The Fraport Group has successfully started off the new business year, achieving higher revenue and earnings in the first three months of 2019. Supported by solid passenger growth at Frankfurt Airport and almost all of Fraport’s airports worldwide, Group revenue rose by 17.9% to €803.8 million. Adjusted for revenue in connection with capital expenditure for expansion projects at Fraport’s Group companies worldwide (according to IFRIC 12), revenue grew by 5.3% to €678.5 million. At Frankfurt Airport (FRA), traffic growth led to higher revenue, particularly from ground handling services, as well as security services and infrastructure charges. Moreover, the retail and parking businesses had a positive impact on revenue. In Fraport’s international portfolio, major contributions came, in particular, from the Lima (Peru) and the Fraport USA Group companies. In the U.S. market, Fraport recently took over management of retail areas at New York-JFK’s Terminal 5 (April 2018) and at Nashville International Airport (February 2019).
The operating result or Group EBITDA (earnings before interest, taxes, depreciation and amortization) advanced by 14.8% to €200.6 million in the reporting period. This amount includes a €10.9 million positive effect, resulting from the application of IFRS 16 (effective January 1, 2019). The positive effect is offset by additional amortization and depreciation in the amount of €10.4 million and a €2.8 million increase in interest. Establishing new rules for the accounting of leases, the IFRS 16 standard specifically affects lease contracts between the Fraport USA Group company and respective concession lessors. Thus, Group EBIT climbed by 4.6% to €86.1 million. Supported by a better interest result, the financial result improved from minus €56.1 million in Q1 2018 to minus €49.6 million in the first quarter of 2019. Correspondingly, Group EBT soared by 39.3% to €36.5 million, while the Group result (net profit) jumped 42.9% to €28.0 million.
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Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada