Frankfurt, Germany 10.07.2002 (PROTEXT/ots) - Management andemployees of the company operating Frankfurt Airport intend tocontribute to a sustainable increase of the value of thecompany. The name of the new Group-wide project is "WM (ValueManagement) 2005 - Creating Future Values" which was initiatedby Fraport AG in autumn 2001 and will continue to 2005.
The measures being currently implemented should effect animprovement of the results by at least euro 150 million in 2005.Johannes Endler, Member of the Fraport Executive Board in chargeof Finance: "The objective is to achieve an EBITDA marginbetween 35 and 40 percent by 2005". For the years 2002 to 2004Fraport expects a total of EBITDA improvements in the range ofadditional euro 150 million, of which at least euro 10 millionare to be already accomplished by the end of this year. Dr.Wilhelm Bender, Chairman of the Executive Board of Fraport AG:"This underlines our confidence to generate an EBITDA of at leasteuro 500 million for 2002".
During the past months all divisions of the Group werecarefully examined to find possibilities to cut costs, optimizework procedures and to improve profit. This project, whichconsists of 21 partial projects, also focussed on strategictopics such as the review of the associated companies portfolioand a sharp look at all central functions. The result of thispreliminary work was a package of 100 specific measures whichare now being implemented step by step over the entire projectperiod.
Examples of these effective and sustainable measures are thestrategic development of the airport from a pure trafficlocation to an attractive business location, optimization of theprocedures involving both real estate management and terminalmanagement as well as the continuous review of cost- savingoptions for some activities. In addition, the available workforce must be in a position to handle peak working times (highdemand for services) better, for example by optimized workinghours concepts in operational divisions.
The identified potentials to increase work force productivityare to be achieved during the project period by not alwaysreplacing employees that leave the company and intensifiedfilling of job vacancies with people already working for thecompany. Furthermore, the work load distribution within the Groupmust be optimized and - dependent on the market situation - forcertain functions in specific divisions the options must beconsidered, possibly with cooperation partners at the location.
Considering the expected traffic development at this airport,Frankfurt Airport will continue to offer a growing number ofjobs. Based on independent expert opinions, approximately 30,000additional jobs will be created in connection with the plannedexpansion of this airport. The project "WM 2005" helps createthe foundations by improving the competitiveness of Fraport AG -the operator of Frankfurt Airport.
ots Original Text Service: Fraport AG Internet:
Press Contact:
Fraport AG Press and Publication (VSP) 60547 Frankfurt/Main
Tel: +49 69 6 90 - 7 05 55 Fax: +49 69 6 90 - 5 50 71
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