Business
Fraport Interim Report - First Quarter 2008
Fraport Interim Report - First Quarter 2008.
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n \n\n\n\nFRANKFURT, Germany, May 8 /PRNewswire/ --\n\n- EBITDA Continues to Grow\n\n- Last Year's Special Effects Depress Revenue\n\n- Forecast for 2008 Confirmed\n\n In the first quarter of fiscal year 2008, the Fraport Group's\noperating results (EBITDA or earnings before interest, taxes, depreciation\nand amortization) rose by 1.1 percent to EUR115.4 million, although Group\nrevenue of EUR528.2 million fell 5.9 percent short of the previous year's\nlevel. Revenue development was curbed by the previous year's special effect\nfrom the finance lease with the Airrail Center Frankfurt. Adjusted for this\neffect, sales revenue increased by 4.9 percent. Group profit dropped 32.9\npercent below the comparable period in 2007 to EUR24.5 million.\n\n\n\n Together, the Fraport Group's airports (including\nminority-owned airports and those operated under management contract)\nwelcomed approximately 26.8 million passengers, 7.3 percent more than in the\nfirst quarter of 2007. Within this figure, Fraport's majority-owned airports\n(Frankfurt, Frankfurt-Hahn, Lima, Antalya, Burgas and Varna) accounted for\n16.1 million passengers (up 4.4 percent).\n\n\n\n The 5.9 percent decline in sales revenue to EUR528.2 million\nwas mainly due to revenue of EUR57.6 million generated in the previous year\nby the Airrail Center finance lease, which was set off by costs in the same\namount. Higher revenue at Frankfurt Airport in the first quarter of 2008 was\nprimarily achieved in the Retail & Properties segment. Because our Lima\ninvestment has been fully consolidated for the first-time since August 2007,\nLima Airport, in particular, contributed to rising sales figures (up EUR21.8\nmillion). Other income remained unchanged compared to the previous year.\n\n\n\n The Fraport Group's operating expenses dropped by 7.4 percent\nto EUR428.4 million in the reporting period - adjusted for the aforementioned\nspecial effect, operating expenses were up by 5.8 percent. Fraport's\npersonnel expenses climbed 4.5 percent to EUR275.4 million. This increase\nresulted mainly from a recent collective pay settlement, effective\nretroactively from the beginning of fiscal year 2008. Group-wide, the number\nof employees rose by 1.7 percent in the period under review. Thus, from\nJanuary through March 2008, Fraport employed 29,341 people on average. Staff\ncosts as a perc...