Ad-hoc | 25 March 2003 07:00

Fraport AG english

Fraport Writes Down Manila Risk Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Preliminary Figures for Fiscal Year 2002: EBITDA Exceeds 500 Million Euro Before Exceptional Write-down – Revenues Increase 14 Percent Fraport AG’s executive board has decided – within the context of the 2002 financial statements – to write down completely the 293 million Euro financial investment in the Terminal project in Manila. Based on preliminary unaudited figures for fiscal year 2002, the Fraport Group recorded a 14-percent increase in revenues to over 1.8 billion Euro and earnings before interest, tax, depreciation and amortization (EBITDA) of 504 million Euro – excluding the extraordinary write-down for the Manila project. Thus, Fraport achieved its forecast operating result of more than half a billion Euro. After this extraordinary effect, the Fraport Group had an EBITDA of 242 million Euro and an annual net loss of 120 million Euro. The write-down already takes into account about a 140 million US-Dollar outflow of funds – expected by the end of March 2003 – from bank guarantees for the Manila project. In connection with this non-recurring expense, Fraport AG’s retained earnings dropped to zero after a 130 million Euro reduction in capital reserves for 2002. As a result, no dividend payments will be made for fiscal year 2002. Independent of this precautionary measures, Fraport will continue its major commitment to defend the company’s interests in the Philippines. The write-down does not mean that Fraport will give up its claims, in whole or in part. On the contrary, the company will take legal action to assert its claims. This action will include preparing an application for arbitration proceedings at the World Bank against the Philippine government. Otherwise, despite the difficult political and economic conditions worldwide, 2002 was a very successful year for Fraport – a good basis for positive development in 2003. A risk factor is the Iraq war and its feared negative impact on aviation. end of ad-hoc-announcement (c)DGAP 25.03.2003 ——————————————————————————– WKN: 577330; ISIN: DE0005773303; Index: MDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 250700 Mär 03