Record financial result achieved due to 马尼拉 compensation payment – Airports in Fraport’s international portfolio report mixed results
法兰克福机场服务全球公司回顾了成功的 2016 财年（截至 31 月 XNUMX 日），尽管航空业的框架条件充满挑战，集团法兰克福机场基地的客流量略有下降，但仍取得了创纪录的财务业绩。
Group revenue declined by 0.5 percent year-on-year to €2.59 billion. Adjusting for changes in the scope of consolidation due to the sale of shares in Fraport Cargo Services (FCS) and the disposal of the Air-Transport IT Services subsidiary, Group revenue would have risen by €46.2 million or 1.8 percent. This resulting increase in revenue (on an adjusted basis) was stimulated in particular by the ongoing growth at the Group’s airports in Lima (Peru) and Varna and Burgas (Bulgaria), as well as at the Fraport USA subsidiary, and by revenue gained from property sales.
The Group’s operating profit or EBITDA (earnings before interest, taxes, depreciation, and amortization) advanced by 24.2 percent, reaching a new record high of €1.05 billion. This strong growth was supported by the compensation payment received for the Manila terminal project, which boosted EBITDA by €198.8 million. Fraport’s successful sale of a 10.5 percent share in Thalita Trading Ltd., the owner of the operating company of Pulkovo Airport in St. Petersburg (Russia), contributed another €40.1 million to EBITDA. Adjusting for these effects and the creation of provisions for a personnel-restructuring program, the Group’s EBITDA would have remained on the previous year’s level of about €853 million. Although this adjusted EBITDA was curbed by previous year’s weaker traffic performance and a slowdown in FRA’s retail business, reflecting lower spending by passengers, the Group’s external business also had a compensating positive effect on EBITDA.
The Group result (net profit) increased by 34.8 percent to €400.3 million. Without the aforementioned effects and unscheduled depreciation and amortization, Fraport’s Group result would only have reached about €296 million. In contrast, operating cash flow declined by 10.6 percent to €583.2 million. Likewise, free cash flow contracted by 23.3 percent to €301.7 million, also due to ongoing construction of Frankfurt Airport’s future Terminal 3.
Traffic at the company’s Frankfurt Airport (FRA) home-base slightly declined by 0.4 percent to approximately 61 million passengers in 2016. This was, in particular, a result of the relatively weak spring and summer months characterized by markedly restrained travel bookings in the wake of geopolitical uncertainties. In the last quarter of 2016, traffic figures noticeably rebounded, even reaching a new December monthly record. Cargo tonnage expanded by 1.8 percent to some 2.1 million metric tons, helped by the economic recovery in summer 2016.
Fraport’s international portfolio of airports displayed mixed results in 2016. The strong 30.9 percent decline in traffic at Antalya Airport (AYT) in Turkey – which was impacted by the country’s geopolitical and security situation – could be largely offset by the traffic performance of Group airports at other locations. Strong growth was recorded in particular at Lima Airport (LIM) in Peru (up 10.1 percent), Burgas Airport (BOJ) and Varna Airport (VAR) on the Bulgarian Black Sea coast (up 22.0 percent and 20.8 percent, respectively), and Xi’an Airport (XIY) in China (up 12.2 percent).
On the basis of the Group’s positive financial performance, a dividend of €1.50 per share will be recommended to the 2017 Annual General Meeting. This corresponds to an increase of €0.15 or 11.1 percent per share and to a payout ratio of 36.9 percent of the Group result attributable to shareholders.
Commenting on Fraport AG’s business performance in 2016, executive board chairman Dr. Stefan Schulte stated: “Despite the challenges of the 2016 business year, we have achieved our best annual result ever. The sale of the 10.5 percent share in our Pulkovo Airport subsidiary in St. Petersburg has demonstrated that we are able to develop international airport concessions even amid difficult market environments. We will therefore continue to consistently pursue our strategy of operating a broadly diversified international portfolio.”
对于 2017 财年，法兰克福机场服务全球公司预计法兰克福机场的客流量将增长 2% 至 4%。 得益于法兰克福机场和法兰克福机场服务全球集团国际集团机场的客运量正增长，预计收入将显着增加，最高可达约 2.9 亿欧元。 此外，集团在希腊业务的预期整合将有助于收入的显着增长。 集团的营业利润（或 EBITDA）预计将达到约 980 亿欧元至 1,020 亿欧元之间的水平，而 EBIT 预计将介于约 610 亿欧元至 650 亿欧元之间。 集团业绩预计将达到 310 亿至 350 亿欧元。
对于集团 2017 年的业务展望，首席执行官舒尔特表示：“我们对本财年持乐观态度，预计法兰克福机场的客运量将在低成本段和传统枢纽客运量两方面实现增长。 同时，我们将继续战略性地发展我们的国际业务。 通过接管 14 个希腊机场的运营，我们将进一步释放增长潜力。”
In view of the expected long-term traffic growth at Frankfurt Airport, construction of the new Terminal 3 is being pushed forward as scheduled, with the first construction phase expected to be completed by 2023. The focus of Fraport’s international business is currently on the take-over of operations at the 14 Greek airports, which is expected to take place in the next few weeks.
法兰克福机场公司的四个业务部门概述：
航空：
Revenue in the Aviation business segment declined by 1.8 percent to €910.2 million in business year 2016. This was largely due to the slight drop in passenger traffic at Frankfurt Airport, the loss of the tender to perform security services in Concourse B, and lower revenue from the re-allocation of infrastructure costs. The creation of provisions for a personnel-restructuring program, higher wages in business year 2016 due to collective agreements, as well as higher non-staff costs let the segment’s EBITDA decline by 8.3 percent to €217.9 million. Depreciation and amortization increased significantly year-on-year, particularly due to the full unscheduled depreciation and amortization of the goodwill in the FraSec GmbH subsidiary in the amount of €22.4 million, as a result of the company’s lower long-term earnings forecast compared to previous years. Correspondingly, the segment’s EBIT significantly dropped by 39.5 percent to €70.4 million.
零售与房地产：
1.2 财年，零售和房地产部门的收入小幅增长 493.9% 至 2016 亿欧元，尽管零售子部门放缓。 由于与出售法兰克福货运服务 (FCS) 子公司股份相关的合并范围发生变化，土地销售和租金收入列报方式的变化对收入表现产生了积极影响。 每名乘客的净零售收入为 3.49 欧元（2015 年：3.62 欧元）。 下降的原因是来自中国、俄罗斯和日本的乘客的平均消费下降，以及各种货币对欧元贬值的影响。 该部门的 EBITDA 为 368 亿欧元，较上年下降 2.9%，主要是由于人事费用增加。 这主要归因于对人力的更高需求、集体协议规定的工资上涨以及为人员重组计划制定的条款。 由于折旧和摊销几乎持平，该部门的息税前利润达到 283.6 亿欧元（下降 3.9%）。
地面处理：
In the 2016 business year, revenue in the Ground Handling business segment markedly decreased by 6.3 percent to €630.4 million compared to the previous year. This was due, in particular, to the sale of shares in the Fraport Cargo Services (FCS) subsidiary and slightly declining passenger traffic at Frankfurt Airport. Adjusted for the effects from the sale of shares in FCS, segment revenue saw underlying growth of 1.8 percent. Reasons for this adjusted increase included a change in the presentation of personnel expenses as a result of changes in the scope of consolidation related to the sale of shares in the FCS subsidiary, as well as slightly higher revenue from infrastructure charges. The creation of provisions for a personnel-restructuring program and rising wages due to collective agreements led to a 25.2 percent decline in the segment’s EBITDA to €34.7 million. Contracting by €11.5 million to minus €5.5 million, the segment’s EBIT reached negative territory due to the provisions for the personnel-restructuring program.
外部活动与服务：
Revenue in the External Activities & Services business segment increased by 8.1 percent to €551.7 million in business year 2016, supported in particular by the Group companies in Lima, Peru (up €27.8 million), Twin Star, Bulgaria (up €9.9 million) and Fraport USA Inc. (up €3.2 million). In addition, the compensation payment from the Manila terminal project and revenue gained from the sale of shares in Thalita Trading Ltd. had a markedly positive impact on the segment’s revenue. Due to these effects, also the segment’s EBITDA more than doubled, reaching €433.5 million (2015: €186.1 million). The segment’s EBIT showed similar growth, rising by €242.1 million to €345.2 million.
