Interim report
Page 1
Fraport Interim Release Q3 / 9M 2021 November 9 , 2021 Overview by the Executive Board Impact of the Coronavirus Pandemic on the Fraport Group Traffic development at Frankfurt and the international Group airports benefited from a recovery especially in the third quarter compared with the same period of the previous year . In the first nine months of 2021 , Frankfurt Airport welcomed around 16 million passengers and reached , despite the impact of the coronavirus pandemic on the traffic development from the beginning of the year , approximately the same values of the same period the previous year ( -2.2 % ) . Thereby , passenger numbers remained clearly below the pre - crisis levels from 2019 ( -70.8 % ) . The Group's international airports , in particular the tourist - oriented destinations in Turkey and Greece , which reached over 75 % of pre - crisis levels in the third quarter , showed clear passenger growth compared to the previous year . Cargo traffic in Frankfurt continued to show clearly positive development both compared to the same period of the previous year at 24.6 % and compared to pre - crisis levels from 2019 at 8.5 % . The compensation granted in the second quarter of 2021 by the German Federal Government and the State of Hesse for the holding costs incurred during the first lockdown in 2020 totaling € 159.8 million had a positive effect on Group EBITDA and thus also on the liquidity situation and net financial debt in the third quarter of 2021. Some other Group companies were also compen sated for the operating losses incurred last year in the context of the coronavirus pandemic . The compensation provided by the Greek government by waiving the fixed concession payments and granting a later start date for the variable concession fee , which is also to be paid , had a positive effect on other operating income totaling € 92.8 million as at September 30 , 2021. Furthermore , the waiver of fixed minimum lease payments at Fraport USA in the amount of € 16.0 million positively impacted other operating income . Discussions on further compensation measures at individual Group companies are currently ongoing . As at September 30 , 2021 , the number of total employees at the Frankfurt site decreased by 4,293 compared to December 31 , 2019 as a result of the headcount reductions initiated as part of the strategic " Zukunft FRA – Relaunch 50 " program . In order to further expand the Group's liquidity and create additional financial flexibility , an additional bilateral loan agreement amounting to € 100 million was completed in the third quarter of 2021. In total , the Fraport Group raised around € 2.5 billion in debt financing measures in the first nine months , taking into account both long - term and short - term financing instruments and secured credit lines . Note on quarterly figures The quarterly figures concerning the asset , financial , and earnings position have been prepared in accordance with the Interna tional 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 . Reporting for 2020 was extended to include the key performance indicator " EBITDA before special items " as at Septem ber 30 , 2020. EBITDA before special items is adjusted for personnel expenses from the creation of provisions amounting to € 279.5 million for the " Zukunft FRA - Relaunch 50 " program at Fraport AG as well as corresponding measures taken by individual Group companies at the Frankfurt site . This key performance indicator allowed for a better assessment of the Fraport Group's operational performance in 2020. The table below shows a reconciliation of the key performance indicator as at Septem ber 30 , 2020. The quarterly figures for the first nine months of 2021 were not influenced by special items for the " Zukunft FRA - Relaunch 50 " program .