Management Reports • Nov 17, 2021
Management Reports
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Traffic development at Frankfurt and the international Group airports benefited from a recovery especially in the third quarter compared with the same period of the previous year. In the first nine months of 2021, Frankfurt Airport welcomed around 16 million passengers and reached, despite the impact of the coronavirus pandemic on the traffic development from the beginning of the year, approximately the same values of the same period the previous year (-2.2%). Thereby, passenger numbers remained clearly below the pre-crisis levels from 2019 (-70.8%). The Group's international airports, in particular the tourist-oriented destinations in Turkey and Greece, which reached over 75% of pre-crisis levels in the third quarter, showed clear passenger growth compared to the previous year. Cargo traffic in Frankfurt continued to show clearly positive development both compared to the same period of the previous year at 24.6% and compared to pre-crisis levels from 2019 at 8.5%.
The compensation granted in the second quarter of 2021 by the German Federal Government and the State of Hesse for the holding costs incurred during the first lockdown in 2020 totaling €159.8 million had a positive effect on Group EBITDA and thus also on the liquidity situation and net financial debt in the third quarter of 2021. Some other Group companies were also compensated for the operating losses incurred last year in the context of the coronavirus pandemic. The compensation provided by the Greek government by waiving the fixed concession payments and granting a later start date for the variable concession fee, which is also to be paid, had a positive effect on other operating income totaling €92.8 million as at September 30, 2021. Furthermore, the waiver of fixed minimum lease payments at Fraport USA in the amount of €16.0 million positively impacted other operating income. Discussions on further compensation measures at individual Group companies are currently ongoing.
As at September 30, 2021, the number of total employees at the Frankfurt site decreased by 4,293 compared to December 31, 2019 as a result of the headcount reductions initiated as part of the strategic "Zukunft FRA – Relaunch 50" program.
In order to further expand the Group's liquidity and create additional financial flexibility, an additional bilateral loan agreement amounting to €100 million was completed in the third quarter of 2021. In total, the Fraport Group raised around €2.5 billion in debt financing measures in the first nine months, taking into account both long-term and short-term financing instruments and secured credit lines.
The quarterly figures concerning the asset, financial, and earnings position have been prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the EU. The interim release does not include complete interim financial statements in accordance with International Accounting Standard (IAS) 34. The interim release was not reviewed or audited by an independent auditor.
Reporting for 2020 was extended to include the key performance indicator "EBITDA before special items" as at September 30, 2020. EBITDA before special items is adjusted for personnel expenses from the creation of provisions amounting to €279.5 million for the "Zukunft FRA – Relaunch 50" program at Fraport AG as well as corresponding measures taken by individual Group companies at the Frankfurt site. This key performance indicator allowed for a better assessment of the Fraport Group's operational performance in 2020. The table below shows a reconciliation of the key performance indicator as at September 30, 2020. The quarterly figures for the first nine months of 2021 were not influenced by special items for the "Zukunft FRA – Relaunch 50" program.
| € million | 9M 2020 Special items 9M 2020 | Q3 2020 | Special items Q3 2020 | ||
|---|---|---|---|---|---|
| Revenue | 1,317.5 | – | 406.9 | – | |
| Change in work-in-process | 0.8 | – | –0.2 | – | |
| Other internal work capitalized | 28.1 | – | 9.6 | – | |
| Other operating income | 30.3 | – | 5.3 | – | |
| Total revenue | 1,376.7 | – | 421.6 | – | |
| Cost of materials | –519.9 | – | –153.6 | – | |
| Personnel expenses before special items | –703.4 | –279.5 | –206.2 | –279.5 | |
| Other operating expenses | –101.6 | – | –32.6 | – | |
| EBITDA before special items | 51.8 | – | 29.2 | – | |
| Total amount of reconciliation | –279.5 | –279.5 | –279.5 | –279.5 | |
| EBITDA | –227.7 | – | –250.3 | – |
An overview of the calculation of key financial indicators and a description of specialist terms are presented on page 257 of the 2020 Annual Report.
The recovery in traffic numbers along with the agreement reached with the German Federal Police concerning billed aviation security services in recent years led to an increase in revenue by 14.0% to €1,501.4 million in the first nine months of the year. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by 18.3% to €1,356.6 million.
Other operating income in the reporting period contained the compensation of €159.8 million granted by the German Federal Government and the State of Hesse for the holding costs incurred in the first lockdown in 2020 and the agreement reached by Fraport Greece to compensate the effects of the coronavirus pandemic of €92.8 million.
Non-staff costs (cost of materials and other operating expenses) dropped by €37.0 million to €584.5 million as a result of countermeasures taken. Adjusted for expenses from construction and expansion services based on the application of IFRIC 12, nonstaff expenses fell by €10.9 million to €439.7 million. Personnel expenses decreased from €982.9 million by €346.5 million to €636.4 million. Compared to the previous year´s personnel expenses before special items, which included expenses of €279.5 million for the "Zukunft FRA – Relaunch 50" program, the decrease was €67.0 million.
Group EBITDA reached a value of €623.9 million (+€851.6 million). Compared with the previous year's Group EBITDA before special items, the increase was €572.1 million. EBIT amounted to €292.2 million (9M 2020: -€571.0 million).
Due to the positive result in the first nine months of 2021, which was influenced, among other things, by the non-recurring cash effects in connection with compensation received for holding costs and the agreement reached with the German Federal Police concerning billed aviation security services in recent years, the operating cash flow increased clearly to €218.9 million (9M 2020: -€124.9 million). Increased investing activities at the Frankfurt site were offset by lower capital expenditure in airport operating projects in the international business. The free cash flow in the amount of -€633.5 million was above the previous year's level (9M 2020: -€987.7 million). Net financial debt increased correspondingly by €692.4 million to €6,225.9 million.
Overall, the Executive Board of Fraport AG describes the operating and financial development in the reporting period as stable. For the 2021 fiscal year, the Executive Board forecasts passenger numbers at Frankfurt Airport in the upper range of the predicted figure of less than 20 to 25 million passengers. As a result, Group revenue is expected to be slightly above €2.0 billion. The Executive Board expects Group EBITDA of between €650 million up to slightly above €700 million, Group EBIT of between €200 million up to slightly above €250 million, as well as a positive Group result. This results in a corresponding forecast adjustment for the net financial debt to EBITDA ratio, which is expected in the positive high single-digit range.
| € million | 9M 2021 | 9M 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 1,501.4 | 1,317.5 | +183.9 | +14.0 |
| Revenue adjusted for IFRIC 12 | 1,356.6 | 1,146.6 | +210.0 | +18.3 |
| EBITDA before special items | 623.9 | 51.8 | +572.1 | > +100 |
| EBITDA | 623.9 | – 227.7 | +851.6 | – |
| EBIT | 292.2 | – 571.0 | +863.2 | – |
| EBT | 152.6 | – 716.9 | +869.5 | – |
| Group result | 118.0 | – 537.2 | +655.2 | – |
| Earnings per share (basic) (€) | 1.05 | – 5.58 | +6.63 | – |
| Operating cash flow | 218.9 | – 124.9 | +343.8 | – |
| Free cash flow | – 633.5 | – 987.7 | +354.2 | – |
| Number of employees as of September 30 | 18,249 | 20,590 | – 2,341 | – 11.4 |
| Average number of employees | 18,611 | 21,532 | – 2,921 | – 13.6 |
| € million | September 30, 2021 | December 31, 2020 | Change | Change in % |
|---|---|---|---|---|
| Shareholders' equity | 3,916.6 | 3,758.7 | +157.9 | +4.2 |
| Shareholders' equity ratio (%) | 23.5 | 25.7 | –2.2 PP | – |
| Liquidity | 3,495.1 | 2,213.7 | +1,281.4 | +57.9 |
| Net financial debt | 6,225.9 | 5,533.5 | +692.4 | +12.5 |
| Gearing ratio (%) | 166.0 | 152.9 | +13.1 PP | – |
| Total assets | 15,938.9 | 14,081.2 | +1,857.7 | +13.2 |
| € million | Q3 2021 | Q3 2020 | Change | Change in % |
| Revenue | 690.5 | 406.9 | +283.6 | +69.7 |
| Revenue adjusted for IFRIC 12 | 633.8 | 353.1 | +280.7 | +79.5 |
| EBITDA before special items | 288.6 | 29.2 | +259.4 | > +100 |
| EBITDA | 288.6 | – 250.3 | +538.9 | – |
| EBIT | 176.1 | – 360.8 | +536.9 | – |
| EBT | 132.7 | – 408.0 | +540.7 | – |
| Group result | 102.6 | – 305.8 | +408.4 | – |
| Earnings per share (basic) (€) | 0.83 | – 3.29 | +4.12 | – |
| Operating cash flow | 413.5 | – 28.3 | +441.8 | – |
| Free cash flow | 121.1 | – 334.9 | +456.0 | – |
| Average number of employees | 18,338 | 20,838 | – 2,500 | – 12.0 |
| Share in % | Passengers1) | Cargo (air freight + air mail in m. t.) | Movements | ||||
|---|---|---|---|---|---|---|---|
| 9M 2021 | Change in %2) | 9M 2021 | Change in %2) | 9M 2021 | Change in %2) | ||
| Frankfurt | 100 | 15,800,026 | – 2.2 | 1,696,775 | +24.6 | 175,090 | +3.8 |
| Ljubljana | 100 | 273,674 | +2.2 | 8,231 | +8.8 | 13,174 | +23.5 |
| Fortaleza | 100 | 2,595,612 | +18.1 | 22,916 | +10.8 | 28,199 | +22.4 |
| Porto Alegre | 100 | 3,075,094 | +23.7 | 22,483 | +48.8 | 32,539 | +20.2 |
| Lima | 80.01 | 6,955,007 | +29.5 | 159,445 | +18.2 | 69,673 | +27.0 |
| Fraport Greece | 73.4 | 13,922,251 | +91.7 | 4,174 | +4.5 | 147,315 | +77.2 |
| Twin Star | 60 | 1,734,308 | +84.8 | 4,017 | > +100 | 14,945 | +58.8 |
| Burgas | 60 | 909,757 | > +100 | 3,992 | > +100 | 7,518 | +98.5 |
| Varna | 60 | 824,551 | +57.0 | 25 | – 40.5 | 7,427 | +32.1 |
| Antalya | 51/503) | 16,230,696 | > +100 | n.a | n.a | 97,788 | > +100 |
| St. Petersburg | 25 | 13,478,684 | +65.3 | n.a | n.a | 113,941 | +46.6 |
| Xi'an | 24.5 | 26,146,942 | +19.6 | 311,187 | +20.1 | 215,926 | +18.0 |
| Share in % | Passengers1) | Cargo (air freight + air mail in m. t.) | Movements | ||||
|---|---|---|---|---|---|---|---|
| Q3 2021 | Change in %2) | Q3 2021 | Change in %2) | Q3 2021 | Change in %2) | ||
| Frankfurt | 100 | 9,303,107 | > +100 | 555,015 | +18.9 | 84,623 | +69.2 |
| Ljubljana | 100 | 203,663 | > +100 | 2,798 | +13.4 | 6,408 | +55.7 |
| Fortaleza | 100 | 1,153,980 | > +100 | 8,172 | +30.5 | 11,637 | +91.1 |
| Porto Alegre | 100 | 1,385,952 | > +100 | 7,594 | +61.6 | 13,807 | > +100 |
| Lima | 80.01 | 3,236,607 | > +100 | 56,727 | +27.1 | 28,254 | > +100 |
| Fraport Greece | 73.4 | 11,493,083 | > +100 | 1,441 | +1.4 | 106,680 | +83.6 |
| Twin Star | 60 | 1,444,403 | > +100 | 1,355 | > +100 | 11,151 | +73.1 |
| Burgas | 60 | 823,288 | > +100 | 1,338 | > +100 | 6,164 | +89.4 |
| Varna | 60 | 621,115 | > +100 | 17 | +14.2 | 4,987 | +56.5 |
| Antalya | 51/503) | 12,043,513 | > +100 | n.a | n.a | 66,894 | > +100 |
| St. Petersburg | 25 | 6,049,384 | +51.1 | n.a | n.a | 48,745 | +47.6 |
| Xi'an | 24.5 | 7,708,701 | – 25.8 | 100,501 | – 5.7 | 66,300 | – 17.9 |
1) Commercial traffic only, in + out + transit.
2) As a result of late submissions, there may be changes to the figures reported for the previous year.
3) Share of voting rights: 51 %, dividend share: 50 %.
In the first nine months of 2021, approximately 15.8 million passengers traveled through Frankfurt Airport. This represents a decrease of 354 Tsd passengers compared to the same period in the previous year (-2.2%). While there was still a clear decline in passenger numbers at the beginning of 2021 compared to the period in the previous year, which was not yet affected by the coronavirus pandemic, this was almost compensated by the recovery in holiday traffic, especially to European destinations, during the summer months. In the reporting period, European traffic, including domestic connections within Germany, showed growth of 3.7%, while travel warnings and restrictions continued to have a negative impact on intercontinental traffic (-13.5%). Cargo volume reached a value of 1.73 million metric tons (+24.6%).
During the reporting period, the Group's airports reported positive passenger development. In particular, the Group's touristoriented sites in Turkey, Greece, and Bulgaria showed high growth due to increased demand during the holiday months. There was also a clear recovery trend at the Group's airports that are mainly dependent on domestic passenger traffic.
Compared to the previous year, Group revenue increased by €183.9 million to €1,501.4 million. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by €210 million to €1,356.6 million (+18.3%). The positive development compared to the previous year is attributable to the continuing traffic recovery and the agreement reached with the German Federal Police concerning billed aviation security services in recent years in the amount of €57.8 million. Focusing solely on the past quarter, revenue increased from €406.9 million to €690.5 million (+69.7%).
In particular, other operating income was positively impacted by the compensation of €159.8 million granted by the German Federal Government and the State of Hesse for the contingency costs incurred in the first lockdown in 2020 and the agreement reached by Fraport Greece to offset the effects of the coronavirus pandemic of €92.8 million.
Non-staff costs (cost of materials and other operating expenses) dropped by €37.0 million to €584.5 million (-6.0%) in the first nine months of the year. Adjusted for the expenses relating to the application of IFRIC 12, this drop amounted to €10.9 million (-2.4%). This is due, among other things, to reduced expenses for external staff and other services purchased, as well as lower other operating expenses. This was offset by a clear increase in concession charges at the Group's international airports compared to the previous year due to the positive traffic development.
Personnel expenses decreased by €67.0 million to €636.4 million (-9.5%) compared to personnel expenses before special items in the previous year, due to the headcount reduction and other countermeasures in personnel management. Taking into account the expenses incurred in the previous year for the "Zukunft FRA – Relaunch 50" program at the Frankfurt site as well as expenses from personnel management measures at the other Group companies in the amount of €279.5 million, Group personnel expenses decreased to €346.5 million (-35.3%) in the reporting period.
Group EBITDA increased to €623.9 million, up €851.6 million on the previous year (9M 2020: -€227.7 million). The year-on-year increase in Group EBITDA before special items amounted to €572.1 million. Lower depreciation and amortization (-€11.6 million), in particular due to adjustments in the context of the useful life assessment, resulted in Group EBIT of €292.2 million (9M 2020: - €571.0 million).
The financial result increased by €6.3 million to -€139.6 million (9M 2020: -€145.9 million). This was mainly due to the result from companies accounted for using the equity method which improved by €66.5 million, particularly due to the positive development at the Group company Antalya. In addition, interest income increased by €17.0 million to €17.5 million as a result of the agreement with the German Federal Police. This was offset by higher interest expenses (+€56.1 million) due to higher financial liabilities and a decline of the other financial result by €21.1 million.
EBIT in the reporting period amounted to €152.6 million (9M 2020: -€716.9 million). With income tax expenses of €34.6 million (9M 2020: income tax relief of €179.7 million), the Group result was €118.0 million (9M 2020: -€537.2 million) and led to basic earnings per share of €1.05 (9M 2020: -€5.58).
In the first nine months of 2021, revenue in the Aviation segment amounted to €422.7 million, clearly higher than the previous year's figure of €353.5 million. This was mainly due to increased revenue from security services (+€69.0 million), which was positively influenced by an agreement reached with the German Federal Police concerning billed
aviation security services in recent years amounting to €57.8 million. Other income includes the compensation payment of €159.8 million granted by the German Federal Government and the State of Hesse to cover the holding costs incurred during the first lockdown in 2020. Cost of materials declined by €13.3 million to €39.3 million. Personnel expenses in the amount of €207.0 million decreased by €27.5 million compared to personnel expenses before special items from the previous year. EBITDA was €172.7 million (+€371.1 million). This corresponds to an increase of €291.9 million compared to the previous year's segment EBITDA before special items. Segment EBIT increased by €375.1 million to €71.4 million.
| € million | 9M 2021 | 9M 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 422.7 | 353.5 | +69.2 | +19.6 |
| Personnel expenses before special items | 207.0 | 234.5 | – 27.5 | – 11.7 |
| Personnel expenses | 207.0 | 313.7 | – 106.7 | – 34.0 |
| Cost of materials | 39.3 | 52.6 | – 13.3 | – 25.3 |
| EBITDA before special items | 172.7 | – 119.2 | +291.9 | – |
| EBITDA | 172.7 | – 198.4 | +371.1 | – |
| Depreciation and amortization | 101.3 | 105.3 | – 4.0 | – 3.8 |
| EBIT | 71.4 | – 303.7 | +375.1 | – |
| Number of employees as of September 30 | 5,308 | 6,348 | – 1,040 | – 16.4 |
| Average number of employees | 5,554 | 6,416 | – 862 | – 13.4 |
| € million | Q3 2021 | Q3 2020 | Change | Change in % | |
|---|---|---|---|---|---|
| Revenue | 168.9 | 101.9 | +67.0 | +65.8 | |
| Personnel expenses before special items | 74.5 | 73.0 | +1.5 | +2.1 | |
| Personnel expenses | 74.5 | 152.2 | – 77.7 | – 51.1 | |
| Cost of materials | 12.5 | 15.7 | – 3.2 | – 20.4 | |
| EBITDA before special items | 32.3 | – 42.7 | +75.0 | – | |
| EBITDA | 32.3 | – 121.9 | +154.2 | – | |
| Depreciation and amortization | 34.2 | 33.1 | +1.1 | +3.3 | |
| EBIT | – 1.9 | – 155.0 | +153.1 | – | |
| Average number of employees | 5,336 | 6,364 | – 1,028 | – 16.2 |
Revenue in the Retail & Real Estate segment in the reporting period amounted to €231.8 million (+€6.3 million) due to higher real estate and parking revenue (+€5.8 million and +€1.0 million, respectively). Net retail revenue per passenger was €3.74 (9M 2020: €4.40). The cost of materials remained virtually unchanged at €76.5 million (-€1.3 million).
Compared with personnel expenses before special items in the same period in the previous year, personnel expenses decreased by €0.9 million to €32.2 million. Segment EBITDA improved by €12.1 million to €191.3 million compared to EBITDA before special items in the previous year. Lower depreciation and amortization (-€4.6 million) led to segment EBIT of €127.4 million (+€32.7 million).
| € million | 9M 2021 | 9M 2020 | Change | Change in % | |
|---|---|---|---|---|---|
| Revenue | 231.8 | 225.5 | +6.3 | +2.8 | |
| Personnel expenses before special items | 32.2 | 33.1 | – 0.9 | – 2.7 | |
| Personnel expenses | 32.2 | 49.1 | – 16.9 | – 34.4 | |
| Cost of materials | 76.5 | 77.8 | – 1.3 | – 1.7 | |
| EBITDA before special items | 191.3 | 179.2 | +12.1 | +6.8 | |
| EBITDA | 191.3 | 163.2 | +28.1 | +17.2 | |
| Depreciation and amortization | 63.9 | 68.5 | – 4.6 | – 6.7 | |
| EBIT | 127.4 | 94.7 | +32.7 | +34.5 | |
| Number of employees as of September 30 | 576 | 598 | – 22 | – 3.7 | |
| Average number of employees | 619 | 619 | – | – |
| € million | Q3 2021 | Q3 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 92.5 | 68.0 | +24.5 | +36.0 |
| Personnel expenses before special items | 9.9 | 9.3 | +0.6 | +6.5 |
| Personnel expenses | 9.9 | 25.3 | – 15.4 | – 60.9 |
| Cost of materials | 26.8 | 25.4 | +1.4 | +5.5 |
| EBITDA before special items | 74.3 | 55.4 | +18.9 | +34.1 |
| EBITDA | 74.3 | 39.4 | +34.9 | +88.6 |
| Depreciation and amortization | 21.9 | 22.2 | – 0.3 | – 1.4 |
| EBIT | 52.4 | 17.2 | +35.2 | > +100 |
| Average number of employees | 580 | 605 | – 25 | – 4.1 |
At €269.6 million, revenue in the Ground Handling segment in the first nine months of 2021 was 7.9% higher than in the same period in the previous year. This was mainly due to higher revenue from ground services as a result from the positive traffic development (+€19.5 million). Cost of material amounted to €21.8 million, down -12.4% on the previous
year's figure. Compared to personnel expenses before special items in the previous year, personnel expenses in the reporting period decreased by €20.4 million to €219.7 million. Segment EBITDA improved to -€51.6 million (9M 2020 EBITDA before special items: -€89.3 million). Segment EBIT increased to -€80.2 million (9M 2020: -€257.7 million).
| € million | 9M 2021 | 9M 2020 | Change | Change in % | |
|---|---|---|---|---|---|
| Revenue | 269.6 | 249.9 | +19.7 | +7.9 | |
| Personnel expenses before special items | 219.7 | 240.1 | – 20.4 | – 8.5 | |
| Personnel expenses | 219.7 | 377.8 | – 158.1 | – 41.8 | |
| Cost of materials | 21.8 | 24.9 | – 3.1 | – 12.4 | |
| EBITDA before special items | – 51.6 | – 89.3 | +37.7 | – | |
| EBITDA | – 51.6 | – 227.0 | +175.4 | – | |
| Depreciation and amortization | 28.6 | 30.7 | – 2.1 | – 6.8 | |
| EBIT | – 80.2 | – 257.7 | +177.5 | – | |
| Number of employees as of September 30 | 6,736 | 7,944 | – 1,208 | – 15.2 | |
| Average number of employees | 6,980 | 8,681 | – 1,701 | – 19.6 |
| € million | Q3 2021 | Q3 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 117.7 | 67.8 | +49.9 | +73.6 |
| Personnel expenses before special items | 80.2 | 65.9 | +14.3 | +21.7 |
| Personnel expenses | 80.2 | 203.6 | – 123.4 | – 60.6 |
| Cost of materials | 8.8 | 6.6 | +2.2 | +33.3 |
| EBITDA before special items | – 1.8 | – 29.0 | +27.2 | – |
| EBITDA | – 1.8 | – 166.7 | +164.9 | – |
| Depreciation and amortization | 9.6 | 9.4 | +0.2 | +2.1 |
| EBIT | – 11.4 | – 176.1 | +164.7 | – |
| Average number of employees | 6,706 | 8,081 | – 1,375 | – 17.0 |
Revenue in the International Activities & Services segment developed positively in the reporting period at €577.3 million (+18.2%). Adjusted for the revenue relating to capacitive capital expenditure based on the application of IFRIC 12, segment revenue was €432.5 million (+36.1%). Fraport Greece, in particular, with adjusted for IFRIC 12 growth of €78.7 million, benefited from the recovery in traffic during the summer months. There was a positive effect on other operating income of €127.9 million due to the waiver of the fixed concession payments in the amount of €92.8 million for the years 2019 to 2022 at Fraport Greece. In addition, the waiver of fixed minimum lease payments at Fraport USA in the amount of €16.0 million as well as the compensation for the airport closure and reimbursement of fixed costs for 2020 at the Group company Fraport Slovenija in the amount of €6.6 million had a positive effect on the segment's other operating income. Non-staff costs fell by €16.3 million to €403.5 million (-3.9%). Adjusted for the expenses relating to the application of IFRIC 12, non-staff expenses in the segment increased by €9.8 million to €258.7 million (+3.9%) due to higher concession charges. Personnel expenses decreased by €18.2 million to €177.5 million compared to personnel expenses adjusted for special items in the previous year. Segment EBITDA increased massively to €311.5 million (9M 2020 EBITDA before special items: €81.1 million). With overall depreciation and amortization virtually unchanged compared to the previous year, segment EBIT increased to €173.6 million (9M 2020: -€104.3 million).
| € million | 9M 2021 | 9M 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 577.3 | 488.6 | +88.7 | +18.2 |
| Revenue adjusted for IFRIC 12 | 432.5 | 317.7 | +114.8 | +36.1 |
| Personnel expenses before special items | 177.5 | 195.7 | – 18.2 | – 9.3 |
| Personnel expenses | 177.5 | 242.3 | – 64.8 | – 26.7 |
| Cost of materials | 353.4 | 364.6 | – 11.2 | – 3.1 |
| Cost of materials adjusted for IFRIC 12 | 208.6 | 193.7 | +14.9 | +7.7 |
| EBITDA before special items | 311.5 | 81.1 | +230.4 | > +100 |
| EBITDA | 311.5 | 34.5 | +277.0 | > +100 |
| Depreciation and amortization | 137.9 | 138.8 | – 0.9 | – 0.6 |
| EBIT | 173.6 | – 104.3 | +277.9 | – |
| Number of employees as of September 30 | 5,629 | 5,700 | – 71 | – 1.2 |
| Average number of employees | 5,458 | 5,816 | – 358 | – 6.2 |
| € million | Q3 2021 | Q3 2020 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 311.4 | 169.2 | +142.2 | +84.0 |
| Revenue adjusted for IFRIC 12 | 254.7 | 115.4 | +139.3 | > +100 |
| Personnel expenses before special items | 60.0 | 58.0 | +2.0 | +3.4 |
| Personnel expenses | 60.0 | 104.6 | – 44.6 | – 42.6 |
| Cost of materials | 144.9 | 105.9 | +39.0 | +36.8 |
| Cost of materials adjusted for IFRIC 12 | 88.2 | 52.1 | +36.1 | +69.3 |
| EBITDA before special items | 183.8 | 45.5 | +138.3 | > +100 |
| EBITDA | 183.8 | – 1.1 | +184.9 | – |
| Depreciation and amortization | 46.8 | 45.8 | +1.0 | +2.2 |
| EBIT | 137.0 | – 46.9 | +183.9 | – |
| Average number of employees | 5,716 | 5,788 | – 72 | – 1.2 |
Despite the impact of the coronavirus pandemic, which in contrast to the previous year lasted the entire reporting period, all foreign Group companies in the International Activities & Services segment achieved growth in revenue adjusted for revenue in connection with IFRIC 12, EBITDA, and EBIT.
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % | |||||||||
| Fraport USA | 100 | 44.7 | 29.8 | +50.0 | 26.6 | 4.9 | >+100 | – | –28.4 | – | –5.6 | –30.3 | – |
| Fraport Slovenija | 100 | 14.9 | 13.4 | +11.2 | 6.7 | –1.3 | – | –0.8 | –10.3 | – | –0.6 | –8.5 | – |
| Fortaleza + Porto Alegre2) | 100 | 50.4 | 68.5 | –26.4 | 9.9 | 4.7 | >+100 | –6.9 | –9.5 | – | –23.4 | –13.9 | – |
| Lima | 80.01 | 215.7 | 155.6 | +38.6 | 36.4 | 31.6 | +15.2 | 25.5 | 20.4 | +25.0 | 7.5 | 5.0 | +50.0 |
| Fraport Greece3) | 73.4 | 181.5 | 159.0 | +14.2 | 186.4 | 20.8 | >+100 | 140.0 | –19.0 | – | 67.4 | –72.3 | – |
| Twin Star | 60 | 25.6 | 14.2 | +80.3 | 15.9 | 3.2 | >+100 | 7.4 | –5.4 | – | 4.7 | –8.2 | – |
| € million | Share in % | Revenue1) EBITDA EBIT |
Result | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % 9M 2021 9M 2020 | Δ % | |||||||||
| Antalya | 51/50 | 193.4 | 77.6 | >+100 | 148.2 | 52.4 | >+100 | 65.4 | –31.5 | – | 28.9 | –66.5 | – |
| Thalita/Northern Capital Gateway | 25 | 132.6 | 95.0 | +39.6 | 70.2 | 42.1 | +66.7 | 47.8 | 17.5 | >+100 | –10.3 | –107.4 | – |
| Xi'an | 24.5 | 156.7 | 121.9 | +28.5 | 22.2 | 16.5 | +34.5 | –11.7 | –19.1 | – | –9.0 | –16.1 | – |
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | ||
| Fraport USA | 100 | 19.8 | 8.0 | >+100 | 4.6 | –3.9 | – | –4.6 | –14.6 | – | –6.5 | –13.2 | – |
| Fraport Slovenija | 100 | 7.5 | 4.0 | +87.5 | 7.0 | –1.4 | – | 4.8 | –4.2 | – | 3.9 | –2.9 | – |
| Fortaleza + Porto Alegre2) | 100 | 16.1 | 13.1 | +22.9 | 5.3 | –0.1 | – | –0.7 | –5.1 | – | –7.0 | –5.3 | – |
| Lima | 80.01 | 95.5 | 37.9 | >+100 | 16.3 | 1.9 | >+100 | 12.4 | –1.8 | – | 4.5 | –6.7 | – |
| Fraport Greece3) | 73.4 | 137.8 | 80.6 | +71.0 | 126.3 | 35.8 | >+100 | 110.2 | 22.1 | >+100 | 76.9 | –4.9 | – |
| Twin Star | 60 | 20.1 | 9.7 | >+100 | 15.8 | 6.5 | >+100 | 12.9 | 3.7 | >+100 | 11.6 | 2.7 | >+100 |
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | Q3 2021 | Q3 2020 | Δ % | ||
| Antalya | 51/50 | 146.0 | 52.3 | >+100 | 123.6 | 42.7 | >+100 | 95.9 | 15.5 | >+100 | 64.7 | 2.4 | >+100 |
| Thalita/Northern Capital Gateway | 25 | 58.9 | 37.4 | +57.5 | 36.7 | 28.7 | +27.9 | 29.0 | 21.1 | +37.4 | 4.6 | –46.6 | – |
| Xi'an | 24.5 | 47.6 | 54.9 | –13.3 | –1.4 | 13.5 | – | –12.9 | 1.7 | – | –12.3 | 2.7 | – |
1) Revenue adjusted by IFRIC 12: Fortaleza + Porto Alegre 9M 2021: €31.1 million (9M 2020: €28.8 million); Q3 2021: €12.6 million (Q3 2020: €5.3 million); Lima 9M 2021: €102.6 million (9M 2020: €93.1 million); Q3 2021: €43.4 million (Q3 2020: €10.1 million);
Fraport Greece 9M 2021: €169.1 million (9M 2020: €90.4 million); Q3 2021: €136.7 million (Q3 2020: €62.5 million);
Antalya 9M 2021: €180.0 million (9M 2020: €77.6 million); Q3 2021: €139.1 million (Q3 2020: €52.3 million);
Thalita/Northern Capital Gateway 9M 2021: €132.0 million (9M 2020: €93.9 million); Q3 2021: €59.1 million (Q3 2020: €36.7 million).
2) Sum of the Group companies Fortaleza and Porto Alegre.
3) The Group companies Fraport Regional Airports of Greece A and Fraport Regional Airports of Greece B are collectively referred to as "Fraport Greece".
4) Share of voting rights: 51%, Dividend share: 50%.
At €15,938.9 million, total assets as at September 30, 2021 were €1,857.7 million above the comparable value as at December 31, 2020 (+13.2%). The increase in non-current assets to €12,701.2 million (+€963.2 million) is primarily attributable to the increase in other financial assets (+€427.2 million) due to the acquisition of securities as well as the increase of property, plant, and equipment (+€412.0 million), in particular in connection with the Frankfurt Airport Expansion South project. In addition, investments in airport operating projects increased by €125.7 million to €3,346.9 million primarily due to on-going expansion projects at the Group company Lima. At €3,228.9 million, current assets were €885.7 million higher than at the end of the previous year, mainly due to an increase in cash and cash equivalents (+€888.6 million).
Shareholders' equity as at September 30, 2021 amounted to €3,916.6 million, and rose by €157.9 million in the first three quarters of 2021. The increase resulted, in particular, from the positive Group result of €118.0 million. Despite this improved result, the shareholders' equity ratio fell from 25.7%, as at December 31, 2020, to 23.5% due to increased debt. Non-current liabilities increased by €1,885.7 million to €10,346.4 million (+22.3%), in particular due to the bond issue in the first quarter of 2021 and the additions of long-term financial liabilities to secure liquidity. On the other hand, current liabilities declined in the reporting period by €195.7 million to €1,666.1 million (-10.5%). This development was particularly due to the decrease in other provisions (-€218.0 million) as a result of the use of a large part of the provision in connection with the "Zukunft FRA – Relaunch 50" program.
At €9,721.0 million, gross debt as at September 30, 2021 was clearly above the comparable value as at December 31, 2020 of €7,747.2 million due to the aforementioned financing measures. Liquidity also increased by €1,281.4 million to €3,495.1 million. Correspondingly, net financial debt increased by €692.4 million to €6,225.9 million (December 31, 2020: €5,533.5 million). The gearing ratio was 166.0% (December 31, 2020: 152.9%).
Due to the positive result in the first nine months of 2021, which was influenced, among other things, by the non-recurring cash effects in connection with compensation received for holding costs incurred and the agreement reached with the German Federal Police concerning billed aviation security services in recent years, the cash flow from operating activities (operating cash flow) was €218.9 million (9M 2020: cash outflow of €124.9 million), despite the severance payments made in the "Zukunft FRA – Relaunch 50" program.
At €829.5 million, the cash flow used in investing activities excluding investments in cash deposits and securities was only slightly below the previous year's level (9M 2020: €842.9 million). Increased cash outflows for expansion and extension measures at the Frankfurt site were offset by lower capital expenditure in airport operating projects given the nearly completed construction measures at Fraport Greece and the Group companies Fortaleza and Porto Alegre.
Taking into account investments in and revenue from cash deposits and securities and promissory note loans, as well as time deposits, the cash flow used in investing activities was €2,024.4 million (9M 2020: €1,910.1 million).
Cash flow from financing activities increased in total by €30.7 million to €1,891.6 million (9M 2020: €1,860.9 million). Payments from long-term financial liabilities in connection with a bond issue as well as other long-term financial liabilities of €2,194.2 million (9M 2020: €2,253.0 million) were offset by lower repayments and other changes in financial liabilities (-€88.9 million). Taking into account other changes, Fraport reported cash and cash equivalents based on the statement of cash flows of €339.1 million as at September 30, 2021 (9M 2020: €355.1 million).
Free cash flow amounted to -€633.5 million (9M 2020: -€987.7 million).
On October 22, 2021, Fraport placed a promissory note with four tranches and a total volume of €500 million with investors. The terms are either five or seven and a half years. With this issue, the Fraport Group raised around €3 billion in debt financing measures in the current year, taking into account both long-term and short-term financing instruments and secured credit lines.
There were no other significant events for the Fraport Group after the balance sheet date.
In the current year 2021, the following changes have occurred compared with the risks and opportunities listed in the Risk and Opportunity Report in the Annual Report 2020 starting on page 134.
Across the globe, coronavirus case numbers vary from country to country. The further development of passenger numbers at Group airports can therefore only be forecast with a degree of uncertainty. However, vaccination rates worldwide are not yet sufficiently high, and new virus variants could emerge. If these were to lead to rising incidence figures and renewed extensive travel restrictions, this would have a "substantial" adverse impact on the business development, results of operations, and all financial key figures of the Fraport Group.
Due to the positive development of travel demand during the summer months and the gradual opening of travel markets outside Europe, the Executive Board expects passenger numbers at Frankfurt Airport in the 2021 fiscal year to be in the upper range of the forecast of less than 20 million to 25 million passengers (forecast Annual Report 2020: less than 20 million to 25 million passengers).
Even though the recovery in traffic can be clearly seen in the Group's international portfolio, passenger numbers did not develop as expected everywhere due to the pandemic. At the Group airports in Ljubljana and the two Bulgarian airports in Varna and Burgas, there may be deviations from the forecast (forecast Annual Report 2020: Ljubljana Airport approximately 40% of the passenger volume of 2019; Varna and Burgas airports just over half of the passenger volume of 2019).
Due to the positive development in traffic, the Executive Board now expects Group revenue of slightly above €2.0 billion (forecast Annual Report 2020: Group revenue of around €2.0 billion). As described in the "Impact of the Coronavirus Pandemic on the Fraport Group" chapter, the compensation of €159.8 million granted by the German Federal Government and the State of Hesse for the holding costs incurred for keeping Frankfurt Airport open during the first lockdown in 2020 has a positive effect on earnings, which will exceed the EBITDA forecast of €300 to 450 million given in the 2020 Annual Report. The forecasts for Group EBITDA, Group EBIT, and Group result are therefore adjusted as follows:
| Group´s Results of Operations | Forecast | Forecast | Forecast |
|---|---|---|---|
| Interim Release Q3/9M 2021 | Interim Report Q2/6M 2021 | Annual Report 2020 | |
| Between €650 million and up to slightly | Approximately €460 million to | Approximately €300 million to | |
| EBITDA | above €700 million | €610 million | €450 million |
| Between €200 million and up to slightly | |||
| EBIT | above €250 million | In positive area | Slightly negative |
| Group result | Positive | Slightly negative to slightly positive | Negative |
In addition, the Executive Board maintains its forecasts for the Group's results of operations for the full fiscal year 2021 (see also the "Business Outlook" chapter in the 2020 Group Management Report starting on page 141).
In the course of the forecast adjustments to the results of operations, the net financial debt to EBITDA ratio will also improve compared to the forecast for 2020. The Executive Board therefore expects this figure to be in the positive high single-digit range for the 2021 fiscal year (forecast Annual Report 2020: in the positive low double-digit range).
In addition, the Executive Board maintains its forecasts for asset and financial development for the full fiscal year 2021 (see also the "Business Outlook" chapter in the 2020 Group Management Report starting on page 141).
| € million | 9M 2021 | 9M 2020 | Q3 2021 | Q3 2020 |
|---|---|---|---|---|
| Revenue | 1,501.4 | 1,317.5 | 690.5 | 406.9 |
| Other internal work capitalized | 28.3 | 28.1 | 9.2 | 9.6 |
| Other operating income | 315.1 | 31.1 | 39.1 | 5.1 |
| Total revenue | 1,844.8 | 1,376.7 | 738.8 | 421.6 |
| Cost of materials | –491.0 | –519.9 | –193.0 | –153.6 |
| Personnel expenses | –636.4 | –982.9 | –224.6 | –485.7 |
| Depreciation and amortization | –331.7 | –343.3 | –112.5 | –110.5 |
| Other operating expenses | –93.5 | –101.6 | –32.6 | –32.6 |
| Operating result | 292.2 | –571.0 | 176.1 | –360.8 |
| Interest income | 36.5 | 19.5 | 5.9 | 5.0 |
| Interest expenses | –192.6 | –136.5 | –69.6 | –50.5 |
| Result from companies accounted for using the equity method | 18.9 | –47.6 | 29.8 | –1.7 |
| Other financial result | –2.4 | 18.7 | –9.5 | 0.0 |
| Financial result | –139.6 | –145.9 | –43.4 | –47.2 |
| Result from ordinary operations | 152.6 | –716.9 | 132.7 | –408.0 |
| Taxes on income | –34.6 | 179.7 | –30.1 | 102.2 |
| Group result | 118.0 | –537.2 | 102.6 | –305.8 |
| thereof profit attributable to non-controlling interests | 21.0 | –21.8 | 26.0 | –1.7 |
| thereof profit attributable to shareholders of Fraport AG | 97.0 | –515.4 | 76.6 | –304.1 |
| Earnings per €10 share in € | ||||
| basic | 1.05 | -5.58 | 0.83 | -3.29 |
| diluted | 1.05 | -5.56 | 0.83 | -3.28 |
| EBITDA before special items (= EBITDA + effects from special items) | 623.9 | 51.8 | 288.6 | 29.2 |
| EBITDA (= EBIT + depreciation and amortization) | 623.9 | –227.7 | 288.6 | –250.3 |
| EBIT (= operating result) | 292.2 | –571.0 | 176.1 | –360.8 |
| € million | 9M 2021 | 9M 2020 | Q3 2021 | Q3 2020 |
|---|---|---|---|---|
| Group result | 118.0 | –537.2 | 102.6 | –305.8 |
| Remeasurements of defined benefit pension plans | 3.8 | 0.0 | 0.0 | –1.4 |
| (deferred taxes related to those items | –1.2 | 0.0 | 0.0 | 0.4) |
| Equity instruments measured at fair value | 0.0 | –12.4 | 20.3 | –8.1 |
| Other comprehensive income of companies accounted for using the equity method |
0.0 | 0.1 | 0.0 | 0.1 |
| (deferred taxes related to those items | 0.0 | 0.0 | 0.0 | 0.0) |
| Items that will not be reclassified subsequently to profit or loss | 2.6 | –12.3 | 20.3 | –9.0 |
| Fair value changes of derivatives | ||||
| Changes recognized directly in equity | 2.3 | –3.5 | 0.2 | –1.6 |
| Realized gains (+)/losses (–) | –1.9 | –2.8 | –0.6 | –1.5 |
| 4.2 | –0.7 | 0.8 | –0.1 | |
| (deferred taxes related to those items | –1.0 | 0.1 | –0.2 | 0.1) |
| Debt instruments measured at fair value | ||||
| Changes recognized directly in equity | –1.3 | –11.4 | –0.6 | 2.1 |
| Realized gains (+)/losses (–) | 0.0 | –10.9 | 0.0 | 0.0 |
| –1.3 | –0.5 | –0.6 | 2.1 | |
| (deferred taxes related to those items | 0.4 | 0.1 | 0.2 | –0.7) |
| Currency translation of foreign Group companies | ||||
| Changes recognized directly in equity | 26.3 | –125.7 | –4.4 | –37.8 |
| Income and expenses from companies accounted for using the equity method directly recognized in equity |
||||
| Changes recognized directly in equity | 8.7 | –4.3 | 3.6 | –0.9 |
| Realized gains (+)/losses (–) | 0.0 | 0.0 | 0.0 | 0.0 |
| 8.7 | –4.3 | 3.6 | –0.9 | |
| (deferred taxes related to those items | 0.0 | 0.0 | 0.0 | 0.0) |
| Items that will be reclassified subsequently to profit or loss | 37.3 | –131.0 | –0.6 | –37.3 |
| Other result after deferred taxes | 39.9 | –143.3 | 19.7 | –46.3 |
| Comprehensive income | 157.9 | –680.5 | 122.3 | –352.1 |
| thereof attributable to non-controlling interests | 26.1 | -25.4 | 28.2 | -5.0 |
| thereof attributable to shareholders of Fraport AG | 131.8 | -655.1 | 94.1 | -347.1 |
Assets
| € million | September 30, 2021 | December 31, 2020 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 19.3 | 19.3 |
| Investments in airport operating projects | 3,346.9 | 3,221.2 |
| Other intangible assets | 107.9 | 119.1 |
| Property, plant and equipment | 7,742.3 | 7,330.3 |
| Investment property | 88.0 | 123.3 |
| Investments in companies accounted for using the equity method | 192.0 | 165.5 |
| Other financial assets | 777.5 | 350.3 |
| Other financial receivables and assets | 117.2 | 100.2 |
| Other non-financial receivables and assets | 132.9 | 133.0 |
| Deferred tax assets | 177.2 | 175.8 |
| 12,701.2 | 11,738.0 | |
| Current assets | ||
| Inventories | 23.0 | 22.3 |
| Trade accounts receivable | 195.5 | 125.4 |
| Other current financial assets | 161.4 | 190.7 |
| Other current financial receivables and assets | 17.5 | 28.2 |
| Other current non-financial receivables and assets | 68.0 | 102.1 |
| Income tax receivables | 10.5 | 10.1 |
| Cash and cash equivalents | 2,753.0 | 1,864.4 |
| 3,228.9 | 2,343.2 | |
| Non-current assets held for sale | 8.8 | – |
| Total | 15,938.9 | 14,081.2 |
| € million | September 30, 2021 | December 31, 2020 |
|---|---|---|
| Shareholders' equity | ||
| Issued capital | 923.9 | 923.9 |
| Capital reserve | 598.5 | 598.5 |
| Revenue reserves | 2,228.2 | 2,096.4 |
| Equity attributable to shareholders of Fraport AG | 3,750.6 | 3,618.8 |
| Non-controlling interests | 166.0 | 139.9 |
| 3,916.6 | 3,758.7 | |
| Non-current liabilities | ||
| Financial liabilities | 8,878.9 | 6,936.5 |
| Trade accounts payable | 66.6 | 42.6 |
| Other financial liabilities | 1,029.9 | 1,061.0 |
| Other non-financial liabilities | 78.6 | 86.7 |
| Deferred tax liabilities | 39.8 | 39.7 |
| Provisions for pensions and similar obligations | 43.5 | 46.7 |
| Provisions for income taxes | 48.6 | 51.0 |
| Other provisions | 160.5 | 196.5 |
| 10,346.4 | 8,460.7 | |
| Current liabilities | ||
| Financial liabilities | 842.1 | 810.7 |
| Trade accounts payable | 221.1 | 294.6 |
| Other current financial liabilities | 220.0 | 230.3 |
| Other current non-financial liabilities | 159.1 | 100.1 |
| Provisions for income taxes | 58.8 | 43.1 |
| Other provisions | 165.0 | 383.0 |
| 1,666.1 | 1,861.8 | |
| Liabilities related to assets held for sale | 9.8 | – |
| Total | 15,938.9 | 14,081.2 |
| € million | 9M 2021 | 9M 2020 | Q3 2021 | Q3 2020 |
|---|---|---|---|---|
| Result attributable to shareholders of Fraport AG | 97.0 | –515.4 | 76.6 | –304.1 |
| Result attributable to non-controlling interests | 21.0 | –21.8 | 26.0 | –1.7 |
| Adjustments for | ||||
| Taxes on income | 34.6 | –179.7 | 30.1 | –102.2 |
| Depreciation and amortization | 331.7 | 343.3 | 112.5 | 110.5 |
| Interest result | 156.1 | 117.0 | 63.7 | 45.5 |
| Gains/losses from disposal of non-current assets | –5.1 | –0.5 | 0.2 | 0.0 |
| Others | –1.7 | –28.9 | 5.6 | 1.9 |
| Changes in the measurement of companies accounted for using the equity method |
–18.9 | 47.6 | –29.8 | 1.7 |
| Changes in inventories | –0.6 | 0.5 | –0.2 | 0.6 |
| Changes in receivables and financial assets | –39.2 | 13.8 | 139.9 | –24.3 |
| Changes in liabilities | –28.9 | –34.8 | 7.8 | 1.7 |
| Changes in provisions | –255.2 | 190.1 | 2.9 | 263.0 |
| Operating activities | 290.8 | –68.8 | 435.3 | –7.4 |
| Financial activities | ||||
| Interest paid | –77.7 | –49.7 | –16.6 | –17.2 |
| Interest received | 21.9 | 14.1 | 1.2 | 2.2 |
| Paid taxes on income | –16.1 | –20.5 | –6.4 | –5.9 |
| Cash flow from operating activities | 218.9 | –124.9 | 413.5 | –28.3 |
| Investments in airport operating projects | –185.6 | –209.5 | –59.1 | –52.6 |
| Capital expenditure for other intangible assets | –2.1 | –4.1 | –0.2 | 1.7 |
| Capital expenditure for property, plant, and equipment | –646.9 | –610.4 | –223.5 | –252.5 |
| Capital expenditure for "Investment property" | –8.6 | –21.6 | –0.1 | –2.7 |
| Investments in companies accounted for using the equity method | –4.4 | –1.3 | –4.4 | –0.1 |
| Dividends from companies accounted for using the equity method | 8.7 | 3.0 | 1.1 | 1.6 |
| Proceeds from disposal of non-current assets | 9.4 | 1.0 | 1.0 | 0.6 |
| Cash flow used in investing activities excluding | ||||
| investments in cash deposits and securities | –829.5 | –842.9 | –285.2 | –304.0 |
| Financial investments in securities and promissory note loans | –823.9 | –373.0 | –178.0 | –120.0 |
| Proceeds from disposal of securities and promissory note loans | 425.7 | 403.1 | 157.5 | 258.5 |
| Increase/decrease of time deposits with a term of more than three months |
–796.7 | –1,097.3 | 85.1 | –672.1 |
| Cash flow used in investing activities Dividends paid to non-controlling interests |
–2,024.4 0.0 |
–1,910.1 –0.6 |
–220.6 0.0 |
–837.6 0.0 |
| Cash inflow from long-term financial liabilities | 2,194.2 | 2,253.0 | 105.8 | 798.7 |
| Repayment of long-term financial liabilities | –9.8 | –139.7 | –6.9 | –80.9 |
| Changes in current financial liabilities | –292.8 | –251.8 | –198.0 | 77.6 |
| Cash flow from/ used in financing activities | 1,891.6 | 1,860.9 | –99.1 | 795.4 |
| Changes in restricted cash and cash equivalents | 30.8 | 19.5 | 0.7 | 2.1 |
| Change in cash and cash equivalents | 116.9 | –154.6 | 94.5 | –68.4 |
| Cash and cash equivalents as at January 1 and July 1 | 216.4 | 543.5 | 243.8 | 438.1 |
| Foreign currency translation effects on cash and cash equivalents | 5.8 | –33.8 | 0.8 | –14.6 |
| Cash and cash equivalents as at September 30 | 339.1 | 355.1 | 339.1 | 355.1 |
| Issued capital | Capital reserve | ||
|---|---|---|---|
| € million | |||
| As at January 1, 2021 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | – | – | |
| Remeasurements of defined benefit pension plans | – | – | |
| Equity instruments measured at fair value | – | – | |
| Debt instruments measured at fair value | – | – | |
| Fair value changes of derivatives | – | – | |
| Other result | – | – | |
| Distributions | – | – | |
| Group result | – | – | |
| Transactions with non-controlling interests | – | – | |
| As at September 30, 2021 | 923.9 | 598.5 | |
| As at January 1, 2020 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | – | – | |
| Remeasurements of defined benefit pension plans | – | – | |
| Equity instruments measured at fair value | – | – | |
| Debt instruments measured at fair value | – | – | |
| Fair value changes of derivatives | – | – | |
| Other result | – | – | |
| Distributions | – | – | |
| Group result | – | – | |
| Transactions with non-controlling interests | – | – | |
| As at September 30, 2020 | 923.9 | 598.5 |
| Revenue reserves | Foreign currency re serve |
Financial instruments | Revenue reserves (to tal) |
Equity attributable to shareholders of Fraport AG |
Non-controlling inte rests |
Share-holders' equity (total) |
|---|---|---|---|---|---|---|
| 2,189.3 | –147.9 | 55.0 | 2,096.4 | 3,618.8 | 139.9 | 3,758.7 |
| – | 22.1 | – | 22.1 | 22.1 | 4.2 | 26.3 |
| – | 8.7 | – | 8.7 | 8.7 | – | 8.7 |
| 2.6 | – | – | 2.6 | 2.6 | – | 2.6 |
| – | – | – | – | – | – | – |
| – | – | –0.9 | –0.9 | –0.9 | – | –0.9 |
| – | – | 2.3 | 2.3 | 2.3 | 0.9 | 3.2 |
| 2.6 | 30.8 | 1.4 | 34.8 | 34.8 | 5.1 | 39.9 |
| – | – | – | – | – | – | – |
| 97.0 | – | – | 97.0 | 97.0 | 21.0 | 118.0 |
| – | – | – | – | – | – | – |
| 2,288.9 | –117.1 | 56.4 | 2,228.2 | 3,750.6 | 166.0 | 3,916.6 |
| 2,846.0 | –12.6 | 87.3 | 2,920.7 | 4,443.1 | 180.1 | 4,623.2 |
| – | –122.7 | – | –122.7 | –122.7 | –3.0 | –125.7 |
| 0.1 | –4.3 | – | –4.2 | –4.2 | – | –4.2 |
| – | – | – | – | – | – | – |
| – | – | –12.4 | –12.4 | –12.4 | – | –12.4 |
| – | – | –0.4 | –0.4 | –0.4 | – | –0.4 |
| – | – | – | – | – | –0.6 | –0.6 |
| 0.1 | –127.0 | –12.8 | –139.7 | –139.7 | –3.6 | –143.3 |
| – | – | – | – | – | –0.6 | –0.6 |
| –515.4 | – | – | –515.4 | –515.4 | –21.8 | –537.2 |
| – | – | – | – | – | – | – |
| 2,330.7 | –139.6 | 74.5 | 2,265.6 | 3,788.0 | 154.1 | 3,942.1 |
Further information on the accounting and valuation methods used can be found in the most recent annual report at www.fraport.com/publications.
2021 Annual Report, online publication, press Interim Report Q2/6M 2022, online publication, conference, conference call with analysts and investors conference call with analysts and investors
Interim Release Q1 2022, online publication, Interim Release Q3/9M 2022, online publication, press
Annual General Meeting 2022, Frankfurt/Main
(Online publication)
Thursday, November 11, 2021 Wednesday, April 13, 2022 Tuesday, September 13, 2022 October 2021 March 2022/3M 2022 August 2022 Monday, December 13, 2021 Thursday, May 12, 2022 Friday, October 14, 2022 November 2021 April 2022 September 2022/9M 2022 Monday, January 17, 2022 Tuesday, June 14, 2022 Friday, November 11, 2022 December 2021/FY 2021 May 2022 October 2022
60547 Frankfurt am Main Germany Editorial Deadline www.fraport.com November 8, 2021
Finance & Investor Relations the binding one. Telefon: + 49 69 690-74840 Telefax: + 49 69 690-74843 Rounding
January 2022 June 2022/6M 2022 November 2022
February 2022 July 2022 December 2022/FY 2022
conference call with analysts and investors conference, conference call with analysts and investors
Friday, February 11, 2022 Wednesday, July 13, 2021 Tuesday, December 13, 2022
Friday, March 11, 2022 Thursday, August 11, 2022 Monday, January 16, 2023
Fraport AG Frankfurt Airport Services Worldwide This report was complied with the system SmartNotes.
Fraport AG In case of any uncertainties which arise due to errors in Christoph Nanke translation, the German version of the Interim Report is
E-Mail: [email protected] The use of rounded amounts and percentages means www.meet-ir.com slight discrepancies may occur due to commercial rounding.
Where the statements made in this document relate to the future rather than the past, they are based on a number of assumptions about future events and are subject to a number of uncertainties and other factors, many of which are beyond the control of Fraport AG Frankfurt Airport Services Worldwide and which could have the effect that the actual results will differ materially from these statements. These factors include, but are not limited to, the competitive environment in deregulated markets, regulatory changes, the success of business operations, and a substantial deterioration in basic economic conditions in the markets in which Fraport AG Frankfurt Airport Services Worldwide and its Group companies operate. Readers are cautioned not to rely to an inappropriately large extent on statements made about the future.
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