Combined Management Report

Information about Reporting

This report summarizes the management reports of the Fraport Group and Fraport AG (Combined Management Report). The comments on the Fraport Group also apply to Fraport AG. Developments in the asset, financial, and earnings position of Fraport AG can be found in the “Supplementary Management Report on the Separate Financial Statements of Fraport AG” chapter.

The non-financial statement is an integral part of the Combined Management Report in accordance with Sections 315b and 315c in conjunction with the Sections 289b to 289e of the German Commercial Code (HGB) and has been extended to comply with the requirements of Regulation (EU) 2020/852 of the European Parliament and of the European Council of June 18, 2020 on the establishment of a framework for facilitating sustainable investment and amending the Regulation (EU) 2019/2088. This can be found in the “Combined non-financial statement” chapter.

Group accounting takes account of the International Financial Reporting Standards (IFRS) in force on the reporting date (December 31, 2022) and the interpretations issued by the IFRS Interpretations Committee (IFRS IC) as adopted in the European Union (EU). In addition, Fraport reports the information pursuant to Section 315e (1) HGB.

To better represent the operating development compared with the previous year, revenue is also reported in the combined management report for order revenue from construction and expansion services in accordance with IFRIC 12 (referred to below as: Revenue adjusted for IFRIC 12). These relate to the capacitive capital expenditure in connection with service concession agreements at international Group airports (see also Group Notes, note 4 and note 49).

An overview of the calculation of financial key figures and a description of specialist terms are presented in the “Glossary” chapter.

Effective May 24, 2022, all shares in the Group company Xi’an Xianyang International Airport Co., Ltd. (Xi’an) have been sold. In addition, in December 2022 the co-shareholder in the Greek investments exercised an existing call option in full to acquire further equity interests. Along with the sale of the equity interests, pro rata loan and interest receivables from the Greek companies were sold. Fraport AG thereby reduced its capital share to 65%.

On November 12, 2021, FraSec Fraport Security Services GmbH sold a total of 51% of the capital shares in FraSec Luftsicherheit GmbH to Dr. Sasse AG. According to the share and transfer agreement, the sale will take place in two stages: 26% on January 1, 2022, and the remaining 25% of the capital shares on January 1, 2023. Other changes in the consolidated companies as well as the disclosures of shareholding pursuant to Section 313 (2) of the HGB can be found in the Group notes.

As a result of the Russian invasion into Ukraine, Fraport has suspended its business activities at St. Petersburg Airport. Therefore, no reporting on the course of business and the economic development of the Company is required.

The Executive Board approved the combined management report and the consolidated financial statements report for publication on February 24, 2023. The Supervisory Board gave its approval on March 13, 2023.