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View Annual Report Annual Report 2006 Punctuality Utilization Weather Security Capacity Growth Coordination parameters Effi ciency Expansion Satisfaction Connecting time Managing capacity – securing growth Key Group fi gures of Fraport AG Revenue and earnings* € million 2005 2006 Revenue 2,089.8 2,143.9 Total revenue 2,141.7 2,250.3 EBITDA 542.5 578.4 EBIT 306.6 330.4 Result from ordinary operations 285.4 340.2 Group profi t for the year 161.5 228.9 Key profitability ratios % 2005 2006 Return on revenue 13.7 15.9 EBITDA margin 26.0 27.0 EBIT margin 14.7 15.4 ROCE 13.5 13.5 ROFRA 10.8 11.8 RONA 13.3 14.6 Key figures from the balance sheet and cash flow statement € million 2005 2006 Shareholders’ equity 2,157.9 2,346.1 Shareholders’ equity1 2,060.4 2,218.8 Equity ratio (%)1 52.1 51.7 Total assets 3,951.6 4,294.5 Gearing (%)1 9.1 9.5 Capital employed2 2,264.1 2,452.4 Net assets 2,310.7 2,258.9 Fraport assets 2,848.3 2,802.8 Operating cash fl ow 493.7 484.9 Free cash fl ow 25.5 33.8 Capital expenditures 682.4 591.4 The Fraport share € 2005 2006 Number of fl oating shares on Dec. 31 91,078,430 91,368,619 Year-end price 44.90 54.02 Earnings per share (basic) 1.78 2.51 Dividend per share 0.90 1.15 Frankfurt Airport traffic figures 2005 2006 Passengers (million) 52.2 52.8 Cargo (thousand tonnes) 1,963.1 2,127.8 Aircraft movements (thousand) 490.1 489.4 MTOW (Maximum take-off weights in thousand tonnes) 28,160.3 27,973.5 Seat load factor (%) 71.7 73.2 Employees 2005 2006 Average number of employees 25,781 28,246 1 Shareholders’ equity less minority interests and the proposed dividend. 2 Shareholders’ equity less the proposed dividend. * Since January 1, 2006, other taxes are listed under other operating expenses. The fi gures for the previous year were adjusted for comparison purposes. Key fi gures of the Fraport AG segments Aviation € million 2005 2006 Revenue 688.9 701.1 EBITDA 156.3 140.0 EBITDA margin 22.7 20.0 EBIT 92.4 57.5 EBIT margin 13.4 8.2 Fraport assets 937.4 932.7 ROFRA (%) 9.9 6.2 Employees* 3,314 3,254 Retail & Properties € million 2005 2006 Revenue 374.0 385.1 EBITDA 289.5 314.6 EBITDA margin 77.4 81.7 EBIT 179.6 219.6 EBIT margin 48.0 57.0 Fraport assets 1,241.2 1,221.7 ROFRA (%) 14.5 18.0 Employees* 2,907 2,860 Ground Handling € million 2005 2006 Revenue 632.1 624.1 EBITDA 74.6 63.0 EBITDA margin 11.8 10.1 EBIT 51.8 34.6 EBIT margin 8.2 5.5 Fraport assets 366.7 362.1 ROFRA (%) 14.1 9.6 Employees* 7,395 7,865 External Activities € million 2005 2006 Revenue 394.8 433.6 EBITDA 22.1 60.8 EBITDA margin 5.6 14.0 EBIT – 17.2 18.7 EBIT margin – 4.4 4.3 Fraport assets 355.7 346.2 ROFRA (%) – 1.1 8.6 Employees* 12,165 14,267 * In comparison with the employee fi gures published in the previous year’s report the calculation of the segment numbers was changed. Vision We professionally develop mobility, making it an exciting experience for our customers. As an airport Group we are the most strongly performing player in all business segments of the industry. For Fraport, airports are worlds of excitement and diversity as well as intermodal hubs. We syste matically link different modes of transportation. At all our locations process effi ciency and innovation is our hallmark. Our success is based on competitive integrated services, which fl exibly meet our customers’ requirements. Our top priority is safety and security. Contents 1 Contents 2 Interview with the Chairman of the Executive Board Dr Wilhelm Bender 4 The Fraport Executive Board 6 Managing capacity – securing growth 6 Capacity airside 14 Capacity landside 22 Punctuality 30 Real estate 39 Group management report 90 Consolidated fi nancial statements and Group notes 157 Report of the Supervisory Board 161 Corporate governance 165 Economic Advisory Board 166 Seven-year overview 169 Imprint 169 Financial calendar 2 Annual Report 2006 Interview with the Chairman of the Executive Board Interview with the Chairman of the Executive Board Dr Wilhelm Bender “The capacity constraints in Frankfurt are my main concern.” at Frankfurt Airport. Our problem is that we are increasingly unable to keep up with the demand. The capacity constraints in Frankfurt are my main concern. They can only be elimi- nated by expanding the infrastructure. In other words, it is predictable that without expansion the chances from the growing air traffi c can not be used? As for the Frankfurt site, yes. But the bottleneck situation does not only affect us as the airport operator. It particularly affects our main customer Lufthansa, which is unable to grow at its home base. In a rapidly developing business like the aviation sector, standing still means going backwards. If we can not expand within the foreseeable future, Frankfurt will lose out as a central air traffi c hub. That is why we signed a letter of intent with Ticona last autumn aimed at ceasing the produc- tion operation of Ticona at the Kelsterbach site by June 30, 2011 and transferring the real estate at the Kelsterbach site to Fraport after all the plant facilities have been removed. Once the fi nal contracts have been signed, a key risk for the initial operation of the north-west runway will have been removed. Growth can therefore only be generated outside the home base, while Frankfurt has to be satisfi ed with stagnation? As far as increasing the number of passengers is concerned, Dr Bender, the business year 2006 surprises with further out- we can only increase the seat load factor in Frankfurt and standing fi gures, when you consider that growth in air traffi c continue to increase the proportion of wide-body aircraft. at your main site Frankfurt Airport is virtually stagnating. With these measures we should reach a growth on previous We are indeed satisfi ed with our fi nancial fi gures. Growth in year’s level in 2007. Outside Frankfurt, our airport invest- revenue of 2.6% delivers an increase in EBITDA of 6.6% to ments in Lima, Frankfurt-Hahn and Antalya are all outper- € 578.4 million and consolidated earnings of € 228.9 mil- forming the market as far as growth is concerned. We also lion that are in fact even 41.7% above the previous year’s expanded our portfolio by adding the Black Sea airports fi gure. This is a very good result. Even taking non-recurrent of Varna and Bourgas in Bulgaria and Delhi International income into account, such as the payment in compensa- Airport. We are anticipating high growth rates here, too, tion for the terminal project in Manila or the successful sale and, by the way, not only in air traffi c volume. of our subsidiary TCR as well as a tax effect, we were once again able to increase the operating result. The airport has reached utilization at full capacity, but you do not seem to be very pleased with that. Generally, com- However, your original forecast for traffi c growth in 2006 did panies start to grumble when capacity utilization declines. not come true. What are the reasons for that? The only positive factor is that the high demand demon- Traffi c in Frankfurt only grew by 1.1% in 2006. Growth in strates how attractive we are. But the restrictions on the this order is not satisfactory, by comparison with growth quality of the service we deliver, which are inevitably arising, in international air traffi c, but also by comparison with our put our position as an attractive air traffi c hub at risk. Frank- own expectations. These still amounted to approximately furt Airport is the biggest international airport for connect- 2% at the beginning of 2006. However, the fact that we ing fl ights in the world. More than half of the passengers fl y achieved an increase of 2.3% is due to our external business into Frankfurt in order to take a connecting fl ight to another which is undergoing good development. We are more than destination. Short connecting times are a cornerstone of satisfi ed here. our success as a hub airport. Smooth operation of the hub system also depends on the punctuality of feeder fl ights. Other airports are growing as international air traffi c expands, The high utilization of capacity at the airport makes the Frankfurt is not following the same pattern. However, this is system susceptible to loss of punctuality. There is very little not because our site is no longer attractive. Quite the con- opportunity for making up delays. Quite the contrary. Loss trary. Airlines from all over the world continue to ask for slots of punctuality builds up and intensifi es as the day goes on. Interview with the Chairman of the Executive Board 3 In the past, our effi cient organization meant that we were in a position to make up for delays of incoming aircraft. There is only limited opportunity for this in a system that is fully booked up. We are not satisfi ed with the performance of the punctuality rate last year.
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