AI Terminal
Fraport AG
Earnings Release • May 8, 2023
163_10-q_2023-05-08_539eadb9-0e49-4251-b1a5-275f42b59024.pdf
Earnings Release
Open in ViewerOpens in native device viewer
Overview by the Executive Board
Traffic growth at the Group airports was predominantly positive in the first quarter. While the same period of the previous year was still affected by the effects of the Omicron coronavirus variant, two strike days in the public sector slightly dampened passenger development in Frankfurt in the first three months of 2023.
The positive traffic development and price effects led to a noticeable increase in revenue due to higher revenue from airport charges, increased revenue from infrastructure charges and ground services. For the first time, revenue also includes revenue from aviation security charges (€45.1 million) after taking over the management of aviation security checks at Frankfurt Airport as of January 1, 2023. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue amounted to €654.2 million (+37.9%).
Operating expenses (cost of materials and personnel expenses and other operating expenses) increased primarily due to increased expenses for external services and higher concession charges related to increased traffic volume. Adjusted for IFRIC 12, operating expenses increased by €118.5 million to €538.5 million. At a value of €158.3 million, Group EBITDA has more than doubled in the reporting period (Q1 2022: €70.7 million). At –€32.6 million, the Group result was clearly higher than in the same period of the previous year (Q1 2022: –€118.2 million).
Cash flow from operating activities improved to €83.8 million as a consequence of the increase in operating results (Q1 2022: €2.7 million). Free cash flow improved to –€241.1 million (Q1 2022: –€630.6 million). Group liquidity decreased by €197.0 million to €3,669.9 million compared to December 31, 2022, mainly due to a lower cash reserve.
Overall, against the background of the macroeconomic developments, the Executive Board describes the operating and financial development in the reporting period as positive and maintains its overall forecasts for the fiscal year 2023 (see also "Business outlook" chapter).
Key Figures
| in € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 765.6 | 539.6 | +226.0 | +41.9 |
| Revenue adjusted for IFRIC 12 | 654.2 | 474.4 | +179.8 | +37.9 |
| EBITDA | 158.3 | 70.7 | +87.6 | > 100 |
| EBIT | 41.9 | –41.3 | +83.2 | – |
| EBT | – 42.8 | –144.3 | +101.5 | – |
| Group result | – 32.6 | –118.2 | +85.6 | – |
| Earnings per share (basic) (€) | – 0.23 | –1.17 | +0.94 | – |
| Operating cash flow | 83.8 | 2.7 | +81.1 | > 100 |
| Free cash flow | – 241.1 | –630.6 | +389.5 | – |
| Number of employees as of March 31 | 17,307 | 18,400 | – 1,093 | – 5.9 |
| Average number of employees | 17,159 | 18,198 | – 1,039 | – 5.7 |
| in € million | March 31, 2023 | December 31, 2022 | Change | Change in % |
|---|---|---|---|---|
| Shareholders' equity | 4,099.7 | 4,131.9 | – 32.2 | – 0.8 |
| Shareholders' equity ratio (%) | 22.1 | 22.2 | –0.1 PP | – |
| Group liquidity | 3,669.9 | 3,866.9 | – 197.0 | – 5.1 |
| Net financial debt | 7,331.6 | 7,058.7 | +272.9 | +3.9 |
| Gearing ratio (%) | 188.6 | 180.6 | +8.0 PP | – |
| Total assets | 17,550.0 | 17,607.6 | – 57.6 | – 0.3 |
Note on quarterly figures
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.
Operating Performance
Traffic development at the Group sites
| Share in % | Passengers1) | Cargo (air freight + air mail in m. t.) | |||
|---|---|---|---|---|---|
| Q1 2023 | Change in %2) | Q1 2023 | Change in %2) | ||
| Frankfurt | 100 | 11,349,910 | +56.1 | 445,586 | – 12.8 |
| Ljubljana | 100 | 201,389 | +59.0 | 2,931 | +0.9 |
| Fortaleza | 100 | 1,525,931 | +3.1 | 7,338 | – 24.3 |
| Porto Alegre | 100 | 1,644,132 | +13.5 | 8,155 | +2.1 |
| Lima | 80.01 | 4,724,219 | +21.9 | 53,710 | +1.6 |
| Fraport Greece | 65 | 1,886,041 | +44.0 | 1,353 | +1.5 |
| Twin Star | 60 | 286,899 | +81.2 | 364 | – 51.1 |
| Antalya | 51/503) | 2,751,986 | +32.1 | n.a. | n.a. |
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 quarter of 2023, the number of passengers in Frankfurt increased by 56.1% compared to the same period of the previous year to approximately 11.4 million passengers. Without the two strike days in February and March, a proportion of around 80% of the number of passengers in the same period of 2019 would have been reached. The main contributors to growth were intercontinental traffic and tourist-oriented seasonal destinations, such as the Canary Islands.
At around 0.4 million metric tons, cargo traffic at Frankfurt Airport continued to develop negatively in the first quarter of 2023 (–12.8%) and was also below the value for 2019 (–14.1%). This was in line with the development of the overall weak market situation.
Most of the international Group airports recorded high growth rates in passenger numbers in the reporting period.
Financial Performance
The group's results of operations
Revenue
Group revenue amounted to €765.6 million in the first quarter of 2023, up €226.0 million on the previous year (+41.9%). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by €179.8 million to €654.2 million (+37.9%). The increase at the Frankfurt site based on traffic volumes and prices is mainly due to higher revenue from airport charges (+€60.2 million) as well as higher revenue from infrastructure charges (+€21.0 million) and ground services (+€13.4 million). Correspondingly, retail and parking revenue increased by €19.6 million.
Due to the take-over of the management of aviation security checks at the Frankfurt site at the beginning of the fiscal year, revenue from aviation security charges of €45.1 million was achieved for the first time in the reporting period. In contrast, revenue from security services decreased by €33.1 million compared to the previous year as a result of the deconsolidation of the Group company FraSec Aviation Security GmbH as at January 1, 2023.
Outside Frankfurt, contributions to adjusted revenue growth came in particular from the Group company Lima (+€19.4 million) and Fraport Greece (+€8.3 million) based on the positive traffic development.
Other operating income
At €28.4 million, other operating income was above the same quarter in the previous year by €21.6 million. The increase mainly resulted from the disposal and the associated deconsolidation of the Group company FraSec Aviation Security GmbH completed as at January 1, 2023, and the recognition of the remaining shares (49%) at fair value (a total of €22.0 million).
Expenses
Non-staff costs (cost of materials and other operating expenses) were €386.6 million (+€148.4 million) in the first three months of 2023. Adjusted for expenses related to the application of IFRIC 12, non-staff expenses were €275.2 million (+€102.2 million). The increase is due in particular to increased expenses for external services (+€54.6 million), primarily in connection with taking over the management of aviation security checks. In addition, expenses for utility services (+€13.4 million) and the variable concession charges of the international Group companies related to increased traffic volumes (+€11.9 million) increased significantly. At €263.3 million, personnel expenses in the Group were above the previous year's figure by €16.3 million. The rise is mainly due to tariff increases at the Frankfurt site during the previous fiscal year and other voluntary allowances above the general pay scale in the 2023 fiscal year.
EBITDA and EBIT
At €158.3 million, Group EBITDA was €87.6 million above the level in the same period of the previous year. With depreciation and amortization slightly higher at €116.4 million (+3.9%), Group EBIT was positive at €41.9 million (Q1 2022: –€41.3 million).
Financial result
The financial result amounted to –€84.7 million (Q1 2022: –€103.0 million). The change compared to the same quarter of the previous year is due on the one hand to the other financial result. In the same period of the previous year, this was negatively affected by the write-down of a loan made to Thalita Trading Ltd. in the amount of €48.2 million in connection with the activities at St. Petersburg Airport. In contrast, the result from companies accounted for using the equity method decreased by €25.3 million. This is mainly due to a one-off effect of €20.0 million in connection with the write-up of the Group company Xi'an resulting from the disposal of shares included in the same period of the previous year.
EBT, Group result, and EPS
EBT amounted to –€42.8 million (Q1 2022: –€144.3 million). With income tax relief of €10.2 million (Q1 2022: €26.1 million), the Group result amounted to –€32.6 million (Q1 2022: –€118.2 million). This resulted in basic earnings per share of -€0.23 (Q1 2022: –€1.17).
Development of the Group's financial figures
| € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 765.6 | 539.6 | +226.0 | +41.9 |
| Revenue adjusted for IFRIC 12 | 654.2 | 474.4 | +179.8 | +37.9 |
| Personnel expenses | 263.3 | 247.0 | +16.3 | +6.6 |
| Cost of materials | 350.3 | 205.1 | +145.2 | +70.8 |
| Cost of materials adjusted for IFRIC 12 | 238.9 | 139.9 | +99.0 | +70.8 |
| EBITDA | 158.3 | 70.7 | +87.6 | > 100 |
| Depreciation and amortization | 116.4 | 112.0 | +4.4 | +3.9 |
| EBIT | 41.9 | –41.3 | +83.2 | – |
Results of Operations for Segments
In the first quarter of 2023, revenue in the Aviation segment amounted to €220.0 million and was thus above the level in the same period of the previous year by €74.9 million. Due to the increased traffic volume and positive price effects, the revenue from airport charges increased by €60.2 million to €160.8 million. Due to the take-over of the management of aviation security checks at the Frankfurt site at the beginning of the fiscal year, revenue from aviation security charges of €45.1 million was achieved for the first time in the reporting period. In contrast, revenue from security services decreased by €33.1 million compared to the previous year as a result of the deconsolidation of the Group company FraSec Aviation Security GmbH as at January 1, 2023. Other operating income of €22.0 million resulted from the recognition of the remaining shares of FraSec Aviation Security GmbH at fair value and the realization of the equity disposal. The segment's other operating income thus totaled €30.2 million (Q1 2022: €7.7 million.)
Personnel expenses also decreased to €63.1 million (–€18.4 million) due to the personnel reduction as part of the deconsolidation with a countervailing price effect. On the other hand, the cost of materials increased by €48.2 million compared to the same quarter of the previous year. This was particularly related to increased expenses for external services in the course of taking over the management of aviation security checks. Due to the positive operating development, at €40.5 million segment EBITDA was positive again compared to the same period of the previous year (Q1 2022: –€13.5 million). At €4.3 million, EBIT also reached a positive value (Q1 2022: –€47.2 million).
Aviation
| in € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 220.0 | 145.1 | +74.9 | +51.6 |
| Personnel expenses | 63.1 | 81.5 | – 18.4 | – 22.6 |
| Cost of materials | 58.4 | 10.2 | +48.2 | > 100 |
| EBITDA | 40.5 | – 13.5 | +54.0 | – |
| Depreciation and amortization | 36.2 | 33.7 | +2.5 | +7.4 |
| EBIT | 4.3 | – 47.2 | +51.5 | – |
| Number of employees as of March 31 | 3,418 | 5,717 | – 2,299 | – 40.2 |
| Average number of employees | 3,407 | 5,538 | – 2,131 | – 38.5 |
Revenue in the Retail & Real Estate segment in the reporting period amounted to €108.2 million (+€22.9 million). This positive development was largely due to increased retail and parking revenue (+€11.1 million and +€8.5 million, respectively) as a result of passenger growth at Frankfurt Airport. Net retail revenue per passenger amounted to €3.30 (Q1 2022: €3.52). With operating expenses increasing by a total of €18.7 million, mainly due to higher expenses for utility services (+€13.3 million), EBITDA amounted to €79.0 million (+€19.1 million). Segment EBIT totaled €57.1 million (+€19.2 million).
Retail & Real Estate
| in € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 108.2 | 85.3 | +22.9 | +26.8 |
| Personnel expenses | 13.9 | 12.6 | +1.3 | +10.3 |
| Cost of materials | 46.0 | 33.1 | +12.9 | +39.0 |
| EBITDA | 79.0 | 59.9 | +19.1 | +31.9 |
| Depreciation and amortization | 21.9 | 22.0 | – 0.1 | – 0.5 |
| EBIT | 57.1 | 37.9 | +19.2 | +50.7 |
| Number of employees as of March 31 | 594 | 582 | +12 | +2.1 |
| Average number of employees | 590 | 580 | +10 | +1.7 |
At €140.6 million, revenue in the Ground Handling segment in the first quarter of 2023 was €34.4 million higher than the previous year. The increase in traffic at Frankfurt Airport and price increases led to higher revenue from infrastructure charges (+€21.0 million) and ground services (+€13.4 million). Staff numbers and price effects led to an increase in personnel expenses by €20.5 million to €106.3 million. Cost of materials also increased by €12.1 million to €25.7 million. This
was primarily due to higher external staff deployment at the Group company FraGround due to the increased traffic volume (+€7.7 million). The disproportionate increase in costs led to a decline in EBITDA compared to the previous year. At –€24.1 million, this was €5.6 million lower than the figure of the previous year. EBIT amounted to –€33.7 million (–€5.9 million).
Ground Handling
| in € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 140.6 | 106.2 | +34.4 | +32.4 |
| Personnel expenses | 106.3 | 85.8 | +20.5 | +23.9 |
| Cost of materials | 25.7 | 13.6 | +12.1 | +89.0 |
| EBITDA | – 24.1 | – 18.5 | – 5.6 | – |
| Depreciation and amortization | 9.6 | 9.3 | +0.3 | +3.2 |
| EBIT | – 33.7 | – 27.8 | – 5.9 | – |
| Number of employees as of March 31 | 7,531 | 6,849 | +682 | +10.0 |
| Average number of employees | 7,473 | 6,847 | +626 | +9.1 |
Revenue in the International Activities & Services segment increased by €93.8 million to €296.8 million in the first quarter of 2023. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue amounted to €185.4 million (+€47.6 million). This was due to the positive traffic development at the
Group's international airports. In particular, the Group company Lima and Fraport Greece benefited from the traffic development with revenue growth adjusted for IFRIC 12 of €19.4 million and €8.3 million, respectively. Overall, personnel expenses increased by €12.9 million to €80.0 million due to the increased traffic volume. Cost of materials in the segment increased by €72.0 million to €220.2 million compared to the same quarter the previous year. Adjusted for the expenses relating to the application of IFRIC 12, the cost of materials increased by €25.8 million to €108.8 million. This was due in particular to higher revenue-related concession charges, especially at the Group company Lima. Segment EBITDA increased by €20.1 million to €62.9 million due to the positive operating development. Segment EBIT rose by €18.4 million and was thus positive again at €14.2 million.
International Activities & Services
| in € million | Q1 2023 | Q1 2022 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 296.8 | 203.0 | +93.8 | +46.2 |
| Revenue adjusted for IFRIC 12 | 185.4 | 137.8 | +47.6 | +34.5 |
| Personnel expenses | 80.0 | 67.1 | +12.9 | +19.2 |
| Cost of materials | 220.2 | 148.2 | +72.0 | +48.6 |
| Cost of materials adjusted for IFRIC 12 | 108.8 | 83.0 | +25.8 | +31.1 |
| EBITDA | 62.9 | 42.8 | +20.1 | +47.0 |
| Depreciation and amortization | 48.7 | 47.0 | +1.7 | +3.6 |
| EBIT | 14.2 | – 4.2 | +18.4 | – |
| Number of employees as of March 31 | 5,764 | 5,252 | +512 | +9.7 |
| Average number of employees | 5,689 | 5,233 | +456 | +8.7 |
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
| in € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2023 | Q1 2022 | Δ % | Q1 2023 | Q1 2022 | Δ % | Q1 2023 | Q1 2022 | Δ % | Q1 2023 | Q1 2022 | Δ % | ||
| Fraport USA | 100 | 28.0 | 20.5 | +36.6 | 14.5 | 10.5 | +38.1 | 5.7 | 1.3 | >100 | 3.4 | – 0.9 | – |
| Fraport Slovenija | 100 | 8.6 | 6.0 | +43.3 | 1.1 | 0.1 | >100 | – 1.5 | – 2.7 | – | – 1.2 | – 2.2 | – |
| Fortaleza + Porto Alegre2) | 100 | 24.5 | 18.2 | +34.6 | 13.5 | 7.5 | +80.0 | 5.1 | 1.2 | >100 | – 3.4 | – 5.6 | – |
| Lima | 80.01 | 181.9 | 118.9 | +53.0 | 26.5 | 20.8 | +27.4 | 22.6 | 16.8 | +34.5 | 10.9 | 6.6 | +65.2 |
| Fraport Greece3) | 65 | 32.2 | 22.0 | +46.4 | 0.7 | – 1.2 | – | – 15.0 | – 16.8 | – | – 33.0 | – 34.6 | – |
| Twin Star | 60 | 4.9 | 3.0 | +63.3 | – 0.7 | – 0.5 | – | – 3.1 | – 3.4 | – | – 4.3 | – 4.2 | – |
| Antalya4) | 51/505) | 31.1 | 20.0 | +55.5 | 14.2 | 10.5 | +35.2 | – 14.9 | – 18.0 | – | – 22.8 | – 22.4 | – |
1) Revenue adjusted by IFRIC 12: Lima Q1 2023: €74.3 million (Q1 2022: €54.9 million); Fraport Greece Q1 2023: €29.9 million (Q1 2022: €21.6 million); Fortaleza + Porto Alegre Q1 2023: €22.9 million (Q1 2022: €17.3 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) The Group company Antalya is accounted for using the equity method.
5) Share of voting rights: 51%, Dividend share: 50%.
Asset and capital structure
At €17,550.0 million, total assets as at March 31, 2023 were €57.6 million under the comparable value as at December 31, 2022 (–0.3%). Non-current assets increased by €209.9 million (+1.5%) compared to the 2022 balance sheet date. This is mainly due to the increase in fixed assets (€93.2 million) due to the investment measures at the Frankfurt site and the increase in investments in airport operating projects (€74.5 million), primarily in connection with the ongoing expansion in Lima. In addition, other financial assets increased (+€62.5 million) as a result of investments in securities. By contrast, current assets decreased by €258.3 million to €2,971.8 million (–8.0%). This is due in particular to lower cash holdings (–€261.0 million) in view of the investments in noncurrent assets.
Compared to the 2022 balance sheet date, shareholders' equity decreased to €4,099.7 million (–0.8%) mainly due to the negative Group result (–€32.6 million). The shareholders' equity ratio was at 22.1% (December 31, 2022: 22.2%). Non-current liabilities decreased by €40.3 million to €11,192.3 million. This is primarily due to the decline in non-current financial liabilities (–€58.8 million). The first raising of funds in connection with the project financing in Lima, which was concluded in December 2022, was offset by maturity-related reclassifications to current financial liabilities at Fraport AG. Current liabilities increased by €27.0 million to €2,258.0 million (+1.2%), in particular due to the increased current financial liabilities (+€134.7 million). The abovementioned maturity-related reclassifications had an opposing effect and increased financial liabilities despite the bridging loan at the Group company Lima being repaid. This was offset by lower other financial liabilities (–€52.1 million) and lower other provisions (–€29.4 million).
Gross debt was €11,001.5 million as at March 31, 2023 (December 31, 2022: €10,925.6 million). Group liquidity decreased by €197.0 million to €3,669.9 million. Correspondingly, net financial debt increased by €272.9 million to €7,331.6 million (December 31, 2022: €7,058.7 million). The gearing ratio reached a level of 188.6% (December 31, 2022: 180.6%).
Statement of cash flows
In the first quarter of 2023, cash flow from operating activities was €83.8 million (Q1 2022: €2.7 million). The improvement compared to the previous year resulted in particular from the increase in operating results.
Cash flow used in investing activities excluding investments in cash deposits and securities amounted to €322.2 million, €298.8 million lower than the figure of the previous year. In the previous year, cash flow was mainly affected by capital contributions of €375.3 million to the joint venture that was established in connection with the new operating concession at Antalya Airport. Taking into account capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure in relation to time deposits, the overall cash flow used in investing activities was €211.3 million (Q1 2022: €389.7 million).
Cash flow from financing activities decreased by €271.6 million to €40.1 million due to lower borrowings. The first raising of funds from the project financing concluded in December 2022 at the Group company Lima and the associated repayment of the short-term bridging loan had an effect of €368.0 million on the payments of non-current financial liabilities and –€313.8 million on the change in current financial liabilities. Taking into account exchange rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents based on the statement of cash flows of €769.4 million as at March 31, 2023 (March 31, 2022: €350.9 million).
Free cash flow amounted to –€241.1 million (Q1 2022: –€630.6 million).
Events after the Balance Sheet Date
There were no significant events for the Fraport Group after the balance sheet date (March 31, 2023).
Risk and Opportunities Report
In the first quarter of 2023, the following changes have occurred compared to the business risks and opportunities listed in the Risk and Opportunities Report in the 2022 Annual Report and to the explanations in the "Events after the balance sheet date" chapter.
The risk regarding the uncertain development of the coronavirus pandemic was already reported in the 2022 Annual Report as having a downward trend. With the expiration of the coronavirus protection measures in Germany and the global lifting of travel restrictions, the development is heading toward an endemic. Risks from further development of the coronavirus pandemic therefore currently no longer have any substantial influence on the results of operations and the financial indicators in the Fraport Group. The risk of a pandemic with its effects on global air traffic will continuously be observed and evaluated in the future.
The risk situation in connection with the expansion project in Lima, Peru was reported in the 2022 Annual Report in the "Events after the balance sheet date" chapter. There is no longer a risk that the banks will refuse to pay the agreed payment for the project financing concluded in December 2022 due to insufficient insurance cover according to the concession agreement. The bridging loan has been fully redeemed and the first payments from project financing have been recorded by the banks. Official feedback from the grantor on the declaration of force majeure with regard to the non-provision of the required insurance volume is still pending.
Report on Forecast Changes
Business Outlook
After the end of the first quarter of 2023, the Executive Board maintains its forecasts for Group-wide traffic developments. Accordingly, the Executive Board maintains its forecasts for the Group's asset, financial, and earnings position as well as for the forecasted segment development for the full year 2023 (see Outlook Report chapter in the 2022 Annual Report).
Consolidated Income Statement (IFRS)
| Q1 2023 | Q1 2022 |
|---|---|
| 765.6 | 539.6 |
| 14.2 | 9.6 |
| 28.4 | 6.8 |
| 808.2 | 556.0 |
| –350.3 | –205.1 |
| –263.3 | –247.0 |
| –36.3 | –33.2 |
| 158.3 | 70.7 |
| –116.4 | –112.0 |
| 41.9 | –41.3 |
| 12.9 | 13.5 |
| –78.1 | –75.1 |
| –18.0 | 7.3 |
| –1.5 | –48.7 |
| –84.7 | –103.0 |
| –42.8 | –144.3 |
| 10.2 | 26.1 |
| –32.6 | –118.2 |
| –11.0 | –10.1 |
| –21.6 | –108.1 |
| –0.23 | –1.17 |
| –0.23 | –1.17 |
Consolidated Statement of Comprehensive Income (IFRS)
| in € million | Q1 2023 | Q1 2022 |
|---|---|---|
| Group result | –32.6 | –118.2 |
| Remeasurements of defined benefit pension plans | 0.0 | 5.8 |
| (Deferred taxes related to those items | 0.0 | –1.8) |
| Equity instruments measured at fair value | –7.3 | 0.0 |
| Other comprehensive income of companies accounted for using the equity method | –0.1 | 0.0 |
| (Deferred taxes related to those items | 0.0 | 0.0) |
| Items that will not be reclassified subsequently to profit or loss | –7.4 | 4.0 |
| Fair value changes of derivatives | ||
| Changes recognized directly in equity | 0.0 | 8.3 |
| Realized gains (+)/losses (–) | 0.0 | 0.0 |
| 0.0 | 8.3 | |
| (Deferred taxes related to those items | 0.0 | –1.9) |
| Debt instruments measured at fair value | ||
| Changes recognized directly in equity | 5.0 | –19.5 |
| 5.0 | –19.5 | |
| (Deferred taxes related to those items | –1.5 | 4.6) |
| Currency translation of foreign subsidiaries | ||
| Changes recognized directly in equity | 0.7 | 52.9 |
| 0.7 | 52.9 | |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | ||
| Changes recognized directly in equity | 0.0 | 0.0 |
| 0.0 | 0.0 | |
| (Deferred taxes related to those items | 0.0 | 0.0) |
| Items that will be reclassified subsequently to profit or loss | 4.2 | 44.4 |
| Other result after deferred taxes | –3.2 | 48.4 |
| Comprehensive income | –35.8 | –69.8 |
| thereof attributable to non-controlling interests | –12.8 | –6.8 |
| thereof attributable to shareholders of Fraport AG | -23.0 | -63.0 |
Consolidated Statement of Financial Position (IFRS)
Assets
| in € million | March 31, 2023 | December 31, 2022 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 19.3 | 19.3 |
| Investments in airport operating projects | 3,843.6 | 3,769.1 |
| Other intangible assets | 95.2 | 95.9 |
| Property, plant, and equipment | 8,465.0 | 8,371.8 |
| Investment property | 68.9 | 69.1 |
| Investments in companies accounted for using the equity method | 448.4 | 491.4 |
| Other financial assets | 1,235.9 | 1,173.4 |
| Other financial receivables and assets | 101.1 | 87.2 |
| Other non-financial receivables and assets | 131.1 | 129.4 |
| Deferred tax assets | 167.5 | 159.5 |
| 14,576.0 | 14,366.1 | |
| Current assets | ||
| Inventories | 27.3 | 25.5 |
| Trade accounts receivable | 164.6 | 177.1 |
| Other current financial assets | 263.7 | 269.7 |
| Other current financial receivables and assets | 64.6 | 55.2 |
| Other current non-financial receivables and assets | 100.1 | 84.1 |
| Income tax receivables | 27.3 | 33.3 |
| Cash and cash equivalents | 2,324.2 | 2,585.2 |
| 2,971.8 | 3,230.1 | |
| Non-current assets held for sale | 2.2 | 11.4 |
| Total | 17,550.0 | 17,607.6 |
Liabilities and equity
| in € million | March 31, 2023 | December 31, 2022 |
|---|---|---|
| Shareholders' equity | ||
| Issued capital | 923.9 | 923.9 |
| Capital reserve | 598.5 | 598.5 |
| Revenue reserves | 2,364.0 | 2,387.0 |
| Equity attributable to shareholders of Fraport AG | 3,886.4 | 3,909.4 |
| Non-controlling interests | 213.3 | 222.5 |
| 4,099.7 | 4,131.9 | |
| Non-current liabilities | ||
| Financial liabilities | 9,657.2 | 9,716.0 |
| Trade accounts payable | 74.0 | 62.3 |
| Other financial liabilities | 1,110.0 | 1,098.1 |
| Other non-financial liabilities | 68.5 | 69.9 |
| Deferred tax liabilities | 40.9 | 41.3 |
| Provisions for pensions and similar obligations | 31.7 | 31.7 |
| Provisions for income taxes | 77.0 | 77.0 |
| Other provisions | 133.0 | 136.3 |
| 11,192.3 | 11,232.6 | |
| Current liabilities | ||
| Financial liabilities | 1,344.3 | 1,209.6 |
| Trade accounts payable | 461.5 | 444.4 |
| Other current financial liabilities | 138.2 | 190.3 |
| Other current non-financial liabilities | 136.8 | 162.8 |
| Provisions for income taxes | 7.4 | 24.7 |
| Other provisions | 169.8 | 199.2 |
| 2,258.0 | 2,231.0 | |
| Liabilities related to assets held for sale | 0.0 | 12.1 |
| Total | 17,550.0 | 17,607.6 |
Consolidated Statement of Cash Flows (IFRS)
| in € million | Q1 2023 | Q1 2022 |
|---|---|---|
| Result attributable to shareholders of Fraport AG | –21.6 | –108.1 |
| Result attributable to non-controlling interests | –11.0 | –10.1 |
| Adjustments for | ||
| Taxes on income | –10.2 | –26.1 |
| Depreciation and amortization | 116.4 | 112.0 |
| Interest result | 65.2 | 61.6 |
| Gains/losses from disposal of non-current assets | 0.1 | –0.1 |
| Others | –22.6 | 48.1 |
| Changes in the measurement of companies accounted for using the equity method | 18.0 | –7.3 |
| Changes in inventories | –1.9 | –1.4 |
| Changes in receivables and financial assets | 10.9 | –22.6 |
| Changes in liabilities | 23.5 | 14.4 |
| Changes in provisions | –47.7 | –24.4 |
| Operating activities | 119.1 | 36.0 |
| Financial activities | ||
| Interest paid | –29.9 | –20.5 |
| Interest received | 6.4 | 3.4 |
| Paid taxes on income | –11.8 | –16.2 |
| Cash flow from operating activities | 83.8 | 2.7 |
| Investments in airport operating projects | –122.6 | –73.2 |
| Investments for other intangible assets | –0.2 | –0.9 |
| Capital expenditure for property, plant, and equipment | –201.7 | –173.2 |
| Sale of consolidated subsidiaries | –10.6 | 0.0 |
| Dividends from companies accounted for using the equity method | 12.9 | 1.0 |
| Investments in companies accounted for using the equity method | 0.0 | –375.3 |
| Proceeds from disposal of non-current assets | 0.0 | 0.6 |
| Cash flow used in investing activities excluding investments in cash deposits and securities | –322.2 | –621.0 |
| Financial investments in securities and promissory note loans | –190.5 | –338.7 |
| Proceeds from disposal of securities and promissory note loans | 131.7 | 117.1 |
| Changes in time deposits with a term of more than three months | 169.7 | 452.9 |
| Cash flow used in investing activities | –211.3 | –389.7 |
| Capital increase "non-controlling interests" | 6.8 | 0.0 |
| Transactions with non-controlling interests | 0.0 | 2.9 |
| Cash inflow from long-term financial liabilities | 398.0 | 290.0 |
| Repayment of non-current financial liabilities | –32.7 | –1.8 |
| Changes in current financial liabilities | –332.0 | 20.6 |
| Cash flow from financing activities | 40.1 | 311.7 |
| Changes in restricted cash and cash equivalents | 34.5 | –10.9 |
| Change in cash and cash equivalents | –52.9 | –86.2 |
| Cash and cash equivalents as at January 1 | 826.2 | 431.2 |
| Foreign currency translation effects on cash and cash equivalents | –3.9 | 5.9 |
| Cash and cash equivalents as at March 31 | 769.4 | 350.9 |
Consolidated Statement of Changes in Equity (IFRS)
| Issued capital | Capital reserve | ||
|---|---|---|---|
| in € million | |||
| As at January 1, 2023 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | – | – | |
| Equity instruments measured at fair value | – | – | |
| Debt instruments measured at fair value | – | – | |
| Other result | – | – | |
| Capital increase | – | – | |
| Group result | – | – | |
| Transactions with non-controlling interests | – | – | |
| As at March 31, 2023 | 923.9 | 598.5 | |
| As at January 1, 2022 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Remeasurements of defined benefit pension plans | – | – | |
| Debt instruments measured at fair value | – | – | |
| Fair value changes of derivatives | – | – | |
| Other result | – | – | |
| Group result | – | – | |
| – | – | ||
| As at March 31, 2022 | 923.9 | 598.5 |
| Revenue reserves | Foreign currency reserve |
Financial instruments | Revenue reserves (total) |
Equity attributable to shareholders of Fraport AG |
Non-controlling interests |
Share-holders' equity (total) |
|---|---|---|---|---|---|---|
| 2,439.3 | –92.7 | 40.4 | 2,387.0 | 3,909.4 | 222.5 | 4,131.9 |
| – | 2.5 | – | 2.5 | 2.5 | –1.8 | 0.7 |
| –0.1 | – | – | –0.1 | –0.1 | – | –0.1 |
| – | – | –7.3 | –7.3 | –7.3 | – | –7.3 |
| – | – | 3.5 | 3.5 | 3.5 | – | 3.5 |
| –0.1 | 2.5 | –3.8 | –1.4 | –1.4 | –1.8 | –3.2 |
| – | – | – | – | – | 6.8 | 6.8 |
| –21.6 | – | – | –21.6 | –21.6 | –11.0 | –32.6 |
| – | – | – | – | – | –3.2 | –3.2 |
| 2,417.6 | –90.2 | 36.6 | 2,364.0 | 3,886.4 | 213.3 | 4,099.7 |
| 2,276.7 | –106.4 | 60.4 | 2,230.7 | 3,753.1 | 155.9 | 3,909.0 |
| – | 51.3 | – | 51.3 | 51.3 | 1.6 | 52.9 |
| 4.0 | – | – | 4.0 | 4.0 | – | 4.0 |
| – | – | –14.9 | –14.9 | –14.9 | – | –14.9 |
| – | – | 4.7 | 4.7 | 4.7 | 1.7 | 6.4 |
| 4.0 | 51.3 | –10.2 | 45.1 | 45.1 | 3.3 | 48.4 |
| –108.1 | – | – | –108.1 | –108.1 | –10.1 | –118.2 |
| – | – | – | – | – | 3.3 | 3.3 |
| 2,172.6 | –55.1 | 50.2 | 2,167.7 | 3,690.1 | 152.4 | 3,842.5 |
Further information on the accounting and valuation methods used can be found in the most recent annual report at www.fraport.com/publications.
Financial Calendar 2023
Tuesday, May 23, 2023 Virtual Annual General Meeting 2023, Frankfurt/Main
conference call with analysts and investors financial press conference,
Tuesday, August 8, 2023 Tuesday, November 7, 2023
Interim Report Q2/6M 2023, online publication, Interim Release Q3/9M 2023, online publication, conference call with analysts and investors
Traffic Calendar 2023
(Online publication)
April 2023 July 2023 October 2023
Wednesday, June 14, 2023 Wednesday, September 13, 2023 Wednesday, December 13, 2023 May 2023 August 2023 November 2023
June 2023/6M 2023 September 2023/9M 2023 December 2023/FY 2023
Friday, May 12, 2023 Friday, August 11, 2023 Monday, November 13, 2023
Thursday, July 13, 2023 Friday, October 13, 2023 Tuesday, January 16, 2024
Imprint
Publisher Design
Fraport AG Frankfurt Airport Services Worldwide The report was compiled with the system SmartNotes. 60547 Frankfurt am Main Germany Editorial Deadline www.fraport.com May 3, 2023
Contact Investor Relations Disclaimer
Finance & Investor Relations the binding one. Phone: + 49 69 690-74840 Fax: + 49 69 690-74843 Rounding www.meet-ir.com slight discrepancies may occur due to
Fraport AG In case of any uncertainties which arise due to errors in Christoph Nanke translation, the German version of the Interim Release is
E-Mail: [email protected] The use of rounded amounts and percentages means 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 the underlying 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.