Q2 2024 Fraport Frankfurt Airport Services Worldwide AG Earnings Call Transcript
Key Points
- Fraport AG (FPRUF) reported a strong financial performance in the first half of 2024, with EBITDA exceeding the previous year by 18% and achieving an all-time high result.
- The company's international portfolio, including Fraport Greece, Fraport Antalya, and Lima Airport, showed significant growth, surpassing 2019 benchmarks.
- Despite challenges, the company managed to handle about 6 million passengers in July, achieving a recovery rate of roughly 87% compared to July 2019.
- Fraport AG (FPRUF) received the first insurance payment to compensate for initial damages at Porto Alegre airport, with expectations for full compensation for both infrastructure damages and revenue losses.
- The company's liquidity position remained strong, with available funds at EUR3.8 billion, reflecting increased profitability and effective financial management.
- The company faced significant disruptions due to strikes and weather-related cancellations in the first quarter, resulting in a loss of about 600,000 passengers.
- Porto Alegre airport experienced severe flooding, leading to a temporary closure and the need for extensive restoration work, with an estimated cost of EUR100 million.
- Despite positive financial results, the company's net debt increased to EUR8.2 billion at the end of the first half of 2024.
- The ground handling segment continued to face challenges, with increasing operational expenses and a negative EBITDA of minus EUR4 million in the second quarter.
- Retail revenues per passenger remained flat, with shopping and service revenues not showing significant improvement, impacting the overall retail segment performance.
Wwelcome also from my side. Happy that you all called in despite of probably nice summer weather outside. I have with me at the table Matthias Zieschang, our CFO, and he will start the presentation.
Yeah. Thank you very much and good afternoon and also a warm welcome from my side. Ladies and gentlemen, my first chart of the presentation shows on traffic performance at the Frankfurt site.
As you know, from our Q1 presentation, we were meaningfully impacted by strikes and weather related cancellations in the first quarter and therefore lost about 600,000 passengers. Please note this number is just the direct impact. So without any passengers that we may have lost In addition, because it didn't book their flights to a wire Frankfurt due to strike related uncertainties.
As a result, the recovery rate in the
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