FRANKFURT (Germany): The Fraport Group closed the first quarter of 2010
with operating results of EUR115.8 million. EBITDA (earnings before interest,
tax, depreciation and amortization) climbed by 12.4 percent year-on-year.
Revenue reached EUR476.1 million in the first three months of the year, which
represents a year-on-year increase of 4.3 percent. Group profit shrank from
EUR20 million to EUR4 million. The decline was primarily due to higher
interest expenses for the company's extensive capital expenditures at
Frankfurt Airport (FRA) and a base-year effect from extraordinary income in
the spring of 2009.
Despite the unusually harsh winter weather - affecting
especially FRA - and the pilot strike in the spring, all signs indicated
growth again in the first quarter of fiscal 2010. However, the volcanic
eruption in Iceland clearly depressed traffic figures in April 2010.
"Nonetheless, we are expecting passenger traffic to grow group-wide in 2010;
this should be reflected correspondingly by the full-year balance sheet,"
said Fraport AG's executive board chairman Dr. Stefan Schulte, commenting on
the positive interim results. "Especially because of the positive development
of Fraport's international airport investments, Group EBITDA for the entire
fiscal year 2010 is anticipated to reach approximately EUR635 million. Group
profit should achieve the previous year's level again," Schulte added.
The Fraport Group's five majority-owned airports welcomed just
under 15.7 million passengers in the first quarter of 2010 (up 7.7 percent
year-on-year) and handled a total of almost 590,000 metric tons of cargo (up
30.8 percent). At the FRA home base, passenger traffic climbed by 3.9 percent
to well over 11.3 million passengers and cargo throughput increased by 31.5
percent to some 535,000 metric tons.
Revenue reached EUR476.1 million in the first quarter of 2010,
EUR19.6 million more than in the same period last year. Adjusting for the
disposal of Fraport's investment in Hahn Airport, Group revenue grew by
EUR25.4 million (up 5.6 percent) in the first three months of the year. This
revenue increase was primarily due to extremely positive traffic development
at FRA (plus EUR14.7 million). Outside Frankfurt, positive revenue impulses
were registered primarily at Antalya Airport (plus EUR5.1 million).
On the expenditure side, staff costs only slightly exceeded
the previous year's level, rising by 1.6 percent to EUR222.5 million -
despite the higher traffic volume.
Non-staff costs (material and other operating costs) fell by
2.3 percent to EUR155.3 million. With EUR377.8 million, total operating
expenses remained nearly unchanged compared to the same period last year.
Revenue growth as well as the generally moderate development
of expenses resulted in Group EBITDA of EUR115.8 million (up 12.4 percent).
Correspondingly, the EBITDA margin rose from 22.6 percent to 24.3 percent.
Compared to the January-to-March period last year, the
financial result deteriorated noticeably, falling from minus EUR11.9 million
to minus EUR42.3 million in the first quarter of 2010. Reasons for this
decline included higher interest expenses because of higher net financial
debt than in the same period last year. As a result, basic earnings per share
dropped from EUR0.22 to EUR0.05.
