Fraport AG

Fraport Interim Report 1st Quarter 2015: Fraport Group Achieves Growth in Revenue and Operating Result (EBITDA)
2015 Business Year Off to a Good Start - Passenger Traffic Rising at Most Group Airports

Frankfurt (ots) - In the first quarter of 2015, Fraport AG recorded noticeable growth in Group revenue, rising by 10.8 percent to EUR575.9 million. Factors contributing to this result included growth in traffic and fees, higher proceeds from the retail business, consolidation of two new Group subsidiaries, as well as currency effects. The Group's underlying revenue increased by 10.6 percent to EUR572.3 million, while the operating result or EBITDA (earnings before interest, tax, depreciation and amortization) improved by EUR18.6 million or 13.8 percent to EUR153.1 million. The Group result advanced EUR4.6 million year-on-year to EUR10.6 million.

At its Frankfurt Airport (FRA) home base, Fraport AG recorded a rise in passenger figures in the first three months of 2015. Despite a number of strike and weather-related flight cancellations, passenger traffic at FRA grew by 2.7 percent to more than 12.5 million passengers. The cargo (airfreight + airmail) tonnage dropped by 2.4 percent year-on-year to around 500,000 metric tons. Passenger and cargo traffic at the Group's airports outside Frankfurt also largely improved.

In addition to rising passenger traffic at its international airports, Fraport's external business contributed to revenue growth due mainly to the first-time consolidation of two new Group subsidiaries - AMU Holdings Inc. (Airmall) and Aerodrom Ljubljana - which were acquired in the second half of 2014. A currency effect resulting from the conversion of revenues gained at the Lima Airport subsidiary, from U.S. dollars into the Group's standard currency (euros), also had a positive effect. With cash outflow for investments remaining almost level, Fraport's free cash flow improved by EUR34.1 million to EUR65.2 million.

Commenting on the company's growth in the first three months of 2015, Fraport AG's executive board chairman Dr. Stefan Schulte said: "Our positive first quarter results were supported by ongoing growth in the retail segment and by strong performance from our international business. For the full year, we continue to expect passenger traffic to increase. At Frankfurt Airport, this will lead to higher revenue particularly in the Aviation and the Retail & Real Estate business segments. These figures provide confirmation of our outlook for the entire 2015 business year."

Overview of Fraport's Four Business Segments:

Aviation: Revenue in the Aviation business segment rose from EUR189.4 million to EUR200.4 million in the first three months of 2015, up 5.8 percent year-on-year. Despite a decline in employee figures, personnel expenses increased in the reporting period, due to higher collective wage agreements in the public sector and for aviation security services. In addition, expenses from non-capitalizable capital expenditure increased compared to the same period last year. Nevertheless, segment EBITDA slightly improved by EUR0.4 million or 1.3 percent to EUR30.7 million. Because of higher amortization and depreciation, the segment's EBIT declined by EUR1.4 million to EUR0.2 million.

Retail & Real Estate: Revenue in Fraport's Retail & Real Estate business segment reached EUR113.4 million in the first quarter of 2015 - an increase of EUR6.9 million or 6.5 percent compared to the first quarter of 2014. This growth in revenue can largely be attributed to the higher passenger traffic at Frankfurt Airport and, in particular, to the growing number of intercontinental passengers who typically make above-average purchases of retail goods while at the airport. In addition, the devaluation of the euro compared to many international currencies helped boost passenger spending at FRA. Thus, the key performance indicator "net retail revenue per passenger" climbed by 6.5 percent, from EUR3.69 in last year's first quarter to EUR3.93 in the reporting period. Since expenses rose only slightly, revenue growth is reflected almost entirely in the rising segment EBITDA - which expanded by EUR6.7 million or 8.1 percent to EUR89.1 million. With amortization and depreciation increasing at a very moderate rate, the segment's EBIT advanced by EUR6.4 million or 10.3 percent year-on-year to EUR68.3 million.

Ground Handling: In the first three months of 2015, the Ground Handling business segment recorded four percent growth in revenue, up EUR6.0 million to EUR154.7 million. This positive performance was driven by higher passenger figures, a rise in maximum takeoff weights (MTOW), and an increase in infrastructure charges. Personnel expenses in the segment markedly increased in the first quarter of 2015, reflecting the traffic-related higher need for manpower as well as pay increases under collective wage agreements. Despite higher personnel expenses, segment EBITDA improved by EUR2.7 million (up from minus EUR2.8 million to only minus EUR0.1 million), thanks to positive revenue growth. With depreciation and amortization expenses up only slightly, segment EBIT improved to minus EUR9.5 million - an increase of EUR2.4 million year-on-year.

External Activities & Services: Fraport AG's External Activities & Services business segment achieved significant growth in revenue in the first three months of 2015, soaring from EUR75.1 million to EUR107.4 million, up 43.0 percent. Adjusting for the recognition of earnings-neutral capacitive capital expenditure (in connection with the application of the IFRIC 12 accounting standards), segment revenue still climbed by 42.8 percent year-on-year, from EUR72.7 million in the first quarter of 2014 to EUR103.8 million in the reporting period. In addition to traffic growth at Lima Airport, first-time consolidation of the Group's new companies - AMU Holdings Inc. and Aerodrom Ljubljana (acquired in the second half of 2014) - resulted in additional segment revenue of EUR20.2 million. The conversion of revenues gained at the Lima Airport subsidiary, from U.S. dollars into the Group's standard currency (euros), also had a positive effect on the segment's revenue. Operating expenses increased during the reporting period, mainly due to the first-time consolidation of the new AMU and Aerodrom Ljubljana subsidiaries, as well as reflecting currency and traffic-related effects at Lima Airport. Due to positive revenue growth, the segment's EBITDA improved by EUR8.8 million or 35.8 percent to EUR33.4 million. Higher depreciation and amortization, resulting primarily from the new AMU Holdings Inc. and Ljubljana Airport subsidiaries, led to segment EBIT of EUR13.0 million. Compared to the first quarter 2014, this represents an increase of EUR3.4 million or 35.4 percent.

The Fraport Group Interim Report (January 1 to March 31, 2015) is available on the Fraport Website under "Investor Relations > Publications".

Print-quality photos of Fraport AG and Frankfurt Airport are available for free downloading via the photo library located in our Press Center on the Fraport Web site. For TV news and information broadcasting purposes only, we also offer free footage material for downloading.

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 2014, the Fraport Group generated sales of EUR2.4 billion and profit of about EUR252 million. Last year more than 108.5 million passengers used airports around the world in which Fraport has more than a 50 percent stake.

At its Frankfurt Airport (FRA) home base, Fraport welcomed about 60 million passengers and handled some 2.2 million metric tons of cargo (airfreight and airmail) in 2014. For the current winter 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 about 55 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 on site. Major new real estate developments - such as The Squaire, the Gateway Gardens business park, and the Mönchhof Logistics Park - are creating an exciting new dimension and range of services at the evolving Frankfurt Airport City of the 21st century.

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 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 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 global logistics chain.


Fraport AG Robert A. Payne
International Spokesman
Press Office, Corp.Communications
60547 Frankfurt, Germany
Telephone: +49 69 690-78547

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