The Fraport Group has reported a successful 2017 fiscal year (ending December 31), in which revenue and earnings targets were fully reached. Supported by significant traffic growth at all of the Group’s airports, revenue climbed by almost 13.5% to €2.93bn. A major revenue contribution from the Greek airports (which Fraport began operating in 2017) boosted the company’s revenue by €234.9m.
Operating earnings (Group EBITDA) slipped slightly by 4.8% to €1,003m, due to lower other operating income. The main reasons for the decrease were, in particular, positive one-time effects in the corresponding period of 2016. Adjusting the previous year’s figures for the compensation payment received in connection with the Manila project, for the proceeds from the sale of shares in Thalita Trading Ltd., and for other extraordinary effects (provisions for staff restructuring and depreciation and amortization tied to FraSec and Airmall), EBITDA increased by approximately 18% or about €150m. The Group result (consolidated earnings) fell by 10.1% to €360m. However, compared to the corresponding adjusted 2016 figure, there was a noticeable increase of about €60m – up more than 20%.
The operating cash flow of €790.7m in 2017 exceeded the previous year’s figure by 35.6%, particularly due to the contribution from operations at Fraport Greece and the growth at Frankfurt Airport. Correspondingly, the free cash flow rose markedly by about 30.3% to €393.1m.
