Ready for the Future Frap
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ANNUAL REPORT 2011 Fraport Annual Report 2011 Ready for the future TO OUR SHAREHOLDERS Letter of the CEO 1 The Fraport Executive Board 4 Construction Site of Runway Northwest 6 Ready for the future 8 Report of the Supervisory Board 28 Corporate Governance Report 35 GROUP MANAGEMENT REPORT The Fraport Group 45 Business development 2011 50 Results of operations 54 Assets and financial situation 59 The Fraport share and Investor Relations 63 Non-financial performance indicators 66 Opportunity and risk report 69 Significant events after the balance sheet date 82 Outlook report 82 CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement 88 Consolidated statement of comprehensive income 89 Consolidated statement of financial position 90 Consolidated statement of cash flows 91 Consolidated statement of changes in equity 92 Consolidated statement of changes in non-current assets 94 Segment reporting 96 Group notes 98 FURTHER INFORMATION 2011 Responsibility statement 172 Auditor’s report 173 Seven year overview 174 Glossary 176 Imprint U5 Financial calendar 2012 U5 Annual Report Traffic calendar 2012 U5 Fraport ANNUAL REPORT 2011 Fraport Annual Report 2011 Ready for the future TO OUR SHAREHOLDERS Letter of the CEO 1 The Fraport Executive Board 4 Construction Site of Runway Northwest 6 Ready for the future 8 Report of the Supervisory Board 28 Corporate Governance Report 35 GROUP MANAGEMENT REPORT The Fraport Group 45 Business development 2011 50 Results of operations 54 Assets and financial situation 59 The Fraport share and Investor Relations 63 Non-financial performance indicators 66 Opportunity and risk report 69 Significant events after the balance sheet date 82 Outlook report 82 CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement 88 Consolidated statement of comprehensive income 89 Consolidated statement of financial position 90 Consolidated statement of cash flows 91 Consolidated statement of changes in equity 92 Consolidated statement of changes in non-current assets 94 Segment reporting 96 Group notes 98 FURTHER INFORMATION 2011 Responsibility statement 172 Auditor’s report 173 Seven year overview 174 Glossary 176 Imprint U5 Financial calendar 2012 U5 Annual Report Traffic calendar 2012 U5 Fraport Group key fi gures IMPRINT FINANCIAL CALENDAR 2012 FINANCIAL KEY FIGURES Segment share in Group EBITDA 2011 Publisher Wednesday, May 9, 2012 2011 2010 Fraport AG Report on the 1st quarter of 2012 Revenue € million 2,371.2 2,194.6 EXTERNAL ACTIVITIES & SERVICES RETAIL & REAL ESTATE GROUND HANDLING AVIATION Frankfurt Airport Services Worldwide Total revenue € million 2,452.8 2,284.0 31.7 % 3 8 .1 % 6 . 8 % 2 3 . 4 % 60547 Frankfurt am Main Friday, May 11, 2012 EBITDA € million 802.3 710.6 gures Group and segment key fi Germany Annual General Meeting 2012 EBIT € million 496.6 430.9 Telephone: 01805 3724636 * EBT € million 347.3 278.7 Group result € million 250.8 271.5 or: 01805 FRAINFO * Wednesday, August 8, 2012 Profi t attributable to shareholders of Fraport AG € million 240.4 262.9 from outside Germany: + 49 69 690 - 0 Report on the 1st half of 2012 Internet: www. fraport. com Year-end closing price of the Fraport share in € 38.00 47.16 Tuesday, November 6, 2012 Earnings per share (basic) in € 2.62 2.86 Contact Investor Relations Report on the 1st nine months of 2012 Dividend per share ¹ in € 1.25 1.25 Stefan J. Rüter Dividend yield ¹ in % 3.3 2.7 Head of Finance & Investor Relations Telephone: + 49 69 690 - 74840 Operating cash fl ow € million 618.8 567.5 Fax: + 49 69 690 - 74843 Free cash fl ow € million − 350.1 − 291.1 FRAPORT SEGMENTS Internet: www.meet-ir.com Capital expenditure € million 1,440.2 1,033.9 TRAFFIC CALENDAR 2012 Total assets € million 9,224.4 9,170.5 € million 2011 2010 Change Change in % E-mail: [email protected] Shareholders’ equity € million 2,850.8 2,739.3 AVIATION Shareholders’ equity without non-controlling interests Revenue 774.9 693.9 81.0 11.7 Concept and design TRAFFIC CALENDAR 2012 and profi t earmarked for dividend payment € million 2,706.0 2,602.5 Personnel expenses 263.9 263.0 0.9 0.3 Heisters & Partner, Büro für Kommunikationsdesign Month Group liquidity € million 1,617.3 2,384.0 EBITDA 187.8 131.6 56.2 42.7 Mainz March 2012 / 3M 2012 Monday, April 16, 2012 Net fi nancial debt € million 2,636.6 2,024.4 EBITDA margin 24.2 % 19.0 % 5.2 PP ¹ – April 2012 Friday, May 11, 2012 Capital employed € million 5,342.6 4,626.9 EBIT 96.1 56.4 39.7 70.4 Photography May 2012 Thursday, June 14, 2012 Fraport assets € million 4,447.3 4,019.7 Average number of employees 6,088 6,074 14 0.2 Michael Rast, St. Gallen June 2012 / 6M 2012 Wednesday, July 11, 2012 July 2012 Friday, August 10, 2012 Return on revenue in % 14.6 12.7 RETAIL & REAL ESTATE Martin Joppen, Frankfurt August 2012 Wednesday, September 12, 2012 Return on shareholders’ equity in % 8.9 10.1 Revenue 444.7 403.1 41.6 10.3 Fraport AG September 2012 / 9M 2012 Thursday, October 11, 2012 EBITDA margin in % 33.8 32.4 Personnel expenses 42.6 42.7 – 0.1 – 0.2 October 2012 Monday, November 12, 2012 EBIT margin in % 20.9 19.6 EBITDA 305.3 294.7 10.6 3.6 Printing November 2012 Wednesday, December 12, 2012 ROCE in % 9.3 9.3 EBITDA margin 68.7 % 73.1 % − 4.4 PP ¹ – Eberl Print GmbH, Immenstadt ROFRA in % 11.2 10.7 EBIT 232.1 227.9 4.2 1.8 Gearing ratio in % 97.4 77.8 Average number of employees 596 606 − 10 − 1.7 Publication date The paper is certifi ed under the Blue Angel. March 20, 2012 TRAFFIC KEY FIGURES GROUND HANDLING Revenue 655.5 658.6 − 3.1 − 0.5 2011 2010 Editorial deadline Personnel expenses 390.8 392.2 − 1.4 − 0.4 Passengers: Fraport Group ² million 180.8 164.7 EBITDA 54.5 44.1 10.4 23.6 March 5, 2012 thereof in Frankfurt million 56.4 53.0 EBITDA margin 8.3 % 6.7 % 1.6 PP ¹ – Cargo volume: Fraport Group ² thousand metric tons 3,573.1 3,632.9 EBIT 20.3 11.0 9.3 84.5 Disclaimer thereof in Frankfurt thousand metric tons 2,215.2 2,275.1 Average number of employees 8,899 8,564 335 3.9 In case of any uncertainties which arise due to errors in translati- Aircraft movements: Fraport Group ² thousand 1,636.9 1,520.5 thereof in Frankfurt thousand 487.2 464.4 on, the German version of the Annual Report is the binding one. EXTERNAL ACTIVITIES & SERVICES Revenue 496.1 439.0 57.1 13.0 EMPLOYEES Personnel expenses 209.0 182.5 26.5 14.5 2011 2010 EBITDA 254.7 240.2 14.5 6.0 carbon neutral Average number of employees number 20,595 19,792 EBITDA margin 51.3 % 54.7 % − 3.4 PP ¹ – natureOffice.com | DE-141-520241 thereof in Germany number 18,391 17,746 EBIT 148.1 135.6 12.5 9.2 print production Personnel expenses € million 906.3 880.4 Average number of employees 5,012 4,548 464 10.2 ¹ Proposed dividend (2011) ¹ Percentage points ² Fraport Group including majority- and minority-owned airports and airports under mangement contracts. The traffi c fi gures for the airports Riyadh, Jeddah and Dakar were not available until the editorial deadline * 14 cents per minute within German landline network; and therefore are not included within the presented fi gures for 2011 and 2010 mobile phone rates vary (maximum € 0.42 / min within Germany) Group key fi gures Segment key fi gures IMPRINT FINANCIAL CALENDAR 2012 FINANCIAL KEY FIGURES Segment share in Group EBITDA 2011 Publisher Wednesday, May 9, 2012 2011 2010 Fraport AG Report on the 1st quarter of 2012 Revenue € million 2,371.2 2,194.6 EXTERNAL ACTIVITIES & SERVICES RETAIL & REAL ESTATE GROUND HANDLING AVIATION Frankfurt Airport Services Worldwide Total revenue € million 2,452.8 2,284.0 31.7 % 3 8 .1 % 6 . 8 % 2 3 . 4 % 60547 Frankfurt am Main Friday, May 11, 2012 EBITDA € million 802.3 710.6 gures Group and segment key fi Germany Annual General Meeting 2012 EBIT € million 496.6 430.9 Telephone: 01805 3724636 * EBT € million 347.3 278.7 Group result € million 250.8 271.5 or: 01805 FRAINFO * Wednesday, August 8, 2012 Profi t attributable to shareholders of Fraport AG € million 240.4 262.9 from outside Germany: + 49 69 690 - 0 Report on the 1st half of 2012 Internet: www. fraport. com Year-end closing price of the Fraport share in € 38.00 47.16 Tuesday, November 6, 2012 Earnings per share (basic) in € 2.62 2.86 Contact Investor Relations Report on the 1st nine months of 2012 Dividend per share ¹ in € 1.25 1.25 Stefan J. Rüter Dividend yield ¹ in % 3.3 2.7 Head of Finance & Investor Relations Telephone: + 49 69 690 - 74840 Operating cash fl ow € million 618.8 567.5 Fax: + 49 69 690 - 74843 Free cash fl ow € million − 350.1 − 291.1 FRAPORT SEGMENTS Internet: www.meet-ir.com Capital expenditure € million 1,440.2 1,033.9 TRAFFIC CALENDAR 2012 Total assets € million 9,224.4 9,170.5 € million 2011 2010 Change Change in % E-mail: [email protected] Shareholders’ equity € million 2,850.8 2,739.3 AVIATION Shareholders’ equity without non-controlling interests Revenue 774.9 693.9 81.0 11.7 Concept and design TRAFFIC CALENDAR 2012 and profi t earmarked for dividend payment € million 2,706.0 2,602.5 Personnel expenses 263.9 263.0 0.9 0.3 Heisters & Partner, Büro für Kommunikationsdesign Month Group liquidity € million 1,617.3 2,384.0 EBITDA 187.8 131.6 56.2 42.7 Mainz March 2012 / 3M 2012 Monday, April 16, 2012 Net fi nancial debt € million 2,636.6 2,024.4 EBITDA margin 24.2 % 19.0 % 5.2 PP ¹ – April 2012 Friday, May 11, 2012 Capital employed € million 5,342.6 4,626.9 EBIT 96.1 56.4 39.7 70.4 Photography May 2012 Thursday, June 14, 2012 Fraport assets € million 4,447.3 4,019.7 Average number of employees 6,088 6,074 14 0.2 Michael Rast, St.