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Fraport forecast EBITDA of EUR600 million in 2010

4-Mar-2010 12:27 PM

Germany's Fraport CEO, Dr Stefan Schulte, made (03-Mar-2010) the following announcements at the airport operator’s annual press conference for FY 2009, including the outlook for 2010:

  • Mr Schulte stated he is optimistic the global financial downturn has bottomed out and expects a 1-2% year-on-year improvement in passenger traffic in 2010. Passenger numbers declined 1% year-on-year in Feb-2010, due to the Lufthansa pilot strike;
  • Mr Schulte considers the growth in traffic to be a confirmation of the company's strategy over 2009 and willl to move ahead with Frankfurt Airport's future-oriented investment programme. Construction of the airport’s new Runway Northwest is on schedule and will be inaugurated by the start of the 2011/12 Winter schedule;
  • EBITDA is forecast to reach at least EUR600 million, with improvements to come mainly from the company's international business. Group profit is expected to weaken due to higher depreciation costs and higher financial expenditures;
  • Fraport expects to achieve annual savings of up to EUR42 million over the span of the agreement to 2018 from its ground handling agreement;
  • Mr Schulte also expects the company's internal corporate reorganisation programme to realise productivity gains of more than 10%. [more]