Notes to the Consolidated Statement of Cash Flows

43. Notes to the Consolidated Statement of Cash Flows

Cash flow from operating activities

In the previous fiscal year, cash flow from operating activities was €787.3 million (previous year: €392.6 million). The improvement by €394.7 million resulted in particular from an increase in operating results. In addition, the cash flow from operating activities was negatively impacted in the previous year by payments in connection with the “Zukunft FRA – Relaunch 50” program.

Cash flow used in investing activities

Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,305.8 million in the reporting year, an increase of €172.6 million year-on-year. This was mainly due to capital contributions of €375.3 million to the joint venture that was established in connection with the new operating concession at Antalya Airport. Higher capital expenditure in airport operating projects, especially in Lima, were offset by lower cash flow used for expansion measures at the Frankfurt site. In addition, proceeds from the disposal of shares in the Group company Xi’an and D-Port, which is accounted for using the equity method, reduced cash outflow by a total of €173.5 million.

Taking into account 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 €1,216.0 million (previous year: €2,304.2 million).

Cash flow from financing activities

Compared to the previous year, cash flow used in financing activities has decreased substantially by €1,213.1 million to €882.3 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity were carried out compared to the 2022 fiscal year. Within the scope of the signed refinancing at Fraport Greece, financial liabilities of €913.8 million were repaid and refinanced in advance in the amount of €960.0 million. The transactions with “non-controlling interests” relate to the sale of capital shares and loans to the shareholder of the Greek companies. Taking into account exchange rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents based on the statement of cash flows of €826.2 million as at December 31, 2022 (previous year: €431.2 million).

The following overviews show the composition of cash and cash equivalents and non-cash changes to the liabilities from financing activities. With regard to the development of the leasing liabilities, see note 20.