily due to higher
energy costs. Total operating expenses amounted to EUR397.4 million, an
increase of about EUR20 million year-on-year. Thus, with an increase in
revenue of almost EUR33 million the operating result (EBITDA) rose almost
EUR13 million more.
The financial result significantly improved year-on-year from
minus EUR42.3 million to minus EUR24.6 million, due to the development of the
fair value of derivatives and currency translation effects. Basic earnings
per share rose by EUR0.05 to EUR0.27.
The positive interim result also reflects the strong
performance of Fraport AG's international investment airports. This segment
contributed more than a third to the overall year-on-year increase in revenue
of around EUR32 million. Passenger numbers at Fraport AG's two most important
international growth drivers - Lima Airport in Peru and Antalya Airport in
Turkey - continue to show a clear upward trend. With 2.8 million passengers,
Lima registered an increase of 20.9 percent in the first quarter of 2011,
while Antalya served 2.2 million passengers - up 14.1 percent. Fraport AG's
five majority-owned airports welcomed a total of 16.9 million passengers in
the first quarter of 2011. This corresponds to an average increase of 7.7
percent. With around 11.8 million passengers Frankfurt Airport registered an
increase of 3.7 percent. Fraport AG expects passenger numbers to rise at FRA
by four to seven percent in 2011.
Benefiting from positive traffic development, FRA's "Aviation"
and "Retail & Real Estate" segments saw a particularly strong increase in
revenue. Compared to the first quarter of 2010, the net retail revenue per
passenger increased from EUR3.07 to EUR3.32 due to the improved range of
services and shopping facilities for passengers at FRA.
"We are maintaining our full year 2011 forecast," confirmed
Schulte. Thus, revenue is expected to exceed EUR2.3 billion, while the
Group's EBITDA is forecast to grow in the range of 10 to 15 percent. Because
of a high release of provisions in fiscal year 2010, the executive board
expects Group profit to decline slightly in 2011. Adjusted for this effect,
however, the overall result for 2011 is expected to increase noticeably.
Print-quality photos of Frankfurt Airport and Fraport AG are
availale free for downloading via the Internet at www.fraport.com
(Menu: select Press Center > then Photo Service). For TV news and
information broadcasting purposes only, we also offer free footage material
for downloading via fraport.cms-gomex.com.
For Further Information, Please Contact: Fraport AG Frankfurt Airport Services Worldwide Robert A. Payne, B.A.A. - Senior Mgr. International Press & PR International Spokesman, Press Office (Dept. UKM-PS), Corporate Communications, 60547 Frankfurt am Main, Germany Tel.: +49 69.690.78547; E-mail: firstname.lastname@example.org; Internet:
Tags: Frankfurt, Fraport AG, Germany, May 12