To Our Shareholders

Report of the Supervisory Board

The 2022 reporting year was characterized by the dynamic growth of aviation, even though it was still being heavily impacted by the spread of the Omicron variant at the beginning of the year and, from late February, economic development in Europe was marked by Russia’s war of aggression against Ukraine and the sanctions imposed as a result, as well as rising global inflation.

2022 was another particularly challenging year for the aviation sector as a whole. Lockdowns at the beginning of the year were followed by a sharp rise in demand. The massive growth in volume compared with the previous year placed heavy demand on all process partners. During peak times in particular, company employees showed a great deal of commitment in managing the traffic. For this, we would like to express our special thanks to all our employees for their efforts.

The 2022 reporting year confirmed our expectation that, as the coronavirus pandemic abates, people’s need to travel will increase again. The easing of infection control measures and the relaxing of travel restrictions boosted demand from private travelers in particular; however, business travel also grew steadily toward the end of the year.

Fraport AG continued to recover during the 2022 fiscal year. After a cautious start to the year, passenger numbers at our international Group companies and the Frankfurt site grew sharply compared with the previous year, although the total volume of passengers is still falling around 30% short of the peak in 2019. The development of the tourist-oriented international Group airports was very encouraging. Greece’s airports even exceeded pre-crisis levels for the first time since the outbreak of the coronavirus pandemic. However, the write-off in connection with the indirect minority stake that Fraport AG holds in the operating company of St. Petersburg Airport had a strong negative impact on the financial result, which led to a net loss of €88.4 million for the Fraport AG in fiscal year 2022. Nevertheless, a positive Group result was generated compared to the previous year.

The Supervisory Board performed all the tasks incumbent on it under law, the company statutes, and rules of internal procedure, and continuously monitored the management of the company in fiscal year 2022. The Supervisory Board regularly obtained timely and comprehensive information from the Executive Board, in writing and orally, on the proposed business policies, fundamental questions concerning future management and corporate planning, the situation and development of the company and the Group as well as significant business transactions, and consulted with the Executive Board on these matters. Deviations in the business development from the planning were explained in detail to the Supervisory Board. Based on the reports of the Executive Board, the Supervisory Board extensively discussed significant business transactions of the company. The Supervisory Board harmonized the strategic alignment of the company with the Executive Board. In addition, the Chairman of the Executive Board maintained regular contact with the Chairman of the Supervisory Board and informed him about current developments concerning the business situation as well as substantial business transactions. The Supervisory Board was directly involved in all decisions of fundamental importance to the company. Where required by law, the company statutes, or rules of internal procedure, the Supervisory Board voted on the relevant proposals made by the Executive Board after having thoroughly examined and consulted on those matters.

During the reporting period, the Supervisory Board convened six meetings, including one strategy meeting. The strategy meeting held on September 29, 2022 and the Supervisory Board meeting held on September 30, 2022 took place in person. The remaining Supervisory Board meetings held in 2022 were hybrid events that took place in person with the possibility of participating via video link. In addition, during 2022, the Supervisory Board passed four resolutions by means of written circulars.