Fraport revenues rise in first nine months
Fraport AG achieved revenue of about €1.95 billion during the first three quarters of 2013 - an increase of €95.2 million or 5.1 percent year-on-year. The Group's operational result increased by €32.7 million or 4.9 percent to €706.2 million.
As expected, the Group result declined by €25.6 million or 10.6 percent to €216 million. This was largely due to the non-recurrence of the previous year's gains in connection with the disposal of financial assets as part of the Group's asset management and associated currency effects.
Correspondingly, basic earnings per share also dropped by €0.30 or 12.0 percent to €2.19. In contrast, free cash flow - triggered by a low investment volume and a positive operational performance - soared significantly by €148.4 million to €72.1 million, up from minus €76.3 million during the same period last year.
Commenting on the Group's nine-month results, Fraport AG executive board chairman Dr. Stefan Schulte said: "Business performance in the first three quarters of 2013 was in line with our outlook, reflecting only moderate economic growth and a business environment lacking momentum and showing no clear signs of recovery, particularly in the euro zone."
Because of a strong summer season, FRA's passenger figures rose slightly by 0.2 percent to 44.2 million during for the first nine months of 2013. Thus, this helped FRA to overcome the leap-year effect (one day less in 2013) and a reduction in the number of flights offered by some airlines, which caused a one percent slide in passenger traffic during the first half of 2013. FRA's cargo volume in the first nine months of 2013 grew by 0.7 percent to about 1.57 million metric tons year-on-year.
The main growth drivers for the Fraport Group's majority-owned airports were Lima Airport (LIM) in Peru and Antalya Airport (AYT) in Turkey - which saw passenger traffic surge by 12.2 percent and 6.6 percent respectively.
Across the Group, the total number of passengers climbed by 3.6 percent to almost 81 million. Combined, the Fraport Group's majority-owned airports recorded a 0.8 percent rise in cargo throughput to more than 1.75 million metric tons from January to September 2013. The positive performance of the Group's majority-owned airports also benefited Fraport's External Activities & Services business segment, which achieved a 16.5 percent or €65.8 million revenue gain to €464 million for the first three quarters of 2013.
For the FRA Winter Timetable 2013/14, Fraport expects a rise in the total number of seats offered per week, despite fewer flight frequencies, because airlines are deploying larger aircraft with expanded passenger capacity.
Schulte further stated that Fraport AG's executive board is maintaining its traffic and financial outlook for the full year 2013. Passenger figures at Frankfurt Airport are expected to remain almost unchanged from the previous year's level. The operational result before interest, tax, depreciation and amortization (EBITDA) is expected to reach between €870 million and €890 million, while the Group result is projected to remain below the level of 2012.