Results of Operations for Segments

Revenue in the 2022 fiscal year in the Aviation segment increased by €240.6 million to €828.1 million (+41.0%). Higher revenue from airport charges (+€256.7 million) based on the strong recovery in traffic at Frankfurt Airport primarily contributed to revenue growth. Despite additional revenue from new business at Hamburg Airport, revenue from security services decreased (–€20.4 million). In the same period of the previous year, these were positively influenced by the agreement with the German Federal Police concerning billed aviation security services in recent years in the amount of €57.8 million. Other operating income was below the previous year’s level. This was due to the compensation payment in the same period of the previous year in the amount of €159.8 million granted by the German Federal Government and the State of Hesse to cover the holding costs incurred during the first lockdown in 2020. Personnel expenses increased by €41.2 million to €325.6 million, partly as a result of the very low utilization of short-time work schedules compared with the previous year, new hires at the Hamburg site, and collectively agreed pay increases. By contrast, the cost of materials decreased by €8.0 million to €52.1 million, mainly as a result of lower capital expenditure. Despite significant one-off effects in the previous-year period, segment EBITDA was €15.2 million higher than in the same period of the previous year at €175.4 million (previous year: €160.2 million). Adjusted for the aforementioned one-off effects, segment EBITDA increased by €232.8 million compared to the previous year. With depreciation and amortization virtually unchanged, segment EBIT was €40.6 million (previous year: €25.8 million).

The positive traffic development was also reflected in the Retail & Real Estate segment’s revenue of €446.4 million (+€127.3 million). The growth in revenue is attributable in particular to higher retail revenue (+€81.5 million). Net retail revenue per passenger was €3.33 (previous year: €3.30). Parking and real estate revenue also developed positively (+€27.5 million and +€17.1 million, respectively). Other operating income increased mainly due to the sale of shares in the Group company D-Port Logistik GmbH, which was recorded using the equity method (€18.6 million). By contrast, personnel expenses increased (+€5.0 million), mainly due to a very low use of short-time working schedules. Moreover, cost of materials increased by €38.6 million as a result of a higher level of utility services due to rises in prices. Segment EBITDA rose to €342.9 million (+€92.1 million). With slightly higher depreciation and amortization (+€1.4 million), segment EBIT stood at €256.3 million (+€90.7 million).

At €550.1 million, revenue in the Ground Handling segment in fiscal year 2022 was €163.7 million higher than in the same period of the previous year. The strong demand at Frankfurt Airport led to higher revenue from infrastructure charges (+€96.0 million) and ground services (+€70.0 million). Personnel expenses increased by €68.9 million in the reporting period. This was mainly due to very low utilization of short-time work schedules and new hires compared with the previous year. Non-staff costs rose by €92.8 million to €145.0 million, mainly as a result of the increase in the need for external staff due to higher traffic volumes and possible claims settlements. The segment EBITDA was –€73.9 million (–€1.7 million). With slightly higher depreciation and amortization (+€0.4 million), segment EBIT amounted to –€111.6 million (previous year: –€109.5 million).

In the reporting period, revenue from the International Activities & Services segment rose by €519.5 million to €1,369.8 million. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue amounted to €1,038.7 million (+€430.1 million). This increase was mainly due to the positive traffic development at the international Group airports. In particular, Fraport Greece and the Group company Lima benefited from the easing of travel restrictions with revenue growth adjusted for IFRIC 12 of €208.0 million and €123.0 million, respectively. In addition, exchange rate effects (€89.3 million) had a positive impact on revenue, particularly at the Group companies in Lima, Fortaleza, and Porto Alegre, and at Fraport USA. Other operating income in the segment was €112.6 million. The main positive impacts were the disposal of shares in the Group company in Xi'an, which were accounted for using the equity method, in the amount of €53.7 million and compensation for the effects of the coronavirus pandemic at Fraport Greece in the amount of €23.6 million (previous year: €92.8 million) and at the two Brazilian Group companies in the amount of €18.5 million (previous year: €26.5 million). By contrast, other operating income in the same period of the previous year included the waiver of fixed minimum lease payments at Fraport USA in the amount of €35.2 million. Personnel expenses increased by €37.3 million to €280.0 million, mainly due to the reduced use of short-time work schedules compared to the previous year and the increased demand for personnel during the reporting period. Non-staff costs in the segment increased by €280.1 million to €900.5 million (+45.1%) compared to the same period the previous year. Adjusted for the expenses relating to the application of IFRIC 12, non-staff expenses increased by €190.7 million to €569.4 million (+50.3%). This was due in particular to higher variable concession charges, especially at Fraport Greece and the Group company Lima. Segment EBITDA rose by €167.2 million to €585.4 million (+40.0%). Despite higher depreciation and amortization (+€19.8 million) compared to the previous year, segment EBIT rose to €379.2 million (+€147.4 million).

Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)

As a result of the recovery in passenger numbers in the 2022 fiscal year, but also due to positive exchange rate effects, revenue at Fraport USA rose to €103.4 million (previous year: €67.9 million). Other operating income, which was positively impacted in the same period the previous year by the waiver of fixed minimum lease payments of €35.2 million, amounted to €3.2 million in the reporting period. Operating expenses increased by €10.6 million to €57.0 million, mainly due to the increased variable concession charges exchange rate effects. Due to the high other operating income in 2021, EBITDA was €49.6 million below the level from the same period in the previous year (previous year: €57.3 million). Depreciation and amortization (+€8.1 million) increased mainly due to unscheduled depreciation in the fiscal year. EBIT amounted to €4.8 million (previous year: €20.7 million). At –€1.8 million, the result remained below that of the same period last year (previous year: €8.5 million).

The increased demand for travel in 2022 was reflected in higher revenue of €33.9 million (+€12.2 million) at the Group company Fraport Slovenija. Other operating income decreased in the 2022 fiscal year due to the absence of compensation for the effects of the coronavirus pandemic, which was included in the same period of the previous year at around €6.6 million. Operating expenses increased by €5.4 million to €26.6 million due to the increased traffic volume. EBITDA decreased to €7.6 million due to lower other operating income (previous year: €7.7 million.) Slightly decreasing depreciation and amortization led to EBIT of –€2.7 million (previous year: –€3.0 million). The result was –€2.6 million (previous year: –€2.6 million).

In fiscal year 2022, the positive traffic development at the Brazilian Group companies Fortaleza and Porto Alegre was reflected in higher revenue of €90.0 million (+€21.7 million). Adjusted for the revenue relating to capacitive capital expenditure based on the application of IFRIC 12, revenue increased by €34.5 million. The growth in revenue also benefited from positive currency effects. Other operating income in 2022 was again positively influenced by compensation for the effects of the coronavirus pandemic in the amount of €18.5 million (previous year: €26.5 million). Cost of materials declined by €6.0 million to €32.9 million. Adjusted for the expenses in connection with the capacitive capital expenditure based on the application of IFRIC 12, the cost of materials increased by €6.9 million to €24.3 million. This was due in particular to currency exchange rate effects. Correspondingly, EBITDA increased to €60.1 million (previous year: €40.1 million). EBIT amounted to €28.8 million (previous year: €17.6 million), and the result was –€3.5 million (previous year: –€16.5 million).

At €590.1 million (+€244.9 million), revenue at the Group company Lima was also positively impacted by the recovery in traffic, as well as from exchange rate effects. Adjusted for the revenue relating to capacitive capital expenditure based on the application of IFRIC 12, revenue was €277.9 million (+€123.0 million). The cost of materials rose by €193.4 million year-on-year to €466.0 million due to the ongoing expansion measures. Adjusted for expenses resulting from the application of IFRIC 12, cost of materials increased by €71.6 million to €153.9 million, primarily due to higher revenue-dependent concession payments. At €100.2 million, EBITDA was higher than in the same period of the previous year (previous year: €54.7 million). EBIT amounted to €83.4 million (+€43.6 million). A more negative financial result, in particular due to higher interest expenses from the compounding of the concession liability, led to a result of €37.2 million (+€26.0 million).

In 2022, Fraport Greece recorded revenue of €443.8 million (+€188.4 million). Adjusted for contract revenue from construction and expansion services relating to the application of IFRIC 12, the revenue increased by €208.0 million to €433.5 million. Other operating income of €23.9 million included compensation for the effects of the coronavirus pandemic for the first half of 2021 (previous year: €92.8 million). Operating expenses increased by €51.0 million to €196.0 million as a result of traffic development and the variable concession fee. Adjusted for expenses resulting from the application of IFRIC 12, operating expenses increased by €70.6 million to €185.7 million. This led to EBITDA of €271.7 million (+€65.3 million) and EBIT of €208.5 million (+€64.5 million). The financial result deteriorated mainly due to the one-off effects of signed refinancing. The led to a result of €69.9 million (previous year: €24.7 million).

In the 2022 fiscal year, revenue of the Group company Twin Star rose by €14.2 million to €43.5 million due to the improved traffic development. Operating expenses increased to €24.4 million (+€10.0 million) in the reporting period. Correspondingly, EBITDA increased to 19.3 million (+€4.3 million). EBIT amounted to €8.6 million and the result was €4.2 million.

The Group company Antalya, which is accounted for using the equity method, generated revenue of €396.6 million in the reporting period, an increase of €130.0 million due to traffic volumes. EBITDA increased accordingly by €120.4 million to €323.0 million. EBIT was €208.3 million (previous year: €92.1 million), and the result was €119.6 million (previous year: €33.4 million). In connection with the newly founded Group company for the operating concession at Antalya Airport from 2027, there was an equity result of –€11.3 million.

Compared to the forecasts made at the beginning of the fiscal year or adjusted during the year, the following significant deviations occurred:

The rapid recovery in traffic at Frankfurt Airport had a positive effect on the revenue and earnings development of the Aviation, Retail & Real Estate, and Ground Handling segments. On the other hand, higher than expected expenses meant that EBITDA and EBIT in the Ground Handling segment developed substantially worse than forecast. The positive traffic developments at the international Group locations and one-off effects from compensation for the effects of the coronavirus pandemic at Fraport Greece and the two Brazilian Group companies led to a noticeably better EBITDA and EBIT development in the International Activities & Services segment than expected at the beginning of the fiscal year.

The other key figures developed in line with the original forecasts or those adjusted during the year.