Fraport dia miomana amin'ny 2021 AGM: manana izany ny Lehiben'ny Birao Mpanatanteraka

Nevertheless, there is reason for optimism. Thanks to the enormous medical progress and the launch of vaccination programs, a gradual return to a certain level of normality is in sight. We are beginning to see the loosening of restrictions in everyday life. We can make plans again, also for the next vacation. That’s good news.

But an AGM also provides an opportunity to look back. Today, I would like to give you an overview of the challenges the Covid-19 pandemic has posed for the aviation industry, and for Fraport in particular. And, more importantly, how we have responded to these challenges together and how we are shaping the path to a positive future for our company – to the benefit of our customers and employees, and to you, our shareholders.

Undoubtedly, this is the most severe and longest crisis modern aviation has ever experienced. Only by acting very quickly and consistently we were able to keep the Fraport Group in balance during this phase. To achieve this, we implemented comprehensive cost-reduction measures. At the same time, we significantly increased our liquidity reserves. We swiftly made all our Group airports fit for operation under pandemic conditions. Here in Frankfurt, it was important to us – also in response to political expectations – to maintain Germany’s largest aviation hub3open for repatriation flights and international connections, as well as for supplying Germany with airfreight goods. We thus fulfilled our function as one of the world’s most important cargo hubs.

In this context, I would like to extend my thanks to all our employees for their enormous commitment and dedication. During the pandemic, they have done their job under conditions that were sometimes significantly more difficult – be it on cargo aircraft, at security checkpoints, in passenger buses, at the airport clinic or elsewhere in our company. This is true for our employees both here in Frankfurt and at our Group airports worldwide. I would also like to thank all those who have gone on short-time working, accepted a severance package or taken partial retirement. They have all made a contribution to keeping our company afloat economically and, ultimately, to securing as many jobs as possible.

Today we can say: these efforts were not in vain. On the contrary, they form the basis for a continued positive future for our company. The demand for air travel has remained intact, while Frankfurt Airport is still one of the most important traffic hubs in Europe. Moreover, we have leveraged the crisis to become significantly leaner, more efficient and therefore more competitive.

Despite all cost-saving measures, we continued to pursue key projects for the future, including the construction of the new Terminal 3. We have also reached an important agreement on the reorganization of security controls at Frankfurt Airport. And we are making progress toward our goal of further reducing carbon emissions. I will go into this in more detail in a moment. But first, let us take a look at the past fiscal year.

II. Review of the 2020 fiscal year

During 2020, Frankfurt Airport served some 18.8 million passengers – the lowest number since 1984. Compared to the previous 2019 record year, this represents a decline of 73.4 percent. It was only thanks to the first three months of the year that we were able to reach almost 20 million passengers for 2020 as a whole. From the beginning of April, passenger numbers declined by up to 98 percent on a weekly basis.

Cargo volumes, in contrast, developed positively. Initially, cargo throughput was also down – due to the lack of belly freight normally shipped on passenger aircraft. However, this was quickly compensated for. Since October, Frankfurt Airport’s cargo traffic has even exceeded the levels achieved in 2019. The growing amount of cargo could only be handled thanks to the ongoing strong performance of our team and the entire cargo community. We are therefore still making an important contribution to supplying the German population with goods, while at the same time ensuring that the German economy remains connected to international markets – even in times of pandemic.

Passenger numbers at all our Group airports worldwide were also significantly down last year compared to 2019, although the development here is more differentiated depending on the respective country.

Dear Shareholders: It was not only traffic volumes that slumped dramatically last year. Revenue also more than halved year-on-year to just under 1.7 billion euros. Despite our rapid and comprehensive cost-saving measures, we posted a significant net loss. The Group result (net profit) reached minus 690 million euros. This is the first annual loss since 2002, in other words for almost two decades.

The operating result shows that the cost-saving measures we have introduced are taking effect. Although Group EBITDA was well into negative territory at minus 251 million euros, this was mainly due to expenses of 299 million euros for personnel reduction measures. Adjusted for these special items, we achieved a positive Group EBITDA of around 48 million euros.

In addition to the measures on the expenditure side, securing liquidity was our top priority. At the beginning of the crisis, our available liquidity was already nearly two billion euros. We have significantly increased this again. Since the beginning of 2020 we have secured additional cash and cash equivalents of 4.8 billion euros. Despite the high cash outflows, our available liquidity was 4.4 billion euros at March 31, 2021 – twice as high as at the same reporting date in 2020.