Value Management

In fiscal year 2022, the value added of the Fraport Group increased notably by €126.0 million (previous year –€279.6 million), but remained in negative territory at –€153.6 million.

Despite substantially lower one-off effects, adjusted EBIT was €334.3 million above the previous year’s level at €677.4 million due to the positive development of operating performance of all Group companies. The same period of the previous year included the compensation payment from the Federal Government and the State of Hesse for the uncovered contingency costs incurred in the first lockdown in 2020 in the amount of €159.8 million as well as the settlement with the Federal Police in connection with charged aviation security services in previous years in the amount of €57.8 million. In addition to the improved operating development, the sale of the shares in the Group company in Xi'an, which is valued at equity, also contributed to the improved adjusted EBIT. On the other hand, the increase in the WACC from 6.1% to 7.3%, the higher capital expenditure, especially in the expansion projects in Frankfurt and Lima, and the capital contributions to the joint venture for the new operating concession at Antalya Airport, led to higher capital costs.

Due to the operating recovery, the ROFRA of the Fraport Group increased by 2.6 percentage points to 6.0% (previous year: 3.4%).

The value added of the Aviation segment fell from –€211.0 million to –€262.4 million despite the positive operating development, which more than compensated for the absence of one-off effects from the previous year. The main reasons for this were the WACC-related increase in the cost of capital and the progressing construction activities within the framework of the Expansion South project. Segment ROFRA improved from 0.7% to 1.0%.

In the Retail & Real Estate segment, despite higher Fraport assets in the course of the expansion project in Frankfurt, the increase in segment EBIT led to an increase in the value added from €26.4 million to €63.8 million (+€37.4 million) and of ROFRA to 9.7% (previous year: 7.2%).

Despite a slightly improved adjusted EBIT, the value added in the Ground Handling segment was below the previous year's level (-€154.0 million) at –€164.3 million due to the WACC increase. Segment ROFRA improved from –13.9% to –12.0%.

The value added of the International Activities & Services segment increased from €58.9 million to €209.3 million (+€150.3 million). The fully consolidated Group companies in Greece and Lima, the sale of shares in Xi’an as well as the Group company Antalya, which is accounted for using the equity method, contributed in particular to the improved operating result. The increase in Fraport assets in the segment is mainly due to the expansion at Lima Airport and capital contributions to the joint venture for the new operating concession at Antalya Airport. In line with the value added, segment ROFRA improved strongly from 8.0% to 12.9%.

Based on the Group-wide recovery in traffic, the improvement in Group ROFRA of 6.0% was stronger than forecast in 2021.