Ad-hoc | 26 March 2002 20:00
Fraport AG Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement.
----- Fraport Group: Extraordinary Income and Expenses Affect Fiscal Year 2001 Frankfurt, March 26, 2002 - On the basis of preliminary figures, Fraport Group's fiscal year 2001 revenue grew 2.9 percent to EUR1,580.6 million and net income reached EUR101.1 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR507.2 million, 4.9 percent below the figure in 2000. Earnings before interest and tax (EBIT) in 2001 reached EUR235.2 million, versus EUR329.9 million the previous year. Extraordinary income was offset by a number of unscheduled write-downs on financial assets. An essential item in non-recurring income was the reduction of provisions for environmental reserves at Frankfurt, which had an impact on income, and the related reserves in the total amount of EUR22.2 million for a legal dispute settled with the State of Hesse. A previous settlement in connection with soil cleanup performed in previous years had resulted in a claim against the State of Hesse in the amount of EUR23.0 million. A EUR59.8 million write-down on loans to associated companies refers to loans and shareholders' advances to the Philippine company involved in the Manila Airport BOT (build, operate, transfer) project. The commitment to construct and operate the airport terminal in the Philippine capital is currently Fraport AG's largest and most important activity outside Frankfurt Airport. Construction progress is on schedule. Extraordinary write-downs were made because of a lowered forecast for future traffic volume in the region and because duty-free proceeds from the project are anticipated to be lower than originally expected. Up to December 31, 2001, Fraport invested EUR234.7 million to finance terminal construction and provided guarantees in the amount of EUR142.9. Up to March 26, 2002, Fraport provided further guarantees in the amount of EUR38.7 million as scheduled. When long-term financing is paid out, Fraport will presumably invest a further EUR45.3 million in equity capital and will provide guarantees for a further EUR79.3 million. However, this will considerably reduce Fraport's exposure. Furthermore, PIATCO shares in the amount of EUR48.2 million (current book value) will be pledged when long-term financing is paid out. The outcome of the current negotiations with the Philippine government and the project partners will considerably influence the project's future development. In addition, against the background of downward revised traffic forecasts following the events of September 11, 2001, extraordinary write-downs of EUR12.0 million were made on the book value of Fraport's holding in Flughafen Hannover-Langenhagen GmbH, which was accounted at equity. Fraport will present the final and detailed figures for fiscal year 2001 at the annual financial press conference in Frankfurt on April 23, 2002. end of ad-hoc-announcement (c)DGAP 26.03.2002
----- WKN: 577330; ISIN: DE0005773303; Index: MDAX Listed: Amtlicher Handel in Frankfurt 262039 Mär 02