Successful First Half-Year 2004 at Fraport: Substantial Growth of Revenues and Earnings
Frankfurt/Main, Germany (ots) - Fraport AG - Frankfurt Airport Services Worldwide - increased its sales during the first six months of 2004 by 7.5 percent to EUR 943.1 million. The Group recorded an EBITDA of EUR 237 million marking an 11.8 percent increase in comparison to the first half-year 2003.
The increase of sales was mainly the result of air traffic growth and higher earnings from security services.
34.9 million passengers passed through airports of the Fraport Group during the first half-year 2004, a 13.0 percent increase in comparison to the first six months of 2003. Frankfurt Airport, the most important location of the Fraport Group, recorded 24.3 million passengers - 8.2 percent more than during the first half-year 2003. The increase of tourism traffic to the Mediterranean coast of Turkey generated 4.4 million passengers at Antalya Airport (+ 53.2 percent). Frankfurt-Hahn Airport, with its focus on low cost airlines, reported a growth of 20.8 percent.
Improved utilization of the limited slot capacities was noticed at Frankfurt Airport: The maximum takeoff weights (MTOWs) - an indicator of the size of deployed aircraft - increased by 5.6 percent. Frankfurt Airport handled 878,738 metric tons of airfreight (airfreight and airmail) during the first six months of 2004 (+ 10 percent).
In addition to higher airport charges, Fraport's increased earnings were based on security services due to the additional security requirements established in the latest EU aviation security regulations. Furthermore, ICTS (the specialist for security services) was able to successfully expand its business by concluding new contracts and gaining additional customers.
Consequently, ICTS Europe had 8.9 percent more employees in comparison to the same period last year. This was the main factor that effected a rise of expenditures for human resources by 5.5 percent to EUR 486.9 million within the Group. The Fraport Group employed an average of 23,544 persons and thus reports 380 more employees than during the same period in 2003.
Expenditures for fixed assets rose by 8.3 percent to EUR 241.5 million due to remodeling work in the terminals and resurfacing of the north runway at Frankfurt Airport.
The EBITDA was increased by EUR 25 million to EUR 237.1 million (+ 11.8 percent). This over-proportional growth, in comparison to sales, was mainly the result of successful cost management. The "Value Management 2005" program to improve efficiency proves effective and the implementation of measures yielded rewards.
The financial result is reported at minus EUR 11.9 million compared to minus EUR 1.4 million at the end of the first half-year 2003. The income from holdings, which is part of the financial result, was substantially higher in 2003 since dividend payments in the amount of EUR 8.5 million from Antayla for the year 2002 were included. As of 2003 such dividends will be received at the end of the corresponding year. Furthermore, the financial result was burdened by a negative balance in connection with foreign currency valuations.
From January to June 2004 Fraport achieved a Group result of EUR 59.0 million, an increase of 17.5 percent compared to the first six months of 2003. The result per share according to IFRS climbed from EUR 0.56 to EUR 0.65.
Based on the positive development of the operative business sectors, Fraport expects a growth of Group sales by at least five percent in 2004 and an increase of EBITDA between five and ten percent. Prerequisites for an over-proportional growth of the Group surplus are the non-occurrence of negative factors such as epidemics, terrorist attacks or wars.
Manager International Press & PR Press Office (UKM-PS),
60547 Frankfurt am Main, Germany