Results of operations

For the explanatory notes on changes in the results of operations, please refer to the presentation of the Aviation, Retail & Real Estate and Ground Handling segments, which essentially covers the business activities of Fraport AG (see “Results of operations by segment”).

Compared to the previous year, revenue of Fraport AG increased by €527.2 million to €1,776.2 million. The increase was mainly due to higher revenue from airport charges (+€256.7 million) caused by an increase in traffic volume. Higher revenue from infrastructure charges (+€96.0 million) and retail revenue (+€77.8 million), as well as higher ground services (+€65.6 million) contributed to the increase in revenue. By contrast, revenue from security services decreased by €24.0 million to €69.4 million. This was due to a one-off effect in the previous year’s period of €30.5 million from the agreement with the Federal Police in connection with billed aviation security services in recent years.

As in previous years, Fraport AG earned a major portion of its revenue (more than one third) in the past fiscal year through one customer at the Frankfurt site.

At €58.7 million, other operating income was below the level in the same period of the previous year of €194.0 million
(–€135,3 million). This decline was mainly a result of the compensation of €159.8 million granted by both the German Federal Government and the State of Hesse for the holding costs incurred in the first lockdown in 2020.

Total revenue rose by €392.5 million to €1,863.7 million (+26.7%).

Personnel expenses increased in fiscal year 2022 by €63.7 million to €573.3 million. The increase resulted primarily from a very low utilization of short-time work schedules compared with the same period of the previous year, as well as from increased personnel requirements due to the positive traffic development.

Non-staff costs (cost of materials and other operating expenses) were €900.0 million (+€274.5 million). The increase is mainly attributable to higher expenses for purchased services (+€203.5 million) due to traffic and price factors.

Despite substantially lower other operating income, Fraport AG EBITDA was €54.3 million above the previous year’s level at €390.4 million due to the positive development of operating performance. Depreciation and amortization decreased slightly by €6.9 million to €308.4 million, leading to EBIT of €82.0 million (previous year: €20.8 million).

The main driver of the sharply lower financial result of –€165.6 million (previous year: –€65.1 million) were mainly the write-off of shares in Fraport Malta Ltd. amounting to €139.1 million and in Thalita Trading Ltd. amounting to €10.0 million in connection with the investment in St. Petersburg Airport.

In particular to the evident negative financial result, EBT amounted to –€83.6 million (previous year: –€44.3 million). Earnings after taxes amounted accordingly to –€88.4 million. The previous year’s earnings after taxes of €76.5 million included income tax relief of €120.8 million, in particular from the capitalization of deferred taxes due to tax loss carryforwards.

A corresponding amount was withdrawn from the other revenue reserves to offset the net loss for the year of –€88.4 million. This results in profit earmarked for distribution of €0.00. For this reason, there is no proposal for the distribution of profits.

Asset and financial position

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December 31, 2022

December 31, 2021


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December 31, 2022

December 31, 2021


Shareholders' equity



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At the end of the 2022 fiscal year, the total assets of Fraport AG amounted to €13,225.8 million, up €570.2 million year on year (+4.5%).

Fixed assets rose by €1,017.5 million to €10,754.1 million. This is mainly due to the increase in property, plant and equipment of €444.6 million – particularly in connection with construction measures as part of the Expansion South project at the Frankfurt site and capital contributions of €375.3 million to the investment established in connection with the tender for the operating concession at Antalya Airport won in December 2021. In addition, the portfolio of securities was increased by €218.9 million.

Current assets were €448.2 million lower than in the previous year, mainly due to the reduction in cash and cash equivalents
(–€512.3 million).

Shareholders’ equity as at December 31, 2022 amounted to €2,876.0 million, and fell by €88.4 million as a result of the net loss in the current fiscal year.

Liabilities increased compared to the previous year by €632.3 million to €9,786.2 million, mainly due to the financing measures undertaken during the fiscal year to secure liquidity.

Liquidity as of December 31, 2022, was €2,980.9 million, down from €3,054.9 million in the previous year. Gross debt increased in the reporting year to €9,114.7 million (previous year: €8,499.8 million). This led to a considerable increase of €689.0 million in net financial debt to €6,133.8 million (previous year: €5,444.8 million).

As at the 2022 balance sheet date, the financial debt maturity profile of Fraport AG exhibited the following repayment structure:

As at the 2022 balance sheet date, there was a balanced mix of financing consisting of bilateral loans (35.2%), promissory note loans (41.6%), and bonds (23.2%). The floating rate portion of the gross debt of Fraport AG fell to nearly 5%, with the fixed portion coming to around 95%.

Statement of cash flows

Statement of cash flows

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> 100

Operating cash flow




> 100

Cash flow used in investing activities excluding investments in cash deposits and securities





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Cash and cash equivalents as at December 31





In the fiscal year, a cash flow from operating activities (operating cash flow) of €471.2 million (2021: €122.3 million) was achieved. The €348.9 million increase resulted in particular from the traffic-related improvement in the operating result.

At €756.2 million, cash flow used in investing activities excluding investments in cash deposits and securities was below the previous year’s level (€821.3 million) due to lower cash flow used in expansion and expansion measures.

Considering capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure in relation to time deposits, the overall cash flow used in investing activities was €1,634.6 million (2021: €1,322.7 million).

Compared to the previous year, cash flow from financing activities decreased substantially by €1,552.7 million to €441.4 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity were carried out compared to the current fiscal year.

This brought cash and cash equivalents to €328.6 million as at the 2022 fiscal year-end.