Fraport AG (FRA.DE,0O1R.L,FPRUF.PK), the owner and operator of Germany's Frankfurt Airport, Friday said it still expects 2014 passenger figures to rise by 2 to 3 percent at its Frankfurt Airport home base. The firm proposed an unchanged dividend, and backed its full-year outlook.
During the company's 13th Annual General Meeting at the Centennial Hall Frankfurt-Höchst, chairman Stefan Schulte said, "In the German and European comparison, we are so neat there, but real growth is happening at present in other regions of the world."
Schulte noted that the company's financial performance in 2013 met expectations. Cash flow developed satisfactory, becoming positive again after many years of high investments in airport infrastructure.
Fraport stated that due to an amended accounting regulation, as of January 1, 2014, the Group is no longer able to include joint ventures proportionally in its consolidated accounting, which for Fraport has a particular impact on the investment in Antalya Airport.
From now on, its earnings will be reported in the Group's financial result, which will lead to a change in the figures reported in the current financial year.
Compared to pro forma figures adjusted retroactively for 2013, Fraport expects an increase in all financial key figures in 2014.
For 2014, consolidated revenues are still expected to rise to about 2.45 billion euros, compared to pro forma revenues of 2.38 billion euros in 2013. The Group continues to expect EBIT to rise to up to around 500 million euros, compared to pro forma EBIT of 439 million euros in 2013.
The company said that the Group result is not affected by the new accounting standards and is expected to see a slight increase compared to fiscal year 2013.
Earlier this month, while reporting its first-quarter results, the company backed its outlook for a rise in Group EBITDA and EBIT, and a slight growth for the Group result in 2014.
Further, the company stated that the executive and supervisory board's dividend proposal is again 1.25 euros per share, which would maintain the dividend at a stable level since 2010.
On Frankfurt's Xetra, Fraport shares are currently trading at 56.25 euros, up 0.18 percent.
For comments and feedback contact: editorial@rttnews.com
Business News