General Statement by the Executive Board
In the past fiscal year, all Group airports recorded a considerable increase in passenger numbers compared with the previous year. Accordingly, Group revenue amounted to €3,194.4 million, an increase of €1,051.1 million over the previous year (+49.0%). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by €961.7 million to €2,863.3 million (+50.6%).
Due to high one-off effects in the previous year, other operating income decreased to €139.3 million in the reporting period, down €215.3 million on the previous year.
Operating expenses (personnel, cost of material and other operating expenses) increased by €564.9 million to €2,343.8 million, mainly as a result of traffic volumes. Adjusted for expenses related to the application of IFRIC 12, operating expenses stood at €2,012.6 million (+€475.5 million). Group EBITDA was €272.8 million higher than in the previous year at €1,029.8 million due to the positive operating development. Despite the full write-off of a loan in connection with the involvement in St. Petersburg Airport, Group result showed a clear increase from €91.8 million to €166.6 million.
The free cash flow improved slightly to –€741.0 million (previous year: –€772.3 million). Correspondingly, net financial debt increased by €689.0 million to €7,058.7 million (December 31, 2021: €6,369.7 million). Despite the increase in debt, liquidity increased to €3,866.9 million (December 31, 2021: €3,564.3 million). Due to the rise in earnings, the ratio of net financial debt to EBITDA improved from 8.4 to 6.9.
The rapid recovery in traffic, which was associated with operational challenges, weighed heavily on the development of non-financial performance indicators such as global passenger satisfaction, baggage connectivity, and the sickness rate, particularly in Frankfurt. By contrast, CO2 emissions were down on the previous year despite the rapid recovery in traffic.
Given the macroeconomic developments, the Executive Board continues to describe the traffic and, in turn, financial development in the reporting period as positive.