During the first three months of 2022, Fraport's business performance continued to be affected by the coronavirus pandemic, as well as the initial impact on aviation from Russia's invasion of Ukraine.
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Nevertheless, the rebound in passenger demand in the reporting period boosted Group revenue by 40.2 percent year-on-year in the first quarter of 2022.
The Group's operating result or EBITDA (earnings before interest, taxes, depreciation and amortization) grew even stronger by 75.9 percent to €70.7 million.
Due to one-off effects, the Group result (net profit) decreased to minus €118.2 million.
Fraport's Group revenue climbed by 40.2 percent year-on-year to €539.6 million in the first quarter of 2022.
When adjusting for revenue from construction and expansion measures at Fraport's subsidiaries worldwide (in line with IFRIC 12), Group revenue grew by 37.6 percent to €474.4 million.
Buoyed by the rebound in passenger traffic, Fraport's operating result (Group EBITDA) soared by 75.9 percent year-on-year to €70.7 million.
Group EBIT also improved from minus €70.2 million in the first quarter of 2021 to minus €41.3 million in the reporting period.
The financial result was affected by two diverse non-recurring effects from at-equity subsidiaries.
On the one hand, the financial result was positively impacted by the upward revaluation of the Xi'an subsidiary (with an accretive effect of €20.0 million), following the agreed divestiture of Fraport's 24.5 percent stake in Xi'an Airport.
On the other hand, Fraport made a negative value adjustment of €48.2 million on a loan receivable from Thalita Trading Ltd. in connection with its minority-owned St. Petersburg subsidiary.
This adjustment was mainly due to the increased default risk related to the loan.
Reflecting both of these one-off effects, the Group result (net profit) dropped to minus €118.2 million.
After conclusion of the first quarter, Fraport's executive board is maintaining its outlook for the current 2022 business year.
In Frankfurt, Fraport expects to achieve a passenger volume of between about 39 million and 46 million for the full year 2022.
This represents up to 65 percent of the passenger traffic seen at Germany's largest aviation hub before the pandemic.
Fraport's majority-owned airports worldwide are expected to achieve even stronger dynamic growth.
Group revenue is projected to reach some €3 billion in fiscal year 2022.
Group EBITDA is forecast to range between about €760 million and €880 million.
The Group result (net profit) is also expected to be clearly in positive territory, ranging between about €50 million and €150 million. ■