Fraport Interim Report - First Quarter 2011: Fraport Records Surge in EBITDA and Revenue

FRANKFURT, May 12, 2011 /PRNewswire/ --

- Outlook for Full Year 2011 Confirmed

In the first quarter of 2011, the Fraport Group's revenue increased by 6.8 percent from EUR476.1 million to EUR508.6 million compared to the same period of the previous year. The operating result or EBITDA (earnings before interest, tax, depreciation and amortization) rose from EUR115.8 million to EUR128.5 million year-on-year. This corresponds to an increase of 11 percent. Group profit increased more than sixfold, from EUR4 million in the first quarter of 2010 to EUR24.2 million in the same period this year.

"The noticeable rise in the Group's passenger figures during the first quarter of 2011 has had a positive impact on the development of Fraport's key financial figures," explained Dr. Stefan Schulte, executive board chairman of Fraport AG. "Further improvements resulted from the positive operating performance and the noticeable increase in the financial result," said Schulte.

The surge in traffic volume caused personnel expenses to expand year-on-year by around four percent to EUR232.2 million. "More passengers and more cargo at Frankfurt Airport - along with our Great to Have You Here! quality initiative for increasing service levels - is driving our job statistics and underscores the business dynamics of the aviation industry. This year alone, we plan to add a total of 2,000 new jobs," stressed Schulte.

Non-staff costs (cost of materials and other operating expenses) went up 6.4 percent to EUR165.2 million, primarily due to higher energy costs. Total operating expenses amounted to EUR397.4 million, an increase of about EUR20 million year-on-year. Thus, with an increase in revenue of almost EUR33 million the operating result (EBITDA) rose almost EUR13 million more.

The financial result significantly improved year-on-year from minus EUR42.3 million to minus EUR24.6 million, due to the development of the fair value of derivatives and currency translation effects. Basic earnings per share rose by EUR0.05 to EUR0.27.

The positive interim result also reflects the strong performance of Fraport AG's international investment airports. This segment contributed more than a third to the overall year-on-year increase in revenue of around EUR32 million. Passenger numbers at Fraport AG's two most important international growth drivers - Lima Airport in Peru and Antalya Airport in Turkey - continue to show a clear upward trend. With 2.8 million passengers, Lima registered an increase of 20.9 percent in the first quarter of 2011, while Antalya served 2.2 million passengers - up 14.1 percent. Fraport AG's five majority-owned airports welcomed a total of 16.9 million passengers in the first quarter of 2011. This corresponds to an average increase of 7.7 percent. With around 11.8 million passengers Frankfurt Airport registered an increase of 3.7 percent. Fraport AG expects passenger numbers to rise at FRA by four to seven percent in 2011.

Benefiting from positive traffic development, FRA's "Aviation" and "Retail & Real Estate" segments saw a particularly strong increase in revenue. Compared to the first quarter of 2010, the net retail revenue per passenger increased from EUR3.07 to EUR3.32 due to the improved range of services and shopping facilities for passengers at FRA.

"We are maintaining our full year 2011 forecast," confirmed Schulte. Thus, revenue is expected to exceed EUR2.3 billion, while the Group's EBITDA is forecast to grow in the range of 10 to 15 percent. Because of a high release of provisions in fiscal year 2010, the executive board expects Group profit to decline slightly in 2011. Adjusted for this effect, however, the overall result for 2011 is expected to increase noticeably.

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    For Further Information, Please Contact:
    Fraport AG Frankfurt Airport Services Worldwide
    Robert A. Payne, B.A.A. - Senior Mgr. International Press & PR
    International Spokesman, Press Office (Dept. UKM-PS),
    Corporate Communications, 60547 Frankfurt am Main, Germany
    Tel.: +49 69.690.78547; E-mail: [email protected]; Internet:

    http://www.fraport.com

SOURCE Fraport AG