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Fraport Interim Report - Nine Months 2014: Fraport Group Achieves Positive Financial Performance Thanks to Traffic Growth
Frankfurt (ots) - Revenue, EBITDA and Group Result on the Rise - Fraport Group?s International Business Continues to Grow - CEO Schulte: "Our Latest Results Show That We Are on Track to Meet Our Full-year Outlook"
In the first three quarters of the 2014 business year, Fraport AG's adjusted Group revenue increased by 2.3 percent to EUR 1.79 billion compared to the same period in 2013. Group EBITDA (earnings before interest, tax, depreciation and amortization) grew by 6.4 percent to EUR 621.3 million year-on-year, while the Group result rose by 1.7 percent to EUR 219.6 million. Operating cash flow markedly improved by 10.1 percent to EUR 408.9 million. Likewise, free cash flow soared to EUR 204.4 million in the first nine months of 2014, up from EUR 41.3 million in the same period last year.
The Fraport Group achieved positive financial performance thanks to traffic growth in the first three quarters of 2014. Frankfurt Airport (FRA), the Fraport Group's home base, recorded a 3.2 percent rise in passenger figures, despite several strike days that led to almost 3,700 flight cancellations and affected over 430,000 passengers. FRA posted new monthly passenger records every month from May to September 2014. A new historic daily record was achieved on the last Friday in September 2014, when Frankfurt Airport served some 214,000 passengers in a single day. Cargo (airfreight and airmail) throughput also increased, rising by 2.1 percent to some 1.6 million metric tons. While aircraft movements remained stable at 357,016 takeoffs and landings (down 0.1 percent), maximum takeoff weights (MTOWs) rose by 2.2 percent to almost 21.9 million metric tons - due to airlines deploying larger aircraft types.
Traffic figures continued to grow not only at FRA but also at airports in the Group's international portfolio. Fraport AG (which is listed on the German MDAX index) has expanded its portfolio twice this year by acquiring U.S.-based Airmall Group - which markets retail space at North American airports - and by winning the bid for a majority stake in Aerodrom Ljubljana, the operating company that runs Ljubljana Airport (LJU) in Slovenia.
Commenting on the positive result, Fraport AG's executive board chairman Dr. Stefan Schulte said: "Our latest financial figures show that we are on track to meet our full-year outlook for 2014. As our international portfolio is truly contributing to the company's financial success, we are delighted that Fraport could gain two new international investments this year."
Overview of Fraport's Four Business Segments:
Aviation: Revenue in the Aviation business segment climbed by 4.9 percent in the first nine months of 2014, from EUR 642 million to EUR 673.4 million - mainly due to higher passenger traffic at FRA and the average 2.9 percent increase in airport charges (effective January 2014). Despite higher personnel expenses resulting from an increase in pay for security personnel under collective wage agreements, segment EBITDA rose by EUR 17.8 million, or 9.9 percent, to EUR 197.7 million. Segment EBIT soared by 17.3 percent to EUR 109.9 million, an increase of EUR 16.2 million.
Retail & Real Estate: With EUR 334.9 million in the first nine months of 2014, revenue in the Retail & Real Estate business segment contracted by 3.3 percent year-on-year. This can be attributed to lower revenue from land sales as well as from energy supply services and utilities (due to the mild winter weather). Revenue in the Retail sub-segment declined, largely reflecting a change in the passenger structure and a reduction in purchasing power related to the persistently high exchange rate of the euro against many Far Eastern currencies. Correspondingly, the key performance indicator "net retail revenue per passenger" dipped from EUR 3.44 to EUR 3.27 (down 4.9 percent). Thanks to lower expenses related to land sales and energy supply services and utilities, segment EBITDA remained almost flat in the reporting period at EUR 264.1 million, down EUR 0.4 million or 0.2 percent. Due to slightly higher depreciation and amortization, the segment's EBIT edged down by EUR 1.5 million (down 0.7 percent) to EUR 202 million.
Ground Handling: Stimulated by growing passenger figures and the deployment of larger aircraft types as well as the rise in airport charges, the Ground Handling business segment recorded a 1.3 percent increase in revenue in the first nine months of 2014, growing by EUR 6.2 million to EUR 496 million. Whereas personnel expenses rose slightly because of the increase in pay for staff under collective wage agreements, material and other operating expenses fell because of one-off effects in 2013 and strict cost management. Overall, segment EBITDA markedly improved by EUR 8.8 million (up 33.3 percent) to EUR 35.2 million. With depreciation and amortization declining slightly, segment EBIT increased by EUR 9.7 million, from the previous year's negative territory of minus EUR 2.5 million to EUR 7.2 million in the reporting period.
External Activities & Services: Revenue in the External Activities & Services business segment fell by 9.3 percent in the first nine months of the year to EUR 292.6 million. Adjusted for the IFRIC 12 accounting standards (lower recognition of earnings-neutral capacitive capital expenditure in the Group's Twin Star and Lima airport companies), segment revenue recorded an underlying increase of 5.3 percent - advancing from EUR 270.7 million to EUR 285.1 million year-on-year. The revenue gain was mainly due to passenger growth at the Group's international investment airports. Segment EBITDA rose by 10 percent to EUR 124.3 million, due to organic revenue growth and lower expenses. A rise in depreciation and amortization - resulting, among other things, from the inauguration of new passenger terminals at the two Bulgarian airports in Varna (VAR) and Burgas (BOJ) in the previous business year - caused segment EBIT to rise by EUR 4.4 million (up 6.1 percent) to EUR 76.9 million year-on-year.
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Fraport AG - which ranks among the world's leading companies in the global airport business - offers a full range of integrated airport management services and boasts subsidiaries and investments on five continents, In 2013, the Fraport Group generated sales of EUR 2.56 billion, EBITDA of EUR 880.2 million and profit of about EUR 236 million. Last year, more than 103 million passengers used airports around the world in which Fraport has a majority stake. Currently, Fraport's international portfolio comprises 11 airports around the globe, including the latest acquisition Ljubljana Airport (LJU) in Slovenia.
At its Frankfurt Airport (FRA) home base, Fraport welcomed more than 58 million passengers in 2013 and handled some 2.1 million metric tons of cargo (airfreight and airmail). For the current flight timetable, FRA is served by 98 passenger airlines flying to some 250 destinations in 105 countries worldwide. More than half of FRA's destinations are intercontinental (beyond Europe) - underscoring Frankfurt's role as a leading hub in the global air transportation system. In Europe, Frankfurt Airport ranks first in terms of cargo tonnage and is the third-busiest for passenger traffic. With well over 50 percent of all passengers using Frankfurt as a connecting hub, FRA also has the highest transfer rate among the major European hubs. Frankfurt Airport City has become Germany's largest job complex at a single location, employing more than 78,000 people at some 500 companies and organizations directly on site. Almost half of Germany's population lives within a 200-kilometer radius of the FRA intermodal travel hub - the largest airport catchment area in Europe. FRA Airport City also serves as a magnet for other companies located throughout the economically vital Frankfurt/Rhine-Main-Neckar region. Thanks to synergies associated with the region's dynamic industries, networked expertise, and outstanding intermodal transportation infrastructure, FRA's world route network enables Hesse's and Germany's export-oriented businesses to flourish in global growth markets. Frankfurt Airport meets the increasing needs of the flourishing export-oriented economies of the State of Hesse as well as Germany as a whole, for optimal connections to growth markets around the globe. Likewise, FRA is also a strategic gateway for companies wanting to access the huge European marketplace. Thus, Frankfurt Airport - which is strategically located in the heart of Europe, is one of the most important hubs in the world and a key infrastructure site for Germany and Europe. Major new real estate developments - such as The Squaire, the Gateway Gardens business park, and the Mönchhof Logistics Park, etc. - are creating an exciting new dimension and range of services at the evolving Frankfurt Airport City of the 21st century.
Robert A. Payne
Telephone: +49 69 690-78547
Press Office, Corp. Communications
60547 Frankfurt, Germany