Fraport Interim Release Q1 2024
May 14, 2024
Overview by the Executive Board
Traffic development at the Group airports was predominantly positive in the first quarter of 2024. While the same period of the previous year was only impacted by occasional strike days, multi-day strikes by different trade unions dampened passenger development in the first three months of 2024.
The overall positive traffic development and price effects led to an increase in revenue from airport charges, aviation security charges, infrastructure charges, and ground services. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, Group-wide revenue amounted to €763.5 million (+16.7%).
Operating expenses (cost of materials and personnel expenses and other operating expenses) increased primarily due to higher concession charges related to increased traffic volume and higher personnel expenses. Adjusted for IFRIC 12, operating expenses increased by €62.0 million to €600.5 million. At a value of €212.6 million, Group EBITDA in the reporting period was above the value of the previous year (Q1 2023: €158.3 million). Group result improved significantly to €12.7 million (+€45.3 million).
Cash flow from operating activities increased to €161.6 million (Q1 2023: €83.8 million) as a consequence of the increase in
operating result. Free cash flow improved slightly to -€226.1 million (Q1 2023: -€241.1 million). Compared with December 31, 2023, Group liquidity increased by €86.3 million to €4,127.6 million and net financial debt reached a level of €8,021.2 million (+€308.6 million).
Overall, the Executive Board describes the operating and financial development in the reporting period as positive and maintains its overall forecasts for the fiscal year 2024 (see also "Business outlook" chapter).
Key Figures
in € million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 890.2 | 765.6 | +124.6 | +16.3 |
Revenue adjusted for IFRIC 12 | 763.5 | 654.2 | +109.3 | +16.7 |
EBITDA | 212.6 | 158.3 | +54.3 | +34.3 |
EBIT | 82.9 | 41.9 | +41.0 | +97.9 |
EBT | 17.0 | -42.8 | +59.8 | - |
Group result | 12.7 | -32.6 | +45.3 | - |
Earnings per share (basic) (€) | 0.18 | -0.23 | +0.41 | - |
Operating cash flow | 161.6 | 83.8 | +77.8 | +92.8 |
Free cash flow | -226.1 | -241.1 | +15.0 | - |
Number of employees as of March 31 | 18,448 | 17,307 | +1,141 | +6.6 |
Average number of employees | 18,284 | 17,159 | +1,125 | +6.6 |
in € million | March 31, 2024 | December 31, 2023 | Change | Change in % |
Shareholders' equity | 4,644.1 | 4,592.3 | +51.8 | +1.1 |
Shareholders' equity ratio (%) | 22.6 | 22.9 | -0.3 PP | - |
Group liquidity | 4,127.6 | 4,041.3 | +86.3 | +2.1 |
Net financial debt | 8,021.2 | 7,712.6 | +308.6 | +4.0 |
Gearing ratio (%) | 183.9 | 178.6 | +5.3 PP | - |
Total assets | 19,327.7 | 18,890.9 | +436.8 | +2.3 |
Fraport Interim Release Q1 2024 | 2 |
Note on quarterly figures
The quarterly figures concerning the asset, financial, and earnings position have been prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the EU. The interim release does not include complete interim financial statements in accordance with International Accounting Standard (IAS) 34. The interim release was not reviewed or audited by an independent auditor.
Operating Performance
Traffic development at the Group sites
Share in % | Passengers1) | Cargo (air freight + air mail in m. t.) | |||
Q1 2024 | Change in %2) | Q1 2024 | Change in %2) | ||
Frankfurt | 100 | 12,531,304 | +10.4 | 471,731 | +5.9 |
Ljubljana | 100 | 257,817 | +28.0 | 2,907 | -0.8 |
Fortaleza | 100 | 1,378,477 | -9.7 | 11,329 | +11.1 |
Porto Alegre | 100 | 1,679,929 | +0.3 | 10,742 | +26.5 |
Lima | 80.01 | 5,742,824 | +21.4 | 51,364 | -4.4 |
Fraport Greece | 65 | 2,097,777 | +11.2 | 1,472 | +8.8 |
Twin Star | 60 | 230,019 | -19.8 | 259 | -28.8 |
Antalya | 51/503) | 3,183,170 | +15.7 | n.a. | n.a. |
- Commercial traffic only, in + out + transit.
- As a result of late submissions, there may be changes to the figures reported for the previous year.
- Fraport TAV Antalya Terminal, Isletmeciligi AS - operating company of the terminals at Antalya Airport, share of voting rights/dividend share: 51%/50%.
In the first quarter of 2024, the number of passengers in Frankfurt increased by 10.4% compared to the previous year to approximately 12.5 million passengers. This is equivalent to around 85% of the pre-crisis level in 2019. Despite numerous strikes in the first three months of 2024, demand for holiday travel has remained high and business travel has recovered compared to the previous year. Flight cancellations due to strikes and weather affected around 600,000 passengers in total.
At around 0.5 million metric tons, cargo traffic at Frankfurt Airport grew by 5.9% in the first quarter of 2024. Positive momentum came from the global economic environment. In particular, traffic from the Asian region grew strongly.
At the international Group airports, the development of passenger numbers was mixed. In Greece and Antalya there was still a high demand for holiday travel. The airports in Peru and Slovenia benefited from a larger number of offered routes and frequencies provided by different airlines. Offsetting effects led to negative traffic development in Bulgaria and Fortaleza.
Fraport Interim Release Q1 2024 | 3 |
Financial Performance
The group's results of operations
Revenue
Group revenue amounted to €890.2 million in the first quarter of 2024, up €124.6 million on the previous year (+16.3%). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue rose to €763.5 million (+16.7%). The increase at the Frankfurt site was driven by higher revenue from airport charges (+€33.7 million ), aviation security charges (+€10.0 million) as well as higher revenue from infrastructure charges (+€10.8 million) and ground services (+€8.2 million), based on traffic volume and prices. Correspondingly, retail and parking revenue increased by €6.5 million. Outside Frankfurt, contributions to adjusted revenue growth came in particular from the Group company Fraport USA (+€13.0 million) due to the take-over of center management operations at the Washington Dulles and Reagan Airports and Lima (+€11.7 million) based on the positive traffic development.
Other operating income
At € 34.4 million, other operating income was € 6.0 million higher than in the same quarter of the previous year. The increase was mainly the result of compensation for the negative economic effects of the coronavirus pandemic at the Group company Fraport Greece (€28.0 million). In contrast, other operating income in the same quarter of the previous year was impacted positively by the interim consolidation of FraSec Aviation Security GmbH in the total amount of €22.0 million.
Expenses
Non-staff costs (cost of materials and other operating expenses) were €448.4 million (+€61.8 million) in the first three months of 2024. Adjusted for expenses related to the application of IFRIC 12, non-staff expenses were €321.7 million (+€46.5 million). This is primarily attributable to the increase in variable concession fees and revenue-dependent lease payments at the international Group companies with an overall effect of €24.1 million. Expenses for external services also rose by €9.2 million. At €278.8 million, personnel expenses in the Group were above the previous year's figure by €15.5 million. The increase is mainly attributable to higher demand for personnel compared to the same quarter in the previous year.
EBITDA and EBIT
At €212.6 million, Group EBITDA was €54.3 million above the level in the same period of the previous year. At €129.7 million (+11.4%), depreciation and amortization increased, in particular at the Frankfurt site and in Lima. This led to a Group EBIT of €82.9 million (Q1 2023: €41.9 million).
Financial result
The financial result amounted to -€65.9 million (Q1 2023: -€84.7 million). The improvement compared to the same quarter in the previous year predominantly was caused by a better interest result (+€9.7 million). Interest income increased to €35.0 millio n (+€22.1 million) mainly due to higher interest from overnight and term deposits and other financial assets. Interest expenses in the first three months of 2024 were €90.5 million, up €12.4 million compared to the previous year. The increase was, in particular, due to higher financing costs at Fraport AG. In addition, the result from companies accounted for using the equity method increased by €7.0 million to -€11.0 million, in particular due to an increase in earnings of the operating company in Antalya (+€6.7 million).
EBT, Group result, and EPS
EBT amounted to €17.0 million (Q1 2023: -€42.8 million). With expenses from taxes on income of €4.3 million (Q1 2023: income
tax relief of €10.2 million), the Group result amounted to €12.7 million (Q1 2023: -€32.6 million). This resulted in earnings per
share of €0.18 (Q1 2023: -€0.23).
Fraport Interim Release Q1 2024 | 4 |
Development of the Group's financial figures
€ million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 890.2 | 765.6 | +124.6 | +16.3 |
Revenue adjusted for IFRIC 12 | 763.5 | 654.2 | +109.3 | +16.7 |
Personnel expenses | 278.8 | 263.3 | +15.5 | +5.9 |
Cost of materials | 396.5 | 350.3 | +46.2 | +13.2 |
Cost of materials adjusted for IFRIC 12 | 269.8 | 238.9 | +30.9 | +12.9 |
EBITDA | 212.6 | 158.3 | +54.3 | +34.3 |
Depreciation and amortization | 129.7 | 116.4 | +13.3 | +11.4 |
EBIT | 82.9 | 41.9 | +41.0 | +97.9 |
Results of Operations for Segments
In the first quarter of 2024, revenue in the Aviation segment amounted to €265.6 million and was thus above the level in the same period of the previous year by €45.6 million. Due to the increased traffic volume and positive price effects, revenue from airport charges increased by €33.7 million to €194.5 million. Revenue from security services increased
by €10.0 million compared to the same quarter of the previous year to €59.2 million, mainly driven by increased revenue from aviation security charges. The segment's other operating income decreased to €11.8 million (Q1 2023: €30.2 million). The same quarter of the previous year had been impacted positively by the interim consolidation of FraSec Aviation Security GmbH in the total amount of €22.0 million. Personnel expenses and cost of materials increased slightly to €64.7 million (+€1.6 million) and by €3.7 million to €62.1 million, respectively. Segment EBITDA rose to €57.0 million (+€16.5 million) compared to the same period in the previous year. EBIT amounted to €17.5 million (+€13.2 million).
Aviation
in € million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 265.6 | 220.0 | +45.6 | +20.7 |
Personnel expenses | 64.7 | 63.1 | +1.6 | +2.5 |
Cost of materials | 62.1 | 58.4 | +3.7 | +6.3 |
EBITDA | 57.0 | 40.5 | +16.5 | +40.7 |
Depreciation and amortization | 39.5 | 36.2 | +3.3 | +9.1 |
EBIT | 17.5 | 4.3 | +13.2 | >100 |
Number of employees as of March 31 | 3,542 | 3,418 | +124 | +3.6 |
Average number of employees | 3,529 | 3,407 | +122 | +3.6 |
Revenue in the Retail & Real Estate segment in the reporting period amounted to €119.0 million (+€10.8 million). This increase was largely due to higher retail and parking revenue (+€4.8 million and +€1.7 million, respectively) as a result of passenger growth at Frankfurt Airport. Net retail revenue per passenger increased to €3.35 (Q1 2023: €3.30). With
operating expenses almost unchanged compared to the same quarter in the previous year (+€0.5 million), EBITDA stood at €82.8 million (+€3.8 million). Segment EBIT was €58.9 million (+€1.8 million).
Retail & Real Estate
in € million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 119.0 | 108.2 | +10.8 | +10.0 |
Personnel expenses | 13.3 | 13.9 | -0.6 | -4.3 |
Cost of materials | 41.3 | 46.0 | -4.7 | -10.2 |
EBITDA | 82.8 | 79.0 | +3.8 | +4.8 |
Depreciation and amortization | 23.9 | 21.9 | +2.0 | +9.1 |
EBIT | 58.9 | 57.1 | +1.8 | +3.2 |
Number of employees as of March 31 | 605 | 594 | +11 | +1.9 |
Average number of employees | 602 | 590 | +12 | +2.0 |
Fraport Interim Release Q1 2024 | 5 |
At €159.7 million, revenue in the Ground Handling segment in the first quarter of 2024 was €19.1 million higher than the previous year. The positive traffic development at Frankfurt Airport and price increases led to higher revenue from infrastructure charges (+€10.8 million) and ground services (+€8.2 million). Staff number and price effects, in particular at the Group company Fraport Ground Services, led to an increase in personnel expenses to a total of €115.1 million
(+€8.8 million). Cost of materials increased slightly by €1.3 million to €27.0 million. EBITDA improved in the reporting period and amounted to -€19.9 million (Q1 2023: -€24.1 million). EBIT was -€30.3 million (Q1 2023: -€33.7 million)
Ground Handling
in € million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 159.7 | 140.6 | +19.1 | +13.6 |
Personnel expenses | 115.1 | 106.3 | +8.8 | +8.3 |
Cost of materials | 27.0 | 25.7 | +1.3 | +5.1 |
EBITDA | -19.9 | -24.1 | +4.2 | - |
Depreciation and amortization | 10.4 | 9.6 | +0.8 | +8.3 |
EBIT | -30.3 | -33.7 | +3.4 | - |
Number of employees as of March 31 | 8,190 | 7,531 | +659 | +8.8 |
Average number of employees | 8,122 | 7,473 | +649 | +8.7 |
Revenue in the International Activities & Services segment increased by €49.1 million to €345.9 million in the first quarter. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue amounted to €219.2 million (+€33.8 million). The reasons for this were positive traffic development at the
international Group airports and the new center management concessions for Fraport USA at the airports Washington Dulles and Reagan. In particular, the Group company Lima and Fraport Greece benefited from the increase in traffic with revenue growth adjusted for IFRIC 12 of €11.7 million and €5.5 million, respectively. Overall, personnel expenses increased by €5.7 million to €85.7 million due to the increased traffic volume. Cost of materials in the segment increased by €45.9 million to €266.1 million compared to the same quarter the previous year. Adjusted for the expenses relating to the application of IFRIC 12, the cost of materials increased by €30.6 million to €139.4 million. This was due in particular to higher revenue-related concession charges, especially at the Group company Lima, and the new business at Fraport USA. Segment EBITDA increased by €29.8 million to €92.7 million, in particular due to the compensation for negative economic effects of the coronavirus pandemic at the Group company Fraport Greece (€28.0 million). Despite increased depreciation and amortization due to the progress of the expansion in Lima, the Segment EBIT increased by €22.6 million, and amounted to €36.8 million.
International Activities & Services
in € million | Q1 2024 | Q1 2023 | Change | Change in % |
Revenue | 345.9 | 296.8 | +49.1 | +16.5 |
Revenue adjusted for IFRIC 12 | 219.2 | 185.4 | +33.8 | +18.2 |
Personnel expenses | 85.7 | 80.0 | +5.7 | +7.1 |
Cost of materials | 266.1 | 220.2 | +45.9 | +20.8 |
Cost of materials adjusted for IFRIC 12 | 139.4 | 108.8 | +30.6 | +28.1 |
EBITDA | 92.7 | 62.9 | +29.8 | +47.4 |
Depreciation and amortization | 55.9 | 48.7 | +7.2 | +14.8 |
EBIT | 36.8 | 14.2 | +22.6 | >100 |
Number of employees as of March 31 | 6,111 | 5,764 | +347 | +6.0 |
Average number of employees | 6,031 | 5,689 | +342 | +6.0 |
Fraport Interim Release Q1 2024 | 6 |
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
in € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
Q1 2024 | Q1 2023 | Δ % | Q1 2024 | Q1 2023 | Δ % | Q1 2024 | Q1 2023 | Δ % | Q1 2024 | Q1 2023 | Δ % | ||
Fraport USA | 100 | 41.0 | 28.0 | +46.4 | 13.4 | 14.5 | -7.6 | 4.9 | 5.7 | - 14.0 | 2.8 | 3.4 | -17.6 |
Fraport Slovenija | 100 | 9.7 | 8.6 | +12.8 | 1.6 | 1.1 | +45.5 | -0.9 | - 1.5 | - | -0.7 | -1.2 | - |
Fortaleza + Porto Alegre2) | 100 | 26.0 | 24.5 | +6.1 | 12.6 | 13.5 | -6.7 | 3.9 | 5.1 | - 23.5 | -2.6 | -3.4 | - |
Lima | 80.01 | 206.6 | 181.9 | +13.6 | 30.2 | 26.5 | +14.0 | 19.3 | 22.6 | - 14.6 | 6.1 | 10.9 | -44.0 |
Fraport Greece3) | 65 | 39.9 | 32.2 | +23.9 | 27.5 | 0.7 | >100 | 11.7 | - 15.0 | - | -7.8 | -33.0 | - |
Twin Star | 60 | 4.1 | 4.9 | -16.3 | -2.0 | -0.7 | - | -4.4 | - 3.1 | - | -5.4 | -4.3 | - |
Antalya4) | 51/505) | 37.1 | 31.1 | +19.3 | 18.7 | 14.2 | +31.7 | -11.5 | - 14.9 | - | -9.3 | -22.8 | - |
- Revenue adjusted by IFRIC 12: Lima Q1 2024: €86.0 million (Q1 2023: €74.3 million); Fraport Greece Q1 2024: €35.4 million (Q1 2023: €29.9 million);
Fortaleza + Porto Alegre Q1 2024: €24.4 million (Q1 2023: €22.9 million). - Sum of the Group companies Fortaleza and Porto Alegre.
-
The Group companies Fraport Regional Airports of Greece A, Fraport Regional Airports of Greece B, and Fraport Regional Airports of Greece
Management Company are collectively referred to as "Fraport Greece." - The Group company Antalya is accounted for using the equity method.
- Fraport TAV Antalya Terminal, Isletmeciligi AS - operating company of the terminals at Antalya Airport, share of voting rights/dividend share 51%/50%.
Asset and capital structure
At €19,327.7 million, total assets as at March 31, 2024 were €436.8 million above the comparable value as at December 31, 2023 (+2.3%).
Non-currentassets increased in the current fiscal year by €260.3 million to €15,313.4 million (+1.7%). The rise is primarily attributable to the increase in property, plant, and equipment (+€171.1 million) in connection with capital expenditure at the Frankfurt site. In addition, investments in airport operating projects increased (+€133.2 million) primarily due to the ongoing expansion in Lima. By contrast, other financial assets decreased by €48.7 million, in particular as a consequence of reclassifications based on maturity. Current assets as at March 31, 2024 amounted to €4,014.3 million and thus had risen compared to the 2023 balance sheet date by €176.6 million (+4.6%). This was, in particular, a result of higher current financial assets (+€116.7 million), partly due to the aforementioned reclassifications based on maturity and an increase in cash and cash equivalents(+€45.7 million).
Shareholders' equity as at March 31, 2024 amounted to €4,644.1 million (+1.1%), and went up by €51.8 million in the first three months of 2024. The increase was mainly the result of the positive Group result (+€12.7 million) as well as a larger currency reserve (+€18.1 million) and positive valuation effects in other income (+€15.3 million). The shareholders' equity ratio was at 22.6% (December 31, 2023: 22.9%). Non-currentliabilities increased by €738.3 million to €12,456.6 million. This is primarily due to the increase in non-current financial liabilities at Fraport AG and the Group company in Lima (+€762.1 million). By contrast, current liabilities decreased by €353.3 million to €2,227.0 million (-13.7%), mainly due to lower current financial liabilities (-€367.2 million). Loan repayments at Fraport AG were offset by reclassifications based on maturity of previous non-current
financial liabilities.
Gross debt was €12,148.8 million as at March 31, 2024 (December 31, 2023: €11,753.9 million). Group liquidity increased by €86.3 million to €4,127.6 million. Correspondingly, net financial debt increased by €308.6 million to €8,021.2 million (December 31, 2023: €7,712.6 million). The gearing ratio reached a level of 183.9% (December 31, 2023: 178.6%).
Fraport Interim Release Q1 2024 | 7 |
Statement of cash flows
Compared to the previous year, cash flow from operating activities increased by 92.8% in the first quarter of 2024 to €161.6 million (Q1 2023: €83.8 million). The improvement of €77.8 million compared to the first quarter of the previous year resulted in particular from the increased operating result and a positive balance from incoming and outgoing interest payments.
Cash flow used in investing activities without investments in cash deposits and securities amounted to €377.0 million, an increase of €54.8 million year-on-year.Increased cash outflows for expansion and extension measures at the Frankfurt site were offset by slightly lower costs for capital expenditure in airport operating projects, in particular in Lima. Taking into account capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure in relation to term deposits, the overall cash flow used in investing activities was €502.6 million (Q1 2023: €211.3 million).
Cash flow from financing activities increased by €283.1 million to €323.2 million due to higher borrowings. 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 €740.8 million as at March 31, 2024 (March 31, 2023: €769.4 million).
Free cash flow amounted to -€226.1 million (Q1 2023: -€241.1 million).
Events after the Balance Sheet Date
Due to heavy rainfall and flooding of the airport grounds, operations at Porto Alegre Airport were suspended on May 3, 2024 until further notice. It is not yet possible to provide any information on the economic impact of the closure and possible damage caused by the flooding at the airport. The airport had 7.5 million passengers in the 2023 financial year. The airport operating company generated revenue of €64.8 million in 2023.
There were no other significant events for the Fraport Group after the balance sheet date (March 31, 2024).
Risk and Opportunities Report
In the first quarter of 2024, the following changes have occurred compared to the business risks and opportunities listed in the Risk and Opportunities Report in the 2023 Annual Report.
In the expansion project by Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş. at Antalya Airport, follow-up financing and the associated increase in the financing volume was successfully completed at the end of March 2024. Financing has been secured for a further 18 months until September 2025.
Report on Forecast Changes
Business Outlook
After the end of the first quarter of 2024, the Executive Board maintains its forecasts for Group-wide traffic developments. Accordingly, the Executive Board maintains its forecasts for the Group's asset, financial, and earnings position as well as for the forecasted segment development for the full year 2024 (see Outlook Report chapter in the 2023 Annual Report).
Fraport Interim Release Q1 2024 | 8 |
Consolidated Income Statement (IFRS)
in € million | Q1 2024 | Q1 2023 |
Revenue | 890.2 | 765.6 |
Other internal work capitalized | 15.2 | 14.2 |
Other operating income | 34.4 | 28.4 |
Total revenue | 939.8 | 808.2 |
Cost of materials | -396.5 | -350.3 |
Personnel expenses | -278.8 | -263.3 |
Other operating expenses | -51.9 | -36.3 |
EBITDA | 212.6 | 158.3 |
Depreciation and amortization | -129.7 | -116.4 |
EBIT/Operating result | 82.9 | 41.9 |
Interest income | 35.0 | 12.9 |
Interest expenses | -90.5 | -78.1 |
Result from companies accounted for using the equity method | -11.0 | -18.0 |
Other financial result | 0.6 | -1.5 |
Financial result | -65.9 | -84.7 |
EBT/Result from ordinary operations | 17.0 | -42.8 |
Taxes on income | -4.3 | 10.2 |
Group result | 12.7 | -32.6 |
thereof profit attributable to non-controlling interests | -3.6 | -11.0 |
thereof profit attributable to shareholders of Fraport AG | 16.3 | -21.6 |
Earnings per €10 share in € | ||
basic | 0.18 | -0.23 |
diluted | 0.18 | -0.23 |
Fraport Interim Release Q1 2024 | 9 |
Consolidated Statement of Comprehensive Income (IFRS)
in € million | Q1 2024 | Q1 2023 |
Group result | 12.7 | -32.6 |
Equity instruments measured at fair value | 0.0 | -7.3 |
Other comprehensive income of companies accounted for using the equity method | 0.0 | -0.1 |
(Deferred taxes related to those items | 0.0 | 0.0) |
Items that will not be reclassified subsequently to profit or loss | 0.0 | -7.4 |
Fair value changes of derivatives | ||
Changes recognized directly in equity | 19.9 | 0.0 |
Realized gains (+)/losses (-) | 3.4 | 0.0 |
16.5 | 0.0 | |
(Deferred taxes related to those items | -3.6 | 0.0) |
Debt instruments measured at fair value | ||
Changes recognized directly in equity | 3.5 | 5.0 |
3.5 | 5.0 | |
(Deferred taxes related to those items | -1.1 | -1.5) |
Currency translation of foreign subsidiaries | ||
Changes recognized directly in equity | 18.1 | 0.7 |
18.1 | 0.7 | |
Income and expenses from companies accounted for using the equity method directly recognized in equity | ||
Changes recognized directly in equity | 0.0 | 0.0 |
0.0 | 0.0 | |
(Deferred taxes related to those items | 0.0 | 0.0) |
Items that will be reclassified subsequently to profit or loss | 33.4 | 4.2 |
Other result after deferred taxes | 33.4 | -3.2 |
Comprehensive income | 46.1 | -35.8 |
thereof attributable to non-controlling interests | 2.5 | -12.8 |
thereof attributable to shareholders of Fraport AG | 43.6 | -23.0 |
Fraport Interim Release Q1 2024 | 10 |
Consolidated Statement of Financial Position (IFRS)
Assets
in € million | March 31, 2024 | December 31, 2023 |
Non-current assets | ||
Goodwill | 19.3 | 19.3 |
Investments in airport operating projects | 4,280.0 | 4,146.8 |
Other intangible assets | 94.7 | 97.0 |
Property, plant, and equipment | 9,122.6 | 8,951.5 |
Investment property | 69.3 | 69.5 |
Investments in companies accounted for using the equity method | 510.9 | 518.0 |
Other financial assets | 904.4 | 953.1 |
Other financial receivables and assets | 119.8 | 100.2 |
Other non-financial receivables and assets | 93.3 | 95.4 |
Deferred tax assets | 99.1 | 102.3 |
15,313.4 | 15,053.1 | |
Current assets | ||
Inventories | 24.9 | 28.0 |
Trade accounts receivable | 269.0 | 271.5 |
Other current financial assets | 965.9 | 849.2 |
Other current financial receivables and assets | 134.3 | 112.2 |
Other current non-financial receivables and assets | 126.1 | 123.8 |
Income tax receivables | 37.9 | 42.5 |
Cash and cash equivalents | 2,456.2 | 2,410.5 |
4,014.3 | 3,837.7 | |
Non-current assets held for sale | 0.0 | 0.1 |
Total | 19,327.7 | 18,890.9 |
Liabilities and equity
in € million | March 31, 2024 | December 31, 2023 |
Shareholders' equity | ||
Issued capital | 923.9 | 923.9 |
Capital reserve | 598.5 | 598.5 |
Revenue reserves | 2,839.9 | 2,796.3 |
Equity attributable to shareholders of Fraport AG | 4,362.3 | 4,318.7 |
Non-controlling interests | 281.8 | 273.6 |
4,644.1 | 4,592.3 | |
Non-current liabilities | ||
Financial liabilities | 10,994.6 | 10,232.5 |
Trade accounts payable | 76.9 | 78.6 |
Other financial liabilities | 1,075.2 | 1,090.2 |
Other non-financial liabilities | 61.2 | 62.9 |
Deferred tax liabilities | 52.7 | 52.1 |
Provisions for pensions and similar obligations | 35.0 | 35.8 |
Provisions for income taxes | 47.3 | 47.3 |
Other provisions | 113.7 | 118.9 |
12,456.6 | 11,718.3 | |
Current liabilities | ||
Financial liabilities | 1,154.2 | 1,521.4 |
Trade accounts payable | 427.2 | 430.8 |
Other current financial liabilities | 184.4 | 150.9 |
Other current non-financial liabilities | 224.2 | 220.8 |
Provisions for income taxes | 66.9 | 73.3 |
Other provisions | 170.1 | 183.1 |
2,227.0 | 2,580.3 | |
Total | 19,327.7 | 18,890.9 |
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Fraport AG published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 05:16:10 UTC.