Fraport Group: On Track in Difficult Times
27.03.2002, 10:38
FRANKFURT, Germany 27. 3. 2002 (ots/PROTEXT) - Despitedifficult conditions for the entire air transport industry,according to preliminary figures Fraport AG's fiscal year 2001revenues grew 2.9 percent to over EUR 1,580 million and netincome reached EUR 101.1 million for the year. Earnings beforeinterest, tax, depreciation and amortization (EBITDA) exceededEUR 507 million, only about five percent below the previousyear's figure. Extraordinary income was offset by a number ofunscheduled writedowns on financial assets.
The air transport industry was considerably marked by theeffects of the September 11 events. Add to this the financialconsequences of the Lufthansa pilot strike. In particular, thecargo sector was affected by the weak domestic business activityand the economic slowdown of important international markets.
Irrespective of these challenges, the most important locationof the group -- Frankfurt Airport -- recorded about 48.6 millionpassengers in 2001, only 1.6 percent down from the previous year.The double-figure monthly rates of decline after the attacks inthe U.S. have shrunk once again, thanks to a noticeable increasein travel demand. In February 2002, the rate of decline inpassenger traffic slowed to -3.2 percent. Once again, 2001 showedthat large hub airports like Frankfurt are definitely lessaffected than smaller airports by route cancellations and otherairline reactions implemented during times of crisis.
Fraport AG did not react to the temporary decline in trafficfigures with layoffs or reduced working hours. In contrast tosome other companies, there have not been any job layoffs due tooperational reasons. The company's initial public offering (IPO)on June 11, 2001, has markedly improved Fraport AG's balancesheet: The major part of net proceeds, in the approximate amountof EUR 863 million, were invested in a special fund. Debts werereduced by over EUR 350 million. An essential item in non-recurring income was the reduction ofprovisions for environmental reserves at Frankfurt, amounting toa total of EUR 22.2 million. In addition, soil cleanup performedin previous years has resulted in a claim against the State ofHesse in the amount of EUR 23 million.
A EUR 59.8 million write-down on loans to associatedcompanies refers to loans and shareholders' advances to thePhilippine company involved in the Manila Airport terminalproject. The commitment to construct and operate the airportterminal in the Philippine capital is currently Fraport AG'slargest and most important activity outside Frankfurt Airport.Construction progress is on schedule. Extraordinary write-downswere made because of a lowered forecast for future traffic volumein the region and because duty-free proceeds from the project areanticipated to be lower than originally expected.
Fraport will present its final and detailed figures forfiscal year 2001 at the annual financial press conference inFrankfurt on April 23.
For More Information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide Attn: Robert A. Payne - ManagerInternational Press 60547 Frankfurt am Main, Germany Tel.: +49 69690 -78547 (with voice mailbox) Fax: +49 69 690 -60548 E-Mail:r.payne@fraport.de Internet: www.fraport.de (click on "PressLounge")
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