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Fraport Annual General Meeting: Fraport Shareholders to Receive Dividend of 1.15 Euros Again - Record EBITDA Despite Revenue Decline

Dépèche transmise le 27 mai 2009 par PRNewswire

FRANKFURT am MAIN, Germany, May 27 /PRNewswire/ -- At the regular annual general meeting for shareholders in Frankfurt-Hoechst today, Fraport executive board chairman Prof. Dr. Wilhelm Bender announced that "in 2008 we reached our goals for key financial indicators despite all the difficulties resulting from the beginning worldwide economic crisis" - even though the Fraport Group's revenue declined by 9.8 percent to EUR2.1 billion, due to the divestiture of the wholly-owned ICTS Europe security subsidiary. However, Group earnings before interest, taxes, depreciation and amortization (EBITDA), or operating results, reached a new record level of EUR600.7 million, up 3.5 percent year-on-year. Primarily because of higher interest expenditures, Group profits slipped below the 2007 figure to EUR180.2 million, as already announced. The executive and supervisory boards are recommending that shareholders receive a dividend of EUR1.15 per share again for the 2008 fiscal year - the third consecutive year for this high dividend payout. The dividend yield is rising by 3.7 percent to 2.1 percent year-on-year.

Bender is convinced that "following the current economic slump the global aviation industry will return to its long-term growth path." Over the past decades, a consistent pattern has emerged following crises situations: from the oil crises of the 70s and 80s to the Gulf and Iraq wars, to the terrorist attacks on September 11, 2001; crisis-related traffic declines are always followed by an over-proportionate recovery phase. "Every time, the air transportation industry has reemerged strongly on its globally oriented long-term growth path," said Bender. No one doubts that globalization and internationalization of the division of labor will further intensify in the coming years. "That's why the world economy needs an efficient global air transportation industry that links the numerous growth centers of the world together."

Therefore, Fraport's CEO described the launch of Frankfurt Airport's capacity expansion in early 2009 as absolutely indispensable, despite the temporary decline in traffic figures. "For several years now, FRA's capacity constraints have been limiting our development and endangering the long-term economic perspectives of the Frankfurt/Rhine-Main region," said Bender. Without this sustainable capacity expansion, Fraport would be threatened by a loss of vital market share when the expected economic recovery occurs.

Frankfurt Airport's expansion in the coming years, with an investment volume of about EUR7 billion from 2007 through 2015, is one of the largest investment projects in Europe. Especially during these currently difficult economic times, Fraport's privately financed program will have a significant positive impact on the economic development of the Frankfurt/Rhine-Main region and far beyond. Many thousands of jobs will be secured and approximately 100,000 new jobs created.

In view of this year's economic situation, it is extremely difficult to provide an outlook for Fraport's expected business development in 2009, explained Bender: "Already the first quarter was anything but satisfying, with declining traffic figures. But compared to other MDAX and DAX listed companies, Fraport at least continued to operate clearly in the black." With only a slight decline in the adjusted Group revenue of 1.5 percent due to consolidation effects, the EBITDA from January to March 2009 almost reached EUR100 million and the first-quarter Group profit still hit EUR22.3 million.

Frankfurt Airport, in Bender's words, will not be able to escape developments in global aviation and the world economy. Fraport is expecting a six to nine percent drop in passenger traffic at FRA during 2009. Cargo will experience an even sharper decline. Fraport believes that a sustainable recovery trend will take firm hold in 2010 - which will bring about worldwide growth in air traffic figures again.

Revenue in fiscal 2009 will drop below the 2008 figure - also because of the absence of ICTS sales recorded in the first quarter of 2008 and full-year 2008 sales reported for Frankfurt-Hahn Airport. Bender said: "We expect Group EBITDA to reach between EUR500 and EUR530 million. As already forecast at the beginning of the year, Group profits will also be below the 2008 figure."

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For Further information, Please Contact: Fraport AG Frankfurt Airport Services Worldwide Robert A. Payne, B.A.A. - Manager International Press Press Office (Dept. UKM-PS), Corporate Communications (UKM) 60547 Frankfurt am Main, Federal Republic of Germany Tel.: +49-69-690-78547; Fax: +49-69-690-60548; E-mail: [email protected]; Internet: http://www.fraport.com

CONTACT: For Further information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide, Robert A. Payne, B.A.A. - Manager InternationalPress, Press Office (Dept. UKM-PS), Corporate Communications (UKM), 60547Frankfurt am Main, Federal Republic of Germany, Tel.: +49-69-690-78547;Fax: +49-69-690-60548; E-mail: ; Internet:http://www.fraport.com