I am pleased to present our Annual Report for 2023.
A challenging yet good fiscal year lies behind us. We have taken important steps to put your company in a successful position, both now and in the future. For the first time since the COVID-19 pandemic, our key operating earnings indicator EBITDA is now higher than it was before the crisis....
Financial and Non-financial performance indicators
Highlights
Further key figures
1,204.0
mn
EBITDA
EBITDA above 2019 level due
to positive traffic development.
430.5
mn
Group result
Earnings improvement driven by
international business; Frankfurt Airport
also makes a significant contribution.
–656.4
mn
Free Cash Flow
Slightly improved but due to
continuing expansion measures
still negative.
18,057
Number of employees as of December 31
Lower headcount due to change in consolidation of the Group company FraSec Aviation Security GmbH.
158,065
m.t.CO2
CO2 emissions
Implementation of the measures from the
decarbonization master plan is having an impact
as traffic volumes increase.
59,355,389
Passengers at FRA
Passenger volume above previous
year and around 16% below
2019 level.
Financial performance indicators
2023
2022
Change
Change in %
Revenue (€ million)
4,000.5
3,194.4
+806.1
+25.2
Revenue adjusted for IFRIC 12 (€ million)
3,485.1
2,863.3
+621.8
+21.7
EBITDA (€ million)
1,204.0
1,029.8
+174.2
+16.9
Group result (€ million)
430.5
166.6
+263.9
> 100
Earnings per share (basic) (€)
4.26
1.43
+2.8
> 100
Dividend per share (€)1)
0.00
0.00
0.00
–
Free cash flow (€ million)
–656.4
–741.0
+84.6
+11.4
Total assets (€ million)
18,890.9
17,607.6
+1,283.3
+7.3
Shareholders’ equity ratio (%)
22.9
22.2
+0.7 PP
–
Group liquidity (€ million)
4,041.3
3,866.9
+174.4
+4.5
Net financial debt (€ million)
7,712.6
7,058.7
+653.9
+9.3
Net financial debt to EBITDA
6.4
6.9
–0.5
–
EBITDA margin (%)
30.1
32.2
–2.1 PP
–
ROFRA (%)
6.6
6.0
+0.6 PP
–
Gearing Ratio (%)
178.6
180.6
–2.0 PP
–
1) No Dividend proposed.
Non-financial performance indicators
2023
2022
Change
Change in %
Number of employees as at 31.12.
18,057
19,211
–1,154
–6.0
Average number of employees
17,840
18,850
–1,010
–5.4
Global satisfaction of passengers (Group) (%)
74
80
–6.0 PP
–
Employee satisfaction (Group)
4.761)
4.76
–
–
Women in management positions (Germany) (%)
24.4
23.1
+1.3 PP
–
Women in management positions (Germany) (%)
33.9
31.6
+2.3 PP
–
Sickness rate (Germany) (%)
8.7
9.9
–1.2 PP
–
CO2 emissions (Group) (t)
158,065
160,4892)
–2,424
–1.5
1) 2022 values. No data collection in 2023.
2) Due to subsequent verifications 2022 number changed.
The year 2023 …
… was characterized by a further increase in traffic volume, which was dominated in particular by leisure travelers. Fraport Group EBITDA exceeded the 2019 figure for the first time in the 3rd quarter, despite lower passenger volume at the Frankfurt site. With growth rates above the 2019 level, Fraport Greece remained at the top of the Group sites. The number of passengers in Antalya was also above the pre-crisis sommerreisewelle level.
1. QUARTER
Positive traffic development
Two strike days in Frankfurt only slightly dampened development
Intensive preparations for the summer travel wave
Takeover of aviation security
At the turn of the year, Fraport took over control of the management of the aviation security checks at Frankfurt Airport. In addition to the takeover of the existing infrastructure of the Federal Police new control infrastructure was procured at the same time. This includes new CT scanners, which facilitate and speed up the passenger process.
Rethinking the world of work at Fraport: Start for HRneo
HRneo is the largest development program in Human resources in recent years. Its aim is to modernize the HR department and further increase Fraport´s attractiveness as an employer
Lima Airport: Takeover of apron control with German Air Traffic Control
The operation of apron control at Lima Airport was awarded to the subsidiary of Deutsche Flugsicherung DFS Aviation Services (DFS). Following the commissioning of the new terminal at the end of 2024, apron control will be managed using state-of-the-art camera technology for the first time in South America. This is an important milestone on the way to turning the Peruvian capital´s airport into one of the most modern hubs on the continent.
2. QUARTER
Start of the summer travel wave
For the first time since the coronavirus pandemic again more than 200,000 passengers in one day in Frankfurt
Regular operations in the first half of the year
Greek airports still clearly above traffic volume of 2019
Second runway in Lima opened
With the take-off of the first commercial flight on April 3, the new runway at Lima´s international airport “Jorge Chávez” International Airport in Lima and the new airport control tower were inaugurated. This makes Fraport´s airport the first in Peru to have two runways. The utilization of the new runway and the tower will be successively increased until they are fully operational with the completion of the new Terminal at the end of 2024.
Further Power Purchase Agreement concluded
A new Power Purchase Agreement (PPA) with the European energy provider Centrica Energy Trading A/S supplies the Frankfurt Airport hub with additional wind energy. The contract provides for the supply of a total annual wind power volume of around 63 gigawatt hours. This corresponds to an output of 22 megawatts. The energy comes from newly constructed onshore turbines near Bremerhaven. From July, four wind turbines will be operating there just for Fraport´s needs. The contract is set initially for five years.
New baggage drop-off machines in Terminal 1
Lufthansa Group passengers in Frankfurt can now use 21 state-of-the-art check-in counters inside the Terminal 1. With the automated bag drop function passengers can check in their baggage themselves. The new check-in counters provide passengers with a comfortable, modern and efficient travel experience. The use of state-of-theart technology optimizes the processes during baggage check-in.
3. QUARTER
Sustained high passenger demand
Frankfurt at 82 percent of pre-crisis level
Thanks to the use of additional CT scanners improved waiting times for security
Antalya exceeds the 2019 level
Half-time for airport expansion in Antalya
Together with the joint venture partner TAV, Fraport is expanding the terminal areas at Antalya Airport with the long-term goal to double capacity in the long term. In addition the apron areas are being expanded and new parking spaces for several thousand vehicles are created. At the beginning of 2025, Fraport will take the first construction phase into operation.
4. QUARTER
Traffic volume in Frankfurt at around 14 million and thus only ten percent below pre-crisis level
International airports partly above pre-crisis level
Fraport USA wins center management concessions for two additional airports
Fraport USA has successfully competed for the center management concessions at Washington Dulles International Airport (IAD) and Ronald Reagan Washington National Airport (DCA). The contract begins in January 2024 and has a term of ten years. On behalf of the local airport authority MWAA, Fraport USA will manage the retail and restaurant space at the two Washington airports and develop them further.