Annual Report 2003
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Financial Calendar Contents May 13, 2004: 1st Quarter Interim Report 1 Profile June 2, 2004: Annual General Meeting Annual Report 2003 2Letter from the Chairman st August 13, 2004: 1 Half Interim Report 6 The Executive Board November 10, 2004: 3rd Quarter Interim Report Outstanding Assets and Potential 9 The Fraport Share 11 Corporate Governance Investor Relations 13 Human Resources Tel.: +49 (0) 69 690-74842 17 Renovation of Runway North Fax: +49 (0) 69 690-74843 21 Security E-mail: [email protected] 25 Environmental Management Internet: www.fraport.com 28 Strategy Interview with Dr. Wilhelm Bender 33 Financial Report 34 Group Management Report of Fraport AG 36 Business Strategy 38 Business Environment and Development of Air Traffic 41 Business Development 54 Report on Related Party Transactions 54 Corporate Governance Code 55 Risk Management 60 Significant Events After the Balance Sheet Date 60 Outlook 62 Consolidated Financial Statements of Fraport AG 62 Consolidated Income Statement 63 Consolidated Balance Sheet 64 Consolidated Cash Flow Statement 65 Movement of the Consolidated Shareholders’ Equity 66 Group Notes 68 Segment Reporting 110 List of Investments 114 Auditor’s Report 115 Report of the Supervisory Board 119 Economic Advisory Group 120 Six-year Overview 124 Glossary C3 Calendar of Events Ye s, C3 Financial Calendar I want additional Information! Financial Calendar Contents May 13, 2004: 1st Quarter Interim Report 1 Profile June 2, 2004: Annual General Meeting Annual Report 2003 2Letter from the Chairman st August 13, 2004: 1 Half Interim Report 6 The Executive Board November 10, 2004: 3rd Quarter Interim Report Outstanding Assets and Potential 9 The Fraport Share 11 Corporate Governance Investor Relations 13 Human Resources Tel.: +49 (0) 69 690-74842 17 Renovation of Runway North Fax: +49 (0) 69 690-74843 21 Security E-mail: [email protected] 25 Environmental Management Internet: www.fraport.com 28 Strategy Interview with Dr. Wilhelm Bender 33 Financial Report 34 Group Management Report of Fraport AG 36 Business Strategy 38 Business Environment and Development of Air Traffic 41 Business Development 54 Report on Related Party Transactions 54 Corporate Governance Code 55 Risk Management 60 Significant Events After the Balance Sheet Date 60 Outlook 62 Consolidated Financial Statements of Fraport AG 62 Consolidated Income Statement 63 Consolidated Balance Sheet 64 Consolidated Cash Flow Statement 65 Movement of the Consolidated Shareholders’ Equity 66 Group Notes 68 Segment Reporting 110 List of Investments 114 Auditor’s Report 115 Report of the Supervisory Board 119 Economic Advisory Group 120 Six-year Overview 124 Glossary C3 Calendar of Events Ye s, C3 Financial Calendar I want additional Information! Fraport Group’s Consolidated Key Performance Data Imprint Publisher: Fraport AG Calendar of Events 2003 Frankfurt Airport Services Worldwide Press and Publications (VSP) 60547 Frankfurt am Main, Germany January 29 Fraport AG submits a zoning application to the Text and concept: Fraport Group’s Consolidated Key Performance Data Charles Barker headquarters of the Darmstadt administrative district for con- Corporate Communications GmbH, Frankfurt am Main, Germany Traffic Figures Frankfurt Airport Long-term growth rate struction of an A380 maintenance base at the southern side of 2000 2001 2002 2003 of annual passenger volume compared with gross domestic product (GDP) Germany Frankfurt Airport … February 21 The Japanese freight for- Design: Bert Klemp Corporate Design, Passengers (million) 49.4 48.6 48.5 48.4 warding company Yusen inaugurates its new cargo handling Frankfurt am Main, Germany 1st oil crisis 2nd oil crisis Chernobyl Gulf Asia Sept. 11, facility at CargoCity South … March 17 The Tradeport Hong Cargo (thousand metric tons) 1,710.1 1,613.3 1,631.5 1,650.6 English version: 20 % war crisis 2001 1 Aircraft movements (thousands) 458.7 456.5 458.4 458.9 Iraq war Kong air cargo logistics center opens at Hong Kong Internatio- Stephen Klain, Frankfurt am Main, Germany 15 % SARS Tradeport Hong Kong air cargo logistics center Fraport AG (VSP, CFR-FK, MAR-SC) MTOWs (thousand metric tons) 25,370.4 25,564.5 24,926.9 25,398.9 Passengers (FRA) nal Airport; Fraport AG and Schiphol Group together hold a goes into operation. 10 % Seat load factor (in %) 69.8 68.2 69.8 69.4 37.5-percent share … March 25 The Executive Board appro- Photography: Martin Joppen, Frankfurt am Main, Germany 5 % 1 Excluding military flights. ves the complete write down of Fraport’s investment in the new Bernd Vogel, Cologne, Germany 0 % Terminal 3 project in Manila … March 27 The 8th Frankfurt Stefan Rebscher, Andreas Meinhardt, Fraport AG (VSP) GDP (D) real Revenues and profit – 5 % Air Travel Symposium at Frankfurt Airport serves as a key venue Production: Fraport AG (VSP) in € million 2000 2001 2002 2003 for leading representatives in the industry … April 3 Fraport ’70 ’71 ’72 ’73 ’74 ’75 ’76 ’77 ’78 ’79 ’80 ’81 ’82 ’83 ’84 ’85 ’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Revenues 1,536.2 1,580.6 1,803.6 1,834.3 AG announces a 10-percent increase in the number of apprenti- Typesetting and lithography: Layout Service Darmstadt GmbH, Germany ceship trainees being hired in 2003 … April 7 The so-called Total revenues 1,620.8 1,713.8 1,902.2 1,909.3 Source: Fraport AG, Federal. Statistics Office MDDigitale Produktion, Maintal, Germany “scoping” hearing on the expansion of Frankfurt Airport begins EBITDA 533.5 507.2 241.9 503.4 Printing: EBIT 329.9 235.2 – 4.9 245.3 at the Volkshaus in Frankfurt-Sossenheim … April 25 FRA’s gzm Grafisches Zentrum Fraport increases the number of apprenticeship Bödige und Partner GmbH, Results from ordinary activities 265.9 170.2 – 35.1 215.1 Long-term growth rate Runway North – the northernmost of the two parallel runways – positions offered in 2003 by 10 percent. Mainz-Hechtsheim, Germany Group’s consolidated loss (profit) for the year 129.0 101.1 – 120.8 115.2 will be completely renovated in a series of incremental construc- of annual cargo volume and of world trade Printed in Germany tion steps finishing in 2005 … May 5 The convenient AIRail 1st oil crisis 2nd oil crisis Chernobyl Gulf Asia Sept. 11, Service – featuring seamless baggage logistics for checking 20 % war crisis 2001 Key profitability data Iraq war through baggage right to the final destination – is also offered 15 % SARS in % 2000 2001 2002 2003 Cargo (FRA) for high-speed trains traveling between FRA– Cologne (central 10 % Return on revenues 16.6 10.3 – 2.2 11.4 train station) … May 27 Zoning documents, prepared for the 5 % EBITDA margin 34.7 32.1 13.4 27.4 hearing on the construction of the A380 maintenance base at 0 % EBIT margin 21.5 14.9 – 0.3 13.4 the southern side of Frankfurt Airport, are submitted to the Real world trade ROCE return on capital 15.3 8.3 – 0.2 11.6 – 5 % headquarters of the Darmstadt administrative district … June 20 Zoning procedure begins for the new Equity ratio 31.0 52.5 49.8 51.7 Dr. Wilhelm Bender and Prof. Manfred Schölch are elected to ’70 ’71 ’72 ’73 ’74 ’75 ’76 ’77 ’78 ’79 ’80 ’81 ’82 ’83 ’84 ’85 ’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 A380 maintenance base. the world governing board of Airports Council International (ACI), the voice of airports around the globe … June 25 Fra- Source: Fraport AG, WTO and OECD. Employees port AG holds its second public Annual General Meeting (AGM), 2000 2001 2002 2003 at the Jahrhunderthalle in Frankfurt-Hoechst … July 4 Some Average number of employee 14,271 15,526 21,395 23,353 1,400 residents in the airport vicinity have already applied Reply under Fraport AG’s current noise mitigation program … July 30 Fraport AG Frankfurt Airport Services Worldwide Corporate Communications (UKM) 60547 Frankfurt am Main Germany Panalpina inaugurates operations of its new airfreight for- warding center at CargoCity South … September 9 The application documentation for the zoning procedure on the Fraport submits documentation for the zoning planned capacity expansion of Frankfurt Airport is submitted to procedure on the expansion of Frankfurt Airport. the headquarters of the Darmstadt administrative district … October 9 Fraport’s 13th International Frankfurt Air Freight Days conference begins at Frankfurt Airport … October 13 Ǟ The World Bank’s International Centre for Settlement of Invest- ment Disputes (ICSID) accepts Fraport’s application for an arbi- tration procedure against the Philippine government – it invol- ves compensation for Fraport’s investment in the construction of a passenger terminal at Manila Airport … November 21 Ǟ The Hesse Ministry for Economics approves Fraport AG’s plans Please send me Image video of Fraport AG (DVD) Image brochure of Fraport AG Facts and figures brochure Information on Airport expansion for building a maintenance area for Condor Cargo Technik at CargoCity South (FRA) … Absender: Name Sreet Zip-Code/City/Country Fraport Group’s Consolidated Key Performance Data Imprint Publisher: Fraport AG Calendar of Events 2003 Frankfurt Airport Services Worldwide Press and Publications (VSP) 60547 Frankfurt am Main, Germany January 29 Fraport AG submits a zoning application to the Text and concept: Fraport Group’s Consolidated Key Performance Data Charles Barker headquarters of the Darmstadt administrative district for con- Corporate Communications GmbH, Frankfurt am Main, Germany Traffic Figures Frankfurt Airport Long-term growth rate struction of an A380 maintenance base at the southern side of 2000 2001 2002 2003 of annual passenger volume compared with gross domestic product (GDP) Germany Frankfurt Airport … February 21 The Japanese freight for- Design: Bert Klemp Corporate Design, Passengers (million) 49.4 48.6 48.5 48.4 warding company Yusen inaugurates its new cargo handling Frankfurt am Main, Germany 1st oil crisis 2nd oil crisis Chernobyl Gulf Asia Sept.