Annual Report 2019 - Fraport
Annual Report 2019Gute Reise! We make it happen
Fraport Annual Report 2019Fraport AnnualFraportAnnual ReportReport 20192019The 20192019 FiscalFiscal YearYear atat aa GlanceGlanceTheFinancial performance indicatorsFinancial performance indicators million millionRevenueRevenueRevenue adjusted for IFRIC 12RevenueEBITDA adjusted for IFRIC 12EBITDAEBITEBITEBTEBTGroup resultGroupresultProfit attributableto shareholders of Fraport AGProfitattributableshareholdersof Fraport AGEarningsper shareto(basic)( )Earningsshareprice(basic)( ) Fraport share ( )Year-endperclosingof theYear-endpriceof the Fraport share ( )Dividend closingper share( )1)1)DividendshareOperatingpercashflow( )Operatingcash flowFree cash flowFreecashflowTotal assetsTotalassets � equityequity ratio (%)Shareholders’equity ratio (%)LiquidityLiquidityNet financial debtNetNet financialfinancial debtdebt to EBITDANetfinancialdebt to(%)EBITDAReturnon revenueReturn(%) equity (%)Return onon revenueshareholders’Returnshareholders’equity (%)EBITDAonmargin(%)EBITDAmarginEBIT margin(%)(%)EBITROCEmargin(%) (%)ROCEROFRA(%)(%)ROFRAGearing(%)ratio (%)Gearing ratio (%)Non-financial performance indicatorsNon-financial performance indicatorsGlobal satisfaction of passengers (Frankfurt) (%)Globalsatisfactionof passengers(%)Baggageconnectivity(Frankfurt) ion(Frankfurt)(Group) (%)Employee(Group)Women insatisfactionmanagementpositions (Germany) (%)Womenmanagement(Germany) (%)Sicknessinrate(Germany) positions(%)Sicknessrate (Germany)(%)CO2 emissions(Group) (m.t.)CO2 emissions (Group) (m.t.)EmployeesEmployeesAverage number of employeesAveragenumberof employeesEmployeesas at thebalance sheet dateEmployeestheventuresbalance sheet dateEmployees asin atjointEmployees in joint ventures1)1)Proposed dividend (2019).Proposed dividend (2019).2019201920182018Change in %Change in 3,118.83,118.81,129.0 6.5 6.5 4.5 4.5 1,449.1 –11.2–11.3–11.3 21.3 21.30.00.0 18.7 18.7–– 29244,029 2 PP 2 PP0.0PP0.0 PP–– 2.5 PP 2.5–0.2 PPPP–0.2 PP–16,477–16,4772019201920182018Change in %Change in 29923,2992,6292,629 2.5 2.5 1.6 1.6 8.2 8.219.09.39.38.88.897.497.4 10.3 5.8 5.8–––0.6–0.6 17.0 17.0 12.9 12.9–––––––
22Konzern-LageberichtFraport-Geschäftsbericht 2016Konzern-LageberichtFraportAnnual Report 20191Risk and Opportunities ReportTo Our ShareholdersOutlook ReportLetter from the CEOContentsReport of the Supervisory BoardContentsJoint Statement on Corporate Governance and CorporateGovernance ReportTo Our Shareholders21 CombinedManagement Report for theFiscalYear1 2019To OurShareholdersLetter from the CEO41032710Situationof the GroupJoint Statementon Corporate Governance and CorporateGovernanceReportBusiness Model28172829CombinedStructure Management Report for the 2019 Fiscal 342019Year Fiscal Year36Control41Information about Reporting26Finance Management4627Overview of Business DevelopmentLegal Disclosures4928Situation of the GroupRemuneration Report5028Business ModelEconomic Report5929Key sitesGeneral Statement of the Executive Board5934StructureMacroeconomic, legal, and industry-specific conditions6036StrategySignificant Events6141ControlBusiness Development6246Finance ManagementThe Group’s Results of Operations64Value Disclosuresadded49Legal48Results of Operations for Segments65RemunerationReport5049Legal DisclosuresAsset and Financial Position7059EconomicReportRemuneration Report50Value management7759GeneralReportStatement of the Executive ndustry-specificconditions60General Statement of the Executive Board59Non-financial Performance Indicators8061SignificantEventsMacroeconomic, legal, and industry-specific conditions60Combined non-financial Statement8262BusinessDevelopmentSignificant Events61Research and Development10264TheGroup’sResults of OperationsBusinessDevelopment62Share and Investor Relations10365Resultsof OperationsSegmentsThe Group’sResults offorOperations64Supplementary Management Report on the Separate Financial70AssetandFinancialPositionResultsof FraportOperationsfor nd70EventsaftertheFinancialBalance PositionSheet Date110EmployeesValue managementFraport-Geschäftsbericht 2016787877Non-financialEmployees Performance ntaryManagementReport on the Separate FinancialShare and InvestorRelations103107Statements of Fraport AGSupplementary Management Report on the SeparateEconomicdevelopmentof atementsof FraportAGFinancialEvents after the Balance Sheet Date110Events after the Balance Sheet Date110RiskandOpportunitiesReport110Risk and Opportunities Report110Risk strategy and objectivesOutlook ReportOrganizationof the byriskthemanagementGeneral StatementExecutive Board410Business Outlook173Consolidated Financial Statements for the2019 Fiscal Year127General Statement by the Executive Board127Business Outlook128Consolidated Financial Statements for theRisk management process2019 Fiscal rmationaboutreporting127Overall assessmentopportunitiesIncomeand risks by the135ConsolidatedStatement ofof theComprehensivecompany management125127General Statement by the Executive Board136Consolidated Statement of Financial PositionFurther development of the risk management system inBusiness Outlook of Cash Flows128Consolidated1372020125fiscal yearStatement4OverviewBusinessDevelopmentReport ofoftheSupervisoryBoardStrategy127Information about reportingRiskand OpportunitiesReportBusinessrisks2684Key OThe FraportExecutiveBoard2Fraport-Geschäftsbericht 2016ConsolidatedStatementof Changes in Equity138Informationon the accounting-relatedinternal control systemin accordance Financialwith sectionStatements289 (4) HGBforandsection 315 (4)Consolidatedtheof theFiscalHGB Year1262019342019 Fiscal YearOutlookGroup ReportNotes for the 2019 Fiscal YearInformationIncomeabout reportingConsolidatedStatement127127134General foftheChangesin eAssets datedStatement of Financial Position as at December31, 2019136Notes to the Consolidation and Accounting Policies144137Consolidated Statement of Cash Flowsto the nancialStatementsfor the 2019 FiscalConsolidatedStatement of Changes in EquityYearNotesto the Consolidated Financial Position138170Notes to the Segment Reporting195134196Consolidated Statement of Comprehensive Income135Other Disclosures197Consolidatedas at DecemberChanges Positionin Non-currentAssets 140Consolidated StatementStatement ofof Financial31, 2019136Segment Reporting142Further InformationConsolidatedStatement of Cash Flows137Notes to the Consolidation and Accounting Policies144Consolidated Statement of Changes in Equity138Notes to the Consolidated Income Statement162Responsibility Statement222Consolidated Income Statement4NotesGroupNotesfor the 2019Fiscalto theConsolidatedStatementof YearCash Flows5Notes to the Consolidated Financial PositionAuditor s Report4IndependentGroup Notes for the 2019 Fiscal YearNotes to the Segment Reporting170223195230Independent Practitioner’s ReportNotes to the Consolidated Statement of Cash Flows196Ten-YearOverviewConsolidatedStatement of Changes in Non-current Assets 232140Other Disclosures197Glossary234Segment Reporting142Financial2020Notes to Calendarthe Consolidationand Accounting Policies5TrafficFurther Information2020NotesCalendarto the ConsolidatedIncome StatementImprintNotes to the Consolidated Financial PositionResponsibility StatementNotes to the Segment ReportingIndependent Auditor s ReportNotes to the Consolidated Statement of Cash FlowsIndependent Practitioner’s ReportOther DisclosuresTen-Year OverviewGlossary5 FinancialFurther InformationCalendar 2020Traffic Calendar 2020Responsibility StatementImprintIndependent Auditor s 6236222236223Report on the Audit of the Consolidated Financial Statementsand of the Management Report223Audit Opinions223Basis for the Audit Opinions223
4Fraport Annual Report 2019To Our Shareholders / Letter of the CEOTo Our Shareholders / Letter of the CEOFraport Annual Report 2019To Our ShareholdersLetter from the CEO2019 was a year of major challenges for the aviation sector in Germany and Europe, but it was also a successful year for FrankfurtAirport. For the first time in our history, we exceeded the 70-million passenger mark at Frankfurt Airport. 70.6 million passengersrepresented an increase by around one million passengers or 1.5 percent compared to the previous year. As pleasing as thisrecord is, compared the past two years, this low growth rate demonstrates the weakening dynamics in our industry. The bankruptcies reported by individual airlines and tour operators as well as the weaker economy left their mark over the course of 2019.In addition to that, although we were able to cope with the summer peak in Frankfurt largely without long waiting times at thesecurity checkpoints, in autumn there were queues again in our terminals. This shows once again that we urgently need to reorganize responsibilities in the area of security checks. With this in mind, we are in discussions with all partners involved, from theGerman Federal Ministry of the Interior to the German Federal Police, and the airlines. This is a particular concern for me personally, since the satisfaction of our customers is an absolute focus.In the past year, air traffic, like other industries, has become the focus of climate discussions. You, dear shareholders, can restassured that we take our responsibilities seriously and act accordingly. This means that by 2030, we want to reduce our CO2emissions at Frankfurt Airport by more than half compared to today and become completely CO2 neutral latest by 2050. For thispurpose, our air conditioning and ventilation technology will be gradually renewed and further vehicles will be converted to emission-free engines. In addition, we rely on renewable energy sources to meet our own electricity needs. In the current fiscal year,for example, a cargo hall with the first large-scale photovoltaic system at Frankfurt Airport will be built in the southern part of theairport site.We also have a clear objective in mind for the construction of Terminal 3. The construction works picked up speed over the pastyear. The civil engineering has been largely completed and the structural engineering has started. Nevertheless, a constructionproject of this size presents a major challenge along the way until the inauguration. However, we are on the right track and planto complete Pier G by the end of 2021 and the main building with Piers H and J by the end of 2023.It was not only an eventful year in Frankfurt but also at our international locations. Almost all airports once again increased passenger numbers last year. Antalya in Turkey led the way with an increase of ten percent to more than 35 million passengers forthe first time. However, the developments in Bulgaria, where passenger numbers declined significantly in 2019 by 10.7 percent,particularly show us that after years of exceptionally strong growth, air traffic can once again normalize.Nevertheless, due to the mostly positive development of the Group airports the International Activities and Services segment wasonce again very successful and remains the largest single segment in terms of operating earnings (EBITDA). This underpins thecrucial importance of international activities for your company.
Fraport Annual Report 2019To Our Shareholders / Letter of the CEO2019 was a year of major challenges for the aviation sector in Germany and Europe, but it was also asuccessful year for Frankfurt Airport. For the first time in our history, we exceeded the 70-million passengermark at Frankfurt Airport. 70.6 million passengers represented an increase by around one million passengersor 1.5 percent compared to the previous year. As pleasing as this record is, compared the past two years,this low growth rate demonstrates the weakening dynamics in our industry. The bankruptcies reported byindividual airlines and tour operators as well as the weaker economy left their mark over the course of 2019.In addition to that, although we were able to cope with the summer peak in Frankfurt largely without longwaiting times at the security checkpoints, in autumn there were queues again in our terminals. This showsonce again that we urgently need to reorganize responsibilities in the area of security checks. With this inmind, we are in discussions with all partners involved, from the German Federal Ministry of the Interior tothe German Federal Police, and the airlines. This is a particular concern for me personally, since thesatisfaction of our customers is an absolute focus.In the past year, air traffic, like other industries, has become the focus of climate discussions. You, dearshareholders, can rest assured that we take our responsibilities seriously and act accordingly. This meansthat by 2030, we want to reduce our CO2 emissions at Frankfurt Airport by more than half compared to todayand become completely CO2 neutral latest by 2050. For this purpose, our air conditioning and ventilationtechnology will be gradually renewed and further vehicles will be converted to emission-free engines. Inaddition, we rely on renewable energy sources to meet our own electricity needs. In the current fiscal year,for example, a cargo hall with the first large-scale photovoltaic system at Frankfurt Airport will be built in thesouthern part of the airport site.We also have a clear objective in mind for the construction of Terminal 3. The construction works picked upspeed over the past year. The civil engineering has been largely completed and the structural engineeringhas started. Nevertheless, a construction project of this size presents a major challenge along the way untilthe inauguration. However, we are on the right track and plan to complete Pier G by the end of 2021 and themain building with Piers H and J by the end of 2023.It was not only an eventful year in Frankfurt but also at our international locations. Almost all airports onceagain increased passenger numbers last year. Antalya in Turkey led the way with an increase of ten percentto more than 35 million passengers for the first time. However, the developments in Bulgaria, wherepassenger numbers declined significantly in 2019 by 10.7 percent, particularly show us that after years ofexceptionally strong growth, air traffic can once again normalize.5
6To Our Shareholders / Letter of the CEONevertheless, due to the mostly positive development of the Group airports the International Activities andServices segment was once again very successful and remains the largest single segment in terms ofoperating earnings (EBITDA). This underpins the crucial importance of international activities for yourcompany.I would also like to highlight the good development at our airports in Porto Alegre and Fortaleza in Brazil.Both airports together recorded passenger growth of just under four percent. I am very satisfied with thisresult, given the bankruptcy of Avianca Brasil, one of the highest volume airlines at both airports, in springof 2019. Our capital expenditure in the expansion and modernization of the airports has made good progress.In Porto Alegre, we celebrated the opening of the terminal extension and a new parking garage in November2019. Also in Fortaleza, we are about to open the terminal. The extension of the runways at both sites willbe completed as planned by 2021. So, we are absolutely on schedule.Our 14 Greek regional airports also posted success in the past year. Just in time for the summer flight plan,we completed the expansion and modernization work at the first three airports, with an additional threeairports finished by the end of 2019. Although passenger growth slowed to a slight increase of around onepercent in 2019 after two years of exceptionally strong growth, this was nonetheless a good result givenairline bankruptcies and the strong recovery of competing tourist markets.At the airport in Lima, after another year of very dynamic growth in which we saw an increase of 6.6 percent,the demand for air- and landside capacities increase. In response to this, the earthworks have started inpreparation for the construction of another runway and a new passenger terminal.As you can see, we are consistently developing our existing investments and see a lot of growth potentialhere, both within the portfolio and in new airport privatization projects. We are thoroughly examining therelevant opportunities and of course want to succeed if we decide to submit an offer. Ultimately, however, inyour interest, dear shareholders, it is important to weigh the opportunities and risks in a sound way and notto win at all costs.I am pleased that, despite the challenges, we were able to achieve good traffic results in 2019, which is alsoreflected in our financial figures. We have achieved all our financial targets and generated Group EBITDAof 1,180 million Euros and Group EBIT of around 705 million Euros. The Group result amounted to454 million Euros.Fraport Annual Report 2019
Fraport Annual Report 2019To Our Shareholders / Letter of the CEOAfter the dividend per share was increased by 0.50 Euros last year, the Supervisory Board and ExecutiveBoard will propose to you, esteemed shareholders, a dividend of 2.00 Euros per share at the Annual GeneralMeeting in May, maintaining the dividend at the previous year’s level.I would like to take the opportunity, also on behalf of my fellow Executive Board members, to express mythanks to all employees in Frankfurt and in our Group companies worldwide for their daily commitment. Theyhave made a significant contribution to the fact that we were once again able to achieve such a positiveresult last year.To conclude, I would like to mention the developments that we expect for the current fiscal year. The effectsof the spread of the coronavirus currently dominate discussions and the extent of the impact is impossibleto assess at the moment. For us, this concerns both flight cancellations and restrained passenger bookingbehavior in this context and, more generally, the impact on the global economy. We therefore expectpassenger numbers at the Frankfurt site to drop significantly. A negative impact on our international airportscannot be ruled out at this time either. Before the spread of the coronavirus, we had expected, in view of theongoing market consolidation, the increase in the aviation tax, geopolitical uncertainties, and ongoinginternational trade conflicts, passenger numbers in the 2020 fiscal year in Frankfurt to remain around thesame level as the previous year. Taking into account the impact of the spread of the coronavirus onpassenger numbers, we expect an overall s
annual report on corporate governance pursuant to Section 3.10 of the German Corporate Governance Code (GCGC) in the amended version from February 7, 2017 (hereinafter referred to as GCGC 2017) as part of the corporate governance report and publish this in conjunction with the Joint Statement on Corporate Governance.
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Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
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