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Revenue continue to grow for Fraport

The Fraport Group’s revenue and EBITDA (earnings before interest, tax, depreciation and amortization) again increased in the first three months of 2007. Revenue increased by 15.1 percent to €561.2 million…

The Fraport Group’s revenue and EBITDA (earnings before interest, tax, depreciation and amortization) again increased in the first three months of 2007. Revenue increased by 15.1 percent to €561.2 million compared to the same quarter last year. Adjusted for a special effect, this represents an increase of 3.3 percent. EBITDA climbed by 4.2 percent to €114.1 million from January to March 2007. Up by 32.7 percent, Group profit of €36.5 million rose noticeably above the level of the comparable period in 2006.



All airports of the Fraport Group together – including those in which Fraport holds a minority or operates via a management contract – served approximately 24.5 million passengers in the first quarter of 2007. Fraport’s six airports publicized as majority holdings (Frankfurt, Frankfurt-Hahn, Lima, Antalya, Varna and Bourgas) accounted for almost 15 million of this figure.



The substantial 15.1 percent jump in revenues to €561.2 million is mainly due to the one-time effect of finance leases for the roof of the Frankfurt Airport Long-distance Train Station, which are set off by costs in the same amount. The Airrail Center Frankfurt will be built on the rooftop of the Long-distance Train Station. When adjusted for this special effect, the rate of year-on-year growth was 3.3 percent in the first quarter of 2007. This increase in operating proceeds resulted particularly from traffic growth at Frankfurt and Antalya, from increases in retail revenue at the Frankfurt home base (FRA), as well as from first-time profits generated by Fraport’s Delhi Airport investment.



Operating expenses of the Fraport Group increased 17.1 percent to €462.7 million in the reporting period, especially because of the finance leases for the Airrail Center. Up 0.5 percent to €263.5 million, personnel expenses moved slightly above the previous year’s level, because of the business expansion of Fraport’s ICTS Europe security subsidiary and the new consolidation of Fraport’s Bulgarian Twin Star holding company. Group-wide, the number of employees climbed 6.9 percent in the reporting period: Fraport employed 28,857 people on average from January to March 2007



The share of personnel expenses in adjusted revenue (staff cost ratio) dropped 1.5 percentage points below the previous year’s level to 52.3 percent, whereas the non-staff cost ratio increased 0.8 percentage points above the previous year’s level to 28.1 percent. Material and other operating expenses reached €199.2 million, including the special effect of the Airrail leases – an increase of 49.8 percent. On an adjusted basis, non-staff costs rose by 6.5 percent compared to the previous year.



Because of the positive revenue development the EBITDA advanced 4.2 percent to €114.1 million in the first three months of 2007. The adjusted EBITDA margin grew by 0.2 percentage points to 22.7 percent.



The financial result improved to minus €0.3 million compared to minus €7.1 million in the previous year. The improvement was due to dividends from associated companies of Fraport’s Spanish UTE Ineuropa Handling subsidiary; higher interest income on call-money and term deposits, as well as revised market appraisal of securities. Undiluted earnings per share increased from €0.30 in the previous year to €0.41.



Fraport maintains its forecast for the entire 2007 fiscal year: with FRA’s passenger figures rising by one to two percent on the previous year. Group revenues are also anticipated to grow more strongly than in 2006, mainly because of the expected increase in the retail sector and in external business. Operating results (EBITDA) – on an adjusted basis (i.e., allowing for the special effects in 2006) – are expected to be the same or slightly above the previous year’s level.

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