Record financial result achieved due to 馬尼拉 compensation payment – Airports in Fraport’s international portfolio report mixed results
法蘭克福機場服務全球公司回顧了成功的 2016 財年（截至 31 月 XNUMX 日），儘管航空業的框架條件充滿挑戰，集團法蘭克福機場基地的客流量略有下降，但仍取得了創紀錄的財務業績。
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.”
對於 2017 財年，法蘭克福機場服務全球公司預計法蘭克福機場的客流量將增長 2% 至 4%。 得益於法蘭克福機場和法蘭克福機場服務全球集團國際集團機場的客運量正增長，預計收入將顯著增加，最高可達約 2.9 億歐元。 此外，集團在希臘業務的預期整合將有助於收入的顯著增長。 集團的營業利潤（或 EBITDA）預計將達到約 980 億歐元至 1,020 億歐元之間的水平，而 EBIT 預計將介於約 610 億歐元至 650 億歐元之間。 集團業績預計將達到 310 億至 350 億歐元。
對於集團 2017 年的業務展望，首席執行官舒爾特表示：“我們對本財年持樂觀態度，預計法蘭克福機場的客運量將在低成本段和傳統樞紐客運量兩方面實現增長。 與此同時，我們將繼續戰略性地發展我們的國際業務。 通過接管 14 個希臘機場的運營，我們將進一步釋放增長潛力。”
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.
法蘭克福機場服務全球四大業務部門概覽：
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.
零售與房地產：
1.2 財年，零售和房地產部門的收入小幅增長 493.9% 至 2016 億歐元，儘管零售子部門放緩。 由於與出售法蘭克福貨運服務 (FCS) 子公司股份相關的合併範圍發生變化，土地銷售和租金收入列報方式的變化對收入表現產生了積極影響。 每名乘客的淨零售收入為 3.49 歐元（2015 年：3.62 歐元）。 下降的原因是來自中國、俄羅斯和日本的乘客的平均消費下降，以及各種貨幣對歐元貶值的影響。 該部門的 EBITDA 為 368 億歐元，較上年下降 2.9%，主要是由於人事費用增加。 這主要歸因於對人力的更高需求、集體協議規定的工資上漲以及為人員重組計劃制定的條款。 由於折舊和攤銷幾乎持平，該部門的息稅前利潤達到 283.6 億歐元（下降 3.9%）。
地面處理：
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.
外部活動與服務：
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.
