GERMANY. Frankfurt Airport owner Fraport today posted a solid set of results for 2008, buoyed by a +4.8% rise in like-for-like revenue from its key Retail & Properties division. Revenue from the division hit €433.5 million. Taking into account one-off items from 2007, which boosted revenue that year, the division’s revenue was down -8.9% in the year-on-year comparison.
Within Retail & Properties, retailing (shopping, advertising and services) had revenues of €151.6 million, up by +4% year-on-year. Shopping revenue rose marginally, from €85.1 million to €85.3 million. Car parking revenue slipped from €58.4 million in 2007 to €57.7 million in the year. Retail revenue per passenger grew +5.6% to €2.84.
Click here to view the enlarged imageHit by falling passenger traffic in Q4, the Retail & Properties arm posted a decrease in revenues for the period – €112.7 million in 2008 compared to €115.6 million a year earlier.
Group revenue for the year was €2,101.6 million. This was down by -9.8% on a year earlier, but adjusted for one-off income in 2007 from the sale of assets, revenue rose by +3.8%. Adjusted EBITDA rose by +0.5% (reported +3.5%) to €590.7 million. Net profit before minorities was €180.2 million, down by -15.7%.
In its outlook for 2009, the group said it expected passenger traffic to fall, but to rise again in 2010. The dip in 2009 traffic would negatively affect group revenue, EBITDA and profit this year, it added.
It also provided an illuminating insight into its 2009 summer schedule, a key barometer of forward passenger traffic and the health of the business. Frankfurt Airport’s air traffic movements will be down by -2.9% this summer compared to 2008, according to the company (based on figures from OAG).
Frankfurt Airport’s summer schedule offers an illuminating insight into the prospects for traffic in 2009But this compares favourably, it said, with rival airports such as Amsterdam (-4.8%), Munich (-5.6%), Madrid (-8.7%), Copenhagen (-11.2%) and London Gatwick (-12.2%).
Crucially from a travel retail point of view, Frankfurt Airport’s intercontinental schedules will be cut by -1%, with traffic flat to Asia compared to 2008, up +14% to the Middle East, and down by -5% to North America.
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