Annual Report 2022
The airport brand you trust
The 2022 Fiscal Year at a Glance
€ 1,029.8 mn
EBITDA
Increase by €272.8 million due to the
positive traffic development at all sites.
€ 166.6 mn
Group result
Clearly positive, despite write-off of
loan receivables in connection with
the activities at St. Petersburg Airport.
– € 741.0 mn
Free Cash Flow
Slightly improved but due to
continuing expansion measures
still negative.
19,211
155,449 m. t. CO2
Number of employees as of December 31
Headcount increase primarily in the operational
areas in Frankfurt (+1,430).
CO2 emissions
Slight decrease (– 6.5 %) mainly due to the use
of renewable electricity and the conversion of the
vehicle fleet to electromobility.
48,918,482
Passengers at FRA
Passenger volumes only around
30% below pre-crisis levels.
Financial performance indicators
in € mn
Revenue
Revenue adjusted for IFRIC 12
EBITDA
Group result
Earnings per share (basic) (€)
Dividend per share
Free cash flow
Total assets
Shareholders’ equity ratio (%)
Group liquidity
Net financial debt
Net financial debt to EBITDA
EBITDA margin (%)
ROFRA (%)
Gearing ratio (%)
1) No dividend proposed.
Non-financial performance indicators
Number of employees as of December 31
Average number of employees
Global satisfaction of passengers (Group) in %
Employee satisfaction (Group)
Women in management positions (1st level, Germany) in %
Women in management positions (2nd level, Germany) in %
Sickness rate (Germany) in %
CO2 emissions (Group) (Scope 1 und 2) in m. t.
1) Due to the impact of the coronavirus pandemic, this statistic was not collected in 2021.
2) Until 2021, the figure was reported combined for the first and second level below the Executive Board.
3) Due to subsequent verifications 2021 number changed.
2022
3,194.4
2,863.3
1,029.8
166.6
1.43
0.00 1)
–741.0
17,607.6
22.2
3,866.9
7,058.7
6.9
32.2
6.0
180.6
2022
19,211
18,850
80
4.76
23.1
31.6
8.7
2021
Change in %
2,143.3
1,901.6
757.0
91.8
0.90
0.00
–772.3
16,240.0
23.1
3,564.3
6,369.7
8.4
35.3
3.4
169.7
+49.0
+50.6
+36.0
+81.5
+58.9
–
+4.1
+8.4
–
+8.5
+10.8
–17.9
–
–
–
2021
Change in %
17,781
18,419
– 1)
– 1)
– 2)
– 2)
6.7
+1,430
+431
–
–
–
–
+2.0 PP
–10,759
155,449
166,208 3)
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information Contents
Discover also the
illustrative online version
of the Fraport Annual Report:
www.annual-report.fraport.com
Further explanations
You will find further information
on the Internet.
You will find further information
in this report.
The year of 2022
To Our Shareholders
Letter from the CEO
07
10 The Fraport Executive Board
12 Report of the Supervisory Board
20
36 Share and Investor Relations
Joint Statement on Corporate Governance
Combined Management Report
for the 2022 Fiscal Year
41 Situation of the Group
62 Economic Report
84 Combined non-financial Statement
114
Supplementary Management Report on the
Separate Financial Statements of Fraport AG
117 Events after the Balance Sheet Date
118 Risk and Opportunities Report
131 Outlook Report
Consolidated Financial Statements
for the 2022 Fiscal Year
137 Consolidated Income Statement
138 Consolidated Statement of Comprehensive Income
139 Consolidated Statement of Financial Position
141 Consolidated Statement of Cash Flows
142 Consolidated Statement of Changes in Equity
Group Notes
for the 2022 Fiscal Year
146
Consolidated Statement of Changes
in Non-current Assets
148 Segment Reporting
Notes to the Consolidation and Accounting Policies
150
Notes to the Consolidated Income Statement
170
178 Notes to the Consolidated Financial Position
202 Notes to the Segment Reporting
203
205 Other Disclosures
Notes to the Consolidated Statement of Cash Flows
Further Information
Independent Auditor´s Report
Independent Practitioner’s Report
235 Responsibility Statement
236
243
246 Ten-Year Overview
248 Glossary
250
250 Traffic Calendar 2023
250
Financial Calendar 2023
Imprint
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information The year of 2022 –
In a way, the past year was a restart for the aviation industry.
The coronavirus has largely lost its fright, travel restrictions
have been eased, life has increasingly returned to normal,
and air traffic has also picked up strongly. At the same time,
the dynamic growth became an enormous challenge for the
entire industry – and so for Fraport as well.
1st Quarter
• Beginning upward trend
in passenger traffic
• Geopolitical uncertainties as
a result of the Russian invasion
into Ukraine
Fraport sells stake in Xi'an
Airport
Fraport sold its entire 24.5 percent stake for a
price of RMB 1.11 billion to Chang'an Huitong
Co., Ltd. This marked the end of 14 years of
involvement in the airport, during which the
airport was successfully transformed from a
medium-sized regional airport with about
ten million passengers to one of the largest
airports in China with more than 40 million
passengers.
Fraport and TAV pay
upfront fee for the new
operating concession at
Antalya Airport
The joint venture between Fraport AG and TAV
Airports Holding paid Türkiye’s state airports
authority (DHMI) the required upfront fee of
€1,81 billion for the new 25-year concession to
operate Antalya Airport.
Fraport halts
its business
in St. Petersburg
After the Russian invasion into Ukraine
Fraport is suspending its business activities
at the minority shareholding that operates
Pulkovo Airport. In the course of the year
the loan of €163.3 million made to Thalita
Trading Ltd. was completely written off.
2nd Quarter
• Passenger numbers
rise further
• June traffic at Frankfurt
marked new record since
the outbreak of the of the
Coronavirus pandemic
Milestone in the takeover
and management of
aviation security controls
at Frankfurt Airport:
Future security service
provider selected
FraSec Luftsicherheit GmbH, I-SEC Deutsche
Aviation Security SE & Co. KG and Securitas
Aviation Service GmbH & Co. KG won the
tender to carry out passenger security
controls at Frankfurt Airport on behalf of
Fraport AG from January 1, 2023.
Summer peak
in Frankfurt
In order to manage the summer peak,
Fraport implemented numerous measures
together with partners. The focus was
on recruiting and training personnel for
operations. In addition, Fraport and the
airlines tried to shift the high volume of
traffic to times of day with less traffic.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 3rd Quarter
• High demand for vacation
destinations in the
summer months
• Stable and organized
operation in Frankfurt over
summer months achieved
together with process
partners
4th Quarter
• Traffic volume at FRA
reaches for the full year just
under 49 million and thus
only about 30% behind the
pre-crisis level
• International airports partly
above pre-crisis level
Terminal 3:
New Sky Line presented
Once the new Terminal 3 starts operating in
2026, the new Sky Line train will complement
the existing transportation system at Frankfurt
Airport and connect the new Terminal 3 with
the existing terminals. The first train of the
new Sky Line railroad was unveiled in Novem-
ber 2022. When the new railroad goes into
operation, up to 4,000 people per hour and
direction will travel to and from Terminal 3.
Photovoltaic share
continues to grow
In order to increase the proportion of green
electricity Fraport installed a photovoltaic
system at the Runway West at Frankfurt
Airport with 20 PV panels and an output of
8.4 kilowatts. Perspectively, Fraport would
like to expand this three-row along the entire
Runway West. In the final stage of expansion,
the system is to extend over a length of 2,600
meters parallel to the runway and then gene-
rate a peak output of up to 13 megawatts.
Fraport and Lufthansa
establish joint venture
"FraAlliance"
With "FraAlliance” in view of Frankfurt
Airport, both groups want to cooperate
even more intensively on strategic issues
and in operational areas in the future.
In particular, they want to further develop
their long-standing cooperation with regard
to improving services in Terminal 1 at
Frankfurt Airport. The aim is to increase pro-
duct and service quality at Frankfurt Airport.
Change in the
Executive Board
Julia Kranenberg joins the Executive Board
team of Fraport AG as the new Executive
Director Labor Relations. Ms. Kranenberg suc-
ceeds Michael Müller, whose contract expired
for reasons of age on September 30, 2022.
" I am very much looking forward
to contributing my strength,
experience and energy to lead
Fraport into a positive and
successful future."
LAP Signs USD 1,25 Million
Financing Agreement for
Lima Airport Expansion
The financing is intended for the infrastructure
and expansion measures at the Jorge Chávez
International Airport in Lima, Peru's capital
city. The construction measures for the airside
expansion, such as a second runway and a
new tower have already been completed.
The new passenger terminal is scheduled to
go into operation at the beginning of 2025.
Online Report:
www.annual-report.fraport.com
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information The Airport Brand
You Trust – Fraport
Assumes Responsibility
for Aviation Security
Checks at Frankfurt
Airport
On January 1, 2023, Fraport took over the organization, control
and implementation of aviation security checks at Frankfurt Airport.
This includes the procurement of the checkpoint infrastructure
and the testing of new technology and optimization of processes in
cooperation with the German Federal Police.
The Federal Police will continue to be responsible for legal and techni-
cal supervision as well as for ensuring aviation security and protec-
ting the checkpoints. In addition, the Federal Police continues to be
responsible for the certification and approval of new control infra-
structures as well as the certification of aviation security personnel.
To Our Shareholders
07
10
12
20
36
Letter from the CEO
The Fraport Executive Board
Report of the Supervisory Board
Joint Statement on Corporate Governance
Share and Investor Relations
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information Fraport Annual Report 2022
To Our Shareholders / Letter of the CEO
1
Letter from the CEO
we look back on 2022 as a turbulent and difficult year. The coronavirus pandemic became less threatening throughout the course
of the year and passenger numbers in Frankfurt and internationally have fortunately recovered strongly. However, the Russian
war of aggression in Ukraine, which has been ongoing since February 2022, has distressed us all, including me very personally.
The outcome of this conflict in the heart of Europe and potential long-term consequences, including to the economy, remain
uncertain. The current focus is particularly on issues regarding further development of consumer prices, above all energy prices
and key interest rates.
Let us briefly review 2022. Air traffic in the first quarter of 2022 was still clearly influenced by the Omicron coronavirus variant,
which was dominant at the time. Nevertheless, at Easter we were already feeling the return of a strong desire to travel, which
continued in the summer. The considerable demand for tourist air travel is clearly reflected in the high passenger numbers at our
airports in Greece. We even welcomed more passengers there last year than in 2019,
before the outbreak of the pandemic. Our airport in Antalya also carried almost as many
passengers as in pre-crisis times in the peak season in the third quarter. In Frankfurt,
we had to take measures together with our partners to keep handling at the airport as
stable as possible due to the rapidly increasing demand in the summer and existing
capacity bottlenecks in complex hub structures. Unfortunately, we have nevertheless seen numerous flight cancellations and high
levels of delays at times. Looking toward further growth, we are working continuously and very closely with all system partners to
again clearly improve handling, including punctuality, and waiting times. At this point, I would like to thank all those, especially our
employees, who have kept our airport running thanks to their tireless dedication. It is thanks to these people that we were able to
register around 49 million passengers at Frankfurt Airport last year, despite all the challenges. This puts us above our forecast at
the beginning of the year and the upper end of our updated 2022 outlook. A great result and a remarkable joint accomplishment.
We already welcomed more
passengers in Greece last
year than in 2019.
The high traffic volume had a positive effect on the financial figures and led to a 49.0 percent increase in revenue to €3.2 billion
compared to the same period in the previous year. At the same time, operating expenses were clearly higher compared to the
previous year, which was also attributable to the strong traffic development and high volumes concentrated in individual daily
peaks. That said, we generated a Group EBITDA of €1,029.8 million. Of this, more than 50 percent was generated by our foreign
investments, led by Greece. The Group result was 81.5 percent above the previous year’s level at €166.6 million. This is a very
pleasing result, also because one-off effects due to the write-off of a shareholder loan in connection with our shareholding in
St. Petersburg Airport in 2022 had a very negative impact.
Let us now look at 2023. The industry is expecting significant growth despite the difficult overall economic situation. It is therefore
our task to prepare your company for this ramp-up and to deliver the performance and quality that our customers in Frankfurt have
been used to in the past. For this reason, all measures for qualification and further training, especially in ground handling, are
continuing to run at full pace. We are also continuing to recruit in operational divisions. With this in mind, we are preparing together
for a strong year 2023, and we aim to increase customer satisfaction once again. All that being said, 2023 will remain challenging
in Frankfurt considering the highly networked hub structures and the labor market situation.
Since the start of the year, it has largely been down to us to ensure that our passengers are satisfied with the security checks.
Fraport has been responsible for conducting, planning, and managing the aviation security checks in Frankfurt since
January 1, 2023. For me, this is a very important milestone that we achieved together with the responsible Federal Ministry and
the German Federal Police. Together with our service providers on site and by implementing the latest technology, we are now
working on faster and smoother operations for our passengers.
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2
To Our Shareholders / Letter of the CEO
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Letter of the CEO
3
The construction of Terminal 3 is continuing according to plan. Pier G has been completed except for the final installations required
for operation. The construction, including the roof and facades of the main terminal building, is also almost complete. Other areas
of construction, such as the new road connection and the parking garage with 8,500 parking spaces, will be finished in a timely
manner. Like this, there is currently nothing standing in the way of the planned opening for the 2026 summer flight schedule.
for Frankfurt.
assume that total passenger numbers will recover to around pre-crisis levels. In here, we are once again expecting slightly more
passengers at our Greek airports than before the coronavirus-pandemic. For Latin America we also expect a faster recovery than
However, it is not just in Frankfurt where we are making progress. Our international Group airports are continuing to work on their
long-term competitiveness and are demonstrating great successes year by year. The past year saw the completion of the new
runway in Lima, which we will be putting into operation soon. The construction of the terminal there is running at full pace, and it
will be put into operation at the start of 2025 already. To be positioned for further growth, we are also building a new terminal with
our partner TAV in Antalya, Türkiye, where the new concession will start in 2027. From Greece, we are expecting dividend
payments for the first time this year – a very pleasing development.
You see, dear shareholders, that your company is active for you around the world far beyond Frankfurt, because international
business has made a substantial contribution to the Group result for many years.
The aforementioned traffic forecasts will also have a positive influence on our substantial key financial performance indicators.
Accordingly, we are expecting a Group EBITDA of around €1.04 to approximately €1.20 billion. We forecast the Group result to
lie in a range between around €300 million and about €420 million.
Despite this positive outlook, we will not be submitting a proposal for the appropriation of profits to the Annual General Meeting,
considering the continuing major effects of the coronavirus pandemic on our Group debt.
I would like to thank you, dear shareholders, for your trust over the past year. I am convinced that we, the Executive Board,
together with all the employees and system partners will set the right course so that 2023 will be a successful year.
Sincerely yours,
Stefan Schulte
We are also making progress with the important issue of climate protection. At the end of last year, the Executive Board resolved
the decarbonization master plan. The plan includes comprehensive measures for achieving
our objective of being CO2-free by 2045 at the latest and we are already implementing various
milestones on the way toward it. With the construction of photovoltaic systems, the gradual
transition of our vehicle fleet to electric drives, and the wind farm in the North Sea, which will supply us with the majority of our
power from 2026, we are already well positioned.
Decarbonization master
plan resolved.
Let me now give you an outlook for 2023: At Frankfurt airport we started the year with passenger levels at around 80 percent of
the 2019 volume. We are expecting higher demand already with the start of Easter travel, which could temporarily rise to up to 90
percent of pre-crisis levels over Whitsun and in the summer season. Overall, we assume that this year in Frankfurt we will welcome
between above 80 and around 90 percent of the passenger volume from 2019. However, ultimately this depends on how strongly
the overall economic development will affect the demand for air travel, among other things. At the international Group airports, we
08
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
2
To Our Shareholders / Letter of the CEO
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Letter of the CEO
3
The construction of Terminal 3 is continuing according to plan. Pier G has been completed except for the final installations required
for operation. The construction, including the roof and facades of the main terminal building, is also almost complete. Other areas
of construction, such as the new road connection and the parking garage with 8,500 parking spaces, will be finished in a timely
manner. Like this, there is currently nothing standing in the way of the planned opening for the 2026 summer flight schedule.
However, it is not just in Frankfurt where we are making progress. Our international Group airports are continuing to work on their
long-term competitiveness and are demonstrating great successes year by year. The past year saw the completion of the new
runway in Lima, which we will be putting into operation soon. The construction of the terminal there is running at full pace, and it
will be put into operation at the start of 2025 already. To be positioned for further growth, we are also building a new terminal with
our partner TAV in Antalya, Türkiye, where the new concession will start in 2027. From Greece, we are expecting dividend
payments for the first time this year – a very pleasing development.
You see, dear shareholders, that your company is active for you around the world far beyond Frankfurt, because international
business has made a substantial contribution to the Group result for many years.
assume that total passenger numbers will recover to around pre-crisis levels. In here, we are once again expecting slightly more
passengers at our Greek airports than before the coronavirus-pandemic. For Latin America we also expect a faster recovery than
for Frankfurt.
The aforementioned traffic forecasts will also have a positive influence on our substantial key financial performance indicators.
Accordingly, we are expecting a Group EBITDA of around €1.04 to approximately €1.20 billion. We forecast the Group result to
lie in a range between around €300 million and about €420 million.
Despite this positive outlook, we will not be submitting a proposal for the appropriation of profits to the Annual General Meeting,
considering the continuing major effects of the coronavirus pandemic on our Group debt.
I would like to thank you, dear shareholders, for your trust over the past year. I am convinced that we, the Executive Board,
together with all the employees and system partners will set the right course so that 2023 will be a successful year.
Sincerely yours,
Stefan Schulte
We are also making progress with the important issue of climate protection. At the end of last year, the Executive Board resolved
the decarbonization master plan. The plan includes comprehensive measures for achieving
our objective of being CO2-free by 2045 at the latest and we are already implementing various
milestones on the way toward it. With the construction of photovoltaic systems, the gradual
Decarbonization master
plan resolved.
transition of our vehicle fleet to electric drives, and the wind farm in the North Sea, which will supply us with the majority of our
power from 2026, we are already well positioned.
Let me now give you an outlook for 2023: At Frankfurt airport we started the year with passenger levels at around 80 percent of
the 2019 volume. We are expecting higher demand already with the start of Easter travel, which could temporarily rise to up to 90
percent of pre-crisis levels over Whitsun and in the summer season. Overall, we assume that this year in Frankfurt we will welcome
between above 80 and around 90 percent of the passenger volume from 2019. However, ultimately this depends on how strongly
the overall economic development will affect the demand for air travel, among other things. At the international Group airports, we
09
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
The Fraport Executive Board
Julia Kranenberg
Executive Director Labor Relations
Born in 1971
Appointed until
November 30, 2025
Dr. Pierre Dominique Prümm
Executive Director
Aviation and Infrastructure
Born in 1973
Appointed until June 30, 2024
10
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information Dr. Stefan Schulte
Chairman of the Executive Board
Born in 1960
Appointed until
August 31, 2024
Prof. Dr. Matthias Zieschang
Executive Director
Controlling and Finance
Born in 1961
Appointed until January 31, 2026
Anke Giesen
Executive Director Retail
and Real Estate
Born in 1963
Appointed until December 31, 2025
11
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 4
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2022
Report of the Supervisory Board
The 2022 reporting year was characterized by the dynamic growth of aviation, even though it was still being heavily impacted by
the spread of the Omicron variant at the beginning of the year and, from late February, economic development in Europe was
marked by Russia’s war of aggression against Ukraine and the sanctions imposed as a result, as well as rising global inflation.
2022 was another particularly challenging year for the aviation sector as a whole. Lockdowns at the beginning of the year were
followed by a sharp rise in demand. The massive growth in volume compared with the previous year placed heavy demand on all
process partners. During peak times in particular, company employees showed a great deal of commitment in managing the
traffic. For this, we would like to express our special thanks to all our employees for their efforts.
The 2022 reporting year confirmed our expectation that, as the coronavirus pandemic abates, people’s need to travel will increase
again. The easing of infection control measures and the relaxing of travel restrictions boosted demand from private travelers in
particular; however, business travel also grew steadily toward the end of the year.
Fraport AG continued to recover during the 2022 fiscal
year. After a cautious start to the year, passenger num-
bers at our international Group companies and the
Frankfurt site grew sharply compared with the previous
year, although the total volume of passengers is still fall-
ing around 30% short of the peak in 2019. The develop-
ment of the tourist-oriented international Group airports
was very encouraging. Greece’s airports even exceeded
pre-crisis levels for the first time since the outbreak of
the coronavirus pandemic. However, the write-off in con-
nection with the indirect minority stake that Fraport AG
holds in the operating company of St. Petersburg Airport
had a strong negative impact on the financial result,
which led to a net loss of €88.4 million for the Fraport AG
in fiscal year 2022. Nevertheless, a positive Group result
was generated compared to the previous year.
The Supervisory Board performed all the tasks incum-
bent on it under law, the company statutes, and rules of
internal procedure, and continuously monitored the
management of the company in fiscal year 2022. The
Supervisory Board regularly obtained timely and com-
prehensive information from the Executive Board, in writ-
ing and orally, on the proposed business policies, funda-
mental questions concerning future management and
corporate planning, the situation and development of the
company and the Group as well as significant business
transactions, and consulted with the Executive Board on
these matters. Deviations in the business development
from the planning were explained in detail to the Super-
visory Board. Based on the reports of the Executive
Board, the Supervisory Board extensively discussed sig-
nificant business transactions of the company. The
Supervisory Board harmonized the strategic alignment
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Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
5
of the company with the Executive Board. In addition, the Chairman of the Executive Board maintained regular contact with the
Chairman of the Supervisory Board and informed him about current developments concerning the business situation as well as
substantial business transactions. The Supervisory Board was directly involved in all decisions of fundamental importance to the
company. Where required by law, the company statutes, or rules of internal procedure, the Supervisory Board voted on the rele-
vant proposals made by the Executive Board after having thoroughly examined and consulted on those matters.
During the reporting period, the Supervisory Board convened six meetings, including one strategy meeting. The strategy meeting
held on September 29, 2022 and the Supervisory Board meeting held on September 30, 2022 took place in person. The remaining
Supervisory Board meetings held in 2022 were hybrid events that took place in person with the possibility of participating via video
link. In addition, during 2022, the Supervisory Board passed four resolutions by means of written circulars.
Focal points of discussions of the Supervisory Board
During the 2022 fiscal year, the business development of the Fraport Group and its Group companies was discussed regularly by
the Supervisory Board. The focus was on traffic and revenue development at Frankfurt Airport as well as the impact of the war in
Ukraine and the resulting sanctions, particularly on indirect minority stake in the operating company of Pulkovo Airport in St.
Petersburg.
In addition, the Supervisory Board continued to monitor the progress of the expansion in the southern part of Frankfurt Airport
(Terminal 3, including Pier G, and the expansion of the passenger transport system). The management of the Group company
Fraport Ausbau Süd GmbH regularly took part in the advisory meetings of the investment and capital expenditure committee of
the Supervisory Board.
Apart from this regular reporting, the following matters were extensively discussed in 2022, in particular:
•
The management of the impact of the coronavirus pandemic, both in relation to air traffic at the Frankfurt site and at the
international Group airports, was discussed repeatedly. The Supervisory Board was informed extensively and in a timely
manner about the developments and measures. These included continued strict control of capital expenditure and oper-
ating expenses, as well as of the recruitment of personnel for the Ground Services.
• During an (extraordinary) meeting held on May 9, 2022, and on an ongoing basis thereafter, the Supervisory Board
discussed the state of play regarding the minority stake in the operating company of Pulkovo Airport in St. Petersburg.
•
•
•
•
•
•
The report also focused on the expansion of capacity in the southern part of Frankfurt Airport. The progress made in the
construction of Terminal 3 (including Pier G) and its transport links was discussed at all meetings. The inauguration of
the terminal facilities, scheduled for 2026, is still proceeding according to plan.
The company’s liquidity requirements and the securing of the liquidity required for further expansion were dealt with on
a recurring basis. The raising of further debt capital was approved in this regard.
The Supervisory Board again discussed the economic situation and the development of Ground Services at Frankfurt
Airport.
The Supervisory Board gathered information about the respective state of play of the take-over of management respon-
sibility in the area of security controls at Frankfurt Airport.
The Supervisory Board discussed the decarbonization master plan adopted by the Executive Board and approved the
Group’s CO2 emission reduction targets.
In addition, the Supervisory Board dealt with the financial statements and management reports of the company and the
Group as at December 31, 2021, as well as the 2021 Annual Report and reached the necessary decisions on their
approval and adoption.
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To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
7
Furthermore, the Supervisory Board made specific decisions on the following subjects, among others:
German Commercial Code, HGB) and the 2023 Group Plan (prepared in accordance with IFRS). Furthermore, the committee
• On March 14, 2022, the Supervisory Board approved the decision of the Executive Board to hold the 2022 Annual
General Meeting without shareholders present. It adopted the agenda for the ordinary Annual General Meeting on May
24, 2022. Furthermore, the Supervisory Board again decided to propose to the Annual General Meeting that Pricewater-
houseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC), Frankfurt am Main, be appointed as the auditor for fiscal
year 2022.
• During its meeting held on March 14, 2022, the Supervisory Board also appointed Ms. Julia Kranenberg as a member of
the Executive Board with effect from April 1, 2023 or earlier – put in concrete terms during the meeting held on September
30, 2022, which saw the appointment of Ms. Kranenberg with effect from November 1, 2022 – and extended the appoint-
ment of Ms. Anke Giesen for a further three years with effect from January 1, 2023.
• During its strategy meeting held on September 29, 2022, the Supervisory Board discussed the company’s market and
competitive position and its economic situation. The challenges and strategic initiatives of the strategic business units
and the topic of sustainability and environmental protection were also addressed.
•
In the meeting held on September 30, 2022, the status of the expansion project at Lima Airport in Peru and the financing
of this measure, including the associated increase in shareholder equity of the Group company, were discussed and
approved.
• Against the backdrop of the ongoing coronavirus pandemic, on September 30, 2022, the Supervisory Board agreed, on
the basis of the (transitional) provisions of Section 26n(1) of the Introductory Act to the German Stock Corporation Act
(Einführungsgesetz zum Aktiengesetz), which entered into force in 2022, that the ordinary Annual General Meeting on
May 23, 2023 was to be held as a virtual Annual General Meeting, in accordance with Section 118a of the German Stock
Corporation Act (AktG), without the physical presence of shareholders or their authorized representatives and agreed to
propose an amendment to the Fraport AG company statutes at the 2023 Annual General Meeting with the intention of
also enabling virtual Annual General Meetings to be held in the future on the basis of a corresponding authorization from
the Executive Board in light of the change in the legal situation.
• On June 27 and December 15, 2022, the Supervisory Board discussed the company’s capital requirements and agreed
to increase the financing framework and approved further borrowings through loans, bonds, or other debt instruments.
• On December 15, 2022, the Supervisory Board approved the 2023 Business Plan.
Work of the committees
The Supervisory Board continued its successful work with the committees it had formed to increase efficiency and to prepare for
the Supervisory Board meetings. In individual appropriate cases and in accordance with law, decision-making powers of the
Supervisory Board were granted to the committees. The chairpersons of the committees provided regular reports at the next
Supervisory Board meeting to the plenum of the Supervisory Board on the work of the committees. The composition and respon-
sibilities of the individual committees can be found in the “Joint Statement on Corporate Governance” as well as on the Group’s
website at
www.fraport.com/en/investors/corporate-governance.html.
During the reporting period, the finance and audit committee convened seven meetings, including one in the form of a telecon-
ference with all other meetings taking place in a hybrid format involving face-to-face meetings with the possibility of participating
via video link. During these meetings, the finance and audit committee discussed significant business transactions, the annual
and consolidated financial statements, and the combined management report. Representatives of the auditor participated in the
meetings on individual agenda items. The finance and audit committee prepared the determination of the focal points of the 2022
fiscal year audit of accounts for the Supervisory Board. The interim report and the interim releases were discussed in detail prior
to their publication. Comments were also made on the 2023 Business Plan of Fraport AG (prepared in accordance with the
14
dealt with the awarding of the audit mandate to the auditor and made proposals to the plenum for the election of the auditor for
the 2022 fiscal year. As in previous years, the quality of the audit of accounts was monitored and the remuneration of the same
discussed. Furthermore, the issuing of mandates for non-audit-related services to the auditor was discussed. After the cyclical
change of the auditor for the 2013 fiscal year, it was once again proposed to the plenum to recommend PwC to the Annual General
Meeting as auditor for the 2022 fiscal year. Furthermore, with regard to the review of non-financial reporting, the recommendation
of the committee was in favor of this auditing company. A selection process took place, since a change of auditor was required
by law for the 2023 fiscal year, and the plenum recommended the selected audit firm, Deloitte GmbH Wirtschaftsprüfungsgesell-
schaft, Frankfurt am Main, to the Annual General Meeting to be selected as auditor for the 2023 fiscal year.
Further focal points of the discussions were asset and liability management as well as the regular supplementary reports to the
consolidated financial statements and/or the consolidated interim reports in accordance with Section 90 of the AktG. In addition,
the committee discussed risk management and the internal control, internal audit, and compliance management systems in detail
and ensured that the Supervisory Board was appropriately informed.
The discussions at the eight meetings of the investment and capital expenditure committee during the 2022 fiscal year focused
on the respective status of the indirect minority stake in the operating company of Pulkovo Airport, St. Petersburg, the economic
development of the investment business, and the expansion measures in Germany and at foreign Group companies. Two of the
investment and capital expenditure committee meetings in 2022 were held as video conferences. All other meetings of the invest-
ment and capital expenditure committee held in 2022 were face-to-face meetings with the possibility of participating via video link.
A particular focus was on the expansion of Lima Airport and once again on the expansion in the southern part of Frankfurt Airport,
which was intensively discussed at all committee meetings in the presence of the management of the responsible Group company
Fraport Ausbau Süd GmbH, also with a view to the discussions by the plenary Supervisory Board.
An extraordinary meeting of the investment and capital expenditure committee addressed the discussions concerning the sub-
mission of a firm offer for the tender for the management of the retail areas at Baltimore Airport (USA), which was approved by
the committee.
The committee regularly dealt with the economic situation of the Group companies at the Frankfurt site and worldwide. The com-
mittee worked intensively on the planning of capital expenditure in the context of the 2022 Business Plan.
At its three meetings during the 2022 fiscal year, the human resources committee regularly discussed the personnel situation
in the Group, which continued to be impacted by the effects of the coronavirus pandemic. At the Frankfurt site, the focus was on
the subjects of short-time work, changes to the headcount and personnel expenses and salaries, as well as the development of
the management team. All meetings of the human resources committee held in 2022 were face-to-face meetings with the
possibility of participating via video link.
Further focal points of discussions included the increase in the percentage of women in executive and management positions, as
well as the empowerment initiative for managers.
The executive committee met three times during the reporting period. Two meetings of the executive committee were held in
person in 2022 and one meeting was held as a face-to-face meeting with the possibility of participating via video link. In addition,
during 2022, the executive committee passed one resolution by means of a written circular. It dealt with Executive Board matters
and remuneration issues arising in the 2022 fiscal year. It approved the take-over of functions in associations and committees by
Ms. Kranenberg as the successor to Executive Director Labor Relations, Mr. Michael Müller, who left at the end of September
2022.
The nomination committee, which was established in preparation for the election of new shareholder representatives, met once
(in person) and submitted a proposal to the Supervisory Board that Dr. Bastian Bergerhoff be recommended for election at the
2022 Annual General Meeting.
It was not necessary to convene the mediation committee, to be constituted in accordance with Section 27 of the German
Co-Determination Act (MitbestG), during the 2022 fiscal year.
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Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
7
German Commercial Code, HGB) and the 2023 Group Plan (prepared in accordance with IFRS). Furthermore, the committee
dealt with the awarding of the audit mandate to the auditor and made proposals to the plenum for the election of the auditor for
the 2022 fiscal year. As in previous years, the quality of the audit of accounts was monitored and the remuneration of the same
discussed. Furthermore, the issuing of mandates for non-audit-related services to the auditor was discussed. After the cyclical
change of the auditor for the 2013 fiscal year, it was once again proposed to the plenum to recommend PwC to the Annual General
Meeting as auditor for the 2022 fiscal year. Furthermore, with regard to the review of non-financial reporting, the recommendation
of the committee was in favor of this auditing company. A selection process took place, since a change of auditor was required
by law for the 2023 fiscal year, and the plenum recommended the selected audit firm, Deloitte GmbH Wirtschaftsprüfungsgesell-
schaft, Frankfurt am Main, to the Annual General Meeting to be selected as auditor for the 2023 fiscal year.
Further focal points of the discussions were asset and liability management as well as the regular supplementary reports to the
consolidated financial statements and/or the consolidated interim reports in accordance with Section 90 of the AktG. In addition,
the committee discussed risk management and the internal control, internal audit, and compliance management systems in detail
and ensured that the Supervisory Board was appropriately informed.
The discussions at the eight meetings of the investment and capital expenditure committee during the 2022 fiscal year focused
on the respective status of the indirect minority stake in the operating company of Pulkovo Airport, St. Petersburg, the economic
development of the investment business, and the expansion measures in Germany and at foreign Group companies. Two of the
investment and capital expenditure committee meetings in 2022 were held as video conferences. All other meetings of the invest-
ment and capital expenditure committee held in 2022 were face-to-face meetings with the possibility of participating via video link.
A particular focus was on the expansion of Lima Airport and once again on the expansion in the southern part of Frankfurt Airport,
which was intensively discussed at all committee meetings in the presence of the management of the responsible Group company
Fraport Ausbau Süd GmbH, also with a view to the discussions by the plenary Supervisory Board.
An extraordinary meeting of the investment and capital expenditure committee addressed the discussions concerning the sub-
mission of a firm offer for the tender for the management of the retail areas at Baltimore Airport (USA), which was approved by
the committee.
The committee regularly dealt with the economic situation of the Group companies at the Frankfurt site and worldwide. The com-
mittee worked intensively on the planning of capital expenditure in the context of the 2022 Business Plan.
At its three meetings during the 2022 fiscal year, the human resources committee regularly discussed the personnel situation
in the Group, which continued to be impacted by the effects of the coronavirus pandemic. At the Frankfurt site, the focus was on
the subjects of short-time work, changes to the headcount and personnel expenses and salaries, as well as the development of
the management team. All meetings of the human resources committee held in 2022 were face-to-face meetings with the
possibility of participating via video link.
Further focal points of discussions included the increase in the percentage of women in executive and management positions, as
well as the empowerment initiative for managers.
The executive committee met three times during the reporting period. Two meetings of the executive committee were held in
person in 2022 and one meeting was held as a face-to-face meeting with the possibility of participating via video link. In addition,
during 2022, the executive committee passed one resolution by means of a written circular. It dealt with Executive Board matters
and remuneration issues arising in the 2022 fiscal year. It approved the take-over of functions in associations and committees by
Ms. Kranenberg as the successor to Executive Director Labor Relations, Mr. Michael Müller, who left at the end of September
2022.
The nomination committee, which was established in preparation for the election of new shareholder representatives, met once
(in person) and submitted a proposal to the Supervisory Board that Dr. Bastian Bergerhoff be recommended for election at the
2022 Annual General Meeting.
It was not necessary to convene the mediation committee, to be constituted in accordance with Section 27 of the German
Co-Determination Act (MitbestG), during the 2022 fiscal year.
15
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To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
9
Training and education
The training and education measures required for the tasks of the members of the Supervisory Board are carried out
independently. The new members of the Supervisory Board were also adequately supported upon their appointment in 2022, and
the company continued its willingness to support the training and education measures for Supervisory Board members.
Meeting attendance
During the 2022 fiscal year, the members of the Supervisory Board attended meetings of the Supervisory Board and of the com-
mittees of which they were members as follows:
Attendance at Supervisory Board and committee meetings 2022
Member of the Supervisory Board
Supervisory Board
Michael Boddenberg (Chair)
Claudia Amier (until 30.04.2022)
Devrim Arslan
Uwe Becker (until 24.05.2022)
Dr. Bastian Bergerhoff (since
24.05.2022)
Ines Born (since 19.07.2022)
Hakan Bölükmese
6 / 6 (100%)
1 / 1 (100%)
6 / 6 (100%)
2 / 2 (100%)
4 / 4 (100%)
1 / 3 (33.33%)
6 / 6 (100%)
Finance and
audit committee
Investment
and capital
expenditure
committee
Human
resources
committee
Executive
committee
Nomination
committee
Committee in
accordance
with Section 27 of
the MitbestG
(Mediation
committee)
2 / 2 (100%)
0 / 1 (0%)
4 / 5 (80%)
(since 27.06.2022)
3 / 3 (100%)
3 / 3 (100%)
1 / 1 (100%)
3 / 3 (100%)
0 / 1 (0%)
1 / 2 (50%)
(since 27.06.2022)
- / -
- / -
1 / 1 (100%)
1 / 1 (100%)
- / -
(since 27.06.2022)
3 / 3 (100%)
(until 27.06.2022)
3 / 3 (100%)
2 / 2 (100%)
(since 27.06.2022)
- / -
(since 27.06.2022)
Hakan Cicek
6 / 6 (100%)
7 / 7 (100%)
Yvonne Dunkelmann (until 10.02.2022)
Peter Feldmann
Peter Gerber
Dr. Margarete Haase
Frank-Peter Kaufmann
Dr. Ulrich Kipper
Lothar Klemm
Karin Knappe (since 08.06.2022)
- / -
4 / 6 (66.67%)
5 / 6 (83.33%)
6 / 6 (100%)
6 / 6 (100%)
6 / 6 (100%)
6 / 6 (100%)
4 / 4 (100%)
Ramona Lindner (since 16.02.2022)
Mira Neumaier (until 30.06.2022)
Michael Odenwald
Matthias Pöschko
Qadeer Rana
Mathias Venema (Vice-Chair)
6 / 6 (100%)
3 / 3 (100%)
6 / 6 (100%)
5 / 6 (83.33%)
6 / 6 (100%)
6 / 6 (100%)
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
5 / 6 (83.33%)
5 / 6 (83.33%)
7 / 7 (100%)
7 / 7 (100%)
7 / 7 (100%)
8 / 8 (100%)
1 / 1 (100%)
(since 30.09.2022)
8 / 8 (100%)
5 / 5 (100%)
(since 27.06.2022)
7 / 8 (87.50%)
0 / 3 (0%)
3 / 3 (100%)
3 / 3 (100%)
3 / 3 (100%)
1 / 1 (100%)
(since 27.06.2022)
7 / 7 (100%)
3 / 3 (100%)
8 / 8 (100%)
3 / 3 (100%)
1 / 1 (100%)
the chairwoman of the finance and audit committee provided a comprehensive report on the treatment of the annual financial
statements and the consolidated financial statements in the finance and audit committee. A focal point of this reporting were the
key audit matters described in the auditor’s report. The Supervisory Board approved the results of the annual audit. After the
- / -
completion of the audit by the finance and audit committee and its own review, the Supervisory Board did not raise any objections.
The Supervisory Board approved the financial statements prepared by the Executive Board; the annual financial statements were
thus adopted.
As the profit of Fraport AG for the fiscal year 2022 after withdrawal from other revenue reserves to cover the net loss for the year
amounts to €0.0, the agenda for the 2023 Annual General Meeting does not provide for a resolution by the Annual General
7 / 7 (100%)
3 / 3 (100%)
(since 27.06.2022)
7 / 7 (100%)
3 / 3 (100%)
2 / 2 (100%)
(until 27.06.2022)
3 / 3 (100%)
2 / 3 (66.67%)
6 / 8 (75%)
3 / 3 (100%)
- / -
Meeting on the appropriation of this profit.
Corporate Governance and statements of compliance
Last year, the Executive Board and Supervisory Board also handled the implementation of the German Corporate Governance
Code (GCGC), including the amendments to the Code that entered into force in 2022.
In this context, the Supervisory Board has also continued its regular efficiency audit. This self-assessment was carried out during
the reporting year with external support from a consulting company and discussed in depth at the Supervisory Board meeting held
on December 15, 2022. The discussions focused on the composition and competence of the Supervisory Board, meeting
management and content, and its role and self-perception.
Further details on Corporate Governance and the wording of the current statement of compliance pursuant to Section 161 of the
AktG, released by the Executive Board and the Supervisory Board on December 15, 2022, are provided in the “Joint Statement
on Corporate Governance”. The current and past statements of compliance can also always be found on the Group’s website at
www.fraport.com/en/investors/corporate-governance.html.
16
Conflicts of interest and their treatment
There were no conflicts of interest between the supervisory boards and the executive boards in the 2022 fiscal year.
Audit of annual and consolidated financial statements as well as
remuneration report
PwC audited the annual financial statements of Fraport AG and the consolidated financial statements as at December 31, 2022,
as well as the combined management report, and issued an unqualified auditor’s report for each. The audit mandate was issued
by the chairpersons of the Supervisory Board in accordance with the resolution of the Annual General Meeting of May 24, 2022.
The separate financial statements and the combined management report were prepared in accordance with the regulations of the
HGB applicable to large capital companies and the consolidated financial statements were prepared in accordance with IFRS as
applicable in the EU. Furthermore, the German legal regulations to be applied in addition to Section 315e(1) of the HGB in the
preparation of the consolidated financial statements and the combined management report were applied. The separate financial
statements, consolidated financial statements, and the combined management report were audited by the auditor. The consoli-
dated financial statements and the combined management report meet the conditions for exemption from the preparation of
consolidated financial statements in accordance with German commercial law. According to the auditor, there is an early risk
warning system in place that meets the legal requirements and which makes it possible to identify developments that could
jeopardize the company as a going concern at an early stage.
The aforementioned documents and the proposal by the Executive Board for the utilization of the profit earmarked for distribution
were immediately sent to the Supervisory Board by the Executive Board. The finance and audit committee of the Supervisory
Board examined these documents extensively and the Supervisory Board also reviewed them personally. The audit reports of
PwC and the financial statements were available to all members of the Supervisory Board and were comprehensively dealt with
in the accounting meeting of the Supervisory Board on March 13, 2023, in the presence of the auditor, who reported on the
significant results of its audit and was available to respond to additional questions and provide further information. In the meeting,
The report prepared by the Executive Board on the relationships of Fraport AG with affiliated companies pursuant to Section 312
of the AktG (dependency report) for the period from January 1, 2022 to December 31, 2022 was submitted to the Supervisory
Board. The report concludes with the following statement of the Executive Board, which is also included in the combined
management report:
“The Executive Board declares that under the circumstances known to us at the time, Fraport AG received fair and adequate
compensation for each and every legal transaction conducted. During the reporting year, measures were neither taken nor omitted
at the request of or in the interests of the State of Hesse and the City of Frankfurt am Main and their affiliated companies.”
The auditor reviewed the report on the relationships with affiliated companies and issued the following auditor’s report:
“Based on our mandatory audit and the conclusions reached, we confirm that
1. the effective disclosures made in the report are correct,
2. the consideration paid by the company for the legal transactions referred to in the report was not unreasonably high.”
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
9
Conflicts of interest and their treatment
There were no conflicts of interest between the supervisory boards and the executive boards in the 2022 fiscal year.
Audit of annual and consolidated financial statements as well as
remuneration report
PwC audited the annual financial statements of Fraport AG and the consolidated financial statements as at December 31, 2022,
as well as the combined management report, and issued an unqualified auditor’s report for each. The audit mandate was issued
by the chairpersons of the Supervisory Board in accordance with the resolution of the Annual General Meeting of May 24, 2022.
The separate financial statements and the combined management report were prepared in accordance with the regulations of the
HGB applicable to large capital companies and the consolidated financial statements were prepared in accordance with IFRS as
applicable in the EU. Furthermore, the German legal regulations to be applied in addition to Section 315e(1) of the HGB in the
preparation of the consolidated financial statements and the combined management report were applied. The separate financial
statements, consolidated financial statements, and the combined management report were audited by the auditor. The consoli-
dated financial statements and the combined management report meet the conditions for exemption from the preparation of
consolidated financial statements in accordance with German commercial law. According to the auditor, there is an early risk
warning system in place that meets the legal requirements and which makes it possible to identify developments that could
jeopardize the company as a going concern at an early stage.
The aforementioned documents and the proposal by the Executive Board for the utilization of the profit earmarked for distribution
were immediately sent to the Supervisory Board by the Executive Board. The finance and audit committee of the Supervisory
Board examined these documents extensively and the Supervisory Board also reviewed them personally. The audit reports of
PwC and the financial statements were available to all members of the Supervisory Board and were comprehensively dealt with
in the accounting meeting of the Supervisory Board on March 13, 2023, in the presence of the auditor, who reported on the
significant results of its audit and was available to respond to additional questions and provide further information. In the meeting,
the chairwoman of the finance and audit committee provided a comprehensive report on the treatment of the annual financial
statements and the consolidated financial statements in the finance and audit committee. A focal point of this reporting were the
key audit matters described in the auditor’s report. The Supervisory Board approved the results of the annual audit. After the
completion of the audit by the finance and audit committee and its own review, the Supervisory Board did not raise any objections.
The Supervisory Board approved the financial statements prepared by the Executive Board; the annual financial statements were
thus adopted.
As the profit of Fraport AG for the fiscal year 2022 after withdrawal from other revenue reserves to cover the net loss for the year
amounts to €0.0, the agenda for the 2023 Annual General Meeting does not provide for a resolution by the Annual General
Meeting on the appropriation of this profit.
The report prepared by the Executive Board on the relationships of Fraport AG with affiliated companies pursuant to Section 312
of the AktG (dependency report) for the period from January 1, 2022 to December 31, 2022 was submitted to the Supervisory
Board. The report concludes with the following statement of the Executive Board, which is also included in the combined
management report:
“The Executive Board declares that under the circumstances known to us at the time, Fraport AG received fair and adequate
compensation for each and every legal transaction conducted. During the reporting year, measures were neither taken nor omitted
at the request of or in the interests of the State of Hesse and the City of Frankfurt am Main and their affiliated companies.”
The auditor reviewed the report on the relationships with affiliated companies and issued the following auditor’s report:
“Based on our mandatory audit and the conclusions reached, we confirm that
1. the effective disclosures made in the report are correct,
2. the consideration paid by the company for the legal transactions referred to in the report was not unreasonably high.”
17
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10
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
11
The auditor participated in the discussions with the Supervisory Board on March 13, 2023 on the report regarding the relationships
with affiliated companies and was available to the Supervisory Board to provide additional information. After the final result of the
audit of the dependency report, no objections were made to the declaration of the Executive Board at the end of the report, which
was also included in the combined management report. The outcome of the audit of the dependency report by the auditor was
approved.
PwC was also commissioned to review the content of the Remuneration Report of Fraport AG as at December 31, 2022 as
prepared by the Executive Board and the Supervisory Board. In addition to the formal examination required by law in accordance
with Section 162(1) and (2) AktG, the content of the Remuneration Report was also reviewed. Based on the substantive audit, the
auditor was able to form an opinion on this with reasonable assurance and confirmed in the context of the audit report that the
Remuneration Report complies with the provisions of Section 162 of the AktG in all material respects. The audit report is attached
to the Remuneration Report.
Audit of the non-financial statement
The Supervisory Board is also responsible for auditing the content of the combined non-financial statement. As part of the prepa-
ration for this audit, the auditor, PwC, was commissioned to prepare a voluntary audit of the combined non-financial statement
with limited assurance. The finance and audit committee of the Supervisory Board examined the combined non-financial statement
extensively and it was also reviewed by the Supervisory Board.
At the accounting meeting of the Supervisory Board on March 13, 2023, the auditor, in addition to the results of its audit of the
financial reporting, also reported on the significant results of its audit of the combined non-financial statement and, in this regard,
was available for additional questions and information.
The following changes were subsequently made to the Supervisory Board:
• Ms. Claudia Amier left the Supervisory Board due to the termination of her employment relationship with the company.
• On June 8, 2022, Ms. Karin Knappe was appointed by the court as a member of the Supervisory Board for a limited term
until the beginning of the next regular term of office of the new employee representatives to be elected in 2023.
• Due to his appointment as State Secretary for European Affairs of the State of Hesse and his previous resignation from
Frankfurt/Main City Council, Mr. Uwe Becker resigned from his position on the Supervisory Board with effect from the
close of the Annual General Meeting held on May 24, 2022.
• Dr. Bastian Bergerhoff, City Treasurer and Head of Finance, Investments, and Human Resources for the City of
Frankfurt/Main, was elected to the Supervisory Board as a shareholder representative with effect from the close of the
Annual General Meeting held on May 24, 2022 until the close of the Annual General Meeting at which the actions of the
members of the Supervisory Board are formally approved for the 2022 fiscal year.
• Ms. Mira Neumaier resigned from her position as a member of the Supervisory Board with effect from June 30, 2022.
• On July 19, 2022, Ms. Ines Born was appointed by the court as a member of the Supervisory Board for a limited term
until the beginning of the next regular term of office of the new employee representatives to be elected in 2023.
• Mr. Qadeer Rana vacated his position from the Supervisory Board of Fraport AG on the occasion of the transfer of the
majority shareholding in FraSec Aviation Security GmbH to the Dr. Sasse Group at the beginning of January 2023.
Ultimately, it was determined that the combined non-financial statement is correct and complies with the requirements under
German commercial law.
• Mr. Peter Gerber resigned from the Supervisory Board with effect from January 31, 2023.
Personnel particulars
During the 2022 reporting year, as has previously been reported in the Annual Report for the 2021 fiscal year, at the request of
the Supervisory Board, the District Court (Amtsgericht) Frankfurt/Main performed the judicial (replacement) appointment of the
employee representatives on the Supervisory Board after the election of those representatives was declared legally invalid.
On February 16, 2022, the District Court Frankfurt/Main appointed
Frankfurt am Main, March 13, 2023
Minister Michael Boddenberg
(Chairman of the Supervisory Board)
• Ms. Claudia Amier,
• Mr. Devrim Arslan,
• Mr. Hakan Bölükmese,
• Mr. Hakan Cicek,
• Dr. Ulrich Kipper,
• Ms. Ramona Lindner,
• Mr. Matthias Pöschko,
• Mr. Qadeer Rana and
• Mr. Mathias Venema
as employee representatives to the Supervisory Board in accordance with the appeal, for a limited term until the beginning of the
next regular term of office of the new employee representatives to be elected in 2023.
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To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Report of the Supervisory Board
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The auditor participated in the discussions with the Supervisory Board on March 13, 2023 on the report regarding the relationships
The following changes were subsequently made to the Supervisory Board:
with affiliated companies and was available to the Supervisory Board to provide additional information. After the final result of the
audit of the dependency report, no objections were made to the declaration of the Executive Board at the end of the report, which
• Ms. Claudia Amier left the Supervisory Board due to the termination of her employment relationship with the company.
was also included in the combined management report. The outcome of the audit of the dependency report by the auditor was
approved.
PwC was also commissioned to review the content of the Remuneration Report of Fraport AG as at December 31, 2022 as
prepared by the Executive Board and the Supervisory Board. In addition to the formal examination required by law in accordance
with Section 162(1) and (2) AktG, the content of the Remuneration Report was also reviewed. Based on the substantive audit, the
auditor was able to form an opinion on this with reasonable assurance and confirmed in the context of the audit report that the
Remuneration Report complies with the provisions of Section 162 of the AktG in all material respects. The audit report is attached
to the Remuneration Report.
Audit of the non-financial statement
The Supervisory Board is also responsible for auditing the content of the combined non-financial statement. As part of the prepa-
ration for this audit, the auditor, PwC, was commissioned to prepare a voluntary audit of the combined non-financial statement
with limited assurance. The finance and audit committee of the Supervisory Board examined the combined non-financial statement
extensively and it was also reviewed by the Supervisory Board.
At the accounting meeting of the Supervisory Board on March 13, 2023, the auditor, in addition to the results of its audit of the
financial reporting, also reported on the significant results of its audit of the combined non-financial statement and, in this regard,
was available for additional questions and information.
• On June 8, 2022, Ms. Karin Knappe was appointed by the court as a member of the Supervisory Board for a limited term
until the beginning of the next regular term of office of the new employee representatives to be elected in 2023.
• Due to his appointment as State Secretary for European Affairs of the State of Hesse and his previous resignation from
Frankfurt/Main City Council, Mr. Uwe Becker resigned from his position on the Supervisory Board with effect from the
close of the Annual General Meeting held on May 24, 2022.
• Dr. Bastian Bergerhoff, City Treasurer and Head of Finance, Investments, and Human Resources for the City of
Frankfurt/Main, was elected to the Supervisory Board as a shareholder representative with effect from the close of the
Annual General Meeting held on May 24, 2022 until the close of the Annual General Meeting at which the actions of the
members of the Supervisory Board are formally approved for the 2022 fiscal year.
• Ms. Mira Neumaier resigned from her position as a member of the Supervisory Board with effect from June 30, 2022.
• On July 19, 2022, Ms. Ines Born was appointed by the court as a member of the Supervisory Board for a limited term
until the beginning of the next regular term of office of the new employee representatives to be elected in 2023.
• Mr. Qadeer Rana vacated his position from the Supervisory Board of Fraport AG on the occasion of the transfer of the
majority shareholding in FraSec Aviation Security GmbH to the Dr. Sasse Group at the beginning of January 2023.
Ultimately, it was determined that the combined non-financial statement is correct and complies with the requirements under
• Mr. Peter Gerber resigned from the Supervisory Board with effect from January 31, 2023.
During the 2022 reporting year, as has previously been reported in the Annual Report for the 2021 fiscal year, at the request of
Frankfurt am Main, March 13, 2023
the Supervisory Board, the District Court (Amtsgericht) Frankfurt/Main performed the judicial (replacement) appointment of the
employee representatives on the Supervisory Board after the election of those representatives was declared legally invalid.
On February 16, 2022, the District Court Frankfurt/Main appointed
Minister Michael Boddenberg
(Chairman of the Supervisory Board)
German commercial law.
Personnel particulars
• Ms. Claudia Amier,
• Mr. Devrim Arslan,
• Mr. Hakan Bölükmese,
• Mr. Hakan Cicek,
• Dr. Ulrich Kipper,
• Ms. Ramona Lindner,
• Mr. Matthias Pöschko,
• Mr. Qadeer Rana and
• Mr. Mathias Venema
as employee representatives to the Supervisory Board in accordance with the appeal, for a limited term until the beginning of the
next regular term of office of the new employee representatives to be elected in 2023.
19
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
12
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
13
Joint Statement on Corporate Governance
Disclosures on other corporate management practices
Beyond the statutory provisions, Fraport applies the following corporate management practices:
The Fraport AG Executive Board reports – also in the name of the Supervisory Board – on the contents subject to the reporting
requirements pursuant to Section 289f of the HGB for Fraport AG as well as for the Fraport Group (Fraport AG and fully consoli-
dated Group companies, hereinafter referred to as “Fraport”) as part of a joint statement on corporate governance pursuant to
Section 289f, and Section 315d in conjunction with Section 289f of the HGB, in order to enable a general statement on the Group’s
corporate governance principles. In this context, the Executive Board and Supervisory Board report in accordance with Principle
23 of the German Corporate Governance Code in its amended version from April 28, 2022 as published on June 27, 2022 (here-
inafter: GCGC) on the corporate governance of the company.
The term “corporate governance” at Fraport means responsible corporate management and monitoring. The objectives of
corporate governance at Fraport are long-term economic enhancement and creating as well as strengthening confidence among
investors, customers, employees, and the public. Good corporate governance therefore has top priority at Fraport. In this context,
efficient collaboration between the Executive Board and the Supervisory Board is as important as protecting shareholders’
interests and maintaining open and transparent corporate communications. Fraport monitors the national and international devel-
opments in this area and regularly reviews its own corporate practices in connection with new legal regulations and revised
national and international standards, and modifies it to meet these as required.
In accordance with Section 317(2) sentence 6 of the HGB, the following information pursuant to Sections 289f(2) and (5) and
315d of the HGB has been included by the auditor in the audit of the annual financial statements only to the extent that the auditor
verified whether the information was actually given.
Statement of compliance pursuant to Section 161 of the German Stock
Corporation Act (AktG)
As a publicly listed corporation headquartered in Germany, corporate governance at Fraport AG primarily orients itself to German
stock corporation law, capital market law, and the suggestions and recommendations of the GCGC as amended. The GCGC is a
major legal regulation for the management and supervision of German publicly listed companies and contains internationally and
nationally recognized standards of good and responsible corporate governance in the form of recommendations and suggestions.
There is no obligation to implement the suggestions and recommendations of the GCGC. However, under Section 161 of the
AktG, the Executive Board and the Supervisory Board are obliged to issue an annual statement of compliance and to report and
justify any deviations from the recommendations of the GCGC.
Statement of compliance of December 15, 2022
The Executive Board and the Supervisory Board last issued the following statement of compliance under Section 161 of the AktG
on December 15, 2022:
“The last annual statement of compliance was issued on December 16, 2021. Since then, Fraport AG has complied with the
recommendations made by the Government Commission on the German Corporate Governance Code in the amended version
of December 16, 2019 (GCGC 2019).
Fraport AG has also complied with and will continue to comply with all recommendations made on June 27, 2022 by the Govern-
ment Commission on the German Corporate Governance Code in the amended version of April 28, 2022 (GCGC 2022).”
The statement of compliance was promptly made permanently available to the shareholders on the company’s website at
Corporate Governance (fraport.com).
GCGC recommendations
Fraport AG also voluntarily complies with the recommendations of the GCGC.
20
Compliance
ployees must comply with.
Ensuring the integrity of all employees worldwide is of great importance to Fraport. Compliance is a key prerequisite for the future
viability of the company. In order to ensure compliance with the rules, guidelines are applied within the Fraport Group that em-
The Code of Conduct for Employees that applies worldwide to the Fraport Group reflects the culture of values practiced at Fraport
and stipulates the requirement to act responsibly and appropriately when dealing with the economic, legal, and moral challenges
of everyday business. The Code of Conduct was completely overhauled in 2021 and the revised version was implemented within
the Fraport Group in 2022.
There are several ways for employees and customers around the world to report potential compliance breaches securely and in
confidence. The information received is carefully and conscientiously evaluated and examined. Compliance breaches are
systematically penalized, and any grievances are remedied.
Fraport employees are regularly informed on the topic of compliance through various internal channels and undergo training
courses. The Code of Conduct for Employees and other compliance guidelines in place at the Fraport Group are available to
employees on the corresponding information platforms.
In its Supplier Code of Conduct, Fraport describes the requirements and principles for cooperation with contractors, suppliers,
and service providers. The contractually agreed Supplier Code of Conduct obliges them to comply with the applicable national
laws and the relevant internationally recognized standards, guidelines, and principles, as also stipulated in the Code of Conduct
for Employees.
The Compliance Management System (CMS) at Fraport is a systematic tool for ensuring legal and compliant behavior within the
Group. The objective of the CMS is to ensure corporate management based on values and with integrity that goes beyond the
mere fulfillment of standards.
The CMS of Fraport AG is based on and starts with a rolling compliance risk analysis (CRA), which was last carried out in 2022
and the main areas of focus of which include the fight against corruption.
The compliance system in place within the Fraport Group must differentiate between central and local levels. Every member of
the Executive Board of Fraport AG is also responsible for the organization of compliance within the Fraport Group. It has assigned
the Head of the Legal Affairs and Compliance central unit, who also serves as Chief Compliance Officer, to develop, organize,
and operate the CMS of Fraport AG. The Group companies are obliged to set up a local CMS in accordance with the minimum
standards set out in the relevant Group guidelines. Responsibility for the individual CMS within the Group lies with the local
management of the respective Group company. The central CMS organization is responsible for the Group’s requirements with
regard to the minimum standards for the design of the local CMS and monitoring of compliance with those requirements. The
finance and audit committee of the Supervisory Board is informed at least once per year of the status of the CMS within Fraport
AG and the Group by the Executive Board.
Responsible corporate governance
Fraport is a community and partnership-oriented group. Fraport aims to remain competitive at all sites and in all operational units
and thereby secure jobs with fair and just working conditions. Fraport offers good working conditions based on collective bargain-
ing agreements, professional and personal development pathways, and a highly developed corporate ethic. Although the corona-
virus pandemic once again forced the need for some short-time work schedules in 2022 in order to continue to keep the company
profitable and competitive under changing market conditions, Fraport still aims to provide high job security for all employees.
Holistic, integrated health and safety at the workplace is also an essential part of the overall corporate responsibility of Fraport,
especially when facing the coronavirus pandemic. Comprehensive protective measures have been taken at both the Frankfurt
site and the Group airports.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
13
Disclosures on other corporate management practices
Beyond the statutory provisions, Fraport applies the following corporate management practices:
Compliance
Ensuring the integrity of all employees worldwide is of great importance to Fraport. Compliance is a key prerequisite for the future
viability of the company. In order to ensure compliance with the rules, guidelines are applied within the Fraport Group that em-
ployees must comply with.
The Code of Conduct for Employees that applies worldwide to the Fraport Group reflects the culture of values practiced at Fraport
and stipulates the requirement to act responsibly and appropriately when dealing with the economic, legal, and moral challenges
of everyday business. The Code of Conduct was completely overhauled in 2021 and the revised version was implemented within
the Fraport Group in 2022.
There are several ways for employees and customers around the world to report potential compliance breaches securely and in
confidence. The information received is carefully and conscientiously evaluated and examined. Compliance breaches are
systematically penalized, and any grievances are remedied.
Fraport employees are regularly informed on the topic of compliance through various internal channels and undergo training
courses. The Code of Conduct for Employees and other compliance guidelines in place at the Fraport Group are available to
employees on the corresponding information platforms.
In its Supplier Code of Conduct, Fraport describes the requirements and principles for cooperation with contractors, suppliers,
and service providers. The contractually agreed Supplier Code of Conduct obliges them to comply with the applicable national
laws and the relevant internationally recognized standards, guidelines, and principles, as also stipulated in the Code of Conduct
for Employees.
The Compliance Management System (CMS) at Fraport is a systematic tool for ensuring legal and compliant behavior within the
Group. The objective of the CMS is to ensure corporate management based on values and with integrity that goes beyond the
mere fulfillment of standards.
The CMS of Fraport AG is based on and starts with a rolling compliance risk analysis (CRA), which was last carried out in 2022
and the main areas of focus of which include the fight against corruption.
The compliance system in place within the Fraport Group must differentiate between central and local levels. Every member of
the Executive Board of Fraport AG is also responsible for the organization of compliance within the Fraport Group. It has assigned
the Head of the Legal Affairs and Compliance central unit, who also serves as Chief Compliance Officer, to develop, organize,
and operate the CMS of Fraport AG. The Group companies are obliged to set up a local CMS in accordance with the minimum
standards set out in the relevant Group guidelines. Responsibility for the individual CMS within the Group lies with the local
management of the respective Group company. The central CMS organization is responsible for the Group’s requirements with
regard to the minimum standards for the design of the local CMS and monitoring of compliance with those requirements. The
finance and audit committee of the Supervisory Board is informed at least once per year of the status of the CMS within Fraport
AG and the Group by the Executive Board.
Responsible corporate governance
Fraport is a community and partnership-oriented group. Fraport aims to remain competitive at all sites and in all operational units
and thereby secure jobs with fair and just working conditions. Fraport offers good working conditions based on collective bargain-
ing agreements, professional and personal development pathways, and a highly developed corporate ethic. Although the corona-
virus pandemic once again forced the need for some short-time work schedules in 2022 in order to continue to keep the company
profitable and competitive under changing market conditions, Fraport still aims to provide high job security for all employees.
Holistic, integrated health and safety at the workplace is also an essential part of the overall corporate responsibility of Fraport,
especially when facing the coronavirus pandemic. Comprehensive protective measures have been taken at both the Frankfurt
site and the Group airports.
21
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
14
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
15
The Fraport Group is also committed to maintaining a sustainable, conserving, and preventive approach to natural resources and
the environment. The Executive Board and Supervisory Board have dealt with the topic of sustainability to a particular extent over
the past two years. The stated goal for Fraport AG and the Fraport Group is to be climate neutral by 2045 within scopes 1 (direct
emissions) and 2 (indirect emissions). Ambitious milestones for CO2 reductions on the path towards climate neutrality by 2045
were agreed for both Fraport AG and the Fraport Group with a view to achieving this goal. In 2022, a “decarbonization master
plan” was adopted to enable Fraport to meet its sustainability goals.
The Executive Board ensures that it takes account of sustainability-related goals in its resolutions concerning key corporate deci-
sions. In addition to financial goals, the corporate strategy also includes ecological and social goals and reflects the basic under-
standing of Fraport of balanced corporate management. Using non-financial indicators, such as CO2 emissions, which are meas-
ured as at December 31 and June 30, and employee satisfaction, which is determined every two years, the company measures
the degree of target achievement. Corporate planning includes projects and measures aimed at achieving the financial and
sustainability-related goals, provided the decision has been made to implement these.
Lastly, Fraport AG is socially and culturally involved by sponsoring associations and supporting volunteer activities.
Further corporate governance practices are publicly available on the Company's website at
www.fraport.com.
Structure and functioning of the Executive Board and Supervisory Board
For Fraport, a responsible and transparent corporate governance and monitoring framework is the cornerstone for creating value
and trust. In accordance with the statutory provisions, Fraport AG is subject to a “dual governance system,” which is achieved by
the strict separation of personnel in the management and monitoring bodies (two-tier board). The Executive Board manages
Fraport AG, and the Supervisory Board monitors the Executive Board. The members of the Executive Board and the Supervisory
Board work closely together in the interests of the company.
Executive Board
The Executive Board of Fraport AG is comprised of the following five members: Dr. Stefan Schulte (Chair), Anke Giesen,
Julia Kranenberg, Dr. Pierre Dominique Prümm, and Prof. Dr. Matthias Zieschang. With effect from November 1, 2022, Julia
Kranenberg joined the Fraport AG Executive Board as Executive Director Labor Relations, taking over from the long-standing
Executive Board member, Michael Müller, who left the Executive Board at the end of September 2022.
As the management body, the Executive Board conducts the business of the company. It is bound by the company’s interests
and corporate sociopolitical principles within the framework of stock corporation law. In addition, its work is based on the rules of
procedure, which have been approved by the Supervisory Board. The schedule of responsibilities for the Executive Board, which
governs the allocation of responsibilities, is also attached to the rules of procedure as an annex.
On this basis, the Executive Board reports to the Supervisory Board on all relevant matters of business development, corporate
strategy, and possible risks in a regular, timely, and comprehensive manner. In addition, the Executive Board must have the prior
approval of the Supervisory Board for certain material matters, particularly for capital expenditure and equity investment measures
above a value of €10 million, to the extent that this is not provided for in a business plan approved by the Supervisory Board. The
length of the appointment of the Executive Board members is geared toward the long term and has thus far been five years as
standard. Deviation from this standard, during its meeting held on June 21, 2021, the Supervisory Board extended the appointment
of Prof. Dr. Zieschang as a member of the Executive Board for a further three years and ten months with effect from April 1, 2022
until January 31, 2026, and during its meeting held on March 14, 2022 it extended the appointment of Ms. Anke Giesen for a
further three years with effect from January 1, 2023. The age limit for members of the Executive Board has, in principle, been set
at 65. Remuneration of the Executive Board comprises fixed and performance-related components. The Remuneration Report for
the 2022 fiscal year, the auditor’s report as per Section 162 of the AktG, and the applicable remuneration system for the Executive
Board are published at
www.fraport.com/publications.
22
The Executive Board usually meets every week and constitutes a quorum if at least half of its members participate in the meeting.
Resolutions are adopted by a simple majority of all the participating members of the Executive Board. In the case of a tied vote,
the chair holds the casting vote.
Further information on the members of the Executive Board as well as their memberships to be disclosed in accordance with
Section 285(10) of the HGB and information on the respective areas of responsibility can be found in note 55 of the Group Notes
as part of the 2022 Annual Report. CVs of the members of the Executive Board are available on the company’s website under
Executive Board (fraport.com).
Supervisory Board
The Supervisory Board of Fraport AG supervises the activities of the Executive Board. It is composed of an equal number of
shareholder and employee representatives and comprises in principle 20 members. The ten shareholder representatives are
elected by the Annual General Meeting, and the ten employee representatives are elected by the employees in accordance with
the German Co-Determination Act (MitbestG) for five years. The Supervisory Board has created rules of procedure, under which
it has a quorum if – on the basis of a proper notice of meeting – at least half of its members participate in the voting in person or
through submission of written votes. Resolutions are adopted with a simple majority unless otherwise mandated by law.
In the event of a tied vote, the Chair of the Supervisory Board, who must be a shareholder representative, shall be entitled to
a second vote. Beyond this, the rules of procedure provide for, in particular, the creation and powers of committees of the
Supervisory Board.
The Supervisory Board generally meets four times per year (2022: six meetings, including one strategy meeting) and regularly
reviews the efficiency of its activities and those of its committees. In 2022, the self-assessment was completed with external
support from a consulting company and discussed in depth at the Supervisory Board meeting held on December 15, 2022. The
discussions focused on the internal audit System and the risk management system, including the compliance management
system, sustainability, and questions surrounding the composition and competence of the Supervisory Board, its meetings and
management thereof, and its role and self-perception.
The Supervisory Board reviews its activities in the past fiscal year on an annual basis in the Supervisory Board report. The
Supervisory Board report for the 2022 fiscal year can be found under “To Our Shareholders” in the 2022 Fraport Annual Report.
The Remuneration Report for the 2022 fiscal year, the auditor’s report as per Section 162 of the AktG, the applicable remuneration
system for the Executive Board, and the most recent remuneration resolution as per Section 113(3) of the AktG are published at
www.fraport.com/publications.
At the time of publication of this joint statement on corporate governance, the Supervisory Board was composed as follows:
Composition of the Supervisory Board
Representatives of the shareholders
Michael Boddenberg (Chair)
(Member of Supervisory Board since 26.05.2020)
Dr. Bastian Bergerhoff
(Member of Supervisory Board since 24.05.2022)
Representatives of the employees
Mathias Venema (Vice Chair)
(Member of Supervisory Board since 01.07.2020 until 10.02.2022 and since 16.02.2022)
(Member of Supervisory Board since 31.05.2013 until 10.02.2022 and since 16.02.2022)
Peter Feldmann
Dr. Margarete Haase
Frank-Peter Kaufmann
Lothar Klemm
Michael Odenwald
Sonja Wärntges
(Member of Supervisory Board since 03.09.2012)
(Member of Supervisory Board since 29.05.2018 until 10.02.2022 and since 16.02.2022)
(Member of Supervisory Board since 01.01.2011)
(Member of Supervisory Board since 19.07.2022)
(Member of Supervisory Board since 30.05.2014)
(Member of Supervisory Board since 31.05.2013 until 10.02.2022 and since 16.02.2022)
(Member of Supervisory Board since 10.05.1999)
(Member of Supervisory Board since 29.05.2018 until 10.02.2022 and since 16.02.2022)
(Member of Supervisory Board since 11.12.2012)
(Member of Supervisory Board since 08.06.2022)
(Member of Supervisory Board since 16.10.2020)
Prof. Dr.-Ing. Katja Windt
(Member of Supervisory Board since 11.05.2012)
(Member of Supervisory Board since 16.02.2022)
(Member of Supervisory Board since 01.01.2021 until 10.02.2022 and since 16.02.2022)
Devrim Arslan
Hakan Bölükmese
Ines Born
Hakan Cicek
Dr. Ulrich Kipper
Karin Knappe
Ramona Lindner
Matthias Pöschko
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
14
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
15
The Fraport Group is also committed to maintaining a sustainable, conserving, and preventive approach to natural resources and
the environment. The Executive Board and Supervisory Board have dealt with the topic of sustainability to a particular extent over
the past two years. The stated goal for Fraport AG and the Fraport Group is to be climate neutral by 2045 within scopes 1 (direct
emissions) and 2 (indirect emissions). Ambitious milestones for CO2 reductions on the path towards climate neutrality by 2045
were agreed for both Fraport AG and the Fraport Group with a view to achieving this goal. In 2022, a “decarbonization master
plan” was adopted to enable Fraport to meet its sustainability goals.
The Executive Board usually meets every week and constitutes a quorum if at least half of its members participate in the meeting.
Resolutions are adopted by a simple majority of all the participating members of the Executive Board. In the case of a tied vote,
the chair holds the casting vote.
Further information on the members of the Executive Board as well as their memberships to be disclosed in accordance with
Section 285(10) of the HGB and information on the respective areas of responsibility can be found in note 55 of the Group Notes
as part of the 2022 Annual Report. CVs of the members of the Executive Board are available on the company’s website under
The Executive Board ensures that it takes account of sustainability-related goals in its resolutions concerning key corporate deci-
Executive Board (fraport.com).
sions. In addition to financial goals, the corporate strategy also includes ecological and social goals and reflects the basic under-
standing of Fraport of balanced corporate management. Using non-financial indicators, such as CO2 emissions, which are meas-
Supervisory Board
ured as at December 31 and June 30, and employee satisfaction, which is determined every two years, the company measures
the degree of target achievement. Corporate planning includes projects and measures aimed at achieving the financial and
sustainability-related goals, provided the decision has been made to implement these.
Lastly, Fraport AG is socially and culturally involved by sponsoring associations and supporting volunteer activities.
Further corporate governance practices are publicly available on the Company's website at
www.fraport.com.
Structure and functioning of the Executive Board and Supervisory Board
For Fraport, a responsible and transparent corporate governance and monitoring framework is the cornerstone for creating value
and trust. In accordance with the statutory provisions, Fraport AG is subject to a “dual governance system,” which is achieved by
the strict separation of personnel in the management and monitoring bodies (two-tier board). The Executive Board manages
Fraport AG, and the Supervisory Board monitors the Executive Board. The members of the Executive Board and the Supervisory
Board work closely together in the interests of the company.
Executive Board
The Executive Board of Fraport AG is comprised of the following five members: Dr. Stefan Schulte (Chair), Anke Giesen,
Julia Kranenberg, Dr. Pierre Dominique Prümm, and Prof. Dr. Matthias Zieschang. With effect from November 1, 2022, Julia
Kranenberg joined the Fraport AG Executive Board as Executive Director Labor Relations, taking over from the long-standing
Executive Board member, Michael Müller, who left the Executive Board at the end of September 2022.
The Supervisory Board of Fraport AG supervises the activities of the Executive Board. It is composed of an equal number of
shareholder and employee representatives and comprises in principle 20 members. The ten shareholder representatives are
elected by the Annual General Meeting, and the ten employee representatives are elected by the employees in accordance with
the German Co-Determination Act (MitbestG) for five years. The Supervisory Board has created rules of procedure, under which
it has a quorum if – on the basis of a proper notice of meeting – at least half of its members participate in the voting in person or
through submission of written votes. Resolutions are adopted with a simple majority unless otherwise mandated by law.
In the event of a tied vote, the Chair of the Supervisory Board, who must be a shareholder representative, shall be entitled to
a second vote. Beyond this, the rules of procedure provide for, in particular, the creation and powers of committees of the
Supervisory Board.
The Supervisory Board generally meets four times per year (2022: six meetings, including one strategy meeting) and regularly
reviews the efficiency of its activities and those of its committees. In 2022, the self-assessment was completed with external
support from a consulting company and discussed in depth at the Supervisory Board meeting held on December 15, 2022. The
discussions focused on the internal audit System and the risk management system, including the compliance management
system, sustainability, and questions surrounding the composition and competence of the Supervisory Board, its meetings and
management thereof, and its role and self-perception.
The Supervisory Board reviews its activities in the past fiscal year on an annual basis in the Supervisory Board report. The
Supervisory Board report for the 2022 fiscal year can be found under “To Our Shareholders” in the 2022 Fraport Annual Report.
The Remuneration Report for the 2022 fiscal year, the auditor’s report as per Section 162 of the AktG, the applicable remuneration
system for the Executive Board, and the most recent remuneration resolution as per Section 113(3) of the AktG are published at
As the management body, the Executive Board conducts the business of the company. It is bound by the company’s interests
www.fraport.com/publications.
and corporate sociopolitical principles within the framework of stock corporation law. In addition, its work is based on the rules of
procedure, which have been approved by the Supervisory Board. The schedule of responsibilities for the Executive Board, which
At the time of publication of this joint statement on corporate governance, the Supervisory Board was composed as follows:
governs the allocation of responsibilities, is also attached to the rules of procedure as an annex.
On this basis, the Executive Board reports to the Supervisory Board on all relevant matters of business development, corporate
strategy, and possible risks in a regular, timely, and comprehensive manner. In addition, the Executive Board must have the prior
approval of the Supervisory Board for certain material matters, particularly for capital expenditure and equity investment measures
above a value of €10 million, to the extent that this is not provided for in a business plan approved by the Supervisory Board. The
length of the appointment of the Executive Board members is geared toward the long term and has thus far been five years as
standard. Deviation from this standard, during its meeting held on June 21, 2021, the Supervisory Board extended the appointment
of Prof. Dr. Zieschang as a member of the Executive Board for a further three years and ten months with effect from April 1, 2022
until January 31, 2026, and during its meeting held on March 14, 2022 it extended the appointment of Ms. Anke Giesen for a
further three years with effect from January 1, 2023. The age limit for members of the Executive Board has, in principle, been set
at 65. Remuneration of the Executive Board comprises fixed and performance-related components. The Remuneration Report for
the 2022 fiscal year, the auditor’s report as per Section 162 of the AktG, and the applicable remuneration system for the Executive
Board are published at
www.fraport.com/publications.
Composition of the Supervisory Board
Representatives of the shareholders
Michael Boddenberg (Chair)
(Member of Supervisory Board since 26.05.2020)
Dr. Bastian Bergerhoff
(Member of Supervisory Board since 24.05.2022)
Peter Feldmann
(Member of Supervisory Board since 03.09.2012)
Dr. Margarete Haase
(Member of Supervisory Board since 01.01.2011)
Frank-Peter Kaufmann
(Member of Supervisory Board since 30.05.2014)
Lothar Klemm
(Member of Supervisory Board since 10.05.1999)
Michael Odenwald
(Member of Supervisory Board since 11.12.2012)
Sonja Wärntges
(Member of Supervisory Board since 16.10.2020)
Prof. Dr.-Ing. Katja Windt
(Member of Supervisory Board since 11.05.2012)
Representatives of the employees
Mathias Venema (Vice Chair)
(Member of Supervisory Board since 01.07.2020 until 10.02.2022 and since 16.02.2022)
Devrim Arslan
(Member of Supervisory Board since 31.05.2013 until 10.02.2022 and since 16.02.2022)
Hakan Bölükmese
(Member of Supervisory Board since 29.05.2018 until 10.02.2022 and since 16.02.2022)
Ines Born
(Member of Supervisory Board since 19.07.2022)
Hakan Cicek
(Member of Supervisory Board since 31.05.2013 until 10.02.2022 and since 16.02.2022)
Dr. Ulrich Kipper
(Member of Supervisory Board since 29.05.2018 until 10.02.2022 and since 16.02.2022)
Karin Knappe
(Member of Supervisory Board since 08.06.2022)
Ramona Lindner
(Member of Supervisory Board since 16.02.2022)
Matthias Pöschko
(Member of Supervisory Board since 01.01.2021 until 10.02.2022 and since 16.02.2022)
23
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
16
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
17
In the course of a legally binding challenge to the elections of employee representatives on the Supervisory Board, the elected
members left the Supervisory Board on February 10, 2022. Until the resolution on the challenge became final, the persons whose
election was contested remained full members of the Supervisory Board. By decision of February 16, 2022, the Register Court of
the District Court (Amtsgericht) Frankfurt/Main ordered a judicial replacement appointment for the departed members of the Su-
pervisory Board at the request of the Executive Board. In addition to co-determination considerations, the appeal and the judicial
(replacement) appointment also took into account and complied with the requirements of stock corporation law for the proportion
of women on a supervisory board. This also applies to the judicial appointment of Ms. Ines Born to succeed Mira Neumaier, who
left the Supervisory Board in 2022, and the judicial appointment of Ms. Karin Knappe to succeed Claudia Amier, who left the
Supervisory Board in 2022.
Mr. Qadeer Rana vacated his position from the Supervisory Board of Fraport AG on the occasion of the transfer of the majority
shareholding in FraSec Aviation Security GmbH to the Dr. Sasse Group at the beginning of January 2023.
Further information on the members of the Supervisory Board as well as their memberships to be disclosed in accordance with
Section 285(10) of the HGB can be found in note 56 of the Group Notes as part of the 2022 Fraport Annual Report. CVs of the
Supervisory Board & Economic Advisory
members of the Supervisory Board are available on the company’s website under
(fraport.com).
Committees of the Supervisory Board
The Supervisory Board has formed the following committees based on the statutory provisions and the provisions of its rules of
procedure. The following table provides an overview of the tasks, the regulated number of meetings, the actual number of
meetings in the past fiscal year, the planned number of members, and the actual number of members as at the date of publication
of this statement.
24
Committees of the Supervisory Board
Committee
Functions
Regular
Meetings
Regular
Members
number of
meetings
2022
number of
members
Finance and audit committee > Preparation of resolutions in the area of finance and
4
7
8 Dr. Margarete Haase (Chair)
audit-related resolutions
> Addressing in particular
> the audit of accounts
> the supervision of the accounting process
> the effectiveness of the internal control system,
the risk management system, the internal audit system, the
audit of accounts, and compliance
> Statement of opinion
> on the business plan and plan changes that require
approval, on the annual and consolidated financial state-
ments, on the Executive Board recommendation for the ap-
propriation of profits, on the combined management report,
on the combined non-financial statement, on the audit report
of the auditor of the financial statements and of other audi-
tors, on the Supervisory Board’s recommendation for the au-
dit report, and on the discharge of the Executive Board
> on the awarding of the audit mandate to the auditor, the
fee agreement and the stipulation of the focus of the audit
> The finance and audit committee is responsible for the
auditor selection process
> It monitors the independence of the auditor and the quality
of the audit of accounts. In this regard, it provides its advance
consent to all of the auditor’s legitimate non-audit services.
resolutions or decisions concerning the founding, acquisition,
and sale of Group companies and ongoing monitoring of the
economic development of existing Group companies
> Final decision on the creation, acquisition, or sale of direct
or indirect Group companies if the obligation or entitlement
of the company arises from a capital expenditure or an
investment-related action between €10,000,000.01 and
€30,000,000
and €10,000,000
> Final decision on the acquisition or disposal of,
or charge on property or land rights between €5,000,000.01
> Statement of opinion on the capital expenditure plan and
on capital expenditure reporting
> Statement of opinion, in particular on changes in
headcount, fundamental issues relating to collective bargain-
ing law, the payment system, the employee investment plan,
matters concerning the company retirement plan
Executive Board and the conditions of employment
contracts, including remuneration
> Final decision concerning outside activities of members
of the Executive Board that require the approval of the
Supervisory Board
Investment and capital
expenditure committee
> Preparation of resolutions relating to capital expenditure,
4
8
8 Lothar Klemm (Chair)
Human resources committee > Preparation of resolutions in the area of human resources
4
3
8 Hakan Bölükmese (Chair)
Executive committee
> Preparations for the appointment of members of the
As needed
3
8 Chairman of the
Committee in accordance
> Preparation of a recommendation on the appointment or
As needed
0
4 Chairman of the
with Section 27 of the Mit-
dismissal of members of the Executive Board if the entire
bestG (Mediation committee)
Supervisory Board does not reach such decision
Nomination committee
> Recommendation of suitable candidates to the Supervisory
As needed
1
3 Michael Boddenberg (ex officio)
Board for its recommendations to the AGM
Mathias Venema (Vice-Chair)
Hakan Cicek
Dr. Ulrich Kipper
Lothar Klemm
Michael Odenwald
Sonja Wärntges
Dr. Ulrich Kipper (Vice-Chair)
Dr. Bastian Bergerhoff
Frank-Peter Kaufmann
Karin Knappe
Ramona Lindner
Matthias Pöschko
Prof. Dr.-Ing. Katja Windt
Frank-Peter Kaufmann (Vice-Chair)
Devrim Arslan
Karin Knappe
Michael Odenwald
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
Supervisory Board
Michael Boddenberg (ex officio)
Vice Chairman
Mathias Venema (ex officio)
Devrim Arslan
Dr. Bastian Bergerhoff
Hakan Bölükmese
Dr. Margarete Haase
Frank-Peter Kaufmann
Matthias Pöschko
Supervisory Board
Michael Boddenberg
(ex officio)
Vice Chairman of the
Supervisory Board
Mathias Venema (ex officio)
Hakan Bölükmese
Lothar Klemm
Dr. Bastian Bergerhoff
Dr. Margarete Haase
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
16
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
17
In the course of a legally binding challenge to the elections of employee representatives on the Supervisory Board, the elected
Committees of the Supervisory Board
members left the Supervisory Board on February 10, 2022. Until the resolution on the challenge became final, the persons whose
Committee
Functions
election was contested remained full members of the Supervisory Board. By decision of February 16, 2022, the Register Court of
the District Court (Amtsgericht) Frankfurt/Main ordered a judicial replacement appointment for the departed members of the Su-
pervisory Board at the request of the Executive Board. In addition to co-determination considerations, the appeal and the judicial
(replacement) appointment also took into account and complied with the requirements of stock corporation law for the proportion
of women on a supervisory board. This also applies to the judicial appointment of Ms. Ines Born to succeed Mira Neumaier, who
left the Supervisory Board in 2022, and the judicial appointment of Ms. Karin Knappe to succeed Claudia Amier, who left the
Supervisory Board in 2022.
Mr. Qadeer Rana vacated his position from the Supervisory Board of Fraport AG on the occasion of the transfer of the majority
shareholding in FraSec Aviation Security GmbH to the Dr. Sasse Group at the beginning of January 2023.
Further information on the members of the Supervisory Board as well as their memberships to be disclosed in accordance with
Section 285(10) of the HGB can be found in note 56 of the Group Notes as part of the 2022 Fraport Annual Report. CVs of the
members of the Supervisory Board are available on the company’s website under
Supervisory Board & Economic Advisory
(fraport.com).
Committees of the Supervisory Board
The Supervisory Board has formed the following committees based on the statutory provisions and the provisions of its rules of
procedure. The following table provides an overview of the tasks, the regulated number of meetings, the actual number of
meetings in the past fiscal year, the planned number of members, and the actual number of members as at the date of publication
of this statement.
Finance and audit committee > Preparation of resolutions in the area of finance and
audit-related resolutions
> Addressing in particular
> the audit of accounts
> the supervision of the accounting process
> the effectiveness of the internal control system,
the risk management system, the internal audit system, the
audit of accounts, and compliance
> Statement of opinion
> on the business plan and plan changes that require
approval, on the annual and consolidated financial state-
ments, on the Executive Board recommendation for the ap-
propriation of profits, on the combined management report,
on the combined non-financial statement, on the audit report
of the auditor of the financial statements and of other audi-
tors, on the Supervisory Board’s recommendation for the au-
dit report, and on the discharge of the Executive Board
> on the awarding of the audit mandate to the auditor, the
fee agreement and the stipulation of the focus of the audit
> The finance and audit committee is responsible for the
auditor selection process
> It monitors the independence of the auditor and the quality
of the audit of accounts. In this regard, it provides its advance
consent to all of the auditor’s legitimate non-audit services.
Investment and capital
expenditure committee
> Preparation of resolutions relating to capital expenditure,
resolutions or decisions concerning the founding, acquisition,
and sale of Group companies and ongoing monitoring of the
economic development of existing Group companies
> Final decision on the creation, acquisition, or sale of direct
or indirect Group companies if the obligation or entitlement
of the company arises from a capital expenditure or an
investment-related action between €10,000,000.01 and
€30,000,000
> Final decision on the acquisition or disposal of,
or charge on property or land rights between €5,000,000.01
and €10,000,000
> Statement of opinion on the capital expenditure plan and
on capital expenditure reporting
Regular
number of
meetings
Meetings
2022
Regular
number of
members
Members
4
7
8 Dr. Margarete Haase (Chair)
Mathias Venema (Vice-Chair)
Hakan Cicek
Dr. Ulrich Kipper
Lothar Klemm
Michael Odenwald
Sonja Wärntges
4
8
8 Lothar Klemm (Chair)
Dr. Ulrich Kipper (Vice-Chair)
Dr. Bastian Bergerhoff
Frank-Peter Kaufmann
Karin Knappe
Ramona Lindner
Matthias Pöschko
Prof. Dr.-Ing. Katja Windt
Human resources committee > Preparation of resolutions in the area of human resources
4
3
8 Hakan Bölükmese (Chair)
> Statement of opinion, in particular on changes in
headcount, fundamental issues relating to collective bargain-
ing law, the payment system, the employee investment plan,
matters concerning the company retirement plan
Executive committee
> Preparations for the appointment of members of the
Executive Board and the conditions of employment
contracts, including remuneration
> Final decision concerning outside activities of members
of the Executive Board that require the approval of the
Supervisory Board
Committee in accordance
with Section 27 of the Mit-
bestG (Mediation committee)
> Preparation of a recommendation on the appointment or
dismissal of members of the Executive Board if the entire
Supervisory Board does not reach such decision
Frank-Peter Kaufmann (Vice-Chair)
Devrim Arslan
Karin Knappe
Michael Odenwald
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
As needed
3
8 Chairman of the
Supervisory Board
Michael Boddenberg (ex officio)
Vice Chairman
Mathias Venema (ex officio)
Devrim Arslan
Dr. Bastian Bergerhoff
Hakan Bölükmese
Dr. Margarete Haase
Frank-Peter Kaufmann
Matthias Pöschko
As needed
0
4 Chairman of the
Supervisory Board
Michael Boddenberg
(ex officio)
Vice Chairman of the
Supervisory Board
Mathias Venema (ex officio)
Hakan Bölükmese
Lothar Klemm
Nomination committee
> Recommendation of suitable candidates to the Supervisory
Board for its recommendations to the AGM
As needed
1
3 Michael Boddenberg (ex officio)
Dr. Bastian Bergerhoff
Dr. Margarete Haase
25
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
18
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
19
Shareholders and Annual General Meeting
The shareholders of Fraport AG exercise their rights at the Annual General Meeting where they exercise their right to a voice and
a vote. The shareholders are informed of business developments in the past year and the company’s forecasts included in the
combined management report with sufficient time prior to the meeting. During the year, the shareholders are provided with com-
prehensive and timely information about current business developments through interim reports and other company publications
on the company website.
The Annual General Meeting is held within the first eight months of every fiscal year and makes decisions concerning the tasks
assigned to it by law, such as the appropriation of profits, election and approval of the actions of the members of the Supervisory
Board and approval of the actions of the Executive Board, the selection of the auditor, amendments to the company statutes, and
other tasks. The shareholders can either exercise their right to vote in person or can authorize third parties to exercise their right
to vote. The Executive Board is authorized to ensure that shareholders may cast their votes in writing or by electronic communi-
cation (mail-in ballot). Each share entitles its holder to one vote in the voting.
The German Act Concerning Measures Under the Law of Companies, Cooperative Societies, Associations, Foundations and
Commonhold Property to Combat the Effects of the COVID-19 Pandemic, which entered into force on March 28, 2020, which was
amended by Article 11 of the German Act on the Further Shortening of the Residual Debt Relief Procedure and on the Amendment
of Pandemic-Related Provisions under the Law of Companies, Cooperative Societies, Associations, Foundations, and Tenancy
of December 22, 2020 (Federal Law Gazette I No. 67 2020, p. 3332) and the application of which was extended until
August 31, 2022 by Article 15 of the German Act on the Establishment of a Special Fund “Reconstruction Assistance 2021” and
on the Temporary Suspension of the Obligation to File an Insolvency Application due to Heavy Rainfall and Floods in July 2021
and on the Amendment of Further Acts dated September 10, 2021 (Federal Law Gazette I No. 63 2021, p. 4153) (COVID-19 Act),
made it possible to also hold ordinary Annual General Meetings in 2022 without the physical presence of shareholders or their
representatives (virtual Annual General Meeting). In view of the ongoing coronavirus pandemic, the Code of Conduct adopted by
the State of Hesse in this respect and the goal of preventing the further spread of COVID-19 and avoiding risks to the health of
shareholders, internal and external employees and members of the company’s bodies, the Executive Board of Fraport AG also
made use of this option in 2022 with the approval of the Supervisory Board.
With Article 2 of the German Act on the Introduction of Virtual Annual General Meetings of Stock Corporations and Amendment
of Cooperative and Insolvency and Restructuring Law Provisions (Federal Law Gazette I 2022, p. 1166 et seqq.), Article 118a
was inserted into the German Stock Corporation Act. This is intended to make it possible to conduct virtual Annual General
Meetings on a permanent basis, even after the statutory special regulations introduced as a result of the coronavirus pandemic
have expired. This requires an amendment to the company statutes, which only permits the holding of virtual Annual General
Meetings for a maximum of five years. Against the backdrop of the ongoing coronavirus pandemic, on September 30, 2022, the
Supervisory Board agreed, on the basis of the (transitional) provisions of Section 26n(1) of the Introductory Act to the German
Stock Corporation Act, which entered into force in 2022, that the ordinary Annual General Meeting on May 23, 2023 was once
again to be held as a virtual Annual General Meeting, in accordance with Section 118a of the AktG, without the physical presence
of shareholders or their authorized representatives and agreed to propose an amendment to the Fraport AG company statutes at
the 2023 Annual General Meeting with the intention of also enabling virtual Annual General Meetings to be held in the future on
the basis of a corresponding authorization from the Executive Board in light of the change in the legal situation. This merely
authorizes the Executive Board to hold virtual Annual General Meetings without any decision having been made as to whether
future Annual General Meetings will once again be held virtually or in person. For future Annual General Meetings, the decision
as to whether the authorization should be used and an Annual General Meeting held virtually should be taken on a case-by-case
basis and in consideration of the individual circumstances. The Executive Board will take its decisions in consideration of the
interests of the company and its shareholders and, in particular, the protection of shareholders’ rights and aspects related to the
protection of the health of participants, expenses, and cost, as well as sustainability issues. In February 2023, the Executive Board
and in March 2023, the Supervisory Board again addressed the issue of holding the Annual General Meeting of Fraport AG in
2023 as a virtual event and confirmed that the Annual General Meeting 2023 should be held as a virtual event. The reasons for
this included the significantly simplified participation option, in particular for international shareholders and shareholders with a
distant domestic residence, the enabling of equal participation rights for shareholders at the virtual Annual General Meeting, the
sustainability of the format, and the cost savings compared to an attendance event.
26
Defining targets for the proportion of women on the Supervisory Board,
Executive Board, and the two levels below the Executive Board
According to the German Stock Corporation Act, Fraport AG, as a listed company to which the German Co-Determination Act
applies and whose Executive Board consists of more than three persons, must have at least one woman and at least one man as
a member of the Executive Board (minimum participation requirement). Fraport AG complied with this requirement during the
reporting year.
The targets for the proportion of women at the two management levels below the Executive Board as well as the deadlines for
reaching these targets must be determined based on this law.
It is not necessary to set targets for the proportion of women on the Supervisory Board at Fraport AG because that board is
already subject to a fixed gender quota in accordance with Section 96(2) of the AktG.
Targets for the Executive Board
If the minimum participation requirement applies to the Executive Board, the obligation to set targets for the Executive Board
ceases to apply in accordance with the provisions of the German Stock Corporation Act.
The Supervisory Board set a target of 25% of women on the Fraport AG Executive Board at its meeting of September 18, 2015,
and this target remained even after the obligation to set targets for the Executive Board had been eliminated. This target should
have been reached by June 30, 2017. With the appointment of Dr. Pierre Dominique Prümm on July 1, 2019, the Executive Board
was expanded to five members. As a result, between July 1, 2019 and the end of September 2022, the Executive Board comprised
one female member and four male members, thus failing to meet the target during that period. Since Mr. Michael Müller left the
Executive Board at the end of September 2022, the target figure for the proportion of women on the Executive Board of Fraport
AG has once again been met. With the appointment of Julia Kranenberg to the Executive Board on November 1, 2022, the
proportion of women on the Executive Board of Fraport AG was increased to 40%.
Targets for the first and second management levels below the Executive Board
The Executive Board sets the targets for the proportion of women at the two levels below the Executive Board in accordance with
Section 76(4) of the German Stock Corporation Act and Principle 3 of the GCGC.
At the turn of the year 2021/2022, the Executive Board set a target for Fraport AG of 31.8% of women in the first management
level below the Executive Board (“direct reports”) and a target of 30.9% of women in the subordinate management level (“direct
reports” to the first management level) for the period from January 1, 2022 to December 31, 2026. Regarding the Group as a
whole, the Executive Board also set a target of 30.8% of women in the first management level below the Executive Board
(“direct reports”) and a target of 30.2% of women in the subordinate management level (“direct reports” to the first management
level) for the same period.
As at the balance sheet date of December 31, 2022, the actual proportion of women in the first management level at Fraport AG
was 19.0%, and 30.8% in the second management level. As at the balance sheet date of December 31, 2022, the actual proportion
of women in the first management level within the Group was 23.1%, and 31.6% in the second management level.
Gender ratio on the Supervisory Board
In accordance with Section 96(2) of the AktG (Principle 11 of the GCGC), where members are newly elected and posted to the
Supervisory Board of Fraport AG, the statutory gender quota must be met, with a minimum of 30% women and 30% men on the
Supervisory Board.
representatives.
The Supervisory Board decided at its meeting of September 18, 2015 that these ratios are to be met separately for shareholders
and for employees. This requirement was fulfilled in the course of the new elections of the Supervisory Board in 2018 as well as
the subsequent court appointments and the special elections to the Supervisory Board in 2020 and 2021. The Supervisory Board
currently comprises three female and seven male shareholder representatives and three female and seven male employee
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
19
Defining targets for the proportion of women on the Supervisory Board,
Executive Board, and the two levels below the Executive Board
According to the German Stock Corporation Act, Fraport AG, as a listed company to which the German Co-Determination Act
applies and whose Executive Board consists of more than three persons, must have at least one woman and at least one man as
a member of the Executive Board (minimum participation requirement). Fraport AG complied with this requirement during the
reporting year.
The targets for the proportion of women at the two management levels below the Executive Board as well as the deadlines for
reaching these targets must be determined based on this law.
It is not necessary to set targets for the proportion of women on the Supervisory Board at Fraport AG because that board is
already subject to a fixed gender quota in accordance with Section 96(2) of the AktG.
Targets for the Executive Board
If the minimum participation requirement applies to the Executive Board, the obligation to set targets for the Executive Board
ceases to apply in accordance with the provisions of the German Stock Corporation Act.
The Supervisory Board set a target of 25% of women on the Fraport AG Executive Board at its meeting of September 18, 2015,
and this target remained even after the obligation to set targets for the Executive Board had been eliminated. This target should
have been reached by June 30, 2017. With the appointment of Dr. Pierre Dominique Prümm on July 1, 2019, the Executive Board
was expanded to five members. As a result, between July 1, 2019 and the end of September 2022, the Executive Board comprised
one female member and four male members, thus failing to meet the target during that period. Since Mr. Michael Müller left the
Executive Board at the end of September 2022, the target figure for the proportion of women on the Executive Board of Fraport
AG has once again been met. With the appointment of Julia Kranenberg to the Executive Board on November 1, 2022, the
proportion of women on the Executive Board of Fraport AG was increased to 40%.
Targets for the first and second management levels below the Executive Board
The Executive Board sets the targets for the proportion of women at the two levels below the Executive Board in accordance with
Section 76(4) of the German Stock Corporation Act and Principle 3 of the GCGC.
At the turn of the year 2021/2022, the Executive Board set a target for Fraport AG of 31.8% of women in the first management
level below the Executive Board (“direct reports”) and a target of 30.9% of women in the subordinate management level (“direct
reports” to the first management level) for the period from January 1, 2022 to December 31, 2026. Regarding the Group as a
whole, the Executive Board also set a target of 30.8% of women in the first management level below the Executive Board
(“direct reports”) and a target of 30.2% of women in the subordinate management level (“direct reports” to the first management
level) for the same period.
As at the balance sheet date of December 31, 2022, the actual proportion of women in the first management level at Fraport AG
was 19.0%, and 30.8% in the second management level. As at the balance sheet date of December 31, 2022, the actual proportion
of women in the first management level within the Group was 23.1%, and 31.6% in the second management level.
Gender ratio on the Supervisory Board
In accordance with Section 96(2) of the AktG (Principle 11 of the GCGC), where members are newly elected and posted to the
Supervisory Board of Fraport AG, the statutory gender quota must be met, with a minimum of 30% women and 30% men on the
Supervisory Board.
The Supervisory Board decided at its meeting of September 18, 2015 that these ratios are to be met separately for shareholders
and for employees. This requirement was fulfilled in the course of the new elections of the Supervisory Board in 2018 as well as
the subsequent court appointments and the special elections to the Supervisory Board in 2020 and 2021. The Supervisory Board
currently comprises three female and seven male shareholder representatives and three female and seven male employee
representatives.
27
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
20
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
21
In consideration of the 2023 elections to the Supervisory Board, in November 2022 the Supervisory Board resolved, by means of
a written procedure, that the quotas are to be met separately for the members representing the shareholders and those repre-
senting the employees. This means that, at the Annual General Meeting held on May 23, 2023 for the election of shareholder
representatives and the election held in 2023 for employee representatives on the Supervisory Board, at least three women and
at least three men must be proposed for election.
Targets for the composition of the Supervisory Board; diversity concept for the Supervisory Board and
Executive Board as well as the succession planning for the Executive Board
In its meeting held on December 15, 2022, and by means of its resolution of March 13, 2023, the Supervisory Board adopted a
new requirements profile for the members of the Supervisory Board of Fraport AG, which stipulates, among other things, that the
Supervisory Board as a whole should have adequate expertise with regard to sustainability issues of importance to Fraport, as
well as sustainability reporting. The new requirements profile must be taken into account when nominating and proposing candi-
dates for the next Supervisory Board elections in 2023.
The targets for the composition of the Supervisory Board and the competence profile for the overall board (including the diversity
concept) are as follows:
“The objective is that the Supervisory Board should be composed in such a way that it ensures the competent control and support
of the company’s Executive Board by the Supervisory Board. It should be taken into account that the Supervisory Board as a
collective body has the overall knowledge, skills, and professional experience required to properly perform its tasks. It cannot be
expected that each individual member of the Supervisory Board possesses the required knowledge and experience to the fullest
extent; however, there should be at least one competent member of the Board for each aspect of the Supervisory Board’s activities
to ensure that the comprehensive range of knowledge and experience is represented by the entirety of the Supervisory Board’s
members. This should include an understanding of the relevant market environment, financial and commercial experience, and a
strong regional connection.
In addition, each member of the Supervisory Board should be expected to have a certain level of essential general knowledge
and experience that is appropriate to the nature, extent and complexity of the business activities, and the risk structure of an
internationally operating company such as Fraport AG.
In order to comply with the standard age limit set by the Supervisory Board of 72 years at the time of election or re-election, which
may be deviated from in justified individual cases provided there are no doubts as to the suitability of the persons proposed and
their election appears expedient in the interests of the Company despite exceeding the age limit and the targets set by the Super-
visory Board of a proportion of generally at least 30% of shareholder representatives on the Supervisory Board being no more
than 62 years old at the time of their election, candidates should be proposed who, by virtue of their integrity, willingness to
perform, availability, and personality, are able to perform the duties of a Supervisory Board member in an internationally operating
company and to maintain the public image of Fraport AG. The principles of diversity and the proportion of women and men based
on the statutory provisions should be taken into account when nominating candidates for the Board. In addition, the Supervisory
Board should have at least three independent members.”
Concerning the extent to which this policy has been implemented, it can be stated that the current Supervisory Board, whose
members offer a wide range of economic, political, and corporate expertise, has the knowledge, skills, and experience required
to properly perform its duties. The objectives for the composition of the Supervisory Board and the competence profile for the
overall board (including the diversity concept) will also be taken into account in elections to the Supervisory Board in 2023.
In addition, the Supervisory Board has both a sufficient number of members with international experience and an adequate number
of members with a strong regional connection, as some of them hold seats in local and regional governments.
As regards the statutory gender quota with at least 30% women and at least 30% men on the Supervisory Board, in 2015 and
most recently in 2022, the Supervisory Board decided that this quota is to be met separately for the members representing the
shareholders and those representing the employees.
In line with this objective, the Supervisory Board has comprised three female and seven male shareholder representatives and
three female and seven male employee representatives since the 2018 Annual General Meeting and the special election to the
28
Supervisory Board at the 2020 Annual General Meeting. The aforementioned separate quotas for the members representing the
shareholders and those representing the employees are to be taken into account again accordingly for the Supervisory Board
elections taking place in 2023.
According to Section 100(5) of the AktG, at least one member of the Supervisory Board must have accounting expertise and at
least one further member must have expertise in the auditing of accounts. According to Recommendation D.3 of the GCGC, the
expertise in the field of accounting shall consist of special knowledge and experience in the application of accounting principles
and internal control and risk management systems, and the expertise in the field of account auditing shall consist of special
knowledge and experience in the auditing of financial statements. Recommendation D.3 of the GCGC goes on to state that
accounting and account auditing also include sustainability reporting and its audit and assurance. The Chair of the audit committee
shall have appropriate expertise in at least one of these two areas.
With Supervisory Board members Dr. Margarete Haase, who is Chair of the finance and audit committee, and Ms. Sonja Wärntges,
two members of the Supervisory Board and the finance and audit committee possess the expertise in accounting and account
auditing required by Section 100(5) of the AktG. The Supervisory Board of Fraport AG thus meets the requirements of stock
corporation law with regard to the requirement of Supervisory Board members with expertise in the areas of accounting and
account auditing.
Dr. Haase has successfully completed a degree in business administration at the Vienna University of Economics and Business,
where she also obtained her doctorate. She has also completed the Executive Education Program at Harvard Business School in
Boston. During her professional career, Dr. Haase has been responsible for numerous roles, which marks her as an expert in the
fields of accounting and account auditing. She has held positions that include Head of Controlling, Division Manager for Group
Planning and Control, Commercial Director and Director Corporate Audit, and was also a member of the Executive Board for
companies belonging to the Daimler Group. Dr. Haase was a member of the Executive Board for Corporate Finance, Human
Resources and Investor Relations at Deutz AG, Cologne until April 2018. Since February 2016, Dr. Haase has been a member
of the Government Commission on the German Corporate Governance Code.
Ms. Wärntges completed degrees in economics at the Technical University of Braunschweig and the University of Hanover, from
where she obtained a Master’s degree in business economics. Ms. Wärntges worked for several years at leading auditing and tax
consulting companies and has been Chief Financial Officer of DIC Asset AG since 2013, additionally assuming the role of Chief
Executive Officer in 2017. In this role, Ms. Wärntges’ areas of responsibility include Environmental, Social and Governance and
sustainability issues, as well as the sustainability report, which DIC Asset AG has been issuing since 2011.
For shareholders, the Supervisory Board should include what they consider to be an appropriate number of independent members;
the ownership structure should be taken into account (see Recommendation C.6 of the GCGC). The Supervisory Board decided
that the board should include at least three independent shareholder representatives. Regarding this objective, it should be noted
that, during the reporting year, the Supervisory Board had as its members Dr. Margarete Haase, Prof. Katja Windt, and Ms. Sonja
Wärntges, which means that it reached its goal of having three shareholder representatives independent of the company, its
Executive Board, and the controlling shareholder.
In spite of the fact that she has been a member of the Supervisory Board of Fraport AG for more than 12 years (member since
January 1, 2011), the Executive Board and the Supervisory Board are of the opinion that Dr. Haase is to be classified as inde-
pendent of the company and the Executive Board, as, due to her personality, integrity, and professionalism, combined with many
years of varied professional activities, including management responsibilities outside of Fraport, her independence from Fraport
AG and its Executive Board cannot be called into question. Through her work as a member of the Supervisory Board and Chair
of the finance and audit committee, Dr. Haase demonstrates that she has the necessary critical distance from the company and
its Executive Board when carrying out her work on the Supervisory Board at Fraport AG. Due to her stature and independence,
she openly holds discussions with the Executive Board and understands how to critically scrutinize proposals.
In addition, Fraport AG also complies with Recommendations C.7 and C.9 of the GCGC, according to which more than half of the
shareholder representatives must be independent of the company and the Executive Board and at least two of the shareholder
representatives must be independent of the controlling shareholder. It should also be noted that the Chair of the Supervisory
Board, the Chair of the audit committee (see above), and the Chair of the executive committee are considered to be independent
within the meaning of Recommendation C.10 of the GCGC.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
20
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
21
In consideration of the 2023 elections to the Supervisory Board, in November 2022 the Supervisory Board resolved, by means of
a written procedure, that the quotas are to be met separately for the members representing the shareholders and those repre-
senting the employees. This means that, at the Annual General Meeting held on May 23, 2023 for the election of shareholder
representatives and the election held in 2023 for employee representatives on the Supervisory Board, at least three women and
at least three men must be proposed for election.
Targets for the composition of the Supervisory Board; diversity concept for the Supervisory Board and
Executive Board as well as the succession planning for the Executive Board
In its meeting held on December 15, 2022, and by means of its resolution of March 13, 2023, the Supervisory Board adopted a
new requirements profile for the members of the Supervisory Board of Fraport AG, which stipulates, among other things, that the
Supervisory Board as a whole should have adequate expertise with regard to sustainability issues of importance to Fraport, as
well as sustainability reporting. The new requirements profile must be taken into account when nominating and proposing candi-
dates for the next Supervisory Board elections in 2023.
The targets for the composition of the Supervisory Board and the competence profile for the overall board (including the diversity
concept) are as follows:
“The objective is that the Supervisory Board should be composed in such a way that it ensures the competent control and support
of the company’s Executive Board by the Supervisory Board. It should be taken into account that the Supervisory Board as a
collective body has the overall knowledge, skills, and professional experience required to properly perform its tasks. It cannot be
expected that each individual member of the Supervisory Board possesses the required knowledge and experience to the fullest
extent; however, there should be at least one competent member of the Board for each aspect of the Supervisory Board’s activities
to ensure that the comprehensive range of knowledge and experience is represented by the entirety of the Supervisory Board’s
members. This should include an understanding of the relevant market environment, financial and commercial experience, and a
strong regional connection.
In addition, each member of the Supervisory Board should be expected to have a certain level of essential general knowledge
and experience that is appropriate to the nature, extent and complexity of the business activities, and the risk structure of an
internationally operating company such as Fraport AG.
In order to comply with the standard age limit set by the Supervisory Board of 72 years at the time of election or re-election, which
may be deviated from in justified individual cases provided there are no doubts as to the suitability of the persons proposed and
their election appears expedient in the interests of the Company despite exceeding the age limit and the targets set by the Super-
visory Board of a proportion of generally at least 30% of shareholder representatives on the Supervisory Board being no more
than 62 years old at the time of their election, candidates should be proposed who, by virtue of their integrity, willingness to
perform, availability, and personality, are able to perform the duties of a Supervisory Board member in an internationally operating
company and to maintain the public image of Fraport AG. The principles of diversity and the proportion of women and men based
on the statutory provisions should be taken into account when nominating candidates for the Board. In addition, the Supervisory
Board should have at least three independent members.”
Concerning the extent to which this policy has been implemented, it can be stated that the current Supervisory Board, whose
members offer a wide range of economic, political, and corporate expertise, has the knowledge, skills, and experience required
to properly perform its duties. The objectives for the composition of the Supervisory Board and the competence profile for the
overall board (including the diversity concept) will also be taken into account in elections to the Supervisory Board in 2023.
In addition, the Supervisory Board has both a sufficient number of members with international experience and an adequate number
of members with a strong regional connection, as some of them hold seats in local and regional governments.
As regards the statutory gender quota with at least 30% women and at least 30% men on the Supervisory Board, in 2015 and
most recently in 2022, the Supervisory Board decided that this quota is to be met separately for the members representing the
shareholders and those representing the employees.
In line with this objective, the Supervisory Board has comprised three female and seven male shareholder representatives and
three female and seven male employee representatives since the 2018 Annual General Meeting and the special election to the
Supervisory Board at the 2020 Annual General Meeting. The aforementioned separate quotas for the members representing the
shareholders and those representing the employees are to be taken into account again accordingly for the Supervisory Board
elections taking place in 2023.
According to Section 100(5) of the AktG, at least one member of the Supervisory Board must have accounting expertise and at
least one further member must have expertise in the auditing of accounts. According to Recommendation D.3 of the GCGC, the
expertise in the field of accounting shall consist of special knowledge and experience in the application of accounting principles
and internal control and risk management systems, and the expertise in the field of account auditing shall consist of special
knowledge and experience in the auditing of financial statements. Recommendation D.3 of the GCGC goes on to state that
accounting and account auditing also include sustainability reporting and its audit and assurance. The Chair of the audit committee
shall have appropriate expertise in at least one of these two areas.
With Supervisory Board members Dr. Margarete Haase, who is Chair of the finance and audit committee, and Ms. Sonja Wärntges,
two members of the Supervisory Board and the finance and audit committee possess the expertise in accounting and account
auditing required by Section 100(5) of the AktG. The Supervisory Board of Fraport AG thus meets the requirements of stock
corporation law with regard to the requirement of Supervisory Board members with expertise in the areas of accounting and
account auditing.
Dr. Haase has successfully completed a degree in business administration at the Vienna University of Economics and Business,
where she also obtained her doctorate. She has also completed the Executive Education Program at Harvard Business School in
Boston. During her professional career, Dr. Haase has been responsible for numerous roles, which marks her as an expert in the
fields of accounting and account auditing. She has held positions that include Head of Controlling, Division Manager for Group
Planning and Control, Commercial Director and Director Corporate Audit, and was also a member of the Executive Board for
companies belonging to the Daimler Group. Dr. Haase was a member of the Executive Board for Corporate Finance, Human
Resources and Investor Relations at Deutz AG, Cologne until April 2018. Since February 2016, Dr. Haase has been a member
of the Government Commission on the German Corporate Governance Code.
Ms. Wärntges completed degrees in economics at the Technical University of Braunschweig and the University of Hanover, from
where she obtained a Master’s degree in business economics. Ms. Wärntges worked for several years at leading auditing and tax
consulting companies and has been Chief Financial Officer of DIC Asset AG since 2013, additionally assuming the role of Chief
Executive Officer in 2017. In this role, Ms. Wärntges’ areas of responsibility include Environmental, Social and Governance and
sustainability issues, as well as the sustainability report, which DIC Asset AG has been issuing since 2011.
For shareholders, the Supervisory Board should include what they consider to be an appropriate number of independent members;
the ownership structure should be taken into account (see Recommendation C.6 of the GCGC). The Supervisory Board decided
that the board should include at least three independent shareholder representatives. Regarding this objective, it should be noted
that, during the reporting year, the Supervisory Board had as its members Dr. Margarete Haase, Prof. Katja Windt, and Ms. Sonja
Wärntges, which means that it reached its goal of having three shareholder representatives independent of the company, its
Executive Board, and the controlling shareholder.
In spite of the fact that she has been a member of the Supervisory Board of Fraport AG for more than 12 years (member since
January 1, 2011), the Executive Board and the Supervisory Board are of the opinion that Dr. Haase is to be classified as inde-
pendent of the company and the Executive Board, as, due to her personality, integrity, and professionalism, combined with many
years of varied professional activities, including management responsibilities outside of Fraport, her independence from Fraport
AG and its Executive Board cannot be called into question. Through her work as a member of the Supervisory Board and Chair
of the finance and audit committee, Dr. Haase demonstrates that she has the necessary critical distance from the company and
its Executive Board when carrying out her work on the Supervisory Board at Fraport AG. Due to her stature and independence,
she openly holds discussions with the Executive Board and understands how to critically scrutinize proposals.
In addition, Fraport AG also complies with Recommendations C.7 and C.9 of the GCGC, according to which more than half of the
shareholder representatives must be independent of the company and the Executive Board and at least two of the shareholder
representatives must be independent of the controlling shareholder. It should also be noted that the Chair of the Supervisory
Board, the Chair of the audit committee (see above), and the Chair of the executive committee are considered to be independent
within the meaning of Recommendation C.10 of the GCGC.
29
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
22
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
The nomination committee and the Supervisory Board will continue to adequately take into account this objective for the compo-
sition of the Supervisory Board when presenting candidates for election to the Supervisory Board at the Annual General Meeting.
The Supervisory Board also takes diversity into account regarding the composition of the Executive Board (Recommendation B.1
of the GCGC). Given the identified qualifications of its members, the Supervisory Board does not yet pursue a diversity concept
for the Executive Board.
The Supervisory Board, along with the Executive Board and based on the preparatory work by the executive committee, ensures
the long-term succession planning of the Executive Board. In addition to the requirements of the German Stock Corporation Act
and the GCGC, long-term succession planning takes into account the target set by the Supervisory Board for the proportion of
women on the Executive Board as well as other diversity criteria. Taking into account the specific qualification requirements, the
structure of the Executive Board, including the division of portfolios, and the aforementioned personnel criteria, the executive
committee develops an ideal profile on the basis of which it draws up a shortlist of eligible candidates. Structured discussions are
held with these candidates. A recommendation for a resolution is then submitted to the Supervisory Board.
The status of the implementation of the requirements profile for members of the Supervisory Board of Fraport AG is outlined in
the following qualification matrix. The general requirements for members of the Supervisory Board of Fraport are met by all
members of the Supervisory Board. These include a general understanding of the aviation industry, in particular the market
environment of an airport operator, the individual business fields, customer requirements, the regions in which Fraport AG
operates, and the strategic orientation of the company and the Group as a whole. All of the members of the Supervisory Board
are therefore familiar with the sector in which Fraport AG operates.
30
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
22
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
The nomination committee and the Supervisory Board will continue to adequately take into account this objective for the compo-
sition of the Supervisory Board when presenting candidates for election to the Supervisory Board at the Annual General Meeting.
The Supervisory Board also takes diversity into account regarding the composition of the Executive Board (Recommendation B.1
of the GCGC). Given the identified qualifications of its members, the Supervisory Board does not yet pursue a diversity concept
for the Executive Board.
The Supervisory Board, along with the Executive Board and based on the preparatory work by the executive committee, ensures
the long-term succession planning of the Executive Board. In addition to the requirements of the German Stock Corporation Act
and the GCGC, long-term succession planning takes into account the target set by the Supervisory Board for the proportion of
women on the Executive Board as well as other diversity criteria. Taking into account the specific qualification requirements, the
structure of the Executive Board, including the division of portfolios, and the aforementioned personnel criteria, the executive
committee develops an ideal profile on the basis of which it draws up a shortlist of eligible candidates. Structured discussions are
held with these candidates. A recommendation for a resolution is then submitted to the Supervisory Board.
The status of the implementation of the requirements profile for members of the Supervisory Board of Fraport AG is outlined in
the following qualification matrix. The general requirements for members of the Supervisory Board of Fraport are met by all
members of the Supervisory Board. These include a general understanding of the aviation industry, in particular the market
environment of an airport operator, the individual business fields, customer requirements, the regions in which Fraport AG
operates, and the strategic orientation of the company and the Group as a whole. All of the members of the Supervisory Board
are therefore familiar with the sector in which Fraport AG operates.
31
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
24
24
23
To Our Shareholders / Joint Statement on Corporate Governance
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
Qualification matrix: Shareholder representatives
Michael Boddenberg
Dr. Bastian Bergerhoff
Peter Feldman
Dr. Margarete Haase
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Lothar Klemm
Lothar Klemm
Michael Odenwald
Michael Odenwald
Sonja Wärntges
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
Member since
selected/ordered until
Gender
Year of birth
Nationality
Educational background
26.05.2020
May 23
male
1959
German
Master in the butcher trade
24.05.2022
May 23
male
1968
German
Doctor of Physics
03.09.2012
May 23
male
1958
German
Degree in political science
and social business
economist
01.01.2011
May 23
female
1953
Austrian
Doctorate in business
administration
Occupation
Hessian Minister of Finance
City treasurer and head of
the department of finance,
investments and personnel
of the city of Frankfurt am
Main
Former mayor of the city of
Frankfurt am Main
Self-employed
management consultant
30.05.2014
30.05.2014
May 23
May 23
male
male
1948
1948
German
German
Degree in physics
Degree in physics
10.05.1999
10.05.1999
May 23
May 23
male
male
1949
1949
German
German
Lawyer
Lawyer
11.12.2012
11.12.2012
May 23
May 23
male
male
1958
1958
German
German
16.10.2020
16.10.2020
May 23
May 23
female
female
1967
1967
German
German
11.05.2012
11.05.2012
May 23
May 23
female
female
1969
1969
German
German
Lawyer and theologian
Lawyer and theologian
Degree in business
Degree in business
administration
administration
Doctorate in mechanical
Doctorate in mechanical
engineering
engineering
Member of the Hessian
Member of the Hessian
State Parliament
State Parliament
Former Minister
Former Minister
of State of Hesse,
of State of Hesse,
self-employed lawyer
self-employed lawyer
State Secretary (ret.) Chairwoman of the Board of
State Secretary (ret.) Chairwoman of the Board of
Directors of DIC Asset AG
Directors of DIC Asset AG
Member of the
Member of the
Management Board of SMS
Management Board of SMS
group GmbH / Professor of
group GmbH / Professor of
Global Production Logistics
Global Production Logistics
Independence of the Company and the Executive Board
in accordance with the GCGC
(s. recommendation C.7 and C.8)
Independence from majority shareholders
(s. recommendation C.9)
Leadership experience/Personnel management
International business activities/international experience
Accounting
Audit
Internal control systems, risk management
Legal and compliance
Sustainability/sustainability reporting
Strategy development and implementation
IT and digitalization, cyber and IT security
1) Since November 11, 2022.
Qualification matrix: Employee representatives
Member since
selected/ordered until
Gender
Year of birth
Nationality
Educational background
X
X
X
X
X
X
X
X
X
X
X
X
X1)
X
X
X
X
X
X
X
X
X
X
X
X
Devrim Arslan
Ines Born
Hakan Bölükmese
Hakan Cicek
Dr. Ulrich Kipper
Dr. Ulrich Kipper
Karin Knappe
Karin Knappe
Ramona Lindner
Ramona Lindner
Matthias Pöschko
Matthias Pöschko
Mathias Venema
Mathias Venema
31.05.2013
May 23
male
1977
German
Automotive mechanic
19.07.2022
May 23
female
1989
German
Public administration
specialist and management
assistant for office
communication
29.05.2018
May 23
male
1976
German/Turkish
Chemical laboratory
assistant, certified aircraft
ground services handler and
studies at the European
Academy of Labor
31.05.2013
May 23
male
1973
German
Electrician and human
resources manager/
Bachelor Professional
of Human
Resources Management
29.05.2018
29.05.2018
May 23
May 23
male
male
1960
1960
German
German
Doctor of Physics
Doctor of Physics
08.06.2022
08.06.2022
May 23
May 23
female
female
1975
1975
German
German
16.02.2022
16.02.2022
May 23
May 23
female
female
1975
1975
German
German
Physics Laboratory
Physics Laboratory
Technician, Dipl.-Ing.
Technician, Dipl.-Ing.
Radio and television techni-
Radio and television techni-
cian, management assistant
cian, management assistant
Environmental Engineering/
Environmental Engineering/
for information and tele-
for information and tele-
Environmental Measure-
Environmental Measure-
communication systems and
communication systems and
ment Technology and
ment Technology and
Master of Arts Human
Master of Arts Human
(personnel) dispatcher for
(personnel) dispatcher for
airport security checks (in
airport security checks (in
Resources Development
Resources Development
accordance with Section 5 of
accordance with Section 5 of
the Aviation Security Act)
the Aviation Security Act)
01.01.2021
01.01.2021
May 23
May 23
male
male
1973
1973
German
German
01.07.2020
01.07.2020
May 23
May 23
male
male
1972
1972
German
German
Automotive mechatronics
Automotive mechatronics
Master's degrees in political
Master's degrees in political
technician/paramedic/
technician/paramedic/
chief fire officer
chief fire officer
science, economics,
science, economics,
as well as medieval and
as well as medieval and
modern history
modern history
Occupation
Commercial employee
FraGround Fraport Ground
Handling Professionals
GmbH
Trade union secretary
Chairman of the Works
Council of Fraport AG
Member of the
Works Council, human
resources manager
Service Division Manager
Service Division Manager
Independent Works Council
Independent Works Council
Central Infrastructure Man-
Central Infrastructure Man-
agement of Fraport AG
agement of Fraport AG
Representative,
Representative,
Chairwoman of the Group
Chairwoman of the Group
Works Council of Fraport AG
Works Council of Fraport AG
(Personnel) Dispatcher for
(Personnel) Dispatcher for
airport security checks,
airport security checks,
FraSec Aviation
FraSec Aviation
Security GmbH
Security GmbH
Firefighter/Member of the
Firefighter/Member of the
Trade union secretary
Trade union secretary
Works Council
Works Council
Independence of the Company and the Executive Board
in accordance with the GCGC
(s. recommendation C.7 and C.8)
Independence from majority shareholders
(s. recommendation C.9)
Leadership experience/Personnel management
International business activities/international experience
Accounting
Audit
Internal control systems, risk management
Legal and compliance
Sustainability/sustainability reporting
Strategy development and implementation
IT and digitalization, cyber and IT security
………
32
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
24
24
24
To Our Shareholders / Joint Statement on Corporate Governance
24
To Our Shareholders / Joint Statement on Corporate Governance
To Our Shareholders / Joint Statement on Corporate Governance
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
Fraport Annual Report 2022
Fraport Annual Report 2022
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Lothar Klemm
Lothar Klemm
Lothar Klemm
Lothar Klemm
Michael Odenwald
Michael Odenwald
Michael Odenwald
Michael Odenwald
Sonja Wärntges
Sonja Wärntges
Sonja Wärntges
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
30.05.2014
30.05.2014
30.05.2014
30.05.2014
May 23
May 23
May 23
May 23
male
male
male
male
1948
1948
1948
1948
German
German
German
German
Degree in physics
Degree in physics
Degree in physics
Degree in physics
10.05.1999
10.05.1999
May 23
May 23
male
male
1949
1949
10.05.1999
10.05.1999
May 23
May 23
male
male
1949
1949
German
German
11.12.2012
11.12.2012
May 23
May 23
male
male
1958
1958
German
German
11.12.2012
11.12.2012
May 23
May 23
male
male
1958
1958
German
German
Lawyer
Lawyer
16.10.2020
16.10.2020
May 23
May 23
female
female
1967
1967
German
German
16.10.2020
16.10.2020
May 23
May 23
female
female
1967
1967
German
German
11.05.2012
11.05.2012
May 23
May 23
female
female
1969
1969
German
German
11.05.2012
11.05.2012
May 23
May 23
female
female
1969
1969
German
German
Degree in business
administration
Doctorate in mechanical
engineering
engineering
engineering
engineering
Member of the Hessian
Member of the Hessian
State Parliament
State Parliament
Member of the Hessian
Member of the Hessian
State Parliament
State Parliament
Former Minister
Former Minister
of State of Hesse,
of State of Hesse,
self-employed lawyer
self-employed lawyer
Former Minister
Former Minister
of State of Hesse,
of State of Hesse,
self-employed lawyer
self-employed lawyer
State Secretary (ret.) Chairwoman of the Board of
State Secretary (ret.) Chairwoman of the Board of
Directors of DIC Asset AG
Directors of DIC Asset AG
State Secretary (ret.) Chairwoman of the Board of
State Secretary (ret.) Chairwoman of the Board of
Directors of DIC Asset AG
Directors of DIC Asset AG
Member of the
Member of the
Management Board of SMS
Management Board of SMS
group GmbH / Professor of
group GmbH / Professor of
Global Production Logistics
Global Production Logistics
Member of the
Member of the
Management Board of SMS
Management Board of SMS
group GmbH / Professor of
group GmbH / Professor of
Global Production Logistics
Global Production Logistics
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Dr. Ulrich Kipper
Dr. Ulrich Kipper
Dr. Ulrich Kipper
Dr. Ulrich Kipper
Karin Knappe
Karin Knappe
Karin Knappe
Karin Knappe
Ramona Lindner
Ramona Lindner
Ramona Lindner
Ramona Lindner
Matthias Pöschko
Matthias Pöschko
Matthias Pöschko
Matthias Pöschko
Mathias Venema
Mathias Venema
Mathias Venema
Mathias Venema
29.05.2018
29.05.2018
29.05.2018
29.05.2018
May 23
May 23
May 23
May 23
male
male
male
male
1960
1960
1960
1960
German
German
German
German
Doctor of Physics
Doctor of Physics
Doctor of Physics
Doctor of Physics
16.02.2022
08.06.2022
16.02.2022
08.06.2022
16.02.2022
08.06.2022
16.02.2022
08.06.2022
May 23
May 23
May 23
May 23
May 23
May 23
May 23
May 23
female
female
female
female
female
female
female
female
1975
1975
1975
1975
1975
1975
1975
1975
German
German
German
German
German
German
German
German
Radio and television techni-
Physics Laboratory
Radio and television techni-
Physics Laboratory
Radio and television techni-
Physics Laboratory
Radio and television techni-
Physics Laboratory
cian, management assistant
Technician, Dipl.-Ing.
cian, management assistant
Technician, Dipl.-Ing.
cian, management assistant
Technician, Dipl.-Ing.
cian, management assistant
Technician, Dipl.-Ing.
for information and tele-
for information and tele-
Environmental Engineering/
Environmental Engineering/
for information and tele-
for information and tele-
Environmental Engineering/
Environmental Engineering/
communication systems and
communication systems and
Environmental Measure-
Environmental Measure-
communication systems and
communication systems and
Environmental Measure-
Environmental Measure-
(personnel) dispatcher for
(personnel) dispatcher for
ment Technology and
ment Technology and
(personnel) dispatcher for
(personnel) dispatcher for
ment Technology and
ment Technology and
airport security checks (in
airport security checks (in
Master of Arts Human
Master of Arts Human
airport security checks (in
airport security checks (in
Master of Arts Human
Master of Arts Human
accordance with Section 5 of
accordance with Section 5 of
Resources Development
Resources Development
accordance with Section 5 of
accordance with Section 5 of
Resources Development
Resources Development
the Aviation Security Act)
the Aviation Security Act)
the Aviation Security Act)
the Aviation Security Act)
01.07.2020
01.01.2021
01.07.2020
01.01.2021
01.07.2020
01.01.2021
01.07.2020
01.01.2021
May 23
May 23
May 23
May 23
May 23
May 23
May 23
May 23
male
male
male
male
male
male
male
male
1972
1973
1972
1973
1972
1973
1972
1973
German
German
German
German
German
German
German
German
Master's degrees in political
Automotive mechatronics
Master's degrees in political
Automotive mechatronics
Master's degrees in political
Automotive mechatronics
Master's degrees in political
Automotive mechatronics
science, economics,
technician/paramedic/
science, economics,
technician/paramedic/
science, economics,
technician/paramedic/
science, economics,
technician/paramedic/
chief fire officer
as well as medieval and
chief fire officer
as well as medieval and
as well as medieval and
chief fire officer
as well as medieval and
chief fire officer
modern history
modern history
modern history
modern history
Service Division Manager
Service Division Manager
Central Infrastructure Man-
Central Infrastructure Man-
agement of Fraport AG
agement of Fraport AG
Service Division Manager
Service Division Manager
Central Infrastructure Man-
Central Infrastructure Man-
agement of Fraport AG
agement of Fraport AG
Independent Works Council
Independent Works Council
Independent Works Council
Independent Works Council
Representative,
Representative,
Representative,
Representative,
Chairwoman of the Group
Chairwoman of the Group
Chairwoman of the Group
Chairwoman of the Group
Works Council of Fraport AG
Works Council of Fraport AG
Works Council of Fraport AG
Works Council of Fraport AG
(Personnel) Dispatcher for
(Personnel) Dispatcher for
airport security checks,
airport security checks,
FraSec Aviation
FraSec Aviation
Security GmbH
Security GmbH
(Personnel) Dispatcher for
(Personnel) Dispatcher for
airport security checks,
airport security checks,
FraSec Aviation
FraSec Aviation
Security GmbH
Security GmbH
Firefighter/Member of the
Firefighter/Member of the
Works Council
Works Council
Firefighter/Member of the
Firefighter/Member of the
Works Council
Works Council
Trade union secretary
Trade union secretary
Trade union secretary
Trade union secretary
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
33
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
25
Further information
Remuneration of the Executive Board and the Supervisory Board
The essential features of the remuneration system as well as the disclosures on the remuneration of the Executive Board and the
Supervisory Board for the 2022 fiscal year can be found in the remuneration report. The remuneration report was subject to a
formal and substantive audit by the auditor PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. The remuneration
www.fraport.com/publications.
report is published as a separate document at
Acquisition or disposal of company shares (directors’ dealings)
Pursuant to Article 19 of the Market Abuse Regulation (MAR), board members and other managers (directors) and persons closely
related thereto are legally obliged to disclose the acquisition or disposal of shares of Fraport AG or any financial instruments
related thereto, if the value of the transactions undertaken exceeds the sum of €20,000 within one calendar year. The notifications
in this respect are immediately disclosed by Fraport AG.
Shareholdings of the bodies
The total shareholdings of all members of the Executive Board and Supervisory Board amount to less than 1% of the total number
of shares issued by Fraport AG.
Risk and opportunity management
For Fraport, corporate governance also means handling corporate risks and opportunities responsibly. For this reason, Fraport
has introduced a comprehensive Group-wide risk and opportunity management system. The structure of the risk and opportunity
management system and a report on key risks and corporate opportunities are presented in detail by the Executive Board in the
combined management report for the fiscal year. Depending on their importance for the company, changes to key risks or signif-
icant opportunities opening up during the year are published either in an ad hoc disclosure or as part of the financial reporting
during the year.
The Internal Audit System (IAS) and the Risk Management System (RMS) are implemented by means of guidelines within the
Fraport Group. The measures required in order to meet the sustainability-related corporate goals are also subjected to an (ongo-
ing) deviation analysis within the Risk Management System.
The processes, risks and audits within the IAS are reviewed and updated annually by way of adequacy checks. The effectiveness
of the IAS is checked by means of an annual control self-assessment performed by the control officer and approved by the process
owner (dual verification principle). The results of the control self-assessment are presented annually in the finance and audit
committee. The IAS and the further development of the RMS are audited by the internal audit team.
The early risk recognition system is also part of the auditor’s annual audit. The effectiveness of the internal control and risk
management system, the internal auditing system, and the audit of accounts is monitored by the Supervisory Board. At Fraport,
the finance and audit committee of the Fraport AG Supervisory Board performs this task in accordance with Section 107(3) of the
AktG.
Accounting and audit of accounts
Fraport prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as
applicable in the European Union, and the additional applicable requirements of German commercial law pursuant to Section
315e(1) of the HGB. A combined management report is prepared in accordance with Section 315(5) of the HGB. The annual
financial statements of Fraport AG are prepared in accordance with the HGB. Further information on the accounting principles is
available in the notes to the respective financial statements. The annual and consolidated financial statements are published
within 90 days of the end of the fiscal year.
The annual and consolidated financial statements and the combined management report of Fraport are audited by an auditor in
accordance with Section 316 of the HGB. On the basis of the AGM’s resolution, in the 2022 fiscal year this was Pricewaterhouse-
Coopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main (hereinafter referred to as PwC), which is thus auditing
Fraport for the tenth consecutive year. Prior to the submission of the nomination, the Supervisory Board and its audit committee
obtained a declaration of independence from PwC. The audit of the consolidated financial statements and the combined manage-
ment report was carried out in accordance with Section 317 of the HGB and the EU Audit Regulation (No. 537/2014, hereinafter
34
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
26
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
referred to as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement
Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). It was agreed with the
auditor that the latter would immediately inform the Fraport AG Supervisory Board of any possible grounds for disqualification or
bias arising during the audit, provided that these were not remedied immediately. The auditor shall also immediately report on all
findings and incidents arising during the audit of the consolidated financial statements and the combined management report
which are significant for the tasks of the Supervisory Board. In addition, the auditor must inform the Supervisory Board and record
in the audit report if it finds facts that reveal an inaccuracy in the statement of compliance submitted by the Executive Board and
Supervisory Board in accordance with Section 161 of the AktG while performing the audit of the consolidated financial statements
and the combined management report.
During the year, the auditor also participated in meetings with the finance and audit committee regarding the Group interim finan-
cial statements, and meetings with the Fraport AG Supervisory Board regarding the annual and consolidated financial statements.
In accordance with Recommendation D.10 of the GCGC, the finance and audit committee discussed with the auditor the audit
risk assessment, the audit strategy and audit planning, and the audit results. The Chair of the audit committee, Dr. Haase, regularly
discussed the progress of the audit with the auditor and reported to the committee on this. The finance and audit committee
consults with the external auditors on a regular basis also without the Executive Board.
A cyclical change of auditors is planned for the 2023 fiscal year. For this purpose, a selection process was carried out by the
finance and audit committee in 2022. After completion of the tender process, the finance and audit committee submitted a rea-
soned recommendation to the Supervisory Board with two candidates and a preference for proposing one candidate to the 2023
Annual General Meeting. The Supervisory Board then resolved to propose Deloitte GmbH Wirtschaftsprüfungsgesellschaft,
Frankfurt am Main, to the Annual General Meeting for election as auditors for the 2023 financial year.
Disclosure of the joint statement on corporate governance and corporate governance report
The Executive Board disclosed the joint statement on corporate governance on March 13, 2023, at
www.fraport.com/en/investors/corporate-governance.html.
Share and Investor Relations
Share performance 2022
The 2022 trading year was largely impacted by the effects of Russia’s invasion of Ukraine. Rising inflation and energy prices as
well as expected and implemented key interest rate increases had a dampening effect on the development of the stock markets.
The German leading index DAX ended the fiscal year at 13,923 points, a significant fall of 12.3% compared to year-end 2021.
MDAX also recorded a clearly negative development in 2022, closing the trading year down by 28.5% when compared with the
beginning of the year, at 25,117 points. Nevertheless, there were also individual stocks that benefited from the current develop-
ments in 2022. These include companies in the defense and banking sectors.
After a noticeable recovery during the 2021 fiscal year, the Fraport share suffered greatly in the negative market environment of
2022 and closed 35.7% down at €38.05. After showing strong initial growth up to mid-February 2022 (+14.3%), the value of the
Fraport share had fallen by a total of 14.7% by the end of Q1 following the Russian invasion of Ukraine. This development con-
tinued with losses of 17.8% in Q2 and 10.4% in Q3. Not only was the share price impacted by market developments, it was also
affected by the company’s relatively high level of debt resulting from the coronavirus pandemic and the ongoing expansion invest-
ments in Frankfurt and Lima. After hitting its lowest value for the year on October 21 (€36.20), the Fraport share recovered against
a backdrop of increasing market openings in the Far East, a slight fall in inflation, and the consequent prospect of smaller interest
rate moves at the end of the year. Q4 closed with an overall increase of 2.3%.
The market capitalization of Fraport shares, including strategic shareholders not included in the free float, amounted to around
€3.5 billion at the end of the year (previous year: €5.5 billion), which, based on market capitalization, made it the 28th largest
stock among the 50 MDAX shares (previous year: 25th). With an average of 202,994 shares traded daily, the trading volume in
2022 was much lower than the previous year’s volume of 256,728.
35
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
26
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
referred to as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement
Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). It was agreed with the
auditor that the latter would immediately inform the Fraport AG Supervisory Board of any possible grounds for disqualification or
bias arising during the audit, provided that these were not remedied immediately. The auditor shall also immediately report on all
findings and incidents arising during the audit of the consolidated financial statements and the combined management report
which are significant for the tasks of the Supervisory Board. In addition, the auditor must inform the Supervisory Board and record
in the audit report if it finds facts that reveal an inaccuracy in the statement of compliance submitted by the Executive Board and
Supervisory Board in accordance with Section 161 of the AktG while performing the audit of the consolidated financial statements
and the combined management report.
During the year, the auditor also participated in meetings with the finance and audit committee regarding the Group interim finan-
cial statements, and meetings with the Fraport AG Supervisory Board regarding the annual and consolidated financial statements.
In accordance with Recommendation D.10 of the GCGC, the finance and audit committee discussed with the auditor the audit
risk assessment, the audit strategy and audit planning, and the audit results. The Chair of the audit committee, Dr. Haase, regularly
discussed the progress of the audit with the auditor and reported to the committee on this. The finance and audit committee
consults with the external auditors on a regular basis also without the Executive Board.
A cyclical change of auditors is planned for the 2023 fiscal year. For this purpose, a selection process was carried out by the
finance and audit committee in 2022. After completion of the tender process, the finance and audit committee submitted a rea-
soned recommendation to the Supervisory Board with two candidates and a preference for proposing one candidate to the 2023
Annual General Meeting. The Supervisory Board then resolved to propose Deloitte GmbH Wirtschaftsprüfungsgesellschaft,
Frankfurt am Main, to the Annual General Meeting for election as auditors for the 2023 financial year.
Disclosure of the joint statement on corporate governance and corporate governance report
The Executive Board disclosed the joint statement on corporate governance on March 13, 2023, at
www.fraport.com/en/investors/corporate-governance.html.
Share and Investor Relations
Share performance 2022
The 2022 trading year was largely impacted by the effects of Russia’s invasion of Ukraine. Rising inflation and energy prices as
well as expected and implemented key interest rate increases had a dampening effect on the development of the stock markets.
The German leading index DAX ended the fiscal year at 13,923 points, a significant fall of 12.3% compared to year-end 2021.
MDAX also recorded a clearly negative development in 2022, closing the trading year down by 28.5% when compared with the
beginning of the year, at 25,117 points. Nevertheless, there were also individual stocks that benefited from the current develop-
ments in 2022. These include companies in the defense and banking sectors.
After a noticeable recovery during the 2021 fiscal year, the Fraport share suffered greatly in the negative market environment of
2022 and closed 35.7% down at €38.05. After showing strong initial growth up to mid-February 2022 (+14.3%), the value of the
Fraport share had fallen by a total of 14.7% by the end of Q1 following the Russian invasion of Ukraine. This development con-
tinued with losses of 17.8% in Q2 and 10.4% in Q3. Not only was the share price impacted by market developments, it was also
affected by the company’s relatively high level of debt resulting from the coronavirus pandemic and the ongoing expansion invest-
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
ments in Frankfurt and Lima. After hitting its lowest value for the year on October 21 (€36.20), the Fraport share recovered against
a backdrop of increasing market openings in the Far East, a slight fall in inflation, and the consequent prospect of smaller interest
rate moves at the end of the year. Q4 closed with an overall increase of 2.3%.
27
The market capitalization of Fraport shares, including strategic shareholders not included in the free float, amounted to around
Fraport share
€3.5 billion at the end of the year (previous year: €5.5 billion), which, based on market capitalization, made it the 28th largest
2015
stock among the 50 MDAX shares (previous year: 25th). With an average of 202,994 shares traded daily, the trading volume in
2022 was much lower than the previous year’s volume of 256,728.
Opening price in €
Closing price in €
58.94
56.17
91.86
62.46
62.46
75.78
56.17
91.86
48.04
58.94
75.78
49.36
59.18
38.05
49.36
59.18
2020
2018
2016
2017
2019
2022
2021
Change in €
Change in %
Highest price in € (daily closing price)
Lowest price in € (daily closing price)
Average price in € (daily closing prices)
Average trading volume per day (number)
Market capitalization in € million (year-end closing price)
–21.13
–35.7
67.62
36.20
48.08
202,994
3,518
+9.82
+19.9
68.30
43.12
55.58
256,728
5,472
–26.42
–34.9
75.50
30.01
44.52
398,143
4,564
+13.32
+21.3
78.68
61.44
73.20
128,953
7,007
–29.40
–32.0
96.94
61.56
79.18
160,367
5,776
+35.69
+63.5
91.86
55.26
74.12
173,015
8,494
–2.77
–4.7
58.94
45.25
51.77
173,666
5,192
+10.90
+22.7
62.30
48.04
56.34
151,188
5,443
The shares of other listed European airports performed as follows in 2022:
AENA -15.1%, Aéroports de Paris +12.3%, Vienna Airport +20.2%, and Zurich Airport -11.4%.
2022 development of the Fraport share compared to the market and European competitors
in % (index base 100)
140
130
120
110
100
90
80
70
60
January 1, 2022
December 31, 2022
Fraport AG
DAX
MDAX
AENA
Aéroports de Paris
Vienna Airport
Zurich Airport
Source: vwd Group / EQS Group AG
36
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
27
Fraport share
Opening price in €
Closing price in €
Fraport Annual Report 2022
Change in €
Change in %
Highest price in € (daily closing price)
Lowest price in € (daily closing price)
Average price in € (daily closing prices)
2022
2021
2020
2019
2018
2017
2016
2015
59.18
38.05
–21.13
–35.7
67.62
36.20
48.08
–26.42
To Our Shareholders / Joint Statement on Corporate Governance
+35.69
–29.40
+13.32
+10.90
–2.77
29
49.36
59.18
+9.82
+19.9
68.30
43.12
55.58
75.78
49.36
–34.9
75.50
30.01
44.52
62.46
75.78
+21.3
78.68
61.44
73.20
91.86
62.46
–32.0
96.94
61.56
79.18
56.17
91.86
+63.5
91.86
55.26
74.12
58.94
56.17
–4.7
58.94
45.25
51.77
48.04
58.94
+22.7
62.30
48.04
56.34
Average trading volume per day (number)
202,994
256,728
398,143
128,953
160,367
173,015
173,666
151,188
5,472
3,518
Market capitalization in € million (year-end closing price)
Dividend for the 2022 fiscal year (recommendation for the appropriation
of profit)
The shares of other listed European airports performed as follows in 2022:
In the context of the economic impact of the coronavirus pandemic, including in particular the increase in the net financial debt of
AENA -15.1%, Aéroports de Paris +12.3%, Vienna Airport +20.2%, and Zurich Airport -11.4%.
the Fraport Group, as was the case during the previous year, the Executive Board and the Supervisory Board plan not to propose
a dividend payment at the 2023 Annual General Meeting in favor of allocation of the profit earmarked for distribution for the 2022
fiscal year to revenue reserves.
2022 development of the Fraport share compared to the market and European competitors
5,192
7,007
5,776
8,494
4,564
5,443
in % (index base 100)
In the medium term, the Executive Board aims to reintroduce the previous dividend policy of Fraport, under which the Executive
Board aimed to pay out approximately 40% to 60% of the profit attributable to shareholders of Fraport AG as dividends. In addition,
140
the Executive Board also plans to reintroduce the second principle of the previous dividend policy – a dividend per share that is
130
at least stable compared to the previous year.
120
110
90
70
80
Investor Relations (IR)
100
Timely, consistent, and transparent communication with investors and analysts is a top priority for IR work at Fraport AG. The IR
team maintains personal contact with current and potential investors in the context of road shows, capital market conferences,
and meetings at the company’s headquarters at Frankfurt Airport, either in person or virtually. Over the past fiscal year, targeted
individual and Group meetings again took place as well as presentations with the company’s Chief Executive Officer and Chief
Financial Officer. The key topics of discussion in 2022 were passenger trends and forecasts at Group airports with a particular
focus on the Frankfurt site, the impact of rising interest rates on the company in view of the upcoming refinancing, and the impact
of inflation on the corporate expenses and capital expenditure associated with expansion of the airports in Frankfurt and Lima. In
this context, the medium-term development of free cash flow was also a high priority in the discussions. Investors on the capital
market also inquired about the strategy in international business as well as possible expansions or reductions in the portfolio. In
Source: vwd Group / EQS Group AG
this context, the shareholdings in St. Petersburg Airport in Russia and the sale of shares in Xi’an Airport in China were frequently
discussed in 2022.
December 31, 2022
Aéroports de Paris
January 1, 2022
Vienna Airport
Zurich Airport
Fraport AG
MDAX
AENA
DAX
60
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
27
Fraport share
Opening price in €
Closing price in €
Change in €
Change in %
Highest price in € (daily closing price)
Lowest price in € (daily closing price)
Average price in € (daily closing prices)
59.18
38.05
–21.13
–35.7
67.62
36.20
48.08
49.36
59.18
+9.82
+19.9
68.30
43.12
55.58
75.78
49.36
–26.42
–34.9
75.50
30.01
44.52
62.46
75.78
+13.32
+21.3
78.68
61.44
73.20
91.86
62.46
–29.40
–32.0
96.94
61.56
79.18
56.17
91.86
+35.69
+63.5
91.86
55.26
74.12
58.94
56.17
–2.77
–4.7
58.94
45.25
51.77
48.04
58.94
+10.90
+22.7
62.30
48.04
56.34
Average trading volume per day (number)
202,994
256,728
398,143
128,953
160,367
173,015
173,666
151,188
Market capitalization in € million (year-end closing price)
3,518
5,472
4,564
7,007
5,776
8,494
5,192
5,443
The shares of other listed European airports performed as follows in 2022:
AENA -15.1%, Aéroports de Paris +12.3%, Vienna Airport +20.2%, and Zurich Airport -11.4%.
2022 development of the Fraport share compared to the market and European competitors
in % (index base 100)
140
130
120
110
100
90
80
70
60
2022
2021
2020
2019
2018
2017
2016
2015
Data relevant to the capital market
Throughout the year, the IR team was available by phone (+49 69 690-74840) or by email (investor.relations@fraport.de) for direct
dialog. The telephone conferences for analysts on the financial publications, the virtual AGM in May 2022, and the provision of
up-to-date information on the IR website at
www.meet-ir.com rounded off the range of IR services in the past fiscal year.
Share capital Fraport AG1)
Total number of shares as at December 31
Number of floating shares as at December 312)
Number of floating shares (weighted annual average)
Absolute share of capital stock
Annual performance (including dividend)
Beta relative to the MDAX
Earnings per share (basic)
Earnings per share (diluted)
Price-earnings ratio
Dividend per share3)
Profit earmarked for distribution
Dividend yield as at December 313)
ISIN
Security identification number (WKN)
Reuters ticker code
Bloomberg ticker code
Selected indexes
1) Including treasury shares.
2) Total number of shares as at the balance sheet date, less treasury shares.
3) Proposed dividend (2022).
€ million
Number
Number
Number
per share, in €
in %
in €
in €
in €
€ million
in %
2022
2021
924.7
92,468,704
92,391,339
92,391,339
10.00
–35.7
0.99
1.43
1.43
26.6
0.00
0.00
–
924.7
92,468,704
92,391,339
92,391,339
10.00
19.9
0.83
0.90
0.89
65,8
0.00
0.00
–
DE 000 577 330 3
577 330
FRAG.DE
FRA GR
MDAX, FTSE4Good Index, Deutschland Ethik 30 Aktienindex
January 1, 2022
December 31, 2022
Fraport AG
DAX
MDAX
AENA
Aéroports de Paris
Vienna Airport
Zurich Airport
Source: vwd Group / EQS Group AG
37
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
28
28
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
29
To Our Shareholders / Joint Statement on Corporate Governance
Fraport Annual Report 2022
Development in shareholder structure
In January 2022, British Columbia Investment Management Corporation, the largest single institutional investor, fell below the 3%
ownership level.
Shareholder structure as at December 31, 20221)
Development in shareholder structure
in %
In January 2022, British Columbia Investment Management Corporation, the largest single institutional investor, fell below the 3%
ownership level.
Shareholder structure as at December 31, 20221)
in %
39.33
Free Float
39.33
Free Float
39.3
39.3
Free Float
8.44
Deutsche Lufthansa AG
Allocation of free float1)
in %
58.9
58.9
Countries with lower
Countries with lower
share & unknown
share & unknown
0.7
58.9
Italy
0.7
Countries with lower
share & unknown
0.7
Italy
0.7
1.2
Luxembourg
0.7
France
Italy
0.8
1.2
Luxembourg
Switzerland
3.8
0.7
1.2
Benelux
Luxembourg
1.0
France
0.8
France
0.8
France
Switzerland
3.8
Switzerland
3.8
Benelux
Benelux
1.0
1.0
France
France
1) The relative ownership interests were adjusted to the current total number of shares as at December 31, 2022 and therefore may differ from the figures given at the
time of reporting or from the respective shareholders’ own disclosure. Shares below 3% are classified under “free float.”
Free Float
8.44
Deutsche Lufthansa AG
The majority of the approximately 92.5 million shares are held by German regional and local authorities (52.02%). The State of
Hesse held 31.31% and the City of Frankfurt am Main 20.92%, holding these voting rights indirectly via its subsidiary Stadtwerke
1) The relative ownership interests were adjusted to the current total number of shares as at December 31, 2022 and therefore may differ from the figures given at the
time of reporting or from the respective shareholders’ own disclosure. Shares below 3% are classified under “free float.”
Frankfurt am Main Holding GmbH. Deutsche Lufthansa AG held 8.44% or over 7.8 million no-par-value shares, making it the third
largest individual shareholder of Fraport AG
The majority of the approximately 92.5 million shares are held by German regional and local authorities (52.02%). The State of
Hesse held 31.31% and the City of Frankfurt am Main 20.92%, holding these voting rights indirectly via its subsidiary Stadtwerke
To the extent known, the Fraport shares in free float were spread across the following countries:
Frankfurt am Main Holding GmbH. Deutsche Lufthansa AG held 8.44% or over 7.8 million no-par-value shares, making it the third
Allocation of free float1)
Allocation of free float1)
largest individual shareholder of Fraport AG
in %
in %
To the extent known, the Fraport shares in free float were spread across the following countries:
31.31
20.9
State of Hesse
Stadtwerke
31.31
20.9
8.44
State of Hesse
Stadtwerke
Deutsche Lufthansa AG
8.44
20.92
Deutsche Lufthansa AG
Stadtwerke Frankfurt am Main
Holding GmbH
20.92
Stadtwerke Frankfurt am Main
Holding GmbH
14.0
USA
14.0
USA
9.4
9.4
Canada
Canada
9.4
9.4
14.0
Canada
Canada
USA
5.7
5.7
9.4
9.4
Australia
Australia
Canada
Canada
3.8
3.8
Germany
5.7
5.7
Scandinavia &
Australia
3.8
Australia
3.8
Scandinavia &
3.8
Germany
1.2
Scandinavia &
United Kingdom & Ireland
3.8
Scandinavia &
1.2
United Kingdom & Ireland
5.7
5.7
Australia
Australia
3.8
3.8
Germany
Scandinavia &
3.8
Scandinavia &
1.2
United Kingdom & Ireland
1) Free float = total number of shares as at December 31, 2022 excluding shares held by the State of Hesse, Stadtwerke Frankfurt am Main Holding GmbH,
Deutsche Lufthansa AG, and treasury shares. Shares held via several subsidiaries were not combined.
Source: Bloomberg
1) Free float = total number of shares as at December 31, 2022 excluding shares held by the State of Hesse, Stadtwerke Frankfurt am Main Holding GmbH,
Deutsche Lufthansa AG, and treasury shares. Shares held via several subsidiaries were not combined.
Source: Bloomberg
38
Dividend for the 2022 fiscal year (recommendation for the appropriation
of profit)
In the context of the economic impact of the coronavirus pandemic, including in particular the increase in the net financial debt of
the Fraport Group, as was the case during the previous year, the Executive Board and the Supervisory Board plan not to propose
a dividend payment at the 2023 Annual General Meeting in favor of allocation of the profit earmarked for distribution for the 2022
fiscal year to revenue reserves.
In the medium term, the Executive Board aims to reintroduce the previous dividend policy of Fraport, under which the Executive
Board aimed to pay out approximately 40% to 60% of the profit attributable to shareholders of Fraport AG as dividends. In addition,
the Executive Board also plans to reintroduce the second principle of the previous dividend policy – a dividend per share that is
at least stable compared to the previous year.
Investor Relations (IR)
Timely, consistent, and transparent communication with investors and analysts is a top priority for IR work at Fraport AG. The IR
team maintains personal contact with current and potential investors in the context of road shows, capital market conferences,
and meetings at the company’s headquarters at Frankfurt Airport, either in person or virtually. Over the past fiscal year, targeted
individual and Group meetings again took place as well as presentations with the company’s Chief Executive Officer and Chief
Financial Officer. The key topics of discussion in 2022 were passenger trends and forecasts at Group airports with a particular
focus on the Frankfurt site, the impact of rising interest rates on the company in view of the upcoming refinancing, and the impact
of inflation on the corporate expenses and capital expenditure associated with expansion of the airports in Frankfurt and Lima. In
this context, the medium-term development of free cash flow was also a high priority in the discussions. Investors on the capital
market also inquired about the strategy in international business as well as possible expansions or reductions in the portfolio. In
this context, the shareholdings in St. Petersburg Airport in Russia and the sale of shares in Xi’an Airport in China were frequently
discussed in 2022.
Throughout the year, the IR team was available by phone (+49 69 690-74840) or by email (investor.relations@fraport.de) for direct
dialog. The telephone conferences for analysts on the financial publications, the virtual AGM in May 2022, and the provision of
up-to-date information on the IR website at
www.meet-ir.com rounded off the range of IR services in the past fiscal year.
Data relevant to the capital market
Share capital Fraport AG1)
Total number of shares as at December 31
Number of floating shares as at December 312)
Number of floating shares (weighted annual average)
Absolute share of capital stock
Annual performance (including dividend)
Beta relative to the MDAX
Earnings per share (basic)
Earnings per share (diluted)
Price-earnings ratio
Dividend per share3)
Profit earmarked for distribution
Dividend yield as at December 313)
ISIN
Security identification number (WKN)
Reuters ticker code
Bloomberg ticker code
Selected indexes
1) Including treasury shares.
3) Proposed dividend (2022).
2) Total number of shares as at the balance sheet date, less treasury shares.
€ million
Number
Number
Number
per share, in €
in %
in €
in €
in €
€ million
in %
924.7
92,468,704
92,391,339
92,391,339
10.00
–35.7
0.99
1.43
1.43
26.6
0.00
0.00
–
2022
2021
924.7
92,468,704
92,391,339
92,391,339
10.00
19.9
0.83
0.90
0.89
65,8
0.00
0.00
–
DE 000 577 330 3
577 330
FRAG.DE
FRA GR
MDAX, FTSE4Good Index, Deutschland Ethik 30 Aktienindex
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
To Our Shareholders / Joint Statement on Corporate Governance
29
Dividend for the 2022 fiscal year (recommendation for the appropriation
of profit)
In the context of the economic impact of the coronavirus pandemic, including in particular the increase in the net financial debt of
the Fraport Group, as was the case during the previous year, the Executive Board and the Supervisory Board plan not to propose
a dividend payment at the 2023 Annual General Meeting in favor of allocation of the profit earmarked for distribution for the 2022
fiscal year to revenue reserves.
In the medium term, the Executive Board aims to reintroduce the previous dividend policy of Fraport, under which the Executive
Board aimed to pay out approximately 40% to 60% of the profit attributable to shareholders of Fraport AG as dividends. In addition,
the Executive Board also plans to reintroduce the second principle of the previous dividend policy – a dividend per share that is
at least stable compared to the previous year.
Investor Relations (IR)
Timely, consistent, and transparent communication with investors and analysts is a top priority for IR work at Fraport AG. The IR
team maintains personal contact with current and potential investors in the context of road shows, capital market conferences,
and meetings at the company’s headquarters at Frankfurt Airport, either in person or virtually. Over the past fiscal year, targeted
individual and Group meetings again took place as well as presentations with the company’s Chief Executive Officer and Chief
Financial Officer. The key topics of discussion in 2022 were passenger trends and forecasts at Group airports with a particular
focus on the Frankfurt site, the impact of rising interest rates on the company in view of the upcoming refinancing, and the impact
of inflation on the corporate expenses and capital expenditure associated with expansion of the airports in Frankfurt and Lima. In
this context, the medium-term development of free cash flow was also a high priority in the discussions. Investors on the capital
market also inquired about the strategy in international business as well as possible expansions or reductions in the portfolio. In
this context, the shareholdings in St. Petersburg Airport in Russia and the sale of shares in Xi’an Airport in China were frequently
discussed in 2022.
Throughout the year, the IR team was available by phone (+49 69 690-74840) or by email (investor.relations@fraport.de) for direct
dialog. The telephone conferences for analysts on the financial publications, the virtual AGM in May 2022, and the provision of
up-to-date information on the IR website at
www.meet-ir.com rounded off the range of IR services in the past fiscal year.
Data relevant to the capital market
Share capital Fraport AG1)
Total number of shares as at December 31
Number of floating shares as at December 312)
Number of floating shares (weighted annual average)
Absolute share of capital stock
Annual performance (including dividend)
Beta relative to the MDAX
Earnings per share (basic)
Earnings per share (diluted)
Price-earnings ratio
Dividend per share3)
Profit earmarked for distribution
Dividend yield as at December 313)
ISIN
Security identification number (WKN)
Reuters ticker code
Bloomberg ticker code
Selected indexes
1) Including treasury shares.
2) Total number of shares as at the balance sheet date, less treasury shares.
3) Proposed dividend (2022).
€ million
Number
Number
Number
per share, in €
in %
in €
in €
in €
€ million
in %
2022
2021
924.7
92,468,704
92,391,339
92,391,339
10.00
–35.7
0.99
1.43
1.43
26.6
0.00
0.00
–
924.7
92,468,704
92,391,339
92,391,339
10.00
19.9
0.83
0.90
0.89
65,8
0.00
0.00
–
DE 000 577 330 3
577 330
FRAG.DE
FRA GR
MDAX, FTSE4Good Index, Deutschland Ethik 30 Aktienindex
39
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
30
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Situation of the Group
Business Model
Fraport Group (hereinafter also referred to as: Fraport) is one of the world's leading companies in the airport business and is
active on four continents with its international investments. As an airport operator, Fraport provides all operational and adminis-
trative services for airport and terminal operations. It also provides planning and consulting services, IT services, and facility
management. In line with the mission statement “Gute Reise! We make it happen”, customers are the focus of all company
services. This applies both at the home site in Frankfurt and at the international Group sites. Fraport considers itself to be a
learning organization that uses its know-how in a targeted and profitable way worldwide.
The main site is Frankfurt Airport, one of the most important passenger and cargo airports in the world. Owner of Frankfurt Airport
is Fraport AG Airport Services Worldwide (abbreviated: Fraport AG), the parent company of the Fraport Group. Other key sites
include 14 airports in Greece, Lima Airport in Peru, and two airports in Brazil – Porto Alegre and Fortaleza – (see also “Key sites”
chapter).
The Fraport Group generates the majority of its revenue and earnings from the passenger and freight business. In this context,
Fraport distinguishes between different services in the following four segments:
• Aviation – holistic management of the terminal facilities and passenger processes at Frankfurt Airport.
• Retail & Real Estate – development and leasing of space at the airport and in the area near the airport in Frankfurt. This
primarily includes the retail sector, building and space leasing as well as parking management.
• Ground Handling – all ground handling services such as loading, baggage and passenger services, and also the
operation of the central infrastructure and baggage transfer system at Frankfurt Airport.
•
International Activities & Services – international marketing of the Group's expertise and airport operations as well as
bundling central services in Frankfurt.
Fraport's business model creates value by participating in the international demand for air travel and flows of goods. Through its
existing investments, Fraport is pursuing a clear growth strategy that also takes into consideration environmental and social
concerns (see also the “Strategy” chapter). In addition to the strategically well-positioned portfolio of airport investments, which
focuses on both business travel demand and local tourism offerings, the employees form the basis of the company's success.
Together with its partners, Fraport is consistently developing the Group sites and achieving a broad revenue and earnings base.
The Airport Brand
You Trust –
In the past fiscal year, the number of employees in the Fraport Group
as at the reporting date increased by around 1,430.
As at December 31, 2022, the company employed about 19,200
people worldwide.
A big THANK YOU from the entire Executive Board to all employees
for their extraordinary commitment!
Combined Management Report
for the 2022 Fiscal Year
41
62
84
114
Situation of the Group
Economic Report
Combined non-financial Statement
Supplementary Management Report on the
Separate Financial Statements of Fraport AG
117
Events after the Balance Sheet Date
118
Risk and Opportunities Report
131
Outlook Report
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
30
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Situation of the Group
Business Model
Fraport Group (hereinafter also referred to as: Fraport) is one of the world's leading companies in the airport business and is
active on four continents with its international investments. As an airport operator, Fraport provides all operational and adminis-
trative services for airport and terminal operations. It also provides planning and consulting services, IT services, and facility
management. In line with the mission statement “Gute Reise! We make it happen”, customers are the focus of all company
services. This applies both at the home site in Frankfurt and at the international Group sites. Fraport considers itself to be a
learning organization that uses its know-how in a targeted and profitable way worldwide.
The main site is Frankfurt Airport, one of the most important passenger and cargo airports in the world. Owner of Frankfurt Airport
is Fraport AG Airport Services Worldwide (abbreviated: Fraport AG), the parent company of the Fraport Group. Other key sites
include 14 airports in Greece, Lima Airport in Peru, and two airports in Brazil – Porto Alegre and Fortaleza – (see also “Key sites”
chapter).
The Fraport Group generates the majority of its revenue and earnings from the passenger and freight business. In this context,
Fraport distinguishes between different services in the following four segments:
• Aviation – holistic management of the terminal facilities and passenger processes at Frankfurt Airport.
• Retail & Real Estate – development and leasing of space at the airport and in the area near the airport in Frankfurt. This
primarily includes the retail sector, building and space leasing as well as parking management.
• Ground Handling – all ground handling services such as loading, baggage and passenger services, and also the
operation of the central infrastructure and baggage transfer system at Frankfurt Airport.
•
International Activities & Services – international marketing of the Group's expertise and airport operations as well as
bundling central services in Frankfurt.
Fraport's business model creates value by participating in the international demand for air travel and flows of goods. Through its
existing investments, Fraport is pursuing a clear growth strategy that also takes into consideration environmental and social
concerns (see also the “Strategy” chapter). In addition to the strategically well-positioned portfolio of airport investments, which
focuses on both business travel demand and local tourism offerings, the employees form the basis of the company's success.
Together with its partners, Fraport is consistently developing the Group sites and achieving a broad revenue and earnings base.
41
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Combined Management Report / Situation of the Group
31
32
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Geopolitical crises are leading to increasing global political and economic instability. They can influence air traffic development
Fraport monitors various early warning indicators to identify trends in travel or freight flows at an early stage, and to derive appro-
in many ways.
priate countermeasures if necessary.
Structure
fiscal year.
No material changes compared with the previous year
Compared with the previous year, no fundamental changes were made to the legal and organizational Group structure in the 2022
As already reported in the Interim Report 2022, the Supervisory Board of Fraport AG approved the extension of the contract with
Anke Giesen, Executive Director Retail & Real Estate, for an additional three years until December 31, 2025 with effect from
January 1, 2023. In addition, the Supervisory Board of Fraport AG appointed Julia Kranenberg as the new Labor Relations
Director. On November 1, 2022, Ms. Kranenberg succeeded Michael Müller, who left the company on September 30, 2022, having
reached retirement age. Ms. Kranenberg’s contract has a term of three years.
Since October 1, 2022, the “HR Top Executives” unit and the “Human Resources” central unit have been jointly assigned to the
Labor Relations Director, and the “Internal Auditing” central unit to the Executive Director Retail & Real Estate.
Legal structure of the Group
As the parent company of the Fraport Group, Fraport AG directly or indirectly holds the shares in the other Group companies and
has its registered office in Frankfurt am Main. As at December 31, 2022 there were 55 consolidated companies excluding
companies accounted for using the equity method, and 76 companies including companies accounted for using the equity method
(in the previous year: 59 and 80 companies, respectively). For a detailed overview of the shareholdings within the Group, please
see Group notes, note 57.
Organizational Group structure
As a management body, the Executive Board bears the strategic and operational responsibility for the Group. At the time of
preparing the consolidated financial statements, the Executive Board consisted of the five members Dr. Stefan Schulte (Chair),
Anke Giesen (Executive Director Retail and Real Estate), Julia Kranenberg (Labor Relations Director), Dr. Pierre Dominique
Prümm (Executive Director Aviation and Infrastructure), and Prof. Dr. Matthias Zieschang (Executive Director Controlling and
Finance).
For the purpose of managing the Group, the Executive Board has divided the business activities into four segments: “Aviation”,
“Retail & Real Estate”, “Ground Handling”, which are largely active at the Frankfurt site, as well as “International Activities &
Services”, which primarily includes the Group companies outside of Frankfurt. The segments encompass the strategic business
units and service units of Fraport AG and also include the Group companies involved in each of these business processes. The
central departments of Fraport AG in Frankfurt are also responsible for Group-wide administrative services, among other things.
The Aviation segment mainly operates the land and airside infrastructure at the Frankfurt site. It therefore includes
both the area of airport charges, which is legally regulated in Germany, and relevant security services. The regulated
airport charges consist of passenger, landing, and takeoff fees, security fees, and parking fees. This segment is
responsible for ensuring safe, efficient, and customer-oriented processes in the flight operating areas and terminals as well as the
operational implementation of airport and air safety tasks in compliance with legal requirements. The close cooperation with
authorities, including the Hessian air traffic authority and the German Federal Police, is of great importance to ensure smooth
operation of the airside and landside processes.
External influences
The main external factors influencing the business model of Fraport include disruptive events, such as extreme weather conditions
or pandemics, in addition to economic, (socio-)political, and regulatory factors. These influencing factors can both positively and
negatively affect passenger and freight demand as well as the range of aircraft movements and passenger capacity at the Group’s
airports. At the same time, they can influence the purchasing behavior of passengers and thus the economic situation of the
Fraport Group as a whole (see also the “Risk and Opportunities Report” chapter).
Economic growth and globalization generally favor the demand for air travel and freight transport. At the same time, economic
prosperity and a globally growing middle class tend to lead to a higher number of air journeys. Rising inflation rates worldwide,
on the other hand, potentially reduce disposable income and can have an impact on business development. International
exchange rates also affect the appeal of tourist destinations, travel and freight flows, and passengers’ booking behavior as well
as their buying behavior in the retail area. Exchange rates also play an important role in the financial contribution of individual
foreign Group companies, as functional currencies are converted into the currency of the Group, the euro.
Price fluctuations on the commodity markets, especially for crude oil and therefore jet fuel, also have an influence on air traffic
and can have both a positive and negative impact on air traffic demand.
Politics affect air traffic at the regional, national, and international levels. Restrictions on operations, such as bans on night flights
and anti-noise measures, as well as travel restrictions can have a negative impact on airline offerings, and thus affect passenger
numbers and cargo volume at the concerned sites and favor the development of other airports. Environmental policy in particular
can affect air traffic. A further political influencing factor is the possible liberalization of air traffic rights. This may result in the
opening of new markets for air traffic or the expansion of already existing markets. By contrast, sanctions or tightly specified air
traffic agreements lead to the closure of markets.
42
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Combined Management Report / Situation of the Group
31
32
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Geopolitical crises are leading to increasing global political and economic instability. They can influence air traffic development
in many ways.
Fraport monitors various early warning indicators to identify trends in travel or freight flows at an early stage, and to derive appro-
priate countermeasures if necessary.
Structure
No material changes compared with the previous year
Compared with the previous year, no fundamental changes were made to the legal and organizational Group structure in the 2022
fiscal year.
As already reported in the Interim Report 2022, the Supervisory Board of Fraport AG approved the extension of the contract with
Anke Giesen, Executive Director Retail & Real Estate, for an additional three years until December 31, 2025 with effect from
January 1, 2023. In addition, the Supervisory Board of Fraport AG appointed Julia Kranenberg as the new Labor Relations
Director. On November 1, 2022, Ms. Kranenberg succeeded Michael Müller, who left the company on September 30, 2022, having
reached retirement age. Ms. Kranenberg’s contract has a term of three years.
Since October 1, 2022, the “HR Top Executives” unit and the “Human Resources” central unit have been jointly assigned to the
Labor Relations Director, and the “Internal Auditing” central unit to the Executive Director Retail & Real Estate.
Legal structure of the Group
As the parent company of the Fraport Group, Fraport AG directly or indirectly holds the shares in the other Group companies and
has its registered office in Frankfurt am Main. As at December 31, 2022 there were 55 consolidated companies excluding
companies accounted for using the equity method, and 76 companies including companies accounted for using the equity method
(in the previous year: 59 and 80 companies, respectively). For a detailed overview of the shareholdings within the Group, please
see Group notes, note 57.
Organizational Group structure
As a management body, the Executive Board bears the strategic and operational responsibility for the Group. At the time of
preparing the consolidated financial statements, the Executive Board consisted of the five members Dr. Stefan Schulte (Chair),
Anke Giesen (Executive Director Retail and Real Estate), Julia Kranenberg (Labor Relations Director), Dr. Pierre Dominique
Prümm (Executive Director Aviation and Infrastructure), and Prof. Dr. Matthias Zieschang (Executive Director Controlling and
Finance).
For the purpose of managing the Group, the Executive Board has divided the business activities into four segments: “Aviation”,
“Retail & Real Estate”, “Ground Handling”, which are largely active at the Frankfurt site, as well as “International Activities &
Services”, which primarily includes the Group companies outside of Frankfurt. The segments encompass the strategic business
units and service units of Fraport AG and also include the Group companies involved in each of these business processes. The
central departments of Fraport AG in Frankfurt are also responsible for Group-wide administrative services, among other things.
The Aviation segment mainly operates the land and airside infrastructure at the Frankfurt site. It therefore includes
both the area of airport charges, which is legally regulated in Germany, and relevant security services. The regulated
airport charges consist of passenger, landing, and takeoff fees, security fees, and parking fees. This segment is
responsible for ensuring safe, efficient, and customer-oriented processes in the flight operating areas and terminals as well as the
operational implementation of airport and air safety tasks in compliance with legal requirements. The close cooperation with
authorities, including the Hessian air traffic authority and the German Federal Police, is of great importance to ensure smooth
operation of the airside and landside processes.
43
External influences
The main external factors influencing the business model of Fraport include disruptive events, such as extreme weather conditions
or pandemics, in addition to economic, (socio-)political, and regulatory factors. These influencing factors can both positively and
negatively affect passenger and freight demand as well as the range of aircraft movements and passenger capacity at the Group’s
airports. At the same time, they can influence the purchasing behavior of passengers and thus the economic situation of the
Fraport Group as a whole (see also the “Risk and Opportunities Report” chapter).
Economic growth and globalization generally favor the demand for air travel and freight transport. At the same time, economic
prosperity and a globally growing middle class tend to lead to a higher number of air journeys. Rising inflation rates worldwide,
on the other hand, potentially reduce disposable income and can have an impact on business development. International
exchange rates also affect the appeal of tourist destinations, travel and freight flows, and passengers’ booking behavior as well
as their buying behavior in the retail area. Exchange rates also play an important role in the financial contribution of individual
foreign Group companies, as functional currencies are converted into the currency of the Group, the euro.
Price fluctuations on the commodity markets, especially for crude oil and therefore jet fuel, also have an influence on air traffic
and can have both a positive and negative impact on air traffic demand.
Politics affect air traffic at the regional, national, and international levels. Restrictions on operations, such as bans on night flights
and anti-noise measures, as well as travel restrictions can have a negative impact on airline offerings, and thus affect passenger
numbers and cargo volume at the concerned sites and favor the development of other airports. Environmental policy in particular
can affect air traffic. A further political influencing factor is the possible liberalization of air traffic rights. This may result in the
opening of new markets for air traffic or the expansion of already existing markets. By contrast, sanctions or tightly specified air
traffic agreements lead to the closure of markets.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Combined Management Report / Situation of the Group
33
The Retail & Real Estate segment is responsible for the retail activities and the marketing of real estate and land at
Frankfurt Airport. Its activities extend from the management of buildings and facilities through to the management and
development of the parking and retail areas and the renting of advertising space. The focus is on greater use of online
retail offers and sales channels, and on further development of the freight properties and areas.
The Ground Handling segment consists of loading, baggage, and passenger services, airmail and luggage transport,
and freight handling at the Frankfurt Airport. The segment is responsible for the quality of Frankfurt Airport’s role as a
hub, characterized by complex transfer processes. The provision of the central infrastructure, in particular the baggage
transfer system, is also allocated to this segment. Usage fees for the corporate infrastructure are regulated.
The International Activities & Services segment includes the acquisition, operation, maintenance, development, and
expansion of airports abroad. Consulting services, including in the “Operational Readiness and Airport Transfer” (ORAT)
section, are also provided. The segment also includes Fraport AG service units that provide central services for the
Fraport Group.
As at December 31, 2022, the organizational structure of the Fraport Group was as follows:
A detailed description of the structure and operation of the management and control body is presented in the “Joint Statement on
Corporate Governance”. The annually updated “Joint Statement on Corporate Governance” does not form part of the annual audit
of the consolidated accounts by the auditor. This can be found in the “To Our Shareholders” chapter.
44
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
34
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Key sites
Significant Fraport Group airports
Site
Airport
Company
Share in %
Term
Concession charge
Germany
Slovenia
Brazil
Peru
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
Lima
Greece
14 Airports
Bulgaria
Türkiye
Varna
Burgas
Antalya
Fraport AG Frankfurt Airport Services Worldwide
Fraport Slovenija, d.o.o.
Fraport Brasil S.A. Aeroporto de Fortaleza
Fraport Brasil S.A. Aeroporto de Porto Alegre
Lima Airport Partners S.R.L.
Fraport Regional Airports of Greece A S.A.
Fraport Regional Airports of Greece B S.A.
(below collectively referred to as Fraport Greece)
Fraport Twin Star Airport Management AD
Fraport TAV Antalya Terminal İşletmeciliği A.Ş.
(hereinafter: Group company Antalya)
100
100
100
100
80,01
65
65
60
60
50/512)
1924 no time limits
2014 no time limits
2047
2017
2042
2017
2001
2017
2017
2006
2006
1999
20411)
2057
2057
2046
2046
2051
–
–
Fixed minimum + revenue
component
Fixed minimum+ revenue
component
Fixed minimum + EBITDA
component
Fixed minimum + revenue
component
Fixed amount
1) Extension option.
2) Dividend share: 50%, share of voting rights: 51%; from 2027 Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., dividend share: 50%, share of voting rights: 49%.
In addition to the aforementioned airports, Fraport operates retail areas at different airports in the USA through its Group company
Fraport USA.
Competitive position at the Frankfurt site
Frankfurt Airport competes with other airports both nationally and internationally. Nationally, there is competition for passengers
and air freight with airports in the original catchment area. Internationally, Frankfurt Airport competes for transfer passengers and
freight transfer on the basis of its function as an international transfer airport. The main customer at the Frankfurt site remains the
Lufthansa Group, which accounted for more than 60% of passengers in Frankfurt in the 2022 fiscal year. The largest competitors
for transfer passengers are primarily the hub airports London Heathrow, Paris Charles de Gaulle, Istanbul, Amsterdam Schiphol,
and Munich, which are also influenced to varying degrees by their resident main customers British Airways, Air France-KLM,
Turkish Airlines, and Lufthansa Group. Due to the dynamic development of many airlines and airports from the Persian Gulf region
in the past, the Frankfurt site is also in intercontinental competition with these airports. In particular, the expansion and moderni-
zation programs at the Frankfurt site contribute to maintaining and improving its international competitive position. For example,
the northward relocation of the security checks in Terminal 1 will lead to a much improved transfer process. Terminal 3 (“Expansion
South”), on the other hand, ensures the long-term landside capacities required to give the site a successful future-oriented com-
petitive edge. The construction of Terminal 3 with Piers H and J, the road infrastructure, and parking garage are already well
advanced. The roof of the main terminal building, for example, is fully installed, and the façade work, including glazing, is largely
complete. Numerous technical installations are running inside the terminal. Pier G of Terminal 3 has been completed except for
the installations that are only required for the start of operations. The opening of the new terminal is planned for the start of
summer travel in 2026.
The ranking of the top 10 airports in Europe, which has changed due to the crisis, is slowly returning to the pre-crisis structure
(ranking according to ACI Europe; as of: February 2023). With 48.9 million passengers, Frankfurt Airport ranked sixth among the
leading airports in terms of passengers in the reporting year. The Group's Antalya Airport (31.2 million passengers) ranked tenth.
In Germany, Frankfurt Airport was the largest passenger airport, ahead of Munich with 31.6 million passengers in the same period.
Based on its air freight turnover of approximately 1.9 million metric tons, Frankfurt has remained Europe’s leading airport in the
same period, ahead of Paris Charles de Gaulle. In Germany, Leipzig/Halle Airport was the next largest competitor, with 1.5 million
metric tons of freight.
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Competitive position in Europe
Rank1)
2022
2021
2019
Airport
Passengers
change in % Rank1)
2022
2021
2019
Airport
Air freight
change in %
!
"
!
!
"
"
"
"
"
#
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
10.
3.
4.
8.
7.
11.
41.
16.
9.
5.
1.
2.
3.
6.
4.
7.
10.
9.
12.
IST - Istanbul
LHR -London
CDG - Paris
AMS - Amsterdam
MAD -Madrid
FRA - Frankfurt
BCN -Barcelona
LGW -London
MUC -Munich
AYT -Antalya
64,284,215
61,614,508
57,478,888
52,472,189
50,602,864
48,918,482
41,616,302
32,849,869
31,642,738
31,222,180
73.8
217.7
119.4
105.8
109.8
97.1
120.7
424.7
153.2
41.6
!
!
"
#
#
!
#
#
!
!
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
–
3.
4.
6.
5.
7.
8.
9.
1.
2.
–
4.
5.
3.
6.
7.
8.
9.
FRA -Frankfurt
CDG -Paris
LEJ -Leipzig
AMS -Amsterdam
IST -Istanbul
LHR -London
LGG -Liege
LUX -Luxembourg
CGN -Cologne
MXP -Milan
1,967,450
1,889,553
1,509,098
1,437,810
1,425,960
1,350,878
1,140,058
969,962
958,237
716,516
-13.7
-3.5
-5.0
-13.8
87.9
-3.7
-19.3
-10.9
-1.0
-3.4
Ranking by ACI Europe (February 2022). The Leipzig/Halle Airport is not a member of the ACI Europe and so not reported in the ranking. Source: ADV (12.2021).
Competitive Position Outside the Frankfurt Site
$ Operator concessions $ Retail concessions $ Logistics center $ Engagement put on hold
Developments of the Group airports outside the Frankfurt site were characterized in the 2022 reporting year essentially by the
subsiding of the global coronavirus pandemic and the associated restart of international air traffic. Information on traffic develop-
ment at individual sites can be found in the “Business Development” chapter.
As the airport of the country’s capital, the development of Ljubljana Airport is closely linked to the economic and tourist situation
in Slovenia. The gaps in the flight schedule that emerged through the bankruptcy of Adria Airways in the fall of 2019, and the
destinations which were temporarily unserved due to the coronavirus pandemic, were gradually added again in the course of the
recovery in traffic numbers in 2022. Alongside a large number of connections to European capitals and business sites, flights to
the Middle East and an increasing number of charter flight connections to tourist regions also contributed to the appeal of the
location and the airport.
The two Brazilian airports in Porto Alegre and Fortaleza served almost exclusively domestic originating traffic in 2022. The share
of domestic passenger traffic was around 96% in both Fortaleza and Porto Alegre. The resumption of the LATAM hub at the end
of 2021 strengthened Fortaleza Airport’s position in the market environment of northern Brazilian domestic airports in 2022.
LATAM Brazil, GOL, and Azul remained the dominant airlines in 2022. Cargo volumes developed positively in Porto Alegre,
particularly benefiting from the use of larger aircraft on the international routes. With the commissioning of the extended runway
in Porto Alegre in the second quarter of 2022, the planned major infrastructure measures at both airports will be completed.
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36
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Competitive position in Europe
Rank1)
2022
2021
2019
Airport
Passengers
change in % Rank1)
2022
2021
2019
Airport
Air freight
change in %
!
"
!
!
"
"
"
"
"
#
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
10.
3.
4.
8.
7.
11.
41.
16.
9.
5.
1.
2.
3.
6.
4.
7.
10.
9.
12.
IST - Istanbul
64,284,215
LHR -London
61,614,508
CDG - Paris
57,478,888
AMS - Amsterdam
52,472,189
MAD -Madrid
50,602,864
FRA - Frankfurt
48,918,482
BCN -Barcelona
41,616,302
LGW -London
32,849,869
MUC -Munich
31,642,738
AYT -Antalya
31,222,180
73.8
217.7
119.4
105.8
109.8
97.1
120.7
424.7
153.2
41.6
!
!
"
#
#
!
#
#
!
!
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
–
3.
4.
6.
5.
7.
8.
9.
1.
2.
–
4.
5.
3.
6.
7.
8.
9.
FRA -Frankfurt
1,967,450
CDG -Paris
1,889,553
LEJ -Leipzig
1,509,098
AMS -Amsterdam
1,437,810
IST -Istanbul
1,425,960
LHR -London
1,350,878
LGG -Liege
1,140,058
LUX -Luxembourg
969,962
CGN -Cologne
958,237
MXP -Milan
716,516
-13.7
-3.5
-5.0
-13.8
87.9
-3.7
-19.3
-10.9
-1.0
-3.4
Ranking by ACI Europe (February 2022). The Leipzig/Halle Airport is not a member of the ACI Europe and so not reported in the ranking. Source: ADV (12.2021).
Competitive Position Outside the Frankfurt Site
$ Operator concessions $ Retail concessions $ Logistics center $ Engagement put on hold
Developments of the Group airports outside the Frankfurt site were characterized in the 2022 reporting year essentially by the
subsiding of the global coronavirus pandemic and the associated restart of international air traffic. Information on traffic develop-
ment at individual sites can be found in the “Business Development” chapter.
As the airport of the country’s capital, the development of Ljubljana Airport is closely linked to the economic and tourist situation
in Slovenia. The gaps in the flight schedule that emerged through the bankruptcy of Adria Airways in the fall of 2019, and the
destinations which were temporarily unserved due to the coronavirus pandemic, were gradually added again in the course of the
recovery in traffic numbers in 2022. Alongside a large number of connections to European capitals and business sites, flights to
the Middle East and an increasing number of charter flight connections to tourist regions also contributed to the appeal of the
location and the airport.
The two Brazilian airports in Porto Alegre and Fortaleza served almost exclusively domestic originating traffic in 2022. The share
of domestic passenger traffic was around 96% in both Fortaleza and Porto Alegre. The resumption of the LATAM hub at the end
of 2021 strengthened Fortaleza Airport’s position in the market environment of northern Brazilian domestic airports in 2022.
LATAM Brazil, GOL, and Azul remained the dominant airlines in 2022. Cargo volumes developed positively in Porto Alegre,
particularly benefiting from the use of larger aircraft on the international routes. With the commissioning of the extended runway
in Porto Alegre in the second quarter of 2022, the planned major infrastructure measures at both airports will be completed.
The Jorge Chávez Airport in Lima is Peru’s leading airport, and one of the largest airports in South America. The site profits in
particular from its geographical position, which makes the airport an attractive transfer point for traffic between South and North
America. At Lima airport, LATAM Airlines Group is maintaining its strong market presence and has already reestablished a large
part of its fleet strength from the time before the coronavirus pandemic, thus contributing to passenger growth in 2022. Low-cost
airlines, such as SKY and Jetsmart, among others, also pursued a growth strategy, thereby supporting the recovery in passenger
numbers. The expansion project at Jorge Chávez Airport includes the construction of a new passenger terminal, a new runway
including aprons and taxiways, as well as other peripheral infrastructure, so as to provide sufficient capacity for further growth in
the South American aviation market in the future. The construction of the second runway and the air traffic control tower were
already completed by the end of 2022. The concession agreement provides for the inauguration of the new passenger terminal in
the first quarter of 2025.
The traffic and business developments at the strongly tourist-oriented Greek sites, at Varna and Burgas, as well as in Antalya are
substantially affected by charter traffic of tourist carriers. There is generally no substantial concentration of individual airlines. In
addition to the economic development in each respective country where the traffic originates, the sites depend particularly on the
appeal of the respective regions with regard to safety, quality, price level, and entry requirements.
Fraport Greece operates 14 Greek regional airports. These are the airports in Kerkyra (Corfu), Chania (Crete), Kefalonia, Kavala,
Aktio/Preveza, Thessaloniki, Zakynthos, Mykonos, Skiathos, Santorini (Thira), Kos, Mytilene (Lesbos), Rhodes, and Samos. The
development at the Greek Group airports is mainly characterized by tourist traffic. Greece's appeal as a tourism destination offers
the potential for a further increase in demand in the coming years. The ramifications of the coronavirus pandemic affected Fraport
Greece only in the first quarter of 2022. The following months saw traffic recover and exceed 2019 levels overall.
The Black Sea airports in Burgas and Varna are the second- and third-largest passenger airports in Bulgaria after Sofia. In
addition to charter services, low-cost transport promises further long-term growth potential. Domestic traffic accounted for around
7% of passenger traffic. Wizz Air provided the largest share of passengers by far. In the 2022 summer flight schedule, the airline
stationed three aircraft in Varna and one in Burgas, and expanded its program from the two sites to 75 destinations. In negotiations
with the Bulgarian government, a five-year extension of the concession period until 2046 was granted, which is intended to
compensate for the effects of the coronavirus pandemic. Through gradual, modular expansion measures of the terminals, both
tourist sites offer sufficient capacity to meet the growth expected for the regions in the medium term.
Antalya was the second-largest passenger airport in Türkiye in the past fiscal year, behind Istanbul Airport, and remains one of
the most important tourist airports in the Mediterranean region. The demand for holiday travel to the region is essential for the
further development of traffic at Antalya Airport. This depends on the political and economic situation in the countries of origin of
the main passenger groups as well as Türkiye. At the end of 2021, a consortium made up of Fraport and its Turkish partner TAV
was awarded the tender for the new operating concession at Antalya Airport. The operational period of the new concession will
start at the beginning of 2027 after the current concession expires, and will run until the end of 2051. As part of the new concession,
necessary expansion measures at the terminals and other areas at the airport began in the first quarter of 2022. The completion
of the main infrastructure measures is expected in 2024 and 2025. This will ensure Antalya Airport will remain highly competitive
in the segment of tourist airports in the Mediterranean region in the long term.
Additional information about business development in the past fiscal year can be found in the “Economic Report” chapter.
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37
Strategy
Long-term market development remains positive despite short-term volatility
After the worldwide traffic collapse caused by the coronavirus pandemic, traffic volume will recover in the coming years, according
to forecasts by associations and aircraft manufacturers. Subsequently, the aviation market is again expected to show stable
growth in the long term. Fraport aligns its strategy to the long-term forecasted development of the global aviation market and its
trends. In particular, internationally assumed economic growth as well as a globally increasing and more strongly consuming
middle class will positively influence the development. Further catch-up and growth effects will result from the global directing of
business and education and the forecasted increasing traffic from migration and tourism. Disproportionate growth is still expected
from and in the economic emerging markets.
Strategic objectives
With its five strategic objectives, the vision of the Fraport Group serves to implement the mission statement, and remains valid
despite short-term volatility:
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Group Management Report / Situation of the Group
Fraport Annual Report 2022
A description of the development of the key financial and non-financial indicators in the past fiscal year can be found in the
“Economic Report” chapter. The associated forecast figures for the 2023 fiscal year can be found in the “Outlook Report” chapter.
The key risks and opportunities associated with the expansion of airport infrastructure in and outside of Frankfurt can be found in
the “Risk and Opportunities Report” chapter.
Growth in Frankfurt and internationally
The expected market development indicates that air traffic will remain a growth market. In light of this, Fraport is aligning the
company to ensure competitiveness and to participate sustainably in this growth – both at the Frankfurt site and internationally.
Fraport is maintaining its long-term growth goals, despite the effects of the coronavirus pandemic. Traffic volume is expected to
follow the general market trend; aviation value added will increase and sustainable EBITDA growth will be maintained in the
non-aviation segment. The international business is also expected to continue to grow sustainably and contribute to the Group
EBITDA and result.
At the Frankfurt site, the construction of Terminal 3 will secure the infrastructure required for growth in the long term. Construction
is progressing largely according to plan, and the new terminal will open for the 2026 summer flight schedule. The resulting capacity
of around 20 million passengers will make it possible to gradually modernize older terminal infrastructure.
The role of Frankfurt Airport as one of the leading cargo hubs in Europe will also be strengthened, and freight will be developed
as a strategic mainstay. During the coronavirus crisis, the central location and the well-developed cargo facilities triggered strong
growth in air cargo activities in Frankfurt. Subsequently, air freight came under pressure from geopolitical instability and opera-
tional challenges in the rebound of passenger traffic. Further infrastructural expansion areas at Frankfurt Airport, the steadily
growing e-commerce segment, and the forecasted overall economic upswing are expected to contribute to growth in the coming
years.
Fraport is continuing the expansion measures required to meet capacity that it has begun at international sites. In Peru, the
construction plan for the new passenger terminal was concluded with the Peruvian government. The plan is to open the terminal
in the first quarter of 2025. At the Group airports in Bulgaria, the commitment was extended for another five years until November
2046. In relation to this, the terminal at Varna Airport will be expanded in the coming years.
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Fraport particularly uses the passenger numbers at Frankfurt Airport as well as at the Group airports as an indicator for the
Group-wide growth in traffic. Fraport measures Group-wide growth in the result and controls this, among other things, by
monitoring the development of Group EBITDA and the Group result, the ROFRA, net financial debt to EBITDA ratio, and
free cash flow. In view of the dynamic economic environment, Fraport is also focusing on securing liquidity in the long term.
Service-oriented airport operator
The mission statement and the slogan “Gute Reise! We make it happen” underpins the claim of having a strong customer and
service orientation at all sites. Group airports will reach a leading position in their respective aviation market through motivated
employees, efficient processes, and infrastructure that meets current needs.
In Frankfurt, the control of aviation security checks was taken over on January 1, 2023. This is a significant milestone in optimizing
control of the travel process. As the first major airport in Germany, it will now be Fraport's responsibility to select and manage the
service providers for aviation security checks. In combination with the gradual roll-out of new computer tomography (CT) scanners,
this will reduce queues at security checkpoints. Customer experience will improve clearly as a result.
In order to further strengthen the hub function of the Frankfurt site, the security checkpoint in Terminal 1 B will be relocated over
the next few years. This will increase capacity for checks and create easier transfer processes as well as a new airside shopping
area all around.
In addition to the passengers, airport business partners including airlines, retailers, and logistics specialists are of key importance
to Fraport. Fraport provides its partners Group-wide with an optimum commercial basis, so that they can successfully compete.
Processes and interfaces are technologically supported and thus continuously improved. This simplifies and accelerates
processes. With the founding of FraAlliance GmbH, Fraport and Lufthansa have strengthened their strategic and operational
cooperation. The goal is to jointly improve passenger processes and experiences, exploit efficiency potential, and further expand
the central role of the Frankfurt hub in international competition.
Customer and service orientation will be continually improved at all Group airports. Understanding customer needs and obtaining
feedback is essential for this. This is why customer surveys are regularly conducted in Frankfurt and at the Group airports. The
global passenger satisfaction reflects the effectiveness and success of the passenger-oriented processes and service offers that
aim to increase passenger satisfaction. Also, baggage connectivity is an essential measure for performance of the Frankfurt hub
airport. The punctuality rate is another quality indicator for Frankfurt as a hub airport.
Economically successful through optimal cooperation
All Group companies, business fields, and services within the Fraport Group provide their services under quality and cost
structures that can keep pace with specialized air traffic service providers. Optimized collaboration within the Group enables the
operating cost to be reduced further and made more flexible.
In order to support the restart of air traffic and ensure Fraport's long-term success, the focus is currently on adapting the organi-
zation and its processes. Among other things, the plan is to bundle the ground services within the framework of a joint operation
with a stringent focus on ground handling as the sole core business. This should improve the quality and profitability of the
business model.
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Group Management Report / Situation of the Group
Fraport Annual Report 2022
Learning organization & digitalization
Flexible and fast response is part of everyday operations for Fraport as a service provider. Risks and opportunities are recognized
at an early stage, and changes in the market are anticipated. Learning takes place every day and everywhere, both in terms of
leadership and in the area of expertise. This also includes the regular exchange of technical experts from the Fraport Group on
specific airport management issues. One example of this is the “Sustainability X-Change” introduced in 2022, in which sustaina-
bility experts and managing directors of the international Group companies and Fraport AG regularly exchange ideas and drive
forward joint projects.
The volatile overall environment continues to require a high level of adaptability from the organization and its staff. Fraport is
increasingly building on digital solutions for collaborative value creation and is thus consistently implementing its digitalization and
innovation strategy. Thus, in 2022, further projects were identified within the framework of a "Digital Factory” and implemented
within a very short time. The topic of robotic process automation also became more widespread in the company. In addition, a
first use case for the use of artificial intelligence in the control of apron processes was successfully piloted. In this context, Fraport
considers digitalization and innovation to be a lever to improve customer satisfaction and financial performance indicators in the
near term, where relevant. All the projects listed above aim to open up earnings potential or reduce costs, and thus increase
competitiveness.
Fairness and recognition for partners and neighbors
One focus of the Fraport Group's sustainability activities is to treat partners, neighbors, and natural resources respectfully and
appreciatively throughout the Group.
Being a good neighbor means communal, cultural, and social engagement in the respective regions. At the sites of the interna-
tional Group companies, regions close to the airport also benefit from the economic performance, such as through donations or
sponsorship activities. These are implemented by each Group company on its own responsibility.
Active and passive noise abatement serves to limit the negative effects of aviation traffic on its environment. Emission-related
airport charges at the Frankfurt site provide financial incentives for airlines to use aircraft with low pollutant and noise emissions.
Noise protection measures in accordance with national and local noise protection regulations have been applied and monitoring
systems implemented at Group airports as well.
In addition, Fraport feels responsible for meeting ecological requirements. In the area of climate protection, Fraport has set the
goal of reducing Group-wide CO2 emissions to a total of 95,000 tons by 2030 and to be completely CO2 neutral by 2045. No
emissions will be compensated. As a policy paper for decarbonization, the “Decarbonization Master Plan” was developed in 2022.
It derives an overall concept for reducing CO2 emissions from the scientific and legal framework conditions as well as the technical
possibilities and provides a comprehensive view and structuring of the measures to reduce Fraport's CO2 emissions. The master
plan will be taken into account by all divisions of Fraport AG and all relevant Group companies in further technical and economic
planning.
With regard to social sustainability aspects, Fraport also retains qualified and motivated employees as an attractive and respon-
sible employer, among other things with systematic further development offers and talent management programs. The company
secures its own competitiveness like this. Fraport respects and promotes personal diversity and attaches great importance to
ensuring that this is reflected in the way employees interact with each other. The Group agreement “Conduct of Partnership,
Diversity, and Equality in the Workplace” formed the platform for principles such as freedom from discrimination and equal oppor-
tunities. Fraport places particular emphasis on development measures aimed at increasing the proportion of women in manage-
ment positions. This applies to management positions at levels 1 and 2 below the Executive Board, as well as the respective
management boards and the management level below them at the German Group companies.
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41
Comprehensive, integrated occupational health and safety is also an important component of the Fraport Group's understanding
of sustainability. Coronavirus protection measures were implemented both at the Frankfurt site and internationally. Work pro-
cesses were also adapted to make everyday operations as safe as possible for employees in observance of legally prescribed
measures.
Fraport uses the key indicators of employee satisfaction, the proportion of women in management positions, the sickness rate,
and the level of CO
emissions to monitor its sustainability activities.
2
Strategic consideration of current market developments
The ongoing global political conflicts, economic developments, and adjustments to the legal framework are currently shaping a
large number of the markets in which Fraport operates as a global airport operator.
The resulting uncertainties as well as strong price pressure from the airlines require high-quality services and significant flexibility
at the same time. To meet these requirements, the process optimization program @FRA will continue to be pursued consistently.
The program includes the following four directions:
In addition, sustainability management was realigned as an inherent part of the Group strategy. The claim is to have a Group-
wide perspective on all aspects of sustainability. The path to CO2-free operation at Fraport AG in Frankfurt was described as a
key measure in 2022 with the Decarbonization Master Plan. In 2023, the master plan will be updated for all relevant fully consoli-
dated Group companies. In the area of governance, the focus was particularly on the publication of the policy statement on human
rights.
Research and Development
Fraport AG does not conduct research and development in the narrowest sense. Nevertheless, it is always eager to ensure
necessary developments are made on its own initiative and to integrate successfully proven solutions in the market in a timely
manner. The focus therefore lies on continuously observing markets and technologies in order to identify promising developments
at an early stage and implement them for Fraport.
Legal Disclosures
As a listed corporation headquartered in Germany, Fraport AG is subject to a number of statutory disclosure requirements.
Important reporting obligations that apply to this combined management report as a result of these requirements are shown in the
following.
Takeover-related disclosures
The capital stock of Fraport AG is €924,687,040. It is divided into 92,468,704 no-par-value bearer shares. The company holds
treasury shares (77,365 shares), which are offset from capital stock on the balance sheet. The issued capital stated in the
commercial balance sheet as at December 31, 2022 and reduced by treasury shares is €923,913,390 (92,391,339 no-par-value
shares). There are no differing classes of shares. Additional information regarding treasury shares in accordance with Section
160 (1) no. 2 of the AktG can be found in the Group notes, note 31, and Fraport AG’s Notes, note 27.
52
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42
Group Management Report / Situation of the Group
Fraport Annual Report 2022
On the basis of the consortium agreement concluded between the State of Hesse and Stadtwerke Frankfurt am Main Holding
GmbH dated April 18/23, 2001 with a supplement as at December 2, 2014, the total voting rights in Fraport AG held by both
shareholders, calculated in accordance with Section 34 (2) of the German Securities Trading Act (WpHG), amounted to 52.23%
as at December 31, 2022. They were attributed as follows: State of Hesse 31.31% and Stadtwerke Frankfurt am Main Holding
GmbH 20.92%. The voting rights in Fraport AG owned by the City of Frankfurt am Main are held indirectly via the Stadtwerke
Frankfurt am Main Holding GmbH subsidiary. According to the last official reports in accordance with the WpHG or disclosures by
individual shareholders, a further 8.44% of voting rights in Fraport AG were attributable to Deutsche Lufthansa AG (as at Decem-
ber 31, 2022). The relative ownership interests were adjusted to the current total number of shares as at the balance sheet date,
and therefore may differ from the figures given at the time of reporting or from the respective shareholders’ own disclosures.
The appointment and dismissal of Executive Board members is carried out in compliance with the relevant provisions of AktG
(Sections 84 and 85). Pursuant to Section 179 (1) sentence 2 AktG in conjunction with Section 11 (3) of the company statutes,
the Supervisory Board is entitled to amend the company statutes only with respect to the wording. Other amendments to the
company statutes require a resolution of the AGM, which, according to Section 18 (1) of the company statutes, must be passed
in general by a simple majority of the votes cast and, provided that a capital majority is required, by a simple majority of the capital
stock represented at the time of the resolution. If, by way of exception, the law requires a higher capital majority (e.g., when
changing the purpose of the company as stated in the company statutes, Section 179 (2) sentence 1 AktG; or when creating
contingent capital, Section 193 (1) sentence 1 AktG), the resolution of the AGM has to be passed by a three-quarter majority of
the represented capital stock.
Report on the relationships with affiliated companies
Due to the shares of 31.31% (previous year: 31.31%) held by the State of Hesse and 20.92% (previous year: 20.71%) held by
Stadtwerke Frankfurt am Main Holding GmbH, as well as the consortium agreement concluded between these shareholders on
April 18/23, 2001 with a supplement as at December 2, 2014, Fraport AG is a publicly controlled enterprise. There are no control
or profit transfer agreements.
The Executive Board of Fraport AG therefore compiles a report on the relationships with affiliated companies in accordance with
Section 312 of the AktG. At the end of the report, the Executive Board made the following statement: “The Executive Board
declares that under the circumstances known to us at the time, Fraport AG received fair and adequate compensation for each
and every legal transaction conducted. During the reporting year, measures were neither taken nor omitted at the request of or in
the interests of the State of Hesse and the City of Frankfurt am Main and their affiliated companies.”
Joint Statement on Corporate Governance
The Fraport AG Executive Board reports – in the name of the Supervisory Board as well – on the contents subject to the reporting
requirements pursuant to Section 289f of the German Commercial Code (HGB) for Fraport AG as well as for the Fraport Group
as part of a joint statement on corporate governance pursuant to Sections 289f and 315d of the HGB in conjunction with Section
289f of the HGB, in order to enable a general statement on the Group's corporate governance principles. The Joint Statement on
the corporate website at
Corporate Governance
the “To Our Shareholders” chapter and on
is published
in
https://www.fraport.com/en/investors/corporate-governance.html.
Information in accordance with the German Energy Economics Act (EnWG)
Fraport AG operates its own energy supply network and in mid-2011 applied for the status of “closed distribution network”, which
is associated with considerable benefits compared to general supply networks. In accordance with the requirements of Section
6b of the EnWG (German Energy Industry Act), Fraport AG is obliged to prepare separate business statements. The regulations
were applied in accordance with the requirements of the Federal Network Agency in the 2022 annual financial statements.
Annual General Meeting (AGM)
At the past virtual AGM on May 24, 2022, Fraport received a clear majority from its shareholders on all agenda items. Of the
capital entitled to vote, 70,448,529 no-par-value shares and the same number of voting rights (76.19% of capital) were exercised.
The detailed voting results as well as further information about the AGM are published on the company website at
www.fraport.com/annualgeneralmeeting. The AGM for the 2022 fiscal year will be held on May 23, 2023, once again online.
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Fraport Annual Report 2022Fraport Annual Report 2022 Combined Management Report / Situation of the Group 43 Control system The Control System chapter explains the most important key indicators used by the Executive Board to make the corporate measures taken as part of the Group strategy measurable and to evaluate them. Here, the Executive Board differentiates between financial and non-financial performance indicators. Changes compared with the previous year Following the suspension of the employee survey due to the coronavirus pandemic in 2020 and 2021, the Fraport Barometer was resumed in the Group to determine the key indicator of Employee Satisfaction across the Group. Passenger surveys were also carried out at the fully consolidated Group airports for the key indicator of Group Global Satisfaction, so that sufficient data was available for the calculation. Compared to the same period last year, the Executive Board has streamlined the control system and reduced the scope of the most important financial performance indicators by the key indicators Revenue adjusted for IFRIC 12, EBIT, and Shareholders' equity ratio. Beginning with the reporting for the 2022 fiscal year, the Executive Board will focus on the following key financial and non-financial performance indicators, the developments of which are presented in the “Results of operations”, “Asset and financial position”, “Value management”, and “Non-financial performance indicators” chapters, and for which corresponding forecasts have been formulated in the “Business outlook” chapter. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 44
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Scope
Value 2022
Group
1,029.8
Group
166.6
Group
Group
Group
Group
Group
Fraport AG
Fraport AG
Group 2)
Fraport AG
Group
(Germany) 3)
Group
(Germany) 3)
3,866.9
6.9
–741.0
6.0
80
74
95.8
4.76
4.64
23.1
31.6
Overview financial and non-financial key performance indicators
Topic
Target
Key figure
Target level
Group result (€ million)
EBITDA (€ million)
Between roughly
€1,040 million and
around €1,200 million
Between around
€300 million and
roughly €420 million
Group liquidity > €1 billion, temporarily
clearly higher
Max. 5x
Net financial debt to
EBITDA
Free Cash Flow
(€ million)
Mid negative three-
digit million € amount
Term
2023
2023
Continuous
Continuous
2023
ROFRA (%)
>WACC (2022: 7.3 %)
Continuous
>80
>80 1)
>98.5
>4.9 and at least 0.1
better than 2024
>4.8 and at least 0.1
better than 2024
30.8
2026
2026
2026
2024
2024
2026
30.2
2026
Earnings position
We generate long-term
earnings growth and
maintain financial
strength at a high level
despite future
investments.
Customer satisfaction and
product quality
We continuously
optimize customer and
service orientation at
the Group airports.
Attractive and responsible
employer
We create good
working conditions and
Increase employee
satisfaction.
We increase the share
of women in
management
positions.
Occupational health
and safety
We stabilize the
sickness rate in the me-
dium term and reduce
it in the long term.
Global satisfaction of
passengers (%)
Global satisfaction of
passengers (%)
Baggage connectivity
(%)
Employee satisfaction
Women in manage-
ment positions
(first level below the
Executive Board) (%)
Women in manage-
ment positions (second
level below the Execu-
tive Board) (%)
Women in manage-
ment positions
(first level below the
Executive Board) (%)
Women in manage-
ment positions
(second level below the
Executive Board) (%)
Sickness rate (%)
31.8
2026
Fraport AG
19.0
30.9
2026
Fraport AG
30.8
<7.2%
<7.2%
95,000 4)
50,000 4)
2025
2025
2030
2030
Group
(Germany) 3)
Fraport AG
Group 5)
Fraport AG
8.7
7.9
155,449 6)
113,199 6)
Climate protection
We reduce the CO2
emissions.
CO2 emissions (total of
scope 1 and 2) (m. t.)
1) For Frankfurt Airport, starting from the opening year of Terminal 3: >85%.
2) Employee satisfaction: Includes Fraport AG and the German Group companies as well as Fraport Slovenija, Twin Star, Fortaleza, Porto Alegre,
Lima, Fraport Greece and Fraport USA.
3) This includes Fraport AG as well as Group companies in Germany.
4) Target for 2045: 0 t CO2 (“Net Zero Carbon“ according to the Intergovernmental Panel on Climate Change).
5) This includes Fraport AG as well as the Group companies Facility Services, FraGround, FraCareS, Fraport Ausbau Süd, FraSec Group (three companies), Media,
Fraport Greece, Fraport Slovenija, Lima, Fortaleza, Porto Alegre and Twin Star.
6) Subsequent verifications may result in changes to the figures.
Financial performance indicators
For Fraport, the growth-oriented development of financial performance indicators is critical for the long-term success of the
company. The overriding importance of these indicators is reflected in the Group strategy as a set of criteria for the Group objec-
tives “Growth in Frankfurt and internationally” and “Economically successful through optimal cooperation”. Control, derived from
the Group strategy, is carried out primarily at the Group level, and segment-specific key figures are used to aid the process.
Fraport mainly uses key figures relating to the consolidated results of operations and to the Group asset and financial position, as
well as key figures that link the results of operations with the asset and financial position, as key financial performance indicators
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(value management). In accordance with the long-term oriented Group strategy, the Executive Board manages and evaluates the
development of financial performance indicators while also taking account of long-term forecasted market developments. In this
context, strategic measures – such as the implementation of larger capital expenditure projects or the expansion of international
business – can also lead to a short- to medium-term burden on the financial performance indicators.
The key financial performance indicators and their significance for Fraport are described in the following. The description of their
development during the past fiscal year can be found in the “The Group’s results of operations”, “Asset and financial position”,
and “Value management” chapters. The associated forecasted figures for the 2023 fiscal year can be found in the “Business
outlook” chapter. Definitions for calculating the financial key figures can be found in the “Glossary” chapter.
Results of operations key figures
The results of operations include the presentation and explanation of significant earnings components and key figures. While the
results of operations in the context of regular reporting provide information about the past business development and are fore-
casted in the business outlook, earnings forecasts are also regularly drawn up over long-term periods for internal planning pur-
poses. The information resulting from this is essential for the Executive Board in relation to the company’s long-term management.
The most significant financial performance indicators for Fraport are EBITDA and the Group result.
EBITDA and, indirectly, the Group result through the earnings per share (EPS) are part of the Executive Board remuneration and
underline the relevance of these financial key figures as a control element (see also the “Remuneration report” at
www.fraport.com/publications).
Asset and financial position key figures
As well as in the results of operations, the result of the strategically adopted measures and operating activities of Fraport is also
reflected in the Group’s asset and financial position. For Fraport, in particular the development of the net financial debt to EBITDA
ratio and the free cash flow are significant. Also, under the influence of the coronavirus pandemic Group liquidity was introduced
as a control parameter.
The net financial debt to EBITDA ratio and the free cash flow in particular serve as key financial indicators to the Executive Board
to assess financial strength. The net financial debt to EBITDA ratio provides information on the financial stability of the company
and how many years are required to service the net financial debt via EBITDA, if consistent figures are assumed for both indicators.
The Executive Board has decided on a ratio of a maximum of five for this performance indicator and is resolved to reach this
target value again in the medium term after the effects of the coronavirus pandemic are overcome.
The free cash flow provides information about the financial resources available to the Group from the operating activities of a
period after deducting operating capital expenditure activities. These free funds can be retained in order to increase the company’s
liquidity and to be available as a financial reserve for future capital expenditure or to reduce the leverage (the gearing ratio) and/or
can be distributed among shareholders as dividends. Due to the ongoing expansion investment activities in Frankfurt and
internationally, as well as the effects of the coronavirus pandemic on Fraport's operating activities, the free cash flow continues to
be extraordinarily burdened and temporarily negative. In the medium term, the Executive Board expects a significant increase in
free cash flow in positive territory.
Group liquidity provides information on the financial stability of the Fraport Group, even over a long period of time. The Executive
Board also aims for liquidity of at least €1 billion in the long term. Against the backdrop of the current macroeconomic volatilities
and the high level of debt related to the pandemic, a temporarily significantly higher level of liquidity is being maintained.
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46
Group Management Report / Situation of the Group
Fraport Annual Report 2022
(value management). In accordance with the long-term oriented Group strategy, the Executive Board manages and evaluates the
Links between the results of operations and the asset and financial position (value management)
development of financial performance indicators while also taking account of long-term forecasted market developments. In this
context, strategic measures – such as the implementation of larger capital expenditure projects or the expansion of international
business – can also lead to a short- to medium-term burden on the financial performance indicators.
To increase the Group’s value in the long term, the Executive Board specifically draws parallels between the development of the
results of operations and the asset and financial position. In this context, the Executive Board plans and manages the Group’s
development according to the principles of value management.
The key financial performance indicators and their significance for Fraport are described in the following. The description of their
development during the past fiscal year can be found in the “The Group’s results of operations”, “Asset and financial position”,
and “Value management” chapters. The associated forecasted figures for the 2023 fiscal year can be found in the “Business
outlook” chapter. Definitions for calculating the financial key figures can be found in the “Glossary” chapter.
At Fraport, the most important measurement and steering figure of this approach is the “Return on Fraport assets”, in short:
ROFRA, which makes the different-sized segments of the Fraport Group comparable in terms of economic enhancement.
Compared to the current WACC, the ROFRA shows whether the business units created value (ROFRA > WACC) or not
(ROFRA < WACC). The calculation of the WACC is shown in the “Value added” section.
Results of operations key figures
The results of operations include the presentation and explanation of significant earnings components and key figures. While the
results of operations in the context of regular reporting provide information about the past business development and are fore-
casted in the business outlook, earnings forecasts are also regularly drawn up over long-term periods for internal planning pur-
poses. The information resulting from this is essential for the Executive Board in relation to the company’s long-term management.
The most significant financial performance indicators for Fraport are EBITDA and the Group result.
EBITDA and, indirectly, the Group result through the earnings per share (EPS) are part of the Executive Board remuneration and
underline the relevance of these financial key figures as a control element (see also the “Remuneration report” at
www.fraport.com/publications).
Asset and financial position key figures
As well as in the results of operations, the result of the strategically adopted measures and operating activities of Fraport is also
reflected in the Group’s asset and financial position. For Fraport, in particular the development of the net financial debt to EBITDA
ratio and the free cash flow are significant. Also, under the influence of the coronavirus pandemic Group liquidity was introduced
as a control parameter.
The net financial debt to EBITDA ratio and the free cash flow in particular serve as key financial indicators to the Executive Board
to assess financial strength. The net financial debt to EBITDA ratio provides information on the financial stability of the company
and how many years are required to service the net financial debt via EBITDA, if consistent figures are assumed for both indicators.
The Executive Board has decided on a ratio of a maximum of five for this performance indicator and is resolved to reach this
target value again in the medium term after the effects of the coronavirus pandemic are overcome.
The free cash flow provides information about the financial resources available to the Group from the operating activities of a
period after deducting operating capital expenditure activities. These free funds can be retained in order to increase the company’s
liquidity and to be available as a financial reserve for future capital expenditure or to reduce the leverage (the gearing ratio) and/or
can be distributed among shareholders as dividends. Due to the ongoing expansion investment activities in Frankfurt and
internationally, as well as the effects of the coronavirus pandemic on Fraport's operating activities, the free cash flow continues to
be extraordinarily burdened and temporarily negative. In the medium term, the Executive Board expects a significant increase in
free cash flow in positive territory.
The ROFRA is calculated on the basis of the EBIT extended by the results before taxes of the Group companies accounted for
using the equity method divided by the Fraport assets. The Fraport assets are defined as the average of the Group’s or segments’
fixed interest-bearing capital required for operations including the carrying amounts of the Group companies accounted for using
the equity method. To avoid economic enhancement coming solely from depreciation and amortization of assets, the Executive
Board recognizes regularly depreciable or amortizable assets within Fraport assets at half of their historical acquisition/manufac-
turing costs (at cost/2), and not at residual carrying amounts. Goodwill and investments in Group companies accounted for using
the equity method and other assets not included in depreciation and amortization, in particular assets in construction, are recog-
nized in full at cost because they are not subject to regular depreciation and amortization. Within the scope of the initial imple-
mentation of IFRS 16, other property, plant, and equipment also includes the rights to use resulting from leasing contracts. They
are included in the calculation as half at cost.
ROFRA is also an element of the Executive Board remuneration and underlines the long-term goal of Group-wide business activ-
ities that create value (see also the “Remuneration report” at
www.fraport.com/publications).
Value added
Group liquidity provides information on the financial stability of the Fraport Group, even over a long period of time. The Executive
Board also aims for liquidity of at least €1 billion in the long term. Against the backdrop of the current macroeconomic volatilities
and the high level of debt related to the pandemic, a temporarily significantly higher level of liquidity is being maintained.
In addition to the ROFRA, Fraport uses the value added as a measure of economic enhancement. The value added is annually
consolidated and recorded at Group and at segment level. It is calculated from the “adjusted” EBIT, which also includes the results
before taxes of the Group companies accounted for using the equity method, minus the Fraport assets multiplied by the WACC.
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The goal is to generate value added of zero for the regulated Aviation segment, and generate clearly positive values added for
the other segments.
Fraport calculates the weighted average cost of capital (WACC) using the capital asset pricing model and uses this regulatory
specific WACC to calculate its airport charges. Given the continuously changing economic environment, interest rate levels, and/or
Fraport’s risk and financing structure, Fraport regularly reviews, and, if needed, adjusts its WACC. The WACC is also used for the
value management of the Fraport Group. The WACC for the fiscal year increased compared to the previous year to 7.3% (before
taxes, 2021: 6.1%). For details on the use and calculation of the cost of capital in the context of impairment tests, please refer to
note 4 in the Notes to the Consolidated Financial Statements.
The WACC is comprised as follows:
Non-financial Performance Indicators
In addition to the key figures for its financial development, Fraport measures the development of “Non-financial performance
indicators”, which are also essential for the long-term success of the company and result primarily from the Group objectives
“Service-oriented airport operator” and “Fairness and recognition for partners and neighbors”.
The description of the development of the most important non-financial performance indicators during the past fiscal year as well
as the implemented measures are presented in the “Non-financial performance indicators” and “Combined non-financial report”
chapters. The associated forecasted figures for the 2023 fiscal year can be found in the “Business outlook” chapter. More infor-
mation on the topic of “Corporate Social Responsibility” can be found on the company website at
www.fraport.com/responsibility.
Customer satisfaction and product quality
For Fraport, the quality of performed services and the associated customer satisfaction are decisive competitive factors and of
key significance for the long-term success of the business. The clear objective is to raise its own quality and a high level of
customer satisfaction. Fraport uses performance indicators for the purposes of measurement and control. The key indicators
include the global satisfaction of passengers and baggage connectivity.
Global satisfaction describes passengers’ satisfaction with the services and processes offered and the overall service at the
airport. It is collected as part of continuous passenger surveys at all fully consolidated Group airports. The Group global satisfac-
tion indicator is the weighted average of the global satisfaction in Frankfurt and at the fully consolidated international airports.
The target value for global satisfaction of 80% for Frankfurt Airport remained unchanged for fiscal year 2022. This target value is
to be maintained until the inauguration of Terminal 3. Fraport has set a goal of at least 85% commencing from the year that
Terminal 3 opens. The target value for Group global satisfaction also remained unchanged at 80% after the survey was resumed
in the Group in fiscal year 2022.
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The goal is to generate value added of zero for the regulated Aviation segment, and generate clearly positive values added for
the other segments.
Fraport calculates the weighted average cost of capital (WACC) using the capital asset pricing model and uses this regulatory
specific WACC to calculate its airport charges. Given the continuously changing economic environment, interest rate levels, and/or
Fraport’s risk and financing structure, Fraport regularly reviews, and, if needed, adjusts its WACC. The WACC is also used for the
taxes, 2021: 6.1%). For details on the use and calculation of the cost of capital in the context of impairment tests, please refer to
note 4 in the Notes to the Consolidated Financial Statements.
The WACC is comprised as follows:
Non-financial Performance Indicators
In addition to the key figures for its financial development, Fraport measures the development of “Non-financial performance
indicators”, which are also essential for the long-term success of the company and result primarily from the Group objectives
“Service-oriented airport operator” and “Fairness and recognition for partners and neighbors”.
The description of the development of the most important non-financial performance indicators during the past fiscal year as well
as the implemented measures are presented in the “Non-financial performance indicators” and “Combined non-financial report”
chapters. The associated forecasted figures for the 2023 fiscal year can be found in the “Business outlook” chapter. More infor-
mation on the topic of “Corporate Social Responsibility” can be found on the company website at
www.fraport.com/responsibility.
Customer satisfaction and product quality
For Fraport, the quality of performed services and the associated customer satisfaction are decisive competitive factors and of
key significance for the long-term success of the business. The clear objective is to raise its own quality and a high level of
customer satisfaction. Fraport uses performance indicators for the purposes of measurement and control. The key indicators
include the global satisfaction of passengers and baggage connectivity.
Global satisfaction describes passengers’ satisfaction with the services and processes offered and the overall service at the
airport. It is collected as part of continuous passenger surveys at all fully consolidated Group airports. The Group global satisfac-
tion indicator is the weighted average of the global satisfaction in Frankfurt and at the fully consolidated international airports.
The target value for global satisfaction of 80% for Frankfurt Airport remained unchanged for fiscal year 2022. This target value is
to be maintained until the inauguration of Terminal 3. Fraport has set a goal of at least 85% commencing from the year that
Terminal 3 opens. The target value for Group global satisfaction also remained unchanged at 80% after the survey was resumed
in the Group in fiscal year 2022.
Fraport Annual Report 2022
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value management of the Fraport Group. The WACC for the fiscal year increased compared to the previous year to 7.3% (before
Attractive and responsible employer
Baggage connectivity provides information about the percentage of baggage at Frankfurt Airport that is loaded on time in relation
to the total departing baggage. Baggage connectivity measures, among other things, the performance of the airport in its role as
a hub with a transfer share of about 50%, and thus a high proportion of transfer baggage. A high and stable connectivity proves
the good quality of baggage processes. The objective also remains the achievement of a long-term baggage connectivity of more
than 98.5%.
For Fraport, appeal and responsibility as an employer is, like customer satisfaction and product quality, a key factor to ensure the
long-term success of the business. Fraport AG understands appeal to mean the creation of good working conditions in order to
gain and retain committed and qualified employees. To measure and control its appeal and responsibility as an employer, Fraport
uses various performance indicators, such as employee satisfaction and the ratio of women in management positions.
Employee satisfaction is a central instrument for measuring employee mood. Fraport is convinced that satisfied employees
achieve higher customer loyalty and improved performance. After employee satisfaction was surveyed in the previous year on the
basis of the “pulse checks”, the indicator will be surveyed every two years from fiscal year 2022 onwards on the basis of a more
comprehensive survey of the employees of Fraport AG and the Group companies. All labor-intensive Group companies in Frank-
furt and in Greece, Slovenia, Bulgaria, Peru, Brazil and the USA participate in the survey. In 2022, the survey was further devel-
oped in terms of content, methodology and process. The results obtained from this provide the basis for long-term goal setting.
The goal is to continuously improve employee satisfaction. By the end of 2026, employee satisfaction at Fraport AG should
therefore increase to at least 4.8, or at least 0.1 higher than in 2024. The minimum target for the Group is 4.9. Here, too, the value
should be at least 0.1 higher than in 2024.
As a responsible employer, Fraport AG respects and promotes personal diversity and attaches great importance to ensuring that
this is reflected in the way employees interact with each other. Diversity is a key goal for Fraport AG, which the Group systemati-
cally addresses as part of its diversity management. Fraport AG places particular focus on promoting women in management
positions at the two levels directly below the Executive Board as well as at the first level directly below the respective management
levels at the German Group companies. This corresponds to the objectives in the “Act on Equal Participation of Women and Men
in Management Positions in the Private and Public Sector”. For reporting purposes, executives who report directly to the Executive
Board are categorized as level 1. Executives who report to this first level of management are categorized as level 2. Regarding
the Group companies in Germany, the levels of management are categorized based on comparable positions at Fraport AG. The
goal is to increase the proportion of women in management positions in the Group in Germany, at the first management level
below the Executive Board to 30.8% and at the lower management level to 30.2% by the end of 2026. For Fraport AG, the
proportion of women in management positions is to be increased accordingly to 31.8% at the first management level and 30.9%
at the lower management level. Fraport respects local circumstances and therefore does not impose any quotas based on German
law on the foreign Group companies.
Occupational health and safety
As a responsible employer, Fraport contributes to increasing and maintaining employees’ performance and preventing work-
related health hazards through targeted preventative measures in occupational health and safety. Fraport evaluates the effective-
ness of the measures for health management by, among other things, continuously analyzing the sickness rate. The calculation
excluding illness-related absences beyond sick pay (extended sick leave) primarily reflects the development of short- and medium-
term illnesses. The effects of demographic change in the Group and the corresponding increase in the average age of employees
contribute, among other things, to a linear increase in the number of long-term illnesses. The focus is on limiting or reversing the
sickness rate, which is increasing due to seasonal and age-related absences, among other things. Beginning with the reporting
for 2019, the Executive Board has limited the Group sickness rate to the German Group companies. Due to different regional
legal regulations, but also due to the personnel structures that differ in the German Group companies, the sick leave rate in the
international Group companies plays a subordinate role for local management. The objective, for both the Fraport Group in
Germany as well as for Fraport AG, is a maximum rate of 7.2% by 2025.
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Climate protection
The operation of an airport and air traffic have various effects on the environment. Fraport is committed to the due and proper
consideration of the environmental requirements associated with this. Fraport’s environmental policy places importance on the
sustainable and careful use of natural resources. The Executive Board has determined Scope 1 and 2 CO2 emissions as the
most important key figure for measuring environmental impact. In 2022, Fraport adopted the decarbonization master plan. It
describes the strategic principles and defines the framework for the implementation of the measures and thus represents a policy
document for decarbonization. Part of the master plan saw the Group-wide targets for Scope 1 and 2 CO2 emissions for 2030
tightened once again. The aim is now to reduce the CO2 emissions for which Fraport AG, the fully consolidated Group airports
managing airport operations worldwide, and the climate-relevant subsidiaries at the Frankfurt site are directly responsible, to
95,000 metric tons by 2030. If necessary, the objective will be adjusted to any changes in Fraport’s airport portfolio. Fraport AG
seeks to reduce CO2 emissions at Frankfurt Airport to 50,000 metric tons by 2030. Fraport aims to be completely CO2-free in
Scope 1 and 2 CO2 emissions by 2045, and does not include offsets in the achievement of the targets. Along the way, Fraport
has set interim goals for itself. By 2040, CO2 emissions are to be reduced to 40,000 metric tons in the Group and to 25,000 metric
tons at Fraport AG. Compensation is excluded when targets are achieved (“Net Zero Carbon” according to the Intergovernmental
Panel on Climate Change).
Finance Management
The core objectives of finance management of Fraport AG are securing liquidity, limiting financial risks, achieving an
appropriate level of profitability, and ensuring flexibility. The highest priority is to secure liquidity. Based on the Group’s solid
shareholders’ equity base, this is generally secured through both internal financing via operating cash flow and external financing
in the form of debt. Simple and transparent financing concepts are being pursued in connection with how financing is structured
at Fraport AG as well as in the international business activities. Financial risks caused, among other things, by foreign currencies
are met first and foremost by financing in the respective currency to the extent possible (natural hedging). The following section
shows how finance management is implemented at Fraport AG.
To secure liquidity within the scope of its finance management, Fraport AG aims to achieve balanced financing composed of
bilateral loans, private placements/bonds (capital market), loan financing from public loan institutions, and promissory note loans.
In addition, Fraport AG has a strategic liquidity reserve to ensure its independence from financing sources. The significant financ-
ing measures at Fraport AG are related mainly to ensuring operational liquidity, refinancing existing financial maturities, and from
the capital requirement, particularly for capital expenditure in Terminal 3 at the Frankfurt site and for the international Group
companies. In addition, the negative free cash flow in fiscal year 2022 had to be offset by various financing measures. Despite
the demanding financing environment, Fraport AG succeeded not only in obtaining the required funds on the capital market, but
also in maintaining its liquidity reserve at a high level. Appropriate financing instruments are selected based on the situation,
depending on the attractiveness of the price, of the volume of the financing, and complying with a balanced financing mix. In
keeping with the long-term nature of capital expenditure, the financing of these projects is mostly long term as well. In line with
the finance policy, loans can be borrowed both at a fixed and at a floating interest rate. To reduce interest rate risks from borrowing
with floating interest rates, interest rate hedging transactions can be concluded as a rule.
The majority of the fully consolidated Group companies in Germany are integrated into the Fraport AG cash pool. The liquidity in
these Group companies is permanently guaranteed – via access to their own liquidity at any time as well as, within the scope of
the agreements also concluded in some cases, to the financial resources of Fraport AG – so that external financing is not neces-
sary. At the same time, the close connection of these Group companies to Fraport AG also ensures that attention is paid to other
strategic objectives of financial management within the Group.
For the fully consolidated foreign Group companies and the Group companies included using the equity method, liquidity is
secured depending on the relevant company shareholding and the market environment, either by concluding project financing,
bilateral loans, or by internal provision of funding via a Group loan or shareholders’ equity.
The substantial strategic financing measures in the foreign Group companies relate, in particular, to the expansion commitments
within the framework of the concession agreements for Lima and Antalya.
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49
50
Group Management Report / Situation of the Group
Fraport Annual Report 2022
Climate protection
The operation of an airport and air traffic have various effects on the environment. Fraport is committed to the due and proper
consideration of the environmental requirements associated with this. Fraport’s environmental policy places importance on the
sustainable and careful use of natural resources. The Executive Board has determined Scope 1 and 2 CO2 emissions as the
most important key figure for measuring environmental impact. In 2022, Fraport adopted the decarbonization master plan. It
describes the strategic principles and defines the framework for the implementation of the measures and thus represents a policy
document for decarbonization. Part of the master plan saw the Group-wide targets for Scope 1 and 2 CO2 emissions for 2030
tightened once again. The aim is now to reduce the CO2 emissions for which Fraport AG, the fully consolidated Group airports
managing airport operations worldwide, and the climate-relevant subsidiaries at the Frankfurt site are directly responsible, to
95,000 metric tons by 2030. If necessary, the objective will be adjusted to any changes in Fraport’s airport portfolio. Fraport AG
seeks to reduce CO2 emissions at Frankfurt Airport to 50,000 metric tons by 2030. Fraport aims to be completely CO2-free in
Scope 1 and 2 CO2 emissions by 2045, and does not include offsets in the achievement of the targets. Along the way, Fraport
has set interim goals for itself. By 2040, CO2 emissions are to be reduced to 40,000 metric tons in the Group and to 25,000 metric
tons at Fraport AG. Compensation is excluded when targets are achieved (“Net Zero Carbon” according to the Intergovernmental
It is planned to finance the existing expansion commitments in Lima with a financing mix consisting of shareholders´ equity to be
additionally contributed, the operating cash flow, and external financing. As a first step towards raising the external financing, a
bridge financing of $450 million was raised in 2020 and has since been extended until the end of the first quarter of 2023. The
long-term follow-up financing of $1,250 million was signed in December 2022 and will replace the existing financing of $450 million
in the first quarter of 2023.
To finance the first concession payment of the new Antalya operating concession and the expansion investments, financing of
approximately €1.4 billion was raised in the first step, which was secured with guarantees from the shareholders due to the current
local market environment. This included capital contributions to the new joint venture that was established in connection with the
new operating concession at Antalya Airport (Fraport share: €375.3 million). Moreover, financial debt at Fraport Greece was repaid
and refinanced ahead of schedule as part of the completed refinancing. Regarding the financing of capital expenditure in Brazil,
further drawdowns from the loan agreements concluded in 2018 in the local currency were made in fiscal year 2022. The loan
facility has thus been almost fully utilized for the agreed investments. Interest and repayments have started in Brazil.
Panel on Climate Change).
Finance Management
The core objectives of finance management of Fraport AG are securing liquidity, limiting financial risks, achieving an
appropriate level of profitability, and ensuring flexibility. The highest priority is to secure liquidity. Based on the Group’s solid
shareholders’ equity base, this is generally secured through both internal financing via operating cash flow and external financing
in the form of debt. Simple and transparent financing concepts are being pursued in connection with how financing is structured
at Fraport AG as well as in the international business activities. Financial risks caused, among other things, by foreign currencies
are met first and foremost by financing in the respective currency to the extent possible (natural hedging). The following section
shows how finance management is implemented at Fraport AG.
To secure liquidity within the scope of its finance management, Fraport AG aims to achieve balanced financing composed of
bilateral loans, private placements/bonds (capital market), loan financing from public loan institutions, and promissory note loans.
In addition, Fraport AG has a strategic liquidity reserve to ensure its independence from financing sources. The significant financ-
ing measures at Fraport AG are related mainly to ensuring operational liquidity, refinancing existing financial maturities, and from
the capital requirement, particularly for capital expenditure in Terminal 3 at the Frankfurt site and for the international Group
companies. In addition, the negative free cash flow in fiscal year 2022 had to be offset by various financing measures. Despite
the demanding financing environment, Fraport AG succeeded not only in obtaining the required funds on the capital market, but
also in maintaining its liquidity reserve at a high level. Appropriate financing instruments are selected based on the situation,
depending on the attractiveness of the price, of the volume of the financing, and complying with a balanced financing mix. In
keeping with the long-term nature of capital expenditure, the financing of these projects is mostly long term as well. In line with
the finance policy, loans can be borrowed both at a fixed and at a floating interest rate. To reduce interest rate risks from borrowing
with floating interest rates, interest rate hedging transactions can be concluded as a rule.
The majority of the fully consolidated Group companies in Germany are integrated into the Fraport AG cash pool. The liquidity in
these Group companies is permanently guaranteed – via access to their own liquidity at any time as well as, within the scope of
the agreements also concluded in some cases, to the financial resources of Fraport AG – so that external financing is not neces-
sary. At the same time, the close connection of these Group companies to Fraport AG also ensures that attention is paid to other
strategic objectives of financial management within the Group.
For the fully consolidated foreign Group companies and the Group companies included using the equity method, liquidity is
secured depending on the relevant company shareholding and the market environment, either by concluding project financing,
bilateral loans, or by internal provision of funding via a Group loan or shareholders’ equity.
The substantial strategic financing measures in the foreign Group companies relate, in particular, to the expansion commitments
within the framework of the concession agreements for Lima and Antalya.
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Economic Report
Information about Reporting
This report summarizes the management reports of the Fraport Group and Fraport AG (Combined Management Report). The
comments on the Fraport Group also apply to Fraport AG. Developments in the asset, financial, and earnings position of Fraport
AG can be found in the “Supplementary Management Report on the Separate Financial Statements of Fraport AG” chapter.
The non-financial statement is an integral part of the Combined Management Report in accordance with Sections 315b and 315c
in conjunction with the Sections 289b to 289e of the German Commercial Code (HGB) and has been extended to comply with the
requirements of Regulation (EU) 2020/852 of the European Parliament and of the European Council of June 18, 2020 on the
establishment of a framework for facilitating sustainable investment and amending the Regulation (EU) 2019/2088. This can be
found in the “Combined non-financial statement” chapter.
Group accounting takes account of the International Financial Reporting Standards (IFRS) in force on the reporting date
(December 31, 2022) and the interpretations issued by the IFRS Interpretations Committee (IFRS IC) as adopted in the European
Union (EU). In addition, Fraport reports the information pursuant to Section 315e (1) HGB.
To better represent the operating development compared with the previous year, revenue is also reported in the combined
management report for order revenue from construction and expansion services in accordance with IFRIC 12 (referred to below
as: Revenue adjusted for IFRIC 12). These relate to the capacitive capital expenditure in connection with service concession
agreements at international Group airports (see also Group Notes, note 4 and note 49).
An overview of the calculation of financial key figures and a description of specialist terms are presented in the “Glossary” chapter.
Effective May 24, 2022, all shares in the Group company Xi’an Xianyang International Airport Co., Ltd. (Xi’an) have been sold. In
addition, in December 2022 the co-shareholder in the Greek investments exercised an existing call option in full to acquire further
equity interests. Along with the sale of the equity interests, pro rata loan and interest receivables from the Greek companies were
sold. Fraport AG thereby reduced its capital share to 65%.
On November 12, 2021, FraSec Fraport Security Services GmbH sold a total of 51% of the capital shares in FraSec Luftsicherheit
GmbH to Dr. Sasse AG. According to the share and transfer agreement, the sale will take place in two stages: 26% on January
1, 2022, and the remaining 25% of the capital shares on January 1, 2023. Other changes in the consolidated companies as well
as the disclosures of shareholding pursuant to Section 313 (2) of the HGB can be found in the Group notes.
As a result of the Russian invasion into Ukraine, Fraport has suspended its business activities at St. Petersburg Airport. Therefore,
no reporting on the course of business and the economic development of the Company is required.
The Executive Board approved the combined management report and the consolidated financial statements report for publication
on February 24, 2023. The Supervisory Board gave its approval on March 13, 2023.
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Group Management Report / Economic Report
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General Statement by the Executive Board
In the past fiscal year, all Group airports recorded a considerable increase in passenger numbers compared with the previous
year. Accordingly, Group revenue amounted to €3,194.4 million, an increase of €1,051.1 million over the previous year (+49.0%).
Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased
by €961.7 million to €2,863.3 million (+50.6%).
Due to high one-off effects in the previous year, other operating income decreased to €139.3 million in the reporting period, down
€215.3 million on the previous year.
Operating expenses (personnel, cost of material and other operating expenses) increased by €564.9 million to €2,343.8 million,
mainly as a result of traffic volumes. Adjusted for expenses related to the application of IFRIC 12, operating expenses stood at
€2,012.6 million (+€475.5 million). Group EBITDA was €272.8 million higher than in the previous year at €1,029.8 million due to
the positive operating development. Despite the full write-off of a loan in connection with the involvement in St. Petersburg Airport,
Group result showed a clear increase from €91.8 million to €166.6 million.
The free cash flow improved slightly to –€741.0 million (previous year: –€772.3 million). Correspondingly, net financial debt
increased by €689.0 million to €7,058.7 million (December 31, 2021: €6,369.7 million). Despite the increase in debt, liquidity
increased to €3,866.9 million (December 31, 2021: €3,564.3 million). Due to the rise in earnings, the ratio of net financial debt to
EBITDA improved from 8.4 to 6.9.
The rapid recovery in traffic, which was associated with operational challenges, weighed heavily on the development of non-
financial performance indicators such as global passenger satisfaction, baggage connectivity, and the sickness rate, particularly
in Frankfurt. By contrast, CO2 emissions were down on the previous year despite the rapid recovery in traffic.
Given the macroeconomic developments, the Executive Board continues to describe the traffic and, in turn, financial development
in the reporting period as positive.
Economic environment
Development of the macroeconomic conditions
In addition to the subsiding coronavirus pandemic, the global economy in 2022 was primarily shaped by the Russian invasion of
Ukraine. At the beginning of the year, supply bottlenecks for raw materials and intermediate goods in connection with the corona-
virus pandemic slowed growth. The Ukraine war added to the already higher energy and food prices and led to an increase in
inflation rates worldwide. Interest rate hikes by many central banks to curb inflation rates dampened economic momentum.
In the euro area, the economy continued to benefit in the first half of the year from the lifting of pandemic control measures.
However, the significant price increases became noticeable over the summer period.
In addition to supply bottlenecks, rising energy costs, and the resulting increase in inflation rates, the export-oriented German
economy suffered from the worsening labor shortage. This was felt in almost all sectors of the economy and had the effect of
inhibiting supply while consumer demand remained high. Overall, economic development in Germany was weaker than the
European average.
The US economy grew in the second half of the year despite considerable monetary tightening by the national central bank. The
emerging markets suffered from the difficult external environment, but overall development was mixed. In China, the govern-
ment’s zero-Covid strategy in place until the end of the year prevented higher growth rates and impacted global supply chains.
Brazil’s economy grew in 2022 mainly due to good development in the service sector. The Peruvian economy, on the other hand,
suffered from massive price increases.
Despite many disruptive factors, global trade grew in 2022, but clearly lost momentum in the second half of the year.
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Gross domestic product (GDP)/world trade1)
Real changes compared to the previous year in %
World
Eurozone
Germany
USA
Latin America
China
Japan
World trade
1) 2021 and 2022 figures: Data and estimates based on International Monetary Fund (IMF, January 2023);
German GDP: The Federal Statistical Office, Press release (January 13, 2022).
The price of crude oil and the exchange rates for the Fraport Group developed as follows in 2022:
Significant exchange rates for Fraport and crude oil price 2022
Values at index base 100
Values at index base 100
2022
+3.4
+3.5
+1.9
+2.0
+3.9
+3.0
+1.4
+5.4
2021
+6.2
+5.3
+2.6
+5.9
+7.0
+8.4
+2.1
+10.4
110
100
90
80
70
160
150
140
130
120
110
100
90
January 1, 2022
December 31, 2022
January 1, 2022
December 31, 2022
US-$ in €
BRL in €
PEN in €
Source: Bloomberg
Barrel Brent crude oil in US-$
Development of the legal environment
During the past fiscal year, there were no changes to the legal environment that had a significant influence on the business
development of the Fraport Group.
Development of the industry-specific conditions
According to the preliminary figures from Airports Council International (ACI), global passenger traffic increased by 55.5% in the
period from January to November 2022 compared to the same period the previous year. Air freight volume fell by 6.0%. European
airports also recorded a jump in passenger numbers of 98.5%. In terms of air freight, European airports posted a below-average
decline of 5.2%. The passenger numbers at German airports recovered by 110%. Cargo tonnage decreased by 6.0%.
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Passenger and cargo development by region 2022
Changes compared to the previous year in %
Germany
Europe
North America
Latin America
Middle East
Asia-Pacific
Africa
World
Passengers 2022
January until
November
Air freight 2022
January until
November
110.0
98.5
37.0
53.2
129.3
24.4
65.4
55.5
–6.6
–5.2
–3.3
3.3
–8.2
–10.2
4.1
–6.0
Source: ACI Pax Flash and Freight Flash (ACI 10/2022, January 25, 2023), ADV for Germany; cargo instead of air freight (ADV 11/2022, as on January 5, 2023).
Business Development
Development at the Frankfurt site
In fiscal year 2022, 48.9 million passengers used Frankfurt Airport. The easing of travel restrictions worldwide accounted for the
increase of more than 97% compared with the same period of the previous year. Compared to the same period in the pre-crisis
year 2019, passenger traffic in Frankfurt reached a level of around 70%. In domestic traffic (+95.9%), secondary connections
such as Hanover, Nuremberg, and Leipzig were particularly prominent. Due to the high demand for holiday travel beginning in
April, European traffic increased strongly in the reporting period (+77.9%). Intercontinental traffic, which grew by more than
100%, also benefited from the rise in primarily tourist traffic. Connections with the Americas in particular picked up again, whereas
Far East traffic continued to be affected by the fact that travel restrictions there were not relaxed or were relaxed much later.
Cargo volume was unable to match the record results of the previous year. Volume sank by 13.5% to around 2.0 million metric
tons. Capacity reductions as a result of the Ukraine war and declines in demand, also due to recovering maritime traffic, weakened
cargo volume.
Compared to the previous year, aircraft movements rose by 45.9% to 382,211 takeoffs and landings. Passenger flights increased
by 57.0% and freight traffic decreased by 19.0% compared to the previous year’s figures. The occupancy rate for passenger
flights reached 78.1% during the fiscal year, around 14 percentage points above the previous year’s figure. The ratio of passen-
gers per passenger movement increased by 25.6% compared to the previous year to around 143.3. Maximum take-off weights
increased by 37.1% to 24.2 million metric tons. The punctuality rate at Frankfurt Airport was 61.0% in the 2022 fiscal year, which
was 13.1 percentage points below the previous year’s level. This was mainly due to operational challenges following the rapid
restart of air traffic after the coronavirus pandemic.
Development outside the Frankfurt site
At the beginning of 2022, passenger traffic at Ljubljana Airport was still marked by the effects of the coronavirus pandemic. After
the easing of the infection situation in Europe towards the middle of the year, the airport in Ljubljana recorded an increase in the
number of passengers. At just under 1.0 million passengers, passenger numbers more than doubled year-on-year (+0.5 million).
The two Brazilian airports, Fortaleza and Porto Alegre, were severely affected by the coronavirus pandemic, particularly at the
beginning of 2022 due to flight cancellations. However, both domestic and international air traffic gradually recovered in subse-
quent months. Some important routes, such as Porto Alegre – Lima or Fortaleza – Miami, were resumed during the year. Overall,
a total of 12.4 million passengers used the two airports. This corresponds to growth of +41.0% compared to 2021. Fortaleza
welcomed 5.5 million domestic passengers (+42.0%) and around 0.2 million international passengers (+>100%) in the year as a
whole. Porto Alegre recorded 6.4 million domestic passengers (+33.4%) and around 0.3 million international passengers
(+>100%).
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Over the course of 2022, the volume of traffic at Lima Airport recovered considerably compared to the previous year. After the
increase in coronavirus case numbers in January and February, the rest of the year was characterized by a gradual resumption
of flight connections as the respective travel and entry restrictions were lifted. A total of 18.6 million passengers were counted in
2022, an increase of +72.0% compared to 2021. Domestic passenger operations recorded around 11.7 million passengers
(+52.7%). International traffic also recorded a very positive increase and contributed to growth with 6.9 million passengers
(+>100%).
At around 31.2 million passengers, Fraport Greece noted an increase of around 79.0% in the 2022 reporting period compared to
the previous year. After the first three months of the year were marked by more cautious passenger bookings, passenger numbers
developed positively from April onwards and reached or exceeded the pre-crisis level of 2019. This trend continued until late fall.
Overall, domestic traffic was 56.1% above the previous year’s level, while international traffic grew by 85.9%. The largest number
of foreign passengers in terms of total passengers in the 2022 reporting year came from Great Britain (around 20%), followed by
Germany (around 15%), and Italy (around 7%).
At the airports in Varna and Burgas in Bulgaria, the number of passengers in 2022 increased to approximately 3.1 million, +59.2%
above the previous year’s figure. The overall recovery in traffic in 2022 was weaker than at other tourist airports in Europe. From
the end of February, the war in Ukraine resulted in a shortfall of Ukrainian, Belarusian and Russian passengers, which was partly
offset by higher demand from Central and Eastern European countries. Additionally, more traffic was recorded in the off-season
(spring, fall). For the year as a whole, this led to an increase in both domestic (+17.6%) and international passenger numbers
(+63.8%). Most of the passengers came from Germany (around 20%), Poland (around 17%), and Great Britain (around 17%).
Passenger numbers at Antalya Airport in the 2022 fiscal year were around 31.1 million passengers (previous year: 21.9 million).
International passenger traffic showed a growth rate of +47.3%, while domestic traffic grew by +21.6% compared to the previous
year. Due to the impact of the war in Ukraine, there was a significant shift in passenger groups at Antalya Airport. The number of
travelers from Russia decreased compared to the previous year, and almost no passengers were recorded from Ukraine. Instead,
the share of passengers from Western, Central, and Eastern Europe increased. In many relevant markets, there was a clear year-
on-year increase in demand for vacation travel to Türkiye. The largest passenger groups were travelers from Germany
(approximately 27%), Russia (approximately 22%), and Great Britain (approximately 10%).
Traffic development at the significant Group sites
Airport
Share in %
Passengers1)
Change in %2)
Cargo (air freight + air mail in m. t.)
Change in %2)
2022
2022
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
Lima
Fraport Greece
Twin Star
Burgas
Varna
Antalya
100
100
100
100
80.01
65
60
60
60
51/503)
48,918,482
970,152
5,778,038
6,654,062
18,619,536
31,193,278
3,127,767
1,643,581
1,484,186
31,077,452
+97.1
>+100
+45.4
+37.5
+72.0
+79.0
+59.2
+72.2
+46.9
+41.8
1,967,450
12,480
41,769
38,543
218,567
5,653
6,348
6,244
104
n.a
– 13.5
+9.5
+27.6
+27.0
– 0.3
+0.4
+35.0
+33.7
>+100
n.a
2022
382,211
21,571
54,293
66,402
149,793
256,285
23,713
12,293
11,420
193,548
Movements
Change in %2)
+45.9
+23.5
+31.3
+34.7
+46.8
+39.9
+35.2
+48.2
+23.6
+44.7
1) Commercial traffic only, in + out + transit.
2) As a result of late submissions, there may be changes to the figures reported for the previous year.
3) Share of voting rights: 51 %, dividend share: 50 %.
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(+>100%).
At around 31.2 million passengers, Fraport Greece noted an increase of around 79.0% in the 2022 reporting period compared to
the previous year. After the first three months of the year were marked by more cautious passenger bookings, passenger numbers
developed positively from April onwards and reached or exceeded the pre-crisis level of 2019. This trend continued until late fall.
Overall, domestic traffic was 56.1% above the previous year’s level, while international traffic grew by 85.9%. The largest number
of foreign passengers in terms of total passengers in the 2022 reporting year came from Great Britain (around 20%), followed by
Germany (around 15%), and Italy (around 7%).
At the airports in Varna and Burgas in Bulgaria, the number of passengers in 2022 increased to approximately 3.1 million, +59.2%
above the previous year’s figure. The overall recovery in traffic in 2022 was weaker than at other tourist airports in Europe. From
the end of February, the war in Ukraine resulted in a shortfall of Ukrainian, Belarusian and Russian passengers, which was partly
offset by higher demand from Central and Eastern European countries. Additionally, more traffic was recorded in the off-season
(spring, fall). For the year as a whole, this led to an increase in both domestic (+17.6%) and international passenger numbers
(+63.8%). Most of the passengers came from Germany (around 20%), Poland (around 17%), and Great Britain (around 17%).
Passenger numbers at Antalya Airport in the 2022 fiscal year were around 31.1 million passengers (previous year: 21.9 million).
International passenger traffic showed a growth rate of +47.3%, while domestic traffic grew by +21.6% compared to the previous
year. Due to the impact of the war in Ukraine, there was a significant shift in passenger groups at Antalya Airport. The number of
travelers from Russia decreased compared to the previous year, and almost no passengers were recorded from Ukraine. Instead,
the share of passengers from Western, Central, and Eastern Europe increased. In many relevant markets, there was a clear year-
on-year increase in demand for vacation travel to Türkiye. The largest passenger groups were travelers from Germany
(approximately 27%), Russia (approximately 22%), and Great Britain (approximately 10%).
Traffic development at the significant Group sites
Airport
Share in %
Passengers1)
Cargo (air freight + air mail in m. t.)
Movements
2022
Change in %2)
2022
Change in %2)
2022
Change in %2)
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
Lima
Fraport Greece
Twin Star
Burgas
Varna
Antalya
100
100
100
100
80.01
65
60
60
60
48,918,482
970,152
5,778,038
6,654,062
18,619,536
31,193,278
3,127,767
1,643,581
1,484,186
51/503)
31,077,452
+97.1
>+100
+45.4
+37.5
+72.0
+79.0
+59.2
+72.2
+46.9
+41.8
1,967,450
12,480
41,769
38,543
218,567
5,653
6,348
6,244
104
n.a
– 13.5
+9.5
+27.6
+27.0
– 0.3
+0.4
+35.0
+33.7
>+100
n.a
382,211
21,571
54,293
66,402
149,793
256,285
23,713
12,293
11,420
193,548
+45.9
+23.5
+31.3
+34.7
+46.8
+39.9
+35.2
+48.2
+23.6
+44.7
1) Commercial traffic only, in + out + transit.
2) As a result of late submissions, there may be changes to the figures reported for the previous year.
3) Share of voting rights: 51 %, dividend share: 50 %.
Fraport Annual Report 2022
Group Management Report / Economic Report
55
56
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Fraport Annual Report 2022
Over the course of 2022, the volume of traffic at Lima Airport recovered considerably compared to the previous year. After the
Comparison with the forecasted development
increase in coronavirus case numbers in January and February, the rest of the year was characterized by a gradual resumption
Airport
of flight connections as the respective travel and entry restrictions were lifted. A total of 18.6 million passengers were counted in
2022, an increase of +72.0% compared to 2021. Domestic passenger operations recorded around 11.7 million passengers
2022 Adjustments during the year
[Interim Report Q2/6M 2022]
Interim Release Q3/9M 2022
(+52.7%). International traffic also recorded a very positive increase and contributed to growth with 6.9 million passengers
Frankfurt
48,918,482 [around 45 million passengers to
Ljubljana
Fortaleza
Porto Alegre
Lima
Fraport Greece
Twin Star
Antalya
around 50 million passengers]
upper range of the forecasted
45 million passengers to around
50 million passengers
970,152 –
5,778,038
–
6,654,062
–
18,619,536 –
31,193,278 [at least 90% of the passenger volume in
2019]
forecasted to be at or slightly above the
level of 201
3,127,767 [at least 50% passenger volume in 2019]
slightly over 60% of those in 2019
31,077,452 [over 75% of passenger volume of 2019]
more than 80% of the 2019 level
Forecast 2021
2021
20191)
around 39 to around
46 million passengers
24,812,849
70,556,072
over 50% of its 2019 passenger numbers
approximately 80% of pre-crisis
passenger numbers
approximately 80% of pre-crisis
passenger numbers
around 70% of its 2019 figure
at least 80 % of 2019 levels
421,934
3,974,759
1,721,355
7,218,697
4,839,594
8,298,205
10,819,010
17,428,536
23,578,600
30,152,728
Due to the high proportion of Russian
passengers at the sites in Varna and
Burgas, Antalya and St. Petersburg, the
Executive Board decided on March 14,
2022 not to provide a traffic forecast for
these Group airports.
1,964,896
4,970,095
21,919,453
35,483,190
1) As a result of late submissions, there may be changes to the figures reported for the previous year.
Passenger numbers in Frankfurt and at the tourist-oriented Group airports in Greece, Bulgaria, and Türkiye developed better than
forecasted in the 2021 Annual Report. This was due to the fact that the recovery of traffic was faster than originally expected.
Group's Results of Operations
Revenue
At €3,194.4 million, revenue in the Fraport Group in the 2022 fiscal year was above the previous year’s figure by €1,051.1 million.
Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased
by €961.7 million to €2,863.3 million. The increase at the Frankfurt site was mainly due to higher revenue from airport charges
(+€256.7 million) caused by an increase in traffic volume. Higher revenue from infrastructure charges (+€96.0 million) and retail
services (+€81.5 million), as well as higher ground services (+€70.0 million) contributed to the increase in revenue. By contrast,
revenue from security services fell by €20.4 million to €173.7 million despite additional revenue from new business at Hamburg
Airport. This was due to a one-off effect in the previous year’s period of €57.8 million from the agreement with the Federal Police
in connection with billed aviation security services in recent years. Outside of Frankfurt, contributions to adjusted revenue growth
came, in particular, from Fraport Greece (+€208.0 million) and the Group company Lima (+€123.0 million) based on the positive
traffic development.
Other operating income
At €139.3 million, other operating income was below the level in the same period of the previous year of €354.6 million
(-€215.3 million). In the reporting period, other operating income was impacted positively by the disposal of shares in the Group
companies Xi’an (€53.7 million), which is accounted for using the equity method, and D-Port Logistik GmbH (€18.6 million). In
addition, Fraport Greece and the two Brazilian Group companies reached a further agreement regarding compensation for the
effects of the coronavirus pandemic. The compensation of Fraport Greece relates to the operating losses incurred in the first half
of 2021. This resulted in a positive effect of €23.6 million (previous year: €92.8 million). The realized refund claims of the Brazilian
Group companies amounted to €18.5 million (previous year: €26.5 million). In contrast, the previous year’s figure mainly included
the compensation payment from the German Federal Government and the State of Hesse in equal measure to cover the holding
costs incurred in the first lockdown in 2020 (€159.8 million) and the waiver of short-term minimum lease payments at the Group
company Fraport USA (€35.2 million).
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57
Expenses
Personnel expenses in the Group increased in fiscal year 2022 by €152.4 million to €1,036.7 million. The increase resulted
primarily at the beginning of the year from a very low utilization of short-time work schedules compared with the prior-year period.
In addition, demand for personnel grew over the course of the year due to the positive traffic development in the Group in general
and in ground services in Frankfurt in particular. Non-staff costs (cost of materials and other operating expenses) were
€1,307.1 million (+€412.5 million). Adjusted for expenses related to the application of IFRIC 12, non-staff expenses were
€976.0 million (+€323.1 million). The increase is due in particular to higher variable concession charges at the international Group
companies due to the recovery in traffic (+€105.8 million) and higher expenses for external staff (+€47.5 million), as well as
external services purchased (+€37.5 million). In addition, expenses for utility services increased by €41.0 million (+50.7%)
compared to the previous year given the sharp rise in energy prices.
EBITDA and EBIT
Group EBITDA was €272.8 million higher than in the previous year at €1,029.8 million thanks to the positive operating develop-
ment. Greater depreciation and amortization of €465.3 million (+€22.0 million) resulted in Group EBIT of €564.5 million
(+€250.8 million).
Financial result
The financial result in the reporting period amounted to –€330.6 million (previous year: –€197.3 million). This decrease compared
to the same period in the previous year is mainly due to the other financial result of –€147.1 million (previous year: €8.8 million).
This was negatively affected by the full write-off of a loan made to Thalita Trading Ltd. in the amount of €163.3 million in connection
with the activities at St. Petersburg Airport. The reason for the full write-off was a reassessment of cash flows as at June 30, 2022
based on the current sanctions in place in connection with the war in Ukraine. Together with the write-off of €9.7 million recognized
in fiscal year 2020, the carrying amount of the loan receivable in the Fraport Group has been written off in full.
Interest expenses in the Group increased (+€44.8 million), due to the extensive financing measures at Fraport AG in fiscal year
2021. The increase also resulted from refinancing in Greece and the associated one-off effects from the repayment of the original
financing in the amount of €19.3 million. Furthermore, interest expenses from the compounding of concession liabilities increased
by €13.2 million compared to the previous year, mainly as a result of inflation development in Peru.
Interest income increased by €9.2 million in the reporting period, mainly as a result of higher interest rates from the discounting
of provisions. In the previous year, interest income was positively influenced by €17.5 million due to the one-off effect of the
agreement with the German Federal Police.
The result from companies accounted for using the equity method increased by €58.2 million to €77.0 million, in particular due to
the positive operating development of the Group company in Antalya (+€43.1 million). Moreover, the increase compared to the
previous year is attributable to the write-up of the Group company Xi’an (+€20.0 million) resulting from the disposal of shares.
EBT, Group result, and EPS
EBT in the reporting period amounted to €233.9 million (previous year: €116.4 million). With a consolidated tax rate of 28.8%,
income tax expense amounted to €67.3 million (previous year: €24.6 million). The Group result was €166.6 million (previous year:
€91.8 million). This resulted in basic earnings per share of €1.43 (previous year: €0.90).
International business activities accounted for 53.4% of the Group result. Germany accounted for 46.6%.
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Development of the Group's financial figures
€ million
Revenue
Revenue adjusted for IFRIC 12
Personnel expenses
Cost of materials
EBITDA
Depreciation and amortization
EBIT
Group result
Number of employees as of December 31
Average number of employees
Comparison with the forecasted development
2022
3,194.4
2,863.3
1,036.7
1,101.6
1,029.8
465.3
564.5
166.6
19,211
18,850
2021
2,143.3
1,901.6
884.3
750.7
757.0
443.3
313.7
91.8
17,781
18,419
Change
Change in %
+1,051.1
+961.7
+152.4
+350.9
+272.8
+22.0
+250.8
+74.8
+1,430
+431
+49.0
+50.6
+17.2
+46.7
+36.0
+5.0
+79.9
+81.5
+8.0
+2.3
€ million
Revenue
EBITDA
EBIT
Group result
2022 Adjustments during the year
[Interim Report Q2/6M 2022]
Interim Release Q3/9M 2022
Forecast 2021
2021
Change
Change in %
3,194.4
1,029.8
564.5
166.6
[slightly above €3.0 billion]
upper end of the forecast given
in the Q2/6M Interim Report
[around €850 million to around
€970 million]
upper end of the forecast given
in the Q2/6M Interim Report
[around €400 million to around
€520 million]
upper end of the forecast given
in the Q2/6M Interim Report
[around €0 million to around
€100 million]
upper end of the forecast given
in the Q2/6M Interim Report
No distribution
approximately €3.0 billion
2,143.3
+1,051.1
+49.0
approximately €760 million to
approximately €880 million
757.0
+272.8
+36.0
between €320 million and
around €440 million
313.7
+250.8
+79.9
between around €50 million and
around €150 million
91.8
+74.8
+81.5
No distribution
0.00
0.0
–
Dividend per share in €
0.00
As a result of the quicker recovery in traffic following the coronavirus pandemic, the financial figures developed better than origi-
nally forecasted in the 2021 Annual Report. In addition, the sale of shares in the Group companies Xi'an and D-Port Logistik
GmbH, which are accounted for using the equity method, had an earnings-increasing effect. Compensation for the effects of the
coronavirus pandemic at Fraport Greece and the Brazilian Group companies also had a positive impact.
Results of Operations for Segments
Revenue in the 2022 fiscal year in the Aviation segment increased by €240.6 million to €828.1 million (+41.0%). Higher
revenue from airport charges (+€256.7 million) based on the strong recovery in traffic at Frankfurt Airport primarily
contributed to revenue growth. Despite additional revenue from new business at Hamburg Airport, revenue from security
services decreased (–€20.4 million). In the same period of the previous year, these were positively influenced by the agreement
with the German Federal Police concerning billed aviation security services in recent years in the amount of €57.8 million. Other
operating income was below the previous year’s level. This was due to the compensation payment in the same period of the
previous year in the amount of €159.8 million granted by the German Federal Government and the State of Hesse to cover the
holding costs incurred during the first lockdown in 2020. Personnel expenses increased by €41.2 million to €325.6 million, partly
as a result of the very low utilization of short-time work schedules compared with the previous year, new hires at the Hamburg
site, and collectively agreed pay increases. By contrast, the cost of materials decreased by €8.0 million to €52.1 million, mainly
as a result of lower capital expenditure. Despite significant one-off effects in the previous-year period, segment EBITDA was
€15.2 million higher than in the same period of the previous year at €175.4 million (previous year: €160.2 million). Adjusted for the
aforementioned one-off effects, segment EBITDA increased by €232.8 million compared to the previous year. With depreciation
and amortization virtually unchanged, segment EBIT was €40.6 million (previous year: €25.8 million).
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59
Aviation
€ million
Revenue
Personnel expenses
Cost of materials
EBITDA
Depreciation and amortization
EBIT
Number of employees as of December 31
Average number of employees
2022
828.1
325.6
52.1
175.4
134.8
40.6
5,624
5,569
2021
587.5
284.4
60.1
160.2
134.4
25.8
5,220
5,476
Change
Change in %
+240.6
+41.2
–8.0
+15.2
+0.4
+14.8
+404
+93
+41.0
+14.5
–13.3
+9.5
+0.3
+57.4
+7.7
+1.7
The positive traffic development was also reflected in the Retail & Real Estate segment’s revenue of €446.4 million
(+€127.3 million). The growth in revenue is attributable in particular to higher retail revenue (+€81.5 million). Net retail
revenue per passenger was €3.33 (previous year: €3.30). Parking and real estate revenue also developed positively
(+€27.5 million and +€17.1 million, respectively). Other operating income increased mainly due to the sale of shares in the Group
company D-Port Logistik GmbH, which was recorded using the equity method (€18.6 million). By contrast, personnel expenses
increased (+€5.0 million), mainly due to a very low use of short-time working schedules. Moreover, cost of materials increased by
€38.6 million as a result of a higher level of utility services due to rises in prices. Segment EBITDA rose to €342.9 million
(+€92.1 million). With slightly higher depreciation and amortization (+€1.4 million), segment EBIT stood at €256.3 million
(+€90.7 million).
Retail & Real Estate
€ million
Revenue
Personnel expenses
Cost of materials
EBITDA
Depreciation and amortization
EBIT
Number of employees as of December 31
Average number of employees
2022
446.4
48.9
146.5
342.9
86.6
256.3
573
576
2021
319.1
43.9
107.9
250.8
85.2
165.6
574
608
Change
Change in %
+127.3
+5.0
+38.6
+92.1
+1.4
+90.7
–1
–32
+39.9
+11.4
+35.8
+36.7
+1.6
+54.8
–0.2
–5.3
At €550.1 million, revenue in the Ground Handling segment in fiscal year 2022 was €163.7 million higher than in the
same period of the previous year. The strong demand at Frankfurt Airport led to higher revenue from infrastructure
charges (+€96.0 million) and ground services (+€70.0 million). Personnel expenses increased by €68.9 million in the
reporting period. This was mainly due to very low utilization of short-time work schedules and new hires compared with the previ-
ous year. Non-staff costs rose by €92.8 million to €145.0 million, mainly as a result of the increase in the need for external staff
due to higher traffic volumes and possible claims settlements. The segment EBITDA was –€73.9 million (–€1.7 million). With
slightly higher depreciation and amortization (+€0.4 million), segment EBIT amounted to –€111.6 million (previous year:
–€109.5 million).
Ground Handling
€ million
Revenue
Personnel expenses
Cost of materials
EBITDA
Depreciation and amortization
EBIT
Number of employees as of December 31
Average number of employees
70
2022
550.1
382.2
88.4
–73.9
37.7
–111.6
7,404
7,035
2021
386.4
313.3
33.8
–72.2
37.3
–109.5
6,816
6,937
Change
Change in %
+163.7
+68.9
+54.6
–1.7
+0.4
–2.1
+588
+98
+42.4
+22.0
> 100
–2.4
+1.1
–1.9
+8.6
+1.4
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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Fraport Annual Report 2022
In the reporting period, revenue from the International Activities & Services segment rose by €519.5 million to
€1,369.8 million. Adjusted for contract revenue from construction and expansion services based on the application of
IFRIC 12, revenue amounted to €1,038.7 million (+€430.1 million). This increase was mainly due to the positive traffic
development at the international Group airports. In particular, Fraport Greece and the Group company Lima benefited from the
easing of travel restrictions with revenue growth adjusted for IFRIC 12 of €208.0 million and €123.0 million, respectively. In addi-
tion, exchange rate effects (€89.3 million) had a positive impact on revenue, particularly at the Group companies in Lima, Forta-
leza, and Porto Alegre, and at Fraport USA. Other operating income in the segment was €112.6 million. The main positive impacts
were the disposal of shares in the Group company in Xi'an, which were accounted for using the equity method, in the amount of
€53.7 million and compensation for the effects of the coronavirus pandemic at Fraport Greece in the amount of €23.6 million
(previous year: €92.8 million) and at the two Brazilian Group companies in the amount of €18.5 million (previous year:
€26.5 million). By contrast, other operating income in the same period of the previous year included the waiver of fixed minimum
lease payments at Fraport USA in the amount of €35.2 million. Personnel expenses increased by €37.3 million to €280.0 million,
mainly due to the reduced use of short-time work schedules compared to the previous year and the increased demand for
personnel during the reporting period. Non-staff costs in the segment increased by €280.1 million to €900.5 million (+45.1%)
compared to the same period the previous year. Adjusted for the expenses relating to the application of IFRIC 12, non-staff
expenses increased by €190.7 million to €569.4 million (+50.3%). This was due in particular to higher variable concession charges,
especially at Fraport Greece and the Group company Lima. Segment EBITDA rose by €167.2 million to €585.4 million (+40.0%).
Despite higher depreciation and amortization (+€19.8 million) compared to the previous year, segment EBIT rose to €379.2 million
(+€147.4 million).
International Activities & Services
€ million
Revenue
Revenue adjusted for IFRIC 12
Personnel expenses
Cost of materials
Cost of materials adjusted for IFRIC 12
EBITDA
Depreciation and amortization
EBIT
Number of employees as of December 31
Average number of employees
2022
1,369.8
1,038.7
280.0
814.6
483.5
585.4
206.2
379.2
5,610
5,670
2021
850.3
608.6
242.7
548.8
307.1
418.2
186.4
231.8
5,171
5,398
Change
Change in %
+519.5
+430.1
+37.3
+265.8
+176.4
+167.2
+19.8
+147.4
+439
+272
+61.1
+70.7
+15.4
+48.4
+57.4
+40.0
+10.6
+63.6
+8.5
+5.0
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
Fully consolidated Group companies
€ million
Share in
%
Revenue1)
EBITDA
EBIT
Result
2022
2021
Δ %
2022
2021
Δ %
2022
2021
Δ %
2022
2021
Δ %
Fraport USA
Fraport Slovenija
Fortaleza + Porto Alegre2)
Lima
Fraport Greece3)
Twin Star
100
100
100
80,01
65
60
103.4
33.9
90.0
590.1
443.8
43.5
67.9
21.7
68.3
345.2
255.4
29.3
+52.3
+56.2
+31.8
+70.9
+73.8
+48.5
49.6
7.6
60.1
100.2
271.7
19.3
57.3
7.7
40.1
54.7
206.4
15.1
–13.4
–1.3
+49.9
+83.2
+31.6
+27.8
4.8
–2.7
28.8
83.4
208.5
8.6
20.7
–3.0
17.6
39.8
144.0
3.8
–76.8
+10.0
+63.6
> 100
+44.8
> 100
–1.8
–2.6
–3.5
37.2
69.9
4.2
8.5
–2.6
–16.5
11.2
24.7
0.9
–
0.0
+78.8
> 100
> 100
> 100
Group companies accounted for using the equity method
€ million
Share in
%
Revenue1)
EBITDA
EBIT
Result
2022
2021
Δ %
2022
2021
Δ %
2022
2021
Δ %
2022
2021
Δ %
Antalya
51/504)
396.6
266.6
+48.8
323.0
202.7
+59.3
208.3
92.1
> 100
119.6
33.4
> 100
1) Revenue adjusted for IFRIC 12: Lima 2022: €277.9 million (2021: €154.9 million); Fraport Greece 2022: €433.5 million (2021: €225.5 million);
Fortaleza + Porto Alegre: 2022: €81.3 million (2021: €46.8 million); Antalya 2022: €388.8 million (2021: €247.7 million).
2) Sum of the Group companies Fortaleza and Porto Alegre.
3) The Group companies Fraport Regional Airports of Greece A and Fraport Regional Airports of Greece B are collectively referred to as “Fraport Greece”.
4) Share of voting rights: 51%, dividend share: 50 %.
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61
As a result of the recovery in passenger numbers in the 2022 fiscal year, but also due to positive exchange rate effects, revenue
at Fraport USA rose to €103.4 million (previous year: €67.9 million). Other operating income, which was positively impacted in
the same period the previous year by the waiver of fixed minimum lease payments of €35.2 million, amounted to €3.2 million in
the reporting period. Operating expenses increased by €10.6 million to €57.0 million, mainly due to the increased variable con-
cession charges exchange rate effects. Due to the high other operating income in 2021, EBITDA was €49.6 million below the level
from the same period in the previous year (previous year: €57.3 million). Depreciation and amortization (+€8.1 million) increased
mainly due to unscheduled depreciation in the fiscal year. EBIT amounted to €4.8 million (previous year: €20.7 million).
At –€1.8 million, the result remained below that of the same period last year (previous year: €8.5 million).
The increased demand for travel in 2022 was reflected in higher revenue of €33.9 million (+€12.2 million) at the Group company
Fraport Slovenija. Other operating income decreased in the 2022 fiscal year due to the absence of compensation for the effects
of the coronavirus pandemic, which was included in the same period of the previous year at around €6.6 million. Operating
expenses increased by €5.4 million to €26.6 million due to the increased traffic volume. EBITDA decreased to €7.6 million due to
lower other operating income (previous year: €7.7 million.) Slightly decreasing depreciation and amortization led to EBIT of
–€2.7 million (previous year: –€3.0 million). The result was –€2.6 million (previous year: –€2.6 million).
In fiscal year 2022, the positive traffic development at the Brazilian Group companies Fortaleza and Porto Alegre was reflected
in higher revenue of €90.0 million (+€21.7 million). Adjusted for the revenue relating to capacitive capital expenditure based on
the application of IFRIC 12, revenue increased by €34.5 million. The growth in revenue also benefited from positive currency
effects. Other operating income in 2022 was again positively influenced by compensation for the effects of the coronavirus
pandemic in the amount of €18.5 million (previous year: €26.5 million). Cost of materials declined by €6.0 million to €32.9 million.
Adjusted for the expenses in connection with the capacitive capital expenditure based on the application of IFRIC 12, the cost of
materials increased by €6.9 million to €24.3 million. This was due in particular to currency exchange rate effects. Correspondingly,
EBITDA increased to €60.1 million (previous year: €40.1 million). EBIT amounted to €28.8 million (previous year: €17.6 million),
and the result was –€3.5 million (previous year: –€16.5 million).
At €590.1 million (+€244.9 million), revenue at the Group company Lima was also positively impacted by the recovery in traffic,
as well as from exchange rate effects. Adjusted for the revenue relating to capacitive capital expenditure based on the application
of IFRIC 12, revenue was €277.9 million (+€123.0 million). The cost of materials rose by €193.4 million year-on-year to
€466.0 million due to the ongoing expansion measures. Adjusted for expenses resulting from the application of IFRIC 12, cost of
materials increased by €71.6 million to €153.9 million, primarily due to higher revenue-dependent concession payments.
At €100.2 million, EBITDA was higher than in the same period of the previous year (previous year: €54.7 million). EBIT
amounted to €83.4 million (+€43.6 million). A more negative financial result, in particular due to higher interest expenses from
the compounding of the concession liability, led to a result of €37.2 million (+€26.0 million).
In 2022, Fraport Greece recorded revenue of €443.8 million (+€188.4 million). Adjusted for contract revenue from construction
and expansion services relating to the application of IFRIC 12, the revenue increased by €208.0 million to €433.5 million. Other
operating income of €23.9 million included compensation for the effects of the coronavirus pandemic for the first half of 2021
(previous year: €92.8 million). Operating expenses increased by €51.0 million to €196.0 million as a result of traffic development
and the variable concession fee. Adjusted for expenses resulting from the application of IFRIC 12, operating expenses increased
by €70.6 million to €185.7 million. This led to EBITDA of €271.7 million (+€65.3 million) and EBIT of €208.5 million (+€64.5 million).
The financial result deteriorated mainly due to the one-off effects of signed refinancing. The led to a result of €69.9 million (previous
year: €24.7 million).
In the 2022 fiscal year, revenue of the Group company Twin Star rose by €14.2 million to €43.5 million due to the improved traffic
development. Operating expenses increased to €24.4 million (+€10.0 million) in the reporting period. Correspondingly, EBITDA
increased to 19.3 million (+€4.3 million). EBIT amounted to €8.6 million and the result was €4.2 million.
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mainly due to unscheduled depreciation in the fiscal year. EBIT amounted to €4.8 million (previous year: €20.7 million).
Comparison with the forecasted development
The Group company Antalya, which is accounted for using the equity method, generated revenue of €396.6 million in the reporting
period, an increase of €130.0 million due to traffic volumes. EBITDA increased accordingly by €120.4 million to €323.0 million.
EBIT was €208.3 million (previous year: €92.1 million), and the result was €119.6 million (previous year: €33.4 million). In con-
nection with the newly founded Group company for the operating concession at Antalya Airport from 2027, there was an equity
result of –€11.3 million.
Aviation
in € million
Revenue
EBITDA
EBIT
Retail & Real Estate
in € million
Revenue
EBITDA
EBIT
Ground Handling
in € million
Revenue
EBITDA
EBIT
2022 Forecast 2021
[Adjustments during the year 2022]
828.1 noticeably positive
175.4 at the same level as the previous year
[Q2/6M Interim Report 2022:clear increase]
40.6 at the same level as the previous year
[Q2/6M Interim Report 2022: clear increase]
2021
Change
Change in %
587.5
160.2
25.8
+240.6
+15.2
+14.8
+41.0
+9.5
+57.4
2022 Forecast 2021
2021
Change
Change in %
446.4 noticeably positive
342.9 clearly positive
256.3 clearly positive
2022 Forecast 2021
[Adjustments during the year 2022]
550.1 noticeably positive
–73.9 balanced
[Q2/6M Interim Report 2022: slightly negative; Q3/9M
Interim Report 2022: stronger negative development]
319.1
250.8
165.6
+127.3
+92.1
+90.7
+39.9
+36.7
+54.8
2021
Change
Change in %
386.4
–72.2
+163.7
–1.7
+42.4
–2.4
–111.6 negative area
–109.5
–2.1
–1.9
[negative development in line with adjusted EBITDA
forecasts]
International Activities & Services
in € million
2022 Forecast 2021
Revenue
EBITDA
EBIT
1,369.8 noticeably positive
585.4 clearly positive
379.2 clearly positive
2021
Change
Change in %
850.3
418.2
231.8
+519.5
+167.2
+147.4
+61.1
+40.0
+63.6
Compared to the forecasts made at the beginning of the fiscal year or adjusted during the year, the following significant deviations
occurred:
The rapid recovery in traffic at Frankfurt Airport had a positive effect on the revenue and earnings development of the Aviation,
Retail & Real Estate, and Ground Handling segments. On the other hand, higher than expected expenses meant that EBITDA
and EBIT in the Ground Handling segment developed substantially worse than forecast. The positive traffic developments at the
international Group locations and one-off effects from compensation for the effects of the coronavirus pandemic at Fraport Greece
and the two Brazilian Group companies led to a noticeably better EBITDA and EBIT development in the International Activities &
Services segment than expected at the beginning of the fiscal year.
As a result of the recovery in passenger numbers in the 2022 fiscal year, but also due to positive exchange rate effects, revenue
at Fraport USA rose to €103.4 million (previous year: €67.9 million). Other operating income, which was positively impacted in
the same period the previous year by the waiver of fixed minimum lease payments of €35.2 million, amounted to €3.2 million in
the reporting period. Operating expenses increased by €10.6 million to €57.0 million, mainly due to the increased variable con-
cession charges exchange rate effects. Due to the high other operating income in 2021, EBITDA was €49.6 million below the level
from the same period in the previous year (previous year: €57.3 million). Depreciation and amortization (+€8.1 million) increased
At –€1.8 million, the result remained below that of the same period last year (previous year: €8.5 million).
The increased demand for travel in 2022 was reflected in higher revenue of €33.9 million (+€12.2 million) at the Group company
Fraport Slovenija. Other operating income decreased in the 2022 fiscal year due to the absence of compensation for the effects
of the coronavirus pandemic, which was included in the same period of the previous year at around €6.6 million. Operating
expenses increased by €5.4 million to €26.6 million due to the increased traffic volume. EBITDA decreased to €7.6 million due to
lower other operating income (previous year: €7.7 million.) Slightly decreasing depreciation and amortization led to EBIT of
–€2.7 million (previous year: –€3.0 million). The result was –€2.6 million (previous year: –€2.6 million).
In fiscal year 2022, the positive traffic development at the Brazilian Group companies Fortaleza and Porto Alegre was reflected
in higher revenue of €90.0 million (+€21.7 million). Adjusted for the revenue relating to capacitive capital expenditure based on
the application of IFRIC 12, revenue increased by €34.5 million. The growth in revenue also benefited from positive currency
effects. Other operating income in 2022 was again positively influenced by compensation for the effects of the coronavirus
pandemic in the amount of €18.5 million (previous year: €26.5 million). Cost of materials declined by €6.0 million to €32.9 million.
Adjusted for the expenses in connection with the capacitive capital expenditure based on the application of IFRIC 12, the cost of
materials increased by €6.9 million to €24.3 million. This was due in particular to currency exchange rate effects. Correspondingly,
EBITDA increased to €60.1 million (previous year: €40.1 million). EBIT amounted to €28.8 million (previous year: €17.6 million),
and the result was –€3.5 million (previous year: –€16.5 million).
At €590.1 million (+€244.9 million), revenue at the Group company Lima was also positively impacted by the recovery in traffic,
as well as from exchange rate effects. Adjusted for the revenue relating to capacitive capital expenditure based on the application
of IFRIC 12, revenue was €277.9 million (+€123.0 million). The cost of materials rose by €193.4 million year-on-year to
€466.0 million due to the ongoing expansion measures. Adjusted for expenses resulting from the application of IFRIC 12, cost of
materials increased by €71.6 million to €153.9 million, primarily due to higher revenue-dependent concession payments.
At €100.2 million, EBITDA was higher than in the same period of the previous year (previous year: €54.7 million). EBIT
amounted to €83.4 million (+€43.6 million). A more negative financial result, in particular due to higher interest expenses from
the compounding of the concession liability, led to a result of €37.2 million (+€26.0 million).
In 2022, Fraport Greece recorded revenue of €443.8 million (+€188.4 million). Adjusted for contract revenue from construction
and expansion services relating to the application of IFRIC 12, the revenue increased by €208.0 million to €433.5 million. Other
operating income of €23.9 million included compensation for the effects of the coronavirus pandemic for the first half of 2021
(previous year: €92.8 million). Operating expenses increased by €51.0 million to €196.0 million as a result of traffic development
and the variable concession fee. Adjusted for expenses resulting from the application of IFRIC 12, operating expenses increased
by €70.6 million to €185.7 million. This led to EBITDA of €271.7 million (+€65.3 million) and EBIT of €208.5 million (+€64.5 million).
The financial result deteriorated mainly due to the one-off effects of signed refinancing. The led to a result of €69.9 million (previous
year: €24.7 million).
In the 2022 fiscal year, revenue of the Group company Twin Star rose by €14.2 million to €43.5 million due to the improved traffic
development. Operating expenses increased to €24.4 million (+€10.0 million) in the reporting period. Correspondingly, EBITDA
increased to 19.3 million (+€4.3 million). EBIT amounted to €8.6 million and the result was €4.2 million.
The other key figures developed in line with the original forecasts or those adjusted during the year.
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Asset and Financial Position
Asset and capital structure
At €17,607.6 million, total assets as at December 31, 2022 were €1,367.6 million (+8.4%) above the previous year.
Non-current assets increased by €1,374.8 million to €14,366.1 million. This is mainly due to the increase in property, plant and
equipment (+€473.4 million) as a result of the capacity investment measures at the Frankfurt site and the increase in shares in
companies accounted for using the equity method (+€420.1 million). This resulted in the amount of €375.3 million from the capital
contribution to the joint venture Fraport TAV Antalya Yatirim, Yapim ve Isletme A.S (Fraport TAV Antalya), which was founded in
connection with the tender for the operating concession at Antalya Airport won in December 2021. Investments in airport operating
projects increased by €352.7 million as a result of the ongoing expansion of the Group company in Lima and currency effects.
Other financial assets were €241.1 million higher than on December 31, 2021, due to additions to securities and investments in
promissory note loans. On the other hand, the complete write-off of the loan receivable from Thalita Trading Ltd. in connection
with the activities at St. Petersburg Airport had a diminishing effect on other financial assets and other financial receivables and
assets.
At €3,230.1 million, current assets were €101.1 million higher than at December 31, 2021, mainly due to higher other short-term
financial assets (+€93.2 million). Furthermore, higher trade accounts receivable (+€24.8 million) due to traffic volumes and higher
financial (+€24.6 million) and non-financial receivables and assets (+€18.5 million) due to the balance sheet date contributed to
the increase. Cash and cash equivalents, on the other hand, decreased by €77.6 million. Non-current assets held for sale
decreased by €108.3 million compared to the 2021 balance sheet date due primarily to the transfer of the 24.5% of shares in the
Group company Xi’an completed on May 24, 2022.
Shareholders’ equity increased by €222.9 million to €4,131.9 million as at the 2022 balance sheet date (December 31, 2021:
€3,909.0 million). The increase resulted, in particular, from the positive Group result of €166.6 million. Despite this improved result,
the equity ratio fell from 23.1% as at December 31, 2021, to 22.2% due to increased debt.
Non-current liabilities increased by €337.2 million to €11,232.6 million (+3.1%), in particular due to long-term financial liabilities.
In addition, current liabilities rose in the reporting period by €803.5 million to €2,231.0 million (56.3%). This is mainly due to
increased financial liabilities (+€582.0 million) in connection with scheduled reclassifications and the assumption of short-term
financial liabilities at the Group company in Lima.
Gross financial debt as at December 31, 2022 was €10,925.6 million, up €991.6 million from €9,934.0 million as at December
31, 2021. Liquidity also increased, by €302.6 million to €3,866.9 million. Correspondingly, net financial debt increased by
€689.0 million to €7,058.7 million (December 31, 2021: €6,369.7 million). The gearing ratio reached a level of 180.6% (value as
at December 31, 2021: 169.7%). The net financial debt to EBITDA ratio reached a level of 6.9 (previous year: 8.4).
Structure of the consolidated financial position as at December 31
€ million
2022
Assets
Liabilities
and equity
2021
Assets
Liabilities
and equity
4,131.9
3,909.0
14,366.1
3,230.1
11.4
17,607.6
11,232.6
2,231.0
12.1
12,991.3
3,129.0
119.7
10,895.4
16,240.0
1,427.5
8.1
Non-current assets
Current assets
Non-current assets held for sale
Shareholders’ equity
Non-current liabilities
Current liabilities
Liabilities related to assets held for sale
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Additions to non-current assets
In the 2022 fiscal year, the additions to non-current assets of the Fraport Group totaled €1,158.7 million, €46.1 million more than
the previous year (previous year: €1,112.6 million). They related to €779.8 million in property, plant and equipment (previous year:
€847.0 million) and €374.1 million (previous year: €251.7 million) in capital expenditure on "airport operating projects". The item
"Other intangible assets" accounted for €4.7 million (previous year: €4.4 million), and €0.1 million to “investment property” (previ-
ous year: €9.5 million). The capitalization of interest expenses relating to construction work amounted to €43.9 million (previous
year: €40.6 million).
At Fraport AG, the additions to non-current assets amounted to €764.6 million (previous year: €833.5 million). Capital expenditure
was mostly attributed to the Expansion South project at the Frankfurt site – mainly relating to Terminal 3 and the passenger
transport system – as well as modernization and maintenance measures for existing infrastructure.
The additions to non-current assets are attributed to the individual segments as follows:
Additions per segm ent
€ m illion
293.
409.1
International Activities
& Services
2022:
2021:
International Activities
& Services
409.1
293.6
465.
92.9
Ground Handling
Ground Handling
2022:
92.9
2021: 89.6
426.
426.0
230.
Aviation
Aviation
2022:
2021:
426.0
465.1
92.9
230.7
Retail & Real Estate
Retail & Real Estate
409.
2022:
2021:
230.7
264.3
Capital expenditure in the Aviation segment amounting to €426.0 million (previous year: €465.1 million) primarily concerned the
ongoing construction work in connection with the Frankfurt Airport Expansion South project. Most of this amount related to
Terminal 3 and the passenger transport system.
In fiscal year 2022, the Retail & Real Estate segment recorded additions to assets in the amount of €230.7 million (previous year:
€264.3 million). The measures also concerned, in particular, the Expansion South project.
The Ground Handling segment recorded additions amounting to €92.9 million (previous year: €89.6 million). These mainly
included the modernization measures for existing facilities as well as capital expenditure in connection with the Expansion South
project.
In the International Activities & Services segment, additions to non-current assets amounted to €409.1 million (previous year:
€293.6 million). The additions related mainly to the Group company Lima in connection with the infrastructure expansion.
Statement of cash flows
In the reporting year, cash flow from operating activities of €787.3 million was generated (2021: €392.6 million). The improve-
ment by €394.7 million resulted in particular from an increase in operating results. In addition, the cash flow from operating
activities was negatively impacted in the previous year by payments in connection with the Zukunft FRA – Relaunch 50” program.
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Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,305.8 million in
the past fiscal year, an increase of €172.6 million year-on-year. This was mainly due to capital contributions of €375.3 million to
the joint venture that was established in connection with the new operating concession at Antalya Airport. Higher capital expendi-
ture in airport operating projects, especially in Lima, were offset by lower cash flow used for expansion measures at the Frankfurt
site. In addition, revenue from the disposal of shares in the Group companies Xi'an and D-Port, which is accounted for using the
equity method, reduced cash outflow by €173.5 million in total.
Taking into account capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure
in relation to time deposits, the overall cash flow used in investing activities was €1,216.0 million (2021: €2,304.2 million).
Compared to the previous year, cash flow from financing activities decreased substantially by €1,213.1 million to
€882.3 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity
were carried out compared to the current fiscal year. Within the scope of the signed refinancing at Fraport Greece, financial
liabilities of €913.8 million were repaid and refinanced in advance in the amount of €960.0 million. The transactions with
"non-controlling interests" are the sale of capital shares and loans to a co-partner of the Greek companies. Taking into account
exchange rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents based on the statement of
cash flows of €826.2 million as at December 31, 2022 (2021: €431.2 million).
Free cash flow amounted to –€741.0 million (previous year: –€772.3 million).
The following table shows a reconciliation to cash and cash equivalents as shown in the consolidated statement of financial
position.
Reconciliation to the cash and cash equivalents as at the consolidated statement of financial position
in € million
December 31, 2022
December 31, 2021
Bank and cash balances
Time deposits with a remaining term of less than three months
Cash and cash equivalents as at the consolidated statement of cash flows
Time deposits with a remaining term of more than three months
Restricted cash
Cash and cash equivalents as at the consolidated statement of financial position
Summary of the statement of cash flows and reconciliation to the Group’s liquidity
in € million
579.6
246.6
826.2
1,619.7
139.3
2,585.2
220.4
210.8
431.2
2,156.9
74.7
2,662.8
2,738.1
3,564.3
787.3
–1,305.8
882.3
-58.6
826.2
431.2
Cash and cash
equivalents
as at
January 1,
2022
+89.8
Cash flow
from operating
activities
Cash flow
used in investing
activities excl.
cash deposits and
securities
Cash flow
used in investing
activities in cash
deposits and
securities
Cash flow
from financing
activities
Foreign currency
translation effects and
other changes
on cash and cash
equivalents
Cash and cash
equivalents as at
December 31,
2022
Short-term
realizable assets
Group’s liquidity
as at
December 31,
2022
Financing analysis
In 2022, the finance management of the Fraport Group continued to pursue balanced funding via a diversified debt financing base
with a balanced maturity profile. As at the balance sheet date, there was a balanced mix of financing, consisting of promissory
note loans (20.8%), corporate bonds (19.3%), bilateral loans (43.1%), and project financing (16.8%).
To reduce interest rate risks from borrowing with floating interest rates, in the past interest rate hedging transactions were
concluded in some cases. In the course of a refinancing in Greece, the existing derivatives were redeemed, so that the related
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nominal volumes were reduced to €0.0 million at the end of the year (previous year: €130.7 million). Overall, the financial liabilities
had an average remaining term of 6.5 years with an average interest maturity of approximately 5.7 years after hedging measures.
Taking into account interest rate hedging transactions, the floating rate portion of the gross debt of the Fraport Group was
approximately 13%, and the fixed portion approximately 87%. The cost of debt after hedging measures was 2.3%.
Fully consolidated Group companies in Germany are mostly integrated into the Fraport AG cash pool, so that acquiring separate
external funding was not necessary. Funding for fully consolidated foreign Group companies was primarily obtained through
previously concluded project financing agreements in the 2022 fiscal year. No analysis or calculation of the financial debt structure
and liquidity at segment level is carried out.
The key features of the Group financing instruments with regard to type, maturity, and interest rate structures are presented in the
following table:
Financial debt structure
Financing type
Promissory note loans
Corporate bond
Year of
origin
Nominal volume
in € million
Maturity
Repayment structure
Interest
Interest rate
2012
2013
2017
2019
2020
2021
2022
2009
2020
2021
108.0
50
135
150
92.5
250
110
137.5
50
20
20
20
51
17
7
86
40
43
16.5
19.5
45
175.5
164.5
23.5
136.5
10
30
168
50.0
15.0
25.0
150
300
2030
2028
2025
2027
2024
2027
2024
2025
2027
2029
2029
2031
2034
2034
2025
2027
2030
2023
2026
2026
2028
2030
2032
2026
2026
2029
2029
2031
2031
2033
2029
2030
2032
2029
2024
500
350
800
2027
2024
2028
4,686.8 2023 – 2032
1,832.19 2023 – 2045
End of term
End of term
End of term
End of term
End of term
Fixed
Fixed
Fixed
Fixed
Fixed
End of term
Fixed
End of term
End of term
End of term
End of term
End of term
End of term
End of term
End of term
Fixed
Floating
Fixed
Fixed
Floating
Fixed
Fixed
Floating
Fixed
Fixed
Fixed
Fixed
Mainly end of term
Ongoing repayments
during the term
Mainly fixed
Mainly fixed
4.000 % p.a.
4.000 % p.a.
1.395 % p.a.
1.810 % p.a.
1.086 % p.a.
1.609 % p.a.
0.548 % p.a.
0.500 % p.a.
0.600 % p.a.
1.336 % p.a.
0.700 % p.a.
0.833 % p.a.
1.073 % p.a.
1.000 % p.a.
0.850 % p.a.
0.950 % p.a.
1.154 % p.a.
1.250 % p.a.
6M-Euribor + Margin
1.600 % p.a.
1.800 % p.a.
2.000 % p.a.
2.125 % p.a.
1.000 % p.a.
6M-Euribor + Margin
6M-Euribor + Margin
1.360 % p.a.
1.870 % p.a.
1.900 % p.a.
2.100 % p.a.
6M-Euribor + Marge
2.147 % p.a.
2.322 % p.a.
5.875 % p.a.
1.727 % p.a.
2.217 % p.a.
1.034 % p.a.
1.925 % p.a.
0.28 % – 4.48 % p.a.
2.125 % – 11.57 % p.a.
Bilateral loans
Project financing (fully consolidated
foreign Group companies)
1999 – 2022
2017 – 2022
The contractual agreements for the financial liabilities of Fraport AG include two customary non-financial covenants consisting of
a negative pledge and a pari passu clause. Only the special-purpose loans of Fraport AG contained in bilateral loans include,
among other things, commonly accepted credit clauses regarding changes in shareholder structure and in the control of the
company (so-called change-of-control clause). If these have a proven negative effect on the credit rating of Fraport AG, the
creditors have the right to call the loans due ahead of time above a certain threshold.
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Independent project financing agreements of fully consolidated foreign Group companies, in particular in Greece and Brazil,
contain a series of credit clauses typical for this type of financing. These clauses include regulations under which certain debt
service coverage ratios and control indicators for leverage and credit terms must be complied with. Failure to comply with the
agreed credit clauses may lead to restrictions on the distribution of dividends and/or to the early redemption of loans or to the
additional payment of shareholders’ equity.
The maturity profile of the Fraport Group’s financial debt showed a largely balanced repayment structure as at the balance sheet
date (financial debt in foreign currencies translated as at the balance sheet date rate).
Maturity profile as at 31 December 2022
in € million
4,603.2
10,925.6
1,205.7
1,433.6
1,048.6
1,178.1
1,185.0
1,360.2
1,329.2
430.4
200.6
403.8
1,109.9
736.3
3,866.9
Liquidity
Gross
debt
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033 ++
Carrying amounts
Nominal values
Credit Lines
Liquidity in the fully consolidated foreign Group companies was €945.3 million (previous year: €509.5 million). As it is partly subject
to drawing restrictions arising from the conditions stipulated in the project financing agreements, it is not part of the asset
management at Fraport AG.
Liquidity analysis
The strategy of broad diversification of investments in corporate bonds was continued in the 2022 fiscal year. The key character-
istics of Fraport AG’s investment instruments in terms of type, remaining term, and interest rate structure are presented in the
following table:
Asset structure of Fraport AG
Investment type
Market value 1)
in € million
Average remaining term
in years
Promissory note loans
Overnight funds
Time deposits
Bonds
thereof governmental
thereof financials
thereof insurances
thereof industrials
Commercial papers
1) As a result of rounding, there may be discrepancies when summing up.
78
0.0
225.0
0.0
1,599.3
0.0
11.0
966.0
0.0
5.9
215.5
5.1
13.7
0.0
736.8
79.7
0.0
1.7
0.0
0.3
0.0
1.6
1.9
0.0
1.3
2.2
1.8
2.9
0.0
1.9
0.2
Interest
Floating
Fixed
Fixed
Fixed
Floating
Floating
Fixed
Fixed
Floating
Fixed
Floating
Fixed
Floating
Fixed
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The ratings of all investments used in asset management are presented in the following diagram.
Rating structure of assets
in %
0
20
40
60
80
AAA
AA
A
BBB
BB
Not rated
0.2
20.3
58.1
21.3
0.0
0.1
As at the balance sheet date, the portfolio consisted almost exclusively of rated assets (rated 99.9% and unrated 0.1%).
The cost of carry, which is calculated using a (tiered statement) maturity-matching principle, was 0.9% (€25.7 million) as at
December 31, 2022.
As at the 2022 balance sheet date, the Fraport Group had credit lines amounting to €736.3 million (previous year: €941.8 million)
available, of which €156.0 million has, however, been earmarked for future capital expenditure on infrastructure. As at the balance
sheet date, Fraport AG had unused credit lines amounting to €580.9 million (previous year: €554.2 million).
Significance of off-balance-sheet financial instruments for the financial position
Fraport focuses on the products presented in the “Financing analysis” section for financing its activities. Off-balance-sheet financial
instruments are of no material significance in the financing mix of Fraport.
Rating
In light of Fraport’s unrestricted access to the capital market at attractive prices, very healthy liquidity supply combined with its
comfortable portfolio of free, approved credit lines, there has not been a need for an external rating so far.
Comparison with the forecasted development
in € million
2022 Forecast 2021
[Adjustments during the year 2022]
Free cash flow
Net financial debt
to EBITDA
Liquidity
Shareholders’ equity ratio (%)
–741.0 roughly at the level of 2021
6.9 high single-digit range
3,866.9 slightly lower than 2021
22.2 slightly lower than 2021
2021
Change
Change in %
–772.3
8.4
3,564.3
23.1
+31.3
–1.5
+302.6
–0.9 PP
+4.1
–
+8.5
–
At €3,866.9 million, Group liquidity was above the forecast value. The negative effect from the free cash flow was offset by high
inflows from the raising of long-term financial liabilities. In addition, the sale of companies accounted for using the equity method
had the effect of increasing liquidity, especially at Xi'an Airport. The other figures of the asset and financial position were in line
with the 2021 forecast.
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Value Management
Development of the value added
in € million
Fraport Group
Aviation
Retail & Real Estate
Ground Handling
International Activities &
Services
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Adjusted EBIT1)
Fraport assets
Costs of capital before taxes
Value added before taxes
ROFRA in %
677.4
11,383.8
831.0
–153.6
6.0
343.1
10,208.6
622.7
–279.6
3.4
40.7
4,152.3
303.1
–262.4
1.0
25.8
3,881.1
236.7
–211.0
0.7
258.9
2,672.6
195.1
63.8
9.7
176.7
2,464.1
150.3
26.4
7.2
–102.1
852.1
62.2
–164.3
–12.0
–107.0
770.1
47.0
–154.0
–13.9
479.9
3,706.9
270.6
209.3
12.9
247.6
3,093.3
188.7
58.9
8.0
1) Adjusted EBIT = EBIT + earnings before taxes of the Group companies accounted for using the equity method.
In fiscal year 2022, the value added of the Fraport Group increased notably by €126.0 million (previous year –€279.6 million),
but remained in negative territory at –€153.6 million.
Despite substantially lower one-off effects, adjusted EBIT was €334.3 million above the previous year’s level at €677.4 million due
to the positive development of operating performance of all Group companies. The same period of the previous year included the
compensation payment from the Federal Government and the State of Hesse for the uncovered contingency costs incurred in the
first lockdown in 2020 in the amount of €159.8 million as well as the settlement with the Federal Police in connection with charged
aviation security services in previous years in the amount of €57.8 million. In addition to the improved operating development, the
sale of the shares in the Group company in Xi'an, which is valued at equity, also contributed to the improved adjusted EBIT. On
the other hand, the increase in the WACC from 6.1% to 7.3%, the higher capital expenditure, especially in the expansion projects
in Frankfurt and Lima, and the capital contributions to the joint venture for the new operating concession at Antalya Airport, led to
higher capital costs.
Due to the operating recovery, the ROFRA of the Fraport Group increased by 2.6 percentage points to 6.0% (previous year:
3.4%).
The value added of the Aviation segment fell from –€211.0 million to –€262.4 million despite the positive operating development,
which more than compensated for the absence of one-off effects from the previous year. The main reasons for this were the
WACC-related increase in the cost of capital and the progressing construction activities within the framework of the Expansion
South project. Segment ROFRA improved from 0.7% to 1.0%.
In the Retail & Real Estate segment, despite higher Fraport assets in the course of the expansion project in Frankfurt, the increase
in segment EBIT led to an increase in the value added from €26.4 million to €63.8 million (+€37.4 million) and of ROFRA to 9.7%
(previous year: 7.2%).
Despite a slightly improved adjusted EBIT, the value added in the Ground Handling segment was below the previous year's level
(-€154.0 million) at –€164.3 million due to the WACC increase. Segment ROFRA improved from –13.9% to –12.0%.
The value added of the International Activities & Services segment increased from €58.9 million to €209.3 million (+€150.3
million). The fully consolidated Group companies in Greece and Lima, the sale of shares in Xi’an as well as the Group company
Antalya, which is accounted for using the equity method, contributed in particular to the improved operating result. The increase
in Fraport assets in the segment is mainly due to the expansion at Lima Airport and capital contributions to the joint venture for
the new operating concession at Antalya Airport. In line with the value added, segment ROFRA improved strongly from 8.0% to
12.9%.
Comparison with the forecasted development
2022 Forecast 2021
2021
Change
Change in %
Group ROFRA (%)
6.0 Clear improvement
3.4
+2.6 PP
–
Based on the Group-wide recovery in traffic, the improvement in Group ROFRA of 6.0% was stronger than forecast in 2021.
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Non-financial Performance Indicators
Customer satisfaction and product quality
Global satisfaction of passengers
While the 2021 reporting year was still characterized by the effects of the coronavirus pandemic, global satisfaction at Frankfurt
Airport came under increasing pressure, particularly from March 2022 onwards, due to a rapid rise in air traffic demand combined
with operational capacity and staff shortages. As a result, global satisfaction fell by nine percentage points from 83% in the second
half of 2021 to 74% in the 2022 reporting year. Overall satisfaction (top box share of global satisfaction) fell over the course of the
year, initially from 79% in Q1 2022 to 75% in Q2 2022. In Q3 2022, global satisfaction decreased further to 73% and in Q4 2022
to 69%. Alongside global satisfaction, 16 other satisfaction criteria recorded a decline in 2022 compared to the second half of
2021. By contrast, five of the 22 criteria surveyed developed positively in the reporting year, including health and infection protec-
tion at Frankfurt Airport (up by one percentage point to 81%), the friendliness of staff at security checkpoints (up by one percentage
point to 78%), and the speed and stability of the airport Wi-Fi (up by four percentage points to 77%).
At the fully consolidated Group airports, on the other hand, global satisfaction reached a cumulative value of 85% in the 2022
reporting year. To determine global satisfaction within the Group, a total of 28,354 passengers were surveyed at the locations in
Slovenia, Bulgaria, Brazil, Peru, and Greece. The satisfaction data collected was weighted on the basis of the respective passen-
ger numbers for the calculation of the cumulative value. Including the Frankfurt site, this results in a Group-wide global satisfaction
of 80% for the reporting year.
Baggage connectivity
Baggage connectivity at Frankfurt Airport came to 95.8% in the last fiscal year, or 2.5 percentage points below the previous year
and 2.7 percentage points below the target. While the baggage connectivity value of 98.3% in Q1 2022 marked an increase over
the previous year’s level, the value fell to 95.9% in Q2 2022 (Q2 2021: 98.5%) and 95.0% in Q3 2022 (Q3 2021: 98.4%).
In Q4 2022, baggage connectivity improved slightly to 95.1%, but remained below the level of the same period last year
(Q4 2021: 98.1%). The development of baggage connectivity is mainly due to the rapidly increasing traffic since March 2022
combined with staff shortages. The countermeasures introduced, which included in particular the improvement of staff availability,
did not fully compensate for the negative development.
Attractive and responsible employer
Employee satisfaction
The Group-wide employee survey (Fraport Barometer) was carried out in October 2022. Employee satisfaction in the Fraport
Group was 4.76 (on a scale of one to seven, where seven is the best). This key figure includes the ratings of Fraport AG, 13
Group companies at the Frankfurt site as well as Fraport Slovenija, Twin Star, Fortaleza, Porto Alegre, Lima, Fraport Greece, and
Fraport USA. The response rate was 46%. The average ratings of the topic areas (satisfaction aspects) were 4.40 for the em-
ployer, 4.79 for the workplace, 4.98 for the team, and 4.86 for the managers. The average satisfaction rating of Fraport AG
employees was 4.64. Due to adjustments in the survey methodology and evaluation, it is not possible to compare with the previous
year's figures.
Women in management positions
As at December 31, 2022, the proportion of women in management positions in the Group in Germany at the first management
level below the Executive Board was 23.1% and 31.6% at the management level below. At Fraport AG, the proportion of women
in management positions in the reporting period was 19.0% at the first management level and 30.8% at the second management
level. In accordance with legal requirements, the proportion of women in management positions per management level will be
reported separately for reporting from the 2022 fiscal year onwards. In the reporting period, the proportion of women in manage-
ment positions in the Group in Germany increased slightly at both management levels. At Fraport AG, the proportion of women in
management positions at the first level below the Executive Board fell slightly, but rose slightly at the second level. Although this
means that the majority of the forecast was met, the forecasted development was not achieved for the proportion of women in
management positions at the first level at Fraport AG.
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Occupational health and safety
Sickness rate
In the 2022 fiscal year, the Group sickness rate in Germany increased by two percentage points to 8.7% (previous year: 6.7%).
The development is attributable to the recovery in traffic at Frankfurt Airport and the associated increase in the number of opera-
tional personnel. The sickness rate of Fraport AG also increased by two percentage points to 7.9% (previous year: 5.9%).
Climate protection
CO2 emissions
In the past fiscal year, Group-wide scope 1 and scope 2 CO2 emissions amounted to approximately 155,449 metric tons of CO2,
and were thus down 6.5% year on year. The emission reduction is mainly attributable to Fraport AG, which reduced its CO2
emissions by 3.9% compared to the previous year, to 113,199 metric tons of CO2 (previous year7): 117,783 metric tons of CO2).
This decrease is mainly due to the purchase of renewable electricity, the in-house generation of electricity from photovoltaic
systems, and the continuous conversion of the vehicle fleet to electric mobility.
Comparison with the forecasted development
Indicators
2022 Forecast 2021 [adjustment during the year Q2 /
2021
Change
Global satisfaction of passengers (Group) in %
Global satisfaction of passengers (Frankfurt) in %
Baggage connectivity (Frankfurt) in %
Employee satisfaction (Group)
Employee satisfaction (Fraport AG)
Women in management positions
(1st level, Germany) in %
Women in management positions
(2nd level, Germany) in %
Women in management positions
(1st level, Fraport AG) in %
Women in management positions
(2nd level, Fraport AG) in %
Sickness rate (Germany) in %
Sickness rate (Fraport AG) in %
CO2-Emissions (Group) (Scope 1 und 2) in m. t. 6)
CO2-Emissions (Fraport AG)
(Total Scope 1 und 2) in m. t.
6M Interim Report]
80 At least 80 %
74 At least 80 %
95.8 Better than 98.5 %
4.76 No forecast
4.64 No forecast
5)
5)
5)
5)
23.1
31.6
19.0
30.8
8.7 Stabilization at least at the previous year’s level
7.9 Stabilization at least at the previous year’s level
155,449 Roughly on pre-crisis level
113,199 Roughly on pre-crisis level
– 1)
91/83 2)
98.3
– 1)
82.5 4)
– 5)
– 5)
– 5)
– 5)
6.7
5.9
166,208 7)
117,783 7)
–
–
–2.5 PP
–
–
–
–
–
–
+2.0 PP
+2.0 PP
–10,759
–4,584
1) Due to the impact of the coronavirus pandemic, this statistic was not collected in 2021.
2) Due to a change in methodology, the results are reported separately for the first and second half of 2021.
3) Employee satisfaction: includes Fraport AG and the German Group companies as well as Fraport Slovenija, Twin Star, Fortaleza, Porto Alegre,
Lima, Fraport Greece, and Fraport USA.
4) 2021 value determined as part of the pulse check.
5) Until 2021, the figure was reported combined for the first and second level below the Executive Board.
6) Includes Fraport AG as well as the Group companies FFS, FraGround, FraCareS, FAS, FraSec Fraport Security Services GmbH, FraSec Flughafensicherheit
GmbH, Media, Fraport Greece, Fraport Slovenija, Lima, Fortaleza, Porto Alegre, and Twin Star.
7) Subsequent verifications resulted in some updates for 2021.
The “Non-financial performance indicators” chapter above provides explanatory notes on deviations from the 2021 forecast.
Employees
Development of employees
Average number of employees
Fraport Group
thereof Fraport AG
thereof Group companies
thereof in Germany
thereof abroad
2022
2021
Change
Change in %
18,850
7,309
11,541
15,691
3,159
18,419
7,893
10,526
15,599
2,820
+431
–584
+1,015
+92
+339
+2.3
–7.4
+9.6
+0.6
+12.0
The average number of employees in the Fraport Group (excluding apprentices and employees on leave) increased by 431 to
18,850 in the 2022 fiscal year (previous year: 18,419). The reason for this was the increased need for personnel as a result of the
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positive traffic development, mainly at the Group company FraGround (+404 employees). In addition, the number of employees
at the Group company FraSec increased (+241 employees), primarily due to new business at the Hamburg site. At Fraport AG,
the headcount (–584 employees) decreased mainly due to staff departures as part of the volunteer program under the strategic
initiative “Zukunft FRA – Relaunch 50”.
Outside Germany, the headcount increased to 3,159 (+12.0%) due to the Group-wide traffic recovery, especially at the Group
companies in Bulgaria (+125 employees), Lima (+93 employees), and Greece (+69 employees).
Development of employees in the segments
Average number of employees
Aviation
Retail & Real Estate
Ground Handling
International Activities & Services
2022
5,569
576
7,035
5,670
2021
5,476
608
6,937
5,398
Change
Change in %
+93
–32
+98
+272
+1.7
–5.3
+1.4
+5.0
The average number of employees in the International Activities & Services, Ground Handling, and Aviation segments increased
as a result of traffic volumes. In contrast, the number of employees in the Retail & Real Estate segment decreased, mainly in
connection with the volunteer program initiated in 2020 under the strategic initiative “Zukunft FRA – Relaunch 50”.
Development of employees as at the balance sheet date
Number of employees as at the balance sheet date
December 31, 2022
December 31, 2021
Change
Change in %
Fraport Group
thereof Fraport AG
thereof Group companies
thereof in Germany
thereof abroad
19,211
7,209
12,002
16,145
3,066
17,781
7,450
10,331
15,113
2,668
+1,430
–241
+1,671
+1,032
+398
+8.0
–3.2
+16.2
+6.8
+14.9
Compared with the previous year’s reporting date, the number of employees in the Fraport Group (excluding apprentices and
employees on leave) increased by 8.0% to 19,211 (+1,430 employees) as at December 31, 2022. In Germany, the increase is
due in particular to the Group companies FraGround (+624 employees) and FraSec (+453 employees). Internationally, the
decrease in the number of employees resulted in particular from the Group companies in Lima (+153 employees) and Bulgaria
(+145 employees).
Development in personnel structure
Fraport values the diversity of its employees. This diversity helps the Group to better understand the concerns of its customers,
develop innovative solutions, and remain competitive in a globalized economy. Diversity management is therefore a central com-
ponent of its human resources strategy. It is based on a Group agreement that includes the establishment of principles of anti-
discrimination, advancement of women into management positions, and diversity. These principles form part of recruitment deci-
sions and training measures.
With regard to permanent employees excluding seasonal staff as at the balance sheet date, the Group staff turnover rate of
15.0% in the reporting period was lower than the rate of 27.8% in the previous fiscal year. The change is mainly due to the
volunteer program initiated in 2020 and the associated staff reduction in the previous year.
The Group’s percentage of women, in relation to the total number of employees (including temporary staff, apprentices, and
employees on leave) as at December 31, 2022 was 26.6%, slightly higher than the previous year’s level of 26.3%. The average
age of the Group’s workforce decreased slightly to 45.3 years (previous year: 45.5 years). The percentage of persons with
major disabilities relative to the total number of employees excluding apprentices and temporary staff was 5.8% on a
Group-wide basis (previous year: 5.9%).
At Fraport AG, the proportion of female employees as at the balance sheet date 2022 was 19.4% (previous year: 19.2%). The
proportion of workers with severe disability or equivalent circumstance was 7.8% (previous year: 7.9%). The average number of
apprentices decreased to 246 (previous year: 286). The staff turnover rate at Fraport AG reached 3.5% (previous year: 16.7%).
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Combined non-financial Statement
About this combined statement
The combined non-financial statement complies with the requirements of Sections 315b and 315c in conjunction with the Sections
289b to 289e of the German Commercial Code (HGB) and the requirements of Regulation (EU) 2020/852 of the European
Parliament and of the European Council of June 18, 2020 on the establishment of a framework for facilitating sustainable
investment and amending the Regulation (EU) 2019/2088 (EU Taxonomy Regulation). This combined non-financial statement
has been audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft according to ISAE 3000 (revised) with
limited assurance. The unrestricted auditor’s opinion can be found at the end of the Annual Report.
The “Control System” and “Non-financial Performance Indicators” chapters describe the most important non-financial performance
indicators and their development during the reporting period. Their concepts and measures are used as the basis for this combined
non-financial statement. The target values set for the Fraport Group and Fraport AG can also be found in the aforementioned
chapters. The forecast figures for fiscal year 2023 can be found in the “Business Outlook” chapter. The Fraport business model,
competitive position, and organizational structure can be found in the “Situation of the Group” chapter. Fraport takes risks related
to the non-financial aspects into account in the Group-wide risk management system (see the “Risk and Opportunities Report”
chapter).
Use of frameworks
For a structured presentation of the contents in accordance with Section 289c of the HGB in the combined non-financial statement,
Fraport applies the standards of the Global Reporting Initiative 2021 (GRI). The concepts on the aspects are based on “GRI 3-3
Management of material topics”. This concerns the explanations relating to “Anti-corruption and bribery matters”, “Respect for
human rights”, “Customer satisfaction and security”, “Employee-related matters”, “Social matters”, and “Environmental matters”.
The materiality analysis carried out comprehensively in 2018 was based on the standards of the Global Reporting Initiative 2016
(GRI 103-Management approach). However, Fraport relied on the “GRI 3-3 Management of Material Topics” when updating and
validating the material topics in 2022. In addition, the ESG Factbook, available at
https://www.fraport.com/en/investors/publica-
tions.html, provides a detailed overview of the relevant GRI indicators in the Fraport Group. References to information beyond the
scope of the combined management report and consolidated financial statements are additional information and do not form part
of this combined non-financial statement.
Correlations with the financial statements
The reportable correlations with the combined management report, the consolidated financial statements, and the Fraport AG
annual financial statements are explained at the end of each respective non-financial aspect.
Derivation of materiality
The Fraport mission statement continues to form the basis of the Group’s strategy. It encompasses the Group goals “Growth in
Frankfurt and internationally”, “Service-oriented airport provider”, “Economically successful through optimal cooperation”,
“Learning organization and digitalization”, and “Fairness and recognition for partners and neighbors”. The vision of establishing
Fraport as Europe’s top airport operator and of setting global standards forms the basis for this.
Based on these Group goals, the Executive Board has defined the six most significant non-financial performance indicators in
accordance with Section 315 (3) of the HGB in conjunction with Section 289 (3) of the HGB. Global passenger satisfaction,
baggage connectivity, satisfaction of employees, women in management positions, sickness rate, and CO2 emissions.
The basis for the aspects reported in this combined non-financial statement is the materiality matrix. Key aspects are those that,
according to Section 289c (3) of the HGB, are relevant to the business development, business result and situation of Fraport, as
well as the effects of the business activities of Fraport on non-financial aspects. The materiality matrix is the result of a systematic
exchange with internal and external stakeholders. Fraport management and representatives of the most important stakeholders
(analysts, shareholders, employee representatives, banks, employees, airlines, residents living near airports, business partners,
media, NGOs, passengers, politicians and authorities, economic associations, and science) confirmed the relevance of the current
topics. Both groups also prioritize the topics. The materiality matrix shows the impact of direct and indirect business activities on
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the corresponding aspect, its relevance for stakeholders, and for the long-term business activities of Fraport. The last compre-
hensive materiality analysis was updated in 2018. The Executive Board has confirmed the relevance of the topics for 2022.
A comprehensive materiality analysis with the participation of internal and external stakeholders will be carried out in 2023.
The key aspects identified have been attributed to the non-financial aspects in accordance with Section 289c (2) of the HGB.
Beyond these reportable non-financial aspects, Fraport has also identified “Customer satisfaction and security” as an additional
aspect. The distribution of the aspects among the non-financial aspects can be found in the table below. The crossover aspect
“Supply and subcontracting chain” is not an individual aspect but deals with all reportable information in connection with the
non-financial aspects in a separate chapter.
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Allocation of material topics to non-financial aspects
Non-financial aspect
Topics
Corporate Governance and Compliance Respect for human rights
Anti-corruption and bribery matters
Environmental matters
Climate protection
Protection of environment and nature
Air quality
Customer satisfaction and security
Customer satisfaction and product quality
IT security and airport safety and security Data protection
Employee-related matters
Attractive and responsible employer
Occupational health and safety
Social matters
Community
Noise abatement
Engagement in the regions
The Executive Board remuneration system also includes non-financial elements in addition to the financial objectives for the long-
term performance-based remuneration. As non-financial components, the development of a master plan and package of measures
for reducing CO2 and the performance of tasks to prepare for the take-over of the management of aviation security services in
accordance with Section 5 LuftSiG were determined for fiscal year 2022 (see also the Remuneration Report at
www.fraport.com/publications.
Identification of risks
Fraport defines risks as future developments or events that may negatively affect the non-financial aspects. The risk evaluation is
conservative, which means that the least favorable loss situation is estimated for Fraport. A distinction is made between a gross
risk and net risk. The gross risk is the greatest possible negative impact of the risk prior to countermeasures. The net risk includes
the remaining expected impact after countermeasures have been initiated or implemented. The risk assessment in this
non-financial statement reflects the net risk.
The risk management system described in the “Risk and Opportunities Report” chapter in the combined management report
contains the analysis of the risks that may have potential negative effects on the non-financial aspects.
For fiscal year 2022, there were no additional reportable risks for the Fraport Group and Fraport AG in connection with the
non-financial aspects, beyond the material risks already listed in the “Risk and Opportunities Report” chapter.
Consideration of the supply and subcontracting chain specific to the business model
The crossover topic “Supply chain and subcontracting” is not an individual aspect but deals with the information on the supply
chain and subcontracting in connection with the non-financial aspects in this separate chapter. Unlike manufacturing companies,
Fraport management does not focus on the supply chain. Instead, the focus is placed on the quality of the services offered and
the functionality of the infrastructure required for this purpose. It is crucial, however, that business partners and suppliers are
selected carefully.
Fraport AG compels business partners and suppliers to comply with its Supplier Code of Conduct, (which can be viewed at
https://www.fraport.com/compliance) as part of its General Terms and Conditions (GTC), depending on the local conditions. It
details how to deal with employees and respect human rights as well as environmental and climate protection, integrity during
business, and the prohibition of corruption and bribery. A violation of this supplier code of conduct may result in the termination of
the business relationship. A contractual penalty may be imposed and a claim for lump-sum damages may be raised in the event
of antitrust violations and serious misconduct. Business partners and suppliers must also undertake to demand and ensure that
these principles are adhered to when dealing with their own suppliers.
In addition, Fraport AG undertakes to consistently focus on sustainability criteria when purchasing products and services and has
signed a target agreement initiated by the Hessian Ministry for the Environment, Climate Protection, Agriculture and Consumer
Protection.
Fraport has a heterogeneous demand structure. It ranges from architectural services to the maintenance and expansion of airport
infrastructure, from office materials to IT services and aircraft tugs. At Fraport AG (incl. the Airport Expansion South project), more
than 52% of the total order volume went to companies in the Rhine-Main region. Around 98% of Fraport AG’s order volume,
amounting to approximately €1,036 million, was awarded to suppliers and service providers based in Germany, 99.7% to those
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76
Allocation of material topics to non-financial aspects
Non-financial aspect
Topics
Corporate Governance and Compliance Respect for human rights
Anti-corruption and bribery matters
Environmental matters
Climate protection
Protection of environment and nature
Air quality
Customer satisfaction and security
Customer satisfaction and product quality
IT security and airport safety and security Data protection
Employee-related matters
Attractive and responsible employer
Occupational health and safety
Social matters
Community
Noise abatement
Engagement in the regions
The Executive Board remuneration system also includes non-financial elements in addition to the financial objectives for the long-
term performance-based remuneration. As non-financial components, the development of a master plan and package of measures
for reducing CO2 and the performance of tasks to prepare for the take-over of the management of aviation security services in
accordance with Section 5 LuftSiG were determined for fiscal year 2022 (see also the Remuneration Report at
www.fraport.com/publications.
Identification of risks
Fraport defines risks as future developments or events that may negatively affect the non-financial aspects. The risk evaluation is
conservative, which means that the least favorable loss situation is estimated for Fraport. A distinction is made between a gross
risk and net risk. The gross risk is the greatest possible negative impact of the risk prior to countermeasures. The net risk includes
the remaining expected impact after countermeasures have been initiated or implemented. The risk assessment in this
non-financial statement reflects the net risk.
The risk management system described in the “Risk and Opportunities Report” chapter in the combined management report
contains the analysis of the risks that may have potential negative effects on the non-financial aspects.
For fiscal year 2022, there were no additional reportable risks for the Fraport Group and Fraport AG in connection with the
non-financial aspects, beyond the material risks already listed in the “Risk and Opportunities Report” chapter.
Consideration of the supply and subcontracting chain specific to the business model
The crossover topic “Supply chain and subcontracting” is not an individual aspect but deals with the information on the supply
chain and subcontracting in connection with the non-financial aspects in this separate chapter. Unlike manufacturing companies,
Fraport management does not focus on the supply chain. Instead, the focus is placed on the quality of the services offered and
the functionality of the infrastructure required for this purpose. It is crucial, however, that business partners and suppliers are
selected carefully.
Fraport AG compels business partners and suppliers to comply with its Supplier Code of Conduct, (which can be viewed at
https://www.fraport.com/compliance) as part of its General Terms and Conditions (GTC), depending on the local conditions. It
details how to deal with employees and respect human rights as well as environmental and climate protection, integrity during
business, and the prohibition of corruption and bribery. A violation of this supplier code of conduct may result in the termination of
the business relationship. A contractual penalty may be imposed and a claim for lump-sum damages may be raised in the event
of antitrust violations and serious misconduct. Business partners and suppliers must also undertake to demand and ensure that
these principles are adhered to when dealing with their own suppliers.
In addition, Fraport AG undertakes to consistently focus on sustainability criteria when purchasing products and services and has
signed a target agreement initiated by the Hessian Ministry for the Environment, Climate Protection, Agriculture and Consumer
Protection.
Fraport has a heterogeneous demand structure. It ranges from architectural services to the maintenance and expansion of airport
infrastructure, from office materials to IT services and aircraft tugs. At Fraport AG (incl. the Airport Expansion South project), more
than 52% of the total order volume went to companies in the Rhine-Main region. Around 98% of Fraport AG’s order volume,
amounting to approximately €1,036 million, was awarded to suppliers and service providers based in Germany, 99.7% to those
based in the EU, and about 0.2% to those based in the United States, the United Kingdom, Switzerland, Australia, and Canada.
As there are similar legal standards in these countries, especially regarding anti-corruption and bribery matters and respect for
human rights, the first level of the supply chain is not deemed critical. As regards the Group airports, orders were predominantly
awarded within their own country.
The largest suppliers of Fraport AG (including the Airport Expansion South project) by order volume in fiscal year 2022 were
subject to an extensive business partner screening.
In the context of EU-wide tenders issued by Fraport AG, all bidders are generally subject to an extensive business partner review.
The result is made available to the responsible buyers for evaluation. Irrespective of this, all suppliers and service providers of
Fraport AG are audited daily regarding the relevant sanction lists of the EU and the United States. Sanction lists are official lists
of people, groups, or organizations subject to economic or legal restrictions. If there are irregularities, further checks are planned
which may result in the withdrawal of an order. An examination of the first level of the supply chain by contractors’ country of origin
is an essential part of regular reporting for the “Central Purchasing, Construction Contracts” central unit.
Fraport AG has fulfilled the legally compliant assignment of external personnel based on independent service and work contracts,
as opposed to temporary work. External personnel compliance was implemented as part of a policy to hire external personnel.
The policy includes a mandatory audit process and reduces the risk of false service or work contracts, or covert contracts for
temporary work. External staff assignments provided by Group companies to Fraport AG are also subject to this audit process.
The Group companies independently ensure the legally compliant assignment of external personnel by implementing suitable
processes according to the respective country-specific regulations.
The fully consolidated Group companies each have their own procurement management and are required to comply with the
Group Compliance Management System (CMS). An important part of the Group policy is the Code of Conduct for Employees
(which can be viewed at
https://www.fraport.com/compliance), which is obligatory in the Fraport Group. The policy also includes
instructions to make the Supplier Code of Conduct part of the General Terms and Conditions insofar as this is possible for the
Group companies pursuant to national applicable law. This is relevant for large construction projects such as the new terminal at
Lima Airport. For this project, compliance with the Supplier Code of Conduct is agreed. If such inclusion in the General Terms and
Conditions is not possible or is only possible if the Supplier Code of Conduct is modified, the local management will inform the
compliance department.
The Group company Fraport Ausbau Süd defined a separate procurement process for the Expansion South project, in particular
for Terminal 3 at Frankfurt Airport, due to the size and complexity of the project. When submitting an offer in this procurement
process, construction companies are obliged to comply with all requirements in the German Posted Workers Act (AEntG) and the
German Minimum Wage Act (MiLoG). In addition, they must make contributions to the collective bargaining parties’ joint facilities
(e.g. wage compensation and vacation pay), and also only engage subcontractors or other third parties that meet these require-
ments. The Fraport Supplier Code of Conduct also forms part of any agreement. A due diligence review process was defined for
the construction of Terminal 3, which has since been carried out depending on the order value. In addition to mandatory checking
of sanction lists and company information, this includes extensive research online on potential business partners before new
business relationships are initiated.
In the past fiscal year, Fraport AG dealt intensively with the due diligence obligations resulting from the German Supply Chain Act
(Lieferkettensorgfaltspflichtengesetz: LkSG), which entered into force on January 1, 2023. To implement the due diligence
obligations, existing structures were expanded, and new processes were established. A core element of the due diligence obliga-
tions is Fraport’s human rights strategy that is published at
https://www.fraport.com/en/our-group/responsibility/supply-chain-
due-diligence-act.html. In addition, further due diligence obligations were implemented in the risk management system and the
whistleblower system.
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Anti-corruption and bribery matters and respect for human rights
Anti-corruption and bribery matters
Objective – Conduct in compliance with laws and regulations has highest priority at Fraport. Fraport does not tolerate any form
of corruption or other unfair business practices. In addition, Fraport is committed to internationally recognized standards, guide-
lines, and principles, in particular the principles of the UN Global Compact, the Universal Declaration of Human Rights, and the
Core Labour Standards of the International Labour Organization, as well as the OECD Guidelines for Multinational Enterprises.
Concepts, measures, and results – Within the scope of its management responsibilities, the Executive Board determines the
values and codes of conduct of the Fraport Group and draws up the framework conditions for the legally compliant and ethical
behavior of its executives and employees. Combating corruption is a key component of the fully revised Fraport Code of
Conduct, which was rolled out globally in 2022. The Executive Board is expressly committed to the fundamental values set out
in the Code of Conduct and takes a clear stand with a “zero tolerance principle”.
The Group-wide Compliance Management System (CMS) contains various measures for combating corruption for which
Group-wide minimum standards apply. The minimum requirements require the Group companies to have comprehensive regula-
tions for the handling of gifts and invitations, conflicts of interest, and the compliance audit of business partners. In addition,
uniform specifications for the processing of information about compliance violations are provided. The responsibility for the CMS
of each respective Group company lies with its local management. In the role of Chief Compliance Officer, the head of the “Legal
Affairs and Compliance” central unit is responsible for the content, organization, upkeep, and further development of the CMS of
Fraport AG. This officer reports directly to the Executive Director of Retail and Real Estate.
The CMS of Fraport AG is based on and starts with a compliance risk analysis, which is carried out regularly – most recently in
2022 – and whose main areas of focus include the fight against corruption. With its Compliance Helpdesk, the Compliance
department of Fraport AG supports and advises employees of all positions and hierarchy levels.
The Compliance department of Fraport AG informs the Executive Board in a semi-annual report on the status of the anti-corruption
measures. The Executive Board receives information on material compliance violations immediately after they become known.
The Compliance Board of Fraport AG supports and promotes the cooperation between the Compliance Management (CMS),
Risk Management (RMS), Internal Control System (ICS), and audit subsystems. It is the central body that brings together topics
specific to the departments and interfaces, and further develops the CMS on an ongoing basis.
Guidelines on receiving invitations and gifts have been defined for the employees of Fraport AG in a separate policy. This regu-
lates, among other things, the electronic documentation of the approval of received gifts and invitations. An internal policy on how
to deal with conflicts of interest also exists. The employees of Fraport AG are obliged to report any situations, in which they find
themselves, where personal interests could contradict Fraport’s business interests. This allows reportable facts to be disclosed
electronically, and the required measures to then be initiated. The electronic processes support employees in complying with
existing laws and internal regulations.
Examining adherence to the Fraport Group’s compliance regulations falls under the remit of Internal Auditing. This department
provides independent and objective audit and consulting services in all major business units of Fraport AG, its subsidiaries and
joint ventures, and Group companies and carries out compliance audits. A standardized and risk-oriented planning process is
the foundation for the focus points of the audit.
Measures to combat corruption, along with information and instructions on how individual employees can contribute to this, are
regularly communicated to the employees of the Fraport Group. Employees must complete training on anti-corruption matters.
The e-learning program on important compliance fundamentals was fully revised for Fraport AG employees in 2022. In addition
to a clear presentation of why compliance is important in everyday working life, the new Fraport Code of Conduct, dealing with
gifts and invitations, and conflicts of interest are central elements of the new online training. In addition, the central reporting
channels for compliance violations are detailed.
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Anti-corruption and bribery matters and respect for human rights
Anti-corruption and bribery matters
Objective – Conduct in compliance with laws and regulations has highest priority at Fraport. Fraport does not tolerate any form
of corruption or other unfair business practices. In addition, Fraport is committed to internationally recognized standards, guide-
lines, and principles, in particular the principles of the UN Global Compact, the Universal Declaration of Human Rights, and the
Core Labour Standards of the International Labour Organization, as well as the OECD Guidelines for Multinational Enterprises.
Concepts, measures, and results – Within the scope of its management responsibilities, the Executive Board determines the
values and codes of conduct of the Fraport Group and draws up the framework conditions for the legally compliant and ethical
behavior of its executives and employees. Combating corruption is a key component of the fully revised Fraport Code of
Conduct, which was rolled out globally in 2022. The Executive Board is expressly committed to the fundamental values set out
in the Code of Conduct and takes a clear stand with a “zero tolerance principle”.
The Group-wide Compliance Management System (CMS) contains various measures for combating corruption for which
Group-wide minimum standards apply. The minimum requirements require the Group companies to have comprehensive regula-
tions for the handling of gifts and invitations, conflicts of interest, and the compliance audit of business partners. In addition,
uniform specifications for the processing of information about compliance violations are provided. The responsibility for the CMS
of each respective Group company lies with its local management. In the role of Chief Compliance Officer, the head of the “Legal
Affairs and Compliance” central unit is responsible for the content, organization, upkeep, and further development of the CMS of
Fraport AG. This officer reports directly to the Executive Director of Retail and Real Estate.
The CMS of Fraport AG is based on and starts with a compliance risk analysis, which is carried out regularly – most recently in
2022 – and whose main areas of focus include the fight against corruption. With its Compliance Helpdesk, the Compliance
department of Fraport AG supports and advises employees of all positions and hierarchy levels.
The Compliance department of Fraport AG informs the Executive Board in a semi-annual report on the status of the anti-corruption
measures. The Executive Board receives information on material compliance violations immediately after they become known.
The Compliance Board of Fraport AG supports and promotes the cooperation between the Compliance Management (CMS),
Risk Management (RMS), Internal Control System (ICS), and audit subsystems. It is the central body that brings together topics
specific to the departments and interfaces, and further develops the CMS on an ongoing basis.
Guidelines on receiving invitations and gifts have been defined for the employees of Fraport AG in a separate policy. This regu-
lates, among other things, the electronic documentation of the approval of received gifts and invitations. An internal policy on how
to deal with conflicts of interest also exists. The employees of Fraport AG are obliged to report any situations, in which they find
themselves, where personal interests could contradict Fraport’s business interests. This allows reportable facts to be disclosed
electronically, and the required measures to then be initiated. The electronic processes support employees in complying with
existing laws and internal regulations.
Examining adherence to the Fraport Group’s compliance regulations falls under the remit of Internal Auditing. This department
provides independent and objective audit and consulting services in all major business units of Fraport AG, its subsidiaries and
joint ventures, and Group companies and carries out compliance audits. A standardized and risk-oriented planning process is
the foundation for the focus points of the audit.
Measures to combat corruption, along with information and instructions on how individual employees can contribute to this, are
regularly communicated to the employees of the Fraport Group. Employees must complete training on anti-corruption matters.
The e-learning program on important compliance fundamentals was fully revised for Fraport AG employees in 2022. In addition
to a clear presentation of why compliance is important in everyday working life, the new Fraport Code of Conduct, dealing with
gifts and invitations, and conflicts of interest are central elements of the new online training. In addition, the central reporting
channels for compliance violations are detailed.
A key
instrument
for preventing and discovering compliance violations
(see
www.fraport.com/compliance). Employees, business partners and customers can anonymously submit information about
irregularities in all Group companies via this online system. It is available 24 hours a day worldwide. The factual content of each
report is thoroughly reviewed, and sanctions are initiated, if necessary. Furthermore, Fraport AG has an ombudswoman, an
external, independent lawyer, at its disposal. Employees at the Frankfurt site can also contact an internal representative.
the whistleblower system
is
A risk-based compliance due diligence conducted by the “Acquisitions and Investments” strategic business unit is in place to
examine the integrity of Fraport AG business partners’ activities in foreign-related investment projects – material compliance risks
of a potential business partner are considered accordingly as part of a standard process.
The Group companies implement their own targeted measures to combat corruption and bribery based on the Group-wide CMS
requirements. In fiscal year 2022, the Group companies focused on the final implementation of the Group-wide minimum require-
ments for the local CMS, which were revised in 2021.
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
Respect for human rights
Objective – Fraport aims to comply with the international codes of conduct that it endorses. These are especially the principles
of the UN Global Compact, the Universal Declaration of Human Rights, the OECD Guidelines for Multinational Enterprises, and
the Core Labour Standards of the International Labour Organization (ILO).
Concepts, measures, and results – The “Corporate Development, Environment, and Sustainability” central unit of Fraport AG
deals with, among other things, coordinating Group-wide respect of human rights. Employees can anonymously report violations
via the whistleblower system that is freely accessible worldwide via
www.fraport.com/compliance. In the context of imple-
menting the due diligence obligations from the LKSG, the electronic whistleblower system was expanded by the categories
“Human Rights Violations and Environmental Crimes” as of January 1, 2023. In addition, employees in Germany can contact an
external ombudswoman contracted by Fraport AG or their internal representative, as needed.
Respect for human rights is anchored in the Group-wide binding Fraport Code of Conduct for Employees: Fraport undertakes
to respect the fundamental right to freedom of association and the right to collective bargaining that governs the general working
conditions within the Group.
As an international company, Fraport encourages diversity in its workforce and pursues the objective of rejecting any form of
discrimination. Fraport undertakes not to distinguish, exclude, or favor people based on their ethnic, national and social origin,
skin color, gender, age, religion, or belief system. Fraport also prohibits any discrimination based on political activity, membership
in a union organization, disability, or sexual orientation. The principle of mutual appreciation and respect is an essential part of
the Fraport value culture: Fraport stands for fair, respectful, and cooperative relationships.
Fraport has the same expectations regarding respect for human rights towards its business partners -these requirements are set
out in the Supplier Code of Conduct. In this code, Fraport business partners are obliged to work toward ensuring that all other
companies, such as subcontractors, involved in the provision of services, consistently comply with these standards.
The Group companies implement their own specific measures to ensure respect for human rights. Regarding this topic also, in
fiscal year 2022, the Group companies focused on the final implementation of the Group-wide minimum requirements for the local
CMS, which were revised in 2021.
Performance indicators – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
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Customer satisfaction and security
Customer satisfaction and product quality
Objective – The customer comes first at Fraport, both in Frankfurt as well as at all international Group airports. The objective is
therefore to continuously improve the focus on customers and service at Group airports. Global passenger satisfaction and
baggage connectivity are considered the most important criteria for service quality (see the “Control system” and “Non-financial
Performance Indicators” chapters). Protecting the health of employees and customers is also a top priority.
Concepts, measures and results –. To increase the service quality and sense of cleanliness in the sanitary facilities, approxi-
mately 250 further contactless Smiley Boxes were introduced at the Frankfurt Airport to collect feedback. These contribute to an
improved passenger experience against the background of the coronavirus pandemic and the resulting greatly increased need
for passengers to have a seamless travel journey. Further passenger services, such as digital information desks (Info Gates),
have been put into operation to assist passengers. The digital information offering featuring contactless, personal interaction with
staff has been extended to 14 sites in Terminal 1 and Terminal 2 in 2022 in order to give all passengers quick, comprehensive,
and easy access to information.
In March 2022, TÜV Hessen once again examined the measures implemented to protect the health of passengers and employees
at the Frankfurt airport, once again awarding them the TÜV seal “Safe from Covid-19”. A detailed review was carried out, for
example, on cleaning and disinfection procedures, social distancing measures and controls, wearing protective masks, the avail-
ability of disinfectants, the use of standard personal protective equipment by airport staff, and internal protection and precautionary
measures for employees. The seal is valid up to and including March 2023.
In order to guarantee service quality and to meet passengers’ and airlines’ requirements, Fraport conducted extensive moderni-
zation measures at the Group airports. Sensors for optical distance and speed measurement were installed in Thessaloniki, Corfu
and Rhodes in order to increase the accuracy of queue wait times. In order to further improve performance at security checkpoints,
an optimization project was launched that will be rolled out at all Group airports in Greece by 2025. In addition to the expansion
of lounge areas, a telephone hotline was introduced at the airport in Lima, which can be used to obtain all information relating to
flying.
The international airport association ACI awarded the “Airport Health Accreditation” for the organizational, infrastructural, and
personnel measures introduced to protect against the coronavirus at Frankfurt Airport. The accreditation was carried out as part
of a structured evaluation process along the entire airport process chain and included all stakeholders. The Group airports in
Greece also received the Airport Health Accreditation.
In the context of the permanent passenger survey Fraport-MONITOR, which was conducted at Frankfurt Airport in order to collect
information about global satisfaction, self-assessment interviews were carried out on the passenger’s own mobile device
(smartphone, tablet, laptop) or on a tablet provided on site by the interviewers. The largely unchanged basic questionnaire was
supplemented with additional questions by the Association of German Airports, Arbeitsgemeinschaft Deutscher Verkehrsflughäfen
(ADV). The number of customer satisfaction criteria queried compared with the second half of 2021 was unchanged at 22.
At the fully-consolidated international Group airports, the regular surveys to measure passenger satisfaction were resumed from
the second quarter of 2022 at the latest, albeit in some cases with reduced case numbers compared to pre-crisis levels. However,
the sample sizes are sufficient to provide a valid figure for global satisfaction in both the international portfolio and the Group for
the reporting year 2022. The passenger surveys were supplemented by measurements using the mystery shopping method, for
example at Ljubljana Airport. Further insights on improving passenger satisfaction were gained in this way.
The reliable loading of luggage for departing flights and the fast delivery of luggage to the baggage claim for arriving flights have
a major impact on customer satisfaction. Fraport AG measures this performance for departure baggage based on the non-financial
performance indicator Baggage Connectivity (see also the “Control System” and “Non-financial Performance Indicators” chap-
ters). In order to maintain connectivity at its current high level in the future coupled with increasing numbers of baggage items,
Fraport is constantly working on optimization measures that are implemented in close cooperation with airlines within the scope
of regular performance discussions. 2022 was characterized by operational challenges and a shortage of staff. Numerous man-
agement measures were implemented to counteract this. The focus was on recruiting and training employees in particular.
Processes were also further optimized, for example, by implementing automated baggage forwarding on large parts of Lufthansa's
route profile.
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The Executive Board is informed about the development of baggage connectivity on a monthly basis. Management receives
information on a daily basis so that measures can be taken at any time. Fraport regularly discusses the values with the airlines
and ensures improvements are made. For example, Deutsche Lufthansa frequently receives a detailed monitoring report, and
optimization measures are managed jointly with Fraport within the scope of regular meetings.
Performance indicators – Global passenger satisfaction and baggage connectivity are considered the most important criteria
for measuring service quality (see the “Control System” and “Non-financial Performance Indicators” chapters).
IT security and airport safety and security
Security is the key requirement for air traffic. This principle applies equally to passenger traffic and air freight. Accordingly, secu-
rity management has always been a top priority at Fraport.
All countries in which Fraport is active belong to the International Civil Aviation Organization (ICAO) and have contractually com-
mitted to comply with the organization’s safety standards and recommended practices for airports. In contrast to most ICAO
member states, German law allocates passenger and baggage checks to government authorities, whereas in other countries this
is usually the responsibility of the airports.
IT Security
Objective – All important business and operating processes at Fraport AG are supported by IT systems and IT components. Due
to the ongoing development of new technologies and the increasing global threat of cyberattacks generally, there is an underlying
risk potential for IT systems. The objective is therefore to protect all IT systems and data against failure, manipulation, and un-
wanted publication.
Concepts, measures, and results – Fraport protects its IT systems and data against failure, manipulation, and unwanted publi-
cation with active and preventive IT security management. These systems are configured redundantly and are housed at sepa-
rate sites. The risks in the area of IT security are included in the risk management system (see also the “Risk and Opportunities
Report” chapter). The requirements for IT security are specified in the IT security policy and security guidelines that must be
followed throughout the Group. Compliance with these requirements is checked regularly by Internal Auditing, IT Security Man-
agement, or external advisors. In 2022, Fraport AG once again implemented a variety of projects to adequately respond to the
growing risks arising from information technology. The level of IT security is also part of the annual management report for the
quality management certification according to ISO 9001 and is therefore regularly audited by external auditors. In addition, poten-
tial for improvement identified within the scope of internal audits, such as the ISO27001 audit most recently conducted in 2022 in
the area of energy management, will be processed and the Information Security Management System (ISMS) will be developed
further.
Within the scope of a working group in the German Aviation Association, Fraport AG along with other airport operators, Deutsche
Lufthansa, and the German Air Traffic Control has developed the security standards of the industry. These are based on the new
KRITIS requirements. The objective is to establish a high safety standard within the aviation industry through close cooperation
and reciprocal verification of compliance with regulatory requirements.
The Group companies outside of Frankfurt use their own IT infrastructure, that they protect according to the Group’s IT security
guidelines. As a rule, the IT systems of the Group companies at the Frankfurt site as well as the SAP systems of Fraport Greece
are integrated into the technology of Fraport AG and managed from Frankfurt. Using other IT systems is only possible with the
consent of the Executive Board. At Fraport AG, a separate section within the “Information and Telecommunication” service unit is
responsible for IT security. Its tasks are, among other things, the ongoing identification and implementation of measures to meet
high security standards.
Performance indicator – The security management system at Fraport receives a variety of performance indicators that measure
the effectiveness of the measures implemented. These indicators cannot be published for security reasons.
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Airport safety
This area encompasses both security and safety: safety refers to the operational safety of the overall airport as well as the safety
within the airport site. Security is understood in terms of defending against terrorist threats and protecting civil aviation.
Objective – For all operational processes, this focuses on safeguarding the safety and security of everyone at Fraport's airports.
Concepts, measures, and results – The measures include passenger, baggage, and cargo inspections, as well as the
access control points for airport employees and suppliers. Regular weekly or monthly meetings are held with airlines, security
service providers, and authorities to exchange current information.
At the international Group airports, the security requirements of each respective country as well as international standards for
safety and security management are in effect. It is the responsibility of the local Group companies to implement and comply
with these requirements. They include, among other things, a safety management system and access controls when entering the
security area.
Fraport AG supports the Group companies in planning and implementing security measures. It also provides needs-based training
for employees online, for example within the context of safety and security workshops. Within the scope of specialist exchange
events, there is also a regular exchange between the Group companies.
Safety
Based on European statutory regulations, Fraport AG is obliged to operate a Safety Management System (SMS) at Frankfurt
Airport. The EASA Safety Manager follows the guidelines of the European Aviation Safety Agency (EASA) and enjoys a direct
reporting right to the Executive Board.
The SMS focuses on the safety of airport operations. The SMS takes into account all the risks – technical, organizational, or
human – that may affect them. The SMS coordinates security measures in daily operations. It records safety-related events and
is able to detect vulnerabilities. The objective is for all parties involved in air travel to implement the requirements contained in the
Safety Policy of Fraport AG. Airport employees can submit safety-related reports to the SMS. In addition, anyone with access to
the airside areas (apron and runway) must regularly complete safety training.
As a central reporting and alarm point for security matters, Fraport AG operates a security control center at Frankfurt Airport,
which activates the emergency and crisis management, if required. The airport fire department, medical services, ambulance
service, and the security services then coordinate operations on site. A crisis unit commences operation in the “Emergency Re-
sponse and Information Center” (ERIC). It coordinates and executes all measures that require a concerted approach at the site
beyond any routine damage and risk prevention. If necessary, the Fraport Emergency Team, consisting of volunteer employees
of Fraport AG and the Group companies at the Frankfurt site, is deployed, which takes care of passengers, greeters, and relatives
on site.
The contingency plan for Frankfurt Airport “FRA Not” documents which preparations have been made for various emergency
scenarios and defines procedures to minimize the impact. ICAO and EASA prescribe regular exercises to be carried out by the
respective airport operating company at the Group airports to train for the handling of emergencies and other security-related
scenarios. Such exercises have no impact on flight operations. The results are used for further education and training.
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Airport safety
Security
This area encompasses both security and safety: safety refers to the operational safety of the overall airport as well as the safety
within the airport site. Security is understood in terms of defending against terrorist threats and protecting civil aviation.
Both international and European regulations contain guidelines on the structural design of airport infrastructure to prevent attacks
such as sabotage or terrorist activities.
Objective – For all operational processes, this focuses on safeguarding the safety and security of everyone at Fraport's airports.
Concepts, measures, and results – The measures include passenger, baggage, and cargo inspections, as well as the
access control points for airport employees and suppliers. Regular weekly or monthly meetings are held with airlines, security
service providers, and authorities to exchange current information.
At the international Group airports, the security requirements of each respective country as well as international standards for
safety and security management are in effect. It is the responsibility of the local Group companies to implement and comply
with these requirements. They include, among other things, a safety management system and access controls when entering the
Fraport AG supports the Group companies in planning and implementing security measures. It also provides needs-based training
for employees online, for example within the context of safety and security workshops. Within the scope of specialist exchange
events, there is also a regular exchange between the Group companies.
security area.
Safety
Based on European statutory regulations, Fraport AG is obliged to operate a Safety Management System (SMS) at Frankfurt
Airport. The EASA Safety Manager follows the guidelines of the European Aviation Safety Agency (EASA) and enjoys a direct
reporting right to the Executive Board.
The SMS focuses on the safety of airport operations. The SMS takes into account all the risks – technical, organizational, or
human – that may affect them. The SMS coordinates security measures in daily operations. It records safety-related events and
is able to detect vulnerabilities. The objective is for all parties involved in air travel to implement the requirements contained in the
Safety Policy of Fraport AG. Airport employees can submit safety-related reports to the SMS. In addition, anyone with access to
the airside areas (apron and runway) must regularly complete safety training.
As a central reporting and alarm point for security matters, Fraport AG operates a security control center at Frankfurt Airport,
which activates the emergency and crisis management, if required. The airport fire department, medical services, ambulance
service, and the security services then coordinate operations on site. A crisis unit commences operation in the “Emergency Re-
sponse and Information Center” (ERIC). It coordinates and executes all measures that require a concerted approach at the site
beyond any routine damage and risk prevention. If necessary, the Fraport Emergency Team, consisting of volunteer employees
of Fraport AG and the Group companies at the Frankfurt site, is deployed, which takes care of passengers, greeters, and relatives
on site.
The contingency plan for Frankfurt Airport “FRA Not” documents which preparations have been made for various emergency
scenarios and defines procedures to minimize the impact. ICAO and EASA prescribe regular exercises to be carried out by the
respective airport operating company at the Group airports to train for the handling of emergencies and other security-related
scenarios. Such exercises have no impact on flight operations. The results are used for further education and training.
In Germany, the German Aviation Security Act (LuftSiG) regulates the passenger and baggage controls as well as personnel
and goods checks for access to the security areas. In addition, the LuftSiG defines the access and approach controls to
airside areas as being within the direct responsibility of the airport operator. At Frankfurt Airport, Fraport AG employees as well
as employees of the Group company FraSec Luftsicherheit and other private security service providers currently carry out airport
security checks on behalf of the German Federal Police. Personnel and goods checks are carried out by the Group company,
FraSec Flughafensicherheit.
Fraport AG develops measures to maintain high security standards independently and in agreement with the competent authori-
ties. In the reporting year, the focus was on preparing for the transfer of responsibility for the performance of security services,
which will take place at Frankfurt Airport from 2023. A service provider management system was designed and established. After
the transfer of responsibility, it will be possible for the airport operator to make greater progress with control and quality manage-
ment and thus to make processes more flexible and more efficient.
In May 2021, “Click2Drive”, a fully automated, label-based access control system, was introduced for the first time in Cargo City
Süd (CCS). Due to the reliability of the system, the expansion to enable this type of access control in other operational areas was
started in 2022 and thus laid the foundation for further digitalization projects, such as a digital version of the vehicle identification
for certain operational areas.
A significant digitalization project was also driven forward for access to security areas. In 2022, biometric access control for
personnel was implemented, which again increases the level of security. The first sites will be equipped with biometric scanners
in the upcoming years.
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
Data protection
Objective –The objective is to ensure the handling of personal data in compliance with the data protection laws and to safeguard
the rights of data subjects. It is irrelevant whether this involves data from passengers, customers, employees or external compa-
nies.
Concepts, measures and results – Fraport AG has a reporting system for processes that require the company to process
personal data. These processes are recorded in a central processing directory. To consolidate the processes and rules at Fraport
AG, existing processes were implemented in a data protection management system and a data protection policy was estab-
lished. In the data protection policy, the Executive Board has laid out the principles, procedures, and obligations to be observed
by all employees when they collect, disclose, transmit, modify, store, or delete personal data such as names, addresses, personnel
numbers, or IP addresses in the course of their business activities. Specific data protection topics, such as data subject information
or data subject rights, the deletion of data, or the reporting of data protection violations, have been set out in action guidelines
with practical information, instructions, process descriptions and reference samples. The guidelines are to be implemented as an
annex to the data protection directive for all employees. Extensive training concepts such as an e-learning tool and video training
have been established, which can be accessed on the Intranet. At Fraport AG, the separation between the audit and control
function and the specification function is ensured by filling the roles of data protection officer and data protection manager.
The Data Protection Officer monitors whether all data protection regulations are complied with at the company. This officer
reports directly to the Executive Board and is independent in their tasks. Violations of the EU’s General Data Protection Regulation
(GDPR) are reported directly to this officer – anonymously if so desired. The data protection manager is responsible for the
processing directory of Fraport AG and organizes the processes required for this. This manager has authority to issue guidelines
and reports to the Executive Board at regular intervals. The fundamental task of the data protection manager is to initiate, plan,
implement and control the data protection management system.
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The majority of the personal data processed by Fraport is due to the issue of airport ID cards and is thus compulsory for security
reasons. Fraport AG has implemented both technical and organizational measures to protect data against misuse. Access to this
system is allowed to only a limited group of people for a specifically defined task. Fraport AG collects personal data of passengers
primarily for the use of parking garages, baggage handling, and specific processes at the terminal. Special regulations were
therefore established while implementing biometric passenger processes (biometric eGates at the integrated pre-checks). The
travel data is processed exclusively by the airlines. There are clear guidelines for the use of video technology at the Frankfurt site
in order to ensure the personal rights of passengers, visitors, and employees. It also regulates the extent to which authorities are
allowed to use Fraport video technology.
Given the advancing digitalization, the data protection team implemented specific processes in order to meet future requirements
within a reasonable period of time. The procedures introduced ensure that data protection law is taken into account from the
outset, both for business processes in general and for specific data protection topics, such as the processing of data subject
inquiries. Checklists and automated evaluations are essential components here.
The level of data protection is part of the annual management report for the quality management certification according to ISO
9001. In addition, the data protection officer prepares an activity report. Since 2022, quality management audits will regularly
include questions on data protection. Specific core questions are asked about the implementation of data protection. Depending
on the answers, the data protection team develops an action plan for the following cycle. In addition, Internal Auditing reviews
selected data protection topics annually.
The Executive Board of Fraport AG works towards ensuring that Group companies in Europe comply with the European General
Data Protection Regulation and the timely implementation of the relevant legal requirements. In addition to offering training for
employees, the Group companies have also created technical requirements to always take data protection into account. The
Group companies outside the EU comply with the relevant national laws on data protection.
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
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The majority of the personal data processed by Fraport is due to the issue of airport ID cards and is thus compulsory for security
reasons. Fraport AG has implemented both technical and organizational measures to protect data against misuse. Access to this
system is allowed to only a limited group of people for a specifically defined task. Fraport AG collects personal data of passengers
primarily for the use of parking garages, baggage handling, and specific processes at the terminal. Special regulations were
therefore established while implementing biometric passenger processes (biometric eGates at the integrated pre-checks). The
travel data is processed exclusively by the airlines. There are clear guidelines for the use of video technology at the Frankfurt site
in order to ensure the personal rights of passengers, visitors, and employees. It also regulates the extent to which authorities are
allowed to use Fraport video technology.
Given the advancing digitalization, the data protection team implemented specific processes in order to meet future requirements
within a reasonable period of time. The procedures introduced ensure that data protection law is taken into account from the
outset, both for business processes in general and for specific data protection topics, such as the processing of data subject
inquiries. Checklists and automated evaluations are essential components here.
The level of data protection is part of the annual management report for the quality management certification according to ISO
9001. In addition, the data protection officer prepares an activity report. Since 2022, quality management audits will regularly
include questions on data protection. Specific core questions are asked about the implementation of data protection. Depending
on the answers, the data protection team develops an action plan for the following cycle. In addition, Internal Auditing reviews
selected data protection topics annually.
The Executive Board of Fraport AG works towards ensuring that Group companies in Europe comply with the European General
Data Protection Regulation and the timely implementation of the relevant legal requirements. In addition to offering training for
employees, the Group companies have also created technical requirements to always take data protection into account. The
Group companies outside the EU comply with the relevant national laws on data protection.
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
Employee-related Matters
Group-wide, Fraport aims to remain competitive at all sites and in all areas, so as to provide workplaces with fair and just working
conditions and guarantee appropriate salaries and wages.
Pursuant to responsible corporate governance, Fraport has made a commitment to comply with internationally recognized stand-
ards of conduct, such as those defined in the principles of the UN Global Compact, the OECD guidelines, and the ILO Core Labour
Standards. They are published in the Code of Conduct, which obliges employees to comply with these fundamental principles.
The fundamental importance of the human resources strategy is generally taken into account in Germany by the three key
non-financial performance indicators of satisfaction of employees, women in management positions, and sickness rate.
Another key figure used to monitor accident development is LTIF (Lost Time Injury Frequency).
The Emergency Situation Collective Bargaining Agreement concluded in 2021 for German airports bound to the collective
bargaining agreement for the public service (Tarifvertrag für den Öffentlichen Dienst TVÖD) was a measure to reduce personnel
expenses during the time of the coronavirus pandemic. The agreement included postponing wage increases, the elimination of
collectively agreed performance-based pay, an increased employee contribution to the company pension scheme, and the option
of reducing working hours without wage compensation. Due to the sharp increase in passenger numbers in the past fiscal year,
an early wage increase was implemented. Instead of a gradual adjustment on October 1, 2022 by 1.4% and on April 1, 2023 by
1.8%, both wage increases were implemented on August 1, 2022. This rule also applies to employees of FraCareS GmbH. For
the employees of FraGround GmbH, only individual regulations of the Emergency Situation Collective Bargaining Agreement were
applicable due to other collective bargaining conditions.
Attractive and responsible employer
Objective – Fraport seeks to create good working conditions and increase employee satisfaction (see also the “Control System”
and “Non-financial Performance Indicators” chapters).
Concepts, measures and results – The Group Barometer, which is used to measure employee satisfaction, was redesigned
in 2022 in terms of content and procedure. One of the goals is to make well-founded statements on employee satisfaction at
Group level. This should also make it easier to derive target-oriented improvement measures on the basis of the results throughout
the Group. The survey will be conducted every two years from the 2022 reporting year. Optimizing the derivation and implemen-
tation of measures is a key factor in the decision to switch from an annual to a biennial cycle. This will allow the potential of the
measures to be better displayed and the impact of implementation to be reflected in the results of the follow-up survey.
The Group-wide structure of the survey is the same in terms of content. All questions are assigned to four topics - "My employer,"
"My workplace," "My team," and "My manager" - and rated on a scale of one to seven. An average score is calculated for each
topic. The average value of all four topic scores is the indicator for the survey of a Group company. The average of the indicators
for all companies, weighted by the number of participating employees per company, gives the satisfaction level of the Group's
employees. Based on the results, improvement measures are then derived Group-wide. A process instruction for the Group ba-
rometer has been included in the management system documentation.
The Group agreement “Conduct of Partnership, Diversity and Equality in the Workplace” forms the basis for principles such as
freedom from discrimination and equal opportunities. The company agreement includes explicit definitions of values as well as
specific internal regulations and structures. As far back as 2007, Fraport committed itself to the “Charta der Vielfalt” (Diversity
Charter) – an initiative to promote diversity in companies and institutions. From an organizational perspective, responsibility for
diversity is assigned to the Labor Relations Director with corresponding resources.
As a responsible employer, Fraport respects and promotes personal diversity and attaches great importance to ensuring that this
is reflected in the way employees interact with each other. Diversity is a key goal for Fraport, which the Group systematically
tackles as part of its diversity management. Different cultural backgrounds, experience abroad, gender and inclusion aspects,
social origin, sexual orientation, or mix of ages enrich cooperation and promote innovation and creativity. This enables Fraport to
flexibly respond to the changing requirements in the international markets and benefit from them. In 2022, Fraport continued its
activities to strengthen and utilize diversity in the Group. One focus was on the topic of discrimination. Racism and sexual dis-
crimination were discussed in seminars and presented with trainers and managers. The focus was on recognizing and dealing
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with discrimination and on conflict management. The issues were addressed by apprentices in the “Impro Theater” theater edu-
cation project. In the past fiscal year, information events and counseling offerings were also held on the topics of career and family
as well as career and care.
Fraport employs many international workers. These often have different language qualifications. The Fraport Group therefore
uses language trainers and explains the safety regulations of the work areas with forms in easy language and with many illustra-
tions, thus ensuring continuing language education.
Measures to increase employee satisfaction were also implemented at the international Group airports. For example, additional
benefits such as the use of a knowledge portal were made available to employees at the airport in Ljubljana. Fraport Greece and
the Group company Lima continued to address the respective corporate culture, mission, vision, and values in order to strengthen
employee identification.
The measures for strategic succession planning and the supervision of top management positions are carried out organization-
ally by the “HR Top Executives” central unit. Executives are supervised at the third and fourth level, and talent management,
which is primarily concerned with developing potential executives, is assigned within the “Human Resources” central unit of Fraport
AG. Both organizational units report to the Labor Relations Director.
Fraport AG has been pursuing its goal of increasing the proportion of women in management positions for many years (see
also the “Control System” and “Non-financial Performance Indicators” chapters). In addition to systematic talent management and
the Potential Assessment Center, the long-term measures include the Cross Mentoring Program, coaching measures within the
context of the continuous development of female executives, and promoting a network of female employees. In addition, there is
the option of working part-time. In 2022, discussions were held at Executive Board level with female high-potential employees to
clarify their requirements for assuming a leadership role in top management. The findings from these discussions were incorpo-
rated into the design of the development initiative “Empowering Leaders”. The individual promotion and stronger networking of
high-potential female employees have thus been stepped up once again. The focus is also on increasing their visibility.
Performance indicator – Employee satisfaction at Fraport AG and in the Group and the ratio of women in management positions
at Fraport AG and the Fraport Group in Germany (see also the “Control system” and “Non-financial performance indicators”
chapters).
Occupational health and safety
Objective – Preventive measures in occupational health and safety in the Fraport Group focus on preserving and strengthening
the health, performance, motivation, and thus productivity of employees in the long term. Fraport has therefore set the goal of
continuously reducing the number of accidents at work and stabilizing the sickness rate in Germany in the medium term and
reducing it in the long term.
Concepts, measures, and results – The key principles for Fraport AG and the Group companies can be found in the Group
“Occupational Health and Safety” policy. Drawing on the requirements of ISO 45001, the Group policy ensures accountability.
The defined guidelines are to be implemented independently by the Managing Directors and supplemented by company-specific
rules in internal regulations. This requirement is valid effective immediately for Fraport AG and German Group companies. Taking
into account the national laws, the regulation is also an option for desired action for the international Group companies.
In accordance with the Occupational Health and Safety Act, Fraport AG has established an occupational safety unit and an
occupational health, prevention and health management services unit under the Executive Director of Labor Relations, which
advise and support corporate departments in the further development of occupational safety. Measures to promote occupational
health are controlled by occupational health management. The Occupational Safety Board represents the Executive Board’s
efforts for the effective and efficient organization of preventive health and safety for the Fraport Group worldwide. The cooperation
and the exchange of experiences is organized in the Occupational Health and Safety Management System Board, which has
a Group-wide meeting once a year. Group-wide tasks are promoted together in order to work efficiently and conserve resources.
In addition, there is a steering committee for Fraport health management, where Group and sector-related health measures are
discussed, and decisions are made.
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with discrimination and on conflict management. The issues were addressed by apprentices in the “Impro Theater” theater edu-
cation project. In the past fiscal year, information events and counseling offerings were also held on the topics of career and family
as well as career and care.
Fraport employs many international workers. These often have different language qualifications. The Fraport Group therefore
uses language trainers and explains the safety regulations of the work areas with forms in easy language and with many illustra-
tions, thus ensuring continuing language education.
Measures to increase employee satisfaction were also implemented at the international Group airports. For example, additional
benefits such as the use of a knowledge portal were made available to employees at the airport in Ljubljana. Fraport Greece and
the Group company Lima continued to address the respective corporate culture, mission, vision, and values in order to strengthen
employee identification.
The measures for strategic succession planning and the supervision of top management positions are carried out organization-
ally by the “HR Top Executives” central unit. Executives are supervised at the third and fourth level, and talent management,
which is primarily concerned with developing potential executives, is assigned within the “Human Resources” central unit of Fraport
AG. Both organizational units report to the Labor Relations Director.
Fraport AG has been pursuing its goal of increasing the proportion of women in management positions for many years (see
also the “Control System” and “Non-financial Performance Indicators” chapters). In addition to systematic talent management and
the Potential Assessment Center, the long-term measures include the Cross Mentoring Program, coaching measures within the
context of the continuous development of female executives, and promoting a network of female employees. In addition, there is
the option of working part-time. In 2022, discussions were held at Executive Board level with female high-potential employees to
clarify their requirements for assuming a leadership role in top management. The findings from these discussions were incorpo-
rated into the design of the development initiative “Empowering Leaders”. The individual promotion and stronger networking of
high-potential female employees have thus been stepped up once again. The focus is also on increasing their visibility.
chapters).
Occupational health and safety
Objective – Preventive measures in occupational health and safety in the Fraport Group focus on preserving and strengthening
the health, performance, motivation, and thus productivity of employees in the long term. Fraport has therefore set the goal of
continuously reducing the number of accidents at work and stabilizing the sickness rate in Germany in the medium term and
reducing it in the long term.
Concepts, measures, and results – The key principles for Fraport AG and the Group companies can be found in the Group
“Occupational Health and Safety” policy. Drawing on the requirements of ISO 45001, the Group policy ensures accountability.
The defined guidelines are to be implemented independently by the Managing Directors and supplemented by company-specific
rules in internal regulations. This requirement is valid effective immediately for Fraport AG and German Group companies. Taking
into account the national laws, the regulation is also an option for desired action for the international Group companies.
In accordance with the Occupational Health and Safety Act, Fraport AG has established an occupational safety unit and an
occupational health, prevention and health management services unit under the Executive Director of Labor Relations, which
advise and support corporate departments in the further development of occupational safety. Measures to promote occupational
health are controlled by occupational health management. The Occupational Safety Board represents the Executive Board’s
efforts for the effective and efficient organization of preventive health and safety for the Fraport Group worldwide. The cooperation
and the exchange of experiences is organized in the Occupational Health and Safety Management System Board, which has
a Group-wide meeting once a year. Group-wide tasks are promoted together in order to work efficiently and conserve resources.
In addition, there is a steering committee for Fraport health management, where Group and sector-related health measures are
discussed, and decisions are made.
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Preventing accidents at work remains an issue of great importance in the Fraport Group. For the LTIF indicator, which is calculated
based on the number of accidents at work (from the first day of absence) in relation to the hours worked (in millions), the objective
is to reach a value of 22.5 by 2025. The Group LTIF increased to 22.6 in the 2022 reporting year (previous year: 20.3). The rise
is primarily attributed to the increased volume of traffic compared to 2021, and the associated decrease in short-time working
rates.
Over the past year, many employees have continued to work from home. A questionnaire with the requirements for an ergonomic
working area in a home office was integrated into the assignment process for mobile working. Fraport Health Management has
expanded its digital health offers. In summer 2022, licenses for a health application were purchased for any interested Fraport
AG employees. Offering useful tips for your daily routine, both in the office and at home, the app helps you to take care of yourself
and stay healthy. Four digital newsletters address seasonal health issues on a quarterly basis.
Screenings for skin and bowel cancer were offered at the Frankfurt site as well as workshops for apprentices to increase aware-
ness of health issues. Company sport has been gradually structured and expanded. At this year’s European Company Sport
Games in Arnheim, Netherlands, which saw company sport teams come together from all over Europe, the Frankfurt site was
represented by 39 sportsmen and women. They won four gold medals and one silver medal in the disciplines of football, darts,
and orienteering.
It is important that a high level of occupational safety standards is maintained when handling dangerous goods, in Ground Ser-
vices’ operations, in maintenance, in internal transport and traffic, and during infrastructure construction activities. In addition to
basic and recurring training programs focusing on various workplaces for all employees and executives, special driver safety
training is offered to employees whose work involves driving. Targeted and temporary measures and projects are intended above
all to raise employee awareness of safe conduct in operational sections.
Different programs to promote health in the workplace, and training courses on the issue of occupational safety have been imple-
mented at the international Group companies. Vaccination has also been offered at airports in Slovenia and Greece.
Performance indicator – Employee satisfaction at Fraport AG and in the Group and the ratio of women in management positions
at Fraport AG and the Fraport Group in Germany (see also the “Control system” and “Non-financial performance indicators”
Performance indicator – LTIF in the Group, sickness rate in the Group in Germany, and in Fraport AG (see also the “Control
system” and “Non-financial performance indicators” chapters).
Social Matters
Frankfurt Airport is one of the largest local workplaces in Germany. Additional employment effects are also created in enterprises
that are contracted by Fraport for the construction and modernization of airport infrastructures.
Engagement in the regions
Objective – The objective is to make a positive contribution to the economic and social development of the region.
Concepts, measures, and results – For Fraport, social responsibility has been a corporate principle for many years. Fraport
AG’s funding concept for its community, cultural, and social engagement is “Active for the region”. It primarily serves to boost
clubs and support volunteer work in the region around Frankfurt Airport. All activities are combined into an independent department
within the “Corporate Communications” central unit and assigned to the Chairman of the Executive Board. The so-called “neigh-
borhood framework” describes the geographical boundary for these support activities. The area is based on district and state
borders taking into account the most important approach and takeoff routes. If this area changes, the neighborhood framework is
also adapted. Donation priorities include the promotion of social and charitable institutions, particularly those that encompass
measures relating to education, social equality, health, and the integration of marginalized groups in society. Employees can also
apply for donations as patrons of their clubs. Sports sponsorship in the Rhine-Main region includes both recreational and profes-
sional sports. Well-known names include the FRAPORT SKYLINERS, which Fraport AG has been supporting for many years. In
this regard, Fraport sponsors not only the German national division team but also gives donations to support the “Basketball macht
Schule” (Basketball Goes to School) project.
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In the areas of culture and education, Fraport is involved in longstanding partnerships with the Rheingau Music Festival and the
Frankfurt cultural institutions Städel Museum, Schirn Kunsthalle, and Liebieghaus Sculpture Collection.
Fraport has financially supported youths’ and young adults’ integration into working life for many years with the ProRegion foun-
dation. In addition to projects for the vocational and social integration of young people who have been forced to flee or migrate,
other projects on professional orientation and competence assessment in general education schools continuously receive funding.
Since the Foundation merely acts as a funding institution, it relies on close cooperation with proven institutions of youth vocational
training. These include the Frankfurt-based Gesellschaft für Jugendbeschäftigung e.V., the Evangelischer Verein für Jugendsozi-
alarbeit, the KUBI Gesellschaft für Kultur und Bildung gGmbH, the Berufsbildungswerk Südhessen in Karben, and the “Pilot” unit
of the Evangelische Kirchenkreis Hanau.
Even at the sites belonging to the international Group companies, regions close to the airport also benefit from the economic
performance, the donations made, and sponsorship activities undertaken by each Group company independently. In this regard,
the focus is on the areas of child support, environmental protection and sports in particular. For example, Fraport Greece has
contributed to installing play areas and redesigning and equipping a gymnasium belonging to a kindergarten and primary school.
The Group company in Lima is also involved, and participates in “Pacto por la Cultura”, among other initiatives. “Pacto por la
Cultura” is a United Nations initiative aimed at promoting culture, equal treatment, and cultural heritage in relation to tourism.
Performance indicator – As a large portion of the measures had to be suspended due to the coronavirus pandemic, the
“Engagement in the regions” subject area is currently being re-established.
Noise abatement
Objective – With noise reduction and noise abatement measures, Fraport seeks to create a balance between mobility services
at the airport and economic success on the one hand and the quality of life around the airport on the other. Keeping aircraft noise
pollution as low as possible despite the increase in air traffic is a permanent task. In Frankfurt, the aim is to keep the aircraft noise
pollution in the region clearly below the figure forecasted in the 2007 planning decision.
Noise abatement measures are implemented at the Group airports according to the national and local requirements on noise
protection. They follow the respective national laws. Corresponding monitoring systems are implemented.
Concepts, measures, and results – In order to minimize noise pollution, Fraport is constantly working towards pollution reduction
measures that go beyond the legal requirements.
The aircraft noise pollution in the area around the airport is continuously monitored. Aircraft noise monitoring is also imple-
mented at the Group airports. In addition, aircraft noise complaints are submitted and dealt with directly via the corporate website
in Greece. At the Group airport in Lima, a committee has also been set up to combat aircraft noise, involving airlines as well as
national and local government agencies. The Group airport in Lima is currently working on an aircraft noise reduction plan in
collaboration with the noise committee.
Fraport AG collaborates with the region affected by aircraft noise, representatives of the state government, and other members
of the aviation industry in two committees. The Aircraft Noise Commission (FLK) is a legally appointed body that advises the
Hessian Ministry of Economics, Energy, Transport and Housing (HMWEVW), the German Air Traffic Control (Deutsche
Flugsicherung, DFS), and the Federal Supervisory Office for Air Traffic Control (BAF) on noise abatement measures due to flights
and air pollution resulting from aircraft exhaust gases. Fraport AG regularly reports the evaluations of the aircraft noise measure-
ments and the results of simulation calculations on aircraft noise pollution to the supervisory authority and the FLK and publishes
its findings on the website (
www.fraport.com).
The Airport and Region Forum (FFR) is a body of the Hessian State Chancellery. The key task of the FFR is to foster dialog
between the region and the aviation industry and to discuss the effects of air traffic, with a particular focus on the Rhine-Main
region. The FFR includes the “Active Noise Abatement” expert group, which advises on measures to reduce aircraft noise.
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In the areas of culture and education, Fraport is involved in longstanding partnerships with the Rheingau Music Festival and the
Frankfurt cultural institutions Städel Museum, Schirn Kunsthalle, and Liebieghaus Sculpture Collection.
Fraport has financially supported youths’ and young adults’ integration into working life for many years with the ProRegion foun-
dation. In addition to projects for the vocational and social integration of young people who have been forced to flee or migrate,
other projects on professional orientation and competence assessment in general education schools continuously receive funding.
Since the Foundation merely acts as a funding institution, it relies on close cooperation with proven institutions of youth vocational
alarbeit, the KUBI Gesellschaft für Kultur und Bildung gGmbH, the Berufsbildungswerk Südhessen in Karben, and the “Pilot” unit
of the Evangelische Kirchenkreis Hanau.
Even at the sites belonging to the international Group companies, regions close to the airport also benefit from the economic
performance, the donations made, and sponsorship activities undertaken by each Group company independently. In this regard,
the focus is on the areas of child support, environmental protection and sports in particular. For example, Fraport Greece has
contributed to installing play areas and redesigning and equipping a gymnasium belonging to a kindergarten and primary school.
The Group company in Lima is also involved, and participates in “Pacto por la Cultura”, among other initiatives. “Pacto por la
Cultura” is a United Nations initiative aimed at promoting culture, equal treatment, and cultural heritage in relation to tourism.
Performance indicator – As a large portion of the measures had to be suspended due to the coronavirus pandemic, the
“Engagement in the regions” subject area is currently being re-established.
Noise abatement
Objective – With noise reduction and noise abatement measures, Fraport seeks to create a balance between mobility services
at the airport and economic success on the one hand and the quality of life around the airport on the other. Keeping aircraft noise
pollution as low as possible despite the increase in air traffic is a permanent task. In Frankfurt, the aim is to keep the aircraft noise
pollution in the region clearly below the figure forecasted in the 2007 planning decision.
Noise abatement measures are implemented at the Group airports according to the national and local requirements on noise
protection. They follow the respective national laws. Corresponding monitoring systems are implemented.
Concepts, measures, and results – In order to minimize noise pollution, Fraport is constantly working towards pollution reduction
measures that go beyond the legal requirements.
The aircraft noise pollution in the area around the airport is continuously monitored. Aircraft noise monitoring is also imple-
mented at the Group airports. In addition, aircraft noise complaints are submitted and dealt with directly via the corporate website
in Greece. At the Group airport in Lima, a committee has also been set up to combat aircraft noise, involving airlines as well as
national and local government agencies. The Group airport in Lima is currently working on an aircraft noise reduction plan in
collaboration with the noise committee.
Fraport AG collaborates with the region affected by aircraft noise, representatives of the state government, and other members
of the aviation industry in two committees. The Aircraft Noise Commission (FLK) is a legally appointed body that advises the
Hessian Ministry of Economics, Energy, Transport and Housing (HMWEVW), the German Air Traffic Control (Deutsche
Flugsicherung, DFS), and the Federal Supervisory Office for Air Traffic Control (BAF) on noise abatement measures due to flights
and air pollution resulting from aircraft exhaust gases. Fraport AG regularly reports the evaluations of the aircraft noise measure-
ments and the results of simulation calculations on aircraft noise pollution to the supervisory authority and the FLK and publishes
its findings on the website (
www.fraport.com).
The Airport and Region Forum (FFR) is a body of the Hessian State Chancellery. The key task of the FFR is to foster dialog
between the region and the aviation industry and to discuss the effects of air traffic, with a particular focus on the Rhine-Main
region. The FFR includes the “Active Noise Abatement” expert group, which advises on measures to reduce aircraft noise.
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training. These include the Frankfurt-based Gesellschaft für Jugendbeschäftigung e.V., the Evangelischer Verein für Jugendsozi-
As a general rule, a distinction is made between active and passive noise abatement.
The Fraport Noise Monitoring “FRA.NoM” shows currently measured noise levels at the stationary aircraft noise measurement
points of Fraport AG and identifies recognized flight noise from the last three months. It also reports the approaches and takeoffs
at Frankfurt Airport as well as their effect on the noise levels in real time. The information system for aircraft noise issues,
FRA.Map, available online allows interested parties to find information for their location or place of residence on an interactive
map. In addition, the system shows the protection zones in the noise protection area, and the area in which rooftop security
measures can be claimed to prevent damage caused by wake turbulence.
Active noise abatement
Active noise abatement directly reduces noise at the source or by implementing noise-reducing operating concepts and takeoff
or landing procedures. These measures include establishing a “Ground Based Augmentation System” (GBAS) navigation
system, which enables a steeper angle of approach of 3.2 degrees for all runways in Frankfurt. With the so-called noise abatement
model in both off-peak periods at night, individual takeoff and landing runways in Frankfurt are alternately not used, enabling the
local nighttime six-hour quiet period to be increased by one hour.
Fraport AG charges noise-related charges for takeoffs and landings. According to the new schedule of charges, which has applied
from January 1, 2022, the noise-related airport charges for loud aircraft have been further increased. The use of particularly
modern, quieter aircraft will be rewarded more than before by adjustments to the Noise Rating Index (NRI). In addition, NRI
discounts have been abolished for flights that take place at night between 11 p.m. and 5 a.m., in order to further reduce aircraft
movements during this period. Fraport is therefore providing further economic incentives for airlines to take off or land in Frankfurt
using quieter aircraft and thus protect the core night period. On November 21, 2022, the HMWEVW approved the application for
airport charges for Frankfurt Airport, valid from January 1, 2023. In the applications, Fraport once again considerably increased
the noise surcharges for older aircraft, thereby providing even greater incentives to use more modern or quieter aircraft.
The voluntary alliance for a noise emission ceiling created in 2017 helps to ensure that the noise exposure at Frankfurt Airport
during the day does not increase as much as would be permitted under the zoning decision, despite growth in aircraft movements.
The traffic volume and traffic structure of the zoning approval for the expansion result in noise contours with continuous sound
levels of 55 dB(A) and 60 dB(A). These contours have been reduced by 1.8 dB(A) across the board. The total areas within the
reduced contours define the noise emission ceiling. A flight movement quota applies at night: no more than 133 aircraft movements
may be scheduled for each average night of the calendar year between 10 p.m. and 6 a.m. If the limit values are exceeded,
Fraport AG and the airlines must examine how they can reduce the noise level, for example by using quieter aircraft. The calcu-
lations in the 2022 monitoring report for 2021 show that the levels did not exceed the noise emission ceiling in 2021. The values
of the previous year are always checked.
As a noise abatement measure at the Group airport in Ljubljana, the local authority in charge of air traffic control introduced a
ban on departures between 12:00 a.m. and 6:00 a.m. in the direction of the towns of Šenčur and Kranj.
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Passive noise abatement
Passive noise abatement includes measures that reduce noise from the point of origin (emission site, e.g., aircraft) to the place
of impact (place of immission, e.g., apartment). Passive noise abatement measures are intended to reduce the noise level inside
buildings by way of structural improvements, such as installing sound-insulating windows. Around Frankfurt Airport, Fraport AG
had legal obligations to finance noise abatement measures for around 86,000 households. A noise protection area defined which
households were entitled to reimbursement by Fraport for noise abatement measures. Invoices were able to be submitted for
measures taken as part of the noise abatement program until October 12, 2022.
In the area of passive noise abatement, the Fraport Group held provisions in the amount of €1.8 million as at the balance sheet
date of December 31, 2022 (see Group Notes, note 40, and Fraport AG’s Notes, note 29).
Performance indicator – Compliance with the specified noise ceiling (the area under a Leq 55 dB(A) day (6 a.m. – 10 p.m.)
should constantly remain below 22,193 ha).
Environmental Matters
Airport operations and air traffic have a major effect on the environment. Fraport is committed to fulfilling the environmental
requirements associated with this effect.
It is particularly important to deal intensively with environmental concerns, especially when planning to expand facilities. The
Group’s growth targets must be pursued in line with environmental protection. The expansion of both Lima Airport and Frankfurt
Airport are subject to environmental requirements. For the financing of Terminal 3 at the Frankfurt site, the European Investment
Bank (EIB) requires a project progress report every year that also includes all significant environmental aspects.
Fraport is committed to issuing a report each year on its environmental activities and performance (see
www.fraport.com/re-
sponsibility). To this end, the Group companies complete a comprehensive catalog of standardized environmental indicators once
a year. The indicators are combined for reporting (see the ”ESG Fact Book“ at
www.fraport.com/publications and the environ-
mental statement at
www.fraport.com/environmental-management).
Climate protection
Objective – In order to measure the environmental impact, the Executive Board has identified the scope 1 and 2 CO2 emissions
as the most important indicator. The goal is to reduce this indicator on a Group-wide level to 95,000 metric tons per year by 2030;
Fraport seeks to be carbon neutral by 2045 (see also the “Control system” and “Non-financial performance indicators” chapters).
Concepts, measures, and results – CO2 emissions of Fraport AG and the Fraport Group are measured and monitored by the
department of Environmental Management within the “Corporate Development, Environment, and Sustainability” central unit. The
Executive Board is informed twice a year of the development of Fraport AG and the Group issues as part of the Interim Report
Q2/6M. In addition, the scope 1 and 2 CO2 emissions trend is reported to the Executive Board half-yearly via detailed monitoring
for each building at Fraport AG.
Fraport has used its own monitoring instrument, the CO2 and energy consumption monitoring system, to present, analyze,
and manage energy consumption at the Frankfurt site. It creates transparency about consumption and consumers, helps to
improve energy efficiency and reduce energy costs. It also allows qualified statements to be made in a timely manner with regard
to current CO2 emissions at Fraport AG and allows any undesirable trends with respect to the strategic CO2 targets to be detected
at an early stage. The monthly energy consumption of buildings, plants, and equipment serves as the basis for the data. All energy
sources, such as electricity, district cooling, district heating, gas, fuel for vehicles, and other fuels, are taken into account.
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Passive noise abatement
Passive noise abatement includes measures that reduce noise from the point of origin (emission site, e.g., aircraft) to the place
of impact (place of immission, e.g., apartment). Passive noise abatement measures are intended to reduce the noise level inside
buildings by way of structural improvements, such as installing sound-insulating windows. Around Frankfurt Airport, Fraport AG
had legal obligations to finance noise abatement measures for around 86,000 households. A noise protection area defined which
households were entitled to reimbursement by Fraport for noise abatement measures. Invoices were able to be submitted for
measures taken as part of the noise abatement program until October 12, 2022.
In the area of passive noise abatement, the Fraport Group held provisions in the amount of €1.8 million as at the balance sheet
date of December 31, 2022 (see Group Notes, note 40, and Fraport AG’s Notes, note 29).
Performance indicator – Compliance with the specified noise ceiling (the area under a Leq 55 dB(A) day (6 a.m. – 10 p.m.)
should constantly remain below 22,193 ha).
Environmental Matters
requirements associated with this effect.
Airport operations and air traffic have a major effect on the environment. Fraport is committed to fulfilling the environmental
It is particularly important to deal intensively with environmental concerns, especially when planning to expand facilities. The
Group’s growth targets must be pursued in line with environmental protection. The expansion of both Lima Airport and Frankfurt
Airport are subject to environmental requirements. For the financing of Terminal 3 at the Frankfurt site, the European Investment
Bank (EIB) requires a project progress report every year that also includes all significant environmental aspects.
Fraport is committed to issuing a report each year on its environmental activities and performance (see
www.fraport.com/re-
sponsibility). To this end, the Group companies complete a comprehensive catalog of standardized environmental indicators once
a year. The indicators are combined for reporting (see the ”ESG Fact Book“ at
www.fraport.com/publications and the environ-
mental statement at
www.fraport.com/environmental-management).
Climate protection
Objective – In order to measure the environmental impact, the Executive Board has identified the scope 1 and 2 CO2 emissions
as the most important indicator. The goal is to reduce this indicator on a Group-wide level to 95,000 metric tons per year by 2030;
Fraport seeks to be carbon neutral by 2045 (see also the “Control system” and “Non-financial performance indicators” chapters).
Concepts, measures, and results – CO2 emissions of Fraport AG and the Fraport Group are measured and monitored by the
department of Environmental Management within the “Corporate Development, Environment, and Sustainability” central unit. The
Executive Board is informed twice a year of the development of Fraport AG and the Group issues as part of the Interim Report
Q2/6M. In addition, the scope 1 and 2 CO2 emissions trend is reported to the Executive Board half-yearly via detailed monitoring
for each building at Fraport AG.
Fraport has used its own monitoring instrument, the CO2 and energy consumption monitoring system, to present, analyze,
and manage energy consumption at the Frankfurt site. It creates transparency about consumption and consumers, helps to
improve energy efficiency and reduce energy costs. It also allows qualified statements to be made in a timely manner with regard
to current CO2 emissions at Fraport AG and allows any undesirable trends with respect to the strategic CO2 targets to be detected
at an early stage. The monthly energy consumption of buildings, plants, and equipment serves as the basis for the data. All energy
sources, such as electricity, district cooling, district heating, gas, fuel for vehicles, and other fuels, are taken into account.
The “Energiezirkel”, which is chaired by the Executive Board, reports all decisions regarding the energy management of Fraport
AG at Frankfurt Airport to the Executive Board. This is where the current long-term energy savings measures are monitored, and
where possible further measures are continuously examined with a view to uncovering levers for improving the energy efficiency
of buildings, plants, and processes.
Fraport is gradually switching to emission-free alternatives for its vehicles on the apron. To this end, the airport operator put two
electric buses for transporting passengers into operation in 2020 as part of a funding project from the State of Hesse and has
developed a charging strategy for these buses, which can also be applied for further planned acquisitions. In addition, 66 electric
vehicles were acquired for the Ground Services in 2022. To complement this, Fraport is starting to establish a fast charging
infrastructure on the apron, which will be available for use by all those active in this area. There is also a continuous expansion of
charging points in the parking garages and on landside parking areas, based on the needs of customers and legal requirements.
A number of electric vehicles were also procured for the Group companies in 2022, which are used in particular in the operational
area, for example as follow-me vehicles.
Fraport intends to continue to invest in wind and solar energy. The aim is to use renewable energies to meet our own electricity
needs at the Frankfurt site as far as possible. For this purpose, in October 2022, another installation to increase the proportion of
green electricity was put into operation in addition to the existing photovoltaic installations at the Frankfurt site. The demonstration
installation at the south west end of Runway West has 20 PV panels and an output of 8.4 kilowatts. These are known as fence
systems, which are arranged vertically rather than at an angle, thereby ensuring high electricity yields in spite of their small
footprint. At the same time, the vegetation underneath is not substantially affected by the structure as the system neither prevents
rainfall reaching it nor provides permanent shading. The installation is to be expanded in the future. In the final stage of expansion,
it will extend to a length of 2,600 meters parallel to the runway and generate a photovoltaic output of up to 13 megawatts.
An important milestone in reducing CO2 emissions was also reached at Lima Airport. In 2021, a contract was concluded to supply
the terminal and the expansion project with renewable energy. The existing terminal has been operated with green electricity since
2022. In addition, photovoltaic installations are planned at the Bulgarian Group airports in Varna and Burgas in order to increase
the proportion of green electricity in the coming years.
The variety of individual measures that have already been decided upon and implemented in the last few years represent important
steps to achieving the climate protection objectives of Fraport. A master plan for decarbonization up to 2045 was developed to
ensure the comprehensive consideration and structuring of further measures for decarbonization. It describes the strategic
principles and defines the framework for successful implementation of the measures and thus represents a policy document for
decarbonization.
The participation of Fraport in the Airport Carbon Accreditation program of the ACI (Airports Council International) serves as
proof of its successful CO2 management. It has evolved into the global standard for CO2 reporting and management at airports.
Participation at level 2 (“reduction”) or higher requires proof of both a CO2 reduction target and CO2 management program in
accordance with international requirements, and annual emission reductions verified by external auditors. Frankfurt Airport
reached level 3 (“optimization”) back in 2012. Ljubljana Airport reached level 2 in 2015 and is aiming for level 3+ (“neutrality”) in
the medium term. The Varna and Burgas Group airports in Bulgaria are also at level 2. The Greek airports in Kefalonia, Mytilini,
Rhodes, Thessaloniki, Chania, and Samos are at level 1 (“mapping”), as is Lima Airport. The airport in Antalya is at level 3+
(“neutrality”). The other Group airports have yet to participate; however, they are obligated to have their CO2 footprint assessed
by way of an external audit.
Performance indicator – CO2 emissions (Scope 1 and 2) in the Group and Fraport AG (see also the “Control system” and
“Non-financial Performance Indicators” chapters).
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Protection of environment and nature
Objective – Fraport’s environmental policy obliges all Group companies to make use of natural resources and the environment
in a sustainable, conserving, and preventive manner. This goal is systematically implemented through environmental manage-
ment. Based on their business activities, Fraport AG and the fully consolidated Group companies have defined the objective of
introducing and implementing such an environmental management system that is classified as “fundamentally environmentally
relevant” according to the relevant ISO Standard 14001 and the European EMAS Regulation. The “Eco Management and Audit
Scheme” (EMAS) is an environmental management and audit scheme developed by the European Union, which companies can
implement voluntarily. This audit is carried out by state-authorized environmental experts. EMAS is considered to be the world’s
most demanding environmental management system. Fraport AG has been validated by EMAS for over 20 years.
Concepts, measures, and results – Environmental management systems serve to systematically organize, manage, and
monitor corporate environmental protection within the company. The environmental management systems cover all environmental
factors relevant to the company such as energy consumption, CO2 emissions, air pollutant emissions, effects of business activities
on nature and biodiversity, water consumption, and waste. The Coordinator for the Environmental Management System at Fraport
AG reports to the Chairman of the Executive Board in management reviews. The long-standing experience of Fraport AG
employees in the area of environmental management benefits all Group companies, for example in the form of technical support,
including on site. Companies that join the Fraport Group and do not yet have an environmental management system are obliged
to introduce such a system in the course of the acquisition. At the end of the past fiscal year, 75.9% of fully consolidated,
environmentally relevant Group companies, weighted according to revenue, had such a system certified according to ISO 14001
or EMAS.
Wherever possible, Fraport AG extends the green areas at the Frankfurt site. Fraport AG will upgrade some 2300 hectares of
land in the immediate and wider vicinity of the airport from a nature conservation perspective to fulfill a legal requirement under
the zoning decision for the airport expansion: deciduous forests, orchards, marshes, and nutrient-poor grassland. Measures to
counterbalance the Expansion South project, in particular Terminal 3, are already included in this extensive package of measures.
The implementation and evaluation of the measures are subject to continuous monitoring. For ecological compensation
measures, Fraport Group held provisions in the amount of €11.1 million as at the balance sheet date of December 31, 2022
(see Group Notes, note 40, and Fraport AG’s Notes, note 29).
Promoting biological aviation safety is the responsibility of Wildlife Hazard Management. Wildlife Hazard Management at the
international Group airports is implemented according to international regulations as well as, where appropriate, based on national
and local targets. Corresponding monitoring systems are implemented. Wildlife Hazard Management at Group airports is
concerned, among other things, with the monitoring of birds in order to ensure safe operations. In addition to biotope design and
standardized animal observations at and around the airport, this also includes aversive conditioning through acoustic and visual
stimuli. Maintaining the green spaces is a prerequisite for reducing the number of potential animals on the airport grounds which
are relevant to air traffic safety. This is also ensured by Wildlife Hazard Management.
Performance indicator – Proportion of fully consolidated, environmentally relevant Group companies with certified environmental
management systems (EMAS or ISO 14001), weighted according to revenue.
Air quality
Objective – There is no legal obligation for airports to monitor air quality. However, Fraport has set the objective of gaining a
deeper understanding of the emission of air pollutants (emissions) by the airport and their effect on people and the environment
(immissions). Air quality has been monitored at several sites at Frankfurt Airport since 2002. And it is also regularly monitored at
some international airports.
Concepts, measures, and results – From an organizational standpoint, the “Noise and Air Quality” department of the Aviation
strategic business unit is responsible for air quality issues at the Frankfurt site. In an annual report, it informs the Executive Board
about the measured annual average and annual indicators of air pollutants on the airport grounds. Fraport AG regularly publishes
the results of the measurements on its website in the “Air quality annual report”. The measurements show that the air quality
on the airport site have remained unchanged at an urban level since the first time air pollutant limits were measured.
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Protection of environment and nature
Objective – Fraport’s environmental policy obliges all Group companies to make use of natural resources and the environment
in a sustainable, conserving, and preventive manner. This goal is systematically implemented through environmental manage-
ment. Based on their business activities, Fraport AG and the fully consolidated Group companies have defined the objective of
introducing and implementing such an environmental management system that is classified as “fundamentally environmentally
relevant” according to the relevant ISO Standard 14001 and the European EMAS Regulation. The “Eco Management and Audit
Scheme” (EMAS) is an environmental management and audit scheme developed by the European Union, which companies can
implement voluntarily. This audit is carried out by state-authorized environmental experts. EMAS is considered to be the world’s
most demanding environmental management system. Fraport AG has been validated by EMAS for over 20 years.
Concepts, measures, and results – Environmental management systems serve to systematically organize, manage, and
monitor corporate environmental protection within the company. The environmental management systems cover all environmental
factors relevant to the company such as energy consumption, CO2 emissions, air pollutant emissions, effects of business activities
on nature and biodiversity, water consumption, and waste. The Coordinator for the Environmental Management System at Fraport
AG reports to the Chairman of the Executive Board in management reviews. The long-standing experience of Fraport AG
employees in the area of environmental management benefits all Group companies, for example in the form of technical support,
including on site. Companies that join the Fraport Group and do not yet have an environmental management system are obliged
to introduce such a system in the course of the acquisition. At the end of the past fiscal year, 75.9% of fully consolidated,
environmentally relevant Group companies, weighted according to revenue, had such a system certified according to ISO 14001
or EMAS.
Wherever possible, Fraport AG extends the green areas at the Frankfurt site. Fraport AG will upgrade some 2300 hectares of
land in the immediate and wider vicinity of the airport from a nature conservation perspective to fulfill a legal requirement under
the zoning decision for the airport expansion: deciduous forests, orchards, marshes, and nutrient-poor grassland. Measures to
counterbalance the Expansion South project, in particular Terminal 3, are already included in this extensive package of measures.
The implementation and evaluation of the measures are subject to continuous monitoring. For ecological compensation
measures, Fraport Group held provisions in the amount of €11.1 million as at the balance sheet date of December 31, 2022
(see Group Notes, note 40, and Fraport AG’s Notes, note 29).
Promoting biological aviation safety is the responsibility of Wildlife Hazard Management. Wildlife Hazard Management at the
international Group airports is implemented according to international regulations as well as, where appropriate, based on national
and local targets. Corresponding monitoring systems are implemented. Wildlife Hazard Management at Group airports is
concerned, among other things, with the monitoring of birds in order to ensure safe operations. In addition to biotope design and
standardized animal observations at and around the airport, this also includes aversive conditioning through acoustic and visual
stimuli. Maintaining the green spaces is a prerequisite for reducing the number of potential animals on the airport grounds which
are relevant to air traffic safety. This is also ensured by Wildlife Hazard Management.
Performance indicator – Proportion of fully consolidated, environmentally relevant Group companies with certified environmental
management systems (EMAS or ISO 14001), weighted according to revenue.
Air quality
some international airports.
Objective – There is no legal obligation for airports to monitor air quality. However, Fraport has set the objective of gaining a
deeper understanding of the emission of air pollutants (emissions) by the airport and their effect on people and the environment
(immissions). Air quality has been monitored at several sites at Frankfurt Airport since 2002. And it is also regularly monitored at
Concepts, measures, and results – From an organizational standpoint, the “Noise and Air Quality” department of the Aviation
strategic business unit is responsible for air quality issues at the Frankfurt site. In an annual report, it informs the Executive Board
about the measured annual average and annual indicators of air pollutants on the airport grounds. Fraport AG regularly publishes
the results of the measurements on its website in the “Air quality annual report”. The measurements show that the air quality
on the airport site have remained unchanged at an urban level since the first time air pollutant limits were measured.
Fraport AG cooperates with the German Aviation Association (BDL) and the Airports Council International (ACI). In addition, there
are collaborations with the Hessian Agency for Nature Conservation, Environment and Geology (HLNUG) and the Umwelt- und
Nachbarschaftshaus (UNH) in Kelsterbach to study so-called ultra-fine particulates (UFP). Unlike conventional, limit-controlled air
pollutants, airports have proven to be a major source of UFP. There are no reliable statements yet on possible health effects. In
order to gain further knowledge, the Forum Flughafen und Region (Forum Airport and Region) (FFR) has taken up the subject
area in its work program at the request of the state government. A “UFP” working group has been set up at UNH, in which
Fraport AG is also involved. Building on the measurement results of the HLNUG and the findings of a previous hearing of experts,
the UFP working group has now developed a research design for a UFP pollution study. The pollution study is expected to start
in 2023. The results should form the basis for an impact study on the possible health effects of UFP, to be carried out at a later
date. Information regarding the way in which questions concerning the survey and the effect of UFP in the region around the
airport will be handled and how the issue will be addressed by the FFR is published on the UNH web pages and can be viewed
at
www.umwelthaus.org/umweltmonitoring/ultrafeinstaub/auf-dem-weg-zu-einer-studie/.
The HLNUG published its “4. Bericht zur Untersuchung der regionalen Luftqualität auf ultrafeine Partikel im Bereich des Flugha-
fens Frankfurt” in January 2022. As was already shown in the previous reports, Frankfurt Airport clearly contributes to the UFP
burden in the surrounding area. At all measuring sites, the UFP concentration increases when the wind blows from the direction
of the airport area during flight operations. Although the UFP concentration decreases exponentially the further away the meas-
uring sites are from the airport, the airport’s influence still visibly stands out from the baseline concentration. In addition, the
analysis of measurements showed that the impact of motor vehicle traffic and air traffic emissions are approximately the same
but differ greatly in the particle size distribution. The temporarily very low number of aircraft movements as a result of the corona-
virus pandemic is now constantly increasing again. This is also causing the concentration of ultrafine particles at the HLNUG
measuring stations to rise again.
At the local level, there is an overlap of air pollutant concentrations related to the airport and those not attributed to the airport.
The airport’s impact on the air quality in the surrounding areas is largely limited to zones within a close proximity and to the
nitrogen dioxide (NO2) emissions component. Measurements and modeling suggest, however, that external influences, such as
road traffic, also play a role in the air quality on airport grounds. In addition, the level of pollutant concentrations depends heavily
on the weather.
To gain information on the proportion of the overall exposure in a region, computational models have been developed that include
all the relevant sources of pollution and their emissions for a given zone. The LASPORT program takes into account various
airport-related emission sources in the lower atmosphere, prepares spread computations, and illustrates the exposures. The
Airport Association ADV (Association of German Airports) commissioned the program in 2002. The provider has since expanded
the program in close collaboration with Fraport AG and other users.
Fraport is continuously working to record the air pollutant emissions of all relevant emitters through airport operations at the
Frankfurt site on an annual basis in order to achieve a systematic inventory of air pollutant emissions. The selection of the pollu-
tants to be observed depends on their relevance. They are especially important if they are regulated by a threshold value and are
recognized in a noticeable amount at Frankfurt Airport. Drawing on an extensive database, potentials for reduction measures can
be identified and control procedures can be developed. The data collected also serve as a basis for calculating the airport’s
proportion of immissions in the surrounding area.
As an airport operator, Fraport can only indirectly influence emissions from aircraft. In order to motivate airlines to use low-emission
aircraft, Fraport collects airport charges on nitrogen oxides and hydrocarbon at the Frankfurt site. Airlines pay the emissions-
based fee per kilogram of nitrogen oxide equivalent emitted by an aircraft during takeoff and landing (“landing and take-off cycle”,
LTO). Charges are levied per landing and per takeoff. The necessary information on aircraft and engine types is determined by
way of a recognized fleet database.
Aircraft turbines mainly emit carbon dioxide (about 7%) and water vapor (approximately 3%) in addition to mixed air (about 90%).
The additional resulting pollutants of carbon monoxide, nitrogen oxides, sulfur dioxide, hydrocarbons, and soot account for less
than one percent overall. The emission spectrum of aircraft turbines corresponds to that of road traffic. Fraport publishes the
quantities of these pollutants emitted by the aircraft at the Frankfurt site in its annual environmental statement.
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In addition to flight operations, air pollutants at airports also arise from the apron and vehicle traffic as well as the operation of
heaters run on oil or gas. As a way of reducing pollutants, Fraport has gradually upgraded its fleet of vehicles at Frankfurt Airport
to include low-emission and electric motors. 540 of the Fraport vehicles used by Ground Services at Frankfurt Airport already
have electric engines. This corresponds to approximately 27% of the vehicles.
The international Group airports follow the respective requirements in their national laws. Air quality is also monitored at the Greek
regional airports Thessaloniki, Corfu, and Rhodes. Regular evaluation of the air quality also takes place at the Brazilian Group
airports. Fraport Slovenija has set the goal of improving relationships with the stakeholders affected by aircraft noise. A partnership
group for airport environmental protection formed of relevant interest groups and a dialog forum meets regularly for this.
Performance indicator – Fraport strives to extensively measure the air pollutant emissions by material sources. A key perfor-
mance indicator in the strict sense is not defined in the air quality category.
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In addition to flight operations, air pollutants at airports also arise from the apron and vehicle traffic as well as the operation of
heaters run on oil or gas. As a way of reducing pollutants, Fraport has gradually upgraded its fleet of vehicles at Frankfurt Airport
to include low-emission and electric motors. 540 of the Fraport vehicles used by Ground Services at Frankfurt Airport already
have electric engines. This corresponds to approximately 27% of the vehicles.
The international Group airports follow the respective requirements in their national laws. Air quality is also monitored at the Greek
regional airports Thessaloniki, Corfu, and Rhodes. Regular evaluation of the air quality also takes place at the Brazilian Group
airports. Fraport Slovenija has set the goal of improving relationships with the stakeholders affected by aircraft noise. A partnership
group for airport environmental protection formed of relevant interest groups and a dialog forum meets regularly for this.
Performance indicator – Fraport strives to extensively measure the air pollutant emissions by material sources. A key perfor-
mance indicator in the strict sense is not defined in the air quality category.
Information on the EU Taxonomy Regulation
Background Information
As part of the European Green Deal to achieve climate neutrality in the European Union by 2050, the EU Taxonomy Regulation
was adopted as an instrument for classifying environmentally sustainable economic activities. The EU Taxonomy Regulation is a
key element of the European Commission’s action plan to redirect capital towards a more sustainable economy. The Regulation
uniformly assesses predefined economic activities with regard to their contribution to achieving the six environmental objectives
of the European Commission, with the aim of achieving better comparability of companies.
This section presents the share of Group revenue, capital expenditure (Capex) and operating expenditure (Opex) for the 2022
reporting period related to the first two environmental objectives of the European Commission (climate protection and adaptation)
that are taxonomy-eligible or taxonomy-aligned in accordance with Article 8 of the Taxonomy Regulation and Article 10 (2) of the
delegated act. At Fraport, all taxonomy-eligible or taxonomy-aligned economic activities contribute to the climate protection envi-
ronmental objective.
Definitions
A taxonomy-eligible economic activity means an economic activity that is described in the current delegated acts on the climate
objectives (climate protection and adaptation to climate change), irrespective of whether that economic activity meets any or all
of the technical screening criteria laid down in those delegated acts. Conversely, all economic activities not described in the
delegated acts are considered as taxonomy non-eligible.
A taxonomy-aligned economic activity means a taxonomy-eligible economic activity that meets the following requirements:
•
•
•
The economic activity contributes clearly to one or more of the environmental objectives.
It does not clearly affect any of the other environmental objectives (DNSH).
It is performed in keeping with the minimum protection.
Revenue KPI
The share of the taxonomy-eligible Group revenue was calculated as the portion of net revenue from products and services
related to taxonomy-eligible economic activities (numerator) divided by net revenue (denominator; the denominator corresponds
to the Group revenue; see also Group Notes, note 5 Revenue).
Fraport generates revenue from products and services associated with taxonomy-eligible economic activities in the area of renting.
This concerns the activity “7.7 Acquisition and ownership of buildings”. In addition, Fraport generates taxonomy-eligible revenue
from the charging of costs for the passenger transport system within airport charges. This comes under the economic activity “6.3
Urban and suburban transport, road passenger transport”. The revenue from the passenger transport system is generated in the
Aviation segment. Revenue from the renting of buildings is mainly reflected in the revenue in the Retail & Real Estate segment
and the revenue in the International Activities & Services segment.
The revenue relating to the passenger transport system is taxonomy-aligned. Revenue in the area of the renting of buildings is
not taxonomy-aligned as the relevant buildings do not meet the technical screening criteria.
Capital expenditure (Capex) KPI
The Capex KPI, which indicates the proportion of taxonomy-eligible capital expenditure, is defined as the ratio of capital ex-
penditure eligible under the EU Taxonomy Regulation (numerator) divided by the total capital expenditure (denominator).
Total capital expenditure includes additions to property, plant, and equipment and intangible assets during the fiscal year. This
includes the additions to property, plant, and equipment (IAS 16), intangible assets (IAS 38), rights of use (IFRS 16), and invest-
ment property (IAS 40; see also section “Additions to non-current assets” and Group Notes, note 20 Property, plant, and
equipment).
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At Fraport the numerator consists of the following categories for taxonomy-eligible capital expenditure:
• Capital expenditure relating to assets or processes associated with taxonomy-eligible economic activities (letter a) of
Annex I to the delegated act pursuant to Article 8)
• Capital expenditure relating to individual measures enabling the target activities to become low-carbon or to lead to
greenhouse gas reductions (letter c) of Annex I to the delegated act pursuant to Article 8)
Capital expenditure related to assets or processes associated with taxonomy-eligible economic activities (letter (a)) are to be
allocated in particular to the economic activity “6.3 Local and urban passenger transport, passenger road transport”. Given that
the economic activity or the operation of the passenger transport system cannot be carried out without the corresponding rail
infrastructure or stations, we consider the related capital expenditures to be connected with the economic activity 6.3. In addition,
the following taxonomy-eligible economic activities were also identified:
•
•
•
•
•
•
•
4.1. Electricity generation using solar photovoltaic technology
6.17. Low carbon airport infrastructure
7.1. Construction of new buildings
7.2. Renovation of existing buildings
7.3. Installation, maintenance and repair of energy efficiency equipment
7.4. Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces
attached to buildings)
7.5. Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy
performance of buildings
In order to avoid double counting when calculating the Capex ratio, capital expenditure that has already been taken into account
under letter a) will only be taken into account once.
After examining the technical screening criteria, DNSH criteria and minimum protection requirements, taxonomy-aligned capital
expenditure remains under the following economic activities:
4.1. Electricity generation using solar photovoltaic technology
6.3. Urban and suburban transport, road passenger transport
6.17. Low carbon airport infrastructure
7.4. Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces
attached to buildings)
7.5. Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy
performance of buildings
•
•
•
•
•
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Operating expenditure (Opex) KPI
To determine the ratio of operating expenditure (Opex KPI), the taxonomy-eligible operating expenditure (numerator) according
to the EU Taxonomy Regulation is set in relation to the operating expenditure (denominator).
The operating expenditure in accordance with the EU Taxonomy Regulation includes direct non-capitalized costs that relate to
research and development, building renovation measures, short-term leasing, maintenance and repair, and any other direct
expenditure relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to
whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets.
Thus, the definition of operating expenditure in accordance with the EU Taxonomy Regulation differs clearly from the definition of
operating expenses used in the rest of the management report (see chapter “Glossary”). For example, no expenses for utility
services, such as energy expenditure, are included in the definition according to the EU Taxonomy Regulation. The ratio for
operating expenditure (denominator) is calculated in accordance with the EU Taxonomy Regulation based on the income state-
ment and mainly includes maintenance expenses and other operating expenditure for rents and leasing. The taxonomy-eligible
share in fiscal year 2022 results from maintenance expenses for the passenger transport system as well as maintenance expenses
for rented buildings. In the same way as the revenue, the maintenance expenses for the passenger transport system are taxon-
omy-aligned.
Assessment of Taxonomy Alignment
Substantial contribution to the climate protection environmental objective
The following explains the extent to which the economic activities mentioned meet the criteria for the substantial contribution.
•
•
The photovoltaic installation belongs to the economic activity “4.1. Electricity generation using solar photovoltaic
technology”, as the installation is freestanding at Runway West, and in contrast to “7.6. Installation, maintenance and
repair of energy efficiency equipment” is not connected to an existing building.
The passenger transport system comes under the economic activity “6.3 Urban and suburban transport, road passen-
ger transport”. The substantial contribution is met by criterion (a), as the passenger transport system does not cause any
direct CO2 exhaust emissions. The same applies to investments in the passenger transport system in connection with
the expansion of Terminal 3.
• Under economic activity “6.17. Low carbon airport infrastructure”, supplying aircraft with ground power falls under (b)
400 Hz installations. Because ground power supply and preconditioned air supply are usually provided by two different
facilities, we assign the facilities that serve ground power supply, such as 400 Hz installations, to economic activity 6.17.
•
•
The charging stations for the expansion of electromobility come under economic activity “7.4 Installation, maintenance
and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)”. As the sub-
stantial contribution is defined by the “Installation, maintenance or repair of charging stations for electric vehicles”, it is
seen to have been met here.
The exchange and modernization of technical centers (mainly in the existing Terminals 1 and 2 in Frankfurt) comes
under the economic activity “7.5 Installation, maintenance and repair of instruments and devices for measuring, regula-
tion and controlling energy performance of buildings”. The substantial contribution is met by individual measure (b)
“Installation, maintenance and repair of building automation and control systems, building energy management systems
(BEMS), lighting control systems and energy management systems (EMS)”. The installation of smart meters also falls
under economic activity 7.5 under (c) and the installation of facade and roofing elements with a solar shading or solar
control function under (d).
The substantial contribution could not be proven for the taxonomy-eligible economic activities 7.1, 7.2 and 7.7. This is partly due
to the non-existence of class A energy certificates.
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No significant harm to the other environmental objectives – DNSH criteria
Avoiding significant harm to the environmental objective 2) Climate change adaptation is taken into consideration for all relevant
economic activities through a climate risk and vulnerability assessment in accordance with Appendix A of Annex I on climate
protection, in which the criteria for and scope of this type of analysis are defined. Various chronic and acute climate risks, which
must be assessed for the sites where taxonomy-eligible activities are performed, are also specified.
In order to assess the climate risks, these were first checked with regard to the possibility of their occurrence. For the remaining
risks, Fraport relies on the Munich Re “Location Risk Intelligence Platform”. The platform analyzes a site or portfolio with regard
to various climate risks. Since the potential taxonomy-eligible economic activities for this year were identified exclusively at Fraport
AG, the analysis was limited to the Frankfurt site. In order to illustrate the possible effects of climate change, the various climate
projection scenarios (RCP scenarios) 2.6, 4.5, and 8.5 were assessed for the projection years 2030, 2050, and 2100. These are
necessary for economic activities with a lifetime of over ten years. As the best and worse case scenario is covered by scenarios
2.6 and 8.5, and the remaining RCP scenarios lie within their bandwidth, they were not explicitly reanalyzed. For every risk iden-
tified, a risk assessment was made in the form of a score on the basis of the underlying scenarios. The overall risk score is divided
into four levels from low to extreme. The report shows that the overall climate risk for the Frankfurt site is at level 2 in the “medium
range”. This means that no climate risk was identified for the Frankfurt site that would clearly affect taxonomy-compliant
economic activities.
The criteria for determining whether the environmental objectives 3) Sustainable use and protection of water and marine
resources and 6) Protection and restoration of biodiversity and ecosystems, are impacted are particularly relevant for the
photovoltaic and 400 Hz installations. The criteria primarily reference environmental impact assessments or comparable assess-
ments that have already been examined as a prerequisite for obtaining permits for the construction and operation of the facilities.
No further measures were therefore required for compliance.
The criteria for environmental objective 4) Transition to a circular economy are also relevant in the context of the passenger
transport system in addition to the photovoltaic and 400 Hz installations. Fraport AG is already obliged to comply with the criteria
under the regulations of European and German waste legislation, in particular Section 6 of the German Waste Management Act
and the associated waste hierarchy. Furthermore, environmental objective 5) Pollution prevention and control is also relevant
for the passenger transport system and the 400 Hz installations. The criteria are insubstantial for the passenger transport system
as this exclusively relates to class M road vehicles. The passenger transport system does not fall under class M. Fraport is already
obliged to comply with the criteria for the 400 Hz installations by German legislation, such as the Noise and Vibration Occupational
Health and Safety Regulation and other general occupational health and safety ordinances.
No DNSH criteria are defined for the economic activities under 7.4 and 7.5 for the further environmental objectives 3) to 6).
Fulfillment of minimum protection measures
As part of the minimum protection, various requirements are made regarding the implementation of procedures, which are based,
among other things, on the OECD Guidelines for Multinational Enterprises, and the UN Guiding Principles on Business and Human
Rights as well as other regulatory initiatives. The fulfillment of the required minimum protection is a prerequisite for classifying an
economic activity as ecologically sustainable and thus taxonomy-aligned. To implement and ensure minimum protection, Fraport
has aligned itself with the Draft Report on Minimum Safeguards from the Platform on Sustainable Finance of July 11, 2022. The
main focus of this report was on human rights, corruption and bribery, taxation, and fair competition.
In assessing compliance with the minimum protection, we evaluated whether adequate processes were implemented for each of
the above topics to avoid negative impacts. Furthermore, the results of the respective measures taken are examined on an
ongoing basis to determine whether the measures taken are effective in preventing negative impacts.
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For the measures that Fraport has implemented in the thematic fields of human rights, and corruption and bribery, reference is
made to explanations within this non-financial statement under “Business model-specific consideration of the supply chain and
procurement”, “Respect for human rights” and “Tackling corruption and bribery”.
In the thematic field of “Taxation”, Fraport is subject to the country-specific tax laws and regulations, the implementation of and
compliance with which is monitored and ensured by the Tax department and external and internal audits. Regular compliance risk
analyses and employee training are carried out in the areas of antitrust and competition law.
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100
100
Template Revenue
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
6.3 Urban and suburban transport,
road passenger transport
Revenue of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
7.7 Acquisition and ownership of
buildings
Revenue of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Revenue of Taxonomy-eligible activities (B)
Total (A + B)
1) No taxonomy-aligned share was determined in 2021.
Code(s)
Absolute
revenue
Proportion
of revenue
Climate
change
mitigation
Climate
change
adaption
Water and
marine
resources
Circular
economy
Substantial contribution criteria
Biodiversity
and
ecosystems
Pollution
(2)
(3)
in € million
(4)
%
(5)
%
6.3.
25.10
0.79
100.00
25.10
0.79
100.00
(6)
%
0
0
(7)
%
0
0
(8)
%
0
0
(9)
%
0
0
(10)
%
0
0
7.7.
605.40
18.95
605.40
630.50
2,563.90
3,194.40
18.95
19.74
80.26
100.00
Template operating expenses (Opex)
Code(s)
Absolute
Opex
Proportion
of Opex
Climate
change
mitigation
Climate
change
adaption
Water and
marine
resources
Circular
economy
Pollution
Substantial contribution criteria
Biodiversity
and
ecosystems
(2)
(3)
in € million
(4)
%
(5)
%
6.3.
7.10
7.10
7.29
100.00
7.29
100.00
(6)
%
0
0
(7)
%
0
0
(8)
%
0
0
(9)
%
0
0
(10)
%
0
0
7.7.
28.40
29.16
28.40
35.50
61.90
97.40
29.16
36.45
63.55
100.00
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
6.3 Urban and suburban transport, road
passenger transport
Opex of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
7.7 Acquisition and ownership of build-
ings
Opex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-eligible activities (B)
Total (A + B)
1) No taxonomy-aligned share was determined in 2021.
110
Climate
Climate
change
change
Climate
Climate
change
change
mitigation
mitigation
adaptation
adaptation
Water and
Water and
marine
marine
resources
resources
Circular
Circular
economy
economy
Pollution
Pollution
Biodiversity
Biodiversity
and
and
ecosystems
ecosystems
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
(11)
(11)
Y/N
Y/N
(12)
(12)
Y/N
Y/N
(13)
(13)
Y/N
Y/N
(14)
(14)
Y/N
Y/N
(15)
(15)
Y/N
Y/N
(16)
(16)
Y/N
Y/N
(17)
(17)
Y/N
Y/N
Minimum
Minimum
Safeguards
Safeguards
Taxonomy-
Taxonomy-
Taxonomy-
Taxonomy-
aligned
aligned
aligned
aligned
proportion of
proportion of
revenue 2022
revenue 2022
proportion of
proportion of
revenue 2021
revenue 2021
Category
Category
(enabling
(enabling
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
1)
1)
(19)
(19)
%
%
(20)
(20)
E
E
(21)
(21)
T
T
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Climate
Climate
change
change
Climate
Climate
change
change
mitigation
mitigation
adaptation
adaptation
Water and
Water and
marine
marine
resources
resources
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
Pollution
Pollution
Biodiversity
Biodiversity
Circular
Circular
economy
economy
and
and
ecosystems
ecosystems
(11)
(11)
Y/N
Y/N
(12)
(12)
Y/N
Y/N
(13)
(13)
Y/N
Y/N
(14)
(14)
Y/N
Y/N
(15)
(15)
Y/N
Y/N
(16)
(16)
Y/N
Y/N
Minimum
Minimum
Safeguards
Safeguards
Taxonomy-
Taxonomy-
Taxonomy-
Taxonomy-
aligned
aligned
aligned
aligned
proportion of
proportion of
proportion of
proportion of
Opex 2022
Opex 2022
(18)
(18)
Opex 2021
Opex 2021
1)
1)
(19)
(19)
%
%
%
%
Category
Category
(enabling
(enabling
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
(20)
(20)
E
E
(21)
(21)
T
T
Y
Y
Y
Y
Y
Y
Y
Y
(17)
(17)
Y/N
Y/N
Y
Y
(18)
(18)
%
%
0.79
0.79
0.79
0.79
0,79
0,79
0.79
0.79
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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100
100
100
100
Template Revenue
Code(s)
Absolute
Proportion
revenue
of revenue
Climate
change
Climate
change
marine
economy
Water and
Circular
Pollution
Biodiversity
mitigation
adaption
resources
Substantial contribution criteria
and
ecosystems
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
6.3 Urban and suburban transport,
road passenger transport
Revenue of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
7.7 Acquisition and ownership of
buildings
Revenue of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Revenue of Taxonomy-eligible activities (B)
Total (A + B)
(2)
(3)
in € million
(4)
%
(5)
%
6.3.
25.10
0.79
100.00
25.10
0.79
100.00
7.7.
605.40
18.95
605.40
630.50
2,563.90
3,194.40
18.95
19.74
80.26
100.00
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
6.3 Urban and suburban transport, road
passenger transport
Opex of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
7.7 Acquisition and ownership of build-
Opex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-eligible activities (B)
Total (A + B)
(2)
(3)
in € million
(4)
%
(5)
%
6.3.
7.29
100.00
7.10
7.10
7.29
100.00
28.40
35.50
61.90
97.40
29.16
36.45
63.55
100.00
ings
7.7.
28.40
29.16
(6)
%
0
0
(6)
%
0
0
(7)
%
0
0
(7)
%
0
0
(8)
%
0
0
(8)
%
0
0
(9)
%
0
0
(9)
%
0
0
(10)
%
0
0
(10)
%
0
0
Template operating expenses (Opex)
Code(s)
Absolute
Proportion
Opex
of Opex
Climate
change
Climate
change
marine
economy
mitigation
adaption
resources
and
ecosystems
Water and
Circular
Pollution
Biodiversity
Substantial contribution criteria
Climate
Climate
change
change
mitigation
mitigation
Climate
Climate
change
change
mitigation
mitigation
Climate
Climate
change
change
adaptation
adaptation
Climate
Climate
change
change
adaptation
adaptation
Water and
Water and
marine
marine
resources
resources
Water and
Water and
marine
marine
resources
resources
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Biodiversity
and
and
ecosystems
ecosystems
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
Minimum
Circular
Biodiversity
Minimum
Circular
Biodiversity
Safeguards
and
economy
Safeguards
economy
and
ecosystems
ecosystems
Circular
Circular
economy
economy
Pollution
Pollution
Pollution
Pollution
Minimum
Minimum
Safeguards
Safeguards
(11)
(11)
(11)
(11)
(12)
(12)
(12)
(12)
(13)
(13)
(13)
(13)
(14)
(14)
(14)
(14)
(15)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(17)
(17)
Category
Taxonomy-
Taxonomy-
Taxonomy-
Taxonomy-
Category
Taxonomy-
Taxonomy-
Taxonomy-
Taxonomy-
(enabling
aligned
aligned
aligned
aligned
(enabling
aligned
aligned
aligned
aligned
activity)
proportion of
proportion of
proportion of
proportion of
proportion of
proportion of
activity)
proportion of
proportion of
revenue 2021
revenue 2022
revenue 2021
revenue 2022
revenue 2021
revenue 2022
revenue 2021
revenue 2022
1)
1)
1)
1)
(18)
(18)
(17)
(19)
(17)
(18)
(18)
(19)
(20)
(20)
(19)
(19)
Category
Category
(enabling
(enabling
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
(20)
(20)
(21)
(21)
(21)
(21)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
%
%
%
%
%
%
E
E
E
E
T
T
T
T
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
0.79
0.79
0.79
0.79
0.79
0.79
0.79
0.79
0,79
0,79
0,79
0,79
0.79
0.79
0.79
0.79
Climate
Climate
change
change
mitigation
mitigation
Climate
Climate
change
change
mitigation
mitigation
Climate
Climate
change
change
adaptation
adaptation
Climate
Climate
change
change
adaptation
adaptation
Water and
Water and
marine
marine
resources
resources
Water and
Water and
marine
marine
resources
resources
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Biodiversity
and
and
ecosystems
ecosystems
DNSH criteria (Does Not Significantly Harm)
DNSH criteria (Does Not Significantly Harm)
Minimum
Circular
Biodiversity
Minimum
Circular
Biodiversity
Safeguards
and
economy
Safeguards
economy
and
ecosystems
ecosystems
Circular
Circular
economy
economy
Pollution
Pollution
Pollution
Pollution
Minimum
Minimum
Safeguards
Safeguards
(11)
(11)
(11)
(11)
(12)
(12)
(12)
(12)
(13)
(13)
(13)
(13)
(14)
(14)
(14)
(14)
(15)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(17)
(17)
Taxonomy-
Taxonomy-
Taxonomy-
Taxonomy-
aligned
aligned
aligned
aligned
proportion of
proportion of
proportion of
proportion of
Opex 2022
Opex 2022
Opex 2022
Opex 2022
(18)
(18)
(18)
(18)
Category
Taxonomy-
Taxonomy-
Category
Taxonomy-
Taxonomy-
(enabling
aligned
aligned
(enabling
aligned
aligned
activity)
proportion of
proportion of
proportion of
activity)
proportion of
Opex 2021
Opex 2021
Opex 2021
Opex 2021
1)
1)
1)
1)
(19)
(19)
(19)
(19)
(17)
(17)
(20)
(20)
Category
Category
(enabling
(enabling
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
Category
Category
(transitional
(transitional
activity)
activity)
(20)
(20)
(21)
(21)
(21)
(21)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
%
%
%
%
%
%
E
E
E
E
T
T
T
T
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
111
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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102
Template capital expenditures (Capex)
Code(s)
Absolute
Capex
Proportion
of Capex
Climate
change
mitigation
Climate
change
adaption
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
and
ecosystems
(2)
(3)
in € million
(4)
%
(5)
%
(6)
%
(7)
%
(8)
%
(9)
%
(10)
%
Climate
change
Climate
change
Water and
Circular
Pollution
Biodiversity
Minimum
Taxonomy-
Taxonomy-
Category
Category
marine
economy
and
Safeguards
aligned
aligned
(enabling
(transitional
mitigation
adaptation
resources
ecosystems
proportion of
proportion of
activity)
activity)
(11)
Y/N
(12)
Y/N
(13)
Y/N
(14)
Y/N
(15)
Y/N
(16)
Y/N
(17)
Y/N
Capex 2021
Capex 2021
(18)
(19) 1)
(20)
(21)
%
%
E
T
Substantial contribution criteria
DNSH criteria (Does Not Significantly Harm)
4.1.
0.10
0.01
100.00
6.3.
6.17.
103.10
0.20
8.90
0.02
100.00
100.00
7.4.
0.37
0.03
100.00
7.5.
39.22
3.38
100.00
142.99
12.34
100.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
E
E
E
7.1.
7.2.
7.3.
623.14
41.10
53.78
3.55
0.11
0.01
7.5.
0.36
0.03
664.71
807.70
351.00
1,158.70
57.37
69.71
30.29
100.00
Y
Y
Y
Y
Y
0.01
8.90
0.02
0.03
3.38
12.34
12.34
12.34
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
4.1. Electricity generation using solar
photovoltaic technology
6.3 Urban and suburban transport, road
passenger transport
6.17 Low carbon airport infrastructure
7.4 Installation, maintenance and repair
of charging stations for electric vehicles
in buildings (and parking spaces attached
to buildings)
7.5 Installation, maintenance and repair
of instruments and devices for measur-
ing, regulation and controlling energy
performance of buildings
Capex of environmentally sustainable ac-
tivities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not environ-
mentally sustainable activities (not Taxon-
omy-aligned activities)
7.1 Construction of new buildings
7.2 Renovation of existing buildings
7.3 Installation, maintenance and repair
of energy efficiency equipment
7.5 Installation, maintenance and repair
of instruments and devices for measur-
ing, regulation and controlling energy
performance of buildings
CapEx of Taxonomy-eligible but not envi-
ronmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-eligible activities (B)
Total (A + B)
1) No taxonomy-aligned share was determined in 2021.
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102
Climate
change
mitigation
Climate
change
mitigation
Climate
change
adaptation
Climate
change
adaptation
DNSH criteria (Does Not Significantly Harm)
Biodiversity
and
ecosystems
DNSH criteria (Does Not Significantly Harm)
Biodiversity
and
ecosystems
Circular
economy
Circular
economy
Water and
marine
resources
Water and
marine
resources
Pollution
Pollution
Minimum
Safeguards
Minimum
Safeguards
Taxonomy-
Taxonomy-
aligned
aligned
proportion of
proportion of
Capex 2021
Capex 2021
(18)
(18)
Taxonomy-
Taxonomy-
aligned
aligned
proportion of
proportion of
Capex 2021
Capex 2021
(19) 1)
(19) 1)
(17)
Category
(enabling
activity)
Category
(enabling
activity)
Category
(transitional
activity)
Category
(transitional
activity)
(11)
(11)
(12)
(12)
(13)
(13)
(14)
(14)
(15)
(15)
(16)
(16)
(17)
(20)
(20)
(21)
(21)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
%
%
E
E
T
T
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
0.01
0.01
8.90
0.02
8.90
0.02
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
0.03
0.03
Y
Y
Y
Y
Y
Y
3.38
3.38
12.34
12.34
E
E
E
E
E
E
12.34
12.34
12.34
12.34
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103
Supplementary Management Report on the Separate Financial
Statements of Fraport AG
The management report of Fraport AG and the Group management report are combined. The explanatory notes below are based
on the annual financial statements of Fraport AG, drawn up in accordance with the German Commercial Code (“HGB”) and the
German Stock Corporation Act (“AktG”). This results in differences in accounting policies compared to the consolidated financial
statements in accordance with IFRS, mainly related to provisions and non-current assets. The Notes to the 2022 annual financial
statements are available on the Group’s website at
www.fraport.com/publications.
Economic development of Fraport AG
Results of operations
For the explanatory notes on changes in the results of operations, please refer to the presentation of the Aviation, Retail & Real
Estate and Ground Handling segments, which essentially covers the business activities of Fraport AG (see “Results of operations
by segment”).
Compared to the previous year, revenue of Fraport AG increased by €527.2 million to €1,776.2 million. The increase was mainly
due to higher revenue from airport charges (+€256.7 million) caused by an increase in traffic volume. Higher revenue from infra-
structure charges (+€96.0 million) and retail revenue (+€77.8 million), as well as higher ground services (+€65.6 million) contrib-
uted to the increase in revenue. By contrast, revenue from security services decreased by €24.0 million to €69.4 million. This was
due to a one-off effect in the previous year’s period of €30.5 million from the agreement with the Federal Police in connection with
billed aviation security services in recent years.
As in previous years, Fraport AG earned a major portion of its revenue (more than one third) in the past fiscal year through one
customer at the Frankfurt site.
At €58.7 million, other operating income was below the level in the same period of the previous year of €194.0 million
(–€135,3 million). This decline was mainly a result of the compensation of €159.8 million granted by both the German Federal
Government and the State of Hesse for the holding costs incurred in the first lockdown in 2020.
Total revenue rose by €392.5 million to €1,863.7 million (+26.7%).
Personnel expenses increased in fiscal year 2022 by €63.7 million to €573.3 million. The increase resulted primarily from a very
low utilization of short-time work schedules compared with the same period of the previous year, as well as from increased
personnel requirements due to the positive traffic development.
Non-staff costs (cost of materials and other operating expenses) were €900.0 million (+€274.5 million). The increase is mainly
attributable to higher expenses for purchased services (+€203.5 million) due to traffic and price factors.
Despite substantially lower other operating income, Fraport AG EBITDA was €54.3 million above the previous year’s level at
€390.4 million due to the positive development of operating performance. Depreciation and amortization decreased slightly by
€6.9 million to €308.4 million, leading to EBIT of €82.0 million (previous year: €20.8 million).
The main driver of the sharply lower financial result of –€165.6 million (previous year: –€65.1 million) were mainly the write-off
of shares in Fraport Malta Ltd. amounting to €139.1 million and in Thalita Trading Ltd. amounting to €10.0 million in connection
with the investment in St. Petersburg Airport.
In particular to the evident negative financial result, EBT amounted to –€83.6 million (previous year: –€44.3 million). Earnings
after taxes amounted accordingly to –€88.4 million. The previous year’s earnings after taxes of €76.5 million included income tax
relief of €120.8 million, in particular from the capitalization of deferred taxes due to tax loss carryforwards.
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A corresponding amount was withdrawn from the other revenue reserves to offset the net loss for the year of –€88.4 million. This
results in profit earmarked for distribution of €0.00. For this reason, there is no proposal for the distribution of profits.
Asset and financial position
Asset and capital structure
Assets
€ million
Non-current assets
Current assets
Prepaid expenses and accrued income
Deferred tax assets
Assets arising from the overfunding of pension obligations
Total
Liabilities and equity
€ million
Shareholders' equity
Special items for investment grants in non-current assets
Provisions
Liabilities
Accrued income and accrued expenses
Deferred tax liabilities
December 31, 2022
December 31, 2021
10,754.1
2,090.9
38.9
341.9
0.0
9,736.6
2,539.1
39.9
340.0
0.0
13,225.8
12,655.6
December 31, 2022
December 31, 2021
2,876.0
7.8
507.7
9,786.2
33.8
14.3
2,964.4
7.3
484.2
9,153.9
35.8
10.0
Total
13,225.8
12,655.6
At the end of the 2022 fiscal year, the total assets of Fraport AG amounted to €13,225.8 million, up €570.2 million year on year
(+4.5%).
Fixed assets rose by €1,017.5 million to €10,754.1 million. This is mainly due to the increase in property, plant and equipment of
€444.6 million – particularly in connection with construction measures as part of the Expansion South project at the Frankfurt site
and capital contributions of €375.3 million to the investment established in connection with the tender for the operating concession
at Antalya Airport won in December 2021. In addition, the portfolio of securities was increased by €218.9 million.
Current assets were €448.2 million lower than in the previous year, mainly due to the reduction in cash and cash equivalents
(–€512.3 million).
Shareholders’ equity as at December 31, 2022 amounted to €2,876.0 million, and fell by €88.4 million as a result of the net loss
in the current fiscal year.
Liabilities increased compared to the previous year by €632.3 million to €9,786.2 million, mainly due to the financing measures
undertaken during the fiscal year to secure liquidity.
Liquidity as of December 31, 2022, was €2,980.9 million, down from €3,054.9 million in the previous year. Gross debt increased
in the reporting year to €9,114.7 million (previous year: €8,499.8 million). This led to a considerable increase of €689.0 million in
net financial debt to €6,133.8 million (previous year: €5,444.8 million).
As at the 2022 balance sheet date, the financial debt maturity profile of Fraport AG exhibited the following repayment structure:
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Maturity profile as at December 31, 2022
in € million
3,502.5
9,102.0
819.6
1,386.1
1,004.6
1,136.6
1,130.6
1,303.1
1,266.5
357.5
120.0
320.0
208.0
580.9
2,921.6
Liquidity
Gross
debt
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033 ++
Carrying amounts
Nominal values
Credit Lines
As at the 2022 balance sheet date, there was a balanced mix of financing consisting of bilateral loans (35.2%), promissory note
loans (41.6%), and bonds (23.2%). The floating rate portion of the gross debt of Fraport AG fell to nearly 5%, with the fixed portion
coming to around 95%.
Statement of cash flows
Statement of cash flows
€ million
Cash and cash equivalents as at January 1
Operating cash flow
Cash flow used in investing activities excluding investments in cash deposits
and securities
Cash flow used in investing activities
Cash flow from/used in financing activities
Cash and cash equivalents as at December 31
2022
1,050.6
471.2
–756.2
–1,634.6
441.4
328.6
2021
256.9
122.3
–821.3
–1,322.7
1,994.1
1,050.6
Change
Change in %
793.7
348.9
65.1
–311.9
–1,552.7
–722.0
> 100
> 100
+7.9
–23.6
–77.9
–68.7
In the fiscal year, a cash flow from operating activities (operating cash flow) of €471.2 million (2021: €122.3 million) was
achieved. The €348.9 million increase resulted in particular from the traffic-related improvement in the operating result.
At €756.2 million, cash flow used in investing activities excluding investments in cash deposits and securities was below
the previous year’s level (€821.3 million) due to lower cash flow used in expansion and expansion measures.
Considering capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure in relation
to time deposits, the overall cash flow used in investing activities was €1,634.6 million (2021: €1,322.7 million).
Compared to the previous year, cash flow from financing activities decreased substantially by €1,552.7 million to
€441.4 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity
were carried out compared to the current fiscal year.
This brought cash and cash equivalents to €328.6 million as at the 2022 fiscal year-end.
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Events after the Balance Sheet Date
Effective January 1, 2023, FraSec Fraport Security Services GmbH transferred in a second step 25% of the shares in FraSec
Aviation Security GmbH, formerly FraSec Luftsicherheit GmbH, to the Dr. Sasse Group. As a result of this transfer, the Dr. Sasse
Group holds a 51% majority stake in FraSec Aviation Security GmbH.
Under the concession agreement, the Group company in Lima is required to renew terrorism property insurance with an insurance
volume of $200 million by February 28, 2023. Due to the ongoing political unrest in Lima, the insurance volume could not be
concluded to the required extent. The concession agreement stipulates that a lack of insurance coverage constitutes an immediate
breach of the concession agreement, known as an Event of Default (as of March 1, 2023), which gives the grantor a unilateral
right to terminate the concession.
The Group company in Lima declared force majeure to the grantor on February 15, 2023, as it is unable to fulfill its contractual
obligation due to reasons beyond its control, namely the political unrest in Peru. The declaration of force majeure initially suspends
a potential default until the grantor has taken a position on the declaration.
The goal is to obtain a waiver from the grantor for failure to provide the required volume of insurance, beyond the declaration of
force majeure, and thus avoid an event of default.
Regarding the project financing newly concluded in December to replace the bridge financing and further finance the expansion
obligations, there is a risk that agreed disbursements cannot be made or must be repaid at short notice.
Effective termination of the concession agreement by the grantor would result in the derecognition of the concession and the loss
of the planned positive earnings contributions and would have a massive negative impact on both the 2023 fiscal year and the
planned positive business development in subsequent years.
Fraport currently assumes that an agreement will be reached with the grantor of the concession.
No further substantial events occurred after the balance sheet date for the Fraport Group.
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Risk and Opportunities Report
Risk strategy and objectives
Fraport aims to use a uniform and comprehensive processes to ensure that risks and opportunities are identified at an early stage,
assessed uniformly, managed and monitored, and communicated transparently using a systematic reporting procedure. For this,
all Fraport Group employees are required to participate actively in risk and opportunity management within the scope of their
duties. Finding a proper balance between risks and opportunities begins in the strategic planning process and in the drafting of
the long-term business plan. In general, Fraport strives to balance opportunities and risks in order to increase added value for its
stakeholders by analyzing and leveraging new market opportunities and potential.
Organization of the risk management
Structure and responsibilities of the risk management system
Finance and audit committee
of the Supervisory Board
Executive Board
Risk Management committee (RMC)
Risk Management, Processes, Systems Department (REW-RS)
Chief Risk Officer
I
n
t
e
r
n
a
l
A
u
d
i
t
Fraport AG Departments / Group companies
The Fraport Executive Board bears overall responsibility for an effective risk management system that ensures uniform and
comprehensive risk management. In this context, by preparing the development plan, it has also approved the risk strategy and
risk objectives for the Group. The Executive Board appoints the Chief Risk Officer and the members of the Risk Management
Committee (RMC), approves the rules of procedure for the RMC and the risk management guidelines, and receives the quarterly
reports and ad hoc reports in the risk management system.
The RMC is the highest committee in the risk management system and, following its meetings, releases quarterly risk reports to
the Executive Board. The Chief Risk Officer is the spokesperson for the RMC and reports directly to the Executive Board. The
Risk Management, Processes, Systems (REW-RS) department is responsible for the organization, maintenance, and further
development of the Group-wide risk management and internal control system (ICS), and for regularly updating and implementing
the guidelines for risk management system and ICS in the Fraport Group.
Risk and opportunity management is a key function of the respective business, service, and central units of Fraport AG and Group
companies that are responsible for their business processes; this involves management of material risks and the use of appropri-
ate measures to mitigate and reduce them to an acceptable level, as well as actively grasping opportunities.
Process-integrated and process-independent monitoring measures form the elements of the internal monitoring systems. The
central Group Internal Audit unit is integrated into the internal monitoring system of the Fraport Group with process-independent
audit activities.
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PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC) has examined the risk early warning system of
Fraport AG during the audit of the annual financial statements for stock corporation law requirements. According to Section 91 (2)
AktG, it fulfills all the legal requirements that apply to such a system.
The Supervisory Board of Fraport AG is tasked with monitoring the effectiveness of the internal control and risk management
system as per Section 107 (3) AktG. The finance and audit committee (FAC) of the Supervisory Board handles this responsibility.
Risk transfer through the purchase of insurance policies is controlled by the Group company Airport Assekuranz Vermittlungs-
GmbH.
The risk management system is documented in a guidelines for Fraport AG and for the respective Group companies and is closely
linked to the central ICS as well as represented in an integrated risk management software. It follows the “COSO II” (Committee
of the Sponsoring Organizations of the Treadway Commission) framework and covers risks in the areas of strategy, operations,
finance, and compliance. The risk management system only covers risks.
Risk management process
Risk Identification
Fraport defines risks as future developments or events that could have a negative impact on the achievement of operational
planning and strategic targets. Opportunities are regarded as future developments or events that can lead to a positive planning
or strategic target deviation. Risks are identified using various instruments by the operational business, service, and central
units of Fraport AG and the group companies and top-down by the REW-RS department, RMA, and Executive Board. The risk
identification methods used are for example market and competition analysis, evaluation of customer surveys, information about
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Fraport Annual Report 2022 109 suppliers and institutions or monitoring risk indicators from the regulatory, economic, and political environment. The heads of the Fraport AG units and the executives of the Group companies are responsible for the accuracy of the information from their units/companies that is processed in the risk management system. They are obligated to constantly monitor and manage risk areas, and report on all risks in their divisions and their company to the REW-RS department on a quarterly basis. Central risk management can use the risk reports to identify risk trends in the Fraport Group. Outside of regular quarterly reporting, newly identified substantial risks must be reported immediately. Risk Evaluation The systematic evaluation of risks determines the impact and probability of occurrence of the identified risks, and makes it possible to estimate the extent to which the individual risks could jeopardize the objectives and strategy of the Fraport Group, or which risks will very likely, due to their nature, jeopardize the company as a going concern. Risk evaluation is always based on a rolling 24-month period. However, this does not mean that risk owners only analyze and evaluate the risks from a short-term perspective; possible infrastructural risks are in particular monitored in accordance with their long-term impact. The evaluation system divides the potential impact (= impact level) into four categories: “low”, “medium”, “high”, and “very high”. It then assesses the impact level based on how the risks affect the relevant detection variable (EBIT, financial result, or liquidity). Furthermore, qualitative factors (media reporting/attention, effect on stakeholders), which could be important for Fraport’s reputation and which also determine the risks, are also included in the analysis. The probability of occurrence for individual risks is also divided into four categories: “unlikely”, “possible”, “likely”, and “very likely”. The risk level (“low,” “moderate,” “considerable” and “substantial”) arises from the combination of impact level and probability of occurrence. The risk evaluation is conservative, i.e., it reflects the worst-case scenario for Fraport. A distinction is made between gross and net risk. Gross risk is the worst-case (financial) impact before countermeasures. The net risk represents the expected residual (financial) impact after initiation or implementation of countermeasures. The risk assessment in this report only reflects the net risk. In order to assess possible combination effects between individual risks, the REW-RS department annually prepares a risk ag-gregation as part of the planning process. The impacts of the risks are aggregated by Monte Carlo simulation and applied to the balance sheet and income statement of Fraport AG in the planning horizon, taking account of planning uncertainties. The resulting impacts on the financial performance indicators of Fraport AG are analyzed and reported to the Executive Board as part of the adoption of the plans resulting from the risk-bearing capacity analysis. Management of Risks Risk owners are tasked with developing and implementing suitable countermeasures to minimize and manage risks. In addition, general strategies must be developed to deal with the identified risks. These strategies include risk avoidance, risk reduction with a view to minimizing the (financial) impact or the probability of occurrence, transfer of risk to a third party (for example in purchasing insurance policies), or risk acceptance. The decision regarding the implementation of the relevant strategy and/or measures also considers the costs in relation to the effectiveness of potential countermeasures. Here, the REW-RS department works closely with the risk owners in order to monitor the progress of countermeasures and to evaluate their effectiveness from a Group perspective. Risk monitoring and reporting Integrated risk management aims to ensure a transparent presentation of the Fraport Group’s risk situation. Risks are reported to the Executive Board when they are classified as “considerable” or “substantial” based on their net risk according to systematic evaluation standards used Group-wide. In the event of very significant changes to previously reported risks or newly identified “substantial” risks, ad hoc reports are also issued outside of the regular quarterly reporting schedule. Twice a year, the Executive Board reports the considerable (amber) and substantial (red) risks, including any changes in the same, to the Supervisory Board’s Finance and Audit Committee. The figure below shows the recipients of the risk reporting, according to the net risk. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 110
This process ensures the early detection of trends that could jeopardize the Fraport Group as a going concern.
An integral component of the risk management system of Fraport is also the assessment of financial risks, whereby the
presentation in the accounts of financial instruments overall and hedging transactions in particular is monitored and controlled.
This process is described in the financial risks section (“Risk report” in accordance with section 289 (2) no. 1 HGB and section
315 (2) no. 1 HGB). At Fraport, this process represents a subsection of the accounting-related internal control system.
121
Fraport Annual Report 2022 109 suppliers and institutions or monitoring risk indicators from the regulatory, economic, and political environment. The heads of the Fraport AG units and the executives of the Group companies are responsible for the accuracy of the information from their units/companies that is processed in the risk management system. They are obligated to constantly monitor and manage risk areas, and report on all risks in their divisions and their company to the REW-RS department on a quarterly basis. Central risk management can use the risk reports to identify risk trends in the Fraport Group. Outside of regular quarterly reporting, newly identified substantial risks must be reported immediately. Risk Evaluation The systematic evaluation of risks determines the impact and probability of occurrence of the identified risks, and makes it possible to estimate the extent to which the individual risks could jeopardize the objectives and strategy of the Fraport Group, or which risks will very likely, due to their nature, jeopardize the company as a going concern. Risk evaluation is always based on a rolling 24-month period. However, this does not mean that risk owners only analyze and evaluate the risks from a short-term perspective; possible infrastructural risks are in particular monitored in accordance with their long-term impact. The evaluation system divides the potential impact (= impact level) into four categories: “low”, “medium”, “high”, and “very high”. It then assesses the impact level based on how the risks affect the relevant detection variable (EBIT, financial result, or liquidity). Furthermore, qualitative factors (media reporting/attention, effect on stakeholders), which could be important for Fraport’s reputation and which also determine the risks, are also included in the analysis. The probability of occurrence for individual risks is also divided into four categories: “unlikely”, “possible”, “likely”, and “very likely”. The risk level (“low,” “moderate,” “considerable” and “substantial”) arises from the combination of impact level and probability of occurrence. The risk evaluation is conservative, i.e., it reflects the worst-case scenario for Fraport. A distinction is made between gross and net risk. Gross risk is the worst-case (financial) impact before countermeasures. The net risk represents the expected residual (financial) impact after initiation or implementation of countermeasures. The risk assessment in this report only reflects the net risk. In order to assess possible combination effects between individual risks, the REW-RS department annually prepares a risk ag-gregation as part of the planning process. The impacts of the risks are aggregated by Monte Carlo simulation and applied to the balance sheet and income statement of Fraport AG in the planning horizon, taking account of planning uncertainties. The resulting impacts on the financial performance indicators of Fraport AG are analyzed and reported to the Executive Board as part of the adoption of the plans resulting from the risk-bearing capacity analysis. Management of Risks Risk owners are tasked with developing and implementing suitable countermeasures to minimize and manage risks. In addition, general strategies must be developed to deal with the identified risks. These strategies include risk avoidance, risk reduction with a view to minimizing the (financial) impact or the probability of occurrence, transfer of risk to a third party (for example in purchasing insurance policies), or risk acceptance. The decision regarding the implementation of the relevant strategy and/or measures also considers the costs in relation to the effectiveness of potential countermeasures. Here, the REW-RS department works closely with the risk owners in order to monitor the progress of countermeasures and to evaluate their effectiveness from a Group perspective. Risk monitoring and reporting Integrated risk management aims to ensure a transparent presentation of the Fraport Group’s risk situation. Risks are reported to the Executive Board when they are classified as “considerable” or “substantial” based on their net risk according to systematic evaluation standards used Group-wide. In the event of very significant changes to previously reported risks or newly identified “substantial” risks, ad hoc reports are also issued outside of the regular quarterly reporting schedule. Twice a year, the Executive Board reports the considerable (amber) and substantial (red) risks, including any changes in the same, to the Supervisory Board’s Finance and Audit Committee. The figure below shows the recipients of the risk reporting, according to the net risk. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
111
Organization of opportunity management
The opportunity management system of the Fraport Group is intended to identify and evaluate opportunities at the earliest possible
stage and to initiate appropriate measures to capitalize on them and ensure their commercial success. This includes the assess-
ment of opportunities from existing business, as well as from new business fields.
The business, service and central units responsible for their business processes and the Group companies identify opportunities
throughout the year as part of the operational management of the company and as part of the annually revolving planning process.
Opportunities are reviewed regularly as part of the risk reporting process by the REW-RS department.
While short-term earnings monitoring focuses on opportunities that mainly affect the current fiscal year, the planning process
focuses on opportunities that are of strategic importance for the Group. Within the context of the planning process, Fraport as-
sesses market and competitive analyses, as well as environmental scenarios and deals with the orientation of the product and
service portfolio, the cost drivers, and the critical success factors of the industry. Furthermore, Fraport monitors the identifiable
trends among competitors and customers – such as airlines, passengers, and tenants – as well as in businesses outside of the
industry which have an impact on air traffic in general and airport operations in particular. Fraport aims to further develop and
expand the value-creating business fields that are already part of its operations. Moreover, Fraport is investing in business fields
and business ideas in which the company can build sufficient competencies in order to create value over the long term.
In addition to opportunity management by the business, service and central units of Fraport AG and the Group companies, Fraport
also draws on the expertise of the entire workforce. Using a variety of tools, such as Group idea management, the Digital Factory,
or the Plug and Play LLC network, Fraport aims to identify opportunities that are developed by the employees.
Business risks and opportunities
The following section explains the risks and opportunities that could have a substantial impact on the business operations or the
asset, financial, and earnings position and/or reputation of Fraport, as well as effects on its stakeholders. Unless specified other-
wise, the risks and opportunities described relate to all segments to varying extents (Aviation, Retail & Real Estate, Ground
Handling and International Activities & Services). Selected, non-substantial risks are indicated on a voluntary basis in order to
provide a comprehensive view of the risk situation.
Fraport AG is the parent company of the Fraport Group and comprises all of the described segments above. Therefore, it is also
directly or indirectly subject to the risks and opportunities described.
The following table describes the substantial and other selected individual risks and opportunities:
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111
Business risks and opportunities
The business, service and central units responsible for their business processes and the Group companies identify opportunities
throughout the year as part of the operational management of the company and as part of the annually revolving planning process.
•
Opportunities are reviewed regularly as part of the risk reporting process by the REW-RS department.
Strategic risks and opportunities
Macroeconomic risks and opportunities
Risks
•
The current high inflation rates may reduce the disposable income of private
households. This circumstance, together with uncertainties about the future
development of inflation rates, could have a negative impact on flight bookings.
Interest rate hikes by central banks to curb inflation may have a greater impact
than expected on state and corporate refinancing and on global economic
development. This would have a negative impact on planned passenger
development.
• Overall, global economic development may cool down more than expected and
•
have a negative influence on passenger demand.
As a result of sustained high energy prices, the competitiveness of German
industry could suffer and Germany’s position as an attractive hub for air traffic
could be weakened.
A structural shift toward greater national protectionism could develop in world
trade, which could adversely affect the export-oriented German economy.
• Growth could be dampened by weakening of the EU as a result of diverging
•
•
interests among the member states and the actions they take.
In addition to the economic consequences of the Ukraine war, there are
numerous geopolitical trouble spots around the world that could put a strain
on economic development and air traffic.
Measures
•
Strong geographic
diversification and focus on
various passenger groups at
the Group airports to reduce
individual macroeconomic risks.
• Geopolitical risks, restrictive
Trend →
Risk
assessment:
considerable
political interventions, and
saturation tendencies in air
traffic demand in Western
countries can be balanced
out from regionally different
growth potential among the
Group airports
Organization of opportunity management
The opportunity management system of the Fraport Group is intended to identify and evaluate opportunities at the earliest possible
stage and to initiate appropriate measures to capitalize on them and ensure their commercial success. This includes the assess-
ment of opportunities from existing business, as well as from new business fields.
While short-term earnings monitoring focuses on opportunities that mainly affect the current fiscal year, the planning process
focuses on opportunities that are of strategic importance for the Group. Within the context of the planning process, Fraport as-
sesses market and competitive analyses, as well as environmental scenarios and deals with the orientation of the product and
service portfolio, the cost drivers, and the critical success factors of the industry. Furthermore, Fraport monitors the identifiable
trends among competitors and customers – such as airlines, passengers, and tenants – as well as in businesses outside of the
industry which have an impact on air traffic in general and airport operations in particular. Fraport aims to further develop and
expand the value-creating business fields that are already part of its operations. Moreover, Fraport is investing in business fields
and business ideas in which the company can build sufficient competencies in order to create value over the long term.
In addition to opportunity management by the business, service and central units of Fraport AG and the Group companies, Fraport
also draws on the expertise of the entire workforce. Using a variety of tools, such as Group idea management, the Digital Factory,
or the Plug and Play LLC network, Fraport aims to identify opportunities that are developed by the employees.
Business risks and opportunities
The following section explains the risks and opportunities that could have a substantial impact on the business operations or the
asset, financial, and earnings position and/or reputation of Fraport, as well as effects on its stakeholders. Unless specified other-
wise, the risks and opportunities described relate to all segments to varying extents (Aviation, Retail & Real Estate, Ground
Handling and International Activities & Services). Selected, non-substantial risks are indicated on a voluntary basis in order to
provide a comprehensive view of the risk situation.
Fraport AG is the parent company of the Fraport Group and comprises all of the described segments above. Therefore, it is also
directly or indirectly subject to the risks and opportunities described.
The following table describes the substantial and other selected individual risks and opportunities:
Opportunities
•
Sustained easing of supply chain bottlenecks and the European gas and electricity market may lead to better-than-expected economic
development and have a positive impact on demand for air travel.
A weak euro could keep European goods cheap internationally and thus provide a positive impulse for the export economy, from which
Frankfurt Airport could particularly benefit as a hub. Moreover, the weak euro could provide incentives for incoming traffic of international
passengers.
Market, competitive and regulatory risks and opportunities
In addition to demand in and level of attractiveness of its domestic market, the competitive situation and attractive infrastructure, the success of
an international airport depends on its airline customer structure and the associated global and dense route network, as well as the connectivity
between demand markets.
Risks
•
•
•
•
•
•
•
•
•
•
The Russia-Ukraine war could partly result in sustained reductions in demand
and supply due to rising energy costs.
Rising crude oil and thus kerosene prices could result in higher airfares and an
associated dip in air travel demand. If competition is intense, increasing crude
oil prices could lead to payment difficulties for less solvent airlines, with a
resulting drop in supply.
The current political discussion around reducing short-haul traffic could prompt
a shift to alternative transportation other than aircrafts, which would hamper de-
mand for flights. Passengers who cannot or do not want to use alternative
transportation could switch to using foreign airports and Frankfurt Airport would
subsequently lose such customers.
Discussions surrounding climate protection could produce a long-term shift in
travel behavior and lead to a reduction in air travel.
Political and regulatory decisions at the regional, national and European levels
will continue to affect the aviation sector. Climate protection and noise reduc-
tion requirements and associated taxes and charges could drive up the cost of
air travel, and typically involve unilateral action on the market and on competi-
tion in international air traffic. Stronger targets under the European Union’s
Green Deal (Fit for 55) and the upcoming review of the Emission Trading Di-
rective will place an increased burden on European sites compared to other
sites. If the measures are not designed to be neutral in a competition context,
there is a risk of structural competitive disadvantages for German and Euro-
pean air traffic.
Decisions on fleet locations, modified routes and fleet developments, as well
as changing customer preferences for source and destination markets when
choosing airlines and airports could have a detrimental effect on Fraport.
The creation of new or further development of existing hub systems in the
Middle East and at the new Istanbul Airport will increase supply and potentially
result in a shift in global transfer passenger flows after a recovery in air travel.
The tight financial situation of the airlines as a result of the coronavirus pan-
demic could lead to further insolvencies and thus to market consolidations. The
resulting drop in supply could further weigh on the passenger growth forecast.
The increased use of digital communication media in the wake of the corona-
virus pandemic could lead to a stronger than expected decline in demand for
business travel.
Measures
•
Continuous market monitoring
and analysis of early warning
indicators to identify and ad-
dress potential changes and
trends in travel and cargo flows
in a timely manner
Balanced, demand-oriented
expansion planning at Group
airports in order to remain
competitive in the long term
Attractive remuneration
structures
Strengthening cooperation with
key customers at Group airports
Strengthening cooperation with
Deutsche Bahn and Lufthansa
to ensure an attractive intermo-
dality offer at Frankfurt Airport
Implementation of climate
protection measures and
sustainability program
Active participation in industry-
related associations
•
•
•
•
•
•
Trend →
Risk
assessment:
substantial
123
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
113
•
•
Demographic changes as well as the reorientation of the workforce during the
pandemic caused a considerable labor shortage in the aviation sector.
The situation could also worsen in the long term, given the decline in migration
of EU citizens to Germany. Staff shortages in the air transport industry can
have a negative impact on operational service delivery and consequently on
the expected business development.
Terror attacks and hot spots of unrest could affect demand for specific travel
destinations.
Opportunities
•
Now that the coronavirus pandemic is over, there is a high demand among consumers for tourist air travel. The opening of international
markets may also lead to stronger than expected catch-up effects in business travel.
Previous development cycles in air traffic show that market turbulence only temporarily burdens the upward development of global air
traffic. Long-term forecasts continue to assume growing demand in global air traffic.
•
• Market exits of airlines lead to a concentration of established airlines at the larger German airports, from which transfer traffic at Frankfurt
Airport could benefit.
High-quality connections to the Deutsche Bahn rail network at the Frankfurt site ensure demand from transfer traffic within Germany even
if air traffic is shifted to rail, and this is a major competitive advantage. Improvements to the intermodal product such as end-to-end ticket-
ing and end-to-end baggage transport can strengthen rail feeder traffic and have a positive impact on Frankfurt Airport's catchment area.
Capacity increases at the Group airports are being implemented or have been completed, which will result in improved quality for airlines
and greater passenger satisfaction and will enable the Group to benefit more than expected from long-term growth in the air traffic market.
A possible liberalization of air traffic rights could open new markets for air traffic and expand existing markets.
International harmonization of regulatory measures that have so far distorted competition, such as the German air traffic tax, would reduce
such disadvantageous distortions.
There is a chance that airlines will further expand their intercontinental fleet in Frankfurt due to the good existing feeder service,
intermodality, and cargo demand, thereby strengthening passenger and cargo traffic.
Digitalization and innovations offer new opportunities to improve processes, raise efficiency, and increase customer satisfaction.
•
•
•
•
•
•
Further development of the coronavirus pandemic
Risks
•
The further traffic development in Frankfurt and at Group airports continues to
be subject to uncertainty given possible travel restrictions stemming from the
pandemic.
A renewed increase in the number of coronavirus infections worldwide could
lead to local restrictions on public life, production limitations and further supply
chain bottlenecks, which would also have a direct impact on traffic at Frankfurt
Airport and the Group airports.
In the unlikely event of the emergence of virus variants with a high mortality
rate, the recovery of passenger numbers and the positive development of traffic
in Frankfurt and at the Group airports could be greatly inhibited.
Measures
•
•
Close coordination with health
authorities, airports and aviation
associations
Close cooperation with airlines
and authorities to secure and
strengthen air traffic including
safeguarding provisions
Trend ↓
Risk
assessment:
considerable
Opportunities
•
Catch-up effects could prompt an accelerated recovery in tourist travel demand sooner than expected for trips that have been postponed
so far.
A lifting of travel restrictions in China in the near term could ensure a speedy recovery in traffic and a quicker return to intercontinental
transfer flows
•
•
•
124
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
113
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Demographic changes as well as the reorientation of the workforce during the
pandemic caused a considerable labor shortage in the aviation sector.
The situation could also worsen in the long term, given the decline in migration
of EU citizens to Germany. Staff shortages in the air transport industry can
have a negative impact on operational service delivery and consequently on
the expected business development.
Terror attacks and hot spots of unrest could affect demand for specific travel
destinations.
Opportunities
Now that the coronavirus pandemic is over, there is a high demand among consumers for tourist air travel. The opening of international
markets may also lead to stronger than expected catch-up effects in business travel.
Previous development cycles in air traffic show that market turbulence only temporarily burdens the upward development of global air
traffic. Long-term forecasts continue to assume growing demand in global air traffic.
• Market exits of airlines lead to a concentration of established airlines at the larger German airports, from which transfer traffic at Frankfurt
Airport could benefit.
High-quality connections to the Deutsche Bahn rail network at the Frankfurt site ensure demand from transfer traffic within Germany even
if air traffic is shifted to rail, and this is a major competitive advantage. Improvements to the intermodal product such as end-to-end ticket-
ing and end-to-end baggage transport can strengthen rail feeder traffic and have a positive impact on Frankfurt Airport's catchment area.
Capacity increases at the Group airports are being implemented or have been completed, which will result in improved quality for airlines
and greater passenger satisfaction and will enable the Group to benefit more than expected from long-term growth in the air traffic market.
A possible liberalization of air traffic rights could open new markets for air traffic and expand existing markets.
International harmonization of regulatory measures that have so far distorted competition, such as the German air traffic tax, would reduce
such disadvantageous distortions.
There is a chance that airlines will further expand their intercontinental fleet in Frankfurt due to the good existing feeder service,
intermodality, and cargo demand, thereby strengthening passenger and cargo traffic.
Digitalization and innovations offer new opportunities to improve processes, raise efficiency, and increase customer satisfaction.
Further development of the coronavirus pandemic
The further traffic development in Frankfurt and at Group airports continues to
be subject to uncertainty given possible travel restrictions stemming from the
Close coordination with health
authorities, airports and aviation
Measures
•
•
associations
Close cooperation with airlines
and authorities to secure and
strengthen air traffic including
safeguarding provisions
Trend ↓
Risk
assessment:
considerable
A renewed increase in the number of coronavirus infections worldwide could
lead to local restrictions on public life, production limitations and further supply
chain bottlenecks, which would also have a direct impact on traffic at Frankfurt
Airport and the Group airports.
In the unlikely event of the emergence of virus variants with a high mortality
rate, the recovery of passenger numbers and the positive development of traffic
in Frankfurt and at the Group airports could be greatly inhibited.
Catch-up effects could prompt an accelerated recovery in tourist travel demand sooner than expected for trips that have been postponed
A lifting of travel restrictions in China in the near term could ensure a speedy recovery in traffic and a quicker return to intercontinental
Risks
pandemic.
Opportunities
so far.
transfer flows
125
Fraport Annual Report 2022 114 Drainage for the parallel runway system Risk • In the event of evidence of de-icing substances in the groundwater, the upper water authority could impose a requirement for a qualified drainage system for the parallel runway system at Frankfurt Airport and issue a corresponding water law order. Measures • Continuous groundwater monitoring and regular measurements to verify compliance with limit values • Regular review of the composi-tion of the de-icing agents used as well as the operational processes Trend → Risk assessment: substantial Operational risks and opportunities Risks and opportunities from capital expenditure projects at the Frankfurt Airport Capital expenditure on construction at Frankfurt Airport is divided into two separate programs: “FRA-Nord” for projects in existing infrastructure and “Ausbau Süd” for projects to expand or create capacity. The “Ausbau Süd” project, in particular the construction of the new Terminal 3, continues to progress stably within the schedule despite a challenging market situation for construction services (see also chapter “Key Sites”). Strained supply chains and limited material availability can partly be countered with a forward-looking procurement strategy. Nevertheless, the following risks exist: Risks Risks could arise from the following developments in particular: • Increase in construction costs • Supplier bankruptcies • Insolvencies • Scheduling delays • External influences from the public, the environment, politics, technological changes, engineering practices, alternative engineering methods within the scope of building permits, or other requirements • Restrictions due to the coronavirus pandemic, such as the availability of resources • Changes in requirements related to new market conditions after resolution of the coronavirus pandemic Measures • Monitoring measures to enable timely countermeasures • Active market development and consistent change management to counter increases in costs Trend → Risk assessment: substantial Opportunities The following developments could have a favorable impact on capital expenditure projects: • Greater competition in the procurement market due to weakening demand could dampen price increases • Execution of construction work on existing infrastructure (FRA-Nord) during low passenger volumes without affecting operating processes at Frankfurt Airport • Capacity expansion to ensure the ability to cope with the expected long-term growth of the air traffic market Risks and opportunities from investments and projects (Segment International Activities and Services) Risks The following factors could cause a downward trend in foreign airport operator projects: • Unforeseen official intervention in local tariff, tax, and levy structure • Environmental requirements and social conditions • Country, market, political, and foreign exchange risks which can lead to a significant impairment of the future earnings outlook or increase expenses up to a total loss of the investment • Economic sanctions in response to political conflicts with financial implications for investments • Political instability in the respective concession countries • Exceeding construction budgets for airport expansion programs and/or failure to meet completion dates under the corresponding concession agreements Measures • Collaboration with experienced local partners • Non- or limited-recourse project financing • Investment protection insurance • Monitoring measures to enable timely countermeasures Trend → Risk assessment: substantial Opportunities • Fraport achieves growth in international business through the profitable development of existing sites and the acquisition of new invest-ments and concessions. In this process, Fraport aims to contribute its expertise in the long term wherever growth and/or optimization potential with good business opportunities is detected. The broad diversification of the investments creates opportunities compared to focusing on one site. • Implementation of infrastructure programs at multiple Group sites to boost capacity and quality of service • Group airports with a strong focus on tourist traffic could return to the old growth path in terms of traffic development faster than expected In the expansion project at Jorge Chávez Airport in Lim (Peru) operated by Lima Airport Partners (LAP), the construction measures for the airside expansion of the airport have now been completed. For the construction of the new passenger terminal, LAP has commissioned a construction consortium which, as general contractor, will take over the EPC services (engineering, procurement, construction) that are com-monly used within the industry including all planning, procurement, and construction measures. Project financing for the ongoing infrastructure and expansion measures was concluded in December 2022. Potential risks remain due to the size, complexity, and duration of the expansion project. However, compared to the previous year, these are assessed as “moderate” as of the balance sheet date (previous year: “substan-tial”). For risks from developments in Peru in the fiscal year 2023, please see the section “Events after the Balance Sheet Date”. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
126
Fraport Annual Report 2022 115 Personnel risks and opportunities Risks • Loss of know-how resulting from crisis-related staff loss and downsizing • Staff loss due to reduced salary development (emergency collective agreement, inflation) • More difficult recruitment due to current labor market conditions • Training periods for the recruitment of less qualified workers and thus later availability • Staff shortages in the air transport industry can have a negative impact on operational service delivery and consequently on the expected business development. Measures • Reorganization and process optimization within the scope of “Zukunft FRA – Relaunch 50” • Centralized monitoring of per-sonnel management measures • Temporary granting of labor market allowances for staff recruitment, incentives through above-tariff remuneration schemes • Improving employer attractive-ness through modern work formats Trend → Risk assessment: moderate Opportunities • Weakening economy could have a relaxing effect on the labor market and positive impact on recruitment opportunities • Increased appeal through modern collaboration models and flatter governance structure as part of the strategic program “Zukunft FRA – Relaunch 50” Additional provision ZVK For the purpose of granting a company pension under the mandatory insurance scheme based on collective bargaining agreement, Fraport AG is a member of the “Zusatzversorgungskasse Wiesbaden (ZVK)”. The current allocations and restructuring funds are used for the current pension payments (solidarity model). If the requirement for work performance declines, in addition to the demographic development, the number of employees for whom levies and restructuring charges are paid will decrease. Thus, the funding shortfall will grow continuously in the company pension plan. This increases the risk that the ZVK will demand compensation payments from Fraport to make up for the gaps in coverage. Measures • Discussions with the ZVK about different solution approaches Trend → Risk assessment: substantial Risks of exceptional incidents Risks • Business interruptions due to exceptional local events such as terrorist attacks, accidents, fires, drone flights, technical malfunctions, actions by climate activists, or strikes • Impact on national and international air traffic caused by natural disasters, extreme weather conditions, armed conflicts, and pandemics Measures • Implementation of a local central crisis team • Local plans to maintain critical business and operating processes (business continuity and emergency teams) • Safety management system • Drone detection technology and drone defense tests • Property and business interruption insurance Trend → Risk assessment: considerable Cyber risks Risk • Serious business disruption due to a severe IT system failure or substantial loss of data as a result of cyberattacks, computer viruses, or hacker attacks • Rise in threat level according to increased number of warnings from the German Federal Office for Information Security Measures • Redundant implementation of relevant IT infrastructure • Preventative IT security management to protect business-critical IT systems • IT security policy and IT security guidelines • Established emergency process with defined roles and competencies • Interregional collaboration to develop uniform security standards for IT environments • Compliance with IT security re-quirements is checked regularly by Internal Auditing, IT security management or external advisors Trend ↑ Risk assessment: substantial To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 127
Fraport Annual Report 2022 116 Financial risks and opportunities “Risk report“ in accordance with section 289 (2) no. 1 HGB and section 315 (2) no. 1 HGB Interest rate risks • In particular occurring from the capital requirements for capital expenditure and from existing floating interest rate financial liabilities and assets • Future interest rate increases may have a greater impact than expected on the planned refinancing measures • Increased interest expenses from the valuation of long-term provisions • Risk of a negative market value of the interest rate hedging instruments due to a decline in market interest rate, if interest rate derivatives are concluded to hedge interest rates where, in exceptional cases, the underlying transaction failed to materialize or has ceased to exist Measures • Fixed interest rate agreements for most financial debt Trend ↑ Risk assessment: considerable Foreign currency risks • Planned revenue not covered by expenses in matching currencies • Change compared to previous year due to increased foreign currency volume in the planning period mainly as a result of airport expansion programs at foreign Group companies Measures • Ongoing sale of currencies not covered by matching currencies or conclusion of forward (exchange) transactions Trend ↑ Risk assessment: moderate Credit risks • Primary and derivative financial instruments with a positive fair value and the risk that the counterparty will be unable to meet the obligations that are advantageous for Fraport • In addition to rated investments, investments in unrated bonds are possible in individual cases within strictly defined limits Measures • Acquisition of financial assets and conclusion of derivatives only with issuers and counter-parties rated at least “BBB–” • Issuer ratings are regularly re-viewed to enable any necessary decisions on further dealings with the financial asset or derivative. • Investments in unrated bonds are continuously indicated in the reporting. • Limit caps are adjusted, if necessary, to reflect changes in creditworthiness Trend → Risk assessment: low Other price risks • The market valuation of financial assets is subject to market fluctuations that do not affect cash flow • The market valuation of derivative financial instruments at fair value is subject to fluctuations Measures • Financial assets with a fixed term are assumed to be subject only to temporary market fluctu-ations that reverse automati-cally by the end of the product terms because the full nominal amount is repaid Trend → Risk assessment: low Other financial risks • Risks for the asset, financial, and earnings position of Fraport may arise from the current financial market situation and its effects on the overall economy, particularly on liquidity and other bank lending practices Measures • “Reserve financing” strategy to guarantee financing, such as for upcoming capital expenditure and repayments. • The amount of funds from the strategic liquidity reserve is continuously monitored and, if necessary, replenished in the event of reduction • Due to sufficiently secured inventory financing, the risk assessment decreases. Trend ↓ Risk assessment: low Opportunities • Favorable exchange rate and interest rate developments could improve the Group’s financial result. Accordingly, exchange rate effects from the conversion of results that are not denominated in euros into the functional currency of the Group (the euro) could have a positive impact on the financial result • Overall, Fraport expects to be able to take advantage of favorable developments in the financial markets 115 Personnel risks and opportunities Risks • Loss of know-how resulting from crisis-related staff loss and downsizing • Staff loss due to reduced salary development (emergency collective agreement, inflation) • More difficult recruitment due to current labor market conditions • Training periods for the recruitment of less qualified workers and thus later availability • Staff shortages in the air transport industry can have a negative impact on operational service delivery and consequently on the expected business development. Measures • Reorganization and process optimization within the scope of “Zukunft FRA – Relaunch 50” • Centralized monitoring of per-sonnel management measures • Temporary granting of labor market allowances for staff recruitment, incentives through above-tariff remuneration schemes • Improving employer attractive-ness through modern work formats Trend → Risk assessment: moderate Opportunities • Weakening economy could have a relaxing effect on the labor market and positive impact on recruitment opportunities • Increased appeal through modern collaboration models and flatter governance structure as part of the strategic program “Zukunft FRA – Relaunch 50” Additional provision ZVK For the purpose of granting a company pension under the mandatory insurance scheme based on collective bargaining agreement, Fraport AG is a member of the “Zusatzversorgungskasse Wiesbaden (ZVK)”. The current allocations and restructuring funds are used for the current pension payments (solidarity model). If the requirement for work performance declines, in addition to the demographic development, the number of employees for whom levies and restructuring charges are paid will decrease. Thus, the funding shortfall will grow continuously in the company pension plan. This increases the risk that the ZVK will demand compensation payments from Fraport to make up for the gaps in coverage. Measures • Discussions with the ZVK about different solution approaches Trend → Risk assessment: substantial Risks of exceptional incidents Risks • Business interruptions due to exceptional local events such as terrorist attacks, accidents, fires, drone flights, technical malfunctions, actions by climate activists, or strikes • Impact on national and international air traffic caused by natural disasters, extreme weather conditions, armed conflicts, and pandemics Measures • Implementation of a local central crisis team • Local plans to maintain critical business and operating processes (business continuity and emergency teams) • Safety management system • Drone detection technology and drone defense tests • Property and business interruption insurance Trend → Risk assessment: considerable Cyber risks Risk • Serious business disruption due to a severe IT system failure or substantial loss of data as a result of cyberattacks, computer viruses, or hacker attacks • Rise in threat level according to increased number of warnings from the German Federal Office for Information Security Measures • Redundant implementation of relevant IT infrastructure • Preventative IT security management to protect business-critical IT systems • IT security policy and IT security guidelines • Established emergency process with defined roles and competencies • Interregional collaboration to develop uniform security standards for IT environments • Compliance with IT security re-quirements is checked regularly by Internal Auditing, IT security management or external advisors Trend ↑ Risk assessment: substantial To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 128
Fraport Annual Report 2022 117 Legal and compliance risks Risk Changes in national and international laws and regulations, violations of laws and regulations with a negative financial impact: • Changes in aviation law, the German Federal Police Act, planning and environmental law, security-related regulations, general regulations under capital market law, antitrust law, data protection law, and labor law as well as any legal restrictions under sanctions • Corruption, fraud, or financial manipulation • Antitrust violations • Changes to tax regulations, case law, and different interpretations of existing tax regulations with an adverse impact on the tax positions on the statement of financial position and the income statement Risk increase due to the rising number of regulations and requirements with possible effects on business activities. Measures • Continuous analysis of legal changes for timely identification of and response to potential negative changes • Implementation and expansion of a Group-wide compliance organization • Group Guideline on the Compli-ance Management System • Further development of the centralized ICS • Code of Conduct • Whistleblower system • Continuous monitoring of tax changes • Regular dialog with tax authorities Trend ↑ Risk assessment: considerable Opportunities • Legal or tax-related changes or court decisions with positive effects on Fraport Group’s operations and financial indicators Overall assessment of risks and opportunities by the company management Fraport consolidates and aggregates all risks and opportunities reported by the various company units and Group companies that are reported within the context of the quarterly risk analysis process. Furthermore, the Group’s risks and opportunities are regularly discussed and assessed at the Executive Board level and within the context of the regular planning processes. The overall risk situation in fiscal year 2022 has improved mainly due to the development of the coronavirus pandemic, although opposing effects resulting from rising energy costs and increasing interest rates may have an impact on future business development (see trend developments described above). According to the opinion of the Executive Board, the development of an existential threat due to the individual risks described above or a combination of these seems to be highly unlikely, in view of projections for future devel-opments in the Fraport Group. The Executive Board firmly believes that the strong liquidity and earning situation of the Group provide a solid foundation for future business development and the resources necessary to effectively pursue and capitalize on opportunities arising for the Group. Further development of the risk management system As part of the continuous development and improvement of the risk management system, a methodology for analyzing human rights-related and environmental risks in the company's own business and at direct suppliers was developed and integrated into the risk management process. In particular, the provisions of the Act on Corporate Due Diligence Obligations in Supply (LkSG) were complied with. The risk analysis required by the LkSG will be carried out once a year starting from fiscal year 2023 onwards, as well as on an ad-hoc basis if a greatly changed or expanded risk situation in the supply chain is to be expected. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 129
Fraport Annual Report 2022 118 Information on the accounting-related internal control system in accordance with section 289 (4) HGB and section 315 (4) HGB The accounting-related internal control system of the Fraport Group monitors compliance with the generally accepted accounting principles and legal requirements. It is based on the framework of the Committee of the Sponsoring Organizations of the Treadway Commission (COSO). In terms of the accounting process of Fraport AG, the company regards the internal control and risk management system as a process that is embedded in the company-wide internal control and risk management system. Fraport AG prepares its own sep-arate financial statements in accordance with German commercial and stock market regulations. The process of preparing the financial statements of Fraport AG is laid down in a schedule detailing each individual step, including deadlines and responsibilities. Group Accounting monitors the progress and is schedule assisted by a system. In order to ensure standardized procedures, important operational processes of the sub-ledgers (accounts payable, accounts receivable, asset ac-counting, treasury, accounting of the decentralized departments) and general ledger have been documented in policies, process descriptions, manuals, and guidelines. Fraport AG uses the SAP ECC 6.0 system for its accounting. Accounting-related internal controls are carried out, where possible, in the SAP ECC 6.0 system. Manual application and monitoring controls are carried out during the operational accounting pro-cesses in the sub-ledgers. A dual control method is implemented when preparing the financial statements of the general ledger, and subsequent mainly manual monitoring controls are carried out additionally for the purpose of ensuring the completeness and accuracy of items recognized in the sub-ledgers. The tax department calculates and posts taxes on income, and performs manual application and monitoring controls. Segregation of duties are implemented in the departments involved in the accounting process on a system, personnel, and organizational level. An SAP authorization concept for Fraport AG is used for issuing and administering access authorization for accounting-related systems. Group accounting at Fraport is basically organized on a decentralized basis. Reconciliation of the local individual financial state-ments (commercial balance sheet I) of the parent company and subsidiaries, joint ventures, and associated companies to the individual financial statements (commercial balance sheet II) prepared in accordance with uniform Group accounting policies is carried out decentrally by the companies. To ensure uniform Group accounting and measurement Fraport has developed an IFRS Group accounting guideline on the basis of which the companies included in the consolidated financial statements reconcile commercial balance sheet I to commercial balance sheet II. The effectiveness and accuracy of the Group accounting process is confirmed by the companies included in the consolidated financial statements in the context of an internal Group declaration of completeness. Wherever possible, accounting-related internal controls are carried out in SAP BPC. Access authorizations at the level of the consolidated companies are assigned and managed centrally at Fraport AG on the basis of a user authorization concept. Manual application and monitoring controls, particularly with regard to the completeness and quality of the reporting data, are carried out as part of the operational accounting processes in Group accounting. The effectiveness of the internal control system is reviewed annually by performing a control self-assessment. The consolidated financial statements are prepared by the Group Accounting department of Fraport AG. The Group financial statement process is described in detail in a flow chart which contains the individual process steps with dates and responsibilities. The progress of the process as well as reporting deadlines and the completeness of the Group reporting system are monitored by the Group Accounting department. The notes to the consolidated financial statements are prepared as part of the consolidated financial statement process by the Group Accounting department. Where necessary, the information in the notes to the consolidated financial statements is subse-quently checked by central or decentralized specialist departments after the notes to the consolidated financial statements have been prepared. 117 Legal and compliance risks Risk Changes in national and international laws and regulations, violations of laws and regulations with a negative financial impact: • Changes in aviation law, the German Federal Police Act, planning and environmental law, security-related regulations, general regulations under capital market law, antitrust law, data protection law, and labor law as well as any legal restrictions under sanctions • Corruption, fraud, or financial manipulation • Antitrust violations • Changes to tax regulations, case law, and different interpretations of existing tax regulations with an adverse impact on the tax positions on the statement of financial position and the income statement Risk increase due to the rising number of regulations and requirements with possible effects on business activities. Measures • Continuous analysis of legal changes for timely identification of and response to potential negative changes • Implementation and expansion of a Group-wide compliance organization • Group Guideline on the Compli-ance Management System • Further development of the centralized ICS • Code of Conduct • Whistleblower system • Continuous monitoring of tax changes • Regular dialog with tax authorities Trend ↑ Risk assessment: considerable Opportunities • Legal or tax-related changes or court decisions with positive effects on Fraport Group’s operations and financial indicators Overall assessment of risks and opportunities by the company management Fraport consolidates and aggregates all risks and opportunities reported by the various company units and Group companies that are reported within the context of the quarterly risk analysis process. Furthermore, the Group’s risks and opportunities are regularly discussed and assessed at the Executive Board level and within the context of the regular planning processes. The overall risk situation in fiscal year 2022 has improved mainly due to the development of the coronavirus pandemic, although opposing effects resulting from rising energy costs and increasing interest rates may have an impact on future business development (see trend developments described above). According to the opinion of the Executive Board, the development of an existential threat due to the individual risks described above or a combination of these seems to be highly unlikely, in view of projections for future devel-opments in the Fraport Group. The Executive Board firmly believes that the strong liquidity and earning situation of the Group provide a solid foundation for future business development and the resources necessary to effectively pursue and capitalize on opportunities arising for the Group. Further development of the risk management system As part of the continuous development and improvement of the risk management system, a methodology for analyzing human rights-related and environmental risks in the company's own business and at direct suppliers was developed and integrated into the risk management process. In particular, the provisions of the Act on Corporate Due Diligence Obligations in Supply (LkSG) were complied with. The risk analysis required by the LkSG will be carried out once a year starting from fiscal year 2023 onwards, as well as on an ad-hoc basis if a greatly changed or expanded risk situation in the supply chain is to be expected. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 130
Fraport Annual Report 2022 119 The Corporate Finance and Investor Relations department is generally responsible for preparing the combined management report. This department consolidates the information provided by the specialist departments. Subsequent control of the consoli-dated information is performed by the specialist departments. Key sub-processes of the accounting process for the Group and Fraport AG, as well as the performed internal controls, are subject to scheduled audit by the Internal Audit department. Information on the central internal control system1) In addition to the accounting-related internal control system and the risk management system, the Fraport Group identifies, eval-uates, and manages strategic, operational, and compliance process risks as part of the central internal control system. To assess the design and effectiveness of the system, a control self-assessment (CSA) is carried out annually, analogous to the accounting-related internal control system. The primary objective of the CSA is to review the design and effectiveness of business process controls and to identify and report any control weaknesses in business processes. The knowledge gained is used, among others, for the continuous improvement and further development of the central internal control system. Quarterly reports on the current group-wide risk and opportunity situation are given at Executive Board meetings, and the result of the CSA of the central internal control system is presented annually. On the basis of these findings and any process-independ-ent audits, the Executive Board annually assesses the design and effectiveness of Fraport AG's risk management and central internal control system described above. The central Group Internal Audit performs process-independent audit activities on the risk management and central internal control systems. Audit reviews regularly provide information and findings on the central internal control system, which are to be remedied by measures taken by the REW-RS department together with the departments. The measures for findings from completed audit reviews are currently being processed. Based on the overall information, the Executive Board has no indication that the risk management system or the central internal control system were not adequate or effective as at December 31, 2022. Since inherent risks are subject to a probability of detection, a risk management or central internal control system that is judged to be adequate and effective cannot fully ensure complete coverage of all potential risks or exclusion of process violations of any kind. The Finance and Audit Committee of the Supervisory Board is systematically involved in monitoring the design and effectiveness of the risk management and central internal control system. It receives a semi-annual report on the current risk and opportunity situation and an annual report on the results of the CSA of the central internal control system. 1) The statements in this section are "non-management report disclosures" that are not subject to the content audit of the management report by the external auditor. The reason for this is that these disclosures go beyond the statutory obligations. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 120
Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2022
Outlook Report
Note on forecasts
The business outlook assumes that the domestic and international economy and air traffic will not be impaired by external shocks
such as terror attacks, wars, further pandemics, natural disasters, or substantial turbulence on the financial markets. They are
based on the IFRS accounting standards to be applied in the EU at the beginning of the 2023 fiscal year (see also Group notes,
note 4).
The “Risk and opportunities report” covers risks and opportunities that are not factored into the business outlook and that may
result in significant negative or positive changes to the forecasted development.
General statement by the Executive Board
Despite increased geopolitical uncertainties, the Executive Board expects an overall positive development of the global economy
and global trade in the 2023 fiscal year. Based on this assumption, the Executive Board expects a continued high desire to travel
and consequently an evident demand for air travel. For Frankfurt Airport, the Executive Board therefore expects passenger num-
bers in the range of more than 80% to around 90% of the 2019 level.
Compared to the 2022 fiscal year, which was still affected by the coronavirus pandemic at the beginning of the year, this represents
clear growth. The Executive Board also forecasts positive traffic development for the Group airports.
The Executive Board assumes that the positive business development will have an increasing effect on the Group's revenue and
profit development. The Executive Board expects a further recovery of the Group EBITDA towards the pre-crisis level and fore-
casts a range between approximately €1,040 million and approximately €1,200 million. In 2019, the Group EBITDA was
€1,180.3 million. A Group result of between around €300 million and about €420 million is expected. The ROFRA is forecasted to
remain approximately at the same level as 2022. Due to ongoing expansion measures, the free cash flow will again be negative
in the mid three-digit million euro range in 2023 and will have an increasing effect on the net financial debt. Due to the positive
development of Group EBITDA that is expected, the net financial debt to EBITDA ratio is forecasted to be approximately at the
level of 2022. Despite comprehensively planned financing measures, Group liquidity is expected to come in slightly below the
level of 2022. This is against the background of negative free cash flow.
The Executive Board continues to project a stable financial situation for the Fraport Group over the forecast period.
For the significant non-financial performance indicators, the Executive Board expects at least stable to slightly better values com-
pared to 2022.
According to the opinion of the Executive Board, the development of an existential threat due to the individual risks described in
the “Risk and Opportunity Report” chapter or a combination of these seems to be highly unlikely, in view of projections for future
developments in the Fraport Group. In the forecast period, the Executive Board does not foresee any acquisitions or disposals of
companies, or increases or reductions in shareholdings.
Business outlook
Forecasted situation of the Group for 2023
Development of structure
Effective January 1, 2023, FraSec Fraport Security Services GmbH transferred in a second step 25% of the shares in FraSec
Aviation Security GmbH, formerly FraSec Luftsicherheit GmbH, to the Dr. Sasse Group. As a result of this transfer, the Dr. Sasse
Group holds a 51% majority stake in FraSec Aviation Security GmbH. In addition, at the start of the 2023 fiscal year, Fraport
assumed management of the aviation security checks at the Frankfurt site. This will have an impact on the asset, financial, and
earnings position of the Fraport Group, in particular the Aviation segment. When preparing the Outlook Report, the Executive
131
Fraport Annual Report 2022 119 The Corporate Finance and Investor Relations department is generally responsible for preparing the combined management report. This department consolidates the information provided by the specialist departments. Subsequent control of the consoli-dated information is performed by the specialist departments. Key sub-processes of the accounting process for the Group and Fraport AG, as well as the performed internal controls, are subject to scheduled audit by the Internal Audit department. Information on the central internal control system1) In addition to the accounting-related internal control system and the risk management system, the Fraport Group identifies, eval-uates, and manages strategic, operational, and compliance process risks as part of the central internal control system. To assess the design and effectiveness of the system, a control self-assessment (CSA) is carried out annually, analogous to the accounting-related internal control system. The primary objective of the CSA is to review the design and effectiveness of business process controls and to identify and report any control weaknesses in business processes. The knowledge gained is used, among others, for the continuous improvement and further development of the central internal control system. Quarterly reports on the current group-wide risk and opportunity situation are given at Executive Board meetings, and the result of the CSA of the central internal control system is presented annually. On the basis of these findings and any process-independ-ent audits, the Executive Board annually assesses the design and effectiveness of Fraport AG's risk management and central internal control system described above. The central Group Internal Audit performs process-independent audit activities on the risk management and central internal control systems. Audit reviews regularly provide information and findings on the central internal control system, which are to be remedied by measures taken by the REW-RS department together with the departments. The measures for findings from completed audit reviews are currently being processed. Based on the overall information, the Executive Board has no indication that the risk management system or the central internal control system were not adequate or effective as at December 31, 2022. Since inherent risks are subject to a probability of detection, a risk management or central internal control system that is judged to be adequate and effective cannot fully ensure complete coverage of all potential risks or exclusion of process violations of any kind. The Finance and Audit Committee of the Supervisory Board is systematically involved in monitoring the design and effectiveness of the risk management and central internal control system. It receives a semi-annual report on the current risk and opportunity situation and an annual report on the results of the CSA of the central internal control system. 1) The statements in this section are "non-management report disclosures" that are not subject to the content audit of the management report by the external auditor. The reason for this is that these disclosures go beyond the statutory obligations. To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Combined Management Report / Outlook Report
121
Board did not expect any changes to the Group structure that will have a substantial impact on the asset, financial, and earnings
position.
Development of competitive position and future markets
Fraport is continuously developing its business activities and Group sites as part of the strategic objective “Growth in Frankfurt
and internationally”, (see also the “Strategy” chapter). Among other things, the commissioning of the new runway in Lima is
planned for 2023, which will strengthen the competitive position of the site in the long term. Fraport continues its aim to market its
airport expertise around the world and participate in the appeal of new markets. In this respect, Fraport selectively assesses
whether to participate in international tenders.
Development of the strategy and control system
In view of the economic situation arising from the coronavirus pandemic, Fraport will continue to implement measures derived
from the Group strategy in fiscal 2023. The business segments and Group companies continue to work intensively to position
Fraport successfully in the competitive environment in the long term. In 2023, Fraport will update the materiality matrix with the
involvement of all stakeholders. Depending on the results, the Executive Board will adjust the Group's strategy and the resulting
control system.
As described in the “Control system” chapter, the Executive Board will focus on the financial and non-financial performance indi-
cators forecasted in this chapter.
The Executive Board does not expect any fundamental changes to the strategic focus of finance management in 2023.
Forecasted economic environment 2023
Development of the macroeconomic conditions
The global economic outlook for 2023 is subject to a high degree of uncertainty: the further course of the Ukraine war and the
associated economic consequences, as well as the future inflation dynamics and the resulting tightening measures of the central
banks determine the forecasts of the economic institutes. Only low growth rates or recessions are expected for a large part of the
developed economies. The International Monetary Fund expects much weaker global growth of 2.9% for the current year. World
trade is expected to reach 2.4% in 2023.
For the US economy, the International Monetary Fund expects an increase of 1.4% for 2023. Growth rates in emerging markets
are predicted to be higher than the values in industrialized countries, though projected trends within this group vary. Growth of
5.2% is forecasted for the Chinese economy. Overall expectations for the euro area stand at 0.7%. The German economy is
expected to stagnate.
The following GDP trends are expected in 2023 for countries with key Group sites: USA 1.4%, Slovenia 1.7%, Brazil 1.2%, Peru
2.6%, Greece 1.8%, Bulgaria 3.0%, Türkiye 3.0%.
Source: IMF (October 2022, January 2023), OECD (December 2022), Deutsche Bank Research (December 2022), Deka Bank (December 2022), Ifo Institute for
Economic Research (December 2022).
Development of the legal environment
At the time the consolidated annual financial statements were prepared, the Executive Board saw no changes in the legal envi-
ronment in fiscal year 2023 that could have substantial effects on the Fraport Group.
Development of the industry-specific conditions
Based on the expected development in general economic conditions and considering the financial situation of the airlines, IATA
anticipates global passenger growth of 21.1% in 2023 compared to the previous year, based on revenue passenger kilometers
(RPKs). This would represent a recovery of around 85% compared to the base year 2019. At the regional level, IATA assumes
the following year-on-year growth rates based on RPKs:
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Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2022
Forecasted Increase Revenue Passenger Kilometers 2023 versus 2019 by Region
Changes compared to the previous year in %
Worldwide
Europe
North America
Asia-Pacific
Latin America
Middle East
Africa
–14.5
–11.3
–2.8
–29.2
–4.4
–2.2
–13.7
The Airports Council International (ACI) expects a more positive development of European passenger traffic in 2023 and assumes
traffic to reach 91% of the pre-crisis level. The German Airports Association (ADV) also anticipates a clear recovery in travel
demand and forecasts that passenger arrivals at German airports in 2023 will reach 82% of the level in the pre-crisis year of 2019.
With travel restrictions largely lifted in the wake of the coronavirus pandemic, a strong increase in long-haul traffic to Asia is
expected. Despite inflation and increased ticket prices, the desire to travel will remain high in 2023. Business travel demand is
also expected to recover further.
Nevertheless, business travel will recover more slowly than leisure travel relative to 2019.
Source: IATA “Economic Performance of the Airline Industry” (October 2022), ACI Airport Traffic Forecast, ADV Press Release 18/2022.
Forecasted business development for 2023
The recovery phase at the Group airports continues to be positive with varying degrees of intensity. Airports with a strong focus
on tourism will recover disproportionately and in some cases will be above pre-crisis levels in 2023. Based on the current frame-
work conditions, the following passenger developments are expected in 2023.
The German population will still have a strong desire to fly in 2023. However, in addition to the private travel segment, the recovery
of passenger demand in Frankfurt is largely dependent on economic development and the recovery of business travel. Based on
the current demand dynamics, a further recovery in passenger numbers is expected in 2023. Overall, passenger numbers at
Frankfurt Airport in the 2023 fiscal year are expected to be over 80% up to about 90% of the 2019 level.
Positive traffic development is also expected at the international Group airports, as follows:
At the Ljubljana site, the Executive Board expects a volume of around three quarters of the passenger arrivals seen in 2019. A
further passenger recovery compared to the previous year is expected at Lima airport and at the Group airports in Fortaleza and
Porto Alegre. This means the respective passenger volumes are continuing to move towards the levels reached in 2019. At the
14 regional Greek airports, the passenger arrivals are expected to be around the same high level as the previous year. Passen-
ger volumes in Antalya will also continue to recover and move toward the pre-crisis level.
Depending on how the war in Ukraine progresses as well as geopolitical developments, changes to the outlook provided are
possible.
Forecasted results of operations for 2023
Although uncertainties remain in connection with the operational business development, the expected passenger developments
in 2023 will lead to an increase in Group revenue in the 2023 fiscal year. The traffic-related revenue growth is supported by price
developments of the charges at the Frankfurt site and at the key Group companies Lima, Fortaleza, and Porto Alegre, as well as
at Fraport Greece. On the cost side, the Executive Board also expects higher traffic-related expenses at the Frankfurt site as well
as rising concession charges at the Group company Lima and at Fraport Greece. Despite the recent easing on the European
energy markets, the Executive Board expects higher expenses from utility services in 2023 compared to 2022. Uncertainties
regarding the development of expenses exist in particular due to possible increases in collective bargaining costs at the Frankfurt
site, negotiations for which had not yet been concluded at the time the forecast was prepared. Exchange rate effects from the
conversion of the functional currencies of Group companies in Lima, Fortaleza, and Porto Alegre as well as Fraport USA into the
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Group currency, the euro, may also have a positive or negative impact on the earnings contribution from Group companies. The
largely earnings-neutral takeover of the management of aviation security controls at the Frankfurt site will also have the effect of
increasing revenue and expenses. In contrast, the at-equity inclusion of FraSec Aviation Security GmbH from January 1, 2023
will lead to a reduction in revenue and expenses.
Due to the traffic ranges and the aforementioned uncertainties in view of the development of expenses and income, the Executive
Board forecasts a Group EBITDA of between approximately €1,040 million and approximately €1,200 million. The Group result
is expected to be between about €300 million and up to about €420 million, with increasing depreciation and amortization as well
as an improvement in the financial result. This is mainly due to the discontinuation of the write-off of loan receivables in connection
with the St. Petersburg Airport commitment from 2022. The ROFRA is forecasted to be around the 2022 level.
In the context of the economic impact of the coronavirus pandemic, the Executive Board expects to again forego the distribution
of dividends for fiscal 2023.
Forecasted segment development for 2023
The planned traffic developments will have a positive impact on the revenue of the four Fraport segments. The Executive Board
expects EBITDA in the Aviation segment to exceed the level of 2019 and, depending on passenger development, to be up to
around €300 million. The Executive Board also expects an improvement in EBITDA in the Retail & Real Estate segment, which
will continue to develop toward pre-crisis levels. Despite volume and price-driven revenue growth, the Executive Board assumes
continued cost pressure to ensure quality in the Ground Handling segment. The Executive Board therefore expects segment
EBITDA to remain in negative territory in the 2023 fiscal year. Due to the discontinuation of one-off effects from the sale of the
investment in Xi'an Airport, which was consolidated at equity, as well as declining compensation effects in connection with the
coronavirus pandemic, the Executive Board expects a clear decline in segment EBITDA despite positive operating development
in the International Activities & Services segment, which is, however, expected to remain above the level of 2019. Adjusted for
the aforementioned special effects, segment EBITDA is expected to be roughly at the level of 2022.
Forecasted asset and financial position for 2023
Despite the traffic-related improvement in operating results, the Executive Board expects free cash flow to remain negative in
2023 due to ongoing expansion activities at the Frankfurt and Lima sites and is forecasted to be in the mid negative triple-digit
million euro range. The negative free cash flow will further increase net financial debt. Moreover, cash inflows and outflows in
connection with the Group companies as well as exchange rate effects will influence the development of net financial debt. De-
pending on the improvement in the operating result, the ratio of net financial debt to EBITDA is expected to be roughly at the
level of 2022, slightly above to slightly below. Group liquidity is projected to come out at a slightly lower level than in 2022,
primarily due to the negative free cash flow, despite plans for comprehensive financial measures.
Forecasted non-financial performance indicators for 2023
In the “Customer Satisfaction and Product Quality” category, the Executive Board expects an overall passenger satisfaction
score at Frankfurt Airport and a weighted overall satisfaction score for the Group of at least 80% for 2023. Accordingly, the
Executive Board has also set a target of 80% for the fully consolidated Group airports. The Executive Board expects baggage
connectivity to be at least 97.0%.
In the “Attractive and responsible employer” category, the next Group-wide survey to measure employee satisfaction will be
conducted in 2024. The goal for both the Group and Fraport AG is to exceed the figure for the same period in the previous year.
The Executive Board continues to attach great importance to women in management and expects a slight increase in the
proportion of women in management positions at all levels.
In the category of “Occupational Health and Safety,” in 2023 the Executive Board will again strive to hold the sickness rate in
Germany steady at least at the previous year’s level.
In the “Climate Protection” category, the Executive Board expects CO2 emissions for the Group and for Fraport AG in 2023 to be
roughly on a par with the previous year.
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124
Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2022
Group currency, the euro, may also have a positive or negative impact on the earnings contribution from Group companies. The
largely earnings-neutral takeover of the management of aviation security controls at the Frankfurt site will also have the effect of
increasing revenue and expenses. In contrast, the at-equity inclusion of FraSec Aviation Security GmbH from January 1, 2023
will lead to a reduction in revenue and expenses.
Due to the traffic ranges and the aforementioned uncertainties in view of the development of expenses and income, the Executive
Board forecasts a Group EBITDA of between approximately €1,040 million and approximately €1,200 million. The Group result
is expected to be between about €300 million and up to about €420 million, with increasing depreciation and amortization as well
as an improvement in the financial result. This is mainly due to the discontinuation of the write-off of loan receivables in connection
with the St. Petersburg Airport commitment from 2022. The ROFRA is forecasted to be around the 2022 level.
In the context of the economic impact of the coronavirus pandemic, the Executive Board expects to again forego the distribution
of dividends for fiscal 2023.
Forecasted segment development for 2023
The planned traffic developments will have a positive impact on the revenue of the four Fraport segments. The Executive Board
expects EBITDA in the Aviation segment to exceed the level of 2019 and, depending on passenger development, to be up to
around €300 million. The Executive Board also expects an improvement in EBITDA in the Retail & Real Estate segment, which
will continue to develop toward pre-crisis levels. Despite volume and price-driven revenue growth, the Executive Board assumes
continued cost pressure to ensure quality in the Ground Handling segment. The Executive Board therefore expects segment
EBITDA to remain in negative territory in the 2023 fiscal year. Due to the discontinuation of one-off effects from the sale of the
investment in Xi'an Airport, which was consolidated at equity, as well as declining compensation effects in connection with the
coronavirus pandemic, the Executive Board expects a clear decline in segment EBITDA despite positive operating development
in the International Activities & Services segment, which is, however, expected to remain above the level of 2019. Adjusted for
the aforementioned special effects, segment EBITDA is expected to be roughly at the level of 2022.
Forecasted asset and financial position for 2023
Despite the traffic-related improvement in operating results, the Executive Board expects free cash flow to remain negative in
2023 due to ongoing expansion activities at the Frankfurt and Lima sites and is forecasted to be in the mid negative triple-digit
million euro range. The negative free cash flow will further increase net financial debt. Moreover, cash inflows and outflows in
connection with the Group companies as well as exchange rate effects will influence the development of net financial debt. De-
pending on the improvement in the operating result, the ratio of net financial debt to EBITDA is expected to be roughly at the
level of 2022, slightly above to slightly below. Group liquidity is projected to come out at a slightly lower level than in 2022,
primarily due to the negative free cash flow, despite plans for comprehensive financial measures.
Forecasted non-financial performance indicators for 2023
In the “Customer Satisfaction and Product Quality” category, the Executive Board expects an overall passenger satisfaction
score at Frankfurt Airport and a weighted overall satisfaction score for the Group of at least 80% for 2023. Accordingly, the
Executive Board has also set a target of 80% for the fully consolidated Group airports. The Executive Board expects baggage
connectivity to be at least 97.0%.
In the “Attractive and responsible employer” category, the next Group-wide survey to measure employee satisfaction will be
conducted in 2024. The goal for both the Group and Fraport AG is to exceed the figure for the same period in the previous year.
The Executive Board continues to attach great importance to women in management and expects a slight increase in the
proportion of women in management positions at all levels.
In the category of “Occupational Health and Safety,” in 2023 the Executive Board will again strive to hold the sickness rate in
Germany steady at least at the previous year’s level.
In the “Climate Protection” category, the Executive Board expects CO2 emissions for the Group and for Fraport AG in 2023 to be
roughly on a par with the previous year.
Medium-term outlook
Over the medium term, a strong recovery in the global economy is expected, with a return to the previous growth track. After
successfully overcoming the coronavirus pandemic and lifting the travel restrictions, the demand for air travel is rising again. A
return to 2019 passenger levels in Frankfurt is expected roughly by 2026. Despite the increasing cost of living, the growth driver
internationally will continue to be private consumption, which generally supports high demand for air travel. Group airports will
also benefit from forecasted medium- to long-term global market growth and show positive traffic development (see also the
“Strategy” chapter).
The projected medium-term passenger recovery and additional forecasted growth in passenger numbers will have a positive
impact on the asset, financial, and earnings position of the Fraport Group. Against the backdrop of revenue-increasing price
effects and long-term operational efficiency measures, the Executive Board expects to reach and subsequently exceed the Group
EBITDA from the pre-crisis level of 2019 as early as 2023/2024.
As a result of the multi-year capital expenditure to expand capacity in Frankfurt and Lima, the free cash flow will remain well in
the negative range until 2024 and then recover noticeably. Due to this development, the Group's net financial debt will continue
to increase temporarily before decreasing from the 2025 fiscal year onwards. In particular, due to the expected improvement in
Group EBITDA, the net financial debt to EBITDA ratio will again approach the target value of five in the medium term.
Future capital expenditure obligations may be financed with debt instruments described above and cash flows from operations
(see also the “Financial management” and “Asset and financial position” chapters).
For the dividend payment, the Executive Board aims to resume a dividend policy in the medium term. Before the start of the
coronavirus pandemic, this was invested with a pay-out ratio of between 40% and 60% of the profit share of the shareholders of
Fraport AG as well as with a dividend that was at least stable compared to the previous year. The Executive Board plans to submit
a dividend distribution proposal to the AGM again once the net financial debt to EBITDA ratio approaches the target value of five.
The Executive Board continues to use the non-financial performance indicators to control the Group in the medium term (see also
the “Control system” chapter).
Frankfurt/Main, February 24, 2023
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof. Dr. Matthias Zieschang
Where the statements made in this document relate to the future rather than the past, they are based on a number of assumptions about future events and are subject
to a number of uncertainties and other factors, many of which are beyond the control of Fraport AG Frankfurt Airport Services Worldwide and which could have the
effect that the actual results will differ materially from these statements. These factors include, but are not limited to, the competitive environment in deregulated
markets, regulatory changes, the success of business operations, and a substantial deterioration in the underlying economic conditions in the markets in which Fraport
AG Frankfurt Airport Services Worldwide and its Group companies operate. Readers are cautioned not to rely to an inappropriately large extent on statements made
about the future.
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Consolidated Financial Statements / Consolidated Income Statement
125
Consolidated Income Statement
€ million
Revenue
Other internal work capitalized
Other operating income
Total revenue
Cost of materials
Personnel expenses
Depreciation and amortization
Other operating expenses
Operating result
Interest income
Interest expenses
Other financial result
Financial result
Result from ordinary operations
Taxes on income
Group result
Result from companies accounted for using the equity method
thereof profit attributable to non-controlling interests
thereof profit attributable to shareholders of Fraport AG
Earnings per €10 share in €
basic
diluted
EBITDA (= EBIT + depreciation and amortization)
EBIT (= operating result)
Notes
2022
2021
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(12)
(13)
(14)
(15)
(16)
3,194.4
39.9
139.3
3,373.6
–1,101.6
–1,036.7
–465.3
–205.5
564.5
53.0
–313.5
77.0
–147.1
–330.6
233.9
–67.3
166.6
34.2
132.4
1.43
1.43
1,029.8
564.5
2,143.3
38.0
354.6
2,535.9
–750.7
–884.3
–443.3
–143.9
313.7
43.8
–268.7
18.8
8.8
–197.3
116.4
–24.6
91.8
9.0
82.8
0.90
0.89
757.0
313.7
The Airport Brand You
Trust – Decarbonization
Master Plan
Fraport developed the Decarbonization Master Plan last year for a
comprehensive consideration and structuring of the measures for
decarbonization.
The master plan is derived from the scientific and legal boundary
conditions as well as the technical possibilities. In addition to the
description of specific measures, the Decarbonization Master Plan
provides orientation for dealing with subject areas.
Green power share grows – New photovoltaic system on Runway West
in vertical arrangement to affect vegetation area as little as possible.
Consolidated Financial Statements
for the 2022 Fiscal Year
137
Consolidated Income Statement
138
Consolidated Statement of Comprehensive Income
139
Consolidated Statement of Financial Position
141
Consolidated Statement of Cash Flows
142
Consolidated Statement of Changes in Equity
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Income Statement
125
Consolidated Income Statement
€ million
Revenue
Other internal work capitalized
Other operating income
Total revenue
Cost of materials
Personnel expenses
Depreciation and amortization
Other operating expenses
Operating result
Interest income
Interest expenses
Result from companies accounted for using the equity method
Other financial result
Financial result
Result from ordinary operations
Taxes on income
Group result
thereof profit attributable to non-controlling interests
thereof profit attributable to shareholders of Fraport AG
Earnings per €10 share in €
basic
diluted
EBITDA (= EBIT + depreciation and amortization)
EBIT (= operating result)
Notes
2022
2021
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(12)
(13)
(14)
(15)
(16)
3,194.4
39.9
139.3
3,373.6
–1,101.6
–1,036.7
–465.3
–205.5
564.5
53.0
–313.5
77.0
–147.1
–330.6
233.9
–67.3
166.6
34.2
132.4
1.43
1.43
1,029.8
564.5
2,143.3
38.0
354.6
2,535.9
–750.7
–884.3
–443.3
–143.9
313.7
43.8
–268.7
18.8
8.8
–197.3
116.4
–24.6
91.8
9.0
82.8
0.90
0.89
757.0
313.7
137
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
126
Consolidated Financial Statements / Consolidated Statement of Comprehensive Income
Fraport Annual Report 2022
Consolidated Statement of Comprehensive Income
€ million
Group result
Remeasurements of defined benefit pension plans
(Deferred taxes related to those items
Equity instruments measured at fair value
Other comprehensive income of companies accounted for using the equity method
(Deferred taxes related to those items
Items that will not be reclassified subsequently to profit or loss
Fair value changes of derivatives
Changes directly recognized in equity
realized gains (+)/losses (–)
(Deferred taxes related to those items
Debt instruments measured at fair value
Changes recognized directly in equity
realized gains (+)/losses (–)
(Deferred taxes related to those items
Currency translation of foreign subsidiaries
Changes recognized directly in equity
realized gains (+)/losses (–)
Income and expenses from companies accounted for using the equity method directly recognized in equity
Changes recognized directly in equity
realized gains (+)/losses (–)
(Deferred taxes related to those items
Items that will be reclassified subsequently to profit or loss
Other result
Comprehensive income
thereof attributable to non-controlling interests
thereof attributable to shareholders of Fraport AG
2022
166.6
11.0
–3.4
21.2
0.0
0.0
28.8
11.5
8.3
3.2
–1.0
–61.9
0.0
–61.9
19.2
51.6
0.0
51.6
0.0
33.4
–33.4
0.0
–22.3
6.5
173.1
39.4
133.7
2021
91.8
6.5
–2.0)
4.6
0.1
0.0)
9.2
6.2
0.1
6.1
–1.6)
–3.8
0.0
–3.8
1.2)
33.4
0.0
33.4
14.0
0.0
14.0
0.0)
49.3
58.5
150.3
16.0
134.3
138
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Financial Position
127
Consolidated Statement of Financial Position
Assets
€ million
Non-current assets
Goodwill
Investments in airport operating projects
Other intangible assets
Property, plant, and equipment
Investment property
Investments in companies accounted for using the equity method
Other financial assets
Other financial receivables and assets
Other non-financial receivables and assets
Deferred tax assets
Current assets
Inventories
Trade accounts receivable
Other current financial assets
Other current financial receivables and assets
Other current non-financial receivables and assets
Income tax receivables
Cash and cash equivalents
Notes
December 31, 2022
December 31, 2021
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(27)
(28)
(29)
(23)
(24)
(25)
(26)
(30)
19.3
3,769.1
95.9
8,371.8
69.1
491.4
1,173.4
87.2
129.4
159.5
19.3
3,416.4
105.8
7,898.4
88.6
71.3
932.3
142.7
133.9
182.6
14,366.1
12,991.3
25.5
177.1
269.7
55.2
84.1
33.3
2,585.2
3,230.1
11.4
20.3
152.3
176.5
30.6
65.6
20.9
2,662.8
3,129.0
119.7
Non-current assets held for sale
(22), (50)
Total
17,607.6
16,240.0
139
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
128
Consolidated Financial Statements / Consolidated Statement of Financial Position
Fraport Annual Report 2022
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Cash Flows
129
Notes
December 31, 2022
December 31, 2021
Consolidated Statement of Cash Flows
(31)
(31)
(31)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(33)
(34)
(35)
(36)
(39)
(40)
(50)
923.9
598.5
2,387.0
3,909.4
222.5
4,131.9
9,716.0
62.3
1,098.1
69.9
41.3
31.7
77.0
136.3
923.9
598.5
2,230.7
3,753.1
155.9
3,909.0
9,306.4
71.8
1,115.1
78.3
37.7
41.7
83.7
160.7
11,232.6
10,895.4
1,209.6
444.4
190.3
162.8
24.7
199.2
2,231.0
12.1
627.6
298.8
150.1
132.1
29.4
189.5
1,427.5
8.1
17,607.6
16,240.0
Changes in the measurement of companies accounted for using the equity method
€ million
Result attributable to shareholders of Fraport AG
Result attributable to non-controlling interests
Adjustments for
Taxes on income
Depreciation and amortization
Interest result
Gains/losses from disposals of non-current assets
Others
Changes in inventories
Changes in receivables and financial assets
Changes in liabilities
Changes in provisions
Operating activities
Financial activities
Interest paid
Interest received
Paid taxes on income
Cash flow from operating activities
Investments in airport operating projects
Investments for other intangible assets
Capital expenditure for property, plant, and equipment
Investments for “Investment property”
Investments in companies accounted for using the equity method
Sale of shares in companies accounted for using the equity method
Dividends from companies accounted for using the equity method
Proceeds from disposal of non-current assets
Financial investments in securities and promissory note loans
Proceeds from disposal of securities and promissory note loans
Changes in time deposits with a term of more than three months
Cash flow used in investing activities
Transactions with non-controlling interests
Cash inflow from long-term financial liabilities
Repayment of non-current financial liabilities
Changes in current financial liabilities
Cash flow used in financing activities
Change in restricted cash
Change in cash and cash equivalents
Cash and cash equivalents as at January 1
Notes
(15)
(10)
(12)
(13)
(28)
(24 – 25), (29)
(34 – 36)
(37 – 40)
(43)
(18)
(19)
(20)
(21)
(22)
(2)
(22)
(23)
(30)
(43)
(2)
(33)
(43)
2022
132.4
34.2
67.3
465.3
260.5
1.3
67.8
–77.0
–5.0
–74.1
96.4
–7.8
961.3
–156.6
19.6
–37.0
787.3
–407.1
–4.7
–741.6
–0.1
–377.3
173.5
50.7
0.8
–812.3
364.9
537.2
–1,216.0
82.3
2,011.6
–1,307.2
95.6
882.3
–64.6
389.0
431.2
6.0
826.2
2021
82.8
9.0
24.6
443.3
224.9
–4.5
–12.5
–18.8
2.1
–41.2
14.8
–210.1
514.4
–127.6
24.3
–18.5
392.6
–277.1
–4.4
–872.0
–9.5
–5.4
0.0
26.6
8.6
–1,139.0
575.0
–607.0
–2,304.2
0.0
2,798.4
–424.2
–278.8
2,095.4
23.4
207.2
216.4
7.6
431.2
Foreign currency translation effects on cash and cash equivalents
Cash and cash equivalents as at December 31
(30), (43)
Cash flow used in investing activities excluding investments in cash deposits and securities
–1,305.8
–1,133.2
Liabilities and equity
€ million
Shareholders´ equity
Issued capital
Capital reserve
Revenue reserves
Equity attributable to shareholders of Fraport AG
Non-controlling interests
Non-current liabilities
Financial liabilities
Trade accounts payable
Other financial liabilities
Other non-financial liabilities
Deferred tax liabilities
Provisions for pensions and similar obligations
Provisions for income taxes
Other provisions
Current liabilities
Financial liabilities
Trade accounts payable
Other current financial liabilities
Other current non-financial liabilities
Provisions for income taxes
Other provisions
Liabilities related to assets held for sale
Total
140
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Cash Flows
129
Consolidated Statement of Cash Flows
€ million
Result attributable to shareholders of Fraport AG
Result attributable to non-controlling interests
Adjustments for
Taxes on income
Depreciation and amortization
Interest result
Gains/losses from disposals of non-current assets
Others
Changes in the measurement of companies accounted for using the equity method
Changes in inventories
Changes in receivables and financial assets
Changes in liabilities
Changes in provisions
Operating activities
Financial activities
Interest paid
Interest received
Paid taxes on income
Cash flow from operating activities
Investments in airport operating projects
Investments for other intangible assets
Capital expenditure for property, plant, and equipment
Investments for “Investment property”
Investments in companies accounted for using the equity method
Sale of shares in companies accounted for using the equity method
Dividends from companies accounted for using the equity method
Proceeds from disposal of non-current assets
Cash flow used in investing activities excluding investments in cash deposits and securities
Financial investments in securities and promissory note loans
Proceeds from disposal of securities and promissory note loans
Changes in time deposits with a term of more than three months
Cash flow used in investing activities
Transactions with non-controlling interests
Cash inflow from long-term financial liabilities
Repayment of non-current financial liabilities
Changes in current financial liabilities
Cash flow used in financing activities
Change in restricted cash
Change in cash and cash equivalents
Cash and cash equivalents as at January 1
Foreign currency translation effects on cash and cash equivalents
Cash and cash equivalents as at December 31
Notes
(15)
(10)
(12)
(13)
(28)
(24 – 25), (29)
(34 – 36)
(37 – 40)
(43)
(18)
(19)
(20)
(21)
(22)
(2)
(22)
(23)
(30)
(43)
(2)
(33)
(43)
(30), (43)
2022
132.4
34.2
67.3
465.3
260.5
1.3
67.8
–77.0
–5.0
–74.1
96.4
–7.8
961.3
–156.6
19.6
–37.0
787.3
–407.1
–4.7
–741.6
–0.1
–377.3
173.5
50.7
0.8
2021
82.8
9.0
24.6
443.3
224.9
–4.5
–12.5
–18.8
2.1
–41.2
14.8
–210.1
514.4
–127.6
24.3
–18.5
392.6
–277.1
–4.4
–872.0
–9.5
–5.4
0.0
26.6
8.6
–1,305.8
–1,133.2
–812.3
364.9
537.2
–1,216.0
82.3
2,011.6
–1,307.2
95.6
882.3
–64.6
389.0
431.2
6.0
826.2
–1,139.0
575.0
–607.0
–2,304.2
0.0
2,798.4
–424.2
–278.8
2,095.4
23.4
207.2
216.4
7.6
431.2
141
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
130
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
131
Consolidated Statement of Changes in Equity
€ million
Notes
Issued capital
Capital reserve
Revenue reserves
Foreign
Financial
Revenue reserves
Equity
Non-controlling
Shareholders’ equity
As at January 1, 2022
Foreign currency translation effects
Income and expenses from companies accounted for using the equity method directly recognized in equity
Remeasurement of defined benefit plans
Equity instruments measured at fair value
Debt instruments measured at fair value
Fair value changes of derivatives
Other result
Distributions
Group result
Transactions with non-controlling interests
Consolidation activities/ other changes
As at December 31, 2022
As at January 1, 2021
Foreign currency translation effects
Income and expenses from companies accounted for using the equity method directly recognized in equity
(31),(32)
923.9
–
–
–
–
–
–
0.0
–
–
–
–
923.9
923.9
–
–
–
–
–
–
0.0
–
–
–
598.5
–
–
–
–
–
–
0.0
–
–
–
–
598.5
598.5
–
–
–
–
–
–
0.0
–
–
–
currency reserve
instruments
(total)
interests
(total)
attributable to
shareholders
of Fraport AG
2,276.7
60.4
2,230.7
3,753.1
7.6
–
–
–
–
–
–
7.6
132.4
22.6
0.0
2,439.3
2,189.3
–
0.1
4.5
–
–
–
–
–
4.6
82.8
–106.4
47.1
–33.4
13.7
–92.7
–147.9
27.5
14.0
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
41.5
21.2
–42.7
1.5
–20.0
–
–
–
–
–
–
–
–
–
–
–
–
–
40.4
55.0
4.6
–2.6
3.4
5.4
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
–
132.4
22.6
0.0
2,387.0
2,096.4
27.5
14.1
4.5
4.6
–2.6
3.4
51.5
82.8
–
–
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
–
132.4
22.6
0.0
3,909.4
3,618.8
27.5
14.1
4.5
4.6
–2.6
3.4
51.5
82.8
–
–
155.9
4.5
–
–
–
–
0.7
5.2
–
34.2
27.2
–
222.5
139.9
5.9
–
–
–
–
1.1
7.0
9.0
–
–
3,909.0
51.6
–33.4
7.6
21.2
–42.7
2.2
6.5
–
166.6
49.8
0.0
4,131.9
3,758.7
33.4
14.1
4.5
4.6
–2.6
4.5
58.5
91.8
–
–
(31),(32)
923.9
598.5
2,276.7
–106.4
60.4
2,230.7
3,753.1
155.9
3,909.0
Remeasurement of defined benefit plans
Equity instruments measured at fair value
Debt instruments measured at fair value
Fair value changes of derivatives
Other result
Distributions
Group result
Consolidation activities/ other changes
As at December 31, 2021
142
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
130
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
Fraport Annual Report 2022
Fraport Annual Report 2022
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
131
131
Consolidated Statement of Changes in Equity
€ million
Notes
Issued capital
Capital reserve
Income and expenses from companies accounted for using the equity method directly recognized in equity
Income and expenses from companies accounted for using the equity method directly recognized in equity
(31),(32)
923.9
923.9
598.5
598.5
As at January 1, 2022
Foreign currency translation effects
Remeasurement of defined benefit plans
Equity instruments measured at fair value
Debt instruments measured at fair value
Fair value changes of derivatives
Other result
Distributions
Group result
Transactions with non-controlling interests
Consolidation activities/ other changes
As at December 31, 2022
As at January 1, 2021
Foreign currency translation effects
Remeasurement of defined benefit plans
Equity instruments measured at fair value
Debt instruments measured at fair value
Fair value changes of derivatives
Other result
Distributions
Group result
Consolidation activities/ other changes
As at December 31, 2021
Revenue reserves
Revenue reserves
Foreign
Foreign
currency reserve
currency reserve
Financial
instruments
Financial
instruments
Revenue reserves
(total)
Revenue reserves
(total)
Equity
Equity
attributable to
attributable to
shareholders
shareholders
of Fraport AG
of Fraport AG
Non-controlling
Non-controlling
interests
interests
Shareholders’ equity
Shareholders’ equity
(total)
(total)
923.9
598.5
0.0
0.0
0.0
0.0
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
2,276.7
–
–
7.6
–
–
–
2,276.7
–
–
7.6
–
–
–
7.6
7.6
–
132.4
22.6
0.0
–
132.4
22.6
0.0
2,439.3
2,439.3
2,189.3
–
0.1
4.5
–
–
2,189.3
–
0.1
4.5
–
–
–
4.6
–
82.8
–
–
4.6
–
82.8
–
–106.4
47.1
–33.4
–
–
–
–
–106.4
47.1
–33.4
–
–
–
–
60.4
–
–
–
21.2
–42.7
1.5
60.4
–
–
–
21.2
–42.7
1.5
13.7
13.7
–20.0
–20.0
–
–
–
–
–
–
–
–
–92.7
–92.7
–147.9
27.5
14.0
–
–
–
–147.9
27.5
14.0
–
–
–
–
–
41.5
41.5
–
–
–
–
–
–
–
–
–
–
40.4
55.0
–
–
–
4.6
–2.6
3.4
5.4
–
–
–
–
–
–
–
40.4
55.0
–
–
–
4.6
–2.6
3.4
5.4
–
–
–
2,230.7
47.1
–33.4
7.6
21.2
–42.7
1.5
2,230.7
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
1.3
–
132.4
22.6
0.0
–
132.4
22.6
0.0
3,753.1
47.1
–33.4
7.6
21.2
–42.7
1.5
3,753.1
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
1.3
–
132.4
22.6
0.0
–
132.4
22.6
0.0
155.9
4.5
–
–
–
–
0.7
5.2
–
34.2
27.2
–
155.9
4.5
–
–
–
–
0.7
5.2
–
34.2
27.2
–
3,909.0
51.6
–33.4
7.6
21.2
–42.7
2.2
3,909.0
51.6
–33.4
7.6
21.2
–42.7
2.2
6.5
6.5
–
166.6
49.8
0.0
–
166.6
49.8
0.0
2,387.0
2,387.0
3,909.4
3,909.4
222.5
222.5
4,131.9
4,131.9
2,096.4
27.5
14.1
4.5
4.6
–2.6
2,096.4
27.5
14.1
4.5
4.6
–2.6
3.4
51.5
–
82.8
–
3.4
51.5
–
82.8
–
3,618.8
27.5
14.1
4.5
4.6
–2.6
3,618.8
27.5
14.1
4.5
4.6
–2.6
3.4
51.5
–
82.8
–
3.4
51.5
–
82.8
–
139.9
5.9
–
–
–
–
139.9
5.9
–
–
–
–
1.1
7.0
–
9.0
–
1.1
7.0
–
9.0
–
3,758.7
33.4
14.1
4.5
4.6
–2.6
3,758.7
33.4
14.1
4.5
4.6
–2.6
4.5
58.5
–
91.8
–
4.5
58.5
–
91.8
–
(31),(32)
923.9
598.5
2,276.7
2,276.7
–106.4
–106.4
60.4
60.4
2,230.7
2,230.7
3,753.1
3,753.1
155.9
155.9
3,909.0
3,909.0
143
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
144
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information The Airport Brand
You Trust – Concession
in Bulgaria extended by
5 years
The concession grantor of the Bulgarian Group airports in Varna
and Burgas has approved Fraport's request to extend the concession
period by five years to 2046.
The extension of the contract aims to compensate for the negative
effects of the Coronavirus pandemic. The extension of the concession
is also accompanied by an increase in the mandatory investment
volume by €10 million to a total of €413 million.
Group Notes
for the 2022 Fiscal Year
146
Consolidated Statement of Changes
in Non-current Assets
148
Segment Reporting
150
Notes to the Consolidation and Accounting Policies
170
Notes to the Consolidated Income Statement
178 Notes to the Consolidated Financial Position
202
Notes to the Segment Reporting
203
Notes to the Consolidated Statement of Cash Flows
205
Other Disclosures
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 132
Group Notes / Consolidated Statement of Changes in Non-current Assets
Fraport Annual Report 2022
Consolidated Statement of Changes in Non-current Assets
Fraport Annual Report 2022
Group Notes / Consolidated Statement of Changes in Non-current Assets
133
Goodwill
Investments
in airport operating
projects
Other intangible
assets
Land, land rights,
Technical equipment
Other equipment,
Right of use assets
Construction in
and buildings,
and machinery
leases
progress
operating, and
office equipment
Property, plant,
and equipment
(total)
Investment
property
including buildings
on leased lands
132.3
0.0
0.0
0.0
0.0
0.0
132.3
113.0
0.0
0.0
0.0
0.0
0.0
0.0
113.0
19.3
132.3
0.0
0.0
0.0
0.0
0.0
132.3
113.0
0.0
0.0
0.0
0.0
0.0
0.0
113.0
4,053.4
122.3
374.1
–9.1
–1.6
0.0
4,539.1
637.0
19.5
113.5
0.0
0.0
0.0
0.0
770.0
3,769.1
3,736.1
64.9
251.7
–1.7
2.4
0.0
4,053.4
514.9
19.2
104.6
0.0
–1.7
0.0
0.0
637.0
265.1
2.3
4.7
–4.8
5.2
–0.1
272.4
159.3
1.2
17.4
3.4
–4.8
0.0
0.0
176.5
95.9
272.6
1.8
4.4
–13.7
0.1
-0.1
265.1
153.5
1.2
17.4
0.9
–13.7
0.0
0.0
159.3
6,432.2
3,410.7
2,653.8
13,389.7
6,503.1
3,426.3
3,295.2
14,138.6
0.0
16.4
–9.3
63.8
0.0
3,188.2
0.0
150.2
0.0
–9.2
1.6
0.0
0.0
41.3
–15.1
180.7
0.0
0.0
146.7
0.0
–14.6
4.9
0.0
0.0
28.4
–29.6
16.8
0.0
1,825.2
0.0
97.3
0.0
–29.1
–1.6
0.0
0.0
47.8
–52.3
123.6
0.0
0.0
97.9
0.0
–51.5
0.0
0.0
3,330.8
1,891.8
6,225.3
3,291.6
6,432.2
3,410.7
3,051.2
1,778.8
3,188.2
1,825.2
559.6
4.1
22.5
–22.7
2.0
–0.5
565.0
364.7
2.2
37.9
3.4
–22.5
0.0
0.0
385.7
179.3
556.6
5.0
21.1
–27.9
5.3
-0.5
559.6
351.8
3.3
37.6
0.0
–27.6
0.0
-0.4
364.7
333.4
16.3
0.2
–1.1
0.2
0.0
349.0
112.1
5.1
41.3
0.0
–1.1
0.0
0.0
157.4
191.6
330.5
22.7
7.7
–26.7
0.0
-0.8
333.4
83.6
7.4
37.5
0.0
–16.1
0.0
-0.3
112.1
0.5
712.3
–3.7
–67.7
0.0
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
2,192.8
0.6
729.1
–2.4
–266.3
0.0
2,653.8
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
20.9
779.8
–66.4
15.1
–0.5
5,491.3
7.3
326.7
3.4
–61.9
0.0
0.0
5,766.8
12,596.8
28.3
847.0
–124.4
43.3
-1.3
13,389.7
5,266.5
10.7
319.7
0.0
–109.8
4.9
-0.7
5,491.3
98.2
0.0
0.1
0.0
–18.7
0.0
79.6
9.6
0.0
0.9
0.0
0.0
0.0
0.0
10.5
69.1
137.1
0.0
9.5
–2.6
–45.8
0.0
98.2
13.8
0.0
0.7
0.0
0.0
–4.9
0.0
9.6
3,172.3
1,534.5
3,294.1
8,371.8
19.3
3,416.4
105.8
3,244.0
1,585.5
194.9
221.3
2,652.7
7,898.4
88.6
(Note 17 to 21)
€ million
Acquisition/production costs
As at January 1, 2022
Foreign currency translation effects
Additions
Disposals
Reclassifications
IFRS 5 reclassifications
As at December 31, 2022
Accumulated depreciation and amortization
As at January 1, 2022
Foreign currency translation effects
Additions
Impairment losses
Disposals
Reclassifications
IFRS 5 reclassifications
As at December 31, 2022
Residual carrying amounts
As at December 31, 2022
Acquisition/production costs
As at January 1, 2021
Foreign currency translation effects
Additions
Disposals
Reclassifications
As at December 31, 2021
Accumulated depreciation and amortization
As at January 1, 2021
Foreign currency translation effects
Additions
Impairment losses
Disposals
Reclassifications
As at December 31, 2021
Residual carrying amounts
As at December 31, 2021
146
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Consolidated Statement of Changes in Non-current Assets
Group Notes / Consolidated Statement of Changes in Non-current Assets
133
133
Land, land rights,
and buildings,
including buildings
on leased lands
Land, land rights,
and buildings,
including buildings
on leased lands
Technical equipment
and machinery
Technical equipment
and machinery
Other equipment,
operating, and
office equipment
Other equipment,
operating, and
office equipment
Right of use assets
Right of use assets
leases
leases
Construction in
progress
Construction in
progress
Property, plant,
and equipment
(total)
Property, plant,
and equipment
(total)
Investment
property
Investment
property
98.2
0.0
0.1
0.0
–18.7
0.0
79.6
9.6
0.0
0.9
0.0
0.0
0.0
0.0
98.2
0.0
0.1
0.0
–18.7
0.0
79.6
9.6
0.0
0.9
0.0
0.0
0.0
0.0
6,432.2
0.0
16.4
–9.3
63.8
0.0
6,432.2
0.0
16.4
–9.3
63.8
0.0
3,410.7
0.0
28.4
–29.6
16.8
0.0
3,410.7
0.0
28.4
–29.6
16.8
0.0
559.6
4.1
22.5
–22.7
2.0
–0.5
559.6
4.1
22.5
–22.7
2.0
–0.5
333.4
16.3
0.2
–1.1
0.2
0.0
333.4
16.3
0.2
–1.1
0.2
0.0
2,653.8
0.5
712.3
–3.7
–67.7
0.0
2,653.8
0.5
712.3
–3.7
13,389.7
20.9
779.8
–66.4
–67.7
0.0
15.1
–0.5
13,389.7
20.9
779.8
–66.4
15.1
–0.5
6,503.1
6,503.1
3,426.3
3,426.3
565.0
565.0
349.0
349.0
3,295.2
3,295.2
14,138.6
14,138.6
3,188.2
0.0
150.2
0.0
–9.2
1.6
0.0
3,188.2
0.0
150.2
0.0
–9.2
1.6
0.0
1,825.2
0.0
97.3
0.0
–29.1
–1.6
0.0
1,825.2
0.0
97.3
0.0
–29.1
–1.6
0.0
3,330.8
3,330.8
1,891.8
1,891.8
364.7
2.2
37.9
3.4
–22.5
0.0
0.0
385.7
364.7
2.2
37.9
3.4
–22.5
0.0
0.0
385.7
112.1
5.1
41.3
0.0
–1.1
0.0
0.0
112.1
5.1
41.3
0.0
–1.1
0.0
0.0
157.4
157.4
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
5,491.3
7.3
326.7
3.4
–61.9
0.0
0.0
5,491.3
7.3
326.7
3.4
–61.9
0.0
0.0
5,766.8
5,766.8
10.5
10.5
3,172.3
3,172.3
1,534.5
1,534.5
179.3
179.3
191.6
191.6
3,294.1
3,294.1
8,371.8
8,371.8
69.1
69.1
6,225.3
0.0
41.3
–15.1
180.7
6,225.3
0.0
41.3
–15.1
180.7
3,291.6
0.0
47.8
–52.3
123.6
3,291.6
0.0
47.8
–52.3
123.6
0.0
0.0
0.0
0.0
556.6
5.0
21.1
–27.9
5.3
-0.5
556.6
5.0
21.1
–27.9
5.3
-0.5
330.5
22.7
7.7
–26.7
0.0
-0.8
330.5
22.7
7.7
–26.7
0.0
-0.8
2,192.8
0.6
729.1
–2.4
–266.3
2,192.8
0.6
729.1
–2.4
–266.3
0.0
0.0
12,596.8
28.3
847.0
–124.4
43.3
-1.3
12,596.8
28.3
847.0
–124.4
43.3
-1.3
6,432.2
6,432.2
3,410.7
3,410.7
559.6
559.6
333.4
333.4
2,653.8
2,653.8
13,389.7
13,389.7
3,051.2
0.0
146.7
0.0
–14.6
4.9
0.0
3,051.2
0.0
146.7
0.0
–14.6
4.9
0.0
1,778.8
0.0
97.9
0.0
–51.5
0.0
0.0
1,778.8
0.0
97.9
0.0
–51.5
0.0
0.0
351.8
3.3
37.6
0.0
–27.6
0.0
-0.4
351.8
3.3
37.6
0.0
–27.6
0.0
-0.4
83.6
7.4
37.5
0.0
–16.1
0.0
-0.3
83.6
7.4
37.5
0.0
–16.1
0.0
-0.3
3,188.2
3,188.2
1,825.2
1,825.2
364.7
364.7
112.1
112.1
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
1.1
0.0
0.0
0.0
0.0
0.0
0.0
1.1
5,266.5
10.7
319.7
0.0
–109.8
4.9
-0.7
5,266.5
10.7
319.7
0.0
–109.8
4.9
-0.7
5,491.3
5,491.3
137.1
0.0
9.5
–2.6
–45.8
0.0
98.2
13.8
0.0
0.7
0.0
0.0
–4.9
0.0
9.6
137.1
0.0
9.5
–2.6
–45.8
0.0
98.2
13.8
0.0
0.7
0.0
0.0
–4.9
0.0
9.6
3,244.0
3,244.0
1,585.5
1,585.5
194.9
194.9
221.3
221.3
2,652.7
2,652.7
7,898.4
7,898.4
88.6
88.6
147
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
134
Group Notes / Segment Reporting
Fraport Annual Report 2022
Segment Reporting
(Note 42)
€ million
Revenue
Other income
Income with third parties
Inter-segment income
Total income
Segment result EBIT
Depreciation and amortization of segment assets
EBITDA
Share of result from companies accounted for using the equity
method
Income from investments
Aviation
Retail & Real
Estate
Ground
Handling
International
Activities &
Services
Reconcilia-
tion
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
828.1
587.5
27.9
187.9
856.0
775.4
87.8
79.8
943.8
855.2
40.6
25.8
134.8
134.4
175.4
160.2
0.1
0.0
0.0
0.0
446.4
319.1
30.7
23.2
477.1
342.3
213.8
194.7
690.9
537.0
256.3
165.6
86.6
85.2
342.9
250.8
–3.5
7.6
0.0
0.0
550.1
386.4
1,369.8
850.3
8.0
6.8
558.1
393.2
34.4
29.2
592.5
422.4
–111.6
–109.5
37.7
37.3
–73.9
–72.2
9.2
2.4
0.1
0.0
112.6
174.7
1,482.4
1,025.0
338.4
309.4
1,820.8
1,334.4
379.2
231.8
206.2
186.4
585.4
418.2
71.2
8.8
0.0
0.0
–
–
–
–
–
–
–674.4
–613.1
–674.4
–613.1
–
–
–
–
–
–
–
–
–
–
Group
3,194.4
2,143.3
179.2
392.6
3,373.6
2,535.9
–
–
3,373.6
2,535.9
564.5
313.7
465.3
443.3
1,029.8
757.0
77.0
18.8
0.1
0.0
192.8
203.4
159.4
167.6
–
17,607.6
16,240.0
13,475.7
12,331.0
1,158.7
Carrying amounts of segment assets
December 31, 2022
December 31, 2021
6,406.9
6,219.1
3,727.4
3,590.4
1,035.3
967.5
6,245.2
5,259.6
Segment liabilities
Acquisition cost of additions to property, plant, and equipment,
investments in airport operating projects, goodwill, intangible
assets, and investment property
December 31, 2022
December 31, 2021
2022
5,603.7
5,279.6
426.0
3,191.8
2,964.3
230.7
890.8
816.0
92.9
3,630.0
3,103.5
409.1
2021
465.1
264.3
89.6
293.6
–
1,112.6
Other considerable non-cash effective expenses
2022
2021
Investments in companies accounted for using the equity
method
December 31, 2022
December 31, 2021
88.0
48.8
0.6
0.0
46.0
23.7
29.0
23.3
18.1
12.3
12.5
8.7
17.5
12.7
449.3
39.3
6.1
–
–
–
175.7
97.5
491.4
71.3
148
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Group Notes / Segment Reporting
135
Geographical information
€ million
Revenue
Other income
Income with third parties
Germany
Rest of
Europe
Asia
America
Reconcilia-
tion
Group
2022
2021
2022
2021
2022
2021
1,886.1
1,346.6
73.1
224.7
1,959.2
1,571.3
513.1
304.8
24.4
103.4
537.5
408.2
10.8
9.9
54.6
1.1
65.4
11.0
784.4
482.0
27.1
63.4
811.5
545.4
–
–
–
–
–
–
3,194.4
2,143.3
179.2
392.6
3,373.6
2,535.9
Carrying amounts of segment assets
December 31, 2022
December 31, 2021
11,398.0
11,027.7
3,113.3
3,015.6
691.4
263.8
2,212.1
1,729.5
192.8
203.4
17,607.6
16,240.0
Acquisition cost of additions to property, plant, and equipment,
investments in airport operating projects, intangible assets, and
investment property
2022
2021
770.3
836.4
20.7
28.0
0.0
0.0
367.7
248.2
–
–
1,158.7
1,112.6
149
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
136
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidation and Accounting Policies
137
Notes to the Consolidation and Accounting Policies
Associated companies are Fraport investments in which Fraport AG is able to exercise major influence on financial and business
policies.
1 Basis for the Preparation of the Consolidated Financial Statements
Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main (hereinafter: Fraport AG), is a global airport operator and its
main business focus is the operation of Frankfurt Main airport, one of Europe’s most important air transport hubs. Fraport AG is
headquartered at Frankfurt Airport, Germany. Fraport AG is registered in the Frankfurt am Main District Court, Department B,
under number 7042.
The annual financial statements of the companies included in the consolidated financial statements are prepared on the basis of
shared accounting and valuation principles.
The fiscal year of Fraport AG and all consolidated companies is the calendar year.
The consolidated financial statements of Fraport AG are dominated by the parent company. The companies included in the
consolidated financial statements changed as follows during the 2022 fiscal year:
Fraport AG has prepared its consolidated financial statements as at December 31, 2022 in accordance with the standards issued
by the International Accounting Standards Board (IASB).
Companies included in consolidation
We have applied the International Financial Reporting Standards (IFRS) for the consolidated financial statements and the inter-
pretations about them issued by the International Financial Reporting Committee (IFRS, IC) as adopted in the European Union
(EU), in force on the balance sheet date, completely and without any restriction in accounting, measurement, and disclosure in
the 2022 consolidated financial statements. Pursuant to Section 315e (1) of the German Commercial Code (HGB), these notes
to the financial statements contain the supplementary disclosures according to Sections 313, 314 HGB.
As a capital market-oriented parent company of the Fraport Group, Fraport AG must prepare its consolidated financial statements
in accordance with IFRS, pursuant to Regulation (EC) No 1606/2002 of the European Parliament and the Council dated
July 19, 2002 (new version dated April 9, 2008) on the application of international accounting standards.
The consolidated income statement is prepared according to the nature of expenditure method.
The consolidated financial statements are prepared in euros (€). All figures are in € million unless stated otherwise.
The business activities and the organization of the Fraport Group are presented in the combined management report.
The Executive Board approved the consolidated financial statements of Fraport AG for the 2022 financial year at its meeting on
February 24, 2023 for publication. The Supervisory Board approved the consolidated financial statements in its meeting on March
13, 2023.
2 Companies included in the Consolidation and Balance Sheet Date
Companies included in the consolidation and balance sheet date
Fraport AG and all subsidiaries are included in the consolidated financial statements in full. Joint ventures and associated
companies are accounted for in the consolidated financial statements using the equity method.
Companies controlled by Fraport AG are considered to be subsidiaries. A company is controlled by Fraport AG if Fraport AG holds
decision-making power on the basis of voting or other rights allowing it to determine the significant activities of the affiliated
company, participates in positive or negative variable returns from the affiliated company, and is able to affect these returns
through its decision-making power.
Companies accounted for using the equity method
Fraport AG
Fully consolidated subsidiaries
December 31, 2021
Additions
Disposals
December 31, 2022
Joint ventures
December 31, 2021
Additions
Disposals
December 31, 2022
Associated companies
December 31, 2021
Additions
Disposals
December 31, 2022
Germany Other countries
Total
1
29
0
–4
25
11
2
–1
12
3
0
0
3
44
41
0
30
0
0
30
4
0
0
4
2
0
–1
1
36
35
1
59
0
–4
55
15
2
–1
16
5
0
–1
4
80
76
Companies consolidated including companies accounted for using the equity method on December 31, 2021
Companies consolidated including companies accounted for using the equity method on December 31, 2022
On June 23, 2022, the joint venture FraAlliance GmbH was entered into the commercial register. Fraport AG and Lufthansa
Commercial Holding GmbH each hold 50% of the shares in the newly founded company, which is intended to further improve the
strategic and operational cooperation between the two companies.
Furthermore, Fraport Casa Commercial GmbH founded the joint venture PEG Europa Real Estate GmbH, Neu-Isenburg along
with GVG Grundvermögen GmbH & Co. KG. Entry into the commercial register took place on March 11, 2022. The company’s
purpose is the acquisition, as well as the development and marketing of properties in the vicinity of the airport, in particular in
Mörfelden-Walldorf.
On November 12, 2021, FraSec Fraport Security Services GmbH sold a total of 51% of the capital shares in FraSec Luftsicherheit
GmbH to Dr. Sasse AG. The sale took place in two stages in accordance with the share and transfer agreement. In the first stage,
26% of the capital shares were transferred effective January 1, 2022. In a second stage, a further 25% were transferred effective
January 1, 2023. The assets and liabilities of the company were already classified and measured “held for sale” in accordance
with the IFRS 5 as at December 31, 2021. The deconsolidation and recognition of shares accounted for using the equity method
Inclusion in the consolidated financial statements commences on the date when control is obtained.
at fair value took place on January 1, 2023.
A joint arrangement applies if the Fraport Group makes joint decisions on operations on the basis of a contractual agreement with
third parties. Joint management is exercised if decisions on significant activities require the unanimous agreement of all parties.
A joint arrangement is either a joint operation or a joint venture.
As part of a chain merger, VCS Verwaltungsgesellschaft für Cleaning Service mbH, Fraport-Beteiligungsholding GmbH, Flughafen
Kanalreinigungsgesellschaft mbH and Frankfurter Kanalreinigungsgesellschaft mbH were merged to the previously converted
Fraport Facility Services GmbH (formerly GCS Gesellschaft für Cleaning Service mbH & Co. Airport Frank-furt/Main KG) in the
For all joint arrangements in the Fraport Group, the partners have a share in the net assets of a jointly managed, legally
independent company; these are therefore joint ventures.
The incorporations, partial sales and mergers in the reporting year had no substantial effects on the Fraport consolidated financial
2022 fiscal year.
statements.
150
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
136
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidation and Accounting Policies
137
Notes to the Consolidation and Accounting Policies
Associated companies are Fraport investments in which Fraport AG is able to exercise major influence on financial and business
policies.
The annual financial statements of the companies included in the consolidated financial statements are prepared on the basis of
shared accounting and valuation principles.
main business focus is the operation of Frankfurt Main airport, one of Europe’s most important air transport hubs. Fraport AG is
The fiscal year of Fraport AG and all consolidated companies is the calendar year.
The consolidated financial statements of Fraport AG are dominated by the parent company. The companies included in the
consolidated financial statements changed as follows during the 2022 fiscal year:
Companies included in consolidation
Fraport AG
Fully consolidated subsidiaries
December 31, 2021
Additions
Disposals
December 31, 2022
Companies accounted for using the equity method
Joint ventures
December 31, 2021
Additions
Disposals
December 31, 2022
Associated companies
December 31, 2021
Additions
Disposals
December 31, 2022
Companies consolidated including companies accounted for using the equity method on December 31, 2021
Companies consolidated including companies accounted for using the equity method on December 31, 2022
Germany Other countries
Total
1
29
0
–4
25
11
2
–1
12
3
0
0
3
44
41
0
30
0
0
30
4
0
0
4
2
0
–1
1
36
35
1
59
0
–4
55
15
2
–1
16
5
0
–1
4
80
76
On June 23, 2022, the joint venture FraAlliance GmbH was entered into the commercial register. Fraport AG and Lufthansa
Commercial Holding GmbH each hold 50% of the shares in the newly founded company, which is intended to further improve the
strategic and operational cooperation between the two companies.
Furthermore, Fraport Casa Commercial GmbH founded the joint venture PEG Europa Real Estate GmbH, Neu-Isenburg along
with GVG Grundvermögen GmbH & Co. KG. Entry into the commercial register took place on March 11, 2022. The company’s
purpose is the acquisition, as well as the development and marketing of properties in the vicinity of the airport, in particular in
Mörfelden-Walldorf.
On November 12, 2021, FraSec Fraport Security Services GmbH sold a total of 51% of the capital shares in FraSec Luftsicherheit
GmbH to Dr. Sasse AG. The sale took place in two stages in accordance with the share and transfer agreement. In the first stage,
26% of the capital shares were transferred effective January 1, 2022. In a second stage, a further 25% were transferred effective
January 1, 2023. The assets and liabilities of the company were already classified and measured “held for sale” in accordance
with the IFRS 5 as at December 31, 2021. The deconsolidation and recognition of shares accounted for using the equity method
at fair value took place on January 1, 2023.
As part of a chain merger, VCS Verwaltungsgesellschaft für Cleaning Service mbH, Fraport-Beteiligungsholding GmbH, Flughafen
Kanalreinigungsgesellschaft mbH and Frankfurter Kanalreinigungsgesellschaft mbH were merged to the previously converted
Fraport Facility Services GmbH (formerly GCS Gesellschaft für Cleaning Service mbH & Co. Airport Frank-furt/Main KG) in the
2022 fiscal year.
The incorporations, partial sales and mergers in the reporting year had no substantial effects on the Fraport consolidated financial
statements.
151
1 Basis for the Preparation of the Consolidated Financial Statements
Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main (hereinafter: Fraport AG), is a global airport operator and its
headquartered at Frankfurt Airport, Germany. Fraport AG is registered in the Frankfurt am Main District Court, Department B,
under number 7042.
Fraport AG has prepared its consolidated financial statements as at December 31, 2022 in accordance with the standards issued
by the International Accounting Standards Board (IASB).
We have applied the International Financial Reporting Standards (IFRS) for the consolidated financial statements and the inter-
pretations about them issued by the International Financial Reporting Committee (IFRS, IC) as adopted in the European Union
(EU), in force on the balance sheet date, completely and without any restriction in accounting, measurement, and disclosure in
the 2022 consolidated financial statements. Pursuant to Section 315e (1) of the German Commercial Code (HGB), these notes
to the financial statements contain the supplementary disclosures according to Sections 313, 314 HGB.
As a capital market-oriented parent company of the Fraport Group, Fraport AG must prepare its consolidated financial statements
in accordance with IFRS, pursuant to Regulation (EC) No 1606/2002 of the European Parliament and the Council dated
July 19, 2002 (new version dated April 9, 2008) on the application of international accounting standards.
The consolidated income statement is prepared according to the nature of expenditure method.
The consolidated financial statements are prepared in euros (€). All figures are in € million unless stated otherwise.
The business activities and the organization of the Fraport Group are presented in the combined management report.
The Executive Board approved the consolidated financial statements of Fraport AG for the 2022 financial year at its meeting on
February 24, 2023 for publication. The Supervisory Board approved the consolidated financial statements in its meeting on March
13, 2023.
2 Companies included in the Consolidation and Balance Sheet Date
Companies included in the consolidation and balance sheet date
Fraport AG and all subsidiaries are included in the consolidated financial statements in full. Joint ventures and associated
companies are accounted for in the consolidated financial statements using the equity method.
Companies controlled by Fraport AG are considered to be subsidiaries. A company is controlled by Fraport AG if Fraport AG holds
decision-making power on the basis of voting or other rights allowing it to determine the significant activities of the affiliated
company, participates in positive or negative variable returns from the affiliated company, and is able to affect these returns
through its decision-making power.
Inclusion in the consolidated financial statements commences on the date when control is obtained.
A joint arrangement applies if the Fraport Group makes joint decisions on operations on the basis of a contractual agreement with
third parties. Joint management is exercised if decisions on significant activities require the unanimous agreement of all parties.
A joint arrangement is either a joint operation or a joint venture.
For all joint arrangements in the Fraport Group, the partners have a share in the net assets of a jointly managed, legally
independent company; these are therefore joint ventures.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
138
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidation and Accounting Policies
139
Effective May 24, 2022, all shares in the associated company Xi’an Xianyang International Airport Co., Ltd. (Xi’an) have been sold
at a price of RMB1.11 billion. Other operating income of €53.7 million resulted from the sale. €33.4 million thereof resulted from
recycling of currency translation differences, which were recognized directly in shareholders’ equity without affecting profit or loss
over the period of share ownership. In addition, the reversal of the impairment loss recognized on the at-equity shares in previous
years had a positive effect of €20.0 million on the financial result.
Furthermore, Fraport Real Estate Mönchhof GmbH & Co. KG sold all capital shares (50%) to the joint venture D-Port Logistik
GmbH effective December 9, 2022. Other operating income of €18.6 million resulted from the sale.
In December 2022, the co-shareholder in the Greek affiliated companies fully exercised the existing purchase option to acquire
further capital shares (up to 8.4%). In addition to the sale of capital shares (€16.6 million) pro rata loan and interest receivables
(€53.2 million) to the Greek companies were sold at a purchase price of €82.3 million. Thus, Fraport AG has reduced its capital
share to 65%. As it involved a transaction with non-controlling interests, there was no effect on the earnings contribution from the
sale. The effects were recognized directly in the shareholders’ equity accordingly. The liability balanced for the “short position”
was derecognized without affecting profit or loss.
As at December 31, 2022, a total of 76 companies including associates were consolidated in the Fraport Group.
Fraport AG holds a 52% capital share of the company N*ICE Aircraft Services & Support GmbH, Frankfurt am Main. The company
is included in the consolidated financial statements as a joint venture according to the equity method due to contractually agreed
joint management.
Operational services GmbH & Co. KG, Frankfurt/Main, in which Fraport holds 50% of the shares, is recognized according to the
equity method as an associated company based on the contractual arrangements.
The full list of the shareholding pursuant to Section 313 (2) HGB is shown under note 57 of the Notes to the consolidated financial
statements.
Disclosure of interests in subsidiaries
The following table shows the summarized financial information for the Group companies Lima Airport Partners S.R.L, Fraport
Twin Star Airport Management AD, and the two Greek companies, Fraport Regional Airports of Greece A S.A. (hereinafter Fraport
Greece A) and Fraport Regional Airports of Greece B S.A. (hereinafter Fraport Greece B). The Fraport Group holds substantial
non-controlling interests in these companies. Lima Airport Partners S.R.L., Lima, operates Lima International Airport in Peru.
Fraport Twin Star Airport Management AD, Varna, operates Varna and Burgas airports in Bulgaria. The two Group companies in
Greece, Fraport Regional Airports of Greece A S.A., Athens, and Fraport Regional Airports of Greece B S.A., Athens, each
operate seven airports in Greece. Further information on the companies is contained in note 49.
152
Disclosure of interests in subsidiaries
€ million
Greece A S.A.
Greece B S.A.
Management AD
Fraport Regional Airports of
Fraport Regional Airports of
Lima Airport Partners S.R.L.
Fraport Twin Star Airport
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Participation quota
of non-controlling interests in %
Non-current assets
Current assets
Non-current liabilities
Current liabilities
Shareholders’ equity/net assets
Carrying amount, non-controlling interests
35.00
970.0
249.0
1,024.1
70.2
124.7
43.6
26.60
1,014.1
128.3
993.1
72.6
76.7
20.4
35.00
984.5
244.7
1,081.0
70.1
78.1
27.3
26.60
1,022.1
93.8
1,002.9
57.1
55.9
14.9
Revenue
EBITDA
Result after taxes
Other result
Currency translation differences
Comprehensive income
Proportion of non-controlling interests in
comprehensive income
Cash flow from operating activities
Cash flow used in investing activities
thereof investments in airport operating
projects
thereof in infrastructure
Cash flow used in financing activities
Change in cash and cash equivalents
Cash and cash equivalents as at January 1
Changes in restricted cash
Foreign currency translation effects on cash
and cash equivalents
Cash and cash equivalents
as at December 31
Dividends to non-controlling interests
236.2
149.3
46.7
1.3
0.0
48.0
16.8
116.1
–3.8
0.0
–3.8
2.6
114.9
76.9
–22.6
0.0
169.2
0.0
138.3
102.1
12.9
2.7
0.0
15.6
4.1
51.6
–14.6
0.0
–14.6
–18.8
18.2
59.5
–0.8
0.0
76.9
0.0
207.5
119.2
21.2
0.9
0.0
22.1
7.7
97.4
–4.8
0.0
–4.8
54.6
147.2
54.6
–35.7
0.0
166.1
0.0
117.1
101.4
10.3
1.8
0.0
12.1
3.2
55.0
–11.9
0.0
–11.9
–17.5
25.6
23.8
5.2
0.0
54.6
0.0
19.99
1,176.2
87.6
256.7
555.2
451.9
90.4
590.1
100.2
37.2
0.0
23.1
60.3
12.1
119.4
–360.1
–341.2
–18.9
249.1
8.4
42.4
0.0
2.5
53.3
0.0
19.99
777.9
62.5
260.2
188.1
392.1
78.4
345.2
54.7
11.2
0.0
28.9
40.1
8.0
141.2
–202.3
0.0
–202.3
39.5
–21.6
59.0
0.0
5.0
42.4
0.0
40.00
154.2
25.5
63.9
15.9
99.9
40.0
43.5
19.3
4.2
–0.2
0.0
4.0
1.6
19.2
–10.8
–7.1
–3.7
0.0
8.4
13.0
0.0
0.0
21.4
0.0
40.00
161.2
16.4
69.3
12.4
95.9
38.3
29.3
15.1
0.9
–0.2
0.0
0.7
0.3
15.4
–9.3
–6.7
–2.6
–0.6
5.5
7.5
0.0
0.0
13.0
0.0
All subsidiaries are fully consolidated in the Fraport consolidated financial statements. The capital shares in the subsidiaries
directly held by Fraport AG as a parent company do not differ from the proportion of voting rights held. There are no preferred
shares in the subsidiaries.
3 Consolidation Principles
Capital consolidation of all business combinations follows the purchase method.
All identifiable acquired assets and the acquired liabilities, including contingent liabilities, are recorded at fair value on the acqui-
sition date. The acquisition costs for company acquisitions correspond to the fair value of the transferred assets and liabilities.
Incidental acquisition costs are recorded as expenses as they are incurred. Conditional purchase price payments are recorded at
fair value on the acquisition date. Subsequent changes in the fair value of a conditional consideration, which is deemed to be an
asset or a liability, will be recognized either through profit or loss or as a change in other income. Non-controlling interests are
valued at fair value or the corresponding proportion of the identifiable net assets of the acquired company. In the case of step-by-
step company acquisitions, the shares already held in the acquired company are revalued through profit or loss at fair value on
the date that control is obtained.
Goodwill is recorded insofar as the sum of the consideration that is transferred, the amount of all non-controlling interests in the
acquired company and any equity that was previously held and revalued on the acquisition date is higher than the balance of the
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
138
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidation and Accounting Policies
139
Effective May 24, 2022, all shares in the associated company Xi’an Xianyang International Airport Co., Ltd. (Xi’an) have been sold
Disclosure of interests in subsidiaries
at a price of RMB1.11 billion. Other operating income of €53.7 million resulted from the sale. €33.4 million thereof resulted from
recycling of currency translation differences, which were recognized directly in shareholders’ equity without affecting profit or loss
over the period of share ownership. In addition, the reversal of the impairment loss recognized on the at-equity shares in previous
€ million
Fraport Regional Airports of
Greece A S.A.
Fraport Regional Airports of
Greece B S.A.
Lima Airport Partners S.R.L.
Fraport Twin Star Airport
Management AD
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
years had a positive effect of €20.0 million on the financial result.
Furthermore, Fraport Real Estate Mönchhof GmbH & Co. KG sold all capital shares (50%) to the joint venture D-Port Logistik
GmbH effective December 9, 2022. Other operating income of €18.6 million resulted from the sale.
In December 2022, the co-shareholder in the Greek affiliated companies fully exercised the existing purchase option to acquire
further capital shares (up to 8.4%). In addition to the sale of capital shares (€16.6 million) pro rata loan and interest receivables
(€53.2 million) to the Greek companies were sold at a purchase price of €82.3 million. Thus, Fraport AG has reduced its capital
share to 65%. As it involved a transaction with non-controlling interests, there was no effect on the earnings contribution from the
sale. The effects were recognized directly in the shareholders’ equity accordingly. The liability balanced for the “short position”
was derecognized without affecting profit or loss.
As at December 31, 2022, a total of 76 companies including associates were consolidated in the Fraport Group.
Fraport AG holds a 52% capital share of the company N*ICE Aircraft Services & Support GmbH, Frankfurt am Main. The company
is included in the consolidated financial statements as a joint venture according to the equity method due to contractually agreed
joint management.
Operational services GmbH & Co. KG, Frankfurt/Main, in which Fraport holds 50% of the shares, is recognized according to the
equity method as an associated company based on the contractual arrangements.
The full list of the shareholding pursuant to Section 313 (2) HGB is shown under note 57 of the Notes to the consolidated financial
statements.
Disclosure of interests in subsidiaries
The following table shows the summarized financial information for the Group companies Lima Airport Partners S.R.L, Fraport
Twin Star Airport Management AD, and the two Greek companies, Fraport Regional Airports of Greece A S.A. (hereinafter Fraport
Greece A) and Fraport Regional Airports of Greece B S.A. (hereinafter Fraport Greece B). The Fraport Group holds substantial
non-controlling interests in these companies. Lima Airport Partners S.R.L., Lima, operates Lima International Airport in Peru.
Fraport Twin Star Airport Management AD, Varna, operates Varna and Burgas airports in Bulgaria. The two Group companies in
Greece, Fraport Regional Airports of Greece A S.A., Athens, and Fraport Regional Airports of Greece B S.A., Athens, each
operate seven airports in Greece. Further information on the companies is contained in note 49.
Participation quota
of non-controlling interests in %
Non-current assets
Current assets
Non-current liabilities
Current liabilities
Shareholders’ equity/net assets
Carrying amount, non-controlling interests
35.00
970.0
249.0
1,024.1
70.2
124.7
43.6
26.60
1,014.1
128.3
993.1
72.6
76.7
20.4
35.00
984.5
244.7
1,081.0
70.1
78.1
27.3
26.60
1,022.1
93.8
1,002.9
57.1
55.9
14.9
19.99
1,176.2
87.6
256.7
555.2
451.9
90.4
19.99
777.9
62.5
260.2
188.1
392.1
78.4
40.00
154.2
25.5
63.9
15.9
99.9
40.0
40.00
161.2
16.4
69.3
12.4
95.9
38.3
2022
2021
2022
2021
2022
2021
2022
2021
Revenue
EBITDA
Result after taxes
Other result
Currency translation differences
Comprehensive income
Proportion of non-controlling interests in
comprehensive income
Cash flow from operating activities
Cash flow used in investing activities
thereof investments in airport operating
projects
thereof in infrastructure
Cash flow used in financing activities
Change in cash and cash equivalents
Cash and cash equivalents as at January 1
Changes in restricted cash
Foreign currency translation effects on cash
and cash equivalents
Cash and cash equivalents
as at December 31
Dividends to non-controlling interests
236.2
149.3
46.7
1.3
0.0
48.0
16.8
116.1
–3.8
0.0
–3.8
2.6
114.9
76.9
–22.6
0.0
169.2
0.0
138.3
102.1
12.9
2.7
0.0
15.6
4.1
51.6
–14.6
0.0
–14.6
–18.8
18.2
59.5
–0.8
0.0
76.9
0.0
207.5
119.2
21.2
0.9
0.0
22.1
7.7
97.4
–4.8
0.0
–4.8
54.6
147.2
54.6
–35.7
0.0
166.1
0.0
117.1
101.4
10.3
1.8
0.0
12.1
3.2
55.0
–11.9
0.0
–11.9
–17.5
25.6
23.8
5.2
0.0
54.6
0.0
590.1
100.2
37.2
0.0
23.1
60.3
12.1
119.4
–360.1
–341.2
–18.9
249.1
8.4
42.4
0.0
2.5
53.3
0.0
345.2
54.7
11.2
0.0
28.9
40.1
8.0
141.2
–202.3
0.0
–202.3
39.5
–21.6
59.0
0.0
5.0
42.4
0.0
43.5
19.3
4.2
–0.2
0.0
4.0
1.6
19.2
–10.8
–7.1
–3.7
0.0
8.4
13.0
0.0
0.0
21.4
0.0
29.3
15.1
0.9
–0.2
0.0
0.7
0.3
15.4
–9.3
–6.7
–2.6
–0.6
5.5
7.5
0.0
0.0
13.0
0.0
All subsidiaries are fully consolidated in the Fraport consolidated financial statements. The capital shares in the subsidiaries
directly held by Fraport AG as a parent company do not differ from the proportion of voting rights held. There are no preferred
shares in the subsidiaries.
3 Consolidation Principles
Capital consolidation of all business combinations follows the purchase method.
All identifiable acquired assets and the acquired liabilities, including contingent liabilities, are recorded at fair value on the acqui-
sition date. The acquisition costs for company acquisitions correspond to the fair value of the transferred assets and liabilities.
Incidental acquisition costs are recorded as expenses as they are incurred. Conditional purchase price payments are recorded at
fair value on the acquisition date. Subsequent changes in the fair value of a conditional consideration, which is deemed to be an
asset or a liability, will be recognized either through profit or loss or as a change in other income. Non-controlling interests are
valued at fair value or the corresponding proportion of the identifiable net assets of the acquired company. In the case of step-by-
step company acquisitions, the shares already held in the acquired company are revalued through profit or loss at fair value on
the date that control is obtained.
Goodwill is recorded insofar as the sum of the consideration that is transferred, the amount of all non-controlling interests in the
acquired company and any equity that was previously held and revalued on the acquisition date is higher than the balance of the
153
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
140
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidation and Accounting Policies
141
acquired and revalued identifiable assets and the revalued acquired liabilities. If the comparison results in a lower amount, a net
income on acquisition at a price below the fair value is recorded after the assigned values are reviewed.
Measurement policies by financial position item
Financial position item
Measurement policy
Joint ventures and associated companies are accounted for in the consolidated financial statements using the equity method.
Initial measurements of companies accounted for using the equity method are carried out at fair value at the time of acquisition,
similarly to capital consolidation for subsidiaries. Subsequent changes in the shareholders’ equity and the updating of the differ-
ence from initial valuation change the amount accounted for at equity.
Intercompany profits and losses on trade accounts payable between companies included in the consolidated financial statements
were minimal.
Loans, accounts receivable, and liabilities, contingencies and other contingent liabilities between companies included in the con-
solidated financial statements, internal expenses, and income, as well as income from Group investments are eliminated.
Currency translation
Annual financial statements of companies outside Germany denominated in foreign currencies are translated on the basis of the
functional currency concept in accordance with IAS 21. The assets and liabilities of the consolidated companies are translated at
the exchange rate on the balance sheet date and shareholders’ equity at the historical exchange rate, whereas, for the purpose
of simplification, the expenses and income are translated at average exchange rates, since the companies are financially, eco-
nomically, and organizationally independent. Foreign currency translation differences are included directly in equity without affect-
ing profit or loss.
The following material exchange rates were used for the currency translation:
Exchange rates
Unit/Currency in €
1 US Dollar (US-$)
1 Turkish New Lira (TRY)
1 Renminbi Yuan (CNY)
1 Hong Kong Dollar (HKD)
1 Peruvian Nuevo Sol (PEN)
100 Russian Rubles (RUB)
1 Brazilian Real (BRL)
Exchange rate
December 31, 2022
Average exchange rate
2022
Exchange rate
December 31, 2021
Average exchange rate
2021
0.9367
0.0500
0.1355
0.1202
0.2473
1.3063
0.1771
0.9496
0.0574
0.1413
0.1213
0.2476
1.3469
0.1838
0.8835
0.0661
0.1391
0.1133
0.2214
1.1768
0.1586
0.8455
0.0951
0.1311
0.1088
0.2179
1.1474
0.1568
Business transactions in foreign currencies are accounted at the exchange rate on the date of the business transaction. Meas-
urement of the resulting assets and liabilities that are nominally bound in the foreign currency as at the balance sheet date takes
place at the exchange rate as at the balance sheet date. Translation differences are generally recorded through profit or loss.
4 Accounting Principles
Uniform accounting measurement policies
The financial statements of the Fraport Group are based on accounting and measurement policies that are applied consistently
throughout the Group.
The consolidated financial statements are drafted on the basis of historic acquisition and production costs. Particular exceptions
include financial assets available for sale and derivative financial instruments.
The following overview contains a summary of the valuation methods for items in the statement of financial position.
154
Assets
Goodwill
Investments in airport operating projects
Other intangible assets with determinable useful lives
Property, plant, and equipment
Investment property
Other financial assets
Trade accounts receivable
Other financial receivables and assets
Other non-financial receivables and assets
Inventories
Cash and cash equivalents
Derivative financial instruments
Liabilities
Financial liabilities
Trade accounts payable
Other financial liabilities
Other non-financial liabilities
Provisions for pensions and similar obligations
Other provisions
Derivative financial instruments
Accumulated impairment (IAS 36)
Amortized costs
Amortized costs
Amortized costs
Amortized costs
According to IFRS 9
According to IFRS 9
According to IFRS 9
Amortized costs
Nominal value
According to IFRS 9
Lower of acquisition or production cost and net realizable value
According to IFRS 9
According to IFRS 9
According to IFRS 9 and IFRS 16
Amortized costs
Projected unit credit method
Present value or amount required to settle the obligation
According to IFRS 9
Recognition of income and expenses
According to IFRS 15, revenue from contracts with customers must be recognized in the amount for which the company has
fulfilled its performance obligation and the customer has received the authority to dispose of the agreed goods and services. The
timing and amount of the revenue to be recognized is determined according to the following five-step process:
•
•
Identification of the contract/s with a customer,
Identification of the independent performance obligations,
• Determination of the transaction price,
• Distribution of the transaction price to the individual performance obligations,
• Revenue recognition upon fulfillment of the performance obligations.
Income and expenses from the same transactions and/or events are recognized in the same period.
In the Fraport Group, revenue is divided into the following types:
The Aviation segment includes, in particular, revenue from airport charges, which are based on a regulation approved by
HMWEVW (see note 49), as well as from security services at the Frankfurt site. The airport charges are for the takeoffs, landings
(including noise and emission), and parking of aircraft as well as for the use of passenger facilities. Security services refer to
services for passenger, baggage, and cargo inspections on behalf of the German Federal Ministry of the Interior (BMI). The
performance obligations in the Aviation segment are usually fulfilled within one day and recognized accordingly.
In the Retail & Real Estate segment, revenue is divided into the areas of real estate, retail, and parking.
Real estate revenue relates to leasing of buildings at Frankfurt Airport. In addition, Fraport AG offers various services in the area
of real estate management for third parties. These range from the development and marketing of real estate management to
energy management.
Revenue in the retail sector is divided into the categories of shopping, advertising, and services and primarily results from revenue
from the rental of retail and service areas as well as the marketing of advertising space.
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acquired and revalued identifiable assets and the revalued acquired liabilities. If the comparison results in a lower amount, a net
Measurement policies by financial position item
income on acquisition at a price below the fair value is recorded after the assigned values are reviewed.
Financial position item
Measurement policy
Joint ventures and associated companies are accounted for in the consolidated financial statements using the equity method.
Initial measurements of companies accounted for using the equity method are carried out at fair value at the time of acquisition,
similarly to capital consolidation for subsidiaries. Subsequent changes in the shareholders’ equity and the updating of the differ-
ence from initial valuation change the amount accounted for at equity.
Intercompany profits and losses on trade accounts payable between companies included in the consolidated financial statements
Loans, accounts receivable, and liabilities, contingencies and other contingent liabilities between companies included in the con-
solidated financial statements, internal expenses, and income, as well as income from Group investments are eliminated.
Annual financial statements of companies outside Germany denominated in foreign currencies are translated on the basis of the
functional currency concept in accordance with IAS 21. The assets and liabilities of the consolidated companies are translated at
the exchange rate on the balance sheet date and shareholders’ equity at the historical exchange rate, whereas, for the purpose
of simplification, the expenses and income are translated at average exchange rates, since the companies are financially, eco-
nomically, and organizationally independent. Foreign currency translation differences are included directly in equity without affect-
The following material exchange rates were used for the currency translation:
were minimal.
Currency translation
ing profit or loss.
Exchange rates
Unit/Currency in €
1 US Dollar (US-$)
1 Turkish New Lira (TRY)
1 Renminbi Yuan (CNY)
1 Hong Kong Dollar (HKD)
1 Peruvian Nuevo Sol (PEN)
100 Russian Rubles (RUB)
1 Brazilian Real (BRL)
Exchange rate
Average exchange rate
Exchange rate
Average exchange rate
December 31, 2022
2022
December 31, 2021
0.9367
0.0500
0.1355
0.1202
0.2473
1.3063
0.1771
0.9496
0.0574
0.1413
0.1213
0.2476
1.3469
0.1838
0.8835
0.0661
0.1391
0.1133
0.2214
1.1768
0.1586
2021
0.8455
0.0951
0.1311
0.1088
0.2179
1.1474
0.1568
Business transactions in foreign currencies are accounted at the exchange rate on the date of the business transaction. Meas-
urement of the resulting assets and liabilities that are nominally bound in the foreign currency as at the balance sheet date takes
place at the exchange rate as at the balance sheet date. Translation differences are generally recorded through profit or loss.
4 Accounting Principles
Uniform accounting measurement policies
throughout the Group.
The financial statements of the Fraport Group are based on accounting and measurement policies that are applied consistently
The consolidated financial statements are drafted on the basis of historic acquisition and production costs. Particular exceptions
include financial assets available for sale and derivative financial instruments.
The following overview contains a summary of the valuation methods for items in the statement of financial position.
Assets
Goodwill
Investments in airport operating projects
Other intangible assets with determinable useful lives
Property, plant, and equipment
Investment property
Other financial assets
Trade accounts receivable
Other financial receivables and assets
Other non-financial receivables and assets
Inventories
Cash and cash equivalents
Derivative financial instruments
Liabilities
Financial liabilities
Trade accounts payable
Other financial liabilities
Other non-financial liabilities
Provisions for pensions and similar obligations
Other provisions
Derivative financial instruments
Accumulated impairment (IAS 36)
Amortized costs
Amortized costs
Amortized costs
Amortized costs
According to IFRS 9
According to IFRS 9
According to IFRS 9
Amortized costs
Lower of acquisition or production cost and net realizable value
Nominal value
According to IFRS 9
According to IFRS 9
According to IFRS 9
According to IFRS 9 and IFRS 16
Amortized costs
Projected unit credit method
Present value or amount required to settle the obligation
According to IFRS 9
Recognition of income and expenses
According to IFRS 15, revenue from contracts with customers must be recognized in the amount for which the company has
fulfilled its performance obligation and the customer has received the authority to dispose of the agreed goods and services. The
timing and amount of the revenue to be recognized is determined according to the following five-step process:
•
•
Identification of the contract/s with a customer,
Identification of the independent performance obligations,
• Determination of the transaction price,
• Distribution of the transaction price to the individual performance obligations,
• Revenue recognition upon fulfillment of the performance obligations.
Income and expenses from the same transactions and/or events are recognized in the same period.
In the Fraport Group, revenue is divided into the following types:
The Aviation segment includes, in particular, revenue from airport charges, which are based on a regulation approved by
HMWEVW (see note 49), as well as from security services at the Frankfurt site. The airport charges are for the takeoffs, landings
(including noise and emission), and parking of aircraft as well as for the use of passenger facilities. Security services refer to
services for passenger, baggage, and cargo inspections on behalf of the German Federal Ministry of the Interior (BMI). The
performance obligations in the Aviation segment are usually fulfilled within one day and recognized accordingly.
In the Retail & Real Estate segment, revenue is divided into the areas of real estate, retail, and parking.
Real estate revenue relates to leasing of buildings at Frankfurt Airport. In addition, Fraport AG offers various services in the area
of real estate management for third parties. These range from the development and marketing of real estate management to
energy management.
Revenue in the retail sector is divided into the categories of shopping, advertising, and services and primarily results from revenue
from the rental of retail and service areas as well as the marketing of advertising space.
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The area of parking includes, in particular, revenue from the leasing of parking spaces at various parking facilities.
As a general rule, revenue from leasing and all other services is recognized using the straight-line method over the term of the
lease or for a fixed term. In contrast, for disposals of real estate inventories, revenue is recognized at the time of transfer of control
to the buyer.
In the Ground Handling segment, revenue is divided into the areas of ground services and charges for infrastructure.
The apron services are responsible for carrying out loading and transport services. This includes, among other things, the trans-
portation of passengers, baggage, and cargo as well as the loading and unloading of aircraft. In addition, the handling of freight
includes, among other things, the landside processing of air freight and mail as well as freight documentation. The infrastructure
charges include, in particular, charges for providing the central infrastructure, such as the central baggage transfer system, at the
Frankfurt site.
The performance obligations in the Ground Handling segment are usually fulfilled within one day and recognized accordingly.
The International Activities & Services segment includes the operation, maintenance, development, and expansion of airports and
infrastructure facilities in Germany and abroad. These services also encompass consulting services and customized solutions to
the challenges of airport management (so-called ORAT services – operational readiness and airport transfer). The services of the
foreign investments essentially correspond to those described for the Aviation, Retail & Real Estate, and Ground Handling seg-
ments. In addition, revenue in the segment includes contract revenue from construction and expansion services related to airport
operating projects abroad which are being carried out in line with the respective progress in each construction project. The
accounting treatment follows IFRIC 12.
In general, the payment terms are set depending on the type of revenue. The payment terms are typically between 0 and 40 days.
Property, plant, and equipment
Interest income is recorded using the effective interest rate method.
Goodwill
After the initial recognition of goodwill acquired in the course of a business merger, it is measured at acquisition costs less any
cumulative impairment losses.
For the purpose of impairment testing, goodwill acquired in the course of a business merger is assigned to the cash-generating
units of the Group since the acquisition date. Goodwill impairment testing is performed by comparing the recoverable amount of
a cash-generating unit to its carrying amount, including goodwill. The recoverable amount corresponds to the higher amount of
the fair value less costs to sell and the value in use. Essentially, in the Fraport Group the value in use based on a company
valuation model (discounted cash flow method) is used to calculate the recoverable amount. All goodwill items are tested for
impairment at least once a year in December in accordance with IAS 36.88 – 99. In the event of an impairment, an impairment
loss is recognized. Goodwill is not written up when the reasons for impairment are eliminated. Goodwill is not subject to regular
depreciation and amortization.
Investments in airport operating projects
To allow for better transparency, investments in airport operating projects are presented separately. These consist of concessions
for the operation of airports in Greece, Varna and Burgas (Bulgaria), Lima (Peru), and Fortaleza and Porto Alegre (Brazil) acquired
within the scope of service concession agreements (see also note 49). The concession agreements for the operation of the airports
fall under the application of IFRIC 12.17 and are recognized according to the intangible asset model, since Fraport receives the
right in each case to impose a charge on airport users in exchange for the obligation to pay concession fees and provide con-
struction and expansion services. The contractual obligations to pay concession fees that are not variable, but contractually fixed
in amount, are recorded as financial liabilities. These liabilities are initially recognized at fair value using a risk-adjusted discount
rate. Airport operation rights received as consideration are recorded as intangible assets at the same amount and reported under
investments in airport operating projects. The rights received as consideration for construction and expansion services are recog-
nized at the cost of production for the period in which the production costs are incurred. Revenue and expenses from construction
and expansion services are generally recorded pursuant to IFRIC 12.14 and in accordance with IFRS 15. Borrowing costs are
capitalized as part of the costs of acquisition if the requirements (see “Borrowing costs”) are fulfilled. Provisions for maintenance
measures are formed if maintenance obligations of specified amounts arise from the concession agreements. Costs for ongoing,
scheduled maintenance measures are therefore recognized as current expenses of the period.
156
The recognized financial liabilities are subsequently measured at amortized cost using the effective interest method. Subsequent
measurement of the capitalized rights is at the cost of acquisition or production less cumulative regular depreciation and amorti-
zation over the term of the concessions.
Impairment losses are recognized in accordance with IAS 36, where necessary.
Other intangible assets
Acquired intangible assets (IAS 38) are recognized at acquisition cost. Their useful life is limited. They are amortized over their
useful lives using straight-line depreciation and amortization. Where necessary, impairment losses are recognized in accordance
with IAS 36. If the recoverable amount of the asset later exceeds the carrying amount after an impairment loss has been recog-
nized, the asset is written up to a maximum of the recoverable amount. The write-up through profit or loss is limited to the amortized
carrying amount that would have resulted if no impairment losses had been recognized in the past.
Development costs for internally generated intangible assets are capitalized at manufacturing cost when it is probable that the
manufacture of these assets will generate future economic benefits for the company and the costs can be measured reliably. The
manufacturing costs cover all costs directly attributable to the manufacturing process. If the conditions for capitalization are not
met, the expenses are recognized in the income statement in the year in which they are incurred. Internally generated intangible
assets are amortized over their useful lives using the straight-line method.
Borrowing costs of other intangible assets that constitute qualifying assets are recognized (see “Borrowing costs”).
Property, plant, and equipment (IAS 16) are recognized at the cost of acquisition or production less straight-line depreciation and
amortization and any impairment losses pursuant to IAS 36, where applicable. If the recoverable amount of the asset later exceeds
the carrying amount after an impairment loss has been recognized pursuant to IAS 36, the asset is written up to a maximum of
the recoverable amount. The write-up through profit or loss is limited to the amortized carrying amount that would have resulted
if no impairment loss had been recognized in the past. Subsequent acquisition costs are capitalized. Production costs essentially
include all direct costs including appropriate overheads. Borrowing costs of property, plant, and equipment that constitute qualify-
ing assets are recognized (see “Borrowing costs”).
Each part of an item of property, plant, and equipment with an acquisition cost that is significant in relation to the total value of the
item is measured and depreciated separately with regard to its useful life and the appropriate depreciation method.
Government grants and third-party grants related to assets are included in liabilities and are released straight-line over the useful
life of the asset for which the grant has been given. Grants related to income are included as other operating income through profit
or loss (IAS 20).
Investment property
Investment property (IAS 40) includes property held to earn long-term lease revenue or capital appreciation, which is not owner-
occupied; it also consists of land held for a currently undetermined future use.
If land as yet held for an undetermined use is now defined as being held for sale and development has begun, it is transferred to
inventories; if it is intended for owner-occupation, it is transferred to property, plant, and equipment.
Investment property is measured initially at the cost of acquisition or production. Subsequent measurement is at the cost of
acquisition or production less regular straight-line depreciation and amortization and impairment losses according to IAS 36 where
applicable. Borrowing costs of investment properties that constitute qualifying assets are capitalized (see “Borrowing costs”).
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The area of parking includes, in particular, revenue from the leasing of parking spaces at various parking facilities.
As a general rule, revenue from leasing and all other services is recognized using the straight-line method over the term of the
lease or for a fixed term. In contrast, for disposals of real estate inventories, revenue is recognized at the time of transfer of control
The recognized financial liabilities are subsequently measured at amortized cost using the effective interest method. Subsequent
measurement of the capitalized rights is at the cost of acquisition or production less cumulative regular depreciation and amorti-
zation over the term of the concessions.
Impairment losses are recognized in accordance with IAS 36, where necessary.
Other intangible assets
Acquired intangible assets (IAS 38) are recognized at acquisition cost. Their useful life is limited. They are amortized over their
useful lives using straight-line depreciation and amortization. Where necessary, impairment losses are recognized in accordance
with IAS 36. If the recoverable amount of the asset later exceeds the carrying amount after an impairment loss has been recog-
nized, the asset is written up to a maximum of the recoverable amount. The write-up through profit or loss is limited to the amortized
carrying amount that would have resulted if no impairment losses had been recognized in the past.
Development costs for internally generated intangible assets are capitalized at manufacturing cost when it is probable that the
manufacture of these assets will generate future economic benefits for the company and the costs can be measured reliably. The
manufacturing costs cover all costs directly attributable to the manufacturing process. If the conditions for capitalization are not
met, the expenses are recognized in the income statement in the year in which they are incurred. Internally generated intangible
assets are amortized over their useful lives using the straight-line method.
accounting treatment follows IFRIC 12.
Borrowing costs of other intangible assets that constitute qualifying assets are recognized (see “Borrowing costs”).
Property, plant, and equipment
Property, plant, and equipment (IAS 16) are recognized at the cost of acquisition or production less straight-line depreciation and
amortization and any impairment losses pursuant to IAS 36, where applicable. If the recoverable amount of the asset later exceeds
the carrying amount after an impairment loss has been recognized pursuant to IAS 36, the asset is written up to a maximum of
the recoverable amount. The write-up through profit or loss is limited to the amortized carrying amount that would have resulted
if no impairment loss had been recognized in the past. Subsequent acquisition costs are capitalized. Production costs essentially
include all direct costs including appropriate overheads. Borrowing costs of property, plant, and equipment that constitute qualify-
ing assets are recognized (see “Borrowing costs”).
Each part of an item of property, plant, and equipment with an acquisition cost that is significant in relation to the total value of the
item is measured and depreciated separately with regard to its useful life and the appropriate depreciation method.
Government grants and third-party grants related to assets are included in liabilities and are released straight-line over the useful
life of the asset for which the grant has been given. Grants related to income are included as other operating income through profit
or loss (IAS 20).
Investment property
Investment property (IAS 40) includes property held to earn long-term lease revenue or capital appreciation, which is not owner-
occupied; it also consists of land held for a currently undetermined future use.
If land as yet held for an undetermined use is now defined as being held for sale and development has begun, it is transferred to
inventories; if it is intended for owner-occupation, it is transferred to property, plant, and equipment.
Investment property is measured initially at the cost of acquisition or production. Subsequent measurement is at the cost of
acquisition or production less regular straight-line depreciation and amortization and impairment losses according to IAS 36 where
applicable. Borrowing costs of investment properties that constitute qualifying assets are capitalized (see “Borrowing costs”).
157
to the buyer.
Frankfurt site.
In the Ground Handling segment, revenue is divided into the areas of ground services and charges for infrastructure.
The apron services are responsible for carrying out loading and transport services. This includes, among other things, the trans-
portation of passengers, baggage, and cargo as well as the loading and unloading of aircraft. In addition, the handling of freight
includes, among other things, the landside processing of air freight and mail as well as freight documentation. The infrastructure
charges include, in particular, charges for providing the central infrastructure, such as the central baggage transfer system, at the
The performance obligations in the Ground Handling segment are usually fulfilled within one day and recognized accordingly.
The International Activities & Services segment includes the operation, maintenance, development, and expansion of airports and
infrastructure facilities in Germany and abroad. These services also encompass consulting services and customized solutions to
the challenges of airport management (so-called ORAT services – operational readiness and airport transfer). The services of the
foreign investments essentially correspond to those described for the Aviation, Retail & Real Estate, and Ground Handling seg-
ments. In addition, revenue in the segment includes contract revenue from construction and expansion services related to airport
operating projects abroad which are being carried out in line with the respective progress in each construction project. The
In general, the payment terms are set depending on the type of revenue. The payment terms are typically between 0 and 40 days.
Interest income is recorded using the effective interest rate method.
Goodwill
cumulative impairment losses.
After the initial recognition of goodwill acquired in the course of a business merger, it is measured at acquisition costs less any
For the purpose of impairment testing, goodwill acquired in the course of a business merger is assigned to the cash-generating
units of the Group since the acquisition date. Goodwill impairment testing is performed by comparing the recoverable amount of
a cash-generating unit to its carrying amount, including goodwill. The recoverable amount corresponds to the higher amount of
the fair value less costs to sell and the value in use. Essentially, in the Fraport Group the value in use based on a company
valuation model (discounted cash flow method) is used to calculate the recoverable amount. All goodwill items are tested for
impairment at least once a year in December in accordance with IAS 36.88 – 99. In the event of an impairment, an impairment
loss is recognized. Goodwill is not written up when the reasons for impairment are eliminated. Goodwill is not subject to regular
depreciation and amortization.
Investments in airport operating projects
To allow for better transparency, investments in airport operating projects are presented separately. These consist of concessions
for the operation of airports in Greece, Varna and Burgas (Bulgaria), Lima (Peru), and Fortaleza and Porto Alegre (Brazil) acquired
within the scope of service concession agreements (see also note 49). The concession agreements for the operation of the airports
fall under the application of IFRIC 12.17 and are recognized according to the intangible asset model, since Fraport receives the
right in each case to impose a charge on airport users in exchange for the obligation to pay concession fees and provide con-
struction and expansion services. The contractual obligations to pay concession fees that are not variable, but contractually fixed
in amount, are recorded as financial liabilities. These liabilities are initially recognized at fair value using a risk-adjusted discount
rate. Airport operation rights received as consideration are recorded as intangible assets at the same amount and reported under
investments in airport operating projects. The rights received as consideration for construction and expansion services are recog-
nized at the cost of production for the period in which the production costs are incurred. Revenue and expenses from construction
and expansion services are generally recorded pursuant to IFRIC 12.14 and in accordance with IFRS 15. Borrowing costs are
capitalized as part of the costs of acquisition if the requirements (see “Borrowing costs”) are fulfilled. Provisions for maintenance
measures are formed if maintenance obligations of specified amounts arise from the concession agreements. Costs for ongoing,
scheduled maintenance measures are therefore recognized as current expenses of the period.
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Borrowing costs
Borrowing costs (IAS 23) that relate to the acquisition, construction, or production of a qualifying asset are required to be capital-
ized as part of the acquisition/production cost of such assets. At Fraport AG, the planned investment measures form the basis for
determining the qualifying assets. If the volume of the planned measures at Fraport AG exceeds €25 million and if the construction
period is more than one year, all assets produced as part of the measure are recognized as qualifying assets. Each Group
company defines its own individual criteria for what constitutes the presence of qualifying assets. Borrowing costs include interest,
ancillary costs associated with debt capital, financing charges in respect of finance leases, and currency differences.
Regular depreciation and amortization
Regular depreciation and amortization is carried out on the basis of estimated useful technical and economic life. It takes place
fundamentally on a Group-wide basis according to the straight-line method. The data on expected useful life also includes the
useful lifespans of individual components.
The following useful lifespans are taken as a basis:
Regular depreciation and amortization
In years
Investments in airport operating projects
Other concession and operator rights
Software and other intangible assets
Buildings (structural sections)
Technical buildings
Building equipment
Ground equipment
Flight operating areas
Takeoff/landing runways
Aprons
Taxiway bridges
Taxiways
Other technical equipment and machinery
Vehicles (including special vehicles)
Other equipment, operating, and office equipment
25-50
10-39
1-30
1-80
20-40
12-38
5-99
7-99
20-99
80
20-99
3-33
1-20
1-25
The expected useful life of investment property corresponds to the expected useful life of the property, which is part of property,
plant, and equipment.
Impairment losses pursuant to IAS 36
Impairment losses on assets are recognized pursuant to IAS 36. Assets are tested for impairment if there are indications of an
impairment loss. An impairment test is carried out annually for existing goodwill. Impairment losses are recorded if the recoverable
amount of the asset has fallen below its carrying amount. The recoverable amount is the higher of an asset’s fair value less costs
to sell and its value in use. The value in use is the present value of the estimated future cash inflows and outflows from the use
and subsequent disposal of the asset.
Since it is not generally possible in the Fraport Group to allocate cash flows to individual assets, cash-generating units are formed
and the existing goodwill is allocated to them. A cash-generating unit is defined as the smallest identifiable group of assets that
generates separate cash inflows and outflows.
Regardless of indicators for possible impairment losses, assets are subject to an annual impairment test pursuant to IAS 36.
Generally, the value in use is calculated as the recoverable amount. The value in use is determined by the entity through applica-
tion of the discounted cash flow method.
Determination of the future cash flows of the cash-generating units is based on the planning figures. The value in use is generally
determined based on the future cash flows estimated on the basis of the current planning figures for the years between 2023 to
2027 as approved by the Executive Board and in effect at the time the impairment tests are made (in December of the year under
review), and on the basis of the current long-term plans up to 2030 or over the respective contractual periods in the case of
investments in airport operating projects and other concession and operator rights. These forecasts are based on past experience
and the expected market performance, which is based on external studies and internal forecasts. A growth rate of 1.2% (previous
year: 1.0% to 2.0%) based on the planning assumptions is taken into account in the perpetual annuity. The adequacy of the growth
rate is checked using external forecasts on future traffic developments. The discount factor was a country-specific, weighted
average cost of capital (WACC) after taxes of between 6.3% and 16.5% (previous year: 4.6% to 12.7%).
In particular, due to the continuing challenging market environment in 2022 as a result of the war in Ukraine and the resulting
negative impact on the earnings forecast for the following years, Fraport assessed the impairment of non-current assets of the
Group companies in accordance with IAS 36.12 and IAS 36.13.
The forecasts presented in the “Business Outlook” on the recovery of traffic figures at the Frankfurt site to the levels before the
pandemic by 2026 correspond to the base scenario of the planning and have been incorporated into the calculations of the
impairment tests.
Due to the increased uncertainties in planning given the war in Ukraine and the associated economic consequences, and the
future inflation rate, sensitivity analyses were carried out for all cash-generating units. As a general rule, the impairment of all units
was assessed at a WACC higher by 0.5 percentage points and with a reduction in the revenue by 0.5 percentage points over the
entire planning period. The increase in the WACC leads to an impairment requirement in the low double-digit million range for the
Slovenia cash-generating unit, while the increase results in a mid double-digit million amount for the Greek cash-generating units
and in a high double-digit million amount for the Lima cash-generating unit. The impairment of the cash-generating units within
the framework of the revenue scenarios was further confirmed. For the cash-generating unit airport operations of Fraport AG, the
increase in the WACC leads to an impairment requirement in the low three-digit million range.
Additional sensitivity analyses were also carried out for the cash-generating unit airport operations of Fraport AG. Scenarios for
the underlying cash flows were developed by adjusting the planned increases in charges and the forecast traffic figures. The
individual cash flow scenarios were then discounted with different capital cost rates ranging from 5.7% to 6.8%. The results of the
sensitivity analysis allow the conclusion that there is no structural overestimation of the infrastructure. The scenarios show a range
of the company value, ranging from overfunding in the low single-digit billions to underfunding in the low single-digit billions in the
worst case scenario.
Another significant influence on the company’s value is the value added of the perpetual pension. Therefore, the impairment in
the base scenario was verified to ensure it is even with a reduced growth rate of the perpetual annuity of 0.5%. The adjustment
to the growth rate leads to an impairment requirement in the low three-digit million amount.
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Borrowing costs
Regardless of indicators for possible impairment losses, assets are subject to an annual impairment test pursuant to IAS 36.
Borrowing costs (IAS 23) that relate to the acquisition, construction, or production of a qualifying asset are required to be capital-
ized as part of the acquisition/production cost of such assets. At Fraport AG, the planned investment measures form the basis for
determining the qualifying assets. If the volume of the planned measures at Fraport AG exceeds €25 million and if the construction
period is more than one year, all assets produced as part of the measure are recognized as qualifying assets. Each Group
company defines its own individual criteria for what constitutes the presence of qualifying assets. Borrowing costs include interest,
ancillary costs associated with debt capital, financing charges in respect of finance leases, and currency differences.
Regular depreciation and amortization
Regular depreciation and amortization is carried out on the basis of estimated useful technical and economic life. It takes place
fundamentally on a Group-wide basis according to the straight-line method. The data on expected useful life also includes the
useful lifespans of individual components.
The following useful lifespans are taken as a basis:
Regular depreciation and amortization
In years
Investments in airport operating projects
Other concession and operator rights
Software and other intangible assets
Buildings (structural sections)
Technical buildings
Building equipment
Ground equipment
Flight operating areas
Takeoff/landing runways
Aprons
Taxiway bridges
Taxiways
Other technical equipment and machinery
Vehicles (including special vehicles)
Other equipment, operating, and office equipment
plant, and equipment.
Impairment losses pursuant to IAS 36
The expected useful life of investment property corresponds to the expected useful life of the property, which is part of property,
Impairment losses on assets are recognized pursuant to IAS 36. Assets are tested for impairment if there are indications of an
impairment loss. An impairment test is carried out annually for existing goodwill. Impairment losses are recorded if the recoverable
amount of the asset has fallen below its carrying amount. The recoverable amount is the higher of an asset’s fair value less costs
to sell and its value in use. The value in use is the present value of the estimated future cash inflows and outflows from the use
and subsequent disposal of the asset.
Since it is not generally possible in the Fraport Group to allocate cash flows to individual assets, cash-generating units are formed
and the existing goodwill is allocated to them. A cash-generating unit is defined as the smallest identifiable group of assets that
generates separate cash inflows and outflows.
Generally, the value in use is calculated as the recoverable amount. The value in use is determined by the entity through applica-
tion of the discounted cash flow method.
Determination of the future cash flows of the cash-generating units is based on the planning figures. The value in use is generally
determined based on the future cash flows estimated on the basis of the current planning figures for the years between 2023 to
2027 as approved by the Executive Board and in effect at the time the impairment tests are made (in December of the year under
review), and on the basis of the current long-term plans up to 2030 or over the respective contractual periods in the case of
investments in airport operating projects and other concession and operator rights. These forecasts are based on past experience
and the expected market performance, which is based on external studies and internal forecasts. A growth rate of 1.2% (previous
year: 1.0% to 2.0%) based on the planning assumptions is taken into account in the perpetual annuity. The adequacy of the growth
rate is checked using external forecasts on future traffic developments. The discount factor was a country-specific, weighted
average cost of capital (WACC) after taxes of between 6.3% and 16.5% (previous year: 4.6% to 12.7%).
In particular, due to the continuing challenging market environment in 2022 as a result of the war in Ukraine and the resulting
negative impact on the earnings forecast for the following years, Fraport assessed the impairment of non-current assets of the
Group companies in accordance with IAS 36.12 and IAS 36.13.
The forecasts presented in the “Business Outlook” on the recovery of traffic figures at the Frankfurt site to the levels before the
pandemic by 2026 correspond to the base scenario of the planning and have been incorporated into the calculations of the
impairment tests.
Due to the increased uncertainties in planning given the war in Ukraine and the associated economic consequences, and the
future inflation rate, sensitivity analyses were carried out for all cash-generating units. As a general rule, the impairment of all units
was assessed at a WACC higher by 0.5 percentage points and with a reduction in the revenue by 0.5 percentage points over the
entire planning period. The increase in the WACC leads to an impairment requirement in the low double-digit million range for the
Slovenia cash-generating unit, while the increase results in a mid double-digit million amount for the Greek cash-generating units
and in a high double-digit million amount for the Lima cash-generating unit. The impairment of the cash-generating units within
the framework of the revenue scenarios was further confirmed. For the cash-generating unit airport operations of Fraport AG, the
increase in the WACC leads to an impairment requirement in the low three-digit million range.
Additional sensitivity analyses were also carried out for the cash-generating unit airport operations of Fraport AG. Scenarios for
the underlying cash flows were developed by adjusting the planned increases in charges and the forecast traffic figures. The
individual cash flow scenarios were then discounted with different capital cost rates ranging from 5.7% to 6.8%. The results of the
sensitivity analysis allow the conclusion that there is no structural overestimation of the infrastructure. The scenarios show a range
of the company value, ranging from overfunding in the low single-digit billions to underfunding in the low single-digit billions in the
worst case scenario.
Another significant influence on the company’s value is the value added of the perpetual pension. Therefore, the impairment in
the base scenario was verified to ensure it is even with a reduced growth rate of the perpetual annuity of 0.5%. The adjustment
to the growth rate leads to an impairment requirement in the low three-digit million amount.
25-50
10-39
1-30
1-80
20-40
12-38
5-99
7-99
20-99
80
20-99
3-33
1-20
1-25
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The valuation as fair value other comprehensive income with recycling (FVOCI with recycling) is applied if the following conditions
are met:
•
•
The financial asset is held within a business model whose objective is to achieved by both holding financial assets in
order to collect contractual cash flows and selling financial assets, and
The contractual terms and conditions lead to cash flows that only represent solely payments of principal and interest.
FVOCI with Recycling applied to securities. Value changes are recognized in other result, and if there is an early sale, profit or
loss from shareholders’ equity are recycled with an effect on the income statement.
For other investments, the FVOCI option was exercised for strategic reasons. The fair value changes are recorded under other
result. The profit and loss recorded in other result are not recycled with an effect on the income statement and no impairment
losses are recognized in the income statement (FVOCI without recycling).
When deciding whether a contractual amendment leads to a disposal of a financial asset, quantitative and qualitative criteria are
taken into account.
Trade accounts receivable, other financial and non-financial receivables and assets
Trade accounts receivable and other financial and non-financial receivables and assets are recognized on the settlement date,
i.e., at the time the asset is created or economic ownership is transferred, at fair value plus transaction costs.
Trade accounts receivable, other financial and non-financial receivables and assets, and receivables from banks with a remaining
term of less than one year are reported as current.
Trade accounts receivable, accounts receivable from banks, and all other financial receivables with fixed or ascertainable pay-
ments are held to “collect cash flows” and have “cash flows that are solely payments of principal and interest”. Subsequent meas-
urement is carried out at amortized cost of acquisition, based on the effective interest method. Receivables in foreign currencies
are translated at the exchange rate on the balance sheet date.
Assistance received from government
are met and that the contributions are granted.
In principle, public contributions (IAS 20) are only recognized if there is reasonable assurance that the conditions attached to them
Contributions related to income are deducted from these expenses in the period in which the corresponding expenses are incurred.
Entitlements to contributions for which sufficient security is in place are reported under other non-financial assets.
The contributions received in connection with short-time work schedules were recognized in personnel expenses as a reduction
in expenses, and the existing entitlements were reported under other non-financial assets.
Leases
The Fraport Group has recognized right-of-use assets and liabilities for leases in which the Fraport Group is the lessee in the
amount of the present value of the payment obligations entered into. Right-of-use assets are recognized if the leasing contract
entitles the user to control the use of an identified asset against payment of a fee for a certain period of time. The right-of-use
assets are shown under property, plant and equipment. The lease liabilities are shown under other liabilities. Lease liabilities
include fixed lease payments less lease incentives to be provided by the lessor, variable payments that are linked to an index or
interest rate, expected residual value payments from residual value guarantees, the exercise price of a purchase option if the
exercise was deemed to be reasonably certain, and contractual penalties for those termination of the lease if it is considered in
the term that a termination option will be used. Lease payments are discounted at the interest rate that the lease is implicitly based
on, if the lessor provided that interest rate. Otherwise, discounting is carried out using the lessee’s incremental borrowing rate.
This is derived from country-specific, risk-free debt financing interest rates with matching currencies and maturities. The right-of-
use assets are measured at acquisition costs, which consist of the present value of the lease liability and initial direct costs as
well as dismantling obligations and leasing payments received before or upon provision, less leasing incentives received. The
subsequent measurement is carried out at amortized cost. Right-of-use assets are amortized on a straight-line basis over the
lease term. If leasing agreements contain extension or termination options, all facts and circumstances are taken into account for
the determination of the contract term that offer an economic incentive to exercise extension options or not to exercise such
options. The term will only be adjusted if the exercise or non-exercise of such options is reasonably certain.
Taking into account the principle of materiality (IAS 1 in conjunction with IFRS 16.BC 86), right-of-use assets and lease liabilities
are accounted for exclusively for substantial real estate leasing contracts. Payments from leasing contracts, operating and office
equipment, technical systems and machines, and properties with a contractual volume of less than €0.1 million are recorded as
expenses in the same way as previous operating lease contracts. Furthermore, the regulations of IFRS 16 are not applied to
intangible assets. The future minimum lease payments arising from the existing lease contracts for operating and office equipment
and technical systems and machines are specified in note 46.
If an entity of the Fraport Group acts as a lessor and the contract will be classified as an operating lease, the leased property is
shown in property, plant and equipment at amortized cost. Rental income is generally recorded on a straight-line basis over the
term of the contract.
If an entity of the Fraport Group acts as a lessor and the contract will be classified as finance lease, the Fraport Group recognizes
the lease object in its balance sheet when a finance lease exists and shows it as a receivable in the amount equal to the net
investment in the lease.
Investments in companies accounted for using the equity method
Investments in joint ventures and associated companies are recognized at the pro rata share of equity, including goodwill. Impair-
ment losses are recorded if the recoverable amount is lower than the carrying amount. The investments are tested for impairment
annually.
Other financial assets
Other financial assets include securities, loans and other investments. Other financial assets are recognized at fair value on the
settlement date, i.e. at the time the asset is created or transferred, plus transaction costs. Non-current low-interest or interest-free
loans are recognized at their present value. Other financial assets with a remaining term of up to one year are reported as current.
The recognition and subsequent valuation is based on the cash flow characteristics and of the business models according to
which they are managed.
A classification at amortized acquisition costs occurs when both of the following conditions are met:
•
•
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contrac-
tual cash flows, and
The contractual terms and conditions lead to cash flows that only represent solely payments of principal and interest.
The loans are valued at amortized acquisition costs using the effective interest method.
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Leases
The Fraport Group has recognized right-of-use assets and liabilities for leases in which the Fraport Group is the lessee in the
amount of the present value of the payment obligations entered into. Right-of-use assets are recognized if the leasing contract
entitles the user to control the use of an identified asset against payment of a fee for a certain period of time. The right-of-use
assets are shown under property, plant and equipment. The lease liabilities are shown under other liabilities. Lease liabilities
include fixed lease payments less lease incentives to be provided by the lessor, variable payments that are linked to an index or
interest rate, expected residual value payments from residual value guarantees, the exercise price of a purchase option if the
exercise was deemed to be reasonably certain, and contractual penalties for those termination of the lease if it is considered in
the term that a termination option will be used. Lease payments are discounted at the interest rate that the lease is implicitly based
on, if the lessor provided that interest rate. Otherwise, discounting is carried out using the lessee’s incremental borrowing rate.
This is derived from country-specific, risk-free debt financing interest rates with matching currencies and maturities. The right-of-
use assets are measured at acquisition costs, which consist of the present value of the lease liability and initial direct costs as
well as dismantling obligations and leasing payments received before or upon provision, less leasing incentives received. The
subsequent measurement is carried out at amortized cost. Right-of-use assets are amortized on a straight-line basis over the
lease term. If leasing agreements contain extension or termination options, all facts and circumstances are taken into account for
the determination of the contract term that offer an economic incentive to exercise extension options or not to exercise such
options. The term will only be adjusted if the exercise or non-exercise of such options is reasonably certain.
Taking into account the principle of materiality (IAS 1 in conjunction with IFRS 16.BC 86), right-of-use assets and lease liabilities
are accounted for exclusively for substantial real estate leasing contracts. Payments from leasing contracts, operating and office
equipment, technical systems and machines, and properties with a contractual volume of less than €0.1 million are recorded as
expenses in the same way as previous operating lease contracts. Furthermore, the regulations of IFRS 16 are not applied to
intangible assets. The future minimum lease payments arising from the existing lease contracts for operating and office equipment
and technical systems and machines are specified in note 46.
If an entity of the Fraport Group acts as a lessor and the contract will be classified as an operating lease, the leased property is
shown in property, plant and equipment at amortized cost. Rental income is generally recorded on a straight-line basis over the
If an entity of the Fraport Group acts as a lessor and the contract will be classified as finance lease, the Fraport Group recognizes
the lease object in its balance sheet when a finance lease exists and shows it as a receivable in the amount equal to the net
Investments in companies accounted for using the equity method
Investments in joint ventures and associated companies are recognized at the pro rata share of equity, including goodwill. Impair-
ment losses are recorded if the recoverable amount is lower than the carrying amount. The investments are tested for impairment
Other financial assets include securities, loans and other investments. Other financial assets are recognized at fair value on the
settlement date, i.e. at the time the asset is created or transferred, plus transaction costs. Non-current low-interest or interest-free
loans are recognized at their present value. Other financial assets with a remaining term of up to one year are reported as current.
The recognition and subsequent valuation is based on the cash flow characteristics and of the business models according to
which they are managed.
A classification at amortized acquisition costs occurs when both of the following conditions are met:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contrac-
The contractual terms and conditions lead to cash flows that only represent solely payments of principal and interest.
The loans are valued at amortized acquisition costs using the effective interest method.
term of the contract.
investment in the lease.
annually.
Other financial assets
tual cash flows, and
•
•
The valuation as fair value other comprehensive income with recycling (FVOCI with recycling) is applied if the following conditions
are met:
•
•
The financial asset is held within a business model whose objective is to achieved by both holding financial assets in
order to collect contractual cash flows and selling financial assets, and
The contractual terms and conditions lead to cash flows that only represent solely payments of principal and interest.
FVOCI with Recycling applied to securities. Value changes are recognized in other result, and if there is an early sale, profit or
loss from shareholders’ equity are recycled with an effect on the income statement.
For other investments, the FVOCI option was exercised for strategic reasons. The fair value changes are recorded under other
result. The profit and loss recorded in other result are not recycled with an effect on the income statement and no impairment
losses are recognized in the income statement (FVOCI without recycling).
When deciding whether a contractual amendment leads to a disposal of a financial asset, quantitative and qualitative criteria are
taken into account.
Trade accounts receivable, other financial and non-financial receivables and assets
Trade accounts receivable and other financial and non-financial receivables and assets are recognized on the settlement date,
i.e., at the time the asset is created or economic ownership is transferred, at fair value plus transaction costs.
Trade accounts receivable, other financial and non-financial receivables and assets, and receivables from banks with a remaining
term of less than one year are reported as current.
Trade accounts receivable, accounts receivable from banks, and all other financial receivables with fixed or ascertainable pay-
ments are held to “collect cash flows” and have “cash flows that are solely payments of principal and interest”. Subsequent meas-
urement is carried out at amortized cost of acquisition, based on the effective interest method. Receivables in foreign currencies
are translated at the exchange rate on the balance sheet date.
Assistance received from government
In principle, public contributions (IAS 20) are only recognized if there is reasonable assurance that the conditions attached to them
are met and that the contributions are granted.
Contributions related to income are deducted from these expenses in the period in which the corresponding expenses are incurred.
Entitlements to contributions for which sufficient security is in place are reported under other non-financial assets.
The contributions received in connection with short-time work schedules were recognized in personnel expenses as a reduction
in expenses, and the existing entitlements were reported under other non-financial assets.
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Impairment losses of financial assets
In general, impairment losses are recognized through profit or loss by directly reducing the carrying amount of the financial asset.
Cash and cash equivalents
The impairment provisions are applied to the following assets:
Cash and cash equivalents basically include cash, cash accounts, and short-term cash deposits (including restricted cash) with
banks maturing in three months or less. Cash deposits with banks with a maturity of more than three months from the time of
acquisition are recorded in this item if their values do not fluctuate significantly and they can be liquidated at short notice without
deduction for risk. Cash and cash equivalents are recognized at nominal value. Cash in foreign currencies is translated at the
•
•
financial assets in the form of debt instruments that are measured at amortized costs, such as trade accounts receivables,
loans to associated companies and bank balances and deposits
financial assets in the form of debt instruments that are measured at fair value without affecting profit or loss
Non-current assets held for sale are recognized at either the carrying amount or at fair value less costs to sell, whichever is the
On each balance sheet date, the carrying amounts of the aforementioned financial assets that are measured at amortized costs
or at the fair value without affecting profit or loss are assessed to see whether there is any objective evidence (such as consider-
able financial difficulties of the debtor, high probability of insolvency proceedings against the debtor, or a permanent decline of
the fair value below amortized cost) that the asset may be impaired. The assessment takes place by considering forward-looking,
macro-economic information on whether the credit risk has significantly increased (or decreased). The assessment of whether
there is a significant increase or decrease in credit risk is relevant for whether loan defaults must be calculated over the next 12
months or over the entire term. The assessment is carried out on the basis of the change in credit risk during the expected term
of the financial instrument.
For trade accounts receivable, a risk provision is recorded on a collective basis in the amount of the expected payment defaults
over the entire term of the receivables. The determination of the expected payment defaults are based on historical information
on payment defaults and qualitative insights into possible future defaults.
The available probability of default of the respective counterparty, taking into account insolvency rates, taken from external
sources, are used to calculate the expected credit loss for financial assets in the general approach and for securities.
A risk provision is calculated taking into account the general materiality guidelines according to IAS 1. Changes are recognized in
the amount of the required risk provisions as a write-up or impairment.
If an already impaired receivable is individually designated as non-recoverable, the asset is derecognized.
Inventories
Inventories include work-in-process, raw materials, consumables, supplies, and property held for sale within the ordinary course
of business.
Work-in-process, raw materials, consumables, and supplies are measured at the lower of acquisition or production cost or net
realizable value. Acquisition or production costs are generally calculated using the average cost method. Production costs include
direct costs and adequate overheads.
Property held for sale within the ordinary course of business is also measured at the lower of acquisition or production cost or net
realizable value.
The subsequent production cost required for land development is estimated for the entire marketable land area on the basis of
specific cost unit rates for individual development measures. Depending on the land sales recognized in the respective year under
review, the development costs are allocated on a pro rata basis to the remaining land area to be sold. Net realizable value is the
estimated selling price less the costs incurred until the time of sale, and discounted over the planned selling period.
External reports on the fair value of the land being sold, as well as information about previous land sales, form the basis for the
calculation of the estimated selling price.
Where the inventories constitute qualifying assets, the borrowing costs are capitalized.
If a write-down made in previous periods is no longer necessary, a write-up is recognized.
162
exchange rate on the balance sheet date.
Non-current assets held for sale
lower amount.
Accounting of taxes on income
Taxes on income are recognized using the liability method pursuant to IAS 12. All tax expenses and refunds directly related to
income are recorded as taxes on income. These also include withholding taxes and penalties. Interest accrued based on subse-
quently assessed taxes are recorded as an interest expense.
Current taxes are recognized on the date when the liability for taxes on income is incurred.
Deferred taxes are recognized pursuant to IAS 12 using the liability method based on temporary differences on a case by case
basis. Deferred taxes are recognized for temporary differences between the IFRS and tax financial positions of the single entities,
and differences arising from unused, utilizable loss and interest carry-forwards and consolidation transactions. The recognition of
goodwill that is not deductible for tax purposes does not lead to deferred taxes.
If the carrying amount of an asset in the IFRS financial position exceeds its tax base (e.g. non-current assets depreciated on a
straight-line basis), and if the difference is temporary, a deferred tax liability is recognized. Pursuant to the IFRS, deferred tax
assets are recognized from financial position differences and for carry-forwards of unused tax losses, to the extent that it is
probable that taxable profit will be available, against which the unused tax losses and unused tax credits can be utilized.
Deferred taxes are calculated at future tax rates insofar as these have already been legally established and/or the legislative
process is largely completed. Changes in deferred taxes on the financial position generally lead to deferred tax income or expense.
When transactions resulting in a change to deferred taxes are recorded directly in shareholders’ equity without affecting profit or
loss, the change to deferred taxes is also included directly in shareholders’ equity without affecting profit or loss.
Deferred tax assets and liabilities are netted insofar as these income tax claims and liabilities relate to the same tax authority and
to the same taxable entity or a group of different taxable entities that, however, are assessed jointly for income tax purposes.
No deferred tax liabilities are recognized for temporary differences in connection with shares in subsidiaries if Fraport can control
the timing of the reversal and it is not expected that these differences will reverse in the foreseeable future.
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Impairment losses of financial assets
In general, impairment losses are recognized through profit or loss by directly reducing the carrying amount of the financial asset.
The impairment provisions are applied to the following assets:
•
•
financial assets in the form of debt instruments that are measured at amortized costs, such as trade accounts receivables,
loans to associated companies and bank balances and deposits
financial assets in the form of debt instruments that are measured at fair value without affecting profit or loss
On each balance sheet date, the carrying amounts of the aforementioned financial assets that are measured at amortized costs
or at the fair value without affecting profit or loss are assessed to see whether there is any objective evidence (such as consider-
able financial difficulties of the debtor, high probability of insolvency proceedings against the debtor, or a permanent decline of
the fair value below amortized cost) that the asset may be impaired. The assessment takes place by considering forward-looking,
macro-economic information on whether the credit risk has significantly increased (or decreased). The assessment of whether
there is a significant increase or decrease in credit risk is relevant for whether loan defaults must be calculated over the next 12
months or over the entire term. The assessment is carried out on the basis of the change in credit risk during the expected term
of the financial instrument.
For trade accounts receivable, a risk provision is recorded on a collective basis in the amount of the expected payment defaults
over the entire term of the receivables. The determination of the expected payment defaults are based on historical information
on payment defaults and qualitative insights into possible future defaults.
The available probability of default of the respective counterparty, taking into account insolvency rates, taken from external
sources, are used to calculate the expected credit loss for financial assets in the general approach and for securities.
A risk provision is calculated taking into account the general materiality guidelines according to IAS 1. Changes are recognized in
the amount of the required risk provisions as a write-up or impairment.
If an already impaired receivable is individually designated as non-recoverable, the asset is derecognized.
Inventories include work-in-process, raw materials, consumables, supplies, and property held for sale within the ordinary course
Work-in-process, raw materials, consumables, and supplies are measured at the lower of acquisition or production cost or net
realizable value. Acquisition or production costs are generally calculated using the average cost method. Production costs include
Inventories
of business.
direct costs and adequate overheads.
realizable value.
Property held for sale within the ordinary course of business is also measured at the lower of acquisition or production cost or net
The subsequent production cost required for land development is estimated for the entire marketable land area on the basis of
specific cost unit rates for individual development measures. Depending on the land sales recognized in the respective year under
review, the development costs are allocated on a pro rata basis to the remaining land area to be sold. Net realizable value is the
estimated selling price less the costs incurred until the time of sale, and discounted over the planned selling period.
External reports on the fair value of the land being sold, as well as information about previous land sales, form the basis for the
calculation of the estimated selling price.
Where the inventories constitute qualifying assets, the borrowing costs are capitalized.
If a write-down made in previous periods is no longer necessary, a write-up is recognized.
Cash and cash equivalents
Cash and cash equivalents basically include cash, cash accounts, and short-term cash deposits (including restricted cash) with
banks maturing in three months or less. Cash deposits with banks with a maturity of more than three months from the time of
acquisition are recorded in this item if their values do not fluctuate significantly and they can be liquidated at short notice without
deduction for risk. Cash and cash equivalents are recognized at nominal value. Cash in foreign currencies is translated at the
exchange rate on the balance sheet date.
Non-current assets held for sale
Non-current assets held for sale are recognized at either the carrying amount or at fair value less costs to sell, whichever is the
lower amount.
Accounting of taxes on income
Taxes on income are recognized using the liability method pursuant to IAS 12. All tax expenses and refunds directly related to
income are recorded as taxes on income. These also include withholding taxes and penalties. Interest accrued based on subse-
quently assessed taxes are recorded as an interest expense.
Current taxes are recognized on the date when the liability for taxes on income is incurred.
Deferred taxes are recognized pursuant to IAS 12 using the liability method based on temporary differences on a case by case
basis. Deferred taxes are recognized for temporary differences between the IFRS and tax financial positions of the single entities,
and differences arising from unused, utilizable loss and interest carry-forwards and consolidation transactions. The recognition of
goodwill that is not deductible for tax purposes does not lead to deferred taxes.
If the carrying amount of an asset in the IFRS financial position exceeds its tax base (e.g. non-current assets depreciated on a
straight-line basis), and if the difference is temporary, a deferred tax liability is recognized. Pursuant to the IFRS, deferred tax
assets are recognized from financial position differences and for carry-forwards of unused tax losses, to the extent that it is
probable that taxable profit will be available, against which the unused tax losses and unused tax credits can be utilized.
Deferred taxes are calculated at future tax rates insofar as these have already been legally established and/or the legislative
process is largely completed. Changes in deferred taxes on the financial position generally lead to deferred tax income or expense.
When transactions resulting in a change to deferred taxes are recorded directly in shareholders’ equity without affecting profit or
loss, the change to deferred taxes is also included directly in shareholders’ equity without affecting profit or loss.
Deferred tax assets and liabilities are netted insofar as these income tax claims and liabilities relate to the same tax authority and
to the same taxable entity or a group of different taxable entities that, however, are assessed jointly for income tax purposes.
No deferred tax liabilities are recognized for temporary differences in connection with shares in subsidiaries if Fraport can control
the timing of the reversal and it is not expected that these differences will reverse in the foreseeable future.
163
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Provisions for pensions and similar obligations
The provisions for pensions relate to defined benefit plans and have been calculated in accordance with IAS 19 under the appli-
cation of actuarial methods and an interest rate of 3.69% (previous year: 0.90%). For the calculation of the interest expense from
the defined benefit plans and the income from plan assets, the same interest rate is used as a basis.
Liabilities
Re-measurements resulting from the change in the interest rate or from the difference between actual and computed income from
plan assets, for example, are recognized in other comprehensive income (OCI) as non-reclassifiable.
The present value of the defined benefit obligation (DBO) is calculated annually by an independent actuary using the projected
unit credit method. The calculation takes place by discounting the future estimated cash outflows with the interest rate from
industry bonds of the highest creditworthiness. The industry bonds are denominated in the currency of the distribution amounts
and show the relevant maturities of the pension obligations. If benefit claims from the defined benefit plans are covered by plan
assets in the form of reinsurance, the fair value of the plan assets is netted with the DBO. Benefit claims that are not covered by
plan assets are recognized as pension provisions.
As in the previous year, the calculations did not include salary increases for the active members of the Executive Board. For
former members of the Executive Board retirement pensions are valued in accordance with the Act on Adjustments to Compen-
sation and Retirement in Hesse as amended. The calculation of provisions for pensions was based on the 2018G mortality tables
by Professor Heubeck.
The service cost and net interest are recognized in personnel expenses.
With regard to the description of the various plans, see note 38.
Provisions for taxes
Provisions for current taxes are recognized for tax expected to be payable in the year under review and/or previous years taking
into account anticipated risks.
Other provisions
Provisions represent liabilities that are uncertain with regard to amount and/or maturity. Other provisions are recognized in the
amount required to settle the obligations. The amount recognized represents the most probable value.
Provisions are recognized to the extent that there is a current commitment to third parties. In addition, they must be the result of
a past event, lead to a future cash outflow, and more likely than not be needed to settle the obligation (IAS 37).
Refund claims toward third parties are capitalized separately from the provisions as “other receivables”, provided that their reali-
zation is virtually certain.
Non-current provisions with remaining terms of more than one year are discounted at a capital market interest rate with a matching
maturity, taking future cost increases into account, provided that the interest effect is material. This applies, among other things,
to the provisions for wake turbulence, which are discounted over a period until 2031 and according to the expected cash outflow
date of matching interest rates up to 2.99% (previous year: 0.03%).
The provision for partial retirement is recognized pursuant to IAS 19. The recognition of the liability from step-ups starts at the
time when Fraport can legally and factually no longer withdraw from the liability. The step-up amounts are added to the liability in
installments until the end of the active phase on a pro rata basis. The utilization begins with the passive phase.
Contingent liabilities
Contingent liabilities are possible liabilities that are based on past events, and the existence of which is only confirmed by the
occurrence of one or more indeterminate future events that are nonetheless beyond Fraport’s control. Furthermore, current obli-
gations may constitute contingent liabilities if the probability of the outflow of resources is not sufficient for a liability to be recog-
nized, or if the extent of the liability cannot be reliably estimated. Contingent liabilities are not recorded in the financial position,
but rather shown in the notes.
164
Financial liabilities, trade accounts payable, and other financial and non-financial liabilities are recorded at their fair value less
possible transaction costs upon initial recognition. For current liabilities, this corresponds generally to the nominal value.
Non-current low-interest or non-interest-bearing liabilities are carried at their present value at the time of addition less possible
transaction costs. Liabilities in foreign currencies are translated at the exchange rate on the balance sheet date.
Subsequent measurement of financial liabilities is based on the effective interest method at amortized acquisition cost. Each
difference between the refund amount and the repayment amount is recorded in the income statement over the term of the contract
in question using the effective interest method.
Derivative financial instruments, hedging transactions
The Fraport Group basically uses derivative financial instruments to hedge existing and future interest and exchange rate risks.
Derivative financial instruments are measured at fair value in accordance with IFRS 9. Positive market values are recognized as
other financial assets; negative market values as other financial liabilities. Effective changes of value on cash flow hedges are
recorded in shareholders’ equity in the reserve for financial instruments without affecting profit or loss. Corresponding to this,
deferred taxes on the fair values of cash flow hedges are also recorded in shareholders’ equity without affecting profit or loss. The
effectiveness of the cash flow hedges is assessed on a regular basis. Ineffective cash flow hedges are recorded in the income
statement through profit or loss under other financial result.
If the criteria for a cash flow hedge are not no longer met, the hedge accounting is released. In this case, the changes in the fair
value and the related deferred taxes are recognized in the income statement (FVTPL). The fair value changes are recorded under
“financial result on other items”.
Derivative financial instruments are recognized at the trading date.
As at the reporting date, there were no cash flow hedges.
Repurchased treasury shares are deducted from the issued capital and the capital reserve.
Treasury shares
Stock options
Virtual stock options
The value of the remuneration within the scope of the annual employee investment plan is not based on the performance of the
shares, which means that the employee investment plan does not fall within the scope of application of IFRS 2.
Virtual stock options (“Long-Term Incentive Program”) have been issued since January 1, 2010 as part of the remuneration for
the Executive Board and Senior Managers. As of January 1, 2020, virtual performance shares (“Performance Share Plan”) have
been allocated to the Executive Board and senior employees. They are paid out in cash immediately at the end of the performance
period of four years. The measurement of virtual shares respectively performance shares is at fair value pursuant to IFRS 2. Up
to the end of the performance period, the fair value is re-determined on each reporting date and on the date of performance and
is recorded in personnel expenses on a pro rata basis.
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Liabilities
Financial liabilities, trade accounts payable, and other financial and non-financial liabilities are recorded at their fair value less
possible transaction costs upon initial recognition. For current liabilities, this corresponds generally to the nominal value.
Non-current low-interest or non-interest-bearing liabilities are carried at their present value at the time of addition less possible
transaction costs. Liabilities in foreign currencies are translated at the exchange rate on the balance sheet date.
Subsequent measurement of financial liabilities is based on the effective interest method at amortized acquisition cost. Each
difference between the refund amount and the repayment amount is recorded in the income statement over the term of the contract
in question using the effective interest method.
Derivative financial instruments, hedging transactions
The Fraport Group basically uses derivative financial instruments to hedge existing and future interest and exchange rate risks.
Derivative financial instruments are measured at fair value in accordance with IFRS 9. Positive market values are recognized as
other financial assets; negative market values as other financial liabilities. Effective changes of value on cash flow hedges are
recorded in shareholders’ equity in the reserve for financial instruments without affecting profit or loss. Corresponding to this,
deferred taxes on the fair values of cash flow hedges are also recorded in shareholders’ equity without affecting profit or loss. The
effectiveness of the cash flow hedges is assessed on a regular basis. Ineffective cash flow hedges are recorded in the income
statement through profit or loss under other financial result.
If the criteria for a cash flow hedge are not no longer met, the hedge accounting is released. In this case, the changes in the fair
value and the related deferred taxes are recognized in the income statement (FVTPL). The fair value changes are recorded under
“financial result on other items”.
Derivative financial instruments are recognized at the trading date.
Provisions for current taxes are recognized for tax expected to be payable in the year under review and/or previous years taking
As at the reporting date, there were no cash flow hedges.
Treasury shares
Repurchased treasury shares are deducted from the issued capital and the capital reserve.
Stock options
The value of the remuneration within the scope of the annual employee investment plan is not based on the performance of the
shares, which means that the employee investment plan does not fall within the scope of application of IFRS 2.
Virtual stock options
Virtual stock options (“Long-Term Incentive Program”) have been issued since January 1, 2010 as part of the remuneration for
the Executive Board and Senior Managers. As of January 1, 2020, virtual performance shares (“Performance Share Plan”) have
been allocated to the Executive Board and senior employees. They are paid out in cash immediately at the end of the performance
period of four years. The measurement of virtual shares respectively performance shares is at fair value pursuant to IFRS 2. Up
to the end of the performance period, the fair value is re-determined on each reporting date and on the date of performance and
is recorded in personnel expenses on a pro rata basis.
165
Provisions for pensions and similar obligations
The provisions for pensions relate to defined benefit plans and have been calculated in accordance with IAS 19 under the appli-
cation of actuarial methods and an interest rate of 3.69% (previous year: 0.90%). For the calculation of the interest expense from
the defined benefit plans and the income from plan assets, the same interest rate is used as a basis.
Re-measurements resulting from the change in the interest rate or from the difference between actual and computed income from
plan assets, for example, are recognized in other comprehensive income (OCI) as non-reclassifiable.
The present value of the defined benefit obligation (DBO) is calculated annually by an independent actuary using the projected
unit credit method. The calculation takes place by discounting the future estimated cash outflows with the interest rate from
industry bonds of the highest creditworthiness. The industry bonds are denominated in the currency of the distribution amounts
and show the relevant maturities of the pension obligations. If benefit claims from the defined benefit plans are covered by plan
assets in the form of reinsurance, the fair value of the plan assets is netted with the DBO. Benefit claims that are not covered by
plan assets are recognized as pension provisions.
As in the previous year, the calculations did not include salary increases for the active members of the Executive Board. For
former members of the Executive Board retirement pensions are valued in accordance with the Act on Adjustments to Compen-
sation and Retirement in Hesse as amended. The calculation of provisions for pensions was based on the 2018G mortality tables
by Professor Heubeck.
The service cost and net interest are recognized in personnel expenses.
With regard to the description of the various plans, see note 38.
Provisions for taxes
into account anticipated risks.
Other provisions
Provisions represent liabilities that are uncertain with regard to amount and/or maturity. Other provisions are recognized in the
amount required to settle the obligations. The amount recognized represents the most probable value.
Provisions are recognized to the extent that there is a current commitment to third parties. In addition, they must be the result of
a past event, lead to a future cash outflow, and more likely than not be needed to settle the obligation (IAS 37).
Refund claims toward third parties are capitalized separately from the provisions as “other receivables”, provided that their reali-
zation is virtually certain.
Non-current provisions with remaining terms of more than one year are discounted at a capital market interest rate with a matching
maturity, taking future cost increases into account, provided that the interest effect is material. This applies, among other things,
to the provisions for wake turbulence, which are discounted over a period until 2031 and according to the expected cash outflow
date of matching interest rates up to 2.99% (previous year: 0.03%).
The provision for partial retirement is recognized pursuant to IAS 19. The recognition of the liability from step-ups starts at the
time when Fraport can legally and factually no longer withdraw from the liability. The step-up amounts are added to the liability in
installments until the end of the active phase on a pro rata basis. The utilization begins with the passive phase.
Contingent liabilities
Contingent liabilities are possible liabilities that are based on past events, and the existence of which is only confirmed by the
occurrence of one or more indeterminate future events that are nonetheless beyond Fraport’s control. Furthermore, current obli-
gations may constitute contingent liabilities if the probability of the outflow of resources is not sufficient for a liability to be recog-
nized, or if the extent of the liability cannot be reliably estimated. Contingent liabilities are not recorded in the financial position,
but rather shown in the notes.
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Judgment and uncertainty of estimates
The presentation of the asset, financial, and earnings position in the consolidated financial statements depends on accounting
and valuation methods as well as assumptions and estimates. The assumptions and estimates made by the management in
drawing up the consolidated financial statements are based on the circumstances and assessments on the balance sheet date.
Although the management assumes that the assumptions and estimates applied are reasonable, there may be unforeseen
changes in these assumptions that could affect the Group’s asset, financial, and earnings position.
Revenue, result and cash flow development and forecasts
The air traffic and passenger numbers at the Group airports are substantial drivers of the revenue, result, and cash flow develop-
ment in the Fraport Group. The assumptions about the short, medium and long-term development of this driver, and the global
development of flight traffic and passenger numbers are incorporated via corporate and Group planning, in particular into the
judgment of the impairment of assets according to IAS 36, especially in the context of cash flow forecasts, determining the useful
life of property, plant, and equipment by influencing the economic and technical usability of airport infrastructure, and implicitly in
the assessment of default risks for receivables from contracts with customers.
The assumptions made regarding the development of the air traffic and passenger numbers are based on forecasts from various
external experts and sources, which are updated regularly, and among other things, form the basis for the medium and long-term
Group planning. These forecasts depict risks for the development of the flight traffic and passenger numbers such as climate and
environmental risks, political risks, and economic developmental risks in the traffic and passenger volume forecast, which are thus
taken into account in the measurement of assets.
Balance sheet items for which assumptions and estimates have a significant effect on the reported carrying amount are shown
below.
Property, plant, and equipment
Experience, planning, and estimates play a crucial role in determining the useful life of property, plant, and equipment. Carrying
amounts and useful lifespans are checked on each reporting date and adjusted as required.
Other financial assets
The valuation of loans included in the other financial assets is based in part on cash flow forecasts.
Receivables from contracts with customers
financial, and earnings position.
The determination of the expected payment defaults over the overall term of the receivables depends, among other things, on the
assessment of qualitative insights into possible future defaults.
Taxes on income
Fraport is subject to taxation in various countries. In assessing global income tax receivables and liabilities, estimates sometimes
need to be made. The possibility cannot be ruled out that the tax authorities will come to a different tax assessment. The associated
uncertainty is accounted for by recognizing uncertain tax receivables and liabilities when they are considered by Fraport to have
a probability of occurrence of more than 50%. A change to the assessment, for example, as a result of final tax assessments, will
have an effect on current and deferred tax items. For uncertain income tax items that have been recognized, the expected tax
payment is used as a basis for the best estimate.
Deferred tax assets
Deferred tax assets are recognized if it is probable that future tax benefits can be realized. The actual tax earnings situation in
future fiscal years, and therefore the actual usability of deferred tax assets, could differ from the forecasts at the time the deferred
tax assets are recognized.
Provisions for pensions and similar obligations
Material valuation parameters for the valuation of provisions for pensions and similar obligations are the discount factor as well
as trend factors (see also note 38).
166
Other provisions
The valuation of the other provisions is subject to uncertainty with regard to estimations of amount and the time of occurrence of
future cash outflows. As a result, changes in the assumptions on which the valuation is based could have a material impact on
the asset, financial, and earnings position of the Fraport Group. In connection with legal disputes, Fraport draws on information
and estimates provided by the Legal Affairs department and any mandated external lawyers when assessing a possible obligation
to recognize provisions and when valuing potential outflows of resources. The existing provisions for passive noise abatement as
at December 31, 2022 and wake turbulences are substantially dependent with regard to their amounts on the utilization of the
underlying programs by the eligible beneficiaries. The existing provisions for compensation in accordance with nature protection
laws as at December 31, 2022 are dependent with regard to their amount on the extent and time of implementation of the envi-
ronmental compensation measures. For further information on significant provisions, please refer to Note 40.
The contingent liabilities are subject to uncertainty with respect to estimations of their amounts and, in particular, the timing of
cash outflows. The time of the expected cash outflow is specified if it can be determined sufficiently reliably.
When an acquired company is consolidated for the first time, all identifiable assets, liabilities, and contingent liabilities must be
recognized at their fair value at the time of acquisition. One of the main estimates relates to the determination of the fair value of
these assets and liabilities at the time of acquisition. The measurement is usually based on independent expert reports. Marketable
assets are recognized at market or stock exchange prices. If intangible assets are identified, the fair value is usually measured by
an independent external expert using appropriate measurement methods which are primarily based on future expected cash
flows. These measurements are considerably influenced by assumptions about the developments of future cash flows as well as
the applied discount rates. The actual cash flows may differ significantly from the cash flows used as a basis for determining the
Contingent liabilities
Company acquisitions
fair values.
Impairment losses
The impairment test for goodwill and other assets within the scope of IAS 36 is based on assumptions about future developments.
Fraport AG carries out these tests annually as well as when there are reasons to believe that goodwill has been impaired. In the
case of cash-generating units, the recoverable amount is determined. This corresponds to the higher of fair value less costs to
sell and value in use. The measurement of the value in use includes estimates regarding the forecasting and discounting of future
cash flows. The underlying assumptions could change on account of unforeseeable events and may therefore impact the asset,
Specific estimates or assumptions for individual accounting and valuation methods are explained in the relevant section. These
are based on the circumstances and estimates on the balance sheet date, and in this respect also affect the amount of the reported
income and expense amounts of the fiscal years shown.
New standards, interpretations, and changes
Of the new standards, interpretations and changes, Fraport generally applies those for which application was mandatory; i.e.
those applicable to fiscal years beginning on or before January 1, 2022.
On May 14, 2020, the IASB published amendments to several IFRS standards. The amendments relate to the following standards:
IFRS 3 "Business Combinations" - Reference to the Framework; IAS 16 "Property, Plant and Equipment" - Revenue before In-
tended Use of the Asset. The amendment provides that revenue generated during the period in which an item of property, plant
and equipment is brought to its location or to its working condition may be deducted from the cost of the asset. In addition, there
were changes in connection with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" - onerous contracts, contract
performance costs. Accordingly, when assessing whether contracts will be loss-making, all costs directly attributable to the
contract as well as costs that would not be incurred in the absence of the contract are to be taken into account. In addition, the
annual "Improvements to IFRSs 2018-2020" were published with minor amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. All
amendments are effective January 1, 2022, with different transitional provisions. The amendments were endorsed in EU law on
July 2, 2021 and are effective for annual periods beginning on or after January 1, 2022. All amendments did not have a substantial
impact on the reporting of the asset, financial, and earnings position of the Fraport Group.
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Judgment and uncertainty of estimates
Other provisions
The valuation of the other provisions is subject to uncertainty with regard to estimations of amount and the time of occurrence of
future cash outflows. As a result, changes in the assumptions on which the valuation is based could have a material impact on
the asset, financial, and earnings position of the Fraport Group. In connection with legal disputes, Fraport draws on information
and estimates provided by the Legal Affairs department and any mandated external lawyers when assessing a possible obligation
to recognize provisions and when valuing potential outflows of resources. The existing provisions for passive noise abatement as
at December 31, 2022 and wake turbulences are substantially dependent with regard to their amounts on the utilization of the
underlying programs by the eligible beneficiaries. The existing provisions for compensation in accordance with nature protection
laws as at December 31, 2022 are dependent with regard to their amount on the extent and time of implementation of the envi-
ronmental compensation measures. For further information on significant provisions, please refer to Note 40.
Contingent liabilities
The contingent liabilities are subject to uncertainty with respect to estimations of their amounts and, in particular, the timing of
cash outflows. The time of the expected cash outflow is specified if it can be determined sufficiently reliably.
The assumptions made regarding the development of the air traffic and passenger numbers are based on forecasts from various
Company acquisitions
When an acquired company is consolidated for the first time, all identifiable assets, liabilities, and contingent liabilities must be
recognized at their fair value at the time of acquisition. One of the main estimates relates to the determination of the fair value of
these assets and liabilities at the time of acquisition. The measurement is usually based on independent expert reports. Marketable
assets are recognized at market or stock exchange prices. If intangible assets are identified, the fair value is usually measured by
an independent external expert using appropriate measurement methods which are primarily based on future expected cash
flows. These measurements are considerably influenced by assumptions about the developments of future cash flows as well as
the applied discount rates. The actual cash flows may differ significantly from the cash flows used as a basis for determining the
fair values.
Experience, planning, and estimates play a crucial role in determining the useful life of property, plant, and equipment. Carrying
Impairment losses
The impairment test for goodwill and other assets within the scope of IAS 36 is based on assumptions about future developments.
Fraport AG carries out these tests annually as well as when there are reasons to believe that goodwill has been impaired. In the
case of cash-generating units, the recoverable amount is determined. This corresponds to the higher of fair value less costs to
sell and value in use. The measurement of the value in use includes estimates regarding the forecasting and discounting of future
cash flows. The underlying assumptions could change on account of unforeseeable events and may therefore impact the asset,
financial, and earnings position.
Specific estimates or assumptions for individual accounting and valuation methods are explained in the relevant section. These
are based on the circumstances and estimates on the balance sheet date, and in this respect also affect the amount of the reported
income and expense amounts of the fiscal years shown.
New standards, interpretations, and changes
Of the new standards, interpretations and changes, Fraport generally applies those for which application was mandatory; i.e.
those applicable to fiscal years beginning on or before January 1, 2022.
On May 14, 2020, the IASB published amendments to several IFRS standards. The amendments relate to the following standards:
IFRS 3 "Business Combinations" - Reference to the Framework; IAS 16 "Property, Plant and Equipment" - Revenue before In-
tended Use of the Asset. The amendment provides that revenue generated during the period in which an item of property, plant
and equipment is brought to its location or to its working condition may be deducted from the cost of the asset. In addition, there
were changes in connection with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" - onerous contracts, contract
performance costs. Accordingly, when assessing whether contracts will be loss-making, all costs directly attributable to the
contract as well as costs that would not be incurred in the absence of the contract are to be taken into account. In addition, the
annual "Improvements to IFRSs 2018-2020" were published with minor amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. All
amendments are effective January 1, 2022, with different transitional provisions. The amendments were endorsed in EU law on
July 2, 2021 and are effective for annual periods beginning on or after January 1, 2022. All amendments did not have a substantial
impact on the reporting of the asset, financial, and earnings position of the Fraport Group.
167
The presentation of the asset, financial, and earnings position in the consolidated financial statements depends on accounting
and valuation methods as well as assumptions and estimates. The assumptions and estimates made by the management in
drawing up the consolidated financial statements are based on the circumstances and assessments on the balance sheet date.
Although the management assumes that the assumptions and estimates applied are reasonable, there may be unforeseen
changes in these assumptions that could affect the Group’s asset, financial, and earnings position.
Revenue, result and cash flow development and forecasts
The air traffic and passenger numbers at the Group airports are substantial drivers of the revenue, result, and cash flow develop-
ment in the Fraport Group. The assumptions about the short, medium and long-term development of this driver, and the global
development of flight traffic and passenger numbers are incorporated via corporate and Group planning, in particular into the
judgment of the impairment of assets according to IAS 36, especially in the context of cash flow forecasts, determining the useful
life of property, plant, and equipment by influencing the economic and technical usability of airport infrastructure, and implicitly in
the assessment of default risks for receivables from contracts with customers.
external experts and sources, which are updated regularly, and among other things, form the basis for the medium and long-term
Group planning. These forecasts depict risks for the development of the flight traffic and passenger numbers such as climate and
environmental risks, political risks, and economic developmental risks in the traffic and passenger volume forecast, which are thus
taken into account in the measurement of assets.
Balance sheet items for which assumptions and estimates have a significant effect on the reported carrying amount are shown
below.
Property, plant, and equipment
amounts and useful lifespans are checked on each reporting date and adjusted as required.
Other financial assets
The valuation of loans included in the other financial assets is based in part on cash flow forecasts.
Receivables from contracts with customers
The determination of the expected payment defaults over the overall term of the receivables depends, among other things, on the
assessment of qualitative insights into possible future defaults.
Taxes on income
Fraport is subject to taxation in various countries. In assessing global income tax receivables and liabilities, estimates sometimes
need to be made. The possibility cannot be ruled out that the tax authorities will come to a different tax assessment. The associated
uncertainty is accounted for by recognizing uncertain tax receivables and liabilities when they are considered by Fraport to have
a probability of occurrence of more than 50%. A change to the assessment, for example, as a result of final tax assessments, will
have an effect on current and deferred tax items. For uncertain income tax items that have been recognized, the expected tax
payment is used as a basis for the best estimate.
Deferred tax assets
tax assets are recognized.
Deferred tax assets are recognized if it is probable that future tax benefits can be realized. The actual tax earnings situation in
future fiscal years, and therefore the actual usability of deferred tax assets, could differ from the forecasts at the time the deferred
Provisions for pensions and similar obligations
as trend factors (see also note 38).
Material valuation parameters for the valuation of provisions for pensions and similar obligations are the discount factor as well
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Global minimum taxation – Global Anti-Base Erosion Rules (GloBE)
The OECD is currently working on the introduction of a global minimum taxation (OECD – Pillar 2). The regulations are intended
to ensure that the income of multinational groups with annual sales of at least €750 million is subject to a minimum tax rate of
15%. As a potentially affected group of companies, the Fraport Group is following the developments to introduce a global minimum
tax rate, analyzing the existing regulations and drafts with regard to their impacts on the Group and working on the required
has not yet been completed. Estimation of the financial impacts has therefore not been performed yet.
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Standards which have not been applied prematurely
For the following new or amended standards and interpretations, which the Fraport Group is not obliged to adopt until future fiscal
years, the Fraport Group is currently working on implementing the requirements for initial application. Early application is not
planned. At this point in time, Fraport expects the effects on the consolidated financial statements described below.
Standards, interpretations, and amendments published and adopted into European law by the European Commission
adjustments to the tax reporting processes. As the regulations have not yet been finalized in local law, the analysis of the impacts
On February 12, 2021, the IASB issued amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting
Policies, Changes in Accounting Estimates and Accounting Errors”. The objective of the amendments to IAS 1 is to improve the
quality of financial reporting by only requiring disclosures on material and non-significant accounting policies. Accounting policies
are material if they are necessary to understand other material information in the financial statements. This is likely to apply to
accounting policies that relate to significant transactions and other material events in the entity. The amendments to IAS 8 relate
to the definition of accounting estimates. They include clarifications to better distinguish between accounting policies and account-
ing estimates. Both amendments were adopted under EU law on March 3, 2022 and must be applied to fiscal years starting on or
after January 1, 2023. Earlier application of the amendments is permitted. The amendments to IAS 1 and IAS 8 are not expected
to have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group.
On May 7, 2021, the IASB published amendments to IAS 12 "Income Taxes". The current prohibition on recognizing deferred
taxes upon initial recognition of an asset or liability is no longer to apply to transactions in which both deductible and taxable
temporary differences arise in the same amount. The exception applies to narrowly defined cases, for example leases and dis-
posal or restoration obligations. Where deductible and taxable temporary differences arise in equal amounts, both deferred tax
assets and deferred tax liabilities must be recognized. The amendments were adopted under EU law on August 12, 2022 and
must be applied to reporting periods from January 1, 2023. Earlier application is permitted. The effects of the application of the
amendments to IAS 12 are not expected to be substantial for the reporting of the asset, financial, and earnings position of the
Fraport Group.
Standards, interpretations, and amendments that have been published, but not yet adopted into European law by the
European Commission
On January 23, 2020, the IASB published changes to IAS 1 “Presentation of Financial Statements” regarding the classification of
liabilities as current or non-current. Liabilities must be reported as non-current if, at the end of the reporting period, the company
has a substantial right to defer the settlement of the debt by at least twelve months after the balance sheet date. On July 15, 2020,
the IASB postponed the initial application of the amendments to IAS 1 to January 1, 2022. The amendments must be applied from
January 1, 2023. An earlier application is permitted, but this requires EU endorsement. The effects of the application of the new
classification of liabilities as current or non-current are currently being analyzed for the reporting of the asset, financial, and
earnings position of the Fraport Group.
On September 22, 2022, the IASB approved amendments to IFRS 16 “Leases”. The amendments relate to the accounting of
leasing liabilities from sale and leaseback transactions. The amendment to IFRS 16 requires leasing liabilities to be measured in
such a way that subsequent measurement does not result in a profit or loss in relation to the retained right-of-use asset. The
amendments must be applied from January 1, 2024. An earlier application is permitted, but this requires EU endorsement. The
amendments to IFRS 16 are not expected to have a material impact on the future reporting of the asset, financial, and earnings
position of the Fraport Group.
On October 31, 2022, the IASB published changes to IAS 1 “Presentation of Financial Statements”. The amendments relate to
the classification of liabilities (as current or non-current) for which certain credit conditions (covenants) have been agreed. The
amendments state that only those covenants that a company must comply with on or before the reporting date affect the classifi-
cation of a liability as current or non-current. Furthermore, the amendments provide for additional disclosure requirements for non-
current liabilities with ancillary conditions. The disclosures should enable investors to evaluate the risk that a non-current liability
could become repayable within twelve months and includes the following information, amongst other things: carrying amount of
the liability, type of covenant, period for which the ancillary conditions apply. The amendments to IAS 1 are to be applied for the
first time to fiscal years starting on or after January 1, 2024. Earlier application is permitted. The amendments are not expected
to have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group in future.
168
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155
Global minimum taxation – Global Anti-Base Erosion Rules (GloBE)
The OECD is currently working on the introduction of a global minimum taxation (OECD – Pillar 2). The regulations are intended
to ensure that the income of multinational groups with annual sales of at least €750 million is subject to a minimum tax rate of
15%. As a potentially affected group of companies, the Fraport Group is following the developments to introduce a global minimum
tax rate, analyzing the existing regulations and drafts with regard to their impacts on the Group and working on the required
adjustments to the tax reporting processes. As the regulations have not yet been finalized in local law, the analysis of the impacts
has not yet been completed. Estimation of the financial impacts has therefore not been performed yet.
Standards which have not been applied prematurely
For the following new or amended standards and interpretations, which the Fraport Group is not obliged to adopt until future fiscal
years, the Fraport Group is currently working on implementing the requirements for initial application. Early application is not
planned. At this point in time, Fraport expects the effects on the consolidated financial statements described below.
Standards, interpretations, and amendments published and adopted into European law by the European Commission
On February 12, 2021, the IASB issued amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting
Policies, Changes in Accounting Estimates and Accounting Errors”. The objective of the amendments to IAS 1 is to improve the
quality of financial reporting by only requiring disclosures on material and non-significant accounting policies. Accounting policies
are material if they are necessary to understand other material information in the financial statements. This is likely to apply to
accounting policies that relate to significant transactions and other material events in the entity. The amendments to IAS 8 relate
to the definition of accounting estimates. They include clarifications to better distinguish between accounting policies and account-
ing estimates. Both amendments were adopted under EU law on March 3, 2022 and must be applied to fiscal years starting on or
after January 1, 2023. Earlier application of the amendments is permitted. The amendments to IAS 1 and IAS 8 are not expected
to have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group.
On May 7, 2021, the IASB published amendments to IAS 12 "Income Taxes". The current prohibition on recognizing deferred
taxes upon initial recognition of an asset or liability is no longer to apply to transactions in which both deductible and taxable
temporary differences arise in the same amount. The exception applies to narrowly defined cases, for example leases and dis-
posal or restoration obligations. Where deductible and taxable temporary differences arise in equal amounts, both deferred tax
assets and deferred tax liabilities must be recognized. The amendments were adopted under EU law on August 12, 2022 and
must be applied to reporting periods from January 1, 2023. Earlier application is permitted. The effects of the application of the
amendments to IAS 12 are not expected to be substantial for the reporting of the asset, financial, and earnings position of the
Fraport Group.
European Commission
Standards, interpretations, and amendments that have been published, but not yet adopted into European law by the
On January 23, 2020, the IASB published changes to IAS 1 “Presentation of Financial Statements” regarding the classification of
liabilities as current or non-current. Liabilities must be reported as non-current if, at the end of the reporting period, the company
has a substantial right to defer the settlement of the debt by at least twelve months after the balance sheet date. On July 15, 2020,
the IASB postponed the initial application of the amendments to IAS 1 to January 1, 2022. The amendments must be applied from
January 1, 2023. An earlier application is permitted, but this requires EU endorsement. The effects of the application of the new
classification of liabilities as current or non-current are currently being analyzed for the reporting of the asset, financial, and
earnings position of the Fraport Group.
On September 22, 2022, the IASB approved amendments to IFRS 16 “Leases”. The amendments relate to the accounting of
leasing liabilities from sale and leaseback transactions. The amendment to IFRS 16 requires leasing liabilities to be measured in
such a way that subsequent measurement does not result in a profit or loss in relation to the retained right-of-use asset. The
amendments must be applied from January 1, 2024. An earlier application is permitted, but this requires EU endorsement. The
amendments to IFRS 16 are not expected to have a material impact on the future reporting of the asset, financial, and earnings
position of the Fraport Group.
On October 31, 2022, the IASB published changes to IAS 1 “Presentation of Financial Statements”. The amendments relate to
the classification of liabilities (as current or non-current) for which certain credit conditions (covenants) have been agreed. The
amendments state that only those covenants that a company must comply with on or before the reporting date affect the classifi-
cation of a liability as current or non-current. Furthermore, the amendments provide for additional disclosure requirements for non-
current liabilities with ancillary conditions. The disclosures should enable investors to evaluate the risk that a non-current liability
could become repayable within twelve months and includes the following information, amongst other things: carrying amount of
the liability, type of covenant, period for which the ancillary conditions apply. The amendments to IAS 1 are to be applied for the
first time to fiscal years starting on or after January 1, 2024. Earlier application is permitted. The amendments are not expected
to have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group in future.
169
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Notes to the Consolidated Income Statement
5 Revenue
Revenue
€ million
Aviation
Airport charges
Security services
Other revenue
Retail & Real Estate
Real Estate
Retail
Parking
Other revenue
Ground Handling
Ground services
Infrastructure charges
Other revenue
International Activities & Services
Aviation
Non-Aviation
Contract revenue from construction and expansion services (IFRIC 12)
Total
2022
2021
Minimum lease payments
€ million
618.4
173.7
36.0
828.1
185.9
153.6
78.9
28.0
446.4
291.2
237.5
21.4
550.1
594.6
444.1
331.1
1,369.8
3,194.4
361.7
194.1
31.7
587.5
168.8
72.1
51.4
26.8
319.1
221.2
141.5
23.7
386.4
316.6
292.0
241.7
850.3
2,143.3
In fiscal year 2021, the agreement reached with the German Federal Police in connection with billed aviation security services in
recent years had a positive effect of €57.8 million on revenue from security services in the Aviation segment. Information on
revenue can be found in the management report under the chapter “Results of Operations” as well as the segment reporting (see
note 42).
The Retail & Real Estate segment includes income from operating leases from renting terminal areas, offices, buildings, and
properties. No purchase options have been agreed upon. When renting retail space, either minimum rents or variable, revenue-
related rents apply, depending on the occurrence of contractually defined conditions. Predominantly variable rents are agreed for
these areas. Overall, during the fiscal year, revenue-related rent of €127.8 million (previous year: €56.9 million) was realized. The
underlying lease contracts in the Retail section for fiscal year 2022 contain contractually agreed minimum lease payments of
€33.6 million (previous year: €16.6 million).
Revenue in the amount of €3,194.4 million (previous year: €2,143.3 million) resulted from €2,236.2 million (previous year:
€1,484.2 million) from contracts with customers in accordance with IFRS 15. Other revenue relates to particular contract revenue
from construction and expansion projects in accordance with IFRIC 12 as well as proceeds from rentals and other leases.
The total amount of future income from minimum lease payments arising from non-cancelable leases is as follows:
Due in the
Due in the
Due in the
Due in the
Due in the
Due from the
1st subsequent
2nd subsequent
3rd subsequent
4th subsequent
5th subsequent
6th subsequent
year
162.0
year
93.2
year
86.7
year
85.8
year
81.7
year
76.9
Remaining term
Total
year
2022
1,505.2
2,008.5
Remaining term
Total
year
2021
1,505.3
1,990.2
year
79.7
year
74.3
Due in the
Due in the
Due in the
Due in the
Due in the
Due from the
1st subsequent
2nd subsequent
3rd subsequent
4th subsequent
5th subsequent
6th subsequent
year
year
Minimum lease payments
144.9
103.0
The future income from minimum lease payments includes the contractual unconditional minimum rental for the retail areas as
Minimum lease payments
€ million
well.
6 Other Internal Work Capitalized
Other internal work capitalized
€ million
Other internal work capitalized
The other internal work capitalized primarily relates to engineering, planning, and construction services and services of commercial
project managers, as well as other performance work. The internal work capitalized primarily arose as part of the expansion
program and for the expansion, renovation, and modernization of the existing airport infrastructure at Frankfurt Airport.
Properties were predominantly rented in the form of assigned hereditary building rights. On the reporting date, the remaining term
of hereditary building rights contracts is 42 years on average (previous year: 43 years).
Net income from the sale of investments in companies accounted for using the equity method
The acquisition and production costs of the leased buildings and land amount to €523.9 million (previous year: €522.4 million).
Cumulative depreciation and amortization came to €380.2 million (previous year: €375.6 million), of which depreciation and
amortization amounted to €4.3 million for the fiscal year (previous year: €4.8 million).
Revenue in the International Activities & Services segment is allocated to the Aviation and Non-Aviation sections as well as
contract revenue from construction and expansion services related to airport operating projects. The Aviation revenue includes
revenue, in particular, from airport charges as well as security services (€594.6 million; previous year: €316.6 million). Revenue
in the Non-Aviation section was €288.1 million (previous year: €171.7 million), resulting from retail and real estate activities as
well as parking. In addition, €84.5 million (previous year: €58.8 million) was attributable to infrastructure charges and ground
handling services. Contract revenue from construction and expansion services related to airport operating projects in the amount
of €331.1 million (previous year: €241.7 million) was attributed to Lima (€312.1 million; previous year: €190.3 million), Greece
(€10.3 million; previous year: €29.9 million) as well as Fortaleza and Porto Alegre (€8.7 million; previous year: €21.5 million).
170
2022
39.9
2021
38.0
2022
72.3
49.2
2.0
1.1
0.4
0.5
0.1
13.7
139.3
2021
0.0
320.9
0.9
5.5
6.5
0.5
0.0
20.3
354.6
7 Other Operating Income
Other operating income
€ million
Compensation claims in connection with Covid 19
Releases of allowances
Income from compensation payments
Gains from disposal of non-current assets
Releases of special items for investment grants
Change in work-in-process
Others
Total
In the 2022 fiscal year all shares in the associated company Xi’an and in the joint venture D-Port Logistik GmbH were sold. A net
income of €53.7 million (Xi’an) and €18.6 million (D-Port Logistik GmbH) resulted from the transactions.
The income from releases of valuation allowances resulted in the amount of €1.9 million from released valuation allowances on
receivables from joint ventures.
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157
Notes to the Consolidated Income Statement
Revenue in the amount of €3,194.4 million (previous year: €2,143.3 million) resulted from €2,236.2 million (previous year:
€1,484.2 million) from contracts with customers in accordance with IFRS 15. Other revenue relates to particular contract revenue
from construction and expansion projects in accordance with IFRIC 12 as well as proceeds from rentals and other leases.
The total amount of future income from minimum lease payments arising from non-cancelable leases is as follows:
2022
2021
Minimum lease payments
€ million
Due in the
1st subsequent
year
Due in the
2nd subsequent
year
Due in the
3rd subsequent
year
Due in the
4th subsequent
year
Due in the
5th subsequent
year
Remaining term
Due from the
6th subsequent
year
Total
2022
Minimum lease payments
162.0
93.2
86.7
81.7
79.7
1,505.2
2,008.5
€ million
Due in the
1st subsequent
year
Due in the
2nd subsequent
year
Due in the
3rd subsequent
year
Due in the
4th subsequent
year
Due in the
5th subsequent
year
Remaining term
Due from the
6th subsequent
year
Total
2021
Minimum lease payments
144.9
103.0
85.8
76.9
74.3
1,505.3
1,990.2
The future income from minimum lease payments includes the contractual unconditional minimum rental for the retail areas as
well.
6 Other Internal Work Capitalized
Other internal work capitalized
€ million
Other internal work capitalized
2022
39.9
2021
38.0
The other internal work capitalized primarily relates to engineering, planning, and construction services and services of commercial
project managers, as well as other performance work. The internal work capitalized primarily arose as part of the expansion
program and for the expansion, renovation, and modernization of the existing airport infrastructure at Frankfurt Airport.
Revenue in the International Activities & Services segment is allocated to the Aviation and Non-Aviation sections as well as
Total
7 Other Operating Income
Other operating income
€ million
Net income from the sale of investments in companies accounted for using the equity method
Compensation claims in connection with Covid 19
Releases of allowances
Income from compensation payments
Gains from disposal of non-current assets
Releases of special items for investment grants
Change in work-in-process
Others
2022
72.3
49.2
2.0
1.1
0.4
0.5
0.1
13.7
139.3
2021
0.0
320.9
0.9
5.5
6.5
0.5
0.0
20.3
354.6
In the 2022 fiscal year all shares in the associated company Xi’an and in the joint venture D-Port Logistik GmbH were sold. A net
income of €53.7 million (Xi’an) and €18.6 million (D-Port Logistik GmbH) resulted from the transactions.
The income from releases of valuation allowances resulted in the amount of €1.9 million from released valuation allowances on
receivables from joint ventures.
171
5 Revenue
Revenue
€ million
Aviation
Airport charges
Security services
Other revenue
Retail & Real Estate
Real Estate
Retail
Parking
Other revenue
Ground Handling
Ground services
Infrastructure charges
Other revenue
Aviation
Non-Aviation
Total
note 42).
618.4
173.7
36.0
828.1
185.9
153.6
78.9
28.0
446.4
291.2
237.5
21.4
550.1
594.6
444.1
331.1
1,369.8
3,194.4
361.7
194.1
31.7
587.5
168.8
72.1
51.4
26.8
319.1
221.2
141.5
23.7
386.4
316.6
292.0
241.7
850.3
2,143.3
International Activities & Services
Contract revenue from construction and expansion services (IFRIC 12)
In fiscal year 2021, the agreement reached with the German Federal Police in connection with billed aviation security services in
recent years had a positive effect of €57.8 million on revenue from security services in the Aviation segment. Information on
revenue can be found in the management report under the chapter “Results of Operations” as well as the segment reporting (see
The Retail & Real Estate segment includes income from operating leases from renting terminal areas, offices, buildings, and
properties. No purchase options have been agreed upon. When renting retail space, either minimum rents or variable, revenue-
related rents apply, depending on the occurrence of contractually defined conditions. Predominantly variable rents are agreed for
these areas. Overall, during the fiscal year, revenue-related rent of €127.8 million (previous year: €56.9 million) was realized. The
underlying lease contracts in the Retail section for fiscal year 2022 contain contractually agreed minimum lease payments of
€33.6 million (previous year: €16.6 million).
Properties were predominantly rented in the form of assigned hereditary building rights. On the reporting date, the remaining term
of hereditary building rights contracts is 42 years on average (previous year: 43 years).
The acquisition and production costs of the leased buildings and land amount to €523.9 million (previous year: €522.4 million).
Cumulative depreciation and amortization came to €380.2 million (previous year: €375.6 million), of which depreciation and
amortization amounted to €4.3 million for the fiscal year (previous year: €4.8 million).
contract revenue from construction and expansion services related to airport operating projects. The Aviation revenue includes
revenue, in particular, from airport charges as well as security services (€594.6 million; previous year: €316.6 million). Revenue
in the Non-Aviation section was €288.1 million (previous year: €171.7 million), resulting from retail and real estate activities as
well as parking. In addition, €84.5 million (previous year: €58.8 million) was attributable to infrastructure charges and ground
handling services. Contract revenue from construction and expansion services related to airport operating projects in the amount
of €331.1 million (previous year: €241.7 million) was attributed to Lima (€312.1 million; previous year: €190.3 million), Greece
(€10.3 million; previous year: €29.9 million) as well as Fortaleza and Porto Alegre (€8.7 million; previous year: €21.5 million).
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Group Notes / Notes to the Consolidated Income Statement
159
Furthermore, compensation claims totaling €49.2 million were realized again in connection with Covid-19 (previous year:
€320.9 million). This mainly relates to the agreements reached at Fraport Greece (€23.6 million; previous year: €92.8 million) and
the two Brazilian Group companies (€18.5 million, previous year: €26.5 million). In addition, the waiver of short-term minimum
lease payments at the Group companies of Fraport USA in the amount of €3.2 million (previous year: €35.2 million) had a positive
effect in fiscal year 2022. In contrast, the previous year was influenced in particular by the compensation of €159.8 million granted
by both the German Federal Government and the State of Hesse for the holding costs incurred in the first lockdown in 2020 at the
Frankfurt site.
8 Cost of Materials
Cost of materials
€ million
Cost of raw materials, consumables, supplies, and real estate inventories
Cost of purchased services
Total
2022
2021
–409.8
–691.8
–1,101.6
–299.1
–451.6
–750.7
In the context of the airport operating projects outside of Germany (see also note 49) the cost of purchased services includes
accrued variable concession charges of €183.1 million (previous year: €77.9 million), as well as order costs for construction and
expansion services of €331.1 million (previous year: €241.7 million), which were allocated to the cost of raw materials, consuma-
bles, supplies, and real estate inventories.
10 Depreciation and Amortization
Depreciation and amortization
Composition of depreciation and amortization
€ million
Goodwill
non-regular
Investments in airport operating projects
regular
Other intangible assets
Property, plant, and equipment
regular
non-regular
regular
non-regular
Investment property
regular
Total
9 Personnel Expenses and Number of Employees
Personnel expenses and average number of employees
€ million
Remuneration for staff
Social security and welfare expenses
Pension expenses
Total
Average number of employees
Permanent employees
Temporary staff (interns, students, and partially employed staff)
Total
2022
2021
–842.8
–164.1
–29.8
–1,036.7
–721.1
–135.9
–27.3
–884.3
2022
2021
18,052
798
18,850
18,092
327
18,419
11 Other Operating Expenses
Other operating expenses
€ million
Indemnities
Insurances
Consulting, legal, and auditing expenses
Costs for advertising and representation
Rental and lease expenses
Other taxes
Write-downs of trade accounts receivable
Losses from disposal of non-current assets
Others
Total
Additions to pension provisions and additions to obligations arising from time-account models are included in personnel expenses.
The contributions for short-time work schedules resulted in a reduction in personnel expenses of €1.9 million (previous year:
€78.0 million). Of this amount, €0.5 million (previous year: €30.9 million) was attributable to social security contributions to be
reimbursed.
Regular depreciation and amortization
The useful lives of property, plant, and equipment were re-measured in the year under review, resulting in reduced depreciation
and amortization of €7.4 million year on year (previous year: €12.2 million) and increased depreciation and amortization of
€2.1 million (previous year: €1.1 million).
Non-regular depreciation and amortization
Non-regular depreciation and amortization relate to the Group company Fraport USA.
The expenses for damages result from the formation of provisions (see note 40). The rental and lease expenses result from
existing rental and lease contracts for operating and office equipment, technical equipment and machinery as well as real estate
with a contractual volume of under €0.1 million. On the grounds of materiality, no rights of use in accordance with IFRS 16 have
been set aside for these contracts. As with operating leases, the contracts are recorded in expenses. The future minimum lease
payments resulting from the contracts are presented in note 46. For additional comments, see note 4.
Among other things, other operating expenses include: Other administrative expenses (e.g., for office supplies), expenses from
environmental protection measures, contributions and fees, as well as travel and training costs.
The consulting, legal, and audit expenses include Group auditor fees (disclosed in accordance with Section 314 (1) no. 9 HGB)
amounting to €2.1 million (previous year: €2.3 million). Other key certification services provided by the external auditor for Fraport
AG related, in particular, to the expert opinion on the chargeable cost basis, as well as to the audit of the non-financial statement.
They are comprised as follows:
2022
2021
0.0
0.0
–113.5
–104.6
–17.4
–3.4
–326.7
–3.4
–0.9
–465.3
–17.4
–0.9
–319.7
0.0
–0.7
–443.3
2022
–34.4
–32.9
–26.0
–14.4
–12.4
–9.4
–6.3
–1.8
–67.9
–205.5
2021
–2.6
–31.6
–21.4
–9.6
–10.2
–10.7
–3.3
–2.0
–52.5
–143.9
172
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Group Notes / Notes to the Consolidated Income Statement
159
Furthermore, compensation claims totaling €49.2 million were realized again in connection with Covid-19 (previous year:
€320.9 million). This mainly relates to the agreements reached at Fraport Greece (€23.6 million; previous year: €92.8 million) and
the two Brazilian Group companies (€18.5 million, previous year: €26.5 million). In addition, the waiver of short-term minimum
10 Depreciation and Amortization
Depreciation and amortization
lease payments at the Group companies of Fraport USA in the amount of €3.2 million (previous year: €35.2 million) had a positive
€ million
effect in fiscal year 2022. In contrast, the previous year was influenced in particular by the compensation of €159.8 million granted
by both the German Federal Government and the State of Hesse for the holding costs incurred in the first lockdown in 2020 at the
Frankfurt site.
8 Cost of Materials
Cost of materials
€ million
Cost of purchased services
Total
Cost of raw materials, consumables, supplies, and real estate inventories
Composition of depreciation and amortization
Goodwill
non-regular
Investments in airport operating projects
regular
Other intangible assets
regular
non-regular
Property, plant, and equipment
regular
non-regular
Investment property
regular
Total
2022
2021
0.0
0.0
–113.5
–104.6
–17.4
–3.4
–326.7
–3.4
–0.9
–465.3
–17.4
–0.9
–319.7
0.0
–0.7
–443.3
In the context of the airport operating projects outside of Germany (see also note 49) the cost of purchased services includes
accrued variable concession charges of €183.1 million (previous year: €77.9 million), as well as order costs for construction and
expansion services of €331.1 million (previous year: €241.7 million), which were allocated to the cost of raw materials, consuma-
bles, supplies, and real estate inventories.
Regular depreciation and amortization
The useful lives of property, plant, and equipment were re-measured in the year under review, resulting in reduced depreciation
and amortization of €7.4 million year on year (previous year: €12.2 million) and increased depreciation and amortization of
€2.1 million (previous year: €1.1 million).
Non-regular depreciation and amortization
Non-regular depreciation and amortization relate to the Group company Fraport USA.
11 Other Operating Expenses
Other operating expenses
€ million
Indemnities
Insurances
Consulting, legal, and auditing expenses
Costs for advertising and representation
Rental and lease expenses
Other taxes
Write-downs of trade accounts receivable
Losses from disposal of non-current assets
Others
Total
2022
–34.4
–32.9
–26.0
–14.4
–12.4
–9.4
–6.3
–1.8
–67.9
–205.5
2021
–2.6
–31.6
–21.4
–9.6
–10.2
–10.7
–3.3
–2.0
–52.5
–143.9
The expenses for damages result from the formation of provisions (see note 40). The rental and lease expenses result from
existing rental and lease contracts for operating and office equipment, technical equipment and machinery as well as real estate
with a contractual volume of under €0.1 million. On the grounds of materiality, no rights of use in accordance with IFRS 16 have
been set aside for these contracts. As with operating leases, the contracts are recorded in expenses. The future minimum lease
payments resulting from the contracts are presented in note 46. For additional comments, see note 4.
Among other things, other operating expenses include: Other administrative expenses (e.g., for office supplies), expenses from
environmental protection measures, contributions and fees, as well as travel and training costs.
The consulting, legal, and audit expenses include Group auditor fees (disclosed in accordance with Section 314 (1) no. 9 HGB)
amounting to €2.1 million (previous year: €2.3 million). Other key certification services provided by the external auditor for Fraport
AG related, in particular, to the expert opinion on the chargeable cost basis, as well as to the audit of the non-financial statement.
They are comprised as follows:
173
2022
2021
–409.8
–691.8
–1,101.6
–299.1
–451.6
–750.7
2022
2021
–842.8
–164.1
–29.8
–1,036.7
18,052
798
18,850
–721.1
–135.9
–27.3
–884.3
18,092
327
18,419
2022
2021
9 Personnel Expenses and Number of Employees
Personnel expenses and average number of employees
€ million
Remuneration for staff
Social security and welfare expenses
Pension expenses
Total
Average number of employees
Permanent employees
Total
Temporary staff (interns, students, and partially employed staff)
Additions to pension provisions and additions to obligations arising from time-account models are included in personnel expenses.
The contributions for short-time work schedules resulted in a reduction in personnel expenses of €1.9 million (previous year:
€78.0 million). Of this amount, €0.5 million (previous year: €30.9 million) was attributable to social security contributions to be
reimbursed.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
160
Group Notes / Notes to the Consolidated Income Statement
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Group Notes / Notes to the Consolidated Income Statement
161
Group auditor fees
€ million
Audit services
Other certification services
Tax audit services
Other benefits
Total
Fraport AG
2022
Consolidated
companies
Fraport AG
2021
Consolidated
companies
1.4
0.4
0.0
0.0
1.8
0.3
0.0
0.0
0.0
0.3
1.4
0.5
0.0
0.1
2.0
0.3
0.0
0.0
0.0
0.3
Interest Income and Interest Expenses
12
Interest income and interest expenses
€ million
Interest income
Interest expenses
2022
2021
53.0
–313.5
43.8
–268.7
Interest income and interest expenses primarily include interest from non-current loans, promissory notes, bonds, and time de-
posits as well as interest expenses and interest income from interest cost added back on non-current liabilities, provisions, and
non-current assets. The net interest payments of derivative financial instruments as well as interest income from securities are
recorded as interest result. The increase in interest expenses of €44.8 million resulted mainly from the extensive financing
measures by Fraport AG in 2021, as well as in the amount of €19.3 million from the release of the original financing as part of a
refinancing in Greece.
Interest income and interest expenses for financial instruments that are not recognized in income at fair value
€ million
Interest income from financial instruments
Interest expenses from financial instruments
2022
2021
33.8
–304.9
40.9
–257.5
13 Result from Companies accounted for Using the Equity Method
Result from companies accounted for using the equity method
€ million
Joint Ventures
Associated companies
Total
2022
58.9
18.1
77.0
2021
33.8
–15.0
18.8
The result using the equity method from joint ventures (see note 22) includes, among other things, the result after taxes from the
operating Group company in Antalya in the amount of +€59.8 million (previous year: +€16.7 million), as well as the expenses
from a contractually agreed tax settlement payment from Fraport AG to FAR of -€8.9 million (previous year: -€6.7 million). The
result from associated companies includes the write-up of the impairment loss of shares in Xi’an recognized in previous years of
€20.0 million (see note 2).
174
2022
2021
4.1
3.1
11.8
5.7
24.7
–0.9
–3.1
–0.2
–163.3
–4.3
–171.8
–147.1
1.1
3.0
3.1
7.2
14.4
–1.6
–2.1
–0.5
0.0
–1.4
–5.6
8.8
2022
–22.7
–44.6
–67.3
2021
–33.4
8.8
–24.6
14 Other Financial Result
The other financial result breaks down as follows:
Other financial result
€ million
Income
Others
Total
Expenses
Others
Total
Foreign currency translation rate gains, unrealized
Foreign currency translation rate gains, realized
Valuation of derivatives
Foreign currency translation rate losses, unrealized
Foreign currency translation rate losses, realized
Valuation of derivatives
Write-off of loan receivable from Thalita
Total other financial result
15 Taxes on Income
Income tax expense breaks down as follows:
Taxes on income
€ million
Current taxes on income
Deferred taxes on income
Total
Other income included in the financial result is primarily the fair value of the minority shareholder’s option to purchase further
shares in the companies Fraport Regional Airports of Greece of €4.7 million (previous year: €7.1 million), which was measured
until the option was exercised. The expenses of the other financial result have increased substantially due to the depreciation and
amortization of the loan receivable from Thalita Trading Ltd. (see note 22).
Current income tax expense consists of current taxes on income for the year under review (€21.9 million, previous year:
€18.9 million) and taxes on income for previous years (€0.8 million, previous year: €14.5 million).
The tax expenses include corporation and trade income taxes, the solidarity surcharge of the companies in Germany, and
comparable taxes on income of the foreign companies. The effective taxes result from the taxable results of the fiscal year and
any revisions to previous assessment periods, to which the local tax rates of the respective Group company are applied.
Deferred taxes are generally measured using the applicable tax rate of the respective country. For domestic companies, a
combined income tax rate of around 31%, which includes trade tax, is applied, unchanged from the previous year.
Deferred taxes are recognized for all temporary differences between the tax and IFRS financial statements, for utilizable carry-
forwards of unused tax losses, as well as for carry-forwards of tax-deductible interest.
The assessment of the recoverability of deferred tax assets is based on the probability that the tax loss carryforwards and interest
carryforwards will be utilized. This depends on the generation of future taxable profits during the periods in which the tax loss
carryforwards/interest carryforwards can be utilized.
As at December 31, 2022, based on current information, the Fraport Group had non-utilizable trade tax losses carried forward of
€5.4 million and corporation tax losses carried forward of €0.3 million attributable to taxes (previous year: €5.3 million related to
trade taxes and €0.5 million to corporation taxes). The loss carryforwards that are not expected to be utilized result from Fraport
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Group auditor fees
€ million
Audit services
Other certification services
Tax audit services
Other benefits
Total
€ million
Interest income
Interest expenses
refinancing in Greece.
€ million
Interest income from financial instruments
Interest expenses from financial instruments
€ million
Joint Ventures
Associated companies
Total
12
Interest Income and Interest Expenses
Interest income and interest expenses
Interest income and interest expenses primarily include interest from non-current loans, promissory notes, bonds, and time de-
posits as well as interest expenses and interest income from interest cost added back on non-current liabilities, provisions, and
non-current assets. The net interest payments of derivative financial instruments as well as interest income from securities are
recorded as interest result. The increase in interest expenses of €44.8 million resulted mainly from the extensive financing
measures by Fraport AG in 2021, as well as in the amount of €19.3 million from the release of the original financing as part of a
Interest income and interest expenses for financial instruments that are not recognized in income at fair value
13 Result from Companies accounted for Using the Equity Method
Result from companies accounted for using the equity method
The result using the equity method from joint ventures (see note 22) includes, among other things, the result after taxes from the
operating Group company in Antalya in the amount of +€59.8 million (previous year: +€16.7 million), as well as the expenses
from a contractually agreed tax settlement payment from Fraport AG to FAR of -€8.9 million (previous year: -€6.7 million). The
result from associated companies includes the write-up of the impairment loss of shares in Xi’an recognized in previous years of
€20.0 million (see note 2).
2022
2021
53.0
–313.5
43.8
–268.7
2022
2021
33.8
–304.9
40.9
–257.5
2022
58.9
18.1
77.0
2021
33.8
–15.0
18.8
160
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Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
161
Fraport AG
Fraport AG
2022
Consolidated
companies
2021
Consolidated
companies
1.4
0.4
0.0
0.0
1.8
0.3
0.0
0.0
0.0
0.3
1.4
0.5
0.0
0.1
2.0
0.3
0.0
0.0
0.0
0.3
14 Other Financial Result
The other financial result breaks down as follows:
Other financial result
€ million
Income
Foreign currency translation rate gains, unrealized
Foreign currency translation rate gains, realized
Valuation of derivatives
Others
Total
Expenses
Foreign currency translation rate losses, unrealized
Foreign currency translation rate losses, realized
Valuation of derivatives
Write-off of loan receivable from Thalita
Others
Total
Total other financial result
2022
2021
4.1
3.1
11.8
5.7
24.7
–0.9
–3.1
–0.2
–163.3
–4.3
–171.8
–147.1
1.1
3.0
3.1
7.2
14.4
–1.6
–2.1
–0.5
0.0
–1.4
–5.6
8.8
Other income included in the financial result is primarily the fair value of the minority shareholder’s option to purchase further
shares in the companies Fraport Regional Airports of Greece of €4.7 million (previous year: €7.1 million), which was measured
until the option was exercised. The expenses of the other financial result have increased substantially due to the depreciation and
amortization of the loan receivable from Thalita Trading Ltd. (see note 22).
15 Taxes on Income
Income tax expense breaks down as follows:
Taxes on income
€ million
Current taxes on income
Deferred taxes on income
Total
2022
–22.7
–44.6
–67.3
2021
–33.4
8.8
–24.6
Current income tax expense consists of current taxes on income for the year under review (€21.9 million, previous year:
€18.9 million) and taxes on income for previous years (€0.8 million, previous year: €14.5 million).
The tax expenses include corporation and trade income taxes, the solidarity surcharge of the companies in Germany, and
comparable taxes on income of the foreign companies. The effective taxes result from the taxable results of the fiscal year and
any revisions to previous assessment periods, to which the local tax rates of the respective Group company are applied.
Deferred taxes are generally measured using the applicable tax rate of the respective country. For domestic companies, a
combined income tax rate of around 31%, which includes trade tax, is applied, unchanged from the previous year.
Deferred taxes are recognized for all temporary differences between the tax and IFRS financial statements, for utilizable carry-
forwards of unused tax losses, as well as for carry-forwards of tax-deductible interest.
The assessment of the recoverability of deferred tax assets is based on the probability that the tax loss carryforwards and interest
carryforwards will be utilized. This depends on the generation of future taxable profits during the periods in which the tax loss
carryforwards/interest carryforwards can be utilized.
As at December 31, 2022, based on current information, the Fraport Group had non-utilizable trade tax losses carried forward of
€5.4 million and corporation tax losses carried forward of €0.3 million attributable to taxes (previous year: €5.3 million related to
trade taxes and €0.5 million to corporation taxes). The loss carryforwards that are not expected to be utilized result from Fraport
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Group Notes / Notes to the Consolidated Income Statement
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Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
163
Immobilienservice und -entwicklungs GmbH & Co. KG and FraSec Fraport Security Services GmbH and can be carried forward
indefinitely.
The Fraport Group has utilizable loss carryforwards in Germany of €618.4 million (corporation taxes; previous year: €613.2 million)
and €715.3 million (trade taxes; previous year: €679.8 million) as well as utilizable losses carried forward aboard of €97.1 million
(previous year: €23.0 million).
As at December 31, 2022, the Fraport Group no longer has any interest carry-forwards (previous year: €184.6 million). The interest
carry-forwards from the previous year resulted from Fraport Greece A and Fraport Greece B exclusively.
For temporary differences in connection with shares in subsidiaries amounting to €678.8 million (previous year: €529.6 million),
no deferred tax liabilities were recognized, as Fraport can control the timing of the reversal and it is not expected that these
differences will reverse in the foreseeable future. These potential tax liabilities are, however, limited to 1.55% of the difference as
well as local withholding taxes in the case of future dividend payments from certain foreign subsidiaries.
In addition, deferred taxes result from consolidation measures. Pursuant to IAS 12, no deferred tax is recognized in the context
of initial consolidation with respect to goodwill capitalized or any impairment losses of goodwill.
Deferred tax assets and liabilities are netted insofar as these income tax claims and liabilities relate to the same tax authority and
to the same taxable entity or a group of different taxable entities that, however, are assessed jointly for income tax purposes.
The consolidated tax rate for the 2022 fiscal year is 28.8% (previous year: 21.1%).
Deferred taxes resulting from temporary differences between tax financial valuation and assets/liabilities accounted according to
IFRS are assigned to the following financial position items:
Allocation of deferred taxes
€ million
Investments in airport operating projects
Other intangible assets
Property, plant, and equipment
Financial assets
Accounts receivable and other assets
Provisions for pensions
Other provisions
Liabilities
Securities and financial derivatives
Losses and interest carried forward
Total separate financial statements
Offsetting
Consolidation measures
Consolidated Statement of Financial Position
Deferred tax
assets
2022
Deferred tax
liabilities
Deferred tax
assets
2021
Deferred tax
liabilities
16.5
2.0
3.0
2.3
4.6
4.6
34.5
237.9
18.9
236.1
560.4
–406.4
5.5
159.5
–118.6
–13.1
–275.4
0.0
–20.0
0.0
–3.0
–0.2
0.0
0.0
–430.3
406.4
–17.5
–41.3
9.7
0.0
2.7
1.4
6.5
8.8
51.9
232.4
1.1
249.5
564.0
–384.4
3.0
182.6
–116.4
–15.1
–270.7
0.0
–0.3
0.0
–0.9
0.0
–0.3
0.0
–403.7
384.4
–18.4
–37.7
basic
132.4
1.43
2022
diluted
132.4
1.43
92,391,339
92,529,395
92,391,339
92,741,339
The basic earnings per share were calculated using the weighted average number of floating shares (the same number of shares
as in the previous year), each corresponding to a €10 share of the capital stock. With a weighted average number of
92,391,339 shares in the 2022 fiscal year, the basic earnings per €10 share amounted to €1.43.
The rights to purchase shares acquired by employees under the employee share program (MAP) (authorized capital) result in a
diluted number of shares of 92,529,395 (weighted average) and thus diluted earnings per €10 share of €1.43. The authorized
capital as part of the employee investment plan expired on May 22, 2022 and was therefore taken into account pro rata in the
calculation of the diluted earnings.
The following reconciliation shows the relationship between expected tax expense and tax expense in the consolidated income
statement:
Tax reconciliation
€ million
Earnings before taxes on income
Expected tax income/expense1)
Tax effects from differences in foreign tax rates
Tax credit from tax-free income
Taxes on non-deductible operating expenses
Non-creditable non-German withholding tax
Permanent differences including non-deductible tax provisions
Result of companies accounted for using the equity method
Non-utilizable tax losses carried forward
Utilization of not balanced tax losses carried forward
Trade effects and other effects from local taxes
Prior-period taxes
Others
Taxes on income according to the income statement
16 Earnings per Share
Earnings per share
Group result attributable to shareholders
of Fraport AG in € million
Weighted number of shares
Earnings per €10 share in €
2022
233.9
–72.5
5.6
8.8
–6.4
–0.8
–0.9
49.5
–48.1
0.0
–3.9
–0.3
1.7
–67.3
basic
82.8
0.90
2021
116.4
–36.1
–11.7
5.9
5.1
–2.0
–0.4
0.7
0.0
5.4
–2.8
10.1
1.2
–24.6
2021
diluted
82.8
0.89
1) Expected tax rate around 31%, for corporation tax 15.0% plus solidarity surcharge 5.5 % and trade tax of around 15.5 % (unchanged from the previous year).
The vast majority of the deferred tax assets and liabilities result from non-current assets (investments in airport operating projects,
other intangible assets, property, plant, and equipment) and non-current liabilities (primarily concession liabilities), as well as
utilizable losses and interest carried forward.
Over the fiscal year, equity-increasing deferred taxes of €18.2 million (previous year: equity-decreasing deferred taxes of €0.4 mil-
lion) from the change in the fair values of financial derivatives and securities were recognized directly in shareholders’ equity
without affecting profit or loss. The equity-decreasing deferred taxes resulted primarily from the revaluation of defined benefit
plans to the value of €3.4 million (previous year: equity-decreasing deferred taxes to the value of €2.0 million).
176
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Group Notes / Notes to the Consolidated Income Statement
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Group Notes / Notes to the Consolidated Income Statement
163
Immobilienservice und -entwicklungs GmbH & Co. KG and FraSec Fraport Security Services GmbH and can be carried forward
The following reconciliation shows the relationship between expected tax expense and tax expense in the consolidated income
statement:
The Fraport Group has utilizable loss carryforwards in Germany of €618.4 million (corporation taxes; previous year: €613.2 million)
and €715.3 million (trade taxes; previous year: €679.8 million) as well as utilizable losses carried forward aboard of €97.1 million
Tax reconciliation
€ million
Earnings before taxes on income
Expected tax income/expense1)
Tax effects from differences in foreign tax rates
Tax credit from tax-free income
Taxes on non-deductible operating expenses
Non-creditable non-German withholding tax
Permanent differences including non-deductible tax provisions
Result of companies accounted for using the equity method
Non-utilizable tax losses carried forward
Utilization of not balanced tax losses carried forward
Trade effects and other effects from local taxes
Prior-period taxes
Others
Taxes on income according to the income statement
2022
233.9
–72.5
5.6
8.8
–6.4
–0.8
–0.9
49.5
–48.1
0.0
–3.9
–0.3
1.7
–67.3
2021
116.4
–36.1
5.9
5.1
–2.0
–0.4
–11.7
0.7
0.0
5.4
–2.8
10.1
1.2
–24.6
Deferred tax assets and liabilities are netted insofar as these income tax claims and liabilities relate to the same tax authority and
to the same taxable entity or a group of different taxable entities that, however, are assessed jointly for income tax purposes.
The consolidated tax rate for the 2022 fiscal year is 28.8% (previous year: 21.1%).
1) Expected tax rate around 31%, for corporation tax 15.0% plus solidarity surcharge 5.5 % and trade tax of around 15.5 % (unchanged from the previous year).
2022
2021
Deferred tax
Deferred tax
Deferred tax
Deferred tax
assets
liabilities
assets
liabilities
16.5
2.0
3.0
2.3
4.6
4.6
34.5
237.9
18.9
236.1
560.4
–406.4
5.5
159.5
–118.6
–13.1
–275.4
0.0
–20.0
0.0
–3.0
–0.2
0.0
0.0
–430.3
406.4
–17.5
–41.3
9.7
0.0
2.7
1.4
6.5
8.8
51.9
232.4
1.1
249.5
564.0
–384.4
3.0
182.6
–116.4
–15.1
–270.7
0.0
–0.3
0.0
–0.9
0.0
–0.3
0.0
–403.7
384.4
–18.4
–37.7
16 Earnings per Share
Earnings per share
Group result attributable to shareholders
of Fraport AG in € million
Weighted number of shares
Earnings per €10 share in €
basic
2022
diluted
basic
2021
diluted
132.4
92,391,339
1.43
132.4
92,529,395
1.43
82.8
92,391,339
0.90
82.8
92,741,339
0.89
The basic earnings per share were calculated using the weighted average number of floating shares (the same number of shares
as in the previous year), each corresponding to a €10 share of the capital stock. With a weighted average number of
92,391,339 shares in the 2022 fiscal year, the basic earnings per €10 share amounted to €1.43.
The rights to purchase shares acquired by employees under the employee share program (MAP) (authorized capital) result in a
diluted number of shares of 92,529,395 (weighted average) and thus diluted earnings per €10 share of €1.43. The authorized
capital as part of the employee investment plan expired on May 22, 2022 and was therefore taken into account pro rata in the
calculation of the diluted earnings.
As at December 31, 2022, the Fraport Group no longer has any interest carry-forwards (previous year: €184.6 million). The interest
carry-forwards from the previous year resulted from Fraport Greece A and Fraport Greece B exclusively.
For temporary differences in connection with shares in subsidiaries amounting to €678.8 million (previous year: €529.6 million),
no deferred tax liabilities were recognized, as Fraport can control the timing of the reversal and it is not expected that these
differences will reverse in the foreseeable future. These potential tax liabilities are, however, limited to 1.55% of the difference as
well as local withholding taxes in the case of future dividend payments from certain foreign subsidiaries.
In addition, deferred taxes result from consolidation measures. Pursuant to IAS 12, no deferred tax is recognized in the context
of initial consolidation with respect to goodwill capitalized or any impairment losses of goodwill.
Deferred taxes resulting from temporary differences between tax financial valuation and assets/liabilities accounted according to
IFRS are assigned to the following financial position items:
indefinitely.
(previous year: €23.0 million).
Allocation of deferred taxes
€ million
Investments in airport operating projects
Other intangible assets
Property, plant, and equipment
Financial assets
Accounts receivable and other assets
Provisions for pensions
Other provisions
Liabilities
Securities and financial derivatives
Losses and interest carried forward
Total separate financial statements
Offsetting
Consolidation measures
Consolidated Statement of Financial Position
The vast majority of the deferred tax assets and liabilities result from non-current assets (investments in airport operating projects,
other intangible assets, property, plant, and equipment) and non-current liabilities (primarily concession liabilities), as well as
utilizable losses and interest carried forward.
Over the fiscal year, equity-increasing deferred taxes of €18.2 million (previous year: equity-decreasing deferred taxes of €0.4 mil-
lion) from the change in the fair values of financial derivatives and securities were recognized directly in shareholders’ equity
without affecting profit or loss. The equity-decreasing deferred taxes resulted primarily from the revaluation of defined benefit
plans to the value of €3.4 million (previous year: equity-decreasing deferred taxes to the value of €2.0 million).
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Group Notes / Notes to the Consolidated Income Statement
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Group Notes / Notes to the Consolidated Income Statement
165
Notes to the Consolidated Financial Position
The composition and development of goodwill, investments in airport operating projects, other intangible assets, property, plant,
and equipment, and investment property are shown in the Consolidated Statement of Changes in Non-Current Assets.
17 Goodwill
Goodwill arising from consolidation relates to:
Goodwill Tax reconciliation
€ million
Fraport Slovenija
Fraport USA
Media
Total
Carrying amount
December 31,
2022
Carrying amount
December 31,
2021
18.0
1.0
0.3
19.3
18.0
1.0
0.3
19.3
The following table provides an overview of the assumptions incorporated in the main goodwill impairment tests as at December
31, 2022:
Goodwill impairment test
Designation CGU
Discount rate
before taxes
Growth rate of
perpetual annuity
Average revenue
growth in detailed
planning period1)
Detailed planning
period
Fraport Slovenija
9.7 %
–
3.7 %
2022 to 2053
*The forecast period up to 2027 is characterized by above-average revenue growth due to the recovery of air traffic following the Covid-19 pandemic. The reported average revenue growth is adjusted for the
recovery effect and reflects the average growth for the years 2027 to 2053. Over the entire forecast period, the average revenue growth is 5.1%.
fiscal year (see note 10).
The parameters used within the scope of the impairment tests are based on the current plan approved by the Executive Board.
This takes account of internal empirical values and external economic framework data.
The revenue forecasts used to determine growth assumptions are based, in particular, on expected air traffic trends derived from
external market forecasts.
€4.0 million).
A variation in the discount rate of +0.5 percent points results in a need for impairment of goodwill in the amount of €16.3 million,
while an adjustment of the growth forecasts by -0.5 percentage points results in a need for impairment of €1.8 million.
The planning period on which the impairment test for Fraport Slovenija is based corresponds to the term of the right derived from
a long-term land use contract to operate the airport in Ljubljana.
Investments in Airport Operating Projects
18
Investments in Airport Operating Projects
€ million
December 31, 2022
December 31, 2021
Investments in airport operating projects
3,769.1
3,416.4
Investments in airport operating projects relate to concession rights, which comprise the following items due to the application of
IFRIC 12 (see also note 4 and note 49): the initial payment and capitalized minimum concession payments of €1,845.0 million
(previous year: €1,889.6 million) as well as capital expenditure of €1,870.9 million (previous year: €1,507.4 million) and prepay-
ments of €53.2 million (previous year: €19.4 million). They relate to terminal operation at the concession airports in Greece at
178
€1,933.0 million (previous year: €1,986.7 million), Lima at €1,094.9 million (previous year: €726.7 million), Fortaleza and Porto
Alegre at €595.9 million (previous year: €551.6 million), as well as Varna and Burgas at €145.3 million (previous year:
€151.5 million).
Loans that were specifically taken out to finance the expansion of the airports in Brazil were accounted for as borrowing costs in
the amount of €35.8 million (previous year: €39.6 million), of which €7.6 million (previous year: €13.8 million) were capitalized.
Interest rates on loans range from 7.3% and 13.1%. Amounts for loan disbursements that are not yet required for capital expendi-
ture in the expansion of the airports were reinvested. The accrued interest income for these investments amounted to €1.2 million
(previous year: €0.7 million).
interest rate of 4.97%.
As part of the expansion at Lima Airport, loans amounting to €313.8 million were raised as part of specific financing and in this
context borrowing costs of €10.5 million (previous year: €3.7 million) were capitalized. The loan will accumulate interest at an
19 Other Intangible Assets
Other intangible assets
€ million
Other concession and operator rights
Software and other intangible assets
Total
December 31, 2022
December 31, 2021
50.9
45.0
95.9
57.4
48.4
105.8
The other concession and operator rights include the right derived from an existing, long-term land use contract to operate the
airport in Ljubljana (€50.9 million, previous year: €52.5 million) with a remaining term of 31 years (previous year: 32 years). The
concession rights in the retail area accounted for by Fraport USA (previous year: €4.9 million) were fully depreciated in the 2022
The other intangible assets as at the reporting date contain internally generated intangible assets with residual carrying amounts
of €7.7 million (previous year: €8.3 million). At closing date further €2.3 million (previous year: €1.8 million) were attributable to
the development phase. The depreciation and amortization is carried out on a straight-line basis taking into account the scheduled
useful lives between 5 and 20 years. Depreciation and amortization in the fiscal year amounted to €1.6 million (previous year:
20 Property, Plant, and Equipment
Property, Plant, and Equipment
€ million
Land, land rights, and buildings, including buildings on leased lands
Technical equipment and machinery
Other equipment, operating, and office equipment
Construction in progress
Right of use assets leases
Total
December 31, 2022
December 31, 2021
3,172.3
1,534.5
179.3
3,294.1
191.6
8,371.8
3,244.0
1,585.5
194.9
2,652.7
221.3
7,898.4
Additions in the 2022 fiscal year amounted to €779.8 million (previous year: €847.0 million). Of this, €593.7 million (previous year:
€625.4 million) is attributable to the construction of Terminal 3 (“Expansion South”), as well as further projects in connection with
expansion measures to meet capacity at Frankfurt Airport.
Borrowing costs were capitalized in the amount of €21.5 million (previous year: €19.4 million) for general project financing at
Fraport AG. These relate to financing where it is not possible to directly attribute the borrowing costs to the acquisition, construction
or production of a qualifying asset. The borrowing cost rate applied averaged around 1.5% (previous year: around 1.6%). In
addition, specific project financing has been concluded for measures related to the construction of Terminal 3. In total, borrowing
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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Group Notes / Notes to the Consolidated Income Statement
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€1,933.0 million (previous year: €1,986.7 million), Lima at €1,094.9 million (previous year: €726.7 million), Fortaleza and Porto
Alegre at €595.9 million (previous year: €551.6 million), as well as Varna and Burgas at €145.3 million (previous year:
€151.5 million).
Loans that were specifically taken out to finance the expansion of the airports in Brazil were accounted for as borrowing costs in
the amount of €35.8 million (previous year: €39.6 million), of which €7.6 million (previous year: €13.8 million) were capitalized.
Interest rates on loans range from 7.3% and 13.1%. Amounts for loan disbursements that are not yet required for capital expendi-
ture in the expansion of the airports were reinvested. The accrued interest income for these investments amounted to €1.2 million
(previous year: €0.7 million).
As part of the expansion at Lima Airport, loans amounting to €313.8 million were raised as part of specific financing and in this
context borrowing costs of €10.5 million (previous year: €3.7 million) were capitalized. The loan will accumulate interest at an
interest rate of 4.97%.
19 Other Intangible Assets
Other intangible assets
€ million
Other concession and operator rights
Software and other intangible assets
Total
December 31, 2022
December 31, 2021
50.9
45.0
95.9
57.4
48.4
105.8
The other concession and operator rights include the right derived from an existing, long-term land use contract to operate the
airport in Ljubljana (€50.9 million, previous year: €52.5 million) with a remaining term of 31 years (previous year: 32 years). The
concession rights in the retail area accounted for by Fraport USA (previous year: €4.9 million) were fully depreciated in the 2022
fiscal year (see note 10).
The other intangible assets as at the reporting date contain internally generated intangible assets with residual carrying amounts
of €7.7 million (previous year: €8.3 million). At closing date further €2.3 million (previous year: €1.8 million) were attributable to
the development phase. The depreciation and amortization is carried out on a straight-line basis taking into account the scheduled
useful lives between 5 and 20 years. Depreciation and amortization in the fiscal year amounted to €1.6 million (previous year:
€4.0 million).
20 Property, Plant, and Equipment
Property, Plant, and Equipment
€ million
December 31, 2022
December 31, 2021
Land, land rights, and buildings, including buildings on leased lands
Technical equipment and machinery
Other equipment, operating, and office equipment
Construction in progress
Right of use assets leases
Total
3,172.3
1,534.5
179.3
3,294.1
191.6
8,371.8
3,244.0
1,585.5
194.9
2,652.7
221.3
7,898.4
Additions in the 2022 fiscal year amounted to €779.8 million (previous year: €847.0 million). Of this, €593.7 million (previous year:
€625.4 million) is attributable to the construction of Terminal 3 (“Expansion South”), as well as further projects in connection with
expansion measures to meet capacity at Frankfurt Airport.
Borrowing costs were capitalized in the amount of €21.5 million (previous year: €19.4 million) for general project financing at
Fraport AG. These relate to financing where it is not possible to directly attribute the borrowing costs to the acquisition, construction
or production of a qualifying asset. The borrowing cost rate applied averaged around 1.5% (previous year: around 1.6%). In
addition, specific project financing has been concluded for measures related to the construction of Terminal 3. In total, borrowing
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costs of €4.3 million (previous year: €3.6 million) were capitalized in the financial year. The average financing cost rate was around
0.6% (previous year: around 0.6%).
21
Investment Property
Investment property includes land and buildings situated in direct vicinity to Frankfurt Airport, which are classified as follows:
As at the balance sheet date, property, plant, and equipment with a carrying amount totaling €0.1 million (previous year:
€0.2 million) carry mortgages.
Property, plant, and equipment of the Fraport Group comprises land, land rights, and buildings, including those on land leased by
Fraport AG and is valued at €3,060.1 million (previous year: €3,129.1 million). As at the balance sheet date of 2022, land with an
area of 26.1 million square meters (equivalent to approximately 10.1 sq mi) were owned by Fraport AG. Depending on the location
and type of use, the market value of the land included in property, plant, and equipment varies between €1 and €720 per square
meter (equivalent to approximately 10.75 sq ft) (land values published by the committees of experts for real estate values of the
State of Hesse).
Property, plant, and equipment includes rights of use from leases for land and buildings. The development of the rights of use can
be found in the Consolidated Statement of Changes in Non-current Assets.
Right-of-use assets from leases
€ million
Carrying amount of right-of-use assets as of December 31
Carrying amount of lease liabilities as of December 31
Additions right-of-use assets/ lease liabilities in fiscal year 2020
Total cash outflow for leases
Expenses related to variable lease payments not included in the measurement of lease liabilities
Interest expense on lease liabilities
Income from subleasing right-of-use assets
Leases not yet commenced to which the lessee is committed
2022
191.6
208.9
0.2
69.3
21.1
8.5
85.3
0.6
2021
221,3
238,5
7,7
43,9
20,8
8,9
52,5
0,1
Right-of-use assets as at the balance sheet date amounted to €152.0 million (previous year: €176.3 million) primarily relating to
the companies of Fraport USA (International Activities & Services segment), which operates and develops commercial terminal
space at various US airports as part of rental and concession contracts. Only the fixed minimum lease payments guaranteed to
the lessor were included in the measurement of the lease liabilities of the companies of Fraport USA. Sales-related (variable)
rental payments to be paid in addition are recognized as expenses in the respective period and are reported in the cost of materials
for the companies of Fraport USA. The rental and concession agreements currently in force at Fraport USA generally have a term
of ten years and some extension options of five years each, but these cannot be exercised unilaterally and therefore cannot be
assessed with sufficient certainty. Therefore, only fixed terms without optional periods are taken into account as lease terms. The
longest-running contract with Fraport USA as at the reporting date ends on January 31, 2029.
The variable leasing payments incurred in the fiscal year are entirely attributable to Fraport USA. Future cash outflows from
variable lease payments occur if the lease payments for the fiscal year exceed the contractually defined minimum lease payments
(base rents) that were included in the measurement of the lease liabilities. The exceeding part is treated as variable lease payment.
The total amount of lease payments to be paid depends on the revenue received from subletting the concession areas.
As at the balance sheet date, future nominal payment obligations arising from existing leases amounting to €264.4 million. A
maturity analysis of the lease liabilities is shown in note 47.
€0.4 million).
In the Fraport Group, income of €3.2 million (previous year: €35.2 million) from the application of the relief provisions to IFRS
16.46 adopted on May 28, 2020 was realized in the fiscal year (rental concessions in connection with the Covid-19 pandemic).
Investment property
in Mio €
Undeveloped land – Level 2
Undeveloped land – Level 3
Developed land – Level 3
Total
Carrying amount
Carrying amount
Fair value
Fair value
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
3.1
7.4
58.6
69.1
21.7
7.4
59.5
88.6
2.6
14.8
82.6
100.0
21.3
14.8
82.0
118.1
The undeveloped land – Level 2 is undeveloped land in the Kelsterbach district directly next to the Runway Northwest.
The fair value of the undeveloped land – Level 2 is calculated internally using the comparative value procedure pursuant to the
Real Estate Valuation Regulation of December 3, 2019 (ImmoWertV) applicable in Germany based on the standard ground values
published by a committee of experts. The fair value of undeveloped land – Level 3 is also determined internally using the com-
parative value method. However, the prices per square meter used for current land transactions in the same development area
are not observable on the market. The decrease in the carrying amount is the result of necessary reclassifications to property,
plant, and equipment.
The developed land – Level 3 comprises real estate leased for residential purposes from the voluntary purchase program for real
estate in Flörsheim in the flight zone of Runway Northwest, the long-distance train station plot, and the parking garages in Gateway
Gardens, as well as commercially leased properties.
The fair values of the developed land - Level 3 category are determined in part using the income capitalization approach in
accordance with the German Real Estate Valuation Ordinance (ImmoWertV) and in part using the discounted cash flow approach
by external appraisers. The main input parameters for the income capitalization approach are the multiplier, which depends on
the useful life and the property interest rate, and the underlying annual rent. In the discounted cash flow method, a perpetual
annuity is assumed. The main input parameters are the discount rate, the sustainable market rent, the assumed remaining useful
life, forecast maintenance costs and the expected development of rents.
For major parts of the investment property, foreseeable restrictions on saleability arise from the fact that these areas are located
in the immediate vicinity of Runway Northwest.
Net lease revenue from investment property during the 2022 fiscal year amounted to €6.1 million (previous year: €4.2 million).
The total costs incurred for the maintenance of investment property amounted to €1.0 million (previous year: €0.9 million),
classified as expenses that are not allocatable (excluding depreciation and amortization), and of which €0.1 million was incurred
for property for which no lease revenue was earned during the fiscal year.
As at the balance sheet date, obligations exist for the acquisition of investment property amounting to €0.1 million (previous year:
22
Investments in Companies accounted for Using the Equity Method
Companies that are Group airports outside of Frankfurt are considered to be substantial joint ventures and associated companies
in the Fraport Group. This primarily applies to the airports in Antalya and Pulkovo.
Shares in joint ventures
Fraport TAV Antalya Terminal Isletmeciligi Anonim Sirketi, Antalya/ Türkiye (“Fraport TAV Antalya I”) is a joint venture of Fraport
AG and TAV Havalimanlari Holding A.Ş. IC Yatirim Holding A.S. that operates the terminals at Antalya Airport as part of the
concession agreement of May 22, 2007 with the Turkish airport authority (DHMI grantor). The concession for the operation of the
terminals and thus the right to use all assets listed in the concession agreement runs for a total of 17 years to the end of 2024.
180
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Investment Property
21
Investment property includes land and buildings situated in direct vicinity to Frankfurt Airport, which are classified as follows:
Investment property
in Mio €
Undeveloped land – Level 2
Undeveloped land – Level 3
Developed land – Level 3
Total
Carrying amount
December 31, 2022
Carrying amount
December 31, 2021
Fair value
December 31, 2022
Fair value
December 31, 2021
3.1
7.4
58.6
69.1
21.7
7.4
59.5
88.6
2.6
14.8
82.6
100.0
21.3
14.8
82.0
118.1
The undeveloped land – Level 2 is undeveloped land in the Kelsterbach district directly next to the Runway Northwest.
The fair value of the undeveloped land – Level 2 is calculated internally using the comparative value procedure pursuant to the
Real Estate Valuation Regulation of December 3, 2019 (ImmoWertV) applicable in Germany based on the standard ground values
published by a committee of experts. The fair value of undeveloped land – Level 3 is also determined internally using the com-
parative value method. However, the prices per square meter used for current land transactions in the same development area
are not observable on the market. The decrease in the carrying amount is the result of necessary reclassifications to property,
plant, and equipment.
The developed land – Level 3 comprises real estate leased for residential purposes from the voluntary purchase program for real
estate in Flörsheim in the flight zone of Runway Northwest, the long-distance train station plot, and the parking garages in Gateway
Gardens, as well as commercially leased properties.
The fair values of the developed land - Level 3 category are determined in part using the income capitalization approach in
accordance with the German Real Estate Valuation Ordinance (ImmoWertV) and in part using the discounted cash flow approach
by external appraisers. The main input parameters for the income capitalization approach are the multiplier, which depends on
the useful life and the property interest rate, and the underlying annual rent. In the discounted cash flow method, a perpetual
annuity is assumed. The main input parameters are the discount rate, the sustainable market rent, the assumed remaining useful
life, forecast maintenance costs and the expected development of rents.
For major parts of the investment property, foreseeable restrictions on saleability arise from the fact that these areas are located
in the immediate vicinity of Runway Northwest.
Net lease revenue from investment property during the 2022 fiscal year amounted to €6.1 million (previous year: €4.2 million).
The total costs incurred for the maintenance of investment property amounted to €1.0 million (previous year: €0.9 million),
classified as expenses that are not allocatable (excluding depreciation and amortization), and of which €0.1 million was incurred
for property for which no lease revenue was earned during the fiscal year.
As at the balance sheet date, obligations exist for the acquisition of investment property amounting to €0.1 million (previous year:
€0.4 million).
Investments in Companies accounted for Using the Equity Method
22
Companies that are Group airports outside of Frankfurt are considered to be substantial joint ventures and associated companies
in the Fraport Group. This primarily applies to the airports in Antalya and Pulkovo.
Shares in joint ventures
Fraport TAV Antalya Terminal Isletmeciligi Anonim Sirketi, Antalya/ Türkiye (“Fraport TAV Antalya I”) is a joint venture of Fraport
AG and TAV Havalimanlari Holding A.Ş. IC Yatirim Holding A.S. that operates the terminals at Antalya Airport as part of the
concession agreement of May 22, 2007 with the Turkish airport authority (DHMI grantor). The concession for the operation of the
terminals and thus the right to use all assets listed in the concession agreement runs for a total of 17 years to the end of 2024.
181
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In a letter dated February 12, 2021, the Turkish government approved the extension of the concession period for terminal opera-
tions at Antalya Airport for an additional two years, to December 31, 2026.
With regard to the authorized use of infrastructure, the company is obligated to perform maintenance and capacity expansions
(as required). Distributed over the term of the concession agreement, concession fees of €2.01 billion net must be paid to DHMI.
In exchange, the operator receives the right to use the existing and future terminal infrastructure to operate the airport and the
right to generate revenue from passenger charges paid by the airlines and from other services related to terminal operations.
Passenger charges are regulated by the grantor.
Fraport holds a 51% interest in the company’s share capital, though neither party may make a decision unilaterally due to the
voting system laid down in the partnership agreement. The division of the variable returns from the company is governed sepa-
rately in the partnership agreement, according to which both partners are entitled to equal amounts in returns. The company
accounts for 50% according to the equity method on the basis of the division of the dividend rights and the joint management and
control. Since the company is not listed on a stock exchange, there is no available active market value for the shares.
In conjunction with the tender won in December 2021 for the new operating concession at Antalya Airport, Fraport AG, together
with TAV Airports Holding, founded the company Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya, Türkiye, (“Fraport
TAV Antalya II”). The operational period of the company will begin in early 2027, after the existing concession expires. Fraport
AG holds 49% of the capital shares. The remaining 51% of the shares in the company are held by TAV Airports Holding. Pursuant
to the contractually agreed participation rights, the company is jointly controlled by the shareholders. The concession agreement
was also concluded in December 2021 between Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş and the Turkish government.
The agreement runs until 2051. The concession covers the operation of the terminals and other landside infrastructure, including
retail space, parking management, and passenger controls. For the new operating concession, Fraport TAV Antalya Yatirim,
Yapim ve İşletme A.Ş is required to pay fixed concession charges totaling €7.25 billion net over the term to the Turkish State
(DHMI), of which 25% was paid after the conclusion of the concession agreement at the end of March 2022. In the first stage,
financing of around €1.4 billion was raised for the advance payment and the expansion investments of around €765.3 million.
December 31, 2022
Antalya I
December 31, 2021
December 31, 2022
Antalya II
December 31, 2021
504.2
467.4
55.5
411.9
290.2
184.6
105.6
214.2
152.3
61.9
112.8
56.4
16.9
73.3
546.9
588.4
97.1
491.3
114.8
74.8
40.0
52.3
41.6
10.7
21.0
10.5
16.9
27.4
4,364.7
3,576.5
3,570.3
6.2
43.6
41.3
2.3
103.8
88.6
15.2
728.0
364.0
0.0
364.0
3,940.0
3,940.0
3,940.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Summarized financial position
€ million
Non-current assets
Non-current liabilities
thereof financial liabilities
thereof other liabilities
(including trade accounts payable)
Current assets
thereof cash and cash equivalents
thereof other assets
Current liabilities
thereof financial liabilities
thereof other current liabilities
(including trade accounts payable)
Net assets
Pro rata share of net assets
Goodwill
Investment carrying amount
182
2021
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Total
2021
50.2
33.8
0.1
33.9
–16.2
–1.2
2.2
68.9
2021
266.6
202.7
–110.6
0.6
–36.7
–12.9
–9.7
33.4
0.2
33.6
41.5
10.4
0.0
10.4
–4.0
1.9
2.0
51.8
Results data for Antalya
€ million
Revenue
EBITDA
Regular depreciation and amortization
Currency translation differences
Interest income
Interest expenses
Taxes on income
Result after taxes
Other result
Comprehensive income
2022
396.6
323.0
–114.7
2.7
–34.6
–11.6
–45.2
119.6
–0.1
119.5
2022
101.5
–7.5
0.0
0.3
–4.8
0.0
–10.6
–22.6
0.0
–22.6
The reconciliation for the carrying amount in joint ventures recognized in the Group is shown in the following overview:
Reconciliation for carrying amount in joint ventures
€ million
Investment carrying amount as at
January 1 (Fraport share)
Share of annual net profit/losses
Share of other result
Comprehensive income
Dividends
Other adjustments
Additions
Investment carrying amount as at
December 31 (Fraport share)
Antalya I
Antalya II
Other joint ventures
2022
2021
2022
2021
2022
2021
2022
27.4
59.8
–0.1
59.7
–13.8
0.0
0.0
73.3
20.0
16.7
0.1
16.8
–9.4
0.0
0.0
27.4
0.0
–11.3
0.0
–11.3
0.0
0.0
375.3
364.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
30.2
17.1
0.0
17.1
–6.8
–1.2
2.2
41.5
68.9
58.9
–0.1
58.8
–17.8
1.9
377.3
489.1
There are no further significant restrictions pursuant to IFRS 12.
Investments in associated companies
Thalita Trading Ltd. and its wholly owned subsidiary Northern Capital Gateway LLC (NCG) were founded as companies by Fraport
AG, the Russian bank VTB, and the Greek Copelouzos Group. NCG develops and operates Pulkovo Airport (St. Petersburg,
Russia) as part of a 30-year concession agreement with the city of St. Petersburg. The company is responsible for the entire
airport infrastructure. Since a change in the shareholder structure in 2017, Fraport AG has held 25.0% of the shares in Thalita
Trading Ltd.
Due to EU sanctions against Russia in connection with the Russian war of aggression in Ukraine, the operations of the airport in
Pulkovo are currently being performed exclusively by the local management of NCG without any decisions being taken by the
parent company Thalita Trading Ltd. or its shareholders. Due to the current EU sanctions, the shareholders abstain from share-
holders’ meetings and resolutions. Substantial resolutions and decisions on the control of NCG/Thalita Ltd. can, however, still only
be made on the basis of the company statutes and shareholder rights that are still valid. As a result, the company continues to be
shown as an associated company in the consolidated financial statements. Due to accumulated losses in the past, the investment
carrying amount is “zero”. In addition, the losses not recorded in the consolidated income statement were €112.3 million (previous
year: €112.3 million). As the financial position and results data of the companies are therefore of no material significance for the
Fraport Group, they are not presented separately below.
In connection with the financing of the “Pulkovo” operating project, the Fraport Group has a loan receivable (see note 23), and an
interest receivable (see note 24) from Thalita Trading Ltd. As at June 30, 2022, the receivables in the amount of €163.3 million
were fully written-off, as no further cash flows (interest and principal payments) are expected due to the current sanctions. This
assessment is based, on the one hand, on a Russian presidential decree from May 2022 that prohibits the payment of Euros to
the EU. On the other hand, due to the EU sanctions against Russia, it will no longer be possible to make any dividend resolutions
for the foreseeable future.
NCG is not listed, there are no available active market values for the shares.
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In a letter dated February 12, 2021, the Turkish government approved the extension of the concession period for terminal opera-
tions at Antalya Airport for an additional two years, to December 31, 2026.
With regard to the authorized use of infrastructure, the company is obligated to perform maintenance and capacity expansions
(as required). Distributed over the term of the concession agreement, concession fees of €2.01 billion net must be paid to DHMI.
In exchange, the operator receives the right to use the existing and future terminal infrastructure to operate the airport and the
right to generate revenue from passenger charges paid by the airlines and from other services related to terminal operations.
Passenger charges are regulated by the grantor.
Fraport holds a 51% interest in the company’s share capital, though neither party may make a decision unilaterally due to the
voting system laid down in the partnership agreement. The division of the variable returns from the company is governed sepa-
rately in the partnership agreement, according to which both partners are entitled to equal amounts in returns. The company
accounts for 50% according to the equity method on the basis of the division of the dividend rights and the joint management and
control. Since the company is not listed on a stock exchange, there is no available active market value for the shares.
In conjunction with the tender won in December 2021 for the new operating concession at Antalya Airport, Fraport AG, together
with TAV Airports Holding, founded the company Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya, Türkiye, (“Fraport
TAV Antalya II”). The operational period of the company will begin in early 2027, after the existing concession expires. Fraport
AG holds 49% of the capital shares. The remaining 51% of the shares in the company are held by TAV Airports Holding. Pursuant
to the contractually agreed participation rights, the company is jointly controlled by the shareholders. The concession agreement
was also concluded in December 2021 between Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş and the Turkish government.
The agreement runs until 2051. The concession covers the operation of the terminals and other landside infrastructure, including
retail space, parking management, and passenger controls. For the new operating concession, Fraport TAV Antalya Yatirim,
Yapim ve İşletme A.Ş is required to pay fixed concession charges totaling €7.25 billion net over the term to the Turkish State
(DHMI), of which 25% was paid after the conclusion of the concession agreement at the end of March 2022. In the first stage,
financing of around €1.4 billion was raised for the advance payment and the expansion investments of around €765.3 million.
Summarized financial position
€ million
Non-current assets
Non-current liabilities
thereof financial liabilities
thereof other liabilities
(including trade accounts payable)
Current assets
thereof cash and cash equivalents
thereof other assets
Current liabilities
thereof financial liabilities
thereof other current liabilities
(including trade accounts payable)
Net assets
Goodwill
Pro rata share of net assets
Investment carrying amount
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Antalya I
546.9
588.4
97.1
491.3
114.8
74.8
40.0
52.3
41.6
10.7
21.0
10.5
16.9
27.4
504.2
467.4
55.5
411.9
290.2
184.6
105.6
214.2
152.3
61.9
112.8
56.4
16.9
73.3
Antalya II
3,940.0
3,940.0
3,940.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4,364.7
3,576.5
3,570.3
6.2
43.6
41.3
2.3
103.8
88.6
15.2
728.0
364.0
0.0
364.0
Results data for Antalya
€ million
Revenue
EBITDA
Regular depreciation and amortization
Interest income
Interest expenses
Currency translation differences
Taxes on income
Result after taxes
Other result
Comprehensive income
2022
396.6
323.0
–114.7
2.7
–34.6
–11.6
–45.2
119.6
–0.1
119.5
2021
266.6
202.7
–110.6
0.6
–36.7
–12.9
–9.7
33.4
0.2
33.6
2022
101.5
–7.5
0.0
0.3
–4.8
0.0
–10.6
–22.6
0.0
–22.6
The reconciliation for the carrying amount in joint ventures recognized in the Group is shown in the following overview:
Reconciliation for carrying amount in joint ventures
€ million
Investment carrying amount as at
January 1 (Fraport share)
Share of annual net profit/losses
Share of other result
Comprehensive income
Dividends
Other adjustments
Additions
Investment carrying amount as at
December 31 (Fraport share)
Antalya I
Antalya II
Other joint ventures
2022
2021
2022
2021
2022
2021
2022
27.4
59.8
–0.1
59.7
–13.8
0.0
0.0
73.3
20.0
16.7
0.1
16.8
–9.4
0.0
0.0
27.4
0.0
–11.3
0.0
–11.3
0.0
0.0
375.3
364.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
41.5
10.4
0.0
10.4
–4.0
1.9
2.0
51.8
30.2
17.1
0.0
17.1
–6.8
–1.2
2.2
41.5
68.9
58.9
–0.1
58.8
–17.8
1.9
377.3
489.1
There are no further significant restrictions pursuant to IFRS 12.
2021
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Total
2021
50.2
33.8
0.1
33.9
–16.2
–1.2
2.2
68.9
Investments in associated companies
Thalita Trading Ltd. and its wholly owned subsidiary Northern Capital Gateway LLC (NCG) were founded as companies by Fraport
AG, the Russian bank VTB, and the Greek Copelouzos Group. NCG develops and operates Pulkovo Airport (St. Petersburg,
Russia) as part of a 30-year concession agreement with the city of St. Petersburg. The company is responsible for the entire
airport infrastructure. Since a change in the shareholder structure in 2017, Fraport AG has held 25.0% of the shares in Thalita
Trading Ltd.
Due to EU sanctions against Russia in connection with the Russian war of aggression in Ukraine, the operations of the airport in
Pulkovo are currently being performed exclusively by the local management of NCG without any decisions being taken by the
parent company Thalita Trading Ltd. or its shareholders. Due to the current EU sanctions, the shareholders abstain from share-
holders’ meetings and resolutions. Substantial resolutions and decisions on the control of NCG/Thalita Ltd. can, however, still only
be made on the basis of the company statutes and shareholder rights that are still valid. As a result, the company continues to be
shown as an associated company in the consolidated financial statements. Due to accumulated losses in the past, the investment
carrying amount is “zero”. In addition, the losses not recorded in the consolidated income statement were €112.3 million (previous
year: €112.3 million). As the financial position and results data of the companies are therefore of no material significance for the
Fraport Group, they are not presented separately below.
In connection with the financing of the “Pulkovo” operating project, the Fraport Group has a loan receivable (see note 23), and an
interest receivable (see note 24) from Thalita Trading Ltd. As at June 30, 2022, the receivables in the amount of €163.3 million
were fully written-off, as no further cash flows (interest and principal payments) are expected due to the current sanctions. This
assessment is based, on the one hand, on a Russian presidential decree from May 2022 that prohibits the payment of Euros to
the EU. On the other hand, due to the EU sanctions against Russia, it will no longer be possible to make any dividend resolutions
for the foreseeable future.
NCG is not listed, there are no available active market values for the shares.
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Group Notes / Notes to the Consolidated Income Statement
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Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
171
Reconciliation for carrying amounts in associated companies
€ million
Investment carrying amount as at January 1
(Fraport share)
Share of annual net profit/losses
Share of other result
Currency translation differences
Comprehensive income
Dividends
Impairments
Investment carrying amount as at December 31
(Fraport share)
Unrecorded pro rata results/losses
In the reporting period
Cumulative
There are no significant restrictions pursuant to IFRS 12.
23 Other Financial Assets
Other financial assets
Associated companies
2021
2022
2.4
–0.1
0.0
0.0
–0.1
0.0
0.0
2.3
2.3
0.1
0.0
0.0
0.1
0.0
0.0
2.4
–1.7
–115.7
–4.1
–114.0
24 Non-current and Current Other Financial Receivables and Assets
Non-current and current other financial receivables and assets
€ million
Remaining term
Remaining Term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
Accounts receivable from joint ventures
Accounts receivable from associated companies
Accounts receivable from other investments
Other financial assets
Total
9.8
0.5
0.5
44.4
55.2
0.7
0.0
0.0
86.5
87.2
5.6
0.8
0.3
23.9
30.6
0.0
79.1
0.0
63.6
142.7
Accounts receivable from associated companies in the 2021 fiscal year primarily included interest receivables from the interest
cost added back pursuant to the effective interest method to the loan to Thalita Ltd. recorded under “Other loans”. There was a
full write-off of the interest receivables in the 2022 fiscal year (see note 22).
Other assets include in particular compensation claims recognized in connection with the coronavirus pandemic.
€ million
Financial instruments
Securities
Other investments
Loans
Loans to joint ventures
Loans to associated companies
Other loans
Insolvency-secured funds
Total
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining term
over 1 year
Total
December 31,
2021
265.2
0.0
4.5
0.0
0.0
0.0
791.5
130.4
23.2
0.0
228.4
0.0
1,056.7
130.4
27.7
0.0
228.4
0.0
269.7
1,173.4
1,443.1
164.1
0.0
12.5
0.0
0.0
0.0
176.6
682.4
109.2
2.0
76.1
62.6
0.0
932.3
846.5
109.2
14.5
76.1
62.6
0.0
1,108.9
In the year under review, investments in securities amounted to €619.9 million (previous year: €1,077.5 million), which partly were
already disposed during the year. Other changes resulted from reclassifications to current other financial assets due to securities
of €155.8 million maturing in 2023 (previous year: €93.9 million) and changes arising from valuation of –€64.7 million (previous
year: –€8.5 million).
The fund units protected against insolvency are exclusively meant to hedge credits from the time-account models and partial
retirement claims in particular of Fraport AG employees. In the 2022 fiscal year, the fund units have increased by €6.1 million (no
change in the previous year). As at the reporting date, acquisition costs amounted to €68.6 million (previous year: €62.5 million).
These securities are measured at fair value and credited against the corresponding obligations of €66.3 million (previous year:
€67.0 million) (see also note 40). At year-end, there was an underfunding from fund units of €1.4 million (previous year:
€0.7 million).
The change in other investments relates to shares in Delhi International Airport Private Ltd, New Delhi, India, for which a fair value
was determined in the reporting year.
The loans to joint ventures primarily relate to a loan granted to Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş in the 2022
fiscal year. The loan to associated companies that was still outstanding in the previous year related to a loan granted to Thalita
Ltd., Cyprus, which was fully written off in the fiscal year on June 30, 2022 (see note 22).
turbulences.
184
Total
2022
10.5
0.5
0.5
130.9
142.4
Total
2022
34.0
46.8
132.7
213.5
Total
2021
5.6
79.9
0.3
87.5
173.3
Total
2021
38.3
78.6
82.6
199.5
25 Non-current and Current non-financial Other Receivables and Assets
Non-current and current other non-financial receivables and assets
Remaining term
Remaining Term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
€ million
Accruals
Refunds from
“Passive noise abatement/wake turbulences”
Other non-financial assets
Total
10.6
8.8
64.7
84.1
23.4
38.0
68.0
129.4
9.7
7.0
48.9
65.6
28.6
71.6
33.7
133.9
The item “Refunds from passive noise abatement / wake turbulences” includes the expected full reimbursement amount from
noise abatement charges from airlines for passive noise abatement and wake turbulences, which was recognized as other assets
in compliance with IAS 37.53 in connection with the provisions created for the obligation of Fraport AG to reimburse costs for
noise abatement construction measures, expenses from refund claims for reduced utilization of outdoor facilities, and roof
reinforcement measures (wake turbulences). The value was determined at the present value of the estimated expenses for
reimbursing the costs of noise abatement construction measures and estimated expenses for refund claims for reduced utilization
of outdoor facilities.
The item developed as follows in the fiscal year:
Refunds from “Passive noise abatement/wake turbulences”
€ million
January 1, 2022
Receipts
Disposals
Reclassification
Interest effect December 31, 2022
Refunds from
“Passive noise abatement/
wake turbulences”
78.6
9.2
17.7
0.0
–4.9
46.8
More information about the corresponding other provisions can be found in note 40. The carrying amount of the refund claim
depends on the noise abatement charges actually received, and those expected in the future. The carrying amount of the corre-
sponding provision depends on the actual, and future expected cash outflows for passive noise abatement measures and wake
Deferred income mainly relates to construction cost subsidies paid by Fraport AG. These are paid in particular to utility companies
that set up facilities for special requirements of Fraport AG. The utility companies are the owners of the utility facilities.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
170
Group Notes / Notes to the Consolidated Income Statement
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Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
171
Associated companies
2022
2021
2.4
–0.1
0.0
0.0
–0.1
0.0
0.0
2.3
2.3
0.1
0.0
0.0
0.1
0.0
0.0
2.4
–1.7
–115.7
–4.1
–114.0
Reconciliation for carrying amounts in associated companies
€ million
Investment carrying amount as at January 1
(Fraport share)
Share of annual net profit/losses
Share of other result
Currency translation differences
Comprehensive income
Dividends
Impairments
(Fraport share)
Investment carrying amount as at December 31
Unrecorded pro rata results/losses
In the reporting period
Cumulative
There are no significant restrictions pursuant to IFRS 12.
23 Other Financial Assets
Other financial assets
€ million
Financial instruments
Securities
Other investments
Loans
Loans to joint ventures
Loans to associated companies
Other loans
Insolvency-secured funds
Total
year: –€8.5 million).
Remaining term
Remaining term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
Total
2022
1,056.7
130.4
27.7
0.0
228.4
0.0
265.2
0.0
4.5
0.0
0.0
0.0
791.5
130.4
23.2
0.0
228.4
0.0
269.7
1,173.4
1,443.1
164.1
0.0
12.5
0.0
0.0
0.0
176.6
682.4
109.2
2.0
76.1
62.6
0.0
932.3
Total
2021
846.5
109.2
14.5
76.1
62.6
0.0
1,108.9
In the year under review, investments in securities amounted to €619.9 million (previous year: €1,077.5 million), which partly were
already disposed during the year. Other changes resulted from reclassifications to current other financial assets due to securities
of €155.8 million maturing in 2023 (previous year: €93.9 million) and changes arising from valuation of –€64.7 million (previous
The fund units protected against insolvency are exclusively meant to hedge credits from the time-account models and partial
retirement claims in particular of Fraport AG employees. In the 2022 fiscal year, the fund units have increased by €6.1 million (no
change in the previous year). As at the reporting date, acquisition costs amounted to €68.6 million (previous year: €62.5 million).
These securities are measured at fair value and credited against the corresponding obligations of €66.3 million (previous year:
€67.0 million) (see also note 40). At year-end, there was an underfunding from fund units of €1.4 million (previous year:
€0.7 million).
was determined in the reporting year.
The change in other investments relates to shares in Delhi International Airport Private Ltd, New Delhi, India, for which a fair value
The loans to joint ventures primarily relate to a loan granted to Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş in the 2022
fiscal year. The loan to associated companies that was still outstanding in the previous year related to a loan granted to Thalita
Ltd., Cyprus, which was fully written off in the fiscal year on June 30, 2022 (see note 22).
24 Non-current and Current Other Financial Receivables and Assets
Non-current and current other financial receivables and assets
€ million
Remaining term
over 1 year
Total
December 31,
2022
Remaining Term
over 1 year
Total
December 31,
2021
Accounts receivable from joint ventures
Accounts receivable from associated companies
Accounts receivable from other investments
Other financial assets
Total
up to 1 year
9.8
0.5
0.5
44.4
55.2
0.7
0.0
0.0
86.5
87.2
10.5
0.5
0.5
130.9
142.4
up to 1 year
5.6
0.8
0.3
23.9
30.6
0.0
79.1
0.0
63.6
142.7
5.6
79.9
0.3
87.5
173.3
Accounts receivable from associated companies in the 2021 fiscal year primarily included interest receivables from the interest
cost added back pursuant to the effective interest method to the loan to Thalita Ltd. recorded under “Other loans”. There was a
full write-off of the interest receivables in the 2022 fiscal year (see note 22).
Other assets include in particular compensation claims recognized in connection with the coronavirus pandemic.
25 Non-current and Current non-financial Other Receivables and Assets
Non-current and current other non-financial receivables and assets
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining Term
over 1 year
Total
December 31,
2021
Accruals
Refunds from
“Passive noise abatement/wake turbulences”
Other non-financial assets
Total
10.6
8.8
64.7
84.1
23.4
38.0
68.0
129.4
34.0
46.8
132.7
213.5
9.7
7.0
48.9
65.6
28.6
71.6
33.7
133.9
38.3
78.6
82.6
199.5
The item “Refunds from passive noise abatement / wake turbulences” includes the expected full reimbursement amount from
noise abatement charges from airlines for passive noise abatement and wake turbulences, which was recognized as other assets
in compliance with IAS 37.53 in connection with the provisions created for the obligation of Fraport AG to reimburse costs for
noise abatement construction measures, expenses from refund claims for reduced utilization of outdoor facilities, and roof
reinforcement measures (wake turbulences). The value was determined at the present value of the estimated expenses for
reimbursing the costs of noise abatement construction measures and estimated expenses for refund claims for reduced utilization
of outdoor facilities.
The item developed as follows in the fiscal year:
Refunds from “Passive noise abatement/wake turbulences”
€ million
January 1, 2022
Receipts
Disposals
Reclassification
Interest effect December 31, 2022
Refunds from
“Passive noise abatement/
wake turbulences”
78.6
9.2
17.7
0.0
–4.9
46.8
More information about the corresponding other provisions can be found in note 40. The carrying amount of the refund claim
depends on the noise abatement charges actually received, and those expected in the future. The carrying amount of the corre-
sponding provision depends on the actual, and future expected cash outflows for passive noise abatement measures and wake
turbulences.
Deferred income mainly relates to construction cost subsidies paid by Fraport AG. These are paid in particular to utility companies
that set up facilities for special requirements of Fraport AG. The utility companies are the owners of the utility facilities.
185
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Reconciliation of allowances
€ million
Balance as at January 1
Allowances included in other operating expenses
Revenue-decreasing allowances
Releases included in the other income
Release of revenue-decreasing allowances
Availments
Exchange rate differences
Balance as at December 31
2022
20.2
6.3
0.0
0.0
–3.1
–0.1
–0.8
22.5
2021
70.8
3.3
2.4
–0.9
–31.9
–24.5
1.0
20.2
In fiscal year 2021, the agreement reached with the German Federal Police in connection with billed aviation security services in
recent years, in particular, had an effect on the development of valuation allowances. The settlement of the legal dispute is
primarily reflected in increased releases of revenue-decreasing valuation allowances and claims recognized in previous years.
172
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Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
173
Income Tax Receivables
26
Income tax receivables
€ million
up to 1 year
Remaining term
Total
over 1 year December 31, 2022
up to 1 year
Remaining term
Total
over 1 year December 31, 2021
to be made.
Income tax receivables
33.3
0.0
33.3
20.9
0.0
20.9
Allowances for trade accounts receivable developed as follows:
Income tax receivables as at December 31, 2022 primarily comprised refund claims from the current year or previous years.
The guarantees received until the reporting date were neither sold nor passed on as security, and will be returned to the respective
debtor after termination of the business relationship. The guarantees received will be used only in the event of the debtor’s default.
In addition, commercial credit insurance is taken out for airlines wherever possible. Collateral is taken into account for allowance
27 Deferred Tax Assets
Deferred tax assets
€ million
Deferred tax assets
December 31, 2022
December 31, 2021
159.5
182.6
Deferred tax assets are recognized in accordance with IAS 12. Further explanations are provided in note 15.
Inventories
28
Inventories
€ million
Raw materials, consumables, and supplies
Land and buildings for sale
Work-in-process/other
Total
December 31, 2022
December 31, 2021
30 Cash and Cash Equivalents
21.5
0.5
3.5
25.5
18.1
0.5
1.7
20.3
Cash and cash equivalents
€ million
Cash in hand, bank balances, and checks
December 31, 2022
December 31, 2021
2,585.2
2,662.8
Raw materials, consumables, and supplies mainly relate to consumables for the airport operation.
The bank balances mainly include short-term time deposits as well as overnight deposits.
29 Trade Accounts Receivable
Trade accounts receivable
€ million
From third parties
December 31, 2022
December 31, 2021
177.1
152.3
For 2022, as at the reporting date, the maximum default risk without taking securities into account equaled the carrying amount
of €177.1 million (previous year: €152.3 million). The following table provides information on the extent of the default risk with
regard to the trade accounts receivable.
Default risk analysis
€ million
Carrying amount
Not overdue
Overdue
< 30 days
30 – 180 days
> 180 days
December 31, 2022
December 31, 2021
177.1
152.3
107.3
93.9
37.7
22.0
10.9
23.2
21.2
13.2
Cash and cash equivalents include time deposits of €1,619.7 million (previous year: €2,156.9 million) with a term of more than
three months from the time of acquisition. These funds are not subject to any significant fluctuations in value and can be realized
at short notice.
In connection with financing in Greece and Brazil as well as the capital expenditure commitments of Fraport USA, €139.3 million
of bank balances were subject to a drawing restriction (previous year: €74.7 million).
31 Equity Attributable to Shareholders of Fraport AG
Equity attributable to shareholders of Fraport AG
December 31, 2022
December 31, 2021
923.9
598.5
2,387.0
3,909.4
923.9
598.5
2,230.7
3,753.1
€ million
Issued capital
Capital reserve
Revenue reserves
Total
Issued capital
As at December 31, 2022, 18% (previous year: 15%) of outstanding accounts receivable were due from two customers.
Issued capital (less treasury shares) is fully paid up as at the balance sheet date.
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Group Notes / Notes to the Consolidated Income Statement
173
The guarantees received until the reporting date were neither sold nor passed on as security, and will be returned to the respective
debtor after termination of the business relationship. The guarantees received will be used only in the event of the debtor’s default.
In addition, commercial credit insurance is taken out for airlines wherever possible. Collateral is taken into account for allowance
to be made.
Allowances for trade accounts receivable developed as follows:
Reconciliation of allowances
€ million
Balance as at January 1
Allowances included in other operating expenses
Revenue-decreasing allowances
Releases included in the other income
Release of revenue-decreasing allowances
Availments
Exchange rate differences
Balance as at December 31
2022
20.2
6.3
0.0
0.0
–3.1
–0.1
–0.8
22.5
2021
70.8
3.3
2.4
–0.9
–31.9
–24.5
1.0
20.2
In fiscal year 2021, the agreement reached with the German Federal Police in connection with billed aviation security services in
recent years, in particular, had an effect on the development of valuation allowances. The settlement of the legal dispute is
primarily reflected in increased releases of revenue-decreasing valuation allowances and claims recognized in previous years.
30 Cash and Cash Equivalents
Cash and cash equivalents
€ million
December 31, 2022
December 31, 2021
Cash in hand, bank balances, and checks
2,585.2
2,662.8
The bank balances mainly include short-term time deposits as well as overnight deposits.
Cash and cash equivalents include time deposits of €1,619.7 million (previous year: €2,156.9 million) with a term of more than
three months from the time of acquisition. These funds are not subject to any significant fluctuations in value and can be realized
at short notice.
In connection with financing in Greece and Brazil as well as the capital expenditure commitments of Fraport USA, €139.3 million
of bank balances were subject to a drawing restriction (previous year: €74.7 million).
31 Equity Attributable to Shareholders of Fraport AG
Equity attributable to shareholders of Fraport AG
€ million
Issued capital
Capital reserve
Revenue reserves
Total
Issued capital
Issued capital (less treasury shares) is fully paid up as at the balance sheet date.
December 31, 2022
December 31, 2021
923.9
598.5
2,387.0
3,909.4
923.9
598.5
2,230.7
3,753.1
187
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174
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
175
Number of floating shares and treasury shares
As in the previous year, the issued capital consisted of 92,391,339 bearer share with no-par value, each of which accounts for
€10.00 of the capital stock.
Development of floating and treasury shares pursuant to Section 160 of the AktG
As at January 1, 2022
Employee investment plan
Capital increase
As at December 31, 2022
As at January 1, 2021
Employee investment plan
Capital increase
As at December 31, 2021
Issued shares
Number
Floating shares
Number
92,468,704
92,391,339
0
92,468,704
0
92,391,339
Issued shares
Number
Floating shares
Number
92,468,704
92,391,339
0
92,468,704
0
92,391,339
Amount of
capital stock
in €
Treasury shares
Share in
capital stock
in %
773,650
0.0837
Number
77,365
77,365
773,650
0.0837
Amount of
capital stock
In €
Treasury shares
Share in
capital stock
In %
773,650
0.0837
Number
77,365
77,365
773,650
0.0837
The shares issued to employees in June 2022 under the employee investment plan had been purchased on the market. The
shares were issued at a price of €51.30.
Authorized capital
At the AGM on May 23, 2017 the existing authorized capital was canceled and new authorized capital of €3.5 million was approved,
which can be used for issuing shares to employees of Fraport AG and companies controlled by Fraport AG. The Executive Board
was entitled, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions by up to a total
of €3.5 million until May 22, 2022 by issuing new shares in return for cash.
The Executive Board did not make use of this authorization, meaning there was no longer any authorized capital after the author-
ization expired on December 31, 2022. In the 2022 fiscal year, the shares for issue within the scope of the employee share
program were acquired by Fraport AG on the market.
At the Annual General Meeting on June 1, 2021, new authorized capital (“Authorized Capital II”) of €458.8 million was approved.
The Executive Board is entitled, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions
by up to a total of €458.8 million until May 31, 2026 by issuing up to 45,884,352 new no-par value bearer shares in return for cash.
In principle, the shareholders are to be granted a subscription right. The new shares may also be underwritten by financial insti-
tutions with the obligation to offer them to company shareholders for subscription. The new shares will participate in the net income
from the beginning of the fiscal year of their issue. To the extent legally permissible, the Executive Board, with the consent of the
Supervisory Board and in deviation from Section 60 (2) AktG, can determine that the new shares will participate in net income
from the beginning of a fiscal year that has already expired and for which no resolution has yet been passed by the Annual General
Meeting on the appropriation of the profit earmarked for distribution at the time of their issue. The Executive Board is further
authorized, also with the consent of the Supervisory Board, to exclude the subscription right of the shareholders one or more
occasions, insofar as this is necessary to compensate for residual amounts.
Contingent capital
On June 1, 2021, the Annual General Meeting also resolved to conditionally increase the share capital by up to €120.2 million by
issuing up to 12,020,931 new no-par value bearer shares (“contingent capital”). The contingent capital serves exclusively to grant
shares to the holders or creditors of convertible bonds and/or bonds with warrants or a combination of all these instruments, which,
are issued by the company in accordance with the authorization up to May 31, 2026 resolved by the Annual General Meeting on
June 1, 2021 and grant a conversion or option right to new no-par value bearer shares in the company or determine a conversion
or option obligation or a right to tender and insofar as the issue takes place in return for cash. The new shares are issued at the
conversion or option price to be determined according to the previously mentioned authorization resolution. The contingent capital
increase is only to be carried out to the extent that conversion or option rights are exercised, or the conversion/option obligation
188
is satisfied, or shares are tendered, and no other forms of fulfillment are used. The new shares will participate in the profits from
the beginning of the fiscal year in which they are created by exercising conversion or option rights or through the fulfillment of
corresponding obligations (fiscal year of origin); in deviation from this, the new shares will participate in the profits from the begin-
ning of the fiscal year preceding the fiscal year in which they were created if the Annual General Meeting has not yet passed a
resolution on the utilization of the profit earmarked for distribution from the fiscal year preceding the fiscal year in which they were
created. The Executive Board is authorized, with the consent of the Supervisory Board, to determine the further details of the
implementation of conditional capital increases.
Capital reserve
Revenue reserves
financial instruments.
The capital reserve contains the premium from the issue of Fraport AG shares.
The revenue reserves consist not only of the reserves of Fraport AG (including the statutory reserve of €36.5 million), but also the
revenue reserves and retained earnings of the Group companies included in the consolidated financial statements, as well as
effects of consolidation adjustments. Furthermore, the revenue reserves include reserves for currency translation differences and
The derivative valuation reserve is –€8.0 million as at the balance sheet date (previous year: –€9.5 million). The reserve for the
equity and debt instruments measured at fair value totals €48.4 million (previous year: €69.9 million).
Pursuant to Section 253 (6) sentence 1 of the HGB and in accordance with Section 268 (8) of the HGB, a total of €344.9 million
of the shareholders’ equity attributable to Fraport AG’s shareholders (previous year: €353.9 million) is subject to a distribution
block. However, the distribution block did not take effect insofar as sufficient free reserves were available.
In view of the economic consequences of the Covid-19 pandemic, the Executive Board has proposed not to pay a dividend for
the past fiscal year.
32 Non-controlling Interests
Non-controlling interests
€ million
Total
Non-controlling interests (excluding the attributable Group result)
Group result attributable to non-controlling interests
December 31, 2022
December 31, 2021
188.3
34.2
222.5
146.9
9.0
155.9
Non-controlling interests related to allocated shareholders’ equity and earnings of Fraport Twin Star Airport Management AD,
FraCareServices GmbH, FraSec Aviation Security GmbH, Media Frankfurt GmbH, Lima Airport Partners S.R.L., and the Fraport
Group companies Fraport Greece A, Fraport Greece B and Fraport Regional Airports of Greece Management Company.
33 Non-current and Current Financial Liabilities
Non-current and current financial liabilities
€ million
Remaining term
Remaining term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
Total
2022
Total
2021
Financial liabilities
1,209.6
9,716.0
10,925.6
627.6
9,306.4
9,934.0
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
174
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
175
Number of floating shares and treasury shares
€10.00 of the capital stock.
As in the previous year, the issued capital consisted of 92,391,339 bearer share with no-par value, each of which accounts for
Development of floating and treasury shares pursuant to Section 160 of the AktG
As at January 1, 2022
Employee investment plan
Capital increase
As at December 31, 2022
As at January 1, 2021
Employee investment plan
Capital increase
As at December 31, 2021
Issued shares
Number
Floating shares
Number
Amount of
capital stock
in €
Treasury shares
Share in
capital stock
in %
92,468,704
92,391,339
773,650
0.0837
92,468,704
92,391,339
77,365
773,650
0.0837
Issued shares
Number
Floating shares
Number
Amount of
capital stock
In €
Treasury shares
Share in
capital stock
In %
92,468,704
92,391,339
773,650
0.0837
Number
77,365
Number
77,365
0
0
0
0
92,468,704
92,391,339
77,365
773,650
0.0837
The shares issued to employees in June 2022 under the employee investment plan had been purchased on the market. The
shares were issued at a price of €51.30.
Authorized capital
At the AGM on May 23, 2017 the existing authorized capital was canceled and new authorized capital of €3.5 million was approved,
which can be used for issuing shares to employees of Fraport AG and companies controlled by Fraport AG. The Executive Board
was entitled, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions by up to a total
of €3.5 million until May 22, 2022 by issuing new shares in return for cash.
The Executive Board did not make use of this authorization, meaning there was no longer any authorized capital after the author-
ization expired on December 31, 2022. In the 2022 fiscal year, the shares for issue within the scope of the employee share
program were acquired by Fraport AG on the market.
At the Annual General Meeting on June 1, 2021, new authorized capital (“Authorized Capital II”) of €458.8 million was approved.
The Executive Board is entitled, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions
by up to a total of €458.8 million until May 31, 2026 by issuing up to 45,884,352 new no-par value bearer shares in return for cash.
In principle, the shareholders are to be granted a subscription right. The new shares may also be underwritten by financial insti-
tutions with the obligation to offer them to company shareholders for subscription. The new shares will participate in the net income
from the beginning of the fiscal year of their issue. To the extent legally permissible, the Executive Board, with the consent of the
Supervisory Board and in deviation from Section 60 (2) AktG, can determine that the new shares will participate in net income
from the beginning of a fiscal year that has already expired and for which no resolution has yet been passed by the Annual General
Meeting on the appropriation of the profit earmarked for distribution at the time of their issue. The Executive Board is further
authorized, also with the consent of the Supervisory Board, to exclude the subscription right of the shareholders one or more
occasions, insofar as this is necessary to compensate for residual amounts.
Contingent capital
On June 1, 2021, the Annual General Meeting also resolved to conditionally increase the share capital by up to €120.2 million by
issuing up to 12,020,931 new no-par value bearer shares (“contingent capital”). The contingent capital serves exclusively to grant
shares to the holders or creditors of convertible bonds and/or bonds with warrants or a combination of all these instruments, which,
are issued by the company in accordance with the authorization up to May 31, 2026 resolved by the Annual General Meeting on
June 1, 2021 and grant a conversion or option right to new no-par value bearer shares in the company or determine a conversion
or option obligation or a right to tender and insofar as the issue takes place in return for cash. The new shares are issued at the
conversion or option price to be determined according to the previously mentioned authorization resolution. The contingent capital
increase is only to be carried out to the extent that conversion or option rights are exercised, or the conversion/option obligation
is satisfied, or shares are tendered, and no other forms of fulfillment are used. The new shares will participate in the profits from
the beginning of the fiscal year in which they are created by exercising conversion or option rights or through the fulfillment of
corresponding obligations (fiscal year of origin); in deviation from this, the new shares will participate in the profits from the begin-
ning of the fiscal year preceding the fiscal year in which they were created if the Annual General Meeting has not yet passed a
resolution on the utilization of the profit earmarked for distribution from the fiscal year preceding the fiscal year in which they were
created. The Executive Board is authorized, with the consent of the Supervisory Board, to determine the further details of the
implementation of conditional capital increases.
Capital reserve
The capital reserve contains the premium from the issue of Fraport AG shares.
Revenue reserves
The revenue reserves consist not only of the reserves of Fraport AG (including the statutory reserve of €36.5 million), but also the
revenue reserves and retained earnings of the Group companies included in the consolidated financial statements, as well as
effects of consolidation adjustments. Furthermore, the revenue reserves include reserves for currency translation differences and
financial instruments.
The derivative valuation reserve is –€8.0 million as at the balance sheet date (previous year: –€9.5 million). The reserve for the
equity and debt instruments measured at fair value totals €48.4 million (previous year: €69.9 million).
Pursuant to Section 253 (6) sentence 1 of the HGB and in accordance with Section 268 (8) of the HGB, a total of €344.9 million
of the shareholders’ equity attributable to Fraport AG’s shareholders (previous year: €353.9 million) is subject to a distribution
block. However, the distribution block did not take effect insofar as sufficient free reserves were available.
In view of the economic consequences of the Covid-19 pandemic, the Executive Board has proposed not to pay a dividend for
the past fiscal year.
32 Non-controlling Interests
Non-controlling interests
€ million
Non-controlling interests (excluding the attributable Group result)
Group result attributable to non-controlling interests
Total
December 31, 2022
December 31, 2021
188.3
34.2
222.5
146.9
9.0
155.9
Non-controlling interests related to allocated shareholders’ equity and earnings of Fraport Twin Star Airport Management AD,
FraCareServices GmbH, FraSec Aviation Security GmbH, Media Frankfurt GmbH, Lima Airport Partners S.R.L., and the Fraport
Group companies Fraport Greece A, Fraport Greece B and Fraport Regional Airports of Greece Management Company.
33 Non-current and Current Financial Liabilities
Non-current and current financial liabilities
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining term
over 1 year
Total
December 31,
2021
Financial liabilities
1,209.6
9,716.0
10,925.6
627.6
9,306.4
9,934.0
189
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Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
175
is satisfied, or shares are tendered, and no other forms of fulfillment are used. The new shares will participate in the profits from
the beginning of the fiscal year in which they are created by exercising conversion or option rights or through the fulfillment of
corresponding obligations (fiscal year of origin); in deviation from this, the new shares will participate in the profits from the begin-
ning of the fiscal year preceding the fiscal year in which they were created if the Annual General Meeting has not yet passed a
resolution on the utilization of the profit earmarked for distribution from the fiscal year preceding the fiscal year in which they were
created. The Executive Board is authorized, with the consent of the Supervisory Board, to determine the further details of the
implementation of conditional capital increases.
Capital reserve
Revenue reserves
financial instruments.
The capital reserve contains the premium from the issue of Fraport AG shares.
The revenue reserves consist not only of the reserves of Fraport AG (including the statutory reserve of €36.5 million), but also the
revenue reserves and retained earnings of the Group companies included in the consolidated financial statements, as well as
effects of consolidation adjustments. Furthermore, the revenue reserves include reserves for currency translation differences and
The derivative valuation reserve is –€8.0 million as at the balance sheet date (previous year: –€9.5 million). The reserve for the
equity and debt instruments measured at fair value totals €48.4 million (previous year: €69.9 million).
Pursuant to Section 253 (6) sentence 1 of the HGB and in accordance with Section 268 (8) of the HGB, a total of €344.9 million
of the shareholders’ equity attributable to Fraport AG’s shareholders (previous year: €353.9 million) is subject to a distribution
block. However, the distribution block did not take effect insofar as sufficient free reserves were available.
In view of the economic consequences of the Covid-19 pandemic, the Executive Board has proposed not to pay a dividend for
the past fiscal year.
32 Non-controlling Interests
Non-controlling interests
€ million
Total
Non-controlling interests (excluding the attributable Group result)
Group result attributable to non-controlling interests
December 31, 2022
December 31, 2021
188.3
34.2
222.5
146.9
9.0
155.9
Non-controlling interests related to allocated shareholders’ equity and earnings of Fraport Twin Star Airport Management AD,
FraCareServices GmbH, FraSec Aviation Security GmbH, Media Frankfurt GmbH, Lima Airport Partners S.R.L., and the Fraport
Group companies Fraport Greece A, Fraport Greece B and Fraport Regional Airports of Greece Management Company.
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
177
up to 1 year
Remaining term
over 1 year
Fraport-Annual Report 2022
33 Non-current and Current Financial Liabilities
Non-current and current financial liabilities
176
€ million
Group Notes / Notes to the Consolidated Income Statement
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
Total
December 31,
2021
Financial liabilities
1,209.6
9,716.0
10,925.6
627.6
9,306.4
9,934.0
Deferred tax liabilities were recognized in compliance with IAS 12 using the temporary concept. Further explanations of deferred
In the course of the year, promissory note loans in the amount of €539.4 million (previous year: €1,056.5 million) were issued. For
more information, please refer to the presentation of finance management and the asset and financial position in the combined
management report for additional explanations of financial liabilities.
34 Trade Accounts Payable
Trade accounts payable
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining term
over 1 year
Total
December 31,
2021
To third parties
444.4
62.3
506.7
298.8
71.8
370.6
Trade accounts payable include liabilities in connection with compensation measures in connection with nature protection law in
the amount of €13.7 million (previous year: €15.2 million). The liabilities relate to the contractual obligations to carry out environ-
mental compensation measures based on the finished work to clear the forest south of the airport and near the Runway Northwest,
as was necessary for the airport expansion.
35 Non-current and Current Other Financial Liabilities
Non-current and current other financial liabilities
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining term
over 1 year
Total
December 31,
2021
To joint ventures
To associated companies
Liabilities in connection with concession obligations
Lease liabilities
Negative fair values of derivative financial instruments
Other liabilities
37.4
2.5
52.4
44.4
–
53.6
0.0
0.0
911.5
164.5
0.7
21.4
Total
190.3
1,098.1
37.4
2.5
963.9
208.9
0.7
75.0
1,288.4
16.3
2.8
27.2
46.3
22.4
35.1
0.0
0.0
890.8
192.2
9.3
22.8
150.1
1,115.1
16.3
2.8
918.0
238.5
31.7
57.9
1,265.2
The liabilities in connection with concession obligations relate to obligations to pay fixed and variable airport operation concession
fees for the airport operating projects in Greece, Lima, Fortaleza, Porto Alegre, Varna, and Burgas.
36 Non-current and Current Other Non-financial Liabilities
Non-current and current other non-financial liabilities
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
up to 1 year
Remaining term
over 1 year
Total
December 31,
2021
appointed.
Prepayment for orders
Investment grants for non-current assets
Other accruals
Other non-financial liabilities
Total
3.0
0.5
22.5
136.8
162.8
–
7.5
51.6
10.8
69.9
3.0
8.0
74.1
147.6
232.7
2.5
0.6
32.5
96.5
132.1
–
7.0
58.7
12.6
78.3
2.5
7.6
91.2
109.1
210.4
The remaining non-financial other liabilities, inter alia, consist wage and church taxes and other taxes and personnel-related
liabilities.
190
37 Deferred Tax Liabilities
Deferred tax liabilities
€ million
Deferred tax liabilities
tax liabilities can be found under note 15.
December 31, 2022
December 31, 2021
41.3
37.7
38 Provisions for Pensions and Similar Obligations
Defined benefit plans
Within the Fraport Group, there are pension obligations for the members of the Executive Board of Fraport AG and their surviving
dependents as well as obligations for Senior Managers and employees not covered by collective bargaining agreements.
Pension obligations primarily include 18 (previous year: 18) vested pension benefits promised in individual pension commitments
to members of the Fraport AG Executive Board and their surviving dependents. A reinsurance was already obtained in 2005 to
reduce actuarial risks and protect pension obligations for the former and current (in some cases still active) members of the
Executive Board against insolvency. This is a group insurance policy with an annual, constant minimum insurance amount for the
entire group. The pension benefits from the reinsurance correspond to the total achievable retirement, occupational disability, and
widow’s/widower's benefits in accordance with the pension commitments. Reinsurance benefits are recognized at the active value
reported by the insurance company to the value of €24.0 million (previous year: €24.5 million), of which €1.0 million (previous
year: €1.0 million) is attributable to reserved trust assets. The reinsurance is not traded on an active market. Plan assets are
invested in shares, real estate, fixed-interest securities, and other assets. In addition, €0.04 million (previous year: €0.0 million)
were paid in the reinsurance in fiscal year 2022 through deferred compensation. The average weighted term of the members of
the Executive Board’s defined benefit plans is 12.2 years (previous year: 14.2 years) for pensions with reinsurance and 6.9 years
(previous year: 8.1 years) for pensions without reinsurance.
The Executive Board members are entitled to pension benefits and provision for surviving dependents. An Executive Board
member is generally entitled to a retirement pension if he or she becomes permanently unable to work or retires from office during
the term of, or upon expiry of, his or her employment agreement. If an Executive Board member dies, benefits are paid to his or
her surviving dependents. These amount to 60% of the retirement pension for the widower or widow; children entitled to receive
benefits receive 12% each. If no widow’s pension is paid, the children each receive 20% of the retirement pension.
Upon retirement, income from active employment as well as retirement pension payments from previous or, where applicable,
later employment relationships shall be credited against accrued retirement pay up until reaching 60 years of age, insofar as
without such credit the total of these emoluments and the retirement pension would exceed 75% of the fixed salary (100% of the
fixed salary if Fraport AG wishes the employment to be terminated or not be extended). Effective January 1 of each year, the
retirement pensions are adjusted at discretion, taking into account the interests of the former Executive Board member and the
company’s economic situation. The adjustment obligation is considered to be satisfied if the adjustment does not fall below the
increase in the consumer price index for the cost of living for private households in Germany.
The retirement pension of an Executive Board member is defined by the percentage of a contractually agreed basis of assessment,
with the percentage rising annually by 2% up to a limit of 75%, dependent on the duration of time an Executive Board member is
As at December 31, 2022, Dr. Schulte is entitled to a retirement pension of 75% and thus the maximum and Prof. Dr. Zieschang
a claim of 60% of the respective contractually agreed basis of assessment.
In the event of occupational disability, the pension rate for Dr Schulte and Prof Dr Zieschang amounts to at least 55% of their
respective fixed annual gross salaries or of the contractually agreed basis of assessment.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
175
is satisfied, or shares are tendered, and no other forms of fulfillment are used. The new shares will participate in the profits from
the beginning of the fiscal year in which they are created by exercising conversion or option rights or through the fulfillment of
corresponding obligations (fiscal year of origin); in deviation from this, the new shares will participate in the profits from the begin-
ning of the fiscal year preceding the fiscal year in which they were created if the Annual General Meeting has not yet passed a
resolution on the utilization of the profit earmarked for distribution from the fiscal year preceding the fiscal year in which they were
created. The Executive Board is authorized, with the consent of the Supervisory Board, to determine the further details of the
implementation of conditional capital increases.
Capital reserve
Revenue reserves
financial instruments.
The capital reserve contains the premium from the issue of Fraport AG shares.
The revenue reserves consist not only of the reserves of Fraport AG (including the statutory reserve of €36.5 million), but also the
revenue reserves and retained earnings of the Group companies included in the consolidated financial statements, as well as
effects of consolidation adjustments. Furthermore, the revenue reserves include reserves for currency translation differences and
The derivative valuation reserve is –€8.0 million as at the balance sheet date (previous year: –€9.5 million). The reserve for the
equity and debt instruments measured at fair value totals €48.4 million (previous year: €69.9 million).
Pursuant to Section 253 (6) sentence 1 of the HGB and in accordance with Section 268 (8) of the HGB, a total of €344.9 million
of the shareholders’ equity attributable to Fraport AG’s shareholders (previous year: €353.9 million) is subject to a distribution
block. However, the distribution block did not take effect insofar as sufficient free reserves were available.
In view of the economic consequences of the Covid-19 pandemic, the Executive Board has proposed not to pay a dividend for
the past fiscal year.
32 Non-controlling Interests
Non-controlling interests
€ million
Total
Non-controlling interests (excluding the attributable Group result)
Group result attributable to non-controlling interests
December 31, 2022
December 31, 2021
188.3
34.2
222.5
146.9
9.0
155.9
Non-controlling interests related to allocated shareholders’ equity and earnings of Fraport Twin Star Airport Management AD,
FraCareServices GmbH, FraSec Aviation Security GmbH, Media Frankfurt GmbH, Lima Airport Partners S.R.L., and the Fraport
Group companies Fraport Greece A, Fraport Greece B and Fraport Regional Airports of Greece Management Company.
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
177
33 Non-current and Current Financial Liabilities
Non-current and current financial liabilities
37 Deferred Tax Liabilities
Deferred tax liabilities
176
€ million
Group Notes / Notes to the Consolidated Income Statement
Remaining term
Total
Fraport-Annual Report 2022
Remaining term
Total
€ million
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
2022
2021
Deferred tax liabilities
December 31, 2022
December 31, 2021
41.3
37.7
Financial liabilities
1,209.6
9,716.0
10,925.6
627.6
9,306.4
9,934.0
In the course of the year, promissory note loans in the amount of €539.4 million (previous year: €1,056.5 million) were issued. For
more information, please refer to the presentation of finance management and the asset and financial position in the combined
management report for additional explanations of financial liabilities.
34 Trade Accounts Payable
Trade accounts payable
€ million
Remaining term
Remaining term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
Total
2022
Total
2021
To third parties
444.4
62.3
506.7
298.8
71.8
370.6
Trade accounts payable include liabilities in connection with compensation measures in connection with nature protection law in
the amount of €13.7 million (previous year: €15.2 million). The liabilities relate to the contractual obligations to carry out environ-
mental compensation measures based on the finished work to clear the forest south of the airport and near the Runway Northwest,
as was necessary for the airport expansion.
35 Non-current and Current Other Financial Liabilities
Non-current and current other financial liabilities
€ million
Remaining term
Remaining term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
To joint ventures
To associated companies
Liabilities in connection with concession obligations
Negative fair values of derivative financial instruments
Lease liabilities
Other liabilities
Total
37.4
2.5
52.4
44.4
–
53.6
190.3
0.0
0.0
911.5
164.5
0.7
21.4
16.3
2.8
27.2
46.3
22.4
35.1
0.0
0.0
890.8
192.2
9.3
22.8
1,098.1
1,288.4
150.1
1,115.1
1,265.2
The liabilities in connection with concession obligations relate to obligations to pay fixed and variable airport operation concession
fees for the airport operating projects in Greece, Lima, Fortaleza, Porto Alegre, Varna, and Burgas.
36 Non-current and Current Other Non-financial Liabilities
Non-current and current other non-financial liabilities
€ million
Remaining term
Remaining term
up to 1 year
over 1 year
December 31,
up to 1 year
over 1 year
December 31,
Prepayment for orders
Investment grants for non-current assets
Other accruals
Other non-financial liabilities
Total
liabilities.
3.0
0.5
22.5
136.8
162.8
–
7.5
51.6
10.8
69.9
2.5
0.6
32.5
96.5
132.1
–
7.0
58.7
12.6
78.3
The remaining non-financial other liabilities, inter alia, consist wage and church taxes and other taxes and personnel-related
Total
2022
37.4
2.5
963.9
208.9
0.7
75.0
Total
2022
3.0
8.0
74.1
147.6
232.7
Total
2021
16.3
2.8
918.0
238.5
31.7
57.9
Total
2021
2.5
7.6
91.2
109.1
210.4
Deferred tax liabilities were recognized in compliance with IAS 12 using the temporary concept. Further explanations of deferred
tax liabilities can be found under note 15.
38 Provisions for Pensions and Similar Obligations
Defined benefit plans
Within the Fraport Group, there are pension obligations for the members of the Executive Board of Fraport AG and their surviving
dependents as well as obligations for Senior Managers and employees not covered by collective bargaining agreements.
Pension obligations primarily include 18 (previous year: 18) vested pension benefits promised in individual pension commitments
to members of the Fraport AG Executive Board and their surviving dependents. A reinsurance was already obtained in 2005 to
reduce actuarial risks and protect pension obligations for the former and current (in some cases still active) members of the
Executive Board against insolvency. This is a group insurance policy with an annual, constant minimum insurance amount for the
entire group. The pension benefits from the reinsurance correspond to the total achievable retirement, occupational disability, and
widow’s/widower's benefits in accordance with the pension commitments. Reinsurance benefits are recognized at the active value
reported by the insurance company to the value of €24.0 million (previous year: €24.5 million), of which €1.0 million (previous
year: €1.0 million) is attributable to reserved trust assets. The reinsurance is not traded on an active market. Plan assets are
invested in shares, real estate, fixed-interest securities, and other assets. In addition, €0.04 million (previous year: €0.0 million)
were paid in the reinsurance in fiscal year 2022 through deferred compensation. The average weighted term of the members of
the Executive Board’s defined benefit plans is 12.2 years (previous year: 14.2 years) for pensions with reinsurance and 6.9 years
(previous year: 8.1 years) for pensions without reinsurance.
The Executive Board members are entitled to pension benefits and provision for surviving dependents. An Executive Board
member is generally entitled to a retirement pension if he or she becomes permanently unable to work or retires from office during
the term of, or upon expiry of, his or her employment agreement. If an Executive Board member dies, benefits are paid to his or
her surviving dependents. These amount to 60% of the retirement pension for the widower or widow; children entitled to receive
benefits receive 12% each. If no widow’s pension is paid, the children each receive 20% of the retirement pension.
Upon retirement, income from active employment as well as retirement pension payments from previous or, where applicable,
later employment relationships shall be credited against accrued retirement pay up until reaching 60 years of age, insofar as
without such credit the total of these emoluments and the retirement pension would exceed 75% of the fixed salary (100% of the
fixed salary if Fraport AG wishes the employment to be terminated or not be extended). Effective January 1 of each year, the
retirement pensions are adjusted at discretion, taking into account the interests of the former Executive Board member and the
company’s economic situation. The adjustment obligation is considered to be satisfied if the adjustment does not fall below the
increase in the consumer price index for the cost of living for private households in Germany.
The retirement pension of an Executive Board member is defined by the percentage of a contractually agreed basis of assessment,
with the percentage rising annually by 2% up to a limit of 75%, dependent on the duration of time an Executive Board member is
appointed.
As at December 31, 2022, Dr. Schulte is entitled to a retirement pension of 75% and thus the maximum and Prof. Dr. Zieschang
a claim of 60% of the respective contractually agreed basis of assessment.
In the event of occupational disability, the pension rate for Dr Schulte and Prof Dr Zieschang amounts to at least 55% of their
respective fixed annual gross salaries or of the contractually agreed basis of assessment.
191
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
179
For Executive Board members appointed from 2012 onwards, the pension benefits, provision for surviving dependents, and pro-
vision for long-term occupational disability are governed by a separate benefit agreement. This calls for the payment of a one-
time pension capital or lifelong retirement pension after the insured event. The pension capital is generated when Fraport AG
annually credits 40% of the fixed annual gross salary paid to a pension account. The pension capital accumulated at the end of
the previous year pays interest annually at the interest rate used for the valuation of the pension obligations in the German balance
sheet of Fraport AG at the end of the previous year pursuant to Section 253 (2) of the HGB, which is at least 3% and at most 6%.
This is increased by 1% on January 1 of each year for lifelong retirement payments. No further adjustment is made. If the pension
capital reached is less than €600 thousand when retirement benefits fall due as a result of long-term occupational disability,
Fraport AG will increase it to this amount. In the event of long-term occupational disability within the first five years of their activities
performed as members of the Executive Board, it is foreseen that Executive Board members can postpone the receipt of a monthly
retirement pension payment by a maximum of five years from the start of the employment contract. Until the postponed start of
the pension benefit payments, they will receive a monthly benefit of €2.5 thousand. The risk of pension payments in the increase
phase and of payments for the increase has been reinsured by an occupational disability insurance policy. The full amount of all
income pursuant to the Income Tax Act from employment or self-employment is credited against the retirement pension paid until
the end of the month in which the Executive Board member reaches the age of 62.
Benefits for surviving dependents of Executive Board members appointed from 2012 onwards are regulated as follows: If there is
no prior event giving rise to retirement benefits, the widow or widower receives the pension capital generated so far. If there is no
widow or widower entitled to benefits, each half-orphan receives 10% and each full orphan receives 25% of the pension capital
generated so far as a one-time payment. If the pension capital reached is less than €600 thousand upon death, Fraport will
increase it to this amount. The payment risk of this increase has been reinsured by a term life insurance policy. If an Executive
Board member dies while collecting retirement pensions, the widow or widower is entitled to 60% of the last retirement pensions
paid. Half-orphans receive 10% and full orphans receive 25% of the last retirement pensions paid. If there are no surviving de-
pendents as set forth above, the heirs receive a one-time death grant in the amount of €8.0 thousand.
Moreover, each member of the Executive Board has entered into a two-year post-contractual restrictive covenant. For this period,
appropriate ex gratia compensation in the amount of 50% of the contractual benefits last received by the member of the Executive
Board is granted (within the meaning of Section 74 (2) of the HGB); when calculating compensation, the performance-based
remuneration components shall be taken into account according to the average of the last three completed fiscal years. If the
current remuneration system has not existed for three fiscal years at the end of the contract, the average performance-based
remuneration is determined based on the duration of the contract in accordance with the current remuneration system (within the
meaning of Section 74b (2) of the HGB). Payment shall be made in monthly installments. The compensation shall be generally
credited against any retirement pension owed by Fraport AG. In the case of Executive Board members appointed before 2012,
this applies if the compensation together with the retirement pension and other income generated exceeds 100% of the last fixed
annual salary. In the case of Executive Board members appointed since 2012, the full amount of the compensation counts toward
the retirement pension up to the end of the month in which the member reaches the age of 62 or 65. Payments on the occasion
of premature termination of the membership on the Executive Board are credited to the compensation for the period of.
No other benefits have been promised to Executive Board members should their employment be terminated.
The retirement pension payments entitlement of former Executive Board members is determined by a percentage of a contractu-
ally agreed fixed basis of assessment.
For Senior Managers and employees not covered by collective bargaining agreements who joined the company as Senior Man-
agers or employees not covered by collective bargaining agreements after December 31, 1997 or who will join in future, the
pension benefits and benefits for surviving dependents on the monthly compensation liable to top-up pension payments, for which
contributions are payable, are restricted to the upper limit defined in Section 38 of the ATV-K in the amount of 1.133 times of the
payment group 15 level 6 of the collective bargaining agreement for civil servants (TVöD). In addition to said limited pension
benefits and benefits for surviving dependents, there exists a supplementary company retirement benefit for these persons.
Accordingly, Fraport AG makes an annual contribution in the amount of 13% of the eligible income as capital components into an
individually managed pension account. The period of contribution began on January 1, 1998 for employees who entered into an
employment not covered by a collective bargaining agreement before January 1, 2000. Furthermore, this applies to employees
who changed from an employment covered by a collective bargaining agreement to one not covered by a collective bargaining
agreement after December 31, 1997 or who entered into an employment not covered by a collective bargaining agreement after
192
December 31, 1997, effective as at the time of the change in status. There were 667 benefits (of which 641 vested) as at the end
of the year. The present value of the non-vested benefits amounted to €0.0 million (previous year: €0.1 million); the present value
of the vested benefits amounted to €12.5 million in the 2022 annual financial statements (previous year: €14.5 million). Future
obligations amount to €8.2 million for active employees and €4.3 million for former and retired employees. No significant provision
amounts were paid this fiscal year due to the young age structure. The obligations for Senior Managers and employees not
covered by collective bargaining agreements had an average weighted term of 8.0 years (previous year: 9.3 years).
Furthermore, senior managers not covered by collective bargaining have had the opportunity to participate in an employee-
financed company pension scheme (“deferred compensation”). The employee contribution is generated through converting a
portion that can be chosen freely each year. This portion is converted into an insured sum and is accumulated by Fraport AG and
accrues interest. At the end of the fiscal year, there were 24 vested pension commitments totaling €7.4 million (previous year:
€8.4 million). Obligations amount to €6.0 million for active employees (previous year: €6.5 million); obligations amount to
€1.5 million for former and retired employees (previous year: €1.9 million). The average weighted term of the employee-financed
company pension scheme was 7.0 years (previous year: 8.3 years).
Guidelines nos. 2 and 3 as well as company agreement BV 47 were replaced with a new version of company agreement BV 47
and an amalgamated guideline 2 effective January 1, 2017. The new version differs from the previously valid version in that the
interest on contributions from January 1, 2017 is no longer accrued at a fixed interest rate of 6% nor is direct interest attributed
based on age factors but rather at an annual rate based on the market rate, which is no less than 2% p.a. and no more than 6%
p.a. Contributions that have been paid in by December 31, 2016 still accrue interest according to the previous version.
The valuation of pension obligations is based on the provisions of IAS 19. The pension obligations as at December 31, 2022 were
calculated on the basis of actuarial opinions. Changes to the obligations outlined above were as follows:
Pension obligations (2022)
€ million
As at January 1, 2022
Service cost
Current service cost
Supplementary service cost
Gains and losses on compensation
Total service cost
Net interest income/expense
Interest income and interest expenses
Remeasurements
Income on plan assets, excluding interest
Total remeasurements
Impacts of exchange rate differences
Contributions of the employer to the plan
Contributions of the employee to the plan
Payments from the plan
Overfunding
As at December 31, 2022
Actuarial gains and losses from changes in demographic assumptions
Actuarial gains and losses from the adjustment of the obligation based on experience
Actuarial gains and losses from changes in financial assumptions
Present value of the
Plan assets
Total
obligation
66.3
–24.6
41.7
2.0
0.0
0.0
2.0
0.6
0.0
0.0
3.5
–14.5
–11.0
0.0
0.3
0.0
–2.5
0.0
55.7
0.0
0.0
0.0
0.0
–0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
–24.0
2.0
0.0
0.0
2.0
0.4
0.0
0.0
3.5
–14.5
–11.0
0.0
0.3
0.0
–1.7
0.0
31.7
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
178
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
179
For Executive Board members appointed from 2012 onwards, the pension benefits, provision for surviving dependents, and pro-
vision for long-term occupational disability are governed by a separate benefit agreement. This calls for the payment of a one-
time pension capital or lifelong retirement pension after the insured event. The pension capital is generated when Fraport AG
annually credits 40% of the fixed annual gross salary paid to a pension account. The pension capital accumulated at the end of
the previous year pays interest annually at the interest rate used for the valuation of the pension obligations in the German balance
sheet of Fraport AG at the end of the previous year pursuant to Section 253 (2) of the HGB, which is at least 3% and at most 6%.
This is increased by 1% on January 1 of each year for lifelong retirement payments. No further adjustment is made. If the pension
capital reached is less than €600 thousand when retirement benefits fall due as a result of long-term occupational disability,
Fraport AG will increase it to this amount. In the event of long-term occupational disability within the first five years of their activities
performed as members of the Executive Board, it is foreseen that Executive Board members can postpone the receipt of a monthly
retirement pension payment by a maximum of five years from the start of the employment contract. Until the postponed start of
the pension benefit payments, they will receive a monthly benefit of €2.5 thousand. The risk of pension payments in the increase
phase and of payments for the increase has been reinsured by an occupational disability insurance policy. The full amount of all
income pursuant to the Income Tax Act from employment or self-employment is credited against the retirement pension paid until
the end of the month in which the Executive Board member reaches the age of 62.
Benefits for surviving dependents of Executive Board members appointed from 2012 onwards are regulated as follows: If there is
no prior event giving rise to retirement benefits, the widow or widower receives the pension capital generated so far. If there is no
widow or widower entitled to benefits, each half-orphan receives 10% and each full orphan receives 25% of the pension capital
generated so far as a one-time payment. If the pension capital reached is less than €600 thousand upon death, Fraport will
increase it to this amount. The payment risk of this increase has been reinsured by a term life insurance policy. If an Executive
Board member dies while collecting retirement pensions, the widow or widower is entitled to 60% of the last retirement pensions
paid. Half-orphans receive 10% and full orphans receive 25% of the last retirement pensions paid. If there are no surviving de-
pendents as set forth above, the heirs receive a one-time death grant in the amount of €8.0 thousand.
Moreover, each member of the Executive Board has entered into a two-year post-contractual restrictive covenant. For this period,
appropriate ex gratia compensation in the amount of 50% of the contractual benefits last received by the member of the Executive
Board is granted (within the meaning of Section 74 (2) of the HGB); when calculating compensation, the performance-based
remuneration components shall be taken into account according to the average of the last three completed fiscal years. If the
current remuneration system has not existed for three fiscal years at the end of the contract, the average performance-based
remuneration is determined based on the duration of the contract in accordance with the current remuneration system (within the
meaning of Section 74b (2) of the HGB). Payment shall be made in monthly installments. The compensation shall be generally
credited against any retirement pension owed by Fraport AG. In the case of Executive Board members appointed before 2012,
this applies if the compensation together with the retirement pension and other income generated exceeds 100% of the last fixed
annual salary. In the case of Executive Board members appointed since 2012, the full amount of the compensation counts toward
the retirement pension up to the end of the month in which the member reaches the age of 62 or 65. Payments on the occasion
of premature termination of the membership on the Executive Board are credited to the compensation for the period of.
No other benefits have been promised to Executive Board members should their employment be terminated.
The retirement pension payments entitlement of former Executive Board members is determined by a percentage of a contractu-
ally agreed fixed basis of assessment.
For Senior Managers and employees not covered by collective bargaining agreements who joined the company as Senior Man-
agers or employees not covered by collective bargaining agreements after December 31, 1997 or who will join in future, the
pension benefits and benefits for surviving dependents on the monthly compensation liable to top-up pension payments, for which
contributions are payable, are restricted to the upper limit defined in Section 38 of the ATV-K in the amount of 1.133 times of the
payment group 15 level 6 of the collective bargaining agreement for civil servants (TVöD). In addition to said limited pension
benefits and benefits for surviving dependents, there exists a supplementary company retirement benefit for these persons.
Accordingly, Fraport AG makes an annual contribution in the amount of 13% of the eligible income as capital components into an
individually managed pension account. The period of contribution began on January 1, 1998 for employees who entered into an
employment not covered by a collective bargaining agreement before January 1, 2000. Furthermore, this applies to employees
who changed from an employment covered by a collective bargaining agreement to one not covered by a collective bargaining
agreement after December 31, 1997 or who entered into an employment not covered by a collective bargaining agreement after
December 31, 1997, effective as at the time of the change in status. There were 667 benefits (of which 641 vested) as at the end
of the year. The present value of the non-vested benefits amounted to €0.0 million (previous year: €0.1 million); the present value
of the vested benefits amounted to €12.5 million in the 2022 annual financial statements (previous year: €14.5 million). Future
obligations amount to €8.2 million for active employees and €4.3 million for former and retired employees. No significant provision
amounts were paid this fiscal year due to the young age structure. The obligations for Senior Managers and employees not
covered by collective bargaining agreements had an average weighted term of 8.0 years (previous year: 9.3 years).
Furthermore, senior managers not covered by collective bargaining have had the opportunity to participate in an employee-
financed company pension scheme (“deferred compensation”). The employee contribution is generated through converting a
portion that can be chosen freely each year. This portion is converted into an insured sum and is accumulated by Fraport AG and
accrues interest. At the end of the fiscal year, there were 24 vested pension commitments totaling €7.4 million (previous year:
€8.4 million). Obligations amount to €6.0 million for active employees (previous year: €6.5 million); obligations amount to
€1.5 million for former and retired employees (previous year: €1.9 million). The average weighted term of the employee-financed
company pension scheme was 7.0 years (previous year: 8.3 years).
Guidelines nos. 2 and 3 as well as company agreement BV 47 were replaced with a new version of company agreement BV 47
and an amalgamated guideline 2 effective January 1, 2017. The new version differs from the previously valid version in that the
interest on contributions from January 1, 2017 is no longer accrued at a fixed interest rate of 6% nor is direct interest attributed
based on age factors but rather at an annual rate based on the market rate, which is no less than 2% p.a. and no more than 6%
p.a. Contributions that have been paid in by December 31, 2016 still accrue interest according to the previous version.
The valuation of pension obligations is based on the provisions of IAS 19. The pension obligations as at December 31, 2022 were
calculated on the basis of actuarial opinions. Changes to the obligations outlined above were as follows:
Pension obligations (2022)
€ million
As at January 1, 2022
Service cost
Current service cost
Supplementary service cost
Gains and losses on compensation
Total service cost
Net interest income/expense
Interest income and interest expenses
Remeasurements
Income on plan assets, excluding interest
Actuarial gains and losses from changes in demographic assumptions
Actuarial gains and losses from the adjustment of the obligation based on experience
Actuarial gains and losses from changes in financial assumptions
Total remeasurements
Impacts of exchange rate differences
Contributions of the employer to the plan
Contributions of the employee to the plan
Payments from the plan
Overfunding
As at December 31, 2022
Present value of the
obligation
Plan assets
Total
66.3
–24.6
41.7
2.0
0.0
0.0
2.0
0.6
0.0
0.0
3.5
–14.5
–11.0
0.0
0.3
0.0
–2.5
0.0
55.7
0.0
0.0
0.0
0.0
–0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
–24.0
2.0
0.0
0.0
2.0
0.4
0.0
0.0
3.5
–14.5
–11.0
0.0
0.3
0.0
–1.7
0.0
31.7
193
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
180
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
181
Pension obligations (2021)
€ million
As at January 1, 2021
Service cost
Current service cost
Supplementary service cost
Gains and losses on compensation
Total service cost
Net interest income/expense
Interest income and interest expenses
Remeasurements
Income on plan assets, excluding interest
Actuarial gains and losses from changes in demographic assumptions
Actuarial gains and losses from the adjustment of the obligation based on experience
Actuarial gains and losses from changes in financial assumptions
Total remeasurements
Impacts of exchange rate differences
Contributions of the employer to the plan
Contributions of the employee to the plan
Payments from the plan
Overfunding
As at December 31, 2021
Present value of the
obligation
Plan assets
Total
€ million
71.4
–24.7
46.7
Sensitivity analysis (December 31, 2022)
2.3
0.0
0.0
2.3
0.3
0.0
0.0
–2.3
–3.5
–5.8
0.0
0.1
0.0
–2.0
0.0
66.3
0.0
0.0
0.0
0.0
–0.1
–0.6
0.0
0.0
0.0
–0.6
0.0
0.0
0.0
0.8
0.0
–24.6
2.3
0.0
0.0
2.3
0.2
–0.6
0.0
–2.3
–3.5
–6.4
0.0
0.1
0.0
–1.2
0.0
41.7
Offsetting
Pension obligations are offset against the plan assets reserved for insolvency insurance below:
1) The obligation would increase by €1.8 million for all beneficiaries as a result of a one-year increase in the retirement age.
Offsetting
€ million
Offsetting
Reconciliation to assets and liabilities recognized in the financial position
Present value of an obligation funded through a reinsurance/trust assets
Fair value of plan assets
Overfunding (not included in the net liability)/underfunding
Present value of an obligation not funded through a reinsurance/trust assets
(Net) liabilities recognized in the financial position
Significant actuarial assumptions
Salary trend
Interest rate
Pension growth
Mortality
Retirement age
2022
2021
The retirement age has no influence on the pensions received by members of the Executive Board and was only calculated for
other pensions. Due to the structure of the respective pension plans, the salary adjustment has no effect on pension obligations.
25.2
–24.0
1.2
30.5
31.7
30.1
–24.6
5.5
36.2
41.7
2021
2.25 %
0.90 %
1.75 %/2.25 %
Mortality tables 2018 G of
Prof. Dr. Heubeck
2022
2.25%
3.69%
2.25 %/2.25 % one time 10.0%
Mortality tables 2018 G of
Prof. Dr. Heubeck
Termination of contract period, earliest
pensionable age in pension commitments
Termination of contract period, earliest
pensionable age in pension commitments
Code (EGHGB).
The significant actuarial assumptions relate to the pension obligations of the Fraport Group. All pension obligations largely have
the same assumptions where the adjustment to pensions is only calculated on pension obligations of the Executive Board
members.
Sensitivity analysis
The sensitivity analysis is based on changes in the assumptions while other factors remained constant. In practice, it is unlikely
that only one actuarial assumption would change. Changes in actuarial assumptions may correlate with other actuarial assump-
tions. The method for determining the sensitivity analysis did not change. The pension provision would vary by the following
amounts in the event of a change in assumptions:
194
1) The obligation would increase by €2.3 million for all beneficiaries as a result of a one-year increase in the retirement age.
Sensitivity analysis (December 31, 2021)
Decrease in interest rate by 0.5%
Increase in interest rate by 0.5%
Decrease in pension growth by 0.25%
Increase in pension growth by 0.25%
3.6
0
3.6
–1.0
Reduction by one year
Increase by one year
0.8
2.3
2022
2021
Reduction by one year
Increase by one year
0.0
1.8
-1.7
1.7
-3.4
1.0
Decrease in interest rate by 0.5%
Increase in interest rate by 0.5%
Decrease in pension growth by 0.25%
Increase in pension growth by 0.25%
Interest rate
Pension growth
Mortality
Retirement age 1)
€ million
Interest rate
Pension growth
Mortality
Retirement age 1)
In connection with the defined benefit plans, the Group is exposed to the actuarial risks mentioned above as well as the interest
rate risk. Due to the liquidity available in the Group, there is no risk with regard to fulfillment of non- reinsured obligations.
Multi-employer plans
Fraport AG has insured its employees for purposes of granting a company pension under the statutory insurance scheme based
on a collective bargaining agreement (Altersvorsorge-TV-Kommunal [ATV-K]) with the Zusatzversorgungskasse for local authority
and municipal employers in Wiesbaden (ZVK). The contributions are collected based on a pay-as-you-go model. As in the previous
year, the contribution rate of the ZVK is 7.0% on compensation liable to top-up pension payments; thereof, the employer pays
5.3%, with the contribution paid by the employee amounting to 1.7%. In addition, a tax-free restructuring fee of 1.4% of the
remuneration liable to top-up pension payments is levied by the employer in accordance with Section 63 of the ZVK Statutes
(ZVKS). An additional contribution of 9.0% is paid for some employees included in the statutory social security insurance scheme
(generally employees exempted from collective bargaining agreements and Senior Managers) for the consideration subject to
ZVK that, according to Section 38 ATV-K, exceeds the upper limit defined in the collective bargaining agreement. The amounts
subject to contributions amounted to €349.5 million. The obligations carried out via the ZVK are indirect pension obligations for
which no provisions have been established pursuant to Article 28 (1) sentence 2 of the Introductory Act to the German Commercial
This plan is a multi-employer plan (IAS 19.8), since the companies involved share the risk of the investment and also the biometric
risk. Reference is also made to the collective bargaining agreement risks arising from the ZVK insurance in the Risk and Oppor-
tunities Report in the management report.
The ZVK insurance is generally to be classified as a defined benefit plan (IAS 19.30). Because there is not sufficient information
on the plan and the company also covers the risks of other insuring companies with its contributions (IAS 19.34), only the current
contributions are accounted for as if it were a defined contribution plan. Due to its structure, the ZVK does not provide any infor-
mation to participating companies that would allow the allocation of obligations, plan assets, service costs, and, if applicable, over-
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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181
Present value of the
Plan assets
Total
€ million
obligation
Sensitivity analysis (December 31, 2022)
71.4
–24.7
46.7
Interest rate
Pension growth
Mortality
Retirement age 1)
2022
Decrease in interest rate by 0.5%
3.6
Increase in interest rate by 0.5%
-1.7
Decrease in pension growth by 0.25%
0
Increase in pension growth by 0.25%
1.7
Reduction by one year
0.8
Increase by one year
2.3
1) The obligation would increase by €2.3 million for all beneficiaries as a result of a one-year increase in the retirement age.
Sensitivity analysis (December 31, 2021)
€ million
Interest rate
Pension growth
Mortality
Retirement age 1)
2021
Decrease in interest rate by 0.5%
3.6
Decrease in pension growth by 0.25%
–1.0
Increase in interest rate by 0.5%
-3.4
Increase in pension growth by 0.25%
1.0
Reduction by one year
0.0
Increase by one year
1.8
1) The obligation would increase by €1.8 million for all beneficiaries as a result of a one-year increase in the retirement age.
Pension obligations are offset against the plan assets reserved for insolvency insurance below:
2022
2021
The retirement age has no influence on the pensions received by members of the Executive Board and was only calculated for
other pensions. Due to the structure of the respective pension plans, the salary adjustment has no effect on pension obligations.
In connection with the defined benefit plans, the Group is exposed to the actuarial risks mentioned above as well as the interest
rate risk. Due to the liquidity available in the Group, there is no risk with regard to fulfillment of non- reinsured obligations.
Multi-employer plans
Fraport AG has insured its employees for purposes of granting a company pension under the statutory insurance scheme based
on a collective bargaining agreement (Altersvorsorge-TV-Kommunal [ATV-K]) with the Zusatzversorgungskasse for local authority
and municipal employers in Wiesbaden (ZVK). The contributions are collected based on a pay-as-you-go model. As in the previous
year, the contribution rate of the ZVK is 7.0% on compensation liable to top-up pension payments; thereof, the employer pays
5.3%, with the contribution paid by the employee amounting to 1.7%. In addition, a tax-free restructuring fee of 1.4% of the
remuneration liable to top-up pension payments is levied by the employer in accordance with Section 63 of the ZVK Statutes
(ZVKS). An additional contribution of 9.0% is paid for some employees included in the statutory social security insurance scheme
(generally employees exempted from collective bargaining agreements and Senior Managers) for the consideration subject to
ZVK that, according to Section 38 ATV-K, exceeds the upper limit defined in the collective bargaining agreement. The amounts
subject to contributions amounted to €349.5 million. The obligations carried out via the ZVK are indirect pension obligations for
which no provisions have been established pursuant to Article 28 (1) sentence 2 of the Introductory Act to the German Commercial
Code (EGHGB).
This plan is a multi-employer plan (IAS 19.8), since the companies involved share the risk of the investment and also the biometric
risk. Reference is also made to the collective bargaining agreement risks arising from the ZVK insurance in the Risk and Oppor-
tunities Report in the management report.
The ZVK insurance is generally to be classified as a defined benefit plan (IAS 19.30). Because there is not sufficient information
on the plan and the company also covers the risks of other insuring companies with its contributions (IAS 19.34), only the current
contributions are accounted for as if it were a defined contribution plan. Due to its structure, the ZVK does not provide any infor-
mation to participating companies that would allow the allocation of obligations, plan assets, service costs, and, if applicable, over-
195
Actuarial gains and losses from changes in demographic assumptions
Actuarial gains and losses from the adjustment of the obligation based on experience
Actuarial gains and losses from changes in financial assumptions
Pension obligations (2021)
€ million
As at January 1, 2021
Service cost
Current service cost
Supplementary service cost
Gains and losses on compensation
Total service cost
Net interest income/expense
Interest income and interest expenses
Remeasurements
Income on plan assets, excluding interest
Total remeasurements
Impacts of exchange rate differences
Contributions of the employer to the plan
Contributions of the employee to the plan
Payments from the plan
Overfunding
As at December 31, 2021
Offsetting
Offsetting
€ million
Offsetting
Reconciliation to assets and liabilities recognized in the financial position
Present value of an obligation funded through a reinsurance/trust assets
Fair value of plan assets
Overfunding (not included in the net liability)/underfunding
Present value of an obligation not funded through a reinsurance/trust assets
(Net) liabilities recognized in the financial position
Significant actuarial assumptions
0.0
0.0
0.0
0.0
–0.1
–0.6
0.0
0.0
0.0
–0.6
0.0
0.0
0.0
0.8
0.0
–24.6
25.2
–24.0
1.2
30.5
31.7
2.3
0.0
0.0
2.3
0.3
0.0
0.0
–2.3
–3.5
–5.8
0.0
0.1
0.0
–2.0
0.0
66.3
2022
2.25%
3.69%
2.3
0.0
0.0
2.3
0.2
–0.6
0.0
–2.3
–3.5
–6.4
0.0
0.1
0.0
–1.2
0.0
41.7
30.1
–24.6
5.5
36.2
41.7
2021
2.25 %
0.90 %
2.25 %/2.25 % one time 10.0%
Mortality tables 2018 G of
Prof. Dr. Heubeck
1.75 %/2.25 %
Mortality tables 2018 G of
Prof. Dr. Heubeck
Termination of contract period, earliest
Termination of contract period, earliest
pensionable age in pension commitments
pensionable age in pension commitments
The significant actuarial assumptions relate to the pension obligations of the Fraport Group. All pension obligations largely have
the same assumptions where the adjustment to pensions is only calculated on pension obligations of the Executive Board
Salary trend
Interest rate
Pension growth
Mortality
Retirement age
members.
Sensitivity analysis
The sensitivity analysis is based on changes in the assumptions while other factors remained constant. In practice, it is unlikely
that only one actuarial assumption would change. Changes in actuarial assumptions may correlate with other actuarial assump-
tions. The method for determining the sensitivity analysis did not change. The pension provision would vary by the following
amounts in the event of a change in assumptions:
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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Group Notes / Notes to the Consolidated Income Statement
183
or underfunding or the extent of Fraport’s participation in the plan. In the consolidated financial statements of Fraport, the consid-
eration of contributions corresponds to defined-contribution pension commitments. Along with the remaining member companies,
Fraport AG is obliged to finance accrued obligations not covered by assets as well as future obligations. The precise share of the
remaining extent of the obligation cannot be determined. In the event of Fraport AG withdrawing from the multi-employer plan (for
example, through terminating the agreement), compensation in the amount of the present value of the obligation at the point of
the membership being terminated is to be paid to the ZVK. This amount cannot be determined due to only insufficient information
being available. Should the multi-employer plan be dissolved by a resolution of the administrative committee, no share in any
possible remaining overfunding will be due to Fraport.
In the fiscal year, €22.0 million (previous year: €19.2 million) was recorded as contributions to defined contribution plans for ZVK.
Furthermore, due to statutory provisions, contributions are also made to state-administered pension funds in Germany. Contribu-
tions in the amount of €24.2 million are expected for the following financial year.
In addition, contributions are paid to state pension insurance institutions in Germany on the basis of statutory provisions. The
current contributions are shown as expense for the respective year. Employer contributions made by the Fraport Group to statutory
insurance schemes totaled €71.6 million (previous year: €68.4 million).
39 Non-current and Current Income Tax Provisions
Non-current and current income tax provisions
€ million
Remaining term
up to 1 year
over 1 year
Total
December 31,
2022
Remaining term
up to 1 year
over 1 year
Total
December 31,
2021
Provisions for taxes on income
24.7
77.0
101.7
29.4
83.7
113.1
Tax provisions amounting to €101.7 million (previous year: €113.1 million) were accrued for unassessed corporation tax and trade
taxes, as well as for tax audit risks.
40 Non-current and Current Other Provisions
The development in the non-current and current provisions is shown in the following tables.
Non-current and current personnel-related provisions
€ million
Personnel
thereof non-current
thereof current
January 1, 2022
163.9
63.1
100.8
Use
–73.6
Release
Additions
December 31, 2022
–28.0
54.4
116.7
45.4
71.3
In addition to the provisions in connection with the “Zukunft FRA – Relaunch 50” program, the personnel provisions related in
particular to partial retirement arrangements, as well as provisions for variable wage and salary components, such as profit
distribution for the employees of Fraport AG. The partial retirement provisions are recognized pursuant to IAS 19. The credit for
partial retirement is offset against the fund units (see also note 23).
196
Other provisions
€ million
Environment
Passive noise abatement
Nature protection law com-
pensation
Wake turbulences
Others
Total
thereof non-current
thereof current
€26.8 million).
January 1, 2022
Use
Release
Additions
Interest effect
December 31, 2022
40.7
31.4
13.9
16.9
83.4
186.3
97.6
88.7
–2.1
–3.4
–0.3
–2.9
–15.1
–23.8
0.0
–25.3
–0.5
0.0
–30.8
–56.6
9.4
0.0
0.0
7.7
112.4
129.5
–11.9
–0.9
–2.0
–1.6
–0.2
–16.6
36.1
1.8
11.1
20.1
149.7
218.8
90.9
127.9
Environmental provisions have been formed largely for probable restructuring costs for the elimination of groundwater contami-
nation on the Frankfurt Airport site in Frankfurt/Main, as well as for environmental pollution in the southern section of the Airport.
As at December 31, 2022, estimated cash outflows (present value) amounted to €1.9 million within one year (previous year:
€2.4 million), €9.1 million after one to five years (previous year: €10.0 million), and €24.2 million after five years (previous year:
The “passive noise abatement” provision includes obligations to refund the passive noise abatement expenses of owners of private
and commercial land and obligations to pay outdoor living and commercial area compensation. The obligations result from the
planning approval notice made by the Hessian Ministry of Economics, Energy, Transport and Living (HMWEVW) on December
18, 2007 in conjunction with the Act for Protection against Aircraft Noise (Aircraft Noise Act), and the planning approval notice of
April 30, 2013. The application deadline for measures from the program was October 13, 2021. Invoices for measures requested
by the deadline could still be submitted until October 12, 2022. The provision remaining as at December 31, 2022 in the amount
of €1.8 million relates to invoices submitted by the deadline and still being processed. For all obligations reported under "passive
noise abatement" there is a corresponding reimbursement right at the reporting date, which is reported under other receivables
(see also Note 25). The carrying amount of the refund claim depends on the actually collected, and future expected noise
abatement charges. The carrying amount of the corresponding provision depends on the actual, and future expected cash outflows
for passive noise abatement measures and wake turbulences. As the application deadline expired in October 2022, the excess
amount of the provision was released against the corresponding asset without affecting profit or loss.
A provision for environmental protection compensating measures was created in previous years due to the long-term obligation
to implement ecological compensating measures resulting from the work performed to clear the land in the southern part of the
airport and in the area of Runway Northwest required for the airport expansion. As at December 31, 2022, estimated cash outflows
(present value) amounted to €0.1 million within one year (previous year: €0.8 million), €3.4 million after one to five years (previous
year: €3.2 million), and €7.6 million after five years (previous year: €10.0 million). In the fiscal year, there was a reassessment of
the expected cash outflows that led to a release of €0.5 million with no affect to profit or loss.
The wake turbulence protection program concerns the protection of roofs in the defined entitlement areas to protect against
damage to roof cladding due to gusts of wind caused by wake turbulences. The obligations result from the corresponding supple-
mentation decision dated May 10, 2013 and May 26, 2014. As at December 31, 2022, estimated cash outflows (present value)
amounted to €3.7 million within one year (previous year: €1.2 million), €10.0 million after one to five years (previous year: €8.1 mil-
lion), and €6.4 million after five years (previous year: €7.6 million). The additions in the fiscal year were made in full against the
corresponding asset without affecting profit or loss (see note 25).
The remaining provisions include provisions for rebates and refunds of €62.0 million (previous year: €25.1 million), which in the
2022 fiscal year include revenue-decreasing additions of €52.5 million, provisions for possible claims settlements in connection
with the strong recovery in traffic and passenger numbers in the fiscal year of €36.9 million (previous year: €3.5 million), provisions
for interest related to expected back tax payments of €7.3 million (previous year: €16.8 million), provisions for development
measures still to be implemented in connection with the sale of real estate inventories (also see note 28) of €5.2 million (previous
year: €5.7 million). Cash flow used in the other provisions are primarily expected within one year.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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Group Notes / Notes to the Consolidated Income Statement
183
or underfunding or the extent of Fraport’s participation in the plan. In the consolidated financial statements of Fraport, the consid-
Other provisions
eration of contributions corresponds to defined-contribution pension commitments. Along with the remaining member companies,
Fraport AG is obliged to finance accrued obligations not covered by assets as well as future obligations. The precise share of the
remaining extent of the obligation cannot be determined. In the event of Fraport AG withdrawing from the multi-employer plan (for
example, through terminating the agreement), compensation in the amount of the present value of the obligation at the point of
the membership being terminated is to be paid to the ZVK. This amount cannot be determined due to only insufficient information
being available. Should the multi-employer plan be dissolved by a resolution of the administrative committee, no share in any
possible remaining overfunding will be due to Fraport.
In the fiscal year, €22.0 million (previous year: €19.2 million) was recorded as contributions to defined contribution plans for ZVK.
Furthermore, due to statutory provisions, contributions are also made to state-administered pension funds in Germany. Contribu-
tions in the amount of €24.2 million are expected for the following financial year.
In addition, contributions are paid to state pension insurance institutions in Germany on the basis of statutory provisions. The
current contributions are shown as expense for the respective year. Employer contributions made by the Fraport Group to statutory
insurance schemes totaled €71.6 million (previous year: €68.4 million).
39 Non-current and Current Income Tax Provisions
Non-current and current income tax provisions
€ million
Remaining term
Total
Remaining term
up to 1 year
over 1 year
2022
up to 1 year
over 1 year
December 31,
December 31,
Total
2021
Provisions for taxes on income
24.7
77.0
101.7
29.4
83.7
113.1
Tax provisions amounting to €101.7 million (previous year: €113.1 million) were accrued for unassessed corporation tax and trade
taxes, as well as for tax audit risks.
40 Non-current and Current Other Provisions
The development in the non-current and current provisions is shown in the following tables.
Non-current and current personnel-related provisions
€ million
Personnel
thereof non-current
thereof current
January 1, 2022
Release
Additions
December 31, 2022
Use
–73.6
163.9
63.1
100.8
–28.0
54.4
116.7
45.4
71.3
In addition to the provisions in connection with the “Zukunft FRA – Relaunch 50” program, the personnel provisions related in
particular to partial retirement arrangements, as well as provisions for variable wage and salary components, such as profit
distribution for the employees of Fraport AG. The partial retirement provisions are recognized pursuant to IAS 19. The credit for
partial retirement is offset against the fund units (see also note 23).
January 1, 2022
Use
Release
Additions
Interest effect
December 31, 2022
€ million
Environment
Passive noise abatement
Nature protection law com-
pensation
Wake turbulences
Others
Total
thereof non-current
thereof current
40.7
31.4
13.9
16.9
83.4
186.3
97.6
88.7
–2.1
–3.4
–0.3
–2.9
–15.1
–23.8
0.0
–25.3
–0.5
0.0
–30.8
–56.6
9.4
0.0
0.0
7.7
112.4
129.5
–11.9
–0.9
–2.0
–1.6
–0.2
–16.6
36.1
1.8
11.1
20.1
149.7
218.8
90.9
127.9
Environmental provisions have been formed largely for probable restructuring costs for the elimination of groundwater contami-
nation on the Frankfurt Airport site in Frankfurt/Main, as well as for environmental pollution in the southern section of the Airport.
As at December 31, 2022, estimated cash outflows (present value) amounted to €1.9 million within one year (previous year:
€2.4 million), €9.1 million after one to five years (previous year: €10.0 million), and €24.2 million after five years (previous year:
€26.8 million).
The “passive noise abatement” provision includes obligations to refund the passive noise abatement expenses of owners of private
and commercial land and obligations to pay outdoor living and commercial area compensation. The obligations result from the
planning approval notice made by the Hessian Ministry of Economics, Energy, Transport and Living (HMWEVW) on December
18, 2007 in conjunction with the Act for Protection against Aircraft Noise (Aircraft Noise Act), and the planning approval notice of
April 30, 2013. The application deadline for measures from the program was October 13, 2021. Invoices for measures requested
by the deadline could still be submitted until October 12, 2022. The provision remaining as at December 31, 2022 in the amount
of €1.8 million relates to invoices submitted by the deadline and still being processed. For all obligations reported under "passive
noise abatement" there is a corresponding reimbursement right at the reporting date, which is reported under other receivables
(see also Note 25). The carrying amount of the refund claim depends on the actually collected, and future expected noise
abatement charges. The carrying amount of the corresponding provision depends on the actual, and future expected cash outflows
for passive noise abatement measures and wake turbulences. As the application deadline expired in October 2022, the excess
amount of the provision was released against the corresponding asset without affecting profit or loss.
A provision for environmental protection compensating measures was created in previous years due to the long-term obligation
to implement ecological compensating measures resulting from the work performed to clear the land in the southern part of the
airport and in the area of Runway Northwest required for the airport expansion. As at December 31, 2022, estimated cash outflows
(present value) amounted to €0.1 million within one year (previous year: €0.8 million), €3.4 million after one to five years (previous
year: €3.2 million), and €7.6 million after five years (previous year: €10.0 million). In the fiscal year, there was a reassessment of
the expected cash outflows that led to a release of €0.5 million with no affect to profit or loss.
The wake turbulence protection program concerns the protection of roofs in the defined entitlement areas to protect against
damage to roof cladding due to gusts of wind caused by wake turbulences. The obligations result from the corresponding supple-
mentation decision dated May 10, 2013 and May 26, 2014. As at December 31, 2022, estimated cash outflows (present value)
amounted to €3.7 million within one year (previous year: €1.2 million), €10.0 million after one to five years (previous year: €8.1 mil-
lion), and €6.4 million after five years (previous year: €7.6 million). The additions in the fiscal year were made in full against the
corresponding asset without affecting profit or loss (see note 25).
The remaining provisions include provisions for rebates and refunds of €62.0 million (previous year: €25.1 million), which in the
2022 fiscal year include revenue-decreasing additions of €52.5 million, provisions for possible claims settlements in connection
with the strong recovery in traffic and passenger numbers in the fiscal year of €36.9 million (previous year: €3.5 million), provisions
for interest related to expected back tax payments of €7.3 million (previous year: €16.8 million), provisions for development
measures still to be implemented in connection with the sale of real estate inventories (also see note 28) of €5.2 million (previous
year: €5.7 million). Cash flow used in the other provisions are primarily expected within one year.
197
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Group Notes / Notes to the Consolidated Income Statement
185
41 Financial Instruments
Disclosures on Carrying Amounts and Fair Values
The following table presents the carrying amounts, fair values and measurement categories of the hierarchy pursuant to IFRS 13
of the financial instruments as at December 31, 2022:
Financial instruments as at December 31, 2021
€ million
Measured at
amortized
costs
FVOCI
FVOCI (with
FVTPL
(without
recycling)
recycling)
Carrying Amount
Fair Value
Measurement categories
pursuant to IFRS 13
Level 1
Quoted
prices
Level 2
Derived
prices
Level 3
Prices that
cannot be
derived
Financial assets
Cash and cash equivalents
Trade accounts receivable
Other financial receivables and assets
Other financial assets
Non current securities
Other investments
Loans to joint ventures
Loans to associated companies
Other loans
Total
Financial liabilities
Trade accounts payable
Other financial liabilities
Financial liabilities
Derivative financial liabilities
Hedging derivative
Other derivatives
Share option
Total
Financial instruments as at December 31, 2022
€ million
Measured at
amortized
costs
FVOCI
(without
recycling)
Carrying Amount
FVTPL
FVOCI (with
recycling)
Fair Value
2,585.2
177.1
142.4
27.6
228.4
3,160.7
506.7
1,078.6
10,925.6
1,056.7
130.4
130.4
1,056.7
0.0
2,585.2
177.1
142.4
1,056.7
130.4
27.6
228.4
4,347.8
506.7
1,018.9
9,993.9
Measurement categories
pursuant to IFRS 13
Level 3
Prices that
cannot be
derived
Level 2
Derived
prices
N/A
N/A
130.4
130.4
N/A
N/A
142.4
79.7
27.6
228.4
478.1
506.7
1,018.9
8,059.1
Level 1
Quoted
prices
N/A
N/A
977.0
977.0
1,934.8
Financial assets
Cash and cash equivalents
Trade accounts receivable
Other financial receivables and asset
Other financial assets
Non current securities
Other investments
Loans to joint ventures
Loans to associated companies
Other loans
Total
Financial liabilities
Trade accounts payable
Other financial liabilities
Financial liabilities
Derivative financial liabilities
Hedging derivative
Other derivatives
Share option
Total
846.5
109.2
3,141.6
109.2
846.5
0.0
4,121.2
751.4
2,662.8
152.3
173.3
14.5
76.1
62.6
370.6
995.0
9,934.0
2,662.8
152.3
185.5
846.5
109.2
14.5
87.8
62.6
370.6
1,335.3
9,993.9
4.7
4.6
22.4
N/A
N/A
751.4
2,208.7
N/A
N/A
94.2
95.1
14.5
62.6
266.4
370.6
1,335.3
7,785.1
4.7
4.6
N/A
N/A
91.3
109.2
87.8
288.3
22.4
22.4
11,299.6
0.0
0.0
11,731.5
2,208.7
9,500.3
4.6
22.4
27.0
Given the short terms, the carrying amounts of cash and cash equivalents, trade accounts receivable, and current other financial
receivables and assets as at the reporting date correspond to the fair value.
12,510.9
0.0
0.0
0.7
11,520.2
1,934.8
9,585.4
0.0
was based on market data applicable on the valuation date using reliable and specialized sources and data providers. The values
The fair values of listed securities are identical to the stock market prices on the reporting date. The valuation of unlisted securities
0.7
0.7
0.7
The following table presents the carrying amounts, fair values and measurement categories of the hierarchy pursuant to IFRS 13
of the financial instruments as at December 31, 2021:
are determined using established valuation models.
The fair values of loans to joint ventures and associated companies, as well as other non-current financial assets, are determined
as the present value of future cash flows. Discounting was applied using the current maturity-linked interest rate as at the balance
sheet date.
The carrying amounts of other loans correspond to the respective fair values. The other loans are subject to a market interest
rate, and their carrying amounts therefore represent a reliable valuation for their fair values. Part of the other loans are promissory
note loans with a remaining term of more than one year. Due to the lack of an active market, no information is available on the
risk premiums of their respective issuers. As the promissory note loans are mainly floating interest rate loans, their carrying
amounts were used as the most reliable value for their fair values.
Non-current liabilities are recognized at their present value. To determine fair value, the respective cash outflows are discounted
at interest rates with similar terms and with the Fraport credit risk as at the reporting date. The carrying amounts of current liabilities
are equal to the fair value. There is a general interest rate risk for fixed-interest loans that are extended at the ends of their terms.
In order to determine the fair value of financial liabilities, the future expected cash flows are determined and discounted based on
the yield curve on the reporting date. The market-driven and maturity-linked risk premium of the respective borrower as at the
reporting date is added to the cash flows.
The derivative financial instruments relate to interest rate hedging transactions. In the 2022 fiscal year, the two interest rate swaps
related to the commitment in Greece were terminated prematurely as part of a refinancing.
198
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
185
The following table presents the carrying amounts, fair values and measurement categories of the hierarchy pursuant to IFRS 13
41 Financial Instruments
Disclosures on Carrying Amounts and Fair Values
of the financial instruments as at December 31, 2022:
Financial instruments as at December 31, 2022
€ million
Other financial receivables and assets
Loans to associated companies
Financial assets
Cash and cash equivalents
Trade accounts receivable
Other financial assets
Non current securities
Other investments
Loans to joint ventures
Other loans
Total
Financial liabilities
Trade accounts payable
Other financial liabilities
Financial liabilities
Derivative financial liabilities
Hedging derivative
Other derivatives
Share option
Total
Measured at
amortized
costs
FVOCI
FVOCI (with
FVTPL
(without
recycling)
recycling)
Carrying Amount
Fair Value
Measurement categories
pursuant to IFRS 13
Level 1
Quoted
prices
Level 2
Derived
prices
Level 3
Prices that
cannot be
derived
1,056.7
130.4
2,585.2
177.1
142.4
27.6
228.4
3,160.7
506.7
1,078.6
10,925.6
N/A
N/A
130.4
2,585.2
177.1
142.4
1,056.7
130.4
27.6
228.4
4,347.8
506.7
1,018.9
9,993.9
N/A
N/A
977.0
1,934.8
N/A
N/A
142.4
79.7
27.6
228.4
478.1
506.7
1,018.9
8,059.1
130.4
1,056.7
0.0
977.0
130.4
12,510.9
0.0
0.0
0.7
11,520.2
1,934.8
9,585.4
0.0
0.7
0.7
0.7
The following table presents the carrying amounts, fair values and measurement categories of the hierarchy pursuant to IFRS 13
of the financial instruments as at December 31, 2021:
Financial instruments as at December 31, 2021
€ million
Financial assets
Cash and cash equivalents
Trade accounts receivable
Other financial receivables and asset
Other financial assets
Non current securities
Other investments
Loans to joint ventures
Loans to associated companies
Other loans
Total
Financial liabilities
Trade accounts payable
Other financial liabilities
Financial liabilities
Derivative financial liabilities
Hedging derivative
Other derivatives
Share option
Total
Measured at
amortized
costs
FVOCI
(without
recycling)
Carrying Amount
FVTPL
FVOCI (with
recycling)
Fair Value
2,662.8
152.3
173.3
14.5
76.1
62.6
846.5
109.2
2,662.8
152.3
185.5
846.5
109.2
14.5
87.8
62.6
Level 1
Quoted
prices
N/A
N/A
751.4
3,141.6
109.2
846.5
0.0
4,121.2
751.4
370.6
995.0
9,934.0
11,299.6
0.0
0.0
4.6
22.4
27.0
2,208.7
370.6
1,335.3
9,993.9
4.7
4.6
22.4
11,731.5
2,208.7
9,500.3
Measurement categories
pursuant to IFRS 13
Level 3
Prices that
cannot be
derived
Level 2
Derived
prices
N/A
N/A
94.2
95.1
14.5
62.6
266.4
370.6
1,335.3
7,785.1
4.7
4.6
N/A
N/A
91.3
109.2
87.8
288.3
22.4
22.4
Given the short terms, the carrying amounts of cash and cash equivalents, trade accounts receivable, and current other financial
receivables and assets as at the reporting date correspond to the fair value.
The fair values of listed securities are identical to the stock market prices on the reporting date. The valuation of unlisted securities
was based on market data applicable on the valuation date using reliable and specialized sources and data providers. The values
are determined using established valuation models.
The fair values of loans to joint ventures and associated companies, as well as other non-current financial assets, are determined
as the present value of future cash flows. Discounting was applied using the current maturity-linked interest rate as at the balance
sheet date.
The carrying amounts of other loans correspond to the respective fair values. The other loans are subject to a market interest
rate, and their carrying amounts therefore represent a reliable valuation for their fair values. Part of the other loans are promissory
note loans with a remaining term of more than one year. Due to the lack of an active market, no information is available on the
risk premiums of their respective issuers. As the promissory note loans are mainly floating interest rate loans, their carrying
amounts were used as the most reliable value for their fair values.
Non-current liabilities are recognized at their present value. To determine fair value, the respective cash outflows are discounted
at interest rates with similar terms and with the Fraport credit risk as at the reporting date. The carrying amounts of current liabilities
are equal to the fair value. There is a general interest rate risk for fixed-interest loans that are extended at the ends of their terms.
In order to determine the fair value of financial liabilities, the future expected cash flows are determined and discounted based on
the yield curve on the reporting date. The market-driven and maturity-linked risk premium of the respective borrower as at the
reporting date is added to the cash flows.
The derivative financial instruments relate to interest rate hedging transactions. In the 2022 fiscal year, the two interest rate swaps
related to the commitment in Greece were terminated prematurely as part of a refinancing.
199
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
187
The other investments categorized as Level 3 relate to the shares in Delhi International Airport Private Ltd. The fair value is
determined based on the discounted cash flow valuation. The equity option in relation to up to 8.4% of the shares in Fraport
Greece A and Fraport Greece B, reported as Level 3 in the previous year, was fully exercised in December 2022.
The substantial non-observable input factors for the shares in Delhi International Airport Private Ltd., for determining the fair value,
are the forecast cash flows, which are based on the company’s future earnings and planned capital expenditure, as well as the
discount factor that is applied. The discount factor used was the WACC (country-specific, weighted average capital cost after
taxes).
Fair value hierarchy level 3 reconciliation 2022 (values determined using valuation techniques)
€ million
Other investments
January, 1 2022
Additions
Gains/losses in in-
come statement
Transfers
into level 3
Gains/losses in
OCI
December, 31
2022
108.8
0.0
0.0
0.0
21.4
130.2
Fair value hierarchy level 3 reconciliation 2021 (values determined using valuation techniques)
€ million
Share option
Other investments
January, 1 2021
Additions
Gains/losses in in-
come statement
Transfers
into level 3
Gains/losses in
OCI
December, 31
2021
–29.5
104.2
0.0
0.0
7.1
0.0
0.0
0.0
0.0
4.6
–22.4
108.8
The following amounts generated from the fair value in the event of changes in assumptions are:
Interest and dividend income from financial instruments held at FVOCI are also included in the calculation of the net result. Interest
and dividend income of the other categories are not included in the net result disclosed.
In addition to the recognized fair value changes, gains on financial liabilities FVTPL also include the fair values of an interest rate
swap for which there were no hedged items in the course of the 2022 fiscal year. In addition, the recognized change in the equity
option before it was exercised was included in this.
Derivative financial instruments and hedge accounting
With regard to the items in its statement of financial position and planned transactions, Fraport is, in particular, subject to interest
rate and currency exchange risks. Fraport covers interest rate risks by establishing naturally hedged positions, in which the values
or cash flows of primary financial instruments offset each other in their timing and amount, and/or by using derivative financial
instruments to hedge the business transactions. Derivatives are not used for trading or speculative purposes.
Interest rate risks arise in particular from the capital requirements associated with capital expenditure and from existing floating
interest rate financial liabilities and assets. As part of the interest rate risk management policy, interest swaps and interest swaps
with embedded floors were concluded in order to limit the interest rate risk arising from financial instruments with floating interest
rates and assure planning security.
The derivatives existing in connection with the refinancing of the Greek companies in the previous year were prematurely
liquidated in the 2022 fiscal year as part of a refinancing that took place. The valuation results of the derivatives were recognized
in other income during the term and, in the course of disposal, led to a recycling of income in the amount of €8.3 million, which is
Sensitivities 2022
€ million
Sensitivities with regard to unobservable input parameters
Currency rate sensitivity (INR)
The Group holds one interest rate swap as at the reporting date (previous year: three).
+0.5%
Discount rate
–0.5%
Growth forecasts
–0.5%
+0.5%
+0.5%
–0.5%
reported in the financial result.
Derivative financial instruments
Other investments
9.8 %
98.9
165.6
135.7
124.6
124.0
137.1
€ million
Nominal volume
Fair value
Credit risk
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Sensitivities 2021
€ million
Sensitivities with regard to unobservable input parameters
Growth forecasts
Discount rate
Currency rate sensitivity (INR)
+0.5%
–0.5%
+0.5%
–0.5%
+0.5%
–0.5%
Interest rate swaps
thereof hedge accounting
thereof trading
Share option
30.0
0.0
30.0
0.0
160.7
130.7
30.0
0.0
Share option
Other investments
6.8 %
11.0 %
–15.4
85.9
–34.2
134.7
–23.9
111.4
–20.8
106.2
N/A
108.3
N/A
109.4
The fair values of the derivative financial instruments are recorded as follows in the statement of financial position:
The following table shows the net result for 2022 and 2021 according to IFRS 9:
Net results of the measurement categories
Fair values of derivative financial instruments
€ million
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Other assets
Other liabilities
€ million
Financial assets
At amortized cost
FVOCI with Recycling
FVOCI without Recycling
Financial liabilities
At amortized cost
FVTPL
2022
2021
–168.1
–57.7
21.2
4.5
12.0
–2.0
–2.5
4.7
–0.6
8.9
Interest rate swaps - cash flow hedges
Interest rate swaps - trading
Share option
recorded through profit or loss.
One interest rate swap (previous year: one) is classified as FVTPL. All changes in value resulting from this classification are
–0.7
0.0
–0.7
0.0
0.0
0.0
0.0
–9.3
–4.7
–4.6
–22.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
0.0
0.0
0.0
0.0
0.0
4.7
4.6
22.4
The net result consists of changes in fair values recognized through profit or loss, impairment losses, and write-ups recognized
through profit or loss, exchange rate changes, and gains and losses of disposals.
200
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Consolidated Income Statement
187
The other investments categorized as Level 3 relate to the shares in Delhi International Airport Private Ltd. The fair value is
determined based on the discounted cash flow valuation. The equity option in relation to up to 8.4% of the shares in Fraport
Greece A and Fraport Greece B, reported as Level 3 in the previous year, was fully exercised in December 2022.
The substantial non-observable input factors for the shares in Delhi International Airport Private Ltd., for determining the fair value,
are the forecast cash flows, which are based on the company’s future earnings and planned capital expenditure, as well as the
discount factor that is applied. The discount factor used was the WACC (country-specific, weighted average capital cost after
Fair value hierarchy level 3 reconciliation 2022 (values determined using valuation techniques)
January, 1 2022
Additions
come statement
into level 3
Gains/losses in in-
Transfers
Gains/losses in
December, 31
108.8
0.0
0.0
0.0
Fair value hierarchy level 3 reconciliation 2021 (values determined using valuation techniques)
January, 1 2021
Additions
come statement
into level 3
Gains/losses in in-
Transfers
Gains/losses in
December, 31
OCI
21.4
OCI
0.0
4.6
2022
130.2
2021
–22.4
108.8
The following amounts generated from the fair value in the event of changes in assumptions are:
–29.5
104.2
0.0
0.0
7.1
0.0
0.0
0.0
Interest and dividend income from financial instruments held at FVOCI are also included in the calculation of the net result. Interest
and dividend income of the other categories are not included in the net result disclosed.
In addition to the recognized fair value changes, gains on financial liabilities FVTPL also include the fair values of an interest rate
swap for which there were no hedged items in the course of the 2022 fiscal year. In addition, the recognized change in the equity
option before it was exercised was included in this.
Derivative financial instruments and hedge accounting
With regard to the items in its statement of financial position and planned transactions, Fraport is, in particular, subject to interest
rate and currency exchange risks. Fraport covers interest rate risks by establishing naturally hedged positions, in which the values
or cash flows of primary financial instruments offset each other in their timing and amount, and/or by using derivative financial
instruments to hedge the business transactions. Derivatives are not used for trading or speculative purposes.
Interest rate risks arise in particular from the capital requirements associated with capital expenditure and from existing floating
interest rate financial liabilities and assets. As part of the interest rate risk management policy, interest swaps and interest swaps
with embedded floors were concluded in order to limit the interest rate risk arising from financial instruments with floating interest
rates and assure planning security.
The derivatives existing in connection with the refinancing of the Greek companies in the previous year were prematurely
liquidated in the 2022 fiscal year as part of a refinancing that took place. The valuation results of the derivatives were recognized
in other income during the term and, in the course of disposal, led to a recycling of income in the amount of €8.3 million, which is
reported in the financial result.
Other investments
9.8 %
98.9
165.6
135.7
124.6
124.0
137.1
€ million
Nominal volume
Fair value
Credit risk
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Sensitivities with regard to unobservable input parameters
Currency rate sensitivity (INR)
The Group holds one interest rate swap as at the reporting date (previous year: three).
Discount rate
Growth forecasts
+0.5%
–0.5%
+0.5%
–0.5%
+0.5%
–0.5%
Derivative financial instruments
Sensitivities with regard to unobservable input parameters
Currency rate sensitivity (INR)
Discount rate
Growth forecasts
+0.5%
–0.5%
+0.5%
–0.5%
+0.5%
–0.5%
Interest rate swaps
thereof hedge accounting
thereof trading
Share option
30.0
0.0
30.0
0.0
160.7
130.7
30.0
0.0
–0.7
0.0
–0.7
0.0
–9.3
–4.7
–4.6
–22.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Share option
Other investments
6.8 %
11.0 %
–15.4
85.9
–34.2
134.7
–23.9
111.4
–20.8
106.2
N/A
108.3
N/A
109.4
The fair values of the derivative financial instruments are recorded as follows in the statement of financial position:
The following table shows the net result for 2022 and 2021 according to IFRS 9:
Net results of the measurement categories
Fair values of derivative financial instruments
€ million
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Other assets
Other liabilities
Interest rate swaps - cash flow hedges
Interest rate swaps - trading
Share option
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
0.0
4.7
4.6
22.4
One interest rate swap (previous year: one) is classified as FVTPL. All changes in value resulting from this classification are
recorded through profit or loss.
2022
2021
–168.1
–57.7
21.2
4.5
12.0
–2.0
–2.5
4.7
–0.6
8.9
taxes).
€ million
Other investments
€ million
Share option
Other investments
Sensitivities 2022
€ million
Sensitivities 2021
€ million
€ million
Financial assets
At amortized cost
FVOCI with Recycling
FVOCI without Recycling
Financial liabilities
At amortized cost
FVTPL
The net result consists of changes in fair values recognized through profit or loss, impairment losses, and write-ups recognized
through profit or loss, exchange rate changes, and gains and losses of disposals.
201
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Group Notes / Notes to the Segment Reporting
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Notes to the Segment Reporting
189
Notes to the Segment Reporting
42 Notes to the Segment Reporting
Segment reporting in the Fraport Group according to IFRS 8 is based on internal reporting to the Executive Board as principle
decision-maker and is attached as an appendix to the notes.
The same accounting principles as those used in the consolidated financial statements underlie segment reporting.
The strategic business units of Fraport AG at the Frankfurt site are clearly assigned to the Aviation, Retail & Real Estate, Ground
Handling and International Activities & Services segments. In addition, these segments include Group companies integrated in
the business processes at the Frankfurt site.
The Aviation segment incorporates the strategic business unit “Aviation” as well as the Group companies involved in the processes
at the Frankfurt site.
The Retail & Real Estate segment consists of the strategic business unit “Retail and Properties”, comprising the retailing activities,
parking facility management, and the rental and marketing of real estate at the Frankfurt site. In addition, the Group companies
integrated into these activities on the Frankfurt site are allocated to this segment.
The Ground Handling segment combines the “Ground Services” strategic business unit and the Group companies involved in
these operations at the Frankfurt site.
The International Activities & Services segment encompasses in aggregate, due to the similarity of the economic criteria, the
Group companies that are not integrated in the processes at the Frankfurt site, and Group companies that carry out their business
operations outside the Frankfurt site (International Activities). The business operations of these companies consist of the operation
of airports outside the Frankfurt site or the provision of airport-related services, and are primarily aimed at the users of airport
infrastructure. In subareas, they are subject to country-specific regulatory requirements for the operation of airport infrastructure.
In addition, the internal service units Integrated Facility Management, Corporate Infrastructure Management, Airport Expansion
South, Information and Telecommunication and their Group companies and the strategic business unit Global Investments and
Management are assigned to the segment because they primarily provide internal services for the Fraport Group.
Revenue of €64.3million, EBITDA of €22.2million and EBIT of -€7.2 million result from the internal service units and their invest-
ments as well as the acquisitions and investments section.
Corporate data at Fraport AG is divided into market-oriented business and service units on the one hand and into central units on
the other hand. All the business and service units are allocated clearly to one segment each. The central units are categorized
appropriately.
The data about the Group companies that are not integrated in the processes at the Frankfurt site and Group companies that
carry out their business operations outside the Frankfurt site are allocated to the International Activities & Services segment during
reporting. The Group companies that are integrated in the processes at the Frankfurt site are allocated to the relevant segment
according to their business operations.
Inter-segment revenue is primarily generated by the allocation of rent for land, buildings and space, as well as maintenance
services and energy supply within Fraport AG. The corresponding assets are allocated to the Retail & Real Estate segment. The
relevant units are charged on the basis of the costs incurred, including imputed interest.
Inter-segment income also reflects income that has been generated between the companies included from different segments.
Goodwill from business mergers and the appropriate impairment losses, where applicable, have been allocated clearly to a
segment according to this segment structure.
202
The reconciliation of segment assets/segment liabilities column includes the income tax assets/liabilities (including the deferred
tax assets/liabilities) of the Group.
In the additional disclosures “Geographical Information”, allocation takes place according to the current main areas of operation:
Germany, Rest of Europe, Asia, and America. The figures shown under “Asia” relate mainly to Türkiye. The figures shown under
“America” relate mainly to the United States, Peru, and Brazil. The two Brazilian companies achieved revenue in the amount of
€90.0million in 2022 (previous year: €68.3million). The investments in airport operating projects according to IFRIC 12 increased
from €551.6million in the previous year to €595.9million as at December 31, 2022. The revenue of Lima Airport Partners S.R.L.,
Lima, Peru, amounted to €590.1million in 2022 (previous year: €345.2million). The company holds non-current intangible assets
in connection with the accounting pursuant to IFRIC 12 of around €1,094.9million as at the balance sheet date (previous year:
€726.7million). In the “Rest of Europe” region, the two Greek companies contributed a total of €443.8million (previous year:
€255.4million) to revenue (see also note 2). The investments in airport operating projects according to IFRIC 12 amounted to
€1,933.0million as at December 31, 2022 (previous year: €1,986.7million).
The additions to the joint ventures relate to FraAlliance GmbH (Segment Aviation) and PEG Europa Real Estate GmbH (Segment
Retail & Real Estate). The disposal of the associated companies relates to the sale of all shares in Xi’an Xianyang International
Airport Co., Ltd. (Xi’an) (Segment International Activities & Services). Furthermore, the sale of capital shares in D-Port Logistik
GmbH (Segment Retail & Real Estate) took place in the 2022 fiscal year. The effects of the additions and disposal are explained
in more detail in note 2. The aforementioned changes had no substantial impact on the segment reporting.
Segment assets of the Retail & Real Estate segment include real estate inventories of €0.5 million (previous year: €0.5million).
During the 2022 fiscal year, revenue of €740.8million was generated in all four segments with one customer (previous year:
€467.8million). Further explanations about segment reporting can be found in the management report.
Notes to the Consolidated Statement of Cash Flows
43 Notes to the Consolidated Statement of Cash Flows
Cash flow from operating activities
In the previous fiscal year, cash flow from operating activities was €787.3 million (previous year: €392.6 million). The improvement
by €394.7 million resulted in particular from an increase in operating results. In addition, the cash flow from operating activities
was negatively impacted in the previous year by payments in connection with the “Zukunft FRA – Relaunch 50” program.
Cash flow used in investing activities
Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,305.8 million in the
reporting year, an increase of €172.6 million year-on-year. This was mainly due to capital contributions of €375.3 million to the
joint venture that was established in connection with the new operating concession at Antalya Airport. Higher capital expenditure
in airport operating projects, especially in Lima, were offset by lower cash flow used for expansion measures at the Frankfurt site.
In addition, proceeds from the disposal of shares in the Group company Xi’an and D-Port, which is accounted for using the equity
method, reduced cash outflow by a total of €173.5 million.
Taking into account capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure
in relation to time deposits, the overall cash flow used in investing activities was €1,216.0 million (previous year: €2,304.2 million).
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Group Notes / Notes to the Segment Reporting
189
The reconciliation of segment assets/segment liabilities column includes the income tax assets/liabilities (including the deferred
tax assets/liabilities) of the Group.
In the additional disclosures “Geographical Information”, allocation takes place according to the current main areas of operation:
Germany, Rest of Europe, Asia, and America. The figures shown under “Asia” relate mainly to Türkiye. The figures shown under
“America” relate mainly to the United States, Peru, and Brazil. The two Brazilian companies achieved revenue in the amount of
€90.0million in 2022 (previous year: €68.3million). The investments in airport operating projects according to IFRIC 12 increased
from €551.6million in the previous year to €595.9million as at December 31, 2022. The revenue of Lima Airport Partners S.R.L.,
Lima, Peru, amounted to €590.1million in 2022 (previous year: €345.2million). The company holds non-current intangible assets
in connection with the accounting pursuant to IFRIC 12 of around €1,094.9million as at the balance sheet date (previous year:
€726.7million). In the “Rest of Europe” region, the two Greek companies contributed a total of €443.8million (previous year:
€255.4million) to revenue (see also note 2). The investments in airport operating projects according to IFRIC 12 amounted to
€1,933.0million as at December 31, 2022 (previous year: €1,986.7million).
The additions to the joint ventures relate to FraAlliance GmbH (Segment Aviation) and PEG Europa Real Estate GmbH (Segment
Retail & Real Estate). The disposal of the associated companies relates to the sale of all shares in Xi’an Xianyang International
Airport Co., Ltd. (Xi’an) (Segment International Activities & Services). Furthermore, the sale of capital shares in D-Port Logistik
GmbH (Segment Retail & Real Estate) took place in the 2022 fiscal year. The effects of the additions and disposal are explained
in more detail in note 2. The aforementioned changes had no substantial impact on the segment reporting.
Segment assets of the Retail & Real Estate segment include real estate inventories of €0.5 million (previous year: €0.5million).
During the 2022 fiscal year, revenue of €740.8million was generated in all four segments with one customer (previous year:
€467.8million). Further explanations about segment reporting can be found in the management report.
Notes to the Consolidated Statement of Cash Flows
43 Notes to the Consolidated Statement of Cash Flows
Cash flow from operating activities
In the previous fiscal year, cash flow from operating activities was €787.3 million (previous year: €392.6 million). The improvement
by €394.7 million resulted in particular from an increase in operating results. In addition, the cash flow from operating activities
was negatively impacted in the previous year by payments in connection with the “Zukunft FRA – Relaunch 50” program.
Cash flow used in investing activities
Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,305.8 million in the
reporting year, an increase of €172.6 million year-on-year. This was mainly due to capital contributions of €375.3 million to the
joint venture that was established in connection with the new operating concession at Antalya Airport. Higher capital expenditure
in airport operating projects, especially in Lima, were offset by lower cash flow used for expansion measures at the Frankfurt site.
In addition, proceeds from the disposal of shares in the Group company Xi’an and D-Port, which is accounted for using the equity
method, reduced cash outflow by a total of €173.5 million.
Taking into account capital expenditure in and revenue from securities and promissory note loans as well as capital expenditure
in relation to time deposits, the overall cash flow used in investing activities was €1,216.0 million (previous year: €2,304.2 million).
203
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Group Notes / Notes to the Consolidated Statement of Cash Flows
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
191
Cash flow from financing activities
Compared to the previous year, cash flow used in financing activities has decreased substantially by €1,213.1 million to
€882.3 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity
were carried out compared to the 2022 fiscal year. Within the scope of the signed refinancing at Fraport Greece, financial liabilities
of €913.8 million were repaid and refinanced in advance in the amount of €960.0 million. The transactions with “non-controlling
interests” relate to the sale of capital shares and loans to the shareholder of the Greek companies. Taking into account exchange
rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents based on the statement of cash flows
of €826.2 million as at December 31, 2022 (previous year: €431.2 million).
The following overviews show the composition of cash and cash equivalents and non-cash changes to the liabilities from financing
activities. With regard to the development of the leasing liabilities, see note 20.
Reconciliation to the cash and cash equivalents as shown in the consolidated statement of financial position
€ million
December 31, 2022
December 31, 2021
The number of virtual shares actually allocated depends on the extent to which two performance targets are met:
Bank and cash balances
Time deposits with a remaining term of less than three months
Cash and cash equivalents as at the consolidated statement of cash flows
Time deposits with a remaining term of more than three months
Restricted cash
Cash and cash equivalents as at the consolidated statement of financial position
Changes in liabilities from financing activities
579.6
246.6
826.2
1,619.7
139.3
2,585.2
220.4
210.8
431.2
2,156.9
74.7
2,662.8
€ million
January 1, 2022
Cash inflow
from non-
current
financial
liabilities
Repayment of
non-current
financial
liabilities
Cash-effective
changes in
financial
liabilities
Non cash-effective changes December 31,
2022
Accrued
interest
Foreign
currency trans-
lation effects
Changes in
fair value
Reclassifica-
tions and other
changes
Non-current financial
liabilities
Current financial liabilities
Other financing activities
9,306.4
627.6
30.8
2,011.6
0.0
0.0
–913.8
–393.4
–4.0
52.3
139.0
0.0
31.6
19.1
0.0
33.7
4.7
0.0
6.8
0.0
0.0
–812.6
812.6
0.0
9,716.0
1,209.6
26.8
Performance Share Plan
Changes in liabilities from financing activities
€ million
January 1, 2021
Cash inflow
from non-
current
financial
liabilities
Repayment of
non-current
financial
liabilities
Cash-effective
changes in cur-
rent financial
liabilities
Non cash-effective changes December 31,
2021
make the remuneration even more sustainable for the long term.
Accrued inter-
est
Foreign cur-
rency transla-
tion effects
Changes in
fair value
Reclassifica-
tions and other
changes
Non-current financial
liabilities
Current financial liabilities
Other financing activities
6,936.5
810.7
40.3
2,798.4
0.0
0.0
0.0
–424.2
–9.5
0.0
–244.6
0.0
12.3
42.1
0.0
–4.4
0.0
0.0
7.2
0.0
0.0
–443.6
443.6
0.0
9,306.4
627.6
30.8
Other Disclosures
44 Long-Term Incentive Program
(from 2020 Performance Share Plan PSP)
Long-Term Incentive Program
The Long-Term Incentive Program (LTIP) for the Executive Board and Senior Managers was introduced effective January 1, 2010.
A certain number of virtual shares (so-called performance shares) is allocated annually depending on certain performance objec-
tives. Target achievement is measured over four years (performance period); payment in cash takes place immediately at the end
of the four-year performance period.
• Earnings per Share (EPS) (target weighting 70%)
This internal performance target is determined by comparing the actual average EPS in the performance period with
the weighted average plan EPS at the time of awarding.
• Rank Total Shareholder Return MDAX (TSR) (target weighting 30%)
The TSR measures the development of shares over a certain period of time subject to dividends and share price devel-
opments. Therefore, it constitutes a market-dependent performance target.
On January 1 of the years 2017 to 2019, the Executive Board and Senior Managers in the Fraport Group were each promised a
tranche. The tranches for the Executive Board and for Senior Managers differ in the calculation of the extent to which objectives
have been reached for the targets in the weighting of the individual years of the performance period.
Effective January 1, 2020, the Long-Term Incentive Program (LTIP) used to determine the long-term performance remuneration
for the Executive Board has been replaced by the Performance Share Plan (PSP), which maintains the performance period of
four years. The Long-Term Strategy Award based on a three-year period was initially transferred to the previous LTIP in order to
The long-term performance remuneration component consists of a performance share plan with a four-year performance period.
At the start of the plan, each member of the Executive Board is promised a target amount in euros specified in their employment
contract as an allocation value. This amount is divided by the initial fair value (i.e., the financially determined fair value according
to the accounting standard IFRS 2, “Share-Based Payment”) per performance share at the beginning of the performance period,
resulting in the provisional number of virtual performance shares allocated to each case.
The achievement of the performance share plan is determined by two performance criteria, Earnings Per Share (EPS) and the
Total Shareholder Return (TSR) to the companies in the MDAX.
•
The Earnings Per Share (EPS) criterion is used as an internal financial performance target and is taken into account with
a weighting of 70%. The EPS performance criterion provides incentives to operate profitably. This forms the basis for the
sustainable and long-term growth of Fraport AG and ensures the financing capacity of necessary capital expenditure and
thus the achievement of important strategic goals. Long-term growth helps Fraport AG to achieve its objective of estab-
lishing itself as Europe’s best airport operator and also to set global standards among the competition. In determining
the achievement of the EPS target, a target value derived from strategic planning is compared with the actual EPS value
achieved. This compares the average of the annual actual EPS values determined during the performance period with
the average target EPS. If the average actual EPS value is equal to the average target EPS (target value), the target
achievement rate is 100%. If the average actual EPS value is 25% below the target value, the target achievement rate
is 50%. If the average actual EPS value is more than 25% below the target value, the target achievement rate is 0%. If
the average actual EPS value is 25% or more above the target value, the target achievement rate is 150%. Between
these values, the degree of achievement follows a straight-line development.
204
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190
Group Notes / Notes to the Consolidated Statement of Cash Flows
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
191
Cash flow from financing activities
Compared to the previous year, cash flow used in financing activities has decreased substantially by €1,213.1 million to
€882.3 million. In the previous year, considerably more extensive financing measures, including a bond issue, to secure liquidity
were carried out compared to the 2022 fiscal year. Within the scope of the signed refinancing at Fraport Greece, financial liabilities
of €913.8 million were repaid and refinanced in advance in the amount of €960.0 million. The transactions with “non-controlling
interests” relate to the sale of capital shares and loans to the shareholder of the Greek companies. Taking into account exchange
rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents based on the statement of cash flows
of €826.2 million as at December 31, 2022 (previous year: €431.2 million).
The following overviews show the composition of cash and cash equivalents and non-cash changes to the liabilities from financing
activities. With regard to the development of the leasing liabilities, see note 20.
Reconciliation to the cash and cash equivalents as shown in the consolidated statement of financial position
Other Disclosures
44 Long-Term Incentive Program
(from 2020 Performance Share Plan PSP)
Long-Term Incentive Program
The Long-Term Incentive Program (LTIP) for the Executive Board and Senior Managers was introduced effective January 1, 2010.
A certain number of virtual shares (so-called performance shares) is allocated annually depending on certain performance objec-
tives. Target achievement is measured over four years (performance period); payment in cash takes place immediately at the end
of the four-year performance period.
December 31, 2022
December 31, 2021
The number of virtual shares actually allocated depends on the extent to which two performance targets are met:
• Earnings per Share (EPS) (target weighting 70%)
This internal performance target is determined by comparing the actual average EPS in the performance period with
the weighted average plan EPS at the time of awarding.
• Rank Total Shareholder Return MDAX (TSR) (target weighting 30%)
The TSR measures the development of shares over a certain period of time subject to dividends and share price devel-
opments. Therefore, it constitutes a market-dependent performance target.
On January 1 of the years 2017 to 2019, the Executive Board and Senior Managers in the Fraport Group were each promised a
tranche. The tranches for the Executive Board and for Senior Managers differ in the calculation of the extent to which objectives
have been reached for the targets in the weighting of the individual years of the performance period.
Performance Share Plan
Effective January 1, 2020, the Long-Term Incentive Program (LTIP) used to determine the long-term performance remuneration
for the Executive Board has been replaced by the Performance Share Plan (PSP), which maintains the performance period of
four years. The Long-Term Strategy Award based on a three-year period was initially transferred to the previous LTIP in order to
make the remuneration even more sustainable for the long term.
The long-term performance remuneration component consists of a performance share plan with a four-year performance period.
At the start of the plan, each member of the Executive Board is promised a target amount in euros specified in their employment
contract as an allocation value. This amount is divided by the initial fair value (i.e., the financially determined fair value according
to the accounting standard IFRS 2, “Share-Based Payment”) per performance share at the beginning of the performance period,
resulting in the provisional number of virtual performance shares allocated to each case.
The achievement of the performance share plan is determined by two performance criteria, Earnings Per Share (EPS) and the
Total Shareholder Return (TSR) to the companies in the MDAX.
•
The Earnings Per Share (EPS) criterion is used as an internal financial performance target and is taken into account with
a weighting of 70%. The EPS performance criterion provides incentives to operate profitably. This forms the basis for the
sustainable and long-term growth of Fraport AG and ensures the financing capacity of necessary capital expenditure and
thus the achievement of important strategic goals. Long-term growth helps Fraport AG to achieve its objective of estab-
lishing itself as Europe’s best airport operator and also to set global standards among the competition. In determining
the achievement of the EPS target, a target value derived from strategic planning is compared with the actual EPS value
achieved. This compares the average of the annual actual EPS values determined during the performance period with
the average target EPS. If the average actual EPS value is equal to the average target EPS (target value), the target
achievement rate is 100%. If the average actual EPS value is 25% below the target value, the target achievement rate
is 50%. If the average actual EPS value is more than 25% below the target value, the target achievement rate is 0%. If
the average actual EPS value is 25% or more above the target value, the target achievement rate is 150%. Between
these values, the degree of achievement follows a straight-line development.
205
€ million
Bank and cash balances
Time deposits with a remaining term of less than three months
Cash and cash equivalents as at the consolidated statement of cash flows
Time deposits with a remaining term of more than three months
Restricted cash
Cash and cash equivalents as at the consolidated statement of financial position
Changes in liabilities from financing activities
579.6
246.6
826.2
1,619.7
139.3
2,585.2
220.4
210.8
431.2
2,156.9
74.7
2,662.8
2022
€ million
January 1, 2022
Cash inflow
Repayment of
Cash-effective
Non cash-effective changes December 31,
from non-
non-current
changes in
financial
liabilities
financial
liabilities
current
financial
liabilities
Accrued
Foreign
Changes in
Reclassifica-
interest
currency trans-
fair value
tions and other
lation effects
changes
Non-current financial
liabilities
Current financial liabilities
Other financing activities
9,306.4
627.6
30.8
2,011.6
0.0
0.0
–913.8
–393.4
–4.0
52.3
139.0
0.0
31.6
19.1
0.0
33.7
4.7
0.0
6.8
0.0
0.0
–812.6
812.6
0.0
9,716.0
1,209.6
26.8
Changes in liabilities from financing activities
€ million
January 1, 2021
Cash inflow
Repayment of
Cash-effective
Non cash-effective changes December 31,
from non-
non-current
changes in cur-
financial
rent financial
liabilities
liabilities
current
financial
liabilities
Accrued inter-
Foreign cur-
Reclassifica-
est
rency transla-
Changes in
tions and other
tion effects
fair value
changes
2021
Non-current financial
liabilities
Current financial liabilities
Other financing activities
6,936.5
810.7
40.3
2,798.4
0.0
0.0
0.0
–424.2
–9.5
–244.6
0.0
0.0
12.3
42.1
0.0
–4.4
0.0
0.0
7.2
0.0
0.0
–443.6
443.6
0.0
9,306.4
627.6
30.8
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
192
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
193
• As a further performance criterion, the relative Total Shareholder Return (TSR) uses an external performance criterion
geared to the capital market, which is weighted at 30%. The relative TSR takes into account the development of the
Fraport share price plus fictitious reinvested gross dividends compared to a predefined comparison group. The relative
TSR links the interests of the Executive Board and shareholders and integrates a relative measurement of success into
the remuneration system for the Executive Board. This creates an incentive to outperform the relevant comparison group
in the long term. Fraport AG pursues the goal of being an attractive investment for shareholders and therefore provides
an incentive for above-average success on the capital market. Achieving the target for the relative TSR is based on a
comparison with the MDAX. The Supervisory Board considers the MDAX to be an appropriate benchmark group, as
Fraport AG is listed in this index and the MDAX consists of companies of a comparable size. To calculate the TSR in the
performance period of the Fraport AG share and the MDAX, the arithmetic average of the closing prices over the last 30
trading days before the beginning of a year of the performance period and over the last 30 trading days before the end
of a year of the performance period is determined and then averaged relative to the four years of a performance period.
In determining the arithmetic average of closing prices at the end of the performance period, a fictitious amount of rein-
vested gross dividends is also taken into account. The target achievement is 100% if the TSR performance of the Fraport
AG share corresponds to the TSR performance of the comparison group. If the TSR performance of the Fraport AG
share is 25% below the TSR performance of the MDAX, the target is 50%. If the TSR performance of the Fraport AG
share is more than 25% below the TSR performance of the MDAX, the target is 0%. If the TSR performance of the
Fraport AG share is 25% or more below the TSR performance of the MDAX, the target is 150%. Achieving the targets
between the defined target achievement points follows a straight-line development.
For all performance shares allocated between fiscal years 2014 and 2019, the LTIP payment is limited to 150% of the product of
the performance shares of the target tranche multiplied by the relevant share price at the time of issuance. The “relevant share
price at the time of issuance” corresponds to the weighted average of the company’s closing share prices in XETRA or a similar
trading system replacing XETRA at the Frankfurt Stock Exchange during the month of January of the fiscal year, in which the
relevant performance period begins.
Performance shares awarded from the 2020 fiscal year onwards will be defined for the four-year performance period at the start
of the plan. The performance criteria allow a target to be achieved in the range of 0% to 150%. At the end of the four-year
performance period, the achievement of the performance criteria is determined and the final number of virtual performance shares
is determined. The distributed amount is calculated by multiplying the final number of performance shares determined by the
average price at that time of the Fraport AG share in the last 3 months prior to the end of the performance period plus dividends
paid per share during the performance period. The value of the performance shares to be distributed therefore depends on the
achievement of the performance criteria and the share price relevant for the distribution. The maximum payout amount is limited
to 150% for each tranche to the Executive Board and 125% for executives to the allocation value applicable at the start of the
plan.
A total of 100,624 virtual shares were issued in the 2022 fiscal year. A provision for the current LTIP tranches of €1.9 million and
the PSP in the amount of €3.0 million was reported as at December 31, 2022.
The basis of the computations on the respective valuation date was a continuous zero interest rate. The interest rates were
computed from the interest rate structures of government bonds maturing between one and ten years.
Due to the market dependence of the fair value measurement, there was a negative effect on profit and loss of €1.1 million in the
past fiscal year 2022 (previous year expense of: €5.8 million), which was recognized in personnel expenses. Of this, €0.7 million
(previous year: €3.8 million) is attributable to Executive Board members and €0.4 million (previous year: €2.0 million) is attributable
to Senior Managers of Fraport AG.
206
Development of the fair values of the virtual shares for the Executive Board and Senior Managers
Tranche
All figures in €
Fiscal year 2019
Fiscal year 20201)
Fiscal year 20212)
Fiscal year 2022
Fair value
Fair value
Fair value
Fair value
December 31, 2022
December 31, 2022
December 31, 2021
December 31, 2021
Executive Board
Senior Managers
Executive Board
Senior Managers
34.01
9.45
39.39
25.75
36.55
10.61
32.14
22.20
52.10
17.06
46.95
42.53
56.60
16.11
35.72
33.54
1) Fair value for the Executive Board has been calculated under the PSP as of fiscal year 2020
2) Fair value for the Senior Managers calculated for the first time under the PSP in fiscal year 2021
As at January 1, 2019, the Executive Board and the senior executives in the Fraport Group were each granted a tranche. The
tranches for the Executive Board and for senior executives differ in the weighting of the individual years of the performance period
when calculating the degree of target achievement for the performance targets. Since fiscal year 2020, the weighting of the
individual tranches has been the same for both the Executive Board and senior executives.
The achievement of the targets for the respective performance criteria of the tranches from fiscal year 2020 will be published in
the subsequent compensation report after the end of the plan (2023).
Virtual share conditions
The virtual shares in the 2022 tranche were issued on January 1, 2022. Their term is four years ending on December 31, 2025.
The payout per virtual share corresponds to the weighted average closing prices of the Fraport share in the XETRA trading system
on the first 30 stock market trading days immediately following the last day of the performance period. As of the 2021 fiscal year,
the amount of the payout from the PSP shall be equal to the weighted average of the closing prices of the Fraport share in XETRA
trading on the last three calendar months prior to the end of the performance period plus dividends paid during the performance
period.
Entitlement to the PSP payment is established by approval by the Supervisory Board of the consolidated financial statements for
the last fiscal year of the performance period. Payments are made within one month.
The valuation of the virtual shares takes place on the basis of the fair value per share for a tranche. A Monte Carlo simulation is
used to determine the fair value. A simulation of the log-normal distributed processes is carried out for the Fraport share price to
determine the relevant payment according to the respective performance targets.
The fair value of virtual shares to be measured in fiscal years 2019 to 2022 was calculated based on the following assumptions:
The computation basis for future dividend payments is public estimates made by ten banks. The arithmetic mean of these
estimates is taken to determine the dividends.
Historic volatility is used for the calculations. The calculations are based on the daily XETRA closing price for the Fraport AG
share and beginning in fiscal year 2020 also for the MDAX.
The remaining term of the LTIP or the PSP is used as the time horizon to determine volatility.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
192
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
193
• As a further performance criterion, the relative Total Shareholder Return (TSR) uses an external performance criterion
Development of the fair values of the virtual shares for the Executive Board and Senior Managers
geared to the capital market, which is weighted at 30%. The relative TSR takes into account the development of the
Tranche
Fraport share price plus fictitious reinvested gross dividends compared to a predefined comparison group. The relative
TSR links the interests of the Executive Board and shareholders and integrates a relative measurement of success into
All figures in €
Fair value
December 31, 2022
Executive Board
Fair value
December 31, 2022
Senior Managers
Fair value
December 31, 2021
Executive Board
Fair value
December 31, 2021
Senior Managers
the remuneration system for the Executive Board. This creates an incentive to outperform the relevant comparison group
in the long term. Fraport AG pursues the goal of being an attractive investment for shareholders and therefore provides
an incentive for above-average success on the capital market. Achieving the target for the relative TSR is based on a
comparison with the MDAX. The Supervisory Board considers the MDAX to be an appropriate benchmark group, as
Fraport AG is listed in this index and the MDAX consists of companies of a comparable size. To calculate the TSR in the
performance period of the Fraport AG share and the MDAX, the arithmetic average of the closing prices over the last 30
trading days before the beginning of a year of the performance period and over the last 30 trading days before the end
of a year of the performance period is determined and then averaged relative to the four years of a performance period.
In determining the arithmetic average of closing prices at the end of the performance period, a fictitious amount of rein-
vested gross dividends is also taken into account. The target achievement is 100% if the TSR performance of the Fraport
AG share corresponds to the TSR performance of the comparison group. If the TSR performance of the Fraport AG
share is 25% below the TSR performance of the MDAX, the target is 50%. If the TSR performance of the Fraport AG
share is more than 25% below the TSR performance of the MDAX, the target is 0%. If the TSR performance of the
Fraport AG share is 25% or more below the TSR performance of the MDAX, the target is 150%. Achieving the targets
between the defined target achievement points follows a straight-line development.
For all performance shares allocated between fiscal years 2014 and 2019, the LTIP payment is limited to 150% of the product of
the performance shares of the target tranche multiplied by the relevant share price at the time of issuance. The “relevant share
price at the time of issuance” corresponds to the weighted average of the company’s closing share prices in XETRA or a similar
trading system replacing XETRA at the Frankfurt Stock Exchange during the month of January of the fiscal year, in which the
relevant performance period begins.
Performance shares awarded from the 2020 fiscal year onwards will be defined for the four-year performance period at the start
of the plan. The performance criteria allow a target to be achieved in the range of 0% to 150%. At the end of the four-year
performance period, the achievement of the performance criteria is determined and the final number of virtual performance shares
is determined. The distributed amount is calculated by multiplying the final number of performance shares determined by the
average price at that time of the Fraport AG share in the last 3 months prior to the end of the performance period plus dividends
paid per share during the performance period. The value of the performance shares to be distributed therefore depends on the
achievement of the performance criteria and the share price relevant for the distribution. The maximum payout amount is limited
to 150% for each tranche to the Executive Board and 125% for executives to the allocation value applicable at the start of the
plan.
Due to the market dependence of the fair value measurement, there was a negative effect on profit and loss of €1.1 million in the
past fiscal year 2022 (previous year expense of: €5.8 million), which was recognized in personnel expenses. Of this, €0.7 million
(previous year: €3.8 million) is attributable to Executive Board members and €0.4 million (previous year: €2.0 million) is attributable
to Senior Managers of Fraport AG.
Fiscal year 2019
Fiscal year 20201)
Fiscal year 20212)
39.39
25.75
Fiscal year 2022
1) Fair value for the Executive Board has been calculated under the PSP as of fiscal year 2020
2) Fair value for the Senior Managers calculated for the first time under the PSP in fiscal year 2021
34.01
9.45
36.55
10.61
32.14
22.20
52.10
17.06
46.95
42.53
56.60
16.11
35.72
33.54
As at January 1, 2019, the Executive Board and the senior executives in the Fraport Group were each granted a tranche. The
tranches for the Executive Board and for senior executives differ in the weighting of the individual years of the performance period
when calculating the degree of target achievement for the performance targets. Since fiscal year 2020, the weighting of the
individual tranches has been the same for both the Executive Board and senior executives.
The achievement of the targets for the respective performance criteria of the tranches from fiscal year 2020 will be published in
the subsequent compensation report after the end of the plan (2023).
Virtual share conditions
The virtual shares in the 2022 tranche were issued on January 1, 2022. Their term is four years ending on December 31, 2025.
The payout per virtual share corresponds to the weighted average closing prices of the Fraport share in the XETRA trading system
on the first 30 stock market trading days immediately following the last day of the performance period. As of the 2021 fiscal year,
the amount of the payout from the PSP shall be equal to the weighted average of the closing prices of the Fraport share in XETRA
trading on the last three calendar months prior to the end of the performance period plus dividends paid during the performance
period.
Entitlement to the PSP payment is established by approval by the Supervisory Board of the consolidated financial statements for
the last fiscal year of the performance period. Payments are made within one month.
The valuation of the virtual shares takes place on the basis of the fair value per share for a tranche. A Monte Carlo simulation is
used to determine the fair value. A simulation of the log-normal distributed processes is carried out for the Fraport share price to
determine the relevant payment according to the respective performance targets.
The fair value of virtual shares to be measured in fiscal years 2019 to 2022 was calculated based on the following assumptions:
A total of 100,624 virtual shares were issued in the 2022 fiscal year. A provision for the current LTIP tranches of €1.9 million and
the PSP in the amount of €3.0 million was reported as at December 31, 2022.
The basis of the computations on the respective valuation date was a continuous zero interest rate. The interest rates were
computed from the interest rate structures of government bonds maturing between one and ten years.
The computation basis for future dividend payments is public estimates made by ten banks. The arithmetic mean of these
estimates is taken to determine the dividends.
Historic volatility is used for the calculations. The calculations are based on the daily XETRA closing price for the Fraport AG
share and beginning in fiscal year 2020 also for the MDAX.
The remaining term of the LTIP or the PSP is used as the time horizon to determine volatility.
207
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
194
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
195
Fraport Twin Star Airport Management AD is guaranteed to the amount of €7.5 million (previous year: €7.5 million) in the context
of operating the airports in Varna and Burgas, Bulgaria.
The other contingent liabilities include among others that Fraport AG is held liable to the amount of €6.5 million for rentals payable
by Lufthansa Cargo Aktiengesellschaft to ACC Animal Cargo Center Frankfurt GmbH if Lufthansa Cargo Aktiengesellschaft
exercises an extraordinary right to terminate the contract (previous year: €7.1 million) as well as contingent liabilities of the
subsidiary Lima from tax risks to the amount of €6.9 million (previous year: €13.1 million).
Other contingent liabilities in 2022 also include possible claims by the local authorities against the Brazilian Fraport company in
Porto Alegre for the relocation/construction of alternative residential buildings for the residents of the “Vila Nazaré” settlement
adjacent to the airport site. The relocation has been completed. Despite a possible capitalization of these expenses, they are to
be presented under contingent liabilities. In total, this figure amounts to the equivalent of €68.5 million (previous year:
€52.9 million).
associated companies.
The above mentioned contingent liabilities contain commitments in connection with investments in joint ventures in the amount of
€107.1million (previous year: €120.1 million) and €34.0 million (previous year: €35.6 million) obligations in connection with
46 Other Financial Obligations
As at the balance sheet date, there were other obligations amounting to €144.4 million (previous year: €48.4 million). These relate
largely to obligations arising from a long-term heat and cold supply contract (€59.1 million, previous year: €24.0 million) with
Mainova AG. The other obligations include €80.1 million (previous year: €5.3 million) of obligations to joint ventures.
Revenue-related concession fees and additional obligations for capital expenditure of unspecified amounts on airport infrastruc-
ture have been agreed based on the existing concession agreements relating to the operation of the airports in Varna and Burgas,
Bulgaria; Lima, Peru; Fortaleza and Porto Alegre, Brazil; and the 14 Greek Regional Airports (see also note 49).
In addition to order commitments, other financial obligations also include future expenses from existing rental and leasing contracts
for operating and office equipment as well as technical systems and machines. No right-of-use assets in accordance with IFRS
16 were recognized for these contracts for reasons of materiality. Contracts are recorded as expenses like operate leases.
Order commitments for capital expenditure
€ million
December 31, 2022
December 31, 2021
Orders for capital expenditure in property, plant, and equipment and intangible assets
1,387.3
1,234.3
Order commitments for intangible assets comprise an insignificant portion of the total amount.
45 Contingent Liabilities
Contingent liabilities
€ million
Guarantees
Warranties
thereof contract performance guarantees
Other contingent liabilities
Total
December 31, 2022
December 31, 2021
2.1
1,721.1
1,644.3
89.9
1,813.1
2.5
673.5
585.0
79.6
755.6
The warranties concluded mainly result from the respective contract terms in connection with national and international investment
projects.
The guarantees primarily contain contract performance guarantees of €1,644.3 million, the most important of which are explained
below.
As at the balance sheet date of December 31, 2022, there were contract performance guarantees in connection with the two
service concession agreements concluded in 2015 for the 14 Greek Regional Airports of €31.2 million (previous year:
€37.8 million). There are no longer any guarantees for the associated construction activities (previous year: €29.4 million) and
financing (previous year: €7.3 million). Both guarantees expired in 2022 due to contractual fulfillment and agreements.
In December 2021, Fraport AG and its partner company TAV Airports Holding were awarded the tender for the new concession
to operate the Turkish Antalya Airport (see note 22). This new concession runs from 2027 to 2051. In the course of this acquisition,
the concession company Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş had to submit a contract performance guarantee to
the Turkish aviation authority as the grantor upon signing the concession agreement on December 28, 2021. This guarantee is
currently provided by the Turkish Ziraat Bank and reinsured by the shareholders in accordance with their shares in the consortium
(Fraport share: €38.3 million).
In the first quarter of 2022, an advance payment on the concession fee of €1,812.5 million was made to the Turkish grantor in
connection with this new concession in Antalya. To do so, the concession company took out financing in the amount of
€1,225.0 million via a banking consortium. Additional funds from banks were used to finance the contractually obligatory expansion
activities at the Antalya site so that the operating company reported liabilities to banks totaling around €1,361.0 million as at the
reporting date. Fraport AG, as a shareholder, issued a financing guarantee in favor of the bank consortium totaling €687.3 million
in accordance with its share.
In connection with the current concession at Antalya Airport, Türkiye, in which Fraport AG holds a 50% stake, the shareholder
guarantees were contractually reduced in 2022 from €150.0 million (€75.0 million Fraport share) to €125.0 million (€62.5 million
Fraport share) for an existing loan (financing by the Turkish Akbank or, as the issuing bank, the Spanish Banco Santander).
Furthermore, there is a guarantee of €3.8 million in connection with the commitment (previous year: €5.6 million).
The concession agreements in Porto Alegre and Fortaleza, Brazil, resulted in performance guarantees of €401.7 million (previous
year: €376.4 million).
A performance guarantee, excluding recourse against Fraport AG, was signed between GMR Holdings Private Ltd., Fraport AG,
and ICICI Bank Ltd. to the amount of INR3.000 million or €34.0 million (previous year: €35.6 million) to modernize, expand, and
operate Delhi Airport (India). If, however, the party to the contract, GMR Holdings Private Ltd., fails to meet its contractual obliga-
tions, Fraport AG’s liability may not be excluded given the fact that Fraport AG is party to the contract.
The performance guarantee relating to the concession agreement for the operation of the airport in Lima, Peru, amounted to
€24.6 million as at the balance sheet date (previous year: €14.6 million). The amount of the guarantee is regularly adjusted and
depends on the investment obligations already fulfilled by the subsidiary in Lima.
The Group companies of Fraport USA have obligations which are amounting to €7.0 million (previous year: €6.8 million) in
connection with the operation and development of commercial terminal areas at various US airports.
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December 31, 2022
December 31, 2021
2.1
1,721.1
1,644.3
89.9
1,813.1
2.5
673.5
585.0
79.6
755.6
45 Contingent Liabilities
Contingent liabilities
thereof contract performance guarantees
Other contingent liabilities
Total
€ million
Guarantees
Warranties
projects.
below.
The warranties concluded mainly result from the respective contract terms in connection with national and international investment
The guarantees primarily contain contract performance guarantees of €1,644.3 million, the most important of which are explained
As at the balance sheet date of December 31, 2022, there were contract performance guarantees in connection with the two
service concession agreements concluded in 2015 for the 14 Greek Regional Airports of €31.2 million (previous year:
€37.8 million). There are no longer any guarantees for the associated construction activities (previous year: €29.4 million) and
financing (previous year: €7.3 million). Both guarantees expired in 2022 due to contractual fulfillment and agreements.
In December 2021, Fraport AG and its partner company TAV Airports Holding were awarded the tender for the new concession
to operate the Turkish Antalya Airport (see note 22). This new concession runs from 2027 to 2051. In the course of this acquisition,
the concession company Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş had to submit a contract performance guarantee to
the Turkish aviation authority as the grantor upon signing the concession agreement on December 28, 2021. This guarantee is
currently provided by the Turkish Ziraat Bank and reinsured by the shareholders in accordance with their shares in the consortium
(Fraport share: €38.3 million).
In the first quarter of 2022, an advance payment on the concession fee of €1,812.5 million was made to the Turkish grantor in
connection with this new concession in Antalya. To do so, the concession company took out financing in the amount of
€1,225.0 million via a banking consortium. Additional funds from banks were used to finance the contractually obligatory expansion
activities at the Antalya site so that the operating company reported liabilities to banks totaling around €1,361.0 million as at the
reporting date. Fraport AG, as a shareholder, issued a financing guarantee in favor of the bank consortium totaling €687.3 million
in accordance with its share.
In connection with the current concession at Antalya Airport, Türkiye, in which Fraport AG holds a 50% stake, the shareholder
guarantees were contractually reduced in 2022 from €150.0 million (€75.0 million Fraport share) to €125.0 million (€62.5 million
Furthermore, there is a guarantee of €3.8 million in connection with the commitment (previous year: €5.6 million).
A performance guarantee, excluding recourse against Fraport AG, was signed between GMR Holdings Private Ltd., Fraport AG,
and ICICI Bank Ltd. to the amount of INR3.000 million or €34.0 million (previous year: €35.6 million) to modernize, expand, and
operate Delhi Airport (India). If, however, the party to the contract, GMR Holdings Private Ltd., fails to meet its contractual obliga-
tions, Fraport AG’s liability may not be excluded given the fact that Fraport AG is party to the contract.
The performance guarantee relating to the concession agreement for the operation of the airport in Lima, Peru, amounted to
€24.6 million as at the balance sheet date (previous year: €14.6 million). The amount of the guarantee is regularly adjusted and
depends on the investment obligations already fulfilled by the subsidiary in Lima.
The Group companies of Fraport USA have obligations which are amounting to €7.0 million (previous year: €6.8 million) in
connection with the operation and development of commercial terminal areas at various US airports.
Fraport Twin Star Airport Management AD is guaranteed to the amount of €7.5 million (previous year: €7.5 million) in the context
of operating the airports in Varna and Burgas, Bulgaria.
The other contingent liabilities include among others that Fraport AG is held liable to the amount of €6.5 million for rentals payable
by Lufthansa Cargo Aktiengesellschaft to ACC Animal Cargo Center Frankfurt GmbH if Lufthansa Cargo Aktiengesellschaft
exercises an extraordinary right to terminate the contract (previous year: €7.1 million) as well as contingent liabilities of the
subsidiary Lima from tax risks to the amount of €6.9 million (previous year: €13.1 million).
Other contingent liabilities in 2022 also include possible claims by the local authorities against the Brazilian Fraport company in
Porto Alegre for the relocation/construction of alternative residential buildings for the residents of the “Vila Nazaré” settlement
adjacent to the airport site. The relocation has been completed. Despite a possible capitalization of these expenses, they are to
be presented under contingent liabilities. In total, this figure amounts to the equivalent of €68.5 million (previous year:
€52.9 million).
The above mentioned contingent liabilities contain commitments in connection with investments in joint ventures in the amount of
€107.1million (previous year: €120.1 million) and €34.0 million (previous year: €35.6 million) obligations in connection with
associated companies.
46 Other Financial Obligations
As at the balance sheet date, there were other obligations amounting to €144.4 million (previous year: €48.4 million). These relate
largely to obligations arising from a long-term heat and cold supply contract (€59.1 million, previous year: €24.0 million) with
Mainova AG. The other obligations include €80.1 million (previous year: €5.3 million) of obligations to joint ventures.
Revenue-related concession fees and additional obligations for capital expenditure of unspecified amounts on airport infrastruc-
ture have been agreed based on the existing concession agreements relating to the operation of the airports in Varna and Burgas,
Bulgaria; Lima, Peru; Fortaleza and Porto Alegre, Brazil; and the 14 Greek Regional Airports (see also note 49).
In addition to order commitments, other financial obligations also include future expenses from existing rental and leasing contracts
for operating and office equipment as well as technical systems and machines. No right-of-use assets in accordance with IFRS
16 were recognized for these contracts for reasons of materiality. Contracts are recorded as expenses like operate leases.
Order commitments for capital expenditure
€ million
December 31, 2022
December 31, 2021
Fraport share) for an existing loan (financing by the Turkish Akbank or, as the issuing bank, the Spanish Banco Santander).
Orders for capital expenditure in property, plant, and equipment and intangible assets
1,387.3
1,234.3
The concession agreements in Porto Alegre and Fortaleza, Brazil, resulted in performance guarantees of €401.7 million (previous
Order commitments for intangible assets comprise an insignificant portion of the total amount.
year: €376.4 million).
209
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Operating leases
€ million
Rental and lease contracts
up to 1 year
more than 1 up to 5 years
more than 5 years
Total
December 31, 2022
December 31, 2021
6.7
7.2
0.1
14.0
6.9
8.0
0.0
14.9
47 Risk management
Fraport is exposed to market price risks mainly due to changes in exchange rates and interest rates. The Group is additionally
exposed to credit risks. There are also liquidity risks arising in connection with credit and market price risks or resulting from a
worsening of the operating business or disturbances on the financial markets. It is the objective of financial risk management to
monitor and limit these risks by means of current operating and finance-related activities. Depending on a risk assessment,
selected hedging instruments are used for these purposes. In general, Fraport hedges only those risks that affect the Group’s
cash flows. Recently concluded derivative financial instruments are used exclusively as hedging instruments; i.e. they are not
used for trading purposes.
Reporting to the Executive Board of risk positions is made once per quarter as part of the early risk recognition system. In addition,
the Chief Financial Officer receives a current financial report each month with all important financial risk positions. These are also
part of the monthly Treasury Committee Meetings (TCM) in which the Chief Financial Officer and representatives of the financial
department participate. The processes of risk control and the use of financial instruments, among others, are regulated as part of
the Group’s financial guidelines. These regulations also include requirements for the unambiguous segregation of functions in
respect of operating financial activities, their settlement and accounting, and the controlling of the financial instruments. The
guidelines, which are the basis of the risk management processes, aim to limit and control the risks appropriately and monitor
them. Both the guidelines and the systems are regularly reviewed and adjusted to current market and product developments.
For further details, please refer to the opportunity and risk reporting in the combined management report.
Credit risk
Fraport is subject to default risks from its operating business and certain financial positions. The default risks arising from financial
positions are controlled by a broad diversification of counterparties and issuers, as well as regular verification of their credit ratings
and the limits derived from this. It is the company’s risk policy that financial assets and derivative transactions are in principle only
carried out with issuers and counterparties with a credit rating of at least “BBB–”. If the credit rating is downgraded to a grade
worse than “BBB–” during the asset’s holding period or the term of the derivative, a decision will be made on a case-by-case basis
on how to deal with the asset or derivative in future, taking into account the remaining term. A low credit risk is expected, unless
the debtor of a financial asset shows an external rating with “investment grade” upon initial recognition or on the balance sheet
date.
€ million
AAA
AA+
AA
AA–
A+
A
A–
BBB+
BBB
BBB–
BB
Not rated
Total
AAA
AA+
AA
AA–
A+
A
A–
BBB+
BBB
BBB–
BB+
BB
BB–
B+
B
B–
CCC+
Not rated
Total
The gross carrying amount of securities and promissory note loans have the following long-term issuer ratings:
Issuer ratings of securities and promissory note loans
December 31, 2022
December 31, 2021
The credit risk on liquid funds (gross carrying amount) applies solely with regard to banks. Here, current cash deposits are main-
tained with banks. The banks where liquid funds are deposited have the following long-term issuer ratings:
Issuer ratings of liquid funds
€ million
December 31, 2022
December 31, 2021
6.2
5.1
38.9
187.3
252.6
161.5
93.9
252.6
192.6
87.4
0.0
3.6
1,281.7
0.0
0.0
0.0
389.0
631.7
300.8
629.4
159.7
3.6
0.8
0.0
0.0
16.2
0.0
0.0
451.8
0.0
2.2
0.0
5.5
29.1
45.1
76.4
197.7
66.3
191.7
228.1
61.6
0.0
0.0
901.5
0.0
0.0
0.0
210.0
713.2
332.4
1,016.2
181.0
2.7
0.4
0.0
0.0
9.9
0.0
0.9
0.0
2.3
193.9
2,585.2
2,662.9
The maximum credit risk on the balance sheet date is mainly reflected in the carrying amounts of the assets reported in the
financial position. The amount of the debt instruments corresponds to the credit risks of the securities and promissory note loans.
On the balance sheet date, the material securities and promissory note loans were broken down as follows:
Liquidity risk
Fraport generates financial funds mainly through its operating business and external financing. The funds are primarily used to
finance capital expenditure for items of property, plant, and equipment and intangible assets.
Classification of debt instruments
€ million
Debt instruments
December 31, 2022
December 31, 2021
1,281.7
901.5
The operating cash flow, the available liquid funds (including cash and cash equivalents and current realizable securities and
other financial instruments), as well as current and non-current credit lines and loan commitments, give sufficient flexibility to
ensure the liquidity of the Fraport Group.
Given the diversity both of the financing sources, and the liquid funds, and financial assets, there is no risk of concentration in the
liquidity.
The operating liquidity management comprises a cash concentration process, which, on a daily basis, combines the liquid funds
of most of the Group companies headquartered in Germany. This allows optimum control of liquidity surpluses and requirements
210
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Operating leases
€ million
Rental and lease contracts
up to 1 year
more than 1 up to 5 years
more than 5 years
Total
December 31, 2022
December 31, 2021
6.7
7.2
0.1
14.0
6.9
8.0
0.0
14.9
47 Risk management
Fraport is exposed to market price risks mainly due to changes in exchange rates and interest rates. The Group is additionally
exposed to credit risks. There are also liquidity risks arising in connection with credit and market price risks or resulting from a
worsening of the operating business or disturbances on the financial markets. It is the objective of financial risk management to
monitor and limit these risks by means of current operating and finance-related activities. Depending on a risk assessment,
selected hedging instruments are used for these purposes. In general, Fraport hedges only those risks that affect the Group’s
cash flows. Recently concluded derivative financial instruments are used exclusively as hedging instruments; i.e. they are not
used for trading purposes.
The gross carrying amount of securities and promissory note loans have the following long-term issuer ratings:
Issuer ratings of securities and promissory note loans
€ million
AAA
AA+
AA
AA–
A+
A
A–
BBB+
BBB
BBB–
BB
Not rated
Total
December 31, 2022
December 31, 2021
6.2
5.1
38.9
187.3
252.6
161.5
93.9
252.6
192.6
87.4
0.0
3.6
1,281.7
0.0
5.5
29.1
45.1
76.4
197.7
66.3
191.7
228.1
61.6
0.0
0.0
901.5
Reporting to the Executive Board of risk positions is made once per quarter as part of the early risk recognition system. In addition,
Issuer ratings of liquid funds
the Chief Financial Officer receives a current financial report each month with all important financial risk positions. These are also
€ million
December 31, 2022
December 31, 2021
The credit risk on liquid funds (gross carrying amount) applies solely with regard to banks. Here, current cash deposits are main-
tained with banks. The banks where liquid funds are deposited have the following long-term issuer ratings:
part of the monthly Treasury Committee Meetings (TCM) in which the Chief Financial Officer and representatives of the financial
department participate. The processes of risk control and the use of financial instruments, among others, are regulated as part of
the Group’s financial guidelines. These regulations also include requirements for the unambiguous segregation of functions in
respect of operating financial activities, their settlement and accounting, and the controlling of the financial instruments. The
guidelines, which are the basis of the risk management processes, aim to limit and control the risks appropriately and monitor
them. Both the guidelines and the systems are regularly reviewed and adjusted to current market and product developments.
For further details, please refer to the opportunity and risk reporting in the combined management report.
Credit risk
date.
Fraport is subject to default risks from its operating business and certain financial positions. The default risks arising from financial
positions are controlled by a broad diversification of counterparties and issuers, as well as regular verification of their credit ratings
and the limits derived from this. It is the company’s risk policy that financial assets and derivative transactions are in principle only
carried out with issuers and counterparties with a credit rating of at least “BBB–”. If the credit rating is downgraded to a grade
worse than “BBB–” during the asset’s holding period or the term of the derivative, a decision will be made on a case-by-case basis
on how to deal with the asset or derivative in future, taking into account the remaining term. A low credit risk is expected, unless
the debtor of a financial asset shows an external rating with “investment grade” upon initial recognition or on the balance sheet
AAA
AA+
AA
AA–
A+
A
A–
BBB+
BBB
BBB–
BB+
BB
BB–
B+
B
B–
CCC+
Not rated
Total
0.0
0.0
0.0
389.0
631.7
300.8
629.4
159.7
3.6
0.8
0.0
0.0
16.2
0.0
0.0
451.8
0.0
2.2
0.0
0.0
0.0
210.0
713.2
332.4
1,016.2
181.0
2.7
0.4
0.0
0.0
9.9
0.0
0.9
193.9
0.0
2.3
2,585.2
2,662.9
The maximum credit risk on the balance sheet date is mainly reflected in the carrying amounts of the assets reported in the
financial position. The amount of the debt instruments corresponds to the credit risks of the securities and promissory note loans.
On the balance sheet date, the material securities and promissory note loans were broken down as follows:
Liquidity risk
Fraport generates financial funds mainly through its operating business and external financing. The funds are primarily used to
finance capital expenditure for items of property, plant, and equipment and intangible assets.
Classification of debt instruments
€ million
Debt instruments
December 31, 2022
December 31, 2021
1,281.7
901.5
The operating cash flow, the available liquid funds (including cash and cash equivalents and current realizable securities and
other financial instruments), as well as current and non-current credit lines and loan commitments, give sufficient flexibility to
ensure the liquidity of the Fraport Group.
Given the diversity both of the financing sources, and the liquid funds, and financial assets, there is no risk of concentration in the
liquidity.
The operating liquidity management comprises a cash concentration process, which, on a daily basis, combines the liquid funds
of most of the Group companies headquartered in Germany. This allows optimum control of liquidity surpluses and requirements
211
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in line with the needs of individual Group companies. Short and medium-term liquidity management includes the maturities of
financial assets and financial liabilities and estimates of the operating cash flow.
Currency risk
The following list of maturities shows how the liability cash flows as at December 31, 2022 influence the Group’s future liquidity.
Liquidity profile as at December 31, 2022
€ million
Total
2023
2024
2025 – 2029
2030 – 2034
2035 et seqq.
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Primary financial instruments
Financial liabilities
Lease liabilities
Concessions payable
Trade accounts payable
Other financial liabilities
Derivative financial instruments
Interest rate swaps
Thereof trading
Thereof hedge accounting
12,622.1
264.2
2,037.4
506.7
100.6
–
0.7
0.7
–
236.0
–
–
–
–
–
0.3
0.3
–
1,199.9
47.6
48.1
444.4
88.6
–
–
–
–
221.3
–
–
–
–
–
0.2
0.2
–
1,433.6
41.1
25.8
52.7
4.7
–
–
–
–
824.7
0
–
–
–
–
0.2
0.2
–
6,101.1
136
263.8
9.4
0.1
317.2
0
–
–
–
1,438.9
8,3
305.9
0.2
–
143.6
0
–
–
–
705.8
31,2
1,393.8
–
7.2
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
The liquidity profile as at December 31, 2021 was as follows:
Liquidity profile as at December 31, 2021
€ million
Total
2022
2023
2024 – 2028
2029 – 2033
2034 et seqq.
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Primary financial instruments
Financial liabilities
Finance leases
Concessions payable
Trade accounts payable
Other financial liabilities
Derivative financial instruments
Interest rate swaps
Thereof trading
Thereof hedge accounting
11,366.4
289.6
2,519.4
370.6
76.5
–
17.4
4.5
12.9
182.0
0
0
0
0
0
4.1
1.4
2.7
555.9
49.3
24.6
298.8
55.8
0
0
0
0
174.9
–
0
0
0
0
3.2
1.3
1.9
862.8
42.8
41.3
57.4
10.5
0
0
0
0
701,3
0
6,069.3
154.8
279.2
0
1,889.1
10.6
125.7
0
0
0
0
0
7.8
1.8
6.0
288.2
12.0
–
0
0
0
0
0
0
0
0
2.2
–
2.2
357.3
2.4
–
0
0
0
0
0
0
0
0
0.1
–
0.1
526.2
32.1
1,808.0
–
10,2
0
0
0
0
All financial instruments that are subject to agreements as at the reporting date were included to determine the undiscounted
payments. If a contractual partner can release a payment at different points of time, the earliest deadline was taken into account.
The respective forward interest rates derived from the interest curve as at the balance sheet date were used to determine the
interest payments on primary financial liabilities bearing interest at floating rates and the net payments on derivative financial
instruments. The respective forward interest rates were used to determine the interest payments on primary financial liabilities in
foreign currency.
For project-financing arrangements of foreign Group companies, credit clauses typical for this type of financing have been agreed.
These clauses include regulations under which certain debt service coverage ratios and control indicators for leverage and credit
terms must be complied with. Failure to comply with the agreed credit clauses may lead to restrictions on the distribution of
dividends and/or to the early redemption of loans or to the additional payment of shareholders’ equity. Furthermore, pledges of,
for example, shares in the company or the assets associated with the service concessions were agreed to secure the project
financing.
Furthermore, there are loans with contractually agreed credit clauses. These clauses relate, among other things, to changes in
the shareholder structure, and control of the company. If these changes have a proven negative effect on the credit rating of
Fraport AG, the creditors have, above a certain threshold, the right to call the loans due ahead of time.
As at the reporting date, most companies were in compliance with the provisions of the financing agreements. For companies that
were not able to maintain the required financial key figures, agreements were reached with the financing banks effective December
31, 2022, which were in line with the arrangements provided for this purpose in the respective financing contracts.
212
The international focus of the Fraport Group makes its operating business, the financial results reported, and the cash flows
subject to foreign currency fluctuation risks. Within the Group, foreign currency risks mainly arise from revenue in foreign curren-
cies, which are not covered by expenses in matching currencies. This results in a cash flow risk between foreign currency revenue
and functional currency revenue. Only the transaction risks affecting cash flows are actively controlled. These mainly apply
between the US Dollar (US$) and the Peruvian Nuevo Sol (PEN). To reduce the foreign currency effects in the operating business,
the transaction risk is assessed on an ongoing basis and hedged where necessary by using derivative financial instruments.
Entering into financial instrument transactions is the responsibility of the Group companies in close coordination with the Treasury
department of Fraport AG. The transaction risks are assessed by means of sensitivity analyses. The calculation rates on which
the analyses are based are the result of the mean value for the respective exchange rate in the period under review, less or in
addition to a standard deviation. Taking these assumptions as a basis with a deviation of 10%, the result for the period would
have been affected in the year under review as follows:
Currency rate sensitivity
Risk in € million
Net income before tax
Loss before tax Net income before tax
Loss before tax
December 31, 2022
December 31, 2021
US$/PEN
0.40
0.40
0.26
0.26
In addition, there are effects in the Group from the translation of foreign currency assets or liabilities into euros and/or from the
consolidation of Group companies not accounted for in euros. These translational risks are met as far as possible by applying
natural hedging.
Interest rate risk
future planned capital requirements.
The Fraport Group is exposed to interest rate risks on a variety of primary and derivative financial assets and liabilities, as well as
In regard to assets and liabilities that are currently held, the objective of refinancing at matching maturities is generally pursued.
The interest rate risk arising in the next twelve months is relevant for control. Therefore, it is assessed every quarter and reported
to the financial risk committee. Sensitivity analyses are prepared to determine the risk. These show the effects of changes in
market interest rates on interest payments, interest income and expenses, other profit or loss portions, and shareholders’ equity.
Interest rate changes are defined to be the maximum fluctuation of the key interest rate in the past for the respective currency
and the respective period of time and/or the maximum fluctuation of the ten-year euro swap rate in the past. Here, the deviation
in absolute terms is taken into consideration.
To limit the interest rate risks, derivative financial instruments, such as interest rate swaps, floors, and swaptions, are used.
The sensitivity analyses are based on the following assumptions:
Changes in market interest rates of primary financial instruments with fixed interest rates affect profit or loss, or shareholders’
equity, only if the instruments are measured at fair value. The sensitivity analysis for these financial instruments assumes a parallel
shift of the interest rate curve by 169 basis points over a period of twelve months.
The financial instruments measured at amortized acquisition cost with fixed interest rates do not affect the result for the period or
the shareholders’ equity of the Fraport Group.
Market interest rate changes of primary floating-rate financial instruments that are not designated hedged items in a cash flow
hedge of interest rate exposures affect the interest result and are therefore included in the calculation of profit or loss related
sensitivities. The respective net financial position for each currency is taken into account in the process. The interest rate sensitivity
analysis is based on the following assumptions: in €: 3.25 percentage points; US Dollar (US$): 4.25 percentage points; Turkish
Lira (TRY): 15.75 percentage points; Peruvian Nuevo Sol (PEN): 6.00 percentage points; Saudi Riyal (SAR): 4.00 percentage
points; Bulgarian Lew (BGN): 5.22 percentage points; Hong Kong Dollar (HKD): 5.25 percentage points; Brazilian Real (BRL):
10.50 percentage points. The individual sensitivities are then aggregated to become one profit or loss related sensitivity in €.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
198
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199
in line with the needs of individual Group companies. Short and medium-term liquidity management includes the maturities of
financial assets and financial liabilities and estimates of the operating cash flow.
The following list of maturities shows how the liability cash flows as at December 31, 2022 influence the Group’s future liquidity.
Liquidity profile as at December 31, 2022
€ million
Total
2023
2024
2025 – 2029
2030 – 2034
2035 et seqq.
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
236.0
1,199.9
221.3
1,433.6
824.7
6,101.1
317.2
1,438.9
143.6
The liquidity profile as at December 31, 2021 was as follows:
Liquidity profile as at December 31, 2021
€ million
Total
2022
2023
2024 – 2028
2029 – 2033
2034 et seqq.
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
182.0
555.9
174.9
862.8
701,3
6,069.3
279.2
1,889.1
125.7
12,622.1
264.2
2,037.4
506.7
100.6
–
0.7
0.7
–
11,366.4
289.6
2,519.4
370.6
76.5
–
17.4
4.5
12.9
–
–
–
–
–
0.3
0.3
–
0
0
0
0
0
4.1
1.4
2.7
47.6
48.1
444.4
88.6
–
–
–
–
49.3
24.6
298.8
55.8
0
0
0
0
–
–
–
–
–
0.2
0.2
–
–
0
0
0
0
3.2
1.3
1.9
41.1
25.8
52.7
4.7
–
–
–
–
42.8
41.3
57.4
10.5
0
0
0
0
0
–
–
–
–
0.2
0.2
–
0
0
0
0
0
7.8
1.8
6.0
136
263.8
9.4
0.1
–
–
–
–
–
0
0
0
0
154.8
288.2
12.0
0
–
–
–
–
–
–
–
0
0
0
0
2.2
0
–
2.2
8,3
305.9
0.2
–
–
–
–
–
10.6
357.3
2.4
–
0
0
0
0
705.8
31,2
1,393.8
–
7.2
–
–
–
–
0
0
0
0
526.2
32.1
1,808.0
–
10,2
0
–
–
–
–
–
–
–
0
0
0
0
0.1
0
–
0.1
All financial instruments that are subject to agreements as at the reporting date were included to determine the undiscounted
payments. If a contractual partner can release a payment at different points of time, the earliest deadline was taken into account.
The respective forward interest rates derived from the interest curve as at the balance sheet date were used to determine the
interest payments on primary financial liabilities bearing interest at floating rates and the net payments on derivative financial
instruments. The respective forward interest rates were used to determine the interest payments on primary financial liabilities in
Primary financial instruments
Financial liabilities
Lease liabilities
Concessions payable
Trade accounts payable
Other financial liabilities
Derivative financial instruments
Interest rate swaps
Thereof trading
Thereof hedge accounting
Primary financial instruments
Financial liabilities
Finance leases
Concessions payable
Trade accounts payable
Other financial liabilities
Derivative financial instruments
Interest rate swaps
Thereof trading
Thereof hedge accounting
foreign currency.
financing.
For project-financing arrangements of foreign Group companies, credit clauses typical for this type of financing have been agreed.
These clauses include regulations under which certain debt service coverage ratios and control indicators for leverage and credit
terms must be complied with. Failure to comply with the agreed credit clauses may lead to restrictions on the distribution of
dividends and/or to the early redemption of loans or to the additional payment of shareholders’ equity. Furthermore, pledges of,
for example, shares in the company or the assets associated with the service concessions were agreed to secure the project
Furthermore, there are loans with contractually agreed credit clauses. These clauses relate, among other things, to changes in
the shareholder structure, and control of the company. If these changes have a proven negative effect on the credit rating of
Fraport AG, the creditors have, above a certain threshold, the right to call the loans due ahead of time.
As at the reporting date, most companies were in compliance with the provisions of the financing agreements. For companies that
were not able to maintain the required financial key figures, agreements were reached with the financing banks effective December
31, 2022, which were in line with the arrangements provided for this purpose in the respective financing contracts.
Currency risk
The international focus of the Fraport Group makes its operating business, the financial results reported, and the cash flows
subject to foreign currency fluctuation risks. Within the Group, foreign currency risks mainly arise from revenue in foreign curren-
cies, which are not covered by expenses in matching currencies. This results in a cash flow risk between foreign currency revenue
and functional currency revenue. Only the transaction risks affecting cash flows are actively controlled. These mainly apply
between the US Dollar (US$) and the Peruvian Nuevo Sol (PEN). To reduce the foreign currency effects in the operating business,
the transaction risk is assessed on an ongoing basis and hedged where necessary by using derivative financial instruments.
Entering into financial instrument transactions is the responsibility of the Group companies in close coordination with the Treasury
department of Fraport AG. The transaction risks are assessed by means of sensitivity analyses. The calculation rates on which
the analyses are based are the result of the mean value for the respective exchange rate in the period under review, less or in
addition to a standard deviation. Taking these assumptions as a basis with a deviation of 10%, the result for the period would
have been affected in the year under review as follows:
Currency rate sensitivity
Risk in € million
Net income before tax
Loss before tax Net income before tax
Loss before tax
December 31, 2022
December 31, 2021
US$/PEN
0.40
0.40
0.26
0.26
In addition, there are effects in the Group from the translation of foreign currency assets or liabilities into euros and/or from the
consolidation of Group companies not accounted for in euros. These translational risks are met as far as possible by applying
natural hedging.
Interest rate risk
The Fraport Group is exposed to interest rate risks on a variety of primary and derivative financial assets and liabilities, as well as
future planned capital requirements.
In regard to assets and liabilities that are currently held, the objective of refinancing at matching maturities is generally pursued.
The interest rate risk arising in the next twelve months is relevant for control. Therefore, it is assessed every quarter and reported
to the financial risk committee. Sensitivity analyses are prepared to determine the risk. These show the effects of changes in
market interest rates on interest payments, interest income and expenses, other profit or loss portions, and shareholders’ equity.
Interest rate changes are defined to be the maximum fluctuation of the key interest rate in the past for the respective currency
and the respective period of time and/or the maximum fluctuation of the ten-year euro swap rate in the past. Here, the deviation
in absolute terms is taken into consideration.
To limit the interest rate risks, derivative financial instruments, such as interest rate swaps, floors, and swaptions, are used.
The sensitivity analyses are based on the following assumptions:
Changes in market interest rates of primary financial instruments with fixed interest rates affect profit or loss, or shareholders’
equity, only if the instruments are measured at fair value. The sensitivity analysis for these financial instruments assumes a parallel
shift of the interest rate curve by 169 basis points over a period of twelve months.
The financial instruments measured at amortized acquisition cost with fixed interest rates do not affect the result for the period or
the shareholders’ equity of the Fraport Group.
Market interest rate changes of primary floating-rate financial instruments that are not designated hedged items in a cash flow
hedge of interest rate exposures affect the interest result and are therefore included in the calculation of profit or loss related
sensitivities. The respective net financial position for each currency is taken into account in the process. The interest rate sensitivity
analysis is based on the following assumptions: in €: 3.25 percentage points; US Dollar (US$): 4.25 percentage points; Turkish
Lira (TRY): 15.75 percentage points; Peruvian Nuevo Sol (PEN): 6.00 percentage points; Saudi Riyal (SAR): 4.00 percentage
points; Bulgarian Lew (BGN): 5.22 percentage points; Hong Kong Dollar (HKD): 5.25 percentage points; Brazilian Real (BRL):
10.50 percentage points. The individual sensitivities are then aggregated to become one profit or loss related sensitivity in €.
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Group Notes / Other Disclosures
201
Changes in market interest rates of interest rate derivatives which are not part of a hedging relationship pursuant to IFRS 9 affect
the other financial result and are therefore included in the profit or loss related sensitivities. The maximum variability is taken to
be a parallel shift of the interest rate curve by 169 basis points over a period of twelve months.
Based on the portfolios and the structure of the consolidated statement of financial position as at December 31, 2022 and the
assumptions made, the profit or loss-related sensitivity is 8.6 million in the event of an increase (decrease) in the market interest
rate (previous year: €28.2 million). This means that the financial result could hypothetically have increased (decreased) by
€8.6 million. This hypothetical effect on the result would have resulted from the potential effects of interest rate derivatives of
€1.0 million (previous year: €1.7 million) and an increase (decrease) in the interest result from primary floating-rate net financial
positions of €7.6 million (previous year: €26.5 million).
Interest sensitivity on the financial result (169 basis points)
December 31, 2022
December 31, 2021
Interest sensitivity
in € million
Thereof from
derivative financial
instruments
Thereof from primary
financial instruments
8.6
28.2
1.0
1.7
7.6
26.5
The equity-related sensitivity is €39.7 million (previous year: €47.9 million). By applying the assumptions made, an increase
(decrease) in interest rates would have resulted in an increase (decrease) in shareholders’ equity of €39.7 million.
Assuming a parallel shift in the interest rate curve of 107 basis points (previous year: 33 basis points) over a twelve-month period
in the current interest rate environment gives the following results-oriented interest sensitivity:
Interest sensitivity on the financial result in the current interest rate environment
December 31, 2022
December 31, 2021
Interest sensitivity in €
million
Thereof from deriva-
tive financial instru-
ments
Thereof from primary
financial instruments
8.2
26.8
0.6
0.3
7.6
26.5
The equity-related sensitivity for 107 basis points (previous year: 33 basis points) is –€25.1 million (previous year: –€9.4 million).
By applying the assumptions made, an increase (decrease) in interest rates would have resulted in an increase (decrease) in
shareholders’ equity of –€25.1 million.
Capital management
The Group’s objectives with a view to capital management are ensuring the company’s continued existence and a sustained
increase in the company’s value. As a capital market-oriented company with continuing capital expenditure requirements, Fraport
monitors the development of its financial debt using ratios that relate EBITDA to net financial debt and/or interest expense and
also very closely monitors developments in the various financing markets.
The components of the control indicators are defined as follows:
Components of the control indicators
Net financial debt
The financial ratios developed as follows in the period under review:
EBITDA
Interest expense
Financial debt ratios
Key figures
Net Debt/EBITDA
EBITDA/interest expense
Current financial liabilities
+ Non-current financial liabilities
– Liquid funds
– Current realizable assets in “other financial assets” and “other receivables
Operating result + depreciation and amortization
and financial assets”
Interest expense
Corridor
December 31, 2022
December 31, 2021
Max. 5 x
Min. 3 – 4 x
6.9
3.3
8.4
2.8
Due to the unpredictable extent of the Coronavirus Pandemic and the significant negative financial development compared with
pre-coronavirus times, some of the ranges or thresholds presented in relation to the financial debt ratios could not be met. In the
fiscal year 2022, a further increase in net financial debt is expected in view of the continuing low level of operating development
and the advancing construction activities, in particular at the Frankfurt site and in Lima. Therefore, the net financial debt to Group
EBITDA is expected to be in the high single-digit range. However, this key figure is expected to return to the target value of five
due to the expected improvement in Group EBITDA.
On the basis of a financial institution license, Fraport Malta Business Ltd. finances both companies controlled by Fraport AG and
joint ventures and associated companies in the Group. There are minimum capital requirements due to regulatory requirements
in connection with the existing financial institution license. In particular, with regard to lending to companies in which Fraport AG
directly or indirectly only holds a minority interest, special minimum capital requirements in relation to the amount lent complied
with by the company as at the balance sheet date are to be observed per loan. The minimum capital requirements were consist-
ently met during fiscal year 2022. Capital management is performed by the company taking account of the regulatory conditions
set by the EU and the Maltese financial supervisory authority.
48 Related Party Disclosures
Relationships with related parties and the State of Hesse
Alongside the Group companies included in the consolidated financial statements, in the context of the course of ordinary business
operations, the Group is also related to parties that are not included as well as associated companies and joint ventures, which
are parties related to the Group according to IAS 24. Thus, Fraport AG has numerous business relationships with the State of
Hesse and the City of Frankfurt and their majority-owned investments. Related companies and authorities with which major busi-
ness relationships are maintained include Mainova AG and its subsidiaries. In addition, other operating income in the fiscal year
2021 included the compensation granted by both the German Federal Government and the State of Hesse for the holding costs
incurred in the first lockdown in 2020 (see also note 7). The compensation payment approved by the State of Hesse in this context
amounted to €79.9 million.
business relationships:
All transactions with related parties have been concluded under conditions customary in the market as with unrelated third parties.
The services rendered to authorities are generally based on cost prices. The following table shows the scope of the respective
214
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positions of €7.6 million (previous year: €26.5 million).
Interest sensitivity on the financial result (169 basis points)
December 31, 2022
December 31, 2021
The equity-related sensitivity is €39.7 million (previous year: €47.9 million). By applying the assumptions made, an increase
(decrease) in interest rates would have resulted in an increase (decrease) in shareholders’ equity of €39.7 million.
Assuming a parallel shift in the interest rate curve of 107 basis points (previous year: 33 basis points) over a twelve-month period
in the current interest rate environment gives the following results-oriented interest sensitivity:
Interest sensitivity on the financial result in the current interest rate environment
Interest sensitivity in €
Thereof from deriva-
Thereof from primary
million
tive financial instru-
financial instruments
ments
0.6
0.3
8.2
26.8
7.6
26.5
The equity-related sensitivity for 107 basis points (previous year: 33 basis points) is –€25.1 million (previous year: –€9.4 million).
By applying the assumptions made, an increase (decrease) in interest rates would have resulted in an increase (decrease) in
December 31, 2022
December 31, 2021
shareholders’ equity of –€25.1 million.
Capital management
The Group’s objectives with a view to capital management are ensuring the company’s continued existence and a sustained
increase in the company’s value. As a capital market-oriented company with continuing capital expenditure requirements, Fraport
monitors the development of its financial debt using ratios that relate EBITDA to net financial debt and/or interest expense and
also very closely monitors developments in the various financing markets.
200
Group Notes / Other Disclosures
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Fraport Annual Report 2022
Group Notes / Other Disclosures
201
Changes in market interest rates of interest rate derivatives which are not part of a hedging relationship pursuant to IFRS 9 affect
The components of the control indicators are defined as follows:
the other financial result and are therefore included in the profit or loss related sensitivities. The maximum variability is taken to
be a parallel shift of the interest rate curve by 169 basis points over a period of twelve months.
Components of the control indicators
Net financial debt
Based on the portfolios and the structure of the consolidated statement of financial position as at December 31, 2022 and the
assumptions made, the profit or loss-related sensitivity is 8.6 million in the event of an increase (decrease) in the market interest
rate (previous year: €28.2 million). This means that the financial result could hypothetically have increased (decreased) by
€8.6 million. This hypothetical effect on the result would have resulted from the potential effects of interest rate derivatives of
€1.0 million (previous year: €1.7 million) and an increase (decrease) in the interest result from primary floating-rate net financial
EBITDA
Interest expense
Current financial liabilities
+ Non-current financial liabilities
– Liquid funds
– Current realizable assets in “other financial assets” and “other receivables
and financial assets”
Operating result + depreciation and amortization
Interest expense
The financial ratios developed as follows in the period under review:
Interest sensitivity
Thereof from
Thereof from primary
in € million
derivative financial
financial instruments
instruments
8.6
28.2
1.0
1.7
7.6
26.5
Financial debt ratios
Key figures
Net Debt/EBITDA
EBITDA/interest expense
Corridor
December 31, 2022
December 31, 2021
Max. 5 x
Min. 3 – 4 x
6.9
3.3
8.4
2.8
Due to the unpredictable extent of the Coronavirus Pandemic and the significant negative financial development compared with
pre-coronavirus times, some of the ranges or thresholds presented in relation to the financial debt ratios could not be met. In the
fiscal year 2022, a further increase in net financial debt is expected in view of the continuing low level of operating development
and the advancing construction activities, in particular at the Frankfurt site and in Lima. Therefore, the net financial debt to Group
EBITDA is expected to be in the high single-digit range. However, this key figure is expected to return to the target value of five
due to the expected improvement in Group EBITDA.
On the basis of a financial institution license, Fraport Malta Business Ltd. finances both companies controlled by Fraport AG and
joint ventures and associated companies in the Group. There are minimum capital requirements due to regulatory requirements
in connection with the existing financial institution license. In particular, with regard to lending to companies in which Fraport AG
directly or indirectly only holds a minority interest, special minimum capital requirements in relation to the amount lent complied
with by the company as at the balance sheet date are to be observed per loan. The minimum capital requirements were consist-
ently met during fiscal year 2022. Capital management is performed by the company taking account of the regulatory conditions
set by the EU and the Maltese financial supervisory authority.
48 Related Party Disclosures
Relationships with related parties and the State of Hesse
Alongside the Group companies included in the consolidated financial statements, in the context of the course of ordinary business
operations, the Group is also related to parties that are not included as well as associated companies and joint ventures, which
are parties related to the Group according to IAS 24. Thus, Fraport AG has numerous business relationships with the State of
Hesse and the City of Frankfurt and their majority-owned investments. Related companies and authorities with which major busi-
ness relationships are maintained include Mainova AG and its subsidiaries. In addition, other operating income in the fiscal year
2021 included the compensation granted by both the German Federal Government and the State of Hesse for the holding costs
incurred in the first lockdown in 2020 (see also note 7). The compensation payment approved by the State of Hesse in this context
amounted to €79.9 million.
All transactions with related parties have been concluded under conditions customary in the market as with unrelated third parties.
The services rendered to authorities are generally based on cost prices. The following table shows the scope of the respective
business relationships:
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Group Notes / Other Disclosures
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Relationships with related parties and the State of Hesse
At the end of the fiscal year, there were outstanding balances for the Executive Board members’ bonuses amounting to €3.4 million
€ million
Revenue
Purchased goods and services
Interest
Accounts receivable
Loans
Liabilities
Majority shareholders
State of Hesse Stadtwerke Frank-
furt am Main Hol-
ding GmbH
Joint Ventures Associated com-
panies
Companies con-
trolled and signifi-
cantly influenced
by majority share-
holders
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
0.9
0.8
1.7
1.3
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.2
0.4
7.5
8.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.2
98.7
87.7
6.5
10.9
0.8
0.2
10.5
5.6
27.7
14.5
37.4
16.3
4.9
6.2
14.5
12.8
0.1
15.3
0.5
79.9
0.0
76.1
2.5
2.8
19.6
19.0
80.8
47.6
0.0
0.0
0.0
0.0
0.0
0.0
4.7
4.1
The loan receivables and/or receivables from associated companies in the 2021 fiscal year mainly included the loan and interest
receivables from Thalita Trading Ltd. In connection with the existing sanctions against Russia as a result of the war in Ukraine,
the full write-off of the receivables took place in the reporting period on June 30, 2022 (see note 22).
The liabilities to joint ventures include, in particular, advance dividends received for the 2022 fiscal year.
Regarding contingent liabilities and other financial obligations to joint ventures, please refer to note 45 and note 46. Regarding
other obligations to related parties, see note 46.
Relationships with related persons
The Executive Board, Supervisory Board, and their family members are defined as related persons pursuant to IAS 24.
Remuneration for management in key positions in accordance with IAS 24 comprises the remuneration of the active Executive
Board and Supervisory Board.
These were compensated as follows:
Remuneration of management
€ million
Salaries and other short-term employee benefits
Termination benefits
Post-employment benefits
Other long-term benefits
Share-based remuneration
Total
2022
7.5
0.0
1.1
0.0
2.9
11.5
2021
4.3
0.0
1.4
0.0
3.2
8.9
Information regarding salaries and other short-term employee benefits for employee representatives on the Supervisory Board
exclusively includes remuneration for their Supervisory Board activities. In addition, they receive remuneration customary for the
market in the context of their work as employees.
Post-employment benefits include service costs from pension provisions for the active members of the Executive Board.
The statement of share-based remuneration includes the granted amount for the Performance Share Plan (PSP) awarded in the
fiscal year 2022 (see also note 54).
216
(previous year: €3.3 million).
There is a contract with a former member of the Executive Board to provide consulting services with a contract volume of less
than €0.2 million in the reporting year. The contract is concluded at market conditions.
There are outstanding balances for members of the Supervisory Board in connection with provisions made in the amount of
€0.9 million.
Fraport AG
49 Operating Permit and Service Concession Agreements
The following Group companies in the Fraport Group have been granted service concessions or similar permits, which give the
public access to important economic and social facilities:
In agreement with the German Federal Minister of Transport, the Minister of Labor, Economics, and Transport for the State of
Hesse approved operations at Frankfurt Main Airport in accordance with Section 7 as amended on August 21, 1936, of the German
Air Traffic Act on December 20, 1957. This permit does not expire at any specific time and was last amended by the decision of
October 29, 2012 based on the outcome of the planning approval notice for the expansion of the airport, in particular regarding
Runway Northwest, taking into account the relevant ruling of the German Federal Administrative High Court.
The right to operate the airport is linked to various obligations that are specified in the permit. According to this, Fraport AG is
required, among other things, to keep the airport in good operating condition at all times, to provide and maintain the equipment
and signs needed to monitor and control air traffic at the airport, and to guarantee the availability of fire prevention and protection
systems that take account of the special operating conditions. The restrictions on night flight traffic that were initially imposed in
1971 and subsequently updated have been tightened by the aforementioned amendment and extension to the permit. Also day-
time operational restrictions on aircraft for civil aviation purposes at Frankfurt Main Airport that do not comply with the International
Civil Aviation Organization (ICAO) noise protection regulations have been further tightened. Furthermore, there are statutory
requirements for passive noise abatement and outdoor living area compensation as a result of the construction work for the airport
expansion around Runway Northwest.
The company charges airlines that fly to Frankfurt Airport what are known as “traffic charges” for provision of the transport infra-
structure. These traffic charges are broken down into airport charges that require approval and other charges that do not require
approval.
•
•
The airport charges that require approval according to Section 19b of the German Air Traffic Law (LuftVG) are divided
into takeoff and landing charges, including noise components and emission charges, parking charges, and passenger
and security charges, as well as charges for the financing of passive noise abatement measures (noise surcharges) as
of July 1, 2012. The responsible approving authority for Frankfurt Airport is the Hessian Ministry of Economics, Energy,
Transport and Housing (HMWEVW). The amount of the charges is specified in a related charge table and is published
in the Air Transport Bulletin (NfL).
From January 1, 2022, there was an average increase in airport charges of 4.3% and a further spread in noise-related
charges. In addition, the charge table includes an incentive program “Recovery Program FRA 2022” for airlines, with the
aim of promoting a rapid recovery of passenger volumes at Frankfurt Airport following the pandemic-related slumps.
• As at January 1, 2023, a new charge table will enter into effect, which provides for an average increase in airport charges
of 4.9%, as well as a further increase in noise surcharges. The “Recovery Program FRA 2023” incentive program for
airlines is also included in the 2023 charge table.
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Relationships with related parties and the State of Hesse
€ million
Revenue
Interest
Loans
Liabilities
Purchased goods and services
Accounts receivable
Majority shareholders
Joint Ventures Associated com-
Companies con-
State of Hesse Stadtwerke Frank-
furt am Main Hol-
ding GmbH
panies
trolled and signifi-
cantly influenced
by majority share-
holders
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
0.9
0.8
1.7
1.3
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.2
0.4
7.5
8.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.2
98.7
87.7
6.5
10.9
0.8
0.2
10.5
5.6
27.7
14.5
37.4
16.3
4.9
6.2
14.5
12.8
0.1
15.3
0.5
79.9
0.0
76.1
2.5
2.8
The loan receivables and/or receivables from associated companies in the 2021 fiscal year mainly included the loan and interest
receivables from Thalita Trading Ltd. In connection with the existing sanctions against Russia as a result of the war in Ukraine,
the full write-off of the receivables took place in the reporting period on June 30, 2022 (see note 22).
The liabilities to joint ventures include, in particular, advance dividends received for the 2022 fiscal year.
Regarding contingent liabilities and other financial obligations to joint ventures, please refer to note 45 and note 46. Regarding
other obligations to related parties, see note 46.
Relationships with related persons
The Executive Board, Supervisory Board, and their family members are defined as related persons pursuant to IAS 24.
Remuneration for management in key positions in accordance with IAS 24 comprises the remuneration of the active Executive
19.6
19.0
80.8
47.6
0.0
0.0
0.0
0.0
0.0
0.0
4.7
4.1
2021
4.3
0.0
1.4
0.0
3.2
8.9
2022
7.5
0.0
1.1
0.0
2.9
11.5
Board and Supervisory Board.
These were compensated as follows:
Remuneration of management
€ million
Salaries and other short-term employee benefits
Termination benefits
Post-employment benefits
Other long-term benefits
Share-based remuneration
Total
Information regarding salaries and other short-term employee benefits for employee representatives on the Supervisory Board
exclusively includes remuneration for their Supervisory Board activities. In addition, they receive remuneration customary for the
market in the context of their work as employees.
Post-employment benefits include service costs from pension provisions for the active members of the Executive Board.
The statement of share-based remuneration includes the granted amount for the Performance Share Plan (PSP) awarded in the
fiscal year 2022 (see also note 54).
At the end of the fiscal year, there were outstanding balances for the Executive Board members’ bonuses amounting to €3.4 million
(previous year: €3.3 million).
There is a contract with a former member of the Executive Board to provide consulting services with a contract volume of less
than €0.2 million in the reporting year. The contract is concluded at market conditions.
There are outstanding balances for members of the Supervisory Board in connection with provisions made in the amount of
€0.9 million.
49 Operating Permit and Service Concession Agreements
The following Group companies in the Fraport Group have been granted service concessions or similar permits, which give the
public access to important economic and social facilities:
Fraport AG
In agreement with the German Federal Minister of Transport, the Minister of Labor, Economics, and Transport for the State of
Hesse approved operations at Frankfurt Main Airport in accordance with Section 7 as amended on August 21, 1936, of the German
Air Traffic Act on December 20, 1957. This permit does not expire at any specific time and was last amended by the decision of
October 29, 2012 based on the outcome of the planning approval notice for the expansion of the airport, in particular regarding
Runway Northwest, taking into account the relevant ruling of the German Federal Administrative High Court.
The right to operate the airport is linked to various obligations that are specified in the permit. According to this, Fraport AG is
required, among other things, to keep the airport in good operating condition at all times, to provide and maintain the equipment
and signs needed to monitor and control air traffic at the airport, and to guarantee the availability of fire prevention and protection
systems that take account of the special operating conditions. The restrictions on night flight traffic that were initially imposed in
1971 and subsequently updated have been tightened by the aforementioned amendment and extension to the permit. Also day-
time operational restrictions on aircraft for civil aviation purposes at Frankfurt Main Airport that do not comply with the International
Civil Aviation Organization (ICAO) noise protection regulations have been further tightened. Furthermore, there are statutory
requirements for passive noise abatement and outdoor living area compensation as a result of the construction work for the airport
expansion around Runway Northwest.
The company charges airlines that fly to Frankfurt Airport what are known as “traffic charges” for provision of the transport infra-
structure. These traffic charges are broken down into airport charges that require approval and other charges that do not require
approval.
•
•
The airport charges that require approval according to Section 19b of the German Air Traffic Law (LuftVG) are divided
into takeoff and landing charges, including noise components and emission charges, parking charges, and passenger
and security charges, as well as charges for the financing of passive noise abatement measures (noise surcharges) as
of July 1, 2012. The responsible approving authority for Frankfurt Airport is the Hessian Ministry of Economics, Energy,
Transport and Housing (HMWEVW). The amount of the charges is specified in a related charge table and is published
in the Air Transport Bulletin (NfL).
From January 1, 2022, there was an average increase in airport charges of 4.3% and a further spread in noise-related
charges. In addition, the charge table includes an incentive program “Recovery Program FRA 2022” for airlines, with the
aim of promoting a rapid recovery of passenger volumes at Frankfurt Airport following the pandemic-related slumps.
• As at January 1, 2023, a new charge table will enter into effect, which provides for an average increase in airport charges
of 4.9%, as well as a further increase in noise surcharges. The “Recovery Program FRA 2023” incentive program for
airlines is also included in the 2023 charge table.
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• Airport charges accounted for 34.76% (previous year: 28.97%) of Fraport AG’s revenue in the year under review.
In addition to the capital expenditure, the company has additional obligations in connection with the operation and maintenance
•
The remaining charges not subject to approval are classified as charges for central ground service infrastructure facilities
and ground service charges. In accordance with EU regulations, ground services on the apron were opened up to
competition on November 1, 1999 (opened up in practice on April 15, 2000), by issuing a permit to another third-party
ground handling company along with Fraport AG. The services in the area of central ground service infrastructure
facilities continue to be excluded from competition (monopoly sector) and are completely segregated from the ground
services when they are offset with the airlines. Of Fraport AG’s revenue in 2022, 16.22% was generated by ground
services (previous year: 17.60%) and 13.35% by infrastructure charges (previous year: 11.33%).
Above and beyond the traffic charges, Fraport AG generates revenue essentially from revenue-based payments, renting and
parking, and security services. The proceeds from these operations which do not require approval accounted for 35.67% (previous
year: 42.10%) of Fraport AG’s entire revenue in the year under review.
Fraport Twin Star Airport Management AD
Fraport Twin Star Airport Management AD (operator) and the Republic of Bulgaria (grantor), represented by its Minister of
Transport, signed a concession agreement on September 10, 2006, for the operation and management of the Bulgarian airports
in Varna and Burgas on the Black Sea. On October 18, 2022, it was decided to extend the concession by five years until November
2046. The extension is accompanied by an additional investment obligation of €10 million.
According to the concession agreement, the operator is obligated to render various airport services and to improve services in
line with international standards, national laws, and the provisions stipulated in the concession agreement. Moreover, the operator
has capital expenditure obligations of unspecified amounts for the expansion and a capacity increase of the airports in Varna and
Burgas and to maintain the assets ceded for use. In addition, the operator pays an annual concession fee of 19.2% of total
revenue, at least 19.2% of BGN57 million (€29.1 million), adjusted for the development of the national inflation rate, to the grantor.
The operator paid an additional non-recurring concession fee in the amount of €3.0 million to the grantor after the agreement was
signed. In return, the operator receives the right to use the existing and future infrastructure for airport operations and the right to
generate revenues, in particular through airport charges (passenger, landing, and parking fees), and for ground handling services.
Airport charges are regulated by the grantor.
The term of the concession agreement began on November 10, 2006 and will be 40 years after the extension decided in 2022.
There are no further options for extension.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
of the fixed concession fee for 2023 was decided in the 2022 fiscal year and resulted in income of €23.6 million.
At the end of the concession term, the infrastructure pursuant to the contract that is essential for airport operations must be
returned to the grantor in proper operating condition without receiving any consideration in return.
Lima Airport Partners S.R.L. (LAP)
On February 14, 2001, LAP (operator) and the Peruvian government (grantor) signed the concession agreement for Jorge Chavez
International Airport on the operation, expansion, maintenance, and use of the Jorge Chavez International Airport in Lima (Peru).
The term of the concession agreement was extended in 2017 from 30 to 40 years, until 2041. There is also an option to extend it
by an additional ten-year period, to end in 2051. By concluding the amendments, the land required for the airport expansion was
handed over to the company, and in return it is obliged to invest in the airport infrastructure. As part of the expansion project, the
construction measures for the for airside expansion of the airport have now been completed. For the construction of the new
passenger terminal, LAP commissioned a construction consortium which, as the general contractor, takes on the EPC services
(Engineering, Procurement, Construction) customary in the industry, which include all planning, procurement and construction
measures. Due to the size and complexity of the project, various risks are associated with the expansion program. For further
details, please refer to the opportunity and risk reporting in the combined management report.
218
of airport infrastructure.
The operator is obligated to pay concession fees. The concession fee is the higher of two amounts: either the contractually fixed
minimum payment (basic payment of US$15 million per year, adjusted by US CPI) or 46.511% of total revenue after deduction
and transfer to Corpac (Aviation Regulatory Authority) of 50% of landing charges and 20% of the international passenger charges
(TUUA). In addition, a regulatory charge of 1% of the same assessment basis is payable. In return, the operator receives the right
to use the existing and future infrastructure for airport operations and the right to generate revenue, in particular through airport
charges (passenger, landing, and parking fees), and for ground handling and other services. Airport charges are regulated by the
grantor.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
At the end of the contract term, the infrastructure pursuant to the contract that is essential for airport operations must be returned
to the grantor by the operator in the contractually defined operational condition. The operator has the right to have the residual
carrying amount of said infrastructure reimbursed by the grantor for a limited period of time. This does not apply if the concession
agreement is terminated early.
Fraport Regional Airports of Greece
The two concession agreements, each for the operation of seven Greek regional airports, were signed between Fraport AG and
its Greek consortium partner with the Hellenic Republic Asset Development Fund (HRADF) on December 14, 2015. After fulfilling
all conditions precedent, the take-over of the operating business of the 14 Greek regional airports took place on April 11, 2017.
The initial term of each concession agreement is 40 years.
In return for the right to operate the Greek airports, an initial one-time fee of €1,234 million was paid. Initial annual minimum
concession payments of €11.3 million per annum for Fraport Greece A and €11.6 million per annum for Fraport Greece B were
agreed over the term of the concessions. The minimum concession payments will be adjusted for inflation. In addition, from the
beginning of the concession an additional levy of approximately €1 per departing passenger is payable to the grantor for the entire
term. According to the concession agreement, from 2021 a variable concession fee of 28.2% of the EBITDA of Fraport Greece A
and 28.9% of the EBITDA of Fraport Greece B will also be charged. In connection with the damage caused by the coronavirus
pandemic, the Greek Parliament has ratified a compensation agreement for the operational losses incurred over the past year.
Depending on passenger development, the compensation is made through the waiver of fixed concession payments and a defer-
ment of the variable concession fee, which is also to be paid. Due to the waiver of the fixed concession payments for the years
2019 to 2022, there was a positive effect on other operating income totaling €92.8 million in the previous year. The further waiver
Furthermore, the consortium partners are obliged to invest in measures to upgrade and expand the airport infrastructure. The
construction work was completed in April 2021, as agreed in the concession agreement. In addition, additional capital expenditure
for the maintenance of the airports and transport-related capacity expansions will be made in subsequent years.
In return, the operator is entitled to charge fees for its services, in particular state-regulated airport charges (passenger, landing,
and parking fees) as well as other non-regulated levies related to air traffic and other services.
Following the completion of the construction work under the 40-year concession, the charges at the remaining three airports Kos,
Santorini, and Thessaloniki were also raised in April 2021 to an average of €18.50 per departing passenger plus local inflation
developments, as agreed in the concession agreement.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
At the end of the concession term, the operator must return the airports to the grantor, including any capital expenditures made,
in a defined and proper operating condition. There will be no consideration given in return.
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• Airport charges accounted for 34.76% (previous year: 28.97%) of Fraport AG’s revenue in the year under review.
•
The remaining charges not subject to approval are classified as charges for central ground service infrastructure facilities
and ground service charges. In accordance with EU regulations, ground services on the apron were opened up to
competition on November 1, 1999 (opened up in practice on April 15, 2000), by issuing a permit to another third-party
ground handling company along with Fraport AG. The services in the area of central ground service infrastructure
facilities continue to be excluded from competition (monopoly sector) and are completely segregated from the ground
services when they are offset with the airlines. Of Fraport AG’s revenue in 2022, 16.22% was generated by ground
services (previous year: 17.60%) and 13.35% by infrastructure charges (previous year: 11.33%).
Above and beyond the traffic charges, Fraport AG generates revenue essentially from revenue-based payments, renting and
parking, and security services. The proceeds from these operations which do not require approval accounted for 35.67% (previous
year: 42.10%) of Fraport AG’s entire revenue in the year under review.
Fraport Twin Star Airport Management AD
Fraport Twin Star Airport Management AD (operator) and the Republic of Bulgaria (grantor), represented by its Minister of
Transport, signed a concession agreement on September 10, 2006, for the operation and management of the Bulgarian airports
in Varna and Burgas on the Black Sea. On October 18, 2022, it was decided to extend the concession by five years until November
2046. The extension is accompanied by an additional investment obligation of €10 million.
According to the concession agreement, the operator is obligated to render various airport services and to improve services in
line with international standards, national laws, and the provisions stipulated in the concession agreement. Moreover, the operator
has capital expenditure obligations of unspecified amounts for the expansion and a capacity increase of the airports in Varna and
Burgas and to maintain the assets ceded for use. In addition, the operator pays an annual concession fee of 19.2% of total
revenue, at least 19.2% of BGN57 million (€29.1 million), adjusted for the development of the national inflation rate, to the grantor.
The operator paid an additional non-recurring concession fee in the amount of €3.0 million to the grantor after the agreement was
signed. In return, the operator receives the right to use the existing and future infrastructure for airport operations and the right to
generate revenues, in particular through airport charges (passenger, landing, and parking fees), and for ground handling services.
Airport charges are regulated by the grantor.
The term of the concession agreement began on November 10, 2006 and will be 40 years after the extension decided in 2022.
There are no further options for extension.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
At the end of the concession term, the infrastructure pursuant to the contract that is essential for airport operations must be
returned to the grantor in proper operating condition without receiving any consideration in return.
Lima Airport Partners S.R.L. (LAP)
In addition to the capital expenditure, the company has additional obligations in connection with the operation and maintenance
of airport infrastructure.
The operator is obligated to pay concession fees. The concession fee is the higher of two amounts: either the contractually fixed
minimum payment (basic payment of US$15 million per year, adjusted by US CPI) or 46.511% of total revenue after deduction
and transfer to Corpac (Aviation Regulatory Authority) of 50% of landing charges and 20% of the international passenger charges
(TUUA). In addition, a regulatory charge of 1% of the same assessment basis is payable. In return, the operator receives the right
to use the existing and future infrastructure for airport operations and the right to generate revenue, in particular through airport
charges (passenger, landing, and parking fees), and for ground handling and other services. Airport charges are regulated by the
grantor.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
At the end of the contract term, the infrastructure pursuant to the contract that is essential for airport operations must be returned
to the grantor by the operator in the contractually defined operational condition. The operator has the right to have the residual
carrying amount of said infrastructure reimbursed by the grantor for a limited period of time. This does not apply if the concession
agreement is terminated early.
Fraport Regional Airports of Greece
The two concession agreements, each for the operation of seven Greek regional airports, were signed between Fraport AG and
its Greek consortium partner with the Hellenic Republic Asset Development Fund (HRADF) on December 14, 2015. After fulfilling
all conditions precedent, the take-over of the operating business of the 14 Greek regional airports took place on April 11, 2017.
The initial term of each concession agreement is 40 years.
In return for the right to operate the Greek airports, an initial one-time fee of €1,234 million was paid. Initial annual minimum
concession payments of €11.3 million per annum for Fraport Greece A and €11.6 million per annum for Fraport Greece B were
agreed over the term of the concessions. The minimum concession payments will be adjusted for inflation. In addition, from the
beginning of the concession an additional levy of approximately €1 per departing passenger is payable to the grantor for the entire
term. According to the concession agreement, from 2021 a variable concession fee of 28.2% of the EBITDA of Fraport Greece A
and 28.9% of the EBITDA of Fraport Greece B will also be charged. In connection with the damage caused by the coronavirus
pandemic, the Greek Parliament has ratified a compensation agreement for the operational losses incurred over the past year.
Depending on passenger development, the compensation is made through the waiver of fixed concession payments and a defer-
ment of the variable concession fee, which is also to be paid. Due to the waiver of the fixed concession payments for the years
2019 to 2022, there was a positive effect on other operating income totaling €92.8 million in the previous year. The further waiver
of the fixed concession fee for 2023 was decided in the 2022 fiscal year and resulted in income of €23.6 million.
Furthermore, the consortium partners are obliged to invest in measures to upgrade and expand the airport infrastructure. The
construction work was completed in April 2021, as agreed in the concession agreement. In addition, additional capital expenditure
for the maintenance of the airports and transport-related capacity expansions will be made in subsequent years.
On February 14, 2001, LAP (operator) and the Peruvian government (grantor) signed the concession agreement for Jorge Chavez
International Airport on the operation, expansion, maintenance, and use of the Jorge Chavez International Airport in Lima (Peru).
In return, the operator is entitled to charge fees for its services, in particular state-regulated airport charges (passenger, landing,
and parking fees) as well as other non-regulated levies related to air traffic and other services.
The term of the concession agreement was extended in 2017 from 30 to 40 years, until 2041. There is also an option to extend it
by an additional ten-year period, to end in 2051. By concluding the amendments, the land required for the airport expansion was
handed over to the company, and in return it is obliged to invest in the airport infrastructure. As part of the expansion project, the
construction measures for the for airside expansion of the airport have now been completed. For the construction of the new
passenger terminal, LAP commissioned a construction consortium which, as the general contractor, takes on the EPC services
(Engineering, Procurement, Construction) customary in the industry, which include all planning, procurement and construction
measures. Due to the size and complexity of the project, various risks are associated with the expansion program. For further
details, please refer to the opportunity and risk reporting in the combined management report.
Following the completion of the construction work under the 40-year concession, the charges at the remaining three airports Kos,
Santorini, and Thessaloniki were also raised in April 2021 to an average of €18.50 per departing passenger plus local inflation
developments, as agreed in the concession agreement.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
At the end of the concession term, the operator must return the airports to the grantor, including any capital expenditures made,
in a defined and proper operating condition. There will be no consideration given in return.
219
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Fraport Brasil Aeroporto de Fortaleza and Fraport Brasil Aeroporto de Porto Alegre
The Fraport Group and the Brazilian Government signed concession agreements on July 28, 2017 for the operation and further
development of the Brazilian airports of Fortaleza and Porto Alegre. After paying the initial one-off fees, adjusted for inflation, of
BRL291.8 million (€73.5 million) for Porto Alegre and BRL426.9 million (€107.5 million) for Fortaleza as well as fulfilling other
conditions precedent, the term of the concession agreements of 30 years for Fortaleza Airport and of 25 years for Porto Alegre
Airport started at the end of August 2017. The Fraport Group took over operations of both airports on January 2, 2018.
In addition to the paid initial concession fees, additional acquisition costs of approximately €54.2 million were incurred by the
Fraport Group within the scope of acquiring the concession.
In addition to the aforementioned payments, additional fixed minimum concession payments plus inflation-related adjustments in
the initial amount of BRL9.4 million for Fortaleza Airport must be made from 2023. For Porto Alegre Airport, an agreement was
reached with the authorities in the 2022 fiscal year for the early payment of the entire fixed minimum concession payments in the
amount of BRL37.6 million (around €6.7 million). The payment was already made in December 2022. Also, a variable concession
payment of 5% of revenue is payable annually. An agreement was again reached with the competent authorities to compensate
for the effects associated with the coronavirus pandemic for fiscal year 2022. The resulting reimbursement claim of €18.5 million
(previous year: €26.5 million) will also be offset against variable and fixed concession payments due in subsequent years, as well
as a temporary increase in airport charges.
In addition, the concession agreements stipulate investment obligations for the modernization and expansion of the current airport
infrastructure as well as construction of new airport infrastructure. The major infrastructure measures planned at both airports
were completed with the inauguration of the extended runway in Porto Alegre in the second quarter of 2022.
The companies also laid out other contractually defined standards and obligations relating to the operation, availability, use, and
maintenance of the airports.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
In return for the right to operate the two airports, the operator is entitled to charge fees for its services, in particular state-regulated
airport charges (passenger, landing and parking fees) as well as other non-regulated levies related to air traffic and other services.
At the end of the concession term, the operator must return the airport infrastructure to the grantor in a condition that guarantees
the proper continued operation of the airports. There will be no consideration given in return.
50 Events after the balance sheet date
In a second stage, effective January 1, 2023, FraSec Fraport Security Services GmbH sold 25% of the shares in FraSec Aviation
Security GmbH, formerly FraSec Luftsicherheit GmbH to the Dr. Sasse Group. In the course of this sale, the Dr. Sasse Group
holds a majority stake of 51% in FraSec Aviation Security GmbH. The deconsolidation and recognition of the remaining shares at
fair value will take place when the sale is completed. The disposal will not have a material impact on the Group’s asset, financial,
and earnings position.
As part of the concession agreement, the Group company in Lima is obliged to renew the terrorism property insurance with an
insurance volume of USD200 million by February 28, 2023. Due to the ongoing political unrest in Lima, the insurance volume
could not be taken out to the required extent. The concession agreement stipulates that a lack of insurance coverage represents
a direct violation of the concession agreement, an event of default (as at March 1, 2023), which gives the grantor a unilateral right
to terminate the concession.
On February 15, 2023, the Group company in Lima declared force majeure against the grantor because it is unable to fulfill its
contractual obligation for reasons for which it is not responsible, namely the political unrest in Peru. With the declaration of force
majeure, a possible default is initially lifted until the grantor has commented on the declaration.
In addition to the declaration of force majeure, the aim is to obtain a waiver from the grantor for failure to provide the required
insurance volume and thus avoid an event of default.
With regard to the project financing concluded in December to replace the bridge financing and further financing of the expansion
obligations, there is a risk that agreed payments cannot be made or have to be repaid at short notice.
Effective termination of the concession agreement by the grantor would result in the derecognition of the concession and the loss
of the planned positive earnings contributions and would have a massive negative impact on both the 2023 fiscal year and the
planned positive business development in the years to come.
Fraport is currently assuming that an agreement will be reached with the grantor.
No further substantial events occurred after the balance sheet date for the Fraport Group.
51 Exemption pursuant to Section 264 (3) of the HGB
The following German subsidiaries fully claim the exemptions under Section 264 (3) of the HGB for the 2022 fiscal year:
• AirIT Services GmbH
• Airport Assekuranz Vermittlungs-GmbH
• Airport Cater Service GmbH
•
Fraport Ausbau Süd GmbH
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Fraport Brasil Aeroporto de Fortaleza and Fraport Brasil Aeroporto de Porto Alegre
The Fraport Group and the Brazilian Government signed concession agreements on July 28, 2017 for the operation and further
development of the Brazilian airports of Fortaleza and Porto Alegre. After paying the initial one-off fees, adjusted for inflation, of
BRL291.8 million (€73.5 million) for Porto Alegre and BRL426.9 million (€107.5 million) for Fortaleza as well as fulfilling other
conditions precedent, the term of the concession agreements of 30 years for Fortaleza Airport and of 25 years for Porto Alegre
Airport started at the end of August 2017. The Fraport Group took over operations of both airports on January 2, 2018.
In addition to the paid initial concession fees, additional acquisition costs of approximately €54.2 million were incurred by the
Fraport Group within the scope of acquiring the concession.
In addition to the aforementioned payments, additional fixed minimum concession payments plus inflation-related adjustments in
the initial amount of BRL9.4 million for Fortaleza Airport must be made from 2023. For Porto Alegre Airport, an agreement was
reached with the authorities in the 2022 fiscal year for the early payment of the entire fixed minimum concession payments in the
amount of BRL37.6 million (around €6.7 million). The payment was already made in December 2022. Also, a variable concession
payment of 5% of revenue is payable annually. An agreement was again reached with the competent authorities to compensate
for the effects associated with the coronavirus pandemic for fiscal year 2022. The resulting reimbursement claim of €18.5 million
(previous year: €26.5 million) will also be offset against variable and fixed concession payments due in subsequent years, as well
as a temporary increase in airport charges.
In addition, the concession agreements stipulate investment obligations for the modernization and expansion of the current airport
infrastructure as well as construction of new airport infrastructure. The major infrastructure measures planned at both airports
were completed with the inauguration of the extended runway in Porto Alegre in the second quarter of 2022.
The companies also laid out other contractually defined standards and obligations relating to the operation, availability, use, and
maintenance of the airports.
Contract performance guarantees must be granted to the grantor depending on the phase of the project (also see note 45).
In return for the right to operate the two airports, the operator is entitled to charge fees for its services, in particular state-regulated
airport charges (passenger, landing and parking fees) as well as other non-regulated levies related to air traffic and other services.
At the end of the concession term, the operator must return the airport infrastructure to the grantor in a condition that guarantees
the proper continued operation of the airports. There will be no consideration given in return.
50 Events after the balance sheet date
In a second stage, effective January 1, 2023, FraSec Fraport Security Services GmbH sold 25% of the shares in FraSec Aviation
Security GmbH, formerly FraSec Luftsicherheit GmbH to the Dr. Sasse Group. In the course of this sale, the Dr. Sasse Group
holds a majority stake of 51% in FraSec Aviation Security GmbH. The deconsolidation and recognition of the remaining shares at
fair value will take place when the sale is completed. The disposal will not have a material impact on the Group’s asset, financial,
and earnings position.
As part of the concession agreement, the Group company in Lima is obliged to renew the terrorism property insurance with an
insurance volume of USD200 million by February 28, 2023. Due to the ongoing political unrest in Lima, the insurance volume
could not be taken out to the required extent. The concession agreement stipulates that a lack of insurance coverage represents
a direct violation of the concession agreement, an event of default (as at March 1, 2023), which gives the grantor a unilateral right
to terminate the concession.
On February 15, 2023, the Group company in Lima declared force majeure against the grantor because it is unable to fulfill its
contractual obligation for reasons for which it is not responsible, namely the political unrest in Peru. With the declaration of force
majeure, a possible default is initially lifted until the grantor has commented on the declaration.
In addition to the declaration of force majeure, the aim is to obtain a waiver from the grantor for failure to provide the required
insurance volume and thus avoid an event of default.
With regard to the project financing concluded in December to replace the bridge financing and further financing of the expansion
obligations, there is a risk that agreed payments cannot be made or have to be repaid at short notice.
Effective termination of the concession agreement by the grantor would result in the derecognition of the concession and the loss
of the planned positive earnings contributions and would have a massive negative impact on both the 2023 fiscal year and the
planned positive business development in the years to come.
Fraport is currently assuming that an agreement will be reached with the grantor.
No further substantial events occurred after the balance sheet date for the Fraport Group.
51 Exemption pursuant to Section 264 (3) of the HGB
The following German subsidiaries fully claim the exemptions under Section 264 (3) of the HGB for the 2022 fiscal year:
• AirIT Services GmbH
• Airport Assekuranz Vermittlungs-GmbH
• Airport Cater Service GmbH
•
Fraport Ausbau Süd GmbH
221
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Group Notes / Other Disclosures
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Fraport Annual Report 2022
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209
•
•
•
•
•
•
Fraport Brasil Holding GmbH
Fraport Casa GmbH
Fraport Passenger Services GmbH
FraSec Fraport Security Services GmbH
FraSec Services GmbH
FRA - Vorfeldkontrolle GmbH
The following German subsidiaries and sub-subsidiaries claim the exemptions under Section 264 (3) of the HGB for the 2022
fiscal year regarding the provisions of the First Subsection (annual financial statements of the corporation and management report)
and the Fourth Subsection (disclosure):
Remuneration of the Executive Board and Supervisory Board in fiscal year 2022
The essential features of the remuneration system, and the information on the individualized remuneration of the Executive Board
and the Supervisory Board, are shown in the remuneration report.
•
•
FraGround Fraport Ground Handling Professionals GmbH
In addition to the service costs for pensions of €1,081.6 thousand (previous year: €1,389.8 thousand) the total remuneration of
FraSec Flughafensicherheit GmbH
52
Information on Investments pursuant to the German Securities
Trading Act (WpHG)
In fiscal year 2022, Fraport AG received the following notifications pursuant to Section 33 and Section 34 WpHG:
British Columbia Investment Management Corporation, Victoria, Canada, informed us on January 24, 2022, in accordance with
Sections 33 and 34 of the WpHG, that its voting rights in Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main,
Germany, fell below the threshold of 3% of voting rights on January 21, 2022 and on that day amounted to 2.71% (2,509,588
voting rights).
As at December 31, 2022, the shareholder structure of Fraport AG was as follows:
The combined voting rights of the State of Hesse and Stadtwerke Frankfurt am Main Holding GmbH in Fraport AG pursuant to
Section 34 (2) of the German Securities Trading Act (WpHG) amounted to 52.23 % as at December 31, 2022. Of this, the State
of Hesse held 31.31% and Stadtwerke Frankfurt am Main Holding GmbH 20.92%.
2022 PSP tranche.
Expenses recorded for LSA and LTIP
The voting rights in Fraport AG owned by the City of Frankfurt/Main are held indirectly via the Stadtwerke Frankfurt am Main
Holding GmbH subsidiary.
According to the last official report in accordance with the WpHG or disclosures by individual shareholders, the other voting rights
in Fraport AG were attributable as follows (as at December 31, 2022 in each case): Deutsche Lufthansa AG 8.44 %, British
Columbia Investment Management Corporation 2.71 %. The relative ownership interests were adjusted to the current total number
of shares as at the balance sheet date and may therefore differ from the figures given at the time of reporting or from the respective
shareholders’ own disclosures.
There are no reports for the remaining 36.62% (free float).
EUR thousands
Dr. Stefan Schulte
Anke Giesen
Dr. Pierre Dominique Prümm
Prof. Dr. Matthias Zieschang
Total
Julia Kranenberg (Member of the Executive Board from November 1, 2022)
Michael Müller (Member of the Executive Board until September 30, 2022)
222
53 Statement Issued by the Executive Board and the Supervisory Board of
Fraport AG pursuant to Section 161 of the AktG
On December 15, 2022, the Executive Board and the Supervisory Board of Fraport AG issued the Statement of Compliance with
the German Corporate Governance Code pursuant to Section 161 of the AktG and made it available to the public on a permanent
basis on the company website
www.fraport.com/corporategovernance.
54
Information Concerning the Executive Board, Supervisory Board,
and Economic Advisory Board
the Executive Board composed as follows:
Total remuneration of the Executive Board
EUR thousands
Not Performance-
Performance-
Components with long-
Total remuneration
Total remuneration
related components
related components
term incentive effect
2022
2021
Dr. Stefan Schulte
Anke Giesen
Julia Kranenberg (Member of the Executive Board
from November 1, 2022)
Michael Müller (Member of the Executive Board until
September 30, 2022)
Dr. Pierre Dominique Prümm
Prof. Dr. Matthias Zieschang
Total
742.3
532.1
92.1
412.8
538.4
586.4
2,904.1
1,765.5
1,311.5
350.0
619.7
679.0
1,409.0
6,134.7
849.0
647.0
300.0
121.3
379.0
647.0
2,943.3
The non-performance-related components include the fixed remuneration and ancillary benefits of the respective members of the
Executive Board. The performance-related components included the bonus granted (addition to the bonus provision in 2022) and
the 2022 PSP tranche allocated at the time of the award. The column “components with long-term incentive effect” includes the
2,507.8
1,843.6
442.1
1,032.5
1,217.4
1,995.4
9,038.8
180.3
112.7
66.9
135.9
102.0
137.4
735.2
2,590.3
1,905.4
0.0
1,915.9
1,265.5
2,056.5
9,733.6
1,127.1
852.7
0.0
855.2
418.9
813.2
4,067.1
2022
2021
LTIP resp. PSP
Total (LSA, LTIP/PSP)
Recognized expenses from LTIP (from the 2020 tranche: PSP) includes the accrued additions to the provisions for all LTIP
tranches not yet disbursed (from the 2020 tranche: PSP).
All active members of the Supervisory Board received total remuneration of €1,336.4 thousand in the 2022 fiscal year (previous
year: €1,378.5 thousand).
No loans or advances were granted to members of the Executive Board or the Supervisory Board in the fiscal year.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
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Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
209
Fraport Brasil Holding GmbH
Fraport Casa GmbH
Fraport Passenger Services GmbH
FraSec Fraport Security Services GmbH
FraSec Services GmbH
FRA - Vorfeldkontrolle GmbH
•
•
•
•
•
•
•
•
The following German subsidiaries and sub-subsidiaries claim the exemptions under Section 264 (3) of the HGB for the 2022
fiscal year regarding the provisions of the First Subsection (annual financial statements of the corporation and management report)
and the Fourth Subsection (disclosure):
FraGround Fraport Ground Handling Professionals GmbH
FraSec Flughafensicherheit GmbH
52
Information on Investments pursuant to the German Securities
Trading Act (WpHG)
In fiscal year 2022, Fraport AG received the following notifications pursuant to Section 33 and Section 34 WpHG:
British Columbia Investment Management Corporation, Victoria, Canada, informed us on January 24, 2022, in accordance with
Sections 33 and 34 of the WpHG, that its voting rights in Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main,
Germany, fell below the threshold of 3% of voting rights on January 21, 2022 and on that day amounted to 2.71% (2,509,588
voting rights).
As at December 31, 2022, the shareholder structure of Fraport AG was as follows:
The combined voting rights of the State of Hesse and Stadtwerke Frankfurt am Main Holding GmbH in Fraport AG pursuant to
Section 34 (2) of the German Securities Trading Act (WpHG) amounted to 52.23 % as at December 31, 2022. Of this, the State
of Hesse held 31.31% and Stadtwerke Frankfurt am Main Holding GmbH 20.92%.
The voting rights in Fraport AG owned by the City of Frankfurt/Main are held indirectly via the Stadtwerke Frankfurt am Main
Holding GmbH subsidiary.
According to the last official report in accordance with the WpHG or disclosures by individual shareholders, the other voting rights
in Fraport AG were attributable as follows (as at December 31, 2022 in each case): Deutsche Lufthansa AG 8.44 %, British
Columbia Investment Management Corporation 2.71 %. The relative ownership interests were adjusted to the current total number
of shares as at the balance sheet date and may therefore differ from the figures given at the time of reporting or from the respective
shareholders’ own disclosures.
There are no reports for the remaining 36.62% (free float).
53 Statement Issued by the Executive Board and the Supervisory Board of
Fraport AG pursuant to Section 161 of the AktG
On December 15, 2022, the Executive Board and the Supervisory Board of Fraport AG issued the Statement of Compliance with
the German Corporate Governance Code pursuant to Section 161 of the AktG and made it available to the public on a permanent
basis on the company website
www.fraport.com/corporategovernance.
54
Information Concerning the Executive Board, Supervisory Board,
and Economic Advisory Board
Remuneration of the Executive Board and Supervisory Board in fiscal year 2022
The essential features of the remuneration system, and the information on the individualized remuneration of the Executive Board
and the Supervisory Board, are shown in the remuneration report.
In addition to the service costs for pensions of €1,081.6 thousand (previous year: €1,389.8 thousand) the total remuneration of
the Executive Board composed as follows:
Total remuneration of the Executive Board
EUR thousands
Not Performance-
related components
Performance-
related components
Components with long-
term incentive effect
2022
2021
Total remuneration
Total remuneration
Dr. Stefan Schulte
Anke Giesen
Julia Kranenberg (Member of the Executive Board
from November 1, 2022)
Michael Müller (Member of the Executive Board until
September 30, 2022)
Dr. Pierre Dominique Prümm
Prof. Dr. Matthias Zieschang
Total
742.3
532.1
92.1
412.8
538.4
586.4
2,904.1
1,765.5
1,311.5
350.0
619.7
679.0
1,409.0
6,134.7
849.0
647.0
300.0
121.3
379.0
647.0
2,943.3
2,507.8
1,843.6
442.1
1,032.5
1,217.4
1,995.4
9,038.8
2,590.3
1,905.4
0.0
1,915.9
1,265.5
2,056.5
9,733.6
The non-performance-related components include the fixed remuneration and ancillary benefits of the respective members of the
Executive Board. The performance-related components included the bonus granted (addition to the bonus provision in 2022) and
the 2022 PSP tranche allocated at the time of the award. The column “components with long-term incentive effect” includes the
2022 PSP tranche.
Expenses recorded for LSA and LTIP
EUR thousands
Dr. Stefan Schulte
Anke Giesen
Julia Kranenberg (Member of the Executive Board from November 1, 2022)
Michael Müller (Member of the Executive Board until September 30, 2022)
Dr. Pierre Dominique Prümm
Prof. Dr. Matthias Zieschang
Total
2022
2021
LTIP resp. PSP
Total (LSA, LTIP/PSP)
180.3
112.7
66.9
135.9
102.0
137.4
735.2
1,127.1
852.7
0.0
855.2
418.9
813.2
4,067.1
Recognized expenses from LTIP (from the 2020 tranche: PSP) includes the accrued additions to the provisions for all LTIP
tranches not yet disbursed (from the 2020 tranche: PSP).
All active members of the Supervisory Board received total remuneration of €1,336.4 thousand in the 2022 fiscal year (previous
year: €1,378.5 thousand).
No loans or advances were granted to members of the Executive Board or the Supervisory Board in the fiscal year.
223
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Fraport Annual Report 2022
Group Notes / Other Disclosures
211
Former Executive Board members and their surviving dependents received €1,644 thousand (previous year: €1,548 thousand).
The pension obligations towards active members of the Executive Board as at the balance sheet date were €13,173 thousand
(previous year: €17,351 thousand) and towards former Executive Board members and their surviving dependents €21,655 thou-
sand (previous year: €21,897 thousand).
The information concerning the members of the Executive Board and Supervisory Board is presented in note 55 and note 56.
55 Executive Board
Mandates of the Executive Board
Members of the Executive Board
Chairman of the Executive Board
Dr. Stefan Schulte
Remuneration of the Economic Advisory Board in fiscal year 2022
In the 2022 fiscal year, aggregate remuneration of the Economic Advisory Board amounted to €103.4 thousand (previous year:
€108.0 thousand).
Notifications pursuant to Article 19 of the Market Abuse Regulation (MAR)
Pursuant to Article 19 of the MAR, members of the Executive Board and Supervisory Board of Fraport AG are required to disclose
transactions with shares of Fraport AG or any related financial instruments to the company and the German Federal Financial
Supervisory Authority (BaFin) within three business days. This also applies to persons who are closely related to members of the
Executive Board and Supervisory Board as defined in Article 19 of the MAR. These transactions have been published by Fraport
AG in accordance with the deadlines under Article 19 of the MAR.
Executive Director Retail & Real Estate
Anke Giesen
Executive Director Labor Relations
Julia Kranenberg
(from November 1, 2022)
Executive Director Labor Relations
Michael Müller
(until September 30, 2022)
Executive Director Aviation & Infrastructure
Dr. Pierre Dominique Prümm
Executive Director Controlling & Finance
Prof. Dr. Matthias Zieschang
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Supervisory Board:
– Deutsche Post AG
Chairman of the Board of Group companies:
– President of the Board of Directors Fraport Regional Airports of
Greece (A S.A., B S.A., Management Company S.A.)
– Chairman of the Supervisory Board Fraport Brasil S.A. Aeroporto
– Chairman of the Supervisory Board Fraport Brasil S.A. Aeroporto
de Porto Alegre
de Fortaleza
Member of the Supervisory Board:
– AXA Group AG
– Fraport Ausbau Süd GmbH
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH (from November 1, 2022)
– LPKF Laser & Electronics AG
Member of the Shareholders’ Meeting:
– Airport Cater Service GmbH (from November 7, 2022)
– Medical Airport Service GmbH (from January 1, 2023)
– Terminal for Kids gGmbH (from January 1, 2023)
Member of the Administrative Board:
– Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden
(from December 1, 2022)
Member of the Presidium:
– Vereinigung der kommunalen Arbeitgeberverbände (from November 25, 2022)
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH (until September 30, 2022)
Member of the Shareholders’ Meeting:
– Airport Cater Service GmbH (until September 30, 2022)
– Medical Airport Service GmbH (until December 31, 2022)
– Terminal for Kids gGmbH (until December 31, 2022)
Member of the Administrative Board:
– Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden
(until September 30, 2022)
Member of the Presidium:
Board Director:
– Vereinigung der kommunalen Arbeitgeberverbände (until September 30, 2022)
– Société International de Télécommunication Aéronautiques (SITA) SRL
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Executive Board:
– Flughafen Forum und Region
– Vice-Chairman Air Cargo Community Frankfurt e.V. (ACCF)
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Board of Group companies:
– Member of the Board of Directors Fraport Regional Airports
of Greece (A S.A., B S.A., Management Company S.A.)
Member of the Administrative Board:
– Frankfurter Sparkasse
Chairman of the Stock Exchange Council:
– FWB Frankfurter Wertpapierbörse
224
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Fraport-Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
211
Former Executive Board members and their surviving dependents received €1,644 thousand (previous year: €1,548 thousand).
The pension obligations towards active members of the Executive Board as at the balance sheet date were €13,173 thousand
(previous year: €17,351 thousand) and towards former Executive Board members and their surviving dependents €21,655 thou-
sand (previous year: €21,897 thousand).
The information concerning the members of the Executive Board and Supervisory Board is presented in note 55 and note 56.
55 Executive Board
Mandates of the Executive Board
Members of the Executive Board
Chairman of the Executive Board
Dr. Stefan Schulte
Remuneration of the Economic Advisory Board in fiscal year 2022
In the 2022 fiscal year, aggregate remuneration of the Economic Advisory Board amounted to €103.4 thousand (previous year:
€108.0 thousand).
Notifications pursuant to Article 19 of the Market Abuse Regulation (MAR)
Pursuant to Article 19 of the MAR, members of the Executive Board and Supervisory Board of Fraport AG are required to disclose
transactions with shares of Fraport AG or any related financial instruments to the company and the German Federal Financial
Supervisory Authority (BaFin) within three business days. This also applies to persons who are closely related to members of the
Executive Board and Supervisory Board as defined in Article 19 of the MAR. These transactions have been published by Fraport
AG in accordance with the deadlines under Article 19 of the MAR.
Executive Director Retail & Real Estate
Anke Giesen
Executive Director Labor Relations
Julia Kranenberg
(from November 1, 2022)
Executive Director Labor Relations
Michael Müller
(until September 30, 2022)
Executive Director Aviation & Infrastructure
Dr. Pierre Dominique Prümm
Executive Director Controlling & Finance
Prof. Dr. Matthias Zieschang
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Supervisory Board:
– Deutsche Post AG
Chairman of the Board of Group companies:
– President of the Board of Directors Fraport Regional Airports of
Greece (A S.A., B S.A., Management Company S.A.)
– Chairman of the Supervisory Board Fraport Brasil S.A. Aeroporto
de Porto Alegre
– Chairman of the Supervisory Board Fraport Brasil S.A. Aeroporto
de Fortaleza
Member of the Supervisory Board:
– AXA Group AG
– Fraport Ausbau Süd GmbH
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH (from November 1, 2022)
– LPKF Laser & Electronics AG
Member of the Shareholders’ Meeting:
– Airport Cater Service GmbH (from November 7, 2022)
– Medical Airport Service GmbH (from January 1, 2023)
– Terminal for Kids gGmbH (from January 1, 2023)
Member of the Administrative Board:
– Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden
(from December 1, 2022)
Member of the Presidium:
– Vereinigung der kommunalen Arbeitgeberverbände (from November 25, 2022)
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH (until September 30, 2022)
Member of the Shareholders’ Meeting:
– Airport Cater Service GmbH (until September 30, 2022)
– Medical Airport Service GmbH (until December 31, 2022)
– Terminal for Kids gGmbH (until December 31, 2022)
Member of the Administrative Board:
– Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden
(until September 30, 2022)
Member of the Presidium:
– Vereinigung der kommunalen Arbeitgeberverbände (until September 30, 2022)
Board Director:
– Société International de Télécommunication Aéronautiques (SITA) SRL
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Executive Board:
– Flughafen Forum und Region
– Vice-Chairman Air Cargo Community Frankfurt e.V. (ACCF)
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
Member of the Board of Group companies:
– Member of the Board of Directors Fraport Regional Airports
of Greece (A S.A., B S.A., Management Company S.A.)
Member of the Administrative Board:
– Frankfurter Sparkasse
Chairman of the Stock Exchange Council:
– FWB Frankfurter Wertpapierbörse
225
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Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport-Annual Report 2022
Group Notes / Other Disclosures
213
56 Supervisory Board
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board
Michael Boddenberg
Finance Minister of the State of Hesse
Member of the Executive Board:
– Fleischer Innung Frankfurt/Darmstadt/Offenbach
(Remuneration 2022: €130,000; 2021: €133,000)
Vice-Chairman (from May 1,2022)
Mathias Venema
ver.di Hessen
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €80,082.19; 2021: €84,500)
Vice-Chairwoman
Claudia Amier
Advisor to the works council office, Frankfurt
(until February 10, 2022; from February 16, 2022; until April 30, 2022)
(Remuneration 2022: €24,773.98; 2021: €83,500)
Devrim Arslan
Chairman of the Works Council of FraGround Fraport Ground Handling Professionals
GmbH
(until March 31, 2022)
Commercial Employee of FraGround Fraport Ground Handling Professionals GmbH
(from April 1, 2022)
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €60,821.92; 2021: €67,000)
Uwe Becker
Representative of the Hessian State Government for Jewish Life and
the Fight against Anti-Semitism (until January 31,2022)
State Secretary for European Affairs (from February 1, 2022)
(until May 24, 2022)
(Remuneration 2022: €22,041.10; 2021: €62,000)
Chairman of the Supervisory Board:
– Hessische Staatsweingüter GmbH Kloster Eberbach
– Zentralgenossenschaft des europäischen Fleischergewerbes (Zentrag eG)
Member of the Supervisory Board:
– Messe Frankfurt GmbH
Membership in comparable control bodies:
– Landesbank Hessen-Thüringen Girozentrale, Frankfurt a.M. / Erfurt
(2. Vice-Chairman of the Administrative Board)
– "hessenstiftung – familie hat zukunft"
– Hessische Kulturstiftung
– Leibniz-Institut für Finanzmarktforschung SAFE (LIF-SAFE) e.V.
– Stiftung "Europäische Akademie der Arbeit in der Universität Frankfurt am Main"
– Stiftung Kloster Eberbach
– Stiftung Sigmund-Freud-Institut
– Stifterversammlung der Polytechnischen Gesellschaft e.V.
– Rheingau Musik Festival
– Institute for Law and Finance
Member of the Representative Assembly:
– Raiffeisen-Volksbank Aschaffenburg
Vice-Chairman of the Supervisory Board:
– FraGround Fraport Ground Handling Professionals GmbH (until March 31, 2022)
Membership in mandatory control bodies:
– Mainova AG (until September 17, 2022)
Membership in comparable control bodies:
– Member of the Board of Directors of Zweckverband Nassauische Sparkasse
226
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
City Treasurer and department head for finance, investments, and personnel of the
– Mainova AG (from November 8, 2022)
Dr. Bastian Bergerhoff
City of Frankfurt
(from May 24, 2022)
(Remuneration 2022: €38,013.70)
– Sportpark Stadion Frankfurt am Main Gesellschaft für Projektentwicklungen mbH
Membership in mandatory control bodies:
– Messe Frankfurt GmbH
– Stadtwerke Frankfurt am Main Holding GmbH (Chairman)
– Stadtwerke Verkehrsgesellschaft Frankfurt am Main mbH
Membership in comparable control bodies:
– Dom Römer GmbH (stellv. Vorsitzender)
– FIZ Frankfurter Innovationszentrum Biotechnologie GmbH
– Gateway Gardens Projektentwicklungs-GmbH
Membership of the operations commission:
– Hafen und Marktbetriebe der Stadt Frankfurt am Main
– Kita Frankfurt Die städtischen Kinderzentren
– Kommunale Kinder-, Jugend- und Familienhilfe Frankfurt am Main
– Stadtentwässerung Frankfurt am Main
– Städtische Kliniken Frankfurt am Main - Höchst
– Volkshochschule Frankfurt am Main
Member of the Advisory Board:
– FinTech Community Frankfurt GmbH (stellv. Mitglied)
Membership in comparable control bodies:
– Member of the Board of Trustees of the Hans Böckler Stiftung
Trade Union Secretary, Department coordinator at ver.di headquarters, dept. 3
– Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH
Member of the Supervisory Board:
(from August 24, 2022)
Hakan Bölükmese
Chairperson of the Works Council
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €71,835.62; 2021: €67,000)
Ines Born
(from July 19, 2022)
(Remuneration 2022: €16,917.81)
Hakan Cicek
Member of the Works Council
(until February 10, 2022; from February 16 )
(Remuneration 2022: €54,671.23; 2021: €56,500)
Yvonne Dunkelmann
Aviation Manageress
(until February 10, 2022)
(Remuneration 2022: €4,773.98; 2021: €24,750)
Peter Feldmann
(Remuneration 2022: €39,000; 2021: €39,000;)
Lord Mayor of the City of Frankfurt am Main (until November 11, 2022)
– ABG FRANKFURT HOLDING Wohnungsbau- und Beteiligungsgesellschaft mbH
Chairman of the Supervisory Board:
(until November 11, 2022)
– Mainova AG
– Messe Frankfurt GmbH (Chairman) (until November 11, 2022)
– Stadtwerke Frankfurt am Main Holding GmbH (Chairman) (until November 11, 2022)
– Thüga Holding GmbH & Co. KG aA (Chairman)
Membership in Supervisory Boards and comparable control bodies of business
enterprises:
(until November 11, 2022)
(until November 11, 2022)
– Alte Oper Frankfurt Konzert- und Kongresszentrum GmbH (Chairman)
– FrankfurtRheinMain GmbH International Marketing of the Region (Chairman)
– Nassauische Heimstätte Wohnungsbau- und Entwicklungsgesellschaft mbH
(Vice Chairman) (until November 11, 2022)
– Rhein-Main-Verkehrsverbund GmbH (Chairman) (until November 11, 2022)
– Schirn Kunsthalle Frankfurt am Main GmbH (Chairman) (until November 11, 2022)
– Tourismus- und Congress GmbH Frankfurt am Main (Chairman)
(until November 11, 2022)
(until November 11, 2022)
– Frischezentrum Frankfurt am Main - Großmarktgesellschaft mit beschränkter Haftung
– Kulturgesellschaft Bergen-Enkheim mbH (until November 11, 2022)
– Stadtwerke Verkehrsgesellschaft Frankfurt am Main mbH (until November 11, 2022)
– traffiQ Lokale Nahverkehrsgesellschaft Frankfurt am Main mbH
(until November 11, 2022)
Member of the Advisory Board:
– Thüga AG (until November 11, 2022)
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212
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport-Annual Report 2022
Group Notes / Other Disclosures
213
56 Supervisory Board
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board
Michael Boddenberg
Member of the Executive Board:
– Fleischer Innung Frankfurt/Darmstadt/Offenbach
Finance Minister of the State of Hesse
(Remuneration 2022: €130,000; 2021: €133,000)
Chairman of the Supervisory Board:
– Hessische Staatsweingüter GmbH Kloster Eberbach
– Zentralgenossenschaft des europäischen Fleischergewerbes (Zentrag eG)
Member of the Supervisory Board:
– Messe Frankfurt GmbH
Membership in comparable control bodies:
– Landesbank Hessen-Thüringen Girozentrale, Frankfurt a.M. / Erfurt
(2. Vice-Chairman of the Administrative Board)
– "hessenstiftung – familie hat zukunft"
– Hessische Kulturstiftung
– Leibniz-Institut für Finanzmarktforschung SAFE (LIF-SAFE) e.V.
– Stiftung "Europäische Akademie der Arbeit in der Universität Frankfurt am Main"
– Stifterversammlung der Polytechnischen Gesellschaft e.V.
– Stiftung Kloster Eberbach
– Stiftung Sigmund-Freud-Institut
– Rheingau Musik Festival
– Institute for Law and Finance
Member of the Representative Assembly:
– Raiffeisen-Volksbank Aschaffenburg
Membership in mandatory control bodies:
– Mainova AG (until September 17, 2022)
Membership in comparable control bodies:
– Member of the Board of Directors of Zweckverband Nassauische Sparkasse
Vice-Chairman (from May 1,2022)
Mathias Venema
ver.di Hessen
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €80,082.19; 2021: €84,500)
Vice-Chairwoman
Claudia Amier
Advisor to the works council office, Frankfurt
(until February 10, 2022; from February 16, 2022; until April 30, 2022)
(Remuneration 2022: €24,773.98; 2021: €83,500)
Devrim Arslan
GmbH
(until March 31, 2022)
(from April 1, 2022)
Commercial Employee of FraGround Fraport Ground Handling Professionals GmbH
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €60,821.92; 2021: €67,000)
Uwe Becker
Representative of the Hessian State Government for Jewish Life and
the Fight against Anti-Semitism (until January 31,2022)
State Secretary for European Affairs (from February 1, 2022)
(until May 24, 2022)
(Remuneration 2022: €22,041.10; 2021: €62,000)
Chairman of the Works Council of FraGround Fraport Ground Handling Professionals
Vice-Chairman of the Supervisory Board:
– FraGround Fraport Ground Handling Professionals GmbH (until March 31, 2022)
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Dr. Bastian Bergerhoff
City Treasurer and department head for finance, investments, and personnel of the
City of Frankfurt
(from May 24, 2022)
(Remuneration 2022: €38,013.70)
Hakan Bölükmese
Chairperson of the Works Council
(until February 10, 2022; from February 16, 2022)
Membership in mandatory control bodies:
– Mainova AG (from November 8, 2022)
– Messe Frankfurt GmbH
– Stadtwerke Frankfurt am Main Holding GmbH (Chairman)
– Stadtwerke Verkehrsgesellschaft Frankfurt am Main mbH
Membership in comparable control bodies:
– Dom Römer GmbH (stellv. Vorsitzender)
– FIZ Frankfurter Innovationszentrum Biotechnologie GmbH
– Gateway Gardens Projektentwicklungs-GmbH
– Sportpark Stadion Frankfurt am Main Gesellschaft für Projektentwicklungen mbH
Membership of the operations commission:
– Hafen und Marktbetriebe der Stadt Frankfurt am Main
– Kita Frankfurt Die städtischen Kinderzentren
– Kommunale Kinder-, Jugend- und Familienhilfe Frankfurt am Main
– Stadtentwässerung Frankfurt am Main
– Städtische Kliniken Frankfurt am Main - Höchst
– Volkshochschule Frankfurt am Main
Member of the Advisory Board:
– FinTech Community Frankfurt GmbH (stellv. Mitglied)
Membership in comparable control bodies:
– Member of the Board of Trustees of the Hans Böckler Stiftung
(Remuneration 2022: €71,835.62; 2021: €67,000)
Ines Born
Trade Union Secretary, Department coordinator at ver.di headquarters, dept. 3
(from July 19, 2022)
Member of the Supervisory Board:
– Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH
(from August 24, 2022)
(Remuneration 2022: €16,917.81)
Hakan Cicek
Member of the Works Council
(until February 10, 2022; from February 16 )
(Remuneration 2022: €54,671.23; 2021: €56,500)
Yvonne Dunkelmann
Aviation Manageress
(until February 10, 2022)
(Remuneration 2022: €4,773.98; 2021: €24,750)
Peter Feldmann
Lord Mayor of the City of Frankfurt am Main (until November 11, 2022)
(Remuneration 2022: €39,000; 2021: €39,000;)
Chairman of the Supervisory Board:
– ABG FRANKFURT HOLDING Wohnungsbau- und Beteiligungsgesellschaft mbH
(until November 11, 2022)
– Mainova AG
– Messe Frankfurt GmbH (Chairman) (until November 11, 2022)
– Stadtwerke Frankfurt am Main Holding GmbH (Chairman) (until November 11, 2022)
– Thüga Holding GmbH & Co. KG aA (Chairman)
Membership in Supervisory Boards and comparable control bodies of business
enterprises:
– Alte Oper Frankfurt Konzert- und Kongresszentrum GmbH (Chairman)
(until November 11, 2022)
– FrankfurtRheinMain GmbH International Marketing of the Region (Chairman)
(until November 11, 2022)
– Nassauische Heimstätte Wohnungsbau- und Entwicklungsgesellschaft mbH
(Vice Chairman) (until November 11, 2022)
– Rhein-Main-Verkehrsverbund GmbH (Chairman) (until November 11, 2022)
– Schirn Kunsthalle Frankfurt am Main GmbH (Chairman) (until November 11, 2022)
– Tourismus- und Congress GmbH Frankfurt am Main (Chairman)
(until November 11, 2022)
– Frischezentrum Frankfurt am Main - Großmarktgesellschaft mit beschränkter Haftung
(until November 11, 2022)
– Kulturgesellschaft Bergen-Enkheim mbH (until November 11, 2022)
– Stadtwerke Verkehrsgesellschaft Frankfurt am Main mbH (until November 11, 2022)
– traffiQ Lokale Nahverkehrsgesellschaft Frankfurt am Main mbH
(until November 11, 2022)
Member of the Advisory Board:
– Thüga AG (until November 11, 2022)
227
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214
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport-Annual Report 2022
Group Notes / Other Disclosures
215
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Sonja Wärntges
DIC Asset AG - Chief Executive Officer
(Remuneration 2022: €65,000; 2021: €67,000)
Prof Dr. Katja Windt
Member of the Management Board SMS Group GmbH
(Remuneration 2022: €63,000; 2021: €64,000)
Chairwoman of the Supervisory Board:
– DIC Real Estate Investments GmbH & Co. KGaA
Member of the Executive Board:
– Bundesvereinigung Logistik (BVL) e.V.
Member of the Supervisory Board:
– Deutsche Post AG
– Ford Otomotiv Sanayi A.S., Istanbul, Türkiye (from July 1, 2022)
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board:
– Albatros Versicherungsdienste GmbH
Presidium membership:
– Bundesverband der Deutschen Luftverkehrswirtschaft e.V.
Vice President:
– Arbeitgeberverband Luftverkehr e.V. (AGVL) (from May 1, 2022)
Chairwoman of the Supervisory Board:
– ams OSRAM AG (from June 24, 2022)
Member of the Supervisory Board:
– ams OSRAM AG (until June 23, 2022)
– ING Groep N.V. and ING Bank N.V. Amsterdam
– Marquard & Bahls AG
Chairman of the Supervisory Board:
– FraSec Fraport Security Services GmbH
Member of the Supervisory Board:
– operational services GmbH & Co. KG
Chairman of the Supervisory Board:
– Dietz AG
Non executive Director:
– European Electrical Bus Company GmbH (Frankfurt)
Chairman of the Supervisory Board:
– Arbeitsmarkt- und Beschäftigungsförderung des Main-Kinzig-Kreises
Member of the Executive Board:
– Vertreterversammlung Unfallkasse Hessen
Member of the Board of Directors:
– Medizinischer Dienst Hessen
Member of the Supervisory Board:
– Lufthansa Cargo AG (until June 30, 2022)
Vice President of the Civil Aviation Section:
– European Transport Workers' Federation (until June 30, 2022)
Full member of the Civil Aviation Section Committee:
– International Transport Workers' Federation (until June 30, 2022)
Chairman of the Supervisory Board:
– Deutsche Bahn AG (until July 22, 2022)
Member of the Supervisory Board:
– DB Stiftung gGmbH (until September 29, 2022)
Vice-Chairman of the Supervisory Board:
– FraSec Fraport Security Services GmbH
Mandates of the Supervisory Board
Members of the Supervisory Board
Peter Gerber
Chairman of the Executive Board of Brussels Airlines
(until March 31, 2023)
(Remuneration 2022: €40,000; 2021: €41,000)
Dr. Margarete Haase
Independent corporate consultant
(Remuneration 2022: €102,000; 2021: €103,000)
Frank-Peter Kaufmann
Member of the Hessian State Parliament
(Remuneration 2022: €70,000; 2021: €72,000)
Dr. Ulrich Kipper
Head of Central Infrastructure Management
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €57,582.19; 2021: €56,500)
Lothar Klemm
Former Hessian State Minister, Lawyer
(Remuneration 2022: €88,500; 2021: €86,500)
Karin Knappe
Member of the Works Council, Fraport AG, and Chair of the
Fraport Group Works Council
(from June 8, 2022)
(Remuneration 2022: €37,575.35)
Ramona Lindner
Aviation Security Assistant FraSec Aviation Security GmbH
(formerly: FraSec Luftsicherheit GmbH)
(from February 16, 2022)
(Remuneration 2022: €49,897.26)
Mira Neumaier
Federal Section Leader Air Transport, ver.di Federal Administration
(until June 30, 2022)
(Remuneration 2022: €24,250; 2021: €46,104.17)
Michael Odenwald
State Secretary (retired)
(Remuneration 2022: €66,000; 2021: €67,000)
Matthias Pöschko
Member of the Works Council
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €64,821.92; 2021: €62,875)
Qadeer Rana
Chairman of the Central Works Council of FraSec Aviation Security GmbH
(formerly: FraSec Luftsicherheit GmbH) (until August 11, 2022)
Chairman of the Multi-Company Works Council of FraSec Fraport Security
Services GmbH (from August 12, 2022)
(until February 10, 2022; from February 16, 2022; until January 5, 2023)
(Remuneration 2022: €64,821.92; 2021: €68,000)
228
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
214
Group Notes / Other Disclosures
Fraport-Annual Report 2022
Fraport-Annual Report 2022
Group Notes / Other Disclosures
215
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Sonja Wärntges
DIC Asset AG - Chief Executive Officer
(Remuneration 2022: €65,000; 2021: €67,000)
Prof Dr. Katja Windt
Member of the Management Board SMS Group GmbH
(Remuneration 2022: €63,000; 2021: €64,000)
Chairwoman of the Supervisory Board:
– DIC Real Estate Investments GmbH & Co. KGaA
Member of the Executive Board:
– Bundesvereinigung Logistik (BVL) e.V.
Member of the Supervisory Board:
– Deutsche Post AG
– Ford Otomotiv Sanayi A.S., Istanbul, Türkiye (from July 1, 2022)
Mandates of the Supervisory Board
Members of the Supervisory Board
Peter Gerber
(until March 31, 2023)
Chairman of the Executive Board of Brussels Airlines
(Remuneration 2022: €40,000; 2021: €41,000)
Dr. Margarete Haase
Independent corporate consultant
(Remuneration 2022: €102,000; 2021: €103,000)
Frank-Peter Kaufmann
Member of the Hessian State Parliament
(Remuneration 2022: €70,000; 2021: €72,000)
Dr. Ulrich Kipper
Head of Central Infrastructure Management
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €57,582.19; 2021: €56,500)
Lothar Klemm
Former Hessian State Minister, Lawyer
(Remuneration 2022: €88,500; 2021: €86,500)
Karin Knappe
Member of the Works Council, Fraport AG, and Chair of the
Aviation Security Assistant FraSec Aviation Security GmbH
Fraport Group Works Council
(from June 8, 2022)
(Remuneration 2022: €37,575.35)
Ramona Lindner
(formerly: FraSec Luftsicherheit GmbH)
(from February 16, 2022)
(Remuneration 2022: €49,897.26)
Mira Neumaier
Federal Section Leader Air Transport, ver.di Federal Administration
(until June 30, 2022)
(Remuneration 2022: €24,250; 2021: €46,104.17)
Michael Odenwald
State Secretary (retired)
(Remuneration 2022: €66,000; 2021: €67,000)
Matthias Pöschko
Member of the Works Council
(until February 10, 2022; from February 16, 2022)
(Remuneration 2022: €64,821.92; 2021: €62,875)
Qadeer Rana
Chairman of the Central Works Council of FraSec Aviation Security GmbH
(formerly: FraSec Luftsicherheit GmbH) (until August 11, 2022)
Chairman of the Multi-Company Works Council of FraSec Fraport Security
Services GmbH (from August 12, 2022)
(until February 10, 2022; from February 16, 2022; until January 5, 2023)
(Remuneration 2022: €64,821.92; 2021: €68,000)
Memberships in mandatory Supervisory Boards
and comparable control bodies
Chairman of the Supervisory Board:
– Albatros Versicherungsdienste GmbH
Presidium membership:
– Bundesverband der Deutschen Luftverkehrswirtschaft e.V.
Vice President:
– Arbeitgeberverband Luftverkehr e.V. (AGVL) (from May 1, 2022)
Chairwoman of the Supervisory Board:
– ams OSRAM AG (from June 24, 2022)
Member of the Supervisory Board:
– ams OSRAM AG (until June 23, 2022)
– ING Groep N.V. and ING Bank N.V. Amsterdam
– Marquard & Bahls AG
Chairman of the Supervisory Board:
– FraSec Fraport Security Services GmbH
Member of the Supervisory Board:
– operational services GmbH & Co. KG
Chairman of the Supervisory Board:
– Dietz AG
Non executive Director:
– European Electrical Bus Company GmbH (Frankfurt)
Chairman of the Supervisory Board:
– Arbeitsmarkt- und Beschäftigungsförderung des Main-Kinzig-Kreises
Member of the Executive Board:
– Vertreterversammlung Unfallkasse Hessen
Member of the Board of Directors:
– Medizinischer Dienst Hessen
Member of the Supervisory Board:
– Lufthansa Cargo AG (until June 30, 2022)
Vice President of the Civil Aviation Section:
– European Transport Workers' Federation (until June 30, 2022)
Full member of the Civil Aviation Section Committee:
– International Transport Workers' Federation (until June 30, 2022)
Chairman of the Supervisory Board:
– Deutsche Bahn AG (until July 22, 2022)
Member of the Supervisory Board:
– DB Stiftung gGmbH (until September 29, 2022)
Vice-Chairman of the Supervisory Board:
– FraSec Fraport Security Services GmbH
229
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216
Group Notes / Other Disclosures
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
217
57 Disclosures of Shareholding According to Section 313 (2) of the HGB
Subsidiaries
Name and registered office
Shareholding in %
Shareholders’
equity
(pursuant to IFRS)
in € thousand
Result
(pursuant to IFRS)
in € thousand
Subsidiaries
Name and registered office
Shareholding in %
Shareholders’
Result
equity
(pursuant to IFRS)
in € thousand
(pursuant to IFRS)
in € thousand
Afriport S.A., Luxembourg/Luxembourg
AirlT Services GmbH, Lautzenhausen
AIRMALL Boston Inc., Boston/USA
AIRMALL Inc., Pittsburgh/USA
AIRMALL USA Inc., Pittsburgh/USA
Airport Assekuranz Vermittlungs-GmbH, Neu Isenburg
Airport Cater Service GmbH, Frankfurt am Main
Daport S.A., Dakar/Senegal
FraCareServices GmbH, Frankfurt am Main
FraGround Fraport Ground Handling Professionals GmbH, Frankfurt am Main
Fraport Antalya Havalimanı İşletme ve Yatırım A.Ş Istanbul, Türkiye
Fraport Asia Ltd., Hong Kong/China
Fraport Ausbau Süd GmbH, Frankfurt am Main
Fraport Beteiligungsgesellschaft mbH, Neu-Isenburg
Fraport Brasil Holding GmbH, Frankfurt am Main
Fraport Brasil S.A. Aeroporto de Fortaleza, Fortaleza/Brazil
Fraport Brasil S.A. Aeroporto de Porto Alegre, Porto Alegre/Brazil
Fraport Bulgaria EAD, Sofia/Bulgaria
Fraport Casa GmbH, Neu-Isenburg
Fraport Casa Commercial GmbH, Neu-Isenburg
Fraport Cleveland Inc., Cleveland/USA
Fraport Facility Services GmbH, Frankfurt am Main
Fraport Immobilienservice- und Entwicklungs GmbH & Co. KG, Frankfurt am Main
Fraport Malta Business Services Ltd., St. Julians/Malta
Fraport Malta Investment Ltd., St. Julians/Malta
Fraport Malta Ltd., St. Julians/Malta
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
51
51
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
0
–72
2,260
2,283
0
0
–618
–583
–10,778
–4,451
162,616
162,591
26
26
0
421
929
849
1,186
1,298
461
500
153,799
103,932
16
–94
63
64
24
24
104,427
97,975
156,744
137,584
7
7
42,016
42,020
6,849
6,637
6,909
4,845
6,015
1,849
14,375
14,375
266,509
428,436
25,620
25,586
291,523
453,366
0 1) 9)
–20 1)
641 2)
863 2)
0 1)
0 1)
0
0
–6,143
–4,336
3,864 2)
3,126 2)
90 2)
90 2)
0 1) 9)
–4 1)
79
–21
773 2)
–19,888 2)
110
0
42,366
957
150 2)
10 2)
–1
–1
–1 2)
0 2)
–5,243
–13,624
3,157
–1,677
0 1)
–3 1)
1,351 2)
1,379 2)
212
3,390
1,797
1,213
3,010
3,373
23,383 2) 3)
16,923 2) 3)
–161,927
8,413
34
–9
–161,843
18,538
230
Fraport Maryland Inc., Maryland/USA
Fraport New York Inc., New York/USA
Fraport Newark LLC., Newark, USA
Fraport Objekt Mönchhof GmbH, Frankfurt am Main
Fraport Objekte 162 163 GmbH, Frankfurt am Main
Fraport (Philippines) Services, Inc., Manila/Philippines
Fraport Peru S.A.C., Lima/Peru
Fraport Passenger Services GmbH, Frankfurt am Main
Fraport Pittsburgh Inc., Pittsburgh/USA
Fraport Real Estate Mönchhof GmbH & Co. KG, Frankfurt am Main
Fraport Real Estate Verwaltungs GmbH, Frankfurt am Main
Fraport Real Estate 162 163 GmbH & Co. KG, Frankfurt am Main
Fraport Regional Airports of Greece A S.A. Athens/Greece
Fraport Regional Airports of Greece B S.A. Athens/Greece
Fraport Slovenija, d.o.o. Zgornji Brnik/Slovenia
Fraport Tennessee Inc., Nashville/USA
Fraport Türkiye Havalimani Yatirimlari Anonim Sirketi, Antalya, Türkiye
Fraport Twin Star Airport Management AD, Varna/Bulgaria
Fraport USA Inc., Pittsburgh/USA
FraSec Aviation Security GmbH, Frankfurt am Main
FraSec Flughafensicherheit GmbH, Frankfurt am Main
FraSec Fraport Security Services GmbH, Frankfurt am Main
FraSec Services GmbH, Frankfurt am Main
FraSec VG GmbH, Frankfurt am Main
FRA – Vorfeldkontrolle GmbH, Kelsterbach
Lima Airport Partners S.R.L., Lima/Peru
Media Frankfurt GmbH, Frankfurt am Main
Fraport Regional Airports of Greece Management Company S.A. Athens/Greece
Fraport Saudi Arabia for Airport Management and Development Services Company Ltd.,
Riyadh/Saudi Arabia
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
99.99
99.99
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
65.0
73.4
65.0
73.4
65.0
73.4
100
100
100
100
100
100
100
100
60
60
100
100
74
100
100
100
100
100
100
100
100
100
100
100
80.01
80.01
51
51
29,497
24,452
3,235
–1,124
2,238
1,415
31
31
32
31
0
0
1,100
851
350
350
7,215
14,544
7,851
7,506
47
45
7,420
7,228
124,733
76,701
78,054
55,941
7,862
5,966
1,778
4,299
194,739
197,133
–5,489
–7,662
44,104
11,576
99,870
95,920
2,754
3,301
15,744
12,725
7,540
7,449
–1,052
–6,971
1,044
1,039
25
25
163
51
443,553
383,499
8,261
7,294
3,624
5,738
4,488
9,197
748
690
1
1
1
1
0 1)
0 1)
149
321
580 2)
43 2)
–8,318
391
19,385 2) 3)
12,628 2) 3)
2
0
4,641 2) 3)
4,711 2) 3)
46,731
12,871
21,246
10,310
1,942
1,559
–366
–286
–2,575
–2,558
2,670
–774
3,720
3,617
4,205
868
–756
–1,624
5,173
31,041
–5,489 2)
–10,220 2)
5,756 2)
–18,744 2)
224 2)
–3,566 2)
0 1)
0 1)
231 2)
109 2)
37,506
11,544
967
–521
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
216
Group Notes / Other Disclosures
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
217
57 Disclosures of Shareholding According to Section 313 (2) of the HGB
Shareholders’
equity
Result
Shareholding in %
in € thousand
in € thousand
(pursuant to IFRS)
(pursuant to IFRS)
Subsidiaries
Name and registered office
Afriport S.A., Luxembourg/Luxembourg
AirlT Services GmbH, Lautzenhausen
AIRMALL Boston Inc., Boston/USA
AIRMALL Inc., Pittsburgh/USA
AIRMALL USA Inc., Pittsburgh/USA
Airport Assekuranz Vermittlungs-GmbH, Neu Isenburg
Airport Cater Service GmbH, Frankfurt am Main
Daport S.A., Dakar/Senegal
FraCareServices GmbH, Frankfurt am Main
Fraport Antalya Havalimanı İşletme ve Yatırım A.Ş Istanbul, Türkiye
Fraport Asia Ltd., Hong Kong/China
Fraport Ausbau Süd GmbH, Frankfurt am Main
Fraport Beteiligungsgesellschaft mbH, Neu-Isenburg
Fraport Brasil Holding GmbH, Frankfurt am Main
Fraport Brasil S.A. Aeroporto de Fortaleza, Fortaleza/Brazil
Fraport Brasil S.A. Aeroporto de Porto Alegre, Porto Alegre/Brazil
Fraport Bulgaria EAD, Sofia/Bulgaria
Fraport Casa GmbH, Neu-Isenburg
Fraport Casa Commercial GmbH, Neu-Isenburg
Fraport Cleveland Inc., Cleveland/USA
Fraport Facility Services GmbH, Frankfurt am Main
Fraport Malta Business Services Ltd., St. Julians/Malta
Fraport Malta Investment Ltd., St. Julians/Malta
Fraport Malta Ltd., St. Julians/Malta
Fraport Immobilienservice- und Entwicklungs GmbH & Co. KG, Frankfurt am Main
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
51
51
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
0
–72
2,260
2,283
0
0
–618
–583
–10,778
–4,451
162,616
162,591
1,186
1,298
461
500
153,799
103,932
26
26
0
421
929
849
16
–94
63
64
24
24
104,427
97,975
156,744
137,584
7
7
42,016
42,020
6,849
6,637
6,909
4,845
6,015
1,849
14,375
14,375
266,509
428,436
25,620
25,586
291,523
453,366
0 1) 9)
–20 1)
641 2)
863 2)
0 1)
0 1)
0
0
–6,143
–4,336
3,864 2)
3,126 2)
90 2)
90 2)
0 1) 9)
–4 1)
79
–21
773 2)
–19,888 2)
110
0
42,366
957
150 2)
10 2)
–1
–1
–1 2)
0 2)
–5,243
–13,624
3,157
–1,677
0 1)
–3 1)
1,351 2)
1,379 2)
212
3,390
1,797
1,213
3,010
3,373
23,383 2) 3)
16,923 2) 3)
–161,927
8,413
34
–9
–161,843
18,538
Subsidiaries
Name and registered office
Fraport Maryland Inc., Maryland/USA
Fraport New York Inc., New York/USA
Fraport Newark LLC., Newark, USA
Fraport Objekt Mönchhof GmbH, Frankfurt am Main
Fraport Objekte 162 163 GmbH, Frankfurt am Main
Fraport (Philippines) Services, Inc., Manila/Philippines
Fraport Peru S.A.C., Lima/Peru
Fraport Passenger Services GmbH, Frankfurt am Main
Fraport Pittsburgh Inc., Pittsburgh/USA
FraGround Fraport Ground Handling Professionals GmbH, Frankfurt am Main
Fraport Real Estate Mönchhof GmbH & Co. KG, Frankfurt am Main
Fraport Real Estate Verwaltungs GmbH, Frankfurt am Main
Fraport Real Estate 162 163 GmbH & Co. KG, Frankfurt am Main
Fraport Regional Airports of Greece A S.A. Athens/Greece
Fraport Regional Airports of Greece B S.A. Athens/Greece
Fraport Regional Airports of Greece Management Company S.A. Athens/Greece
Fraport Saudi Arabia for Airport Management and Development Services Company Ltd.,
Riyadh/Saudi Arabia
Fraport Slovenija, d.o.o. Zgornji Brnik/Slovenia
Fraport Tennessee Inc., Nashville/USA
Fraport Türkiye Havalimani Yatirimlari Anonim Sirketi, Antalya, Türkiye
Fraport Twin Star Airport Management AD, Varna/Bulgaria
Fraport USA Inc., Pittsburgh/USA
FraSec Aviation Security GmbH, Frankfurt am Main
FraSec Flughafensicherheit GmbH, Frankfurt am Main
FraSec Fraport Security Services GmbH, Frankfurt am Main
FraSec Services GmbH, Frankfurt am Main
FraSec VG GmbH, Frankfurt am Main
FRA – Vorfeldkontrolle GmbH, Kelsterbach
Lima Airport Partners S.R.L., Lima/Peru
Media Frankfurt GmbH, Frankfurt am Main
Shareholding in %
Shareholders’
equity
(pursuant to IFRS)
in € thousand
Result
(pursuant to IFRS)
in € thousand
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
100
100
100
100
100
100
100
100
100
100
99.99
99.99
100
100
100
100
100
100
100
100
100
100
100
100
65.0
73.4
65.0
73.4
65.0
73.4
100
100
100
100
100
100
100
100
60
60
100
100
74
100
100
100
100
100
100
100
100
100
100
100
80.01
80.01
51
51
29,497
24,452
3,235
–1,124
2,238
1,415
31
31
32
31
0
0
1,100
851
350
350
7,215
14,544
7,851
7,506
47
45
7,420
7,228
124,733
76,701
78,054
55,941
7,862
5,966
1,778
4,299
194,739
197,133
–5,489
–7,662
44,104
11,576
99,870
95,920
2,754
3,301
15,744
12,725
7,540
7,449
–1,052
–6,971
1,044
1,039
25
25
163
51
443,553
383,499
8,261
7,294
3,624
5,738
4,488
9,197
748
690
1
1
1
1
0 1)
0 1)
149
321
580 2)
43 2)
–8,318
391
19,385 2) 3)
12,628 2) 3)
2
0
4,641 2) 3)
4,711 2) 3)
46,731
12,871
21,246
10,310
1,942
1,559
–366
–286
–2,575
–2,558
2,670
–774
3,720
3,617
4,205
868
–756
–1,624
5,173
31,041
–5,489 2)
–10,220 2)
5,756 2)
–18,744 2)
224 2)
–3,566 2)
0 1)
0 1)
231 2)
109 2)
37,506
11,544
967
–521
231
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
218
Group Notes / Other Disclosures
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
219
Joint ventures
Name and registered office
Shareholding
in %
Shareholders’
equity
(pursuant to IFRS)
in € thousand
Result
(pursuant to IFRS)
in € thousand
Other investments
Name and registered office
AirITSystems GmbH, Hanover
FCS Frankfurt Cargo Services GmbH, Frankfurt am Main
FraAlliance GmbH, Frankfurt am Main
Frankfurt Airport Retail GmbH & Co. KG, Hamburg
Frankfurt Airport Retail Verwaltungs GmbH, Frankfurt am Main
Fraport TAV Antalya Terminal Isletmeciligi A.S., Antalya/ Türkiye
Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya, Türkiye
Grundstücksgesellschaft Gateway Gardens GmbH, Frankfurt am Main
Medical Airport Service GmbH, Mörfelden-Walldorf
M-Port GmbH & Co. KG, Neu-Isenburg
M-Port Verwaltungs GmbH, Neu-Isenburg
N*ICE Aircraft Services & Support GmbH, Frankfurt am Main
Pantares Tradeport Asia Ltd., Hong Kong/China
PEG Europa Real Estate GmbH, Neu-Isenburg
Shanghai Frankfurt Airport Consulting Services Co., Ltd., Shanghai/China
Terminal for Kids gGmbH, Frankfurt am Main
Associated companies
Name and registered office
Airmail Center Frankfurt GmbH, Frankfurt am Main
ASG Airport Service Gesellschaft mbH, Frankfurt am Main
operational services GmbH & Co. KG, Frankfurt am Main
Thalita Trading Ltd., Lakatamia/Zypern;
Northern Capital Gateway LLC, St. Petersburg/Russia
2022
2021
2022
2021
2022
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2022
2021
2022
2021
50
50
49
49
50
50
50
50
50
51/50
51/50
49
49
33.33
33.33
50
50
50
50
50
50
52
52
50
50
50
50
50
50
50
5,695
5,279
12,202
5,310
1,218
42,113
20,381
22
21
92,924
–4,321
727,973
1
4,155
5,906
18,075
17,798
25
25
24
24
9,119
8,092
6,924
7,157
2,949
180
220
3,966
3,919
1,551
2,027
6,820
11,584
193 4)
21,733
6,922
1
1
125,362 5)
39,169 5)
–22,577
0
–1,750
2,040
2,175
3,795
2,306
12,215
0
–1
1,512
451
1,767
2,350
–1 4)
–36
–95
47
28
Shareholding
in %
Shareholders’
equity
(pursuant to IFRS)
in € thousand
Result
(pursuant to IFRS)
in € thousand
40
40
49
49
50
50
25
25
5,363
5,498
–9,677
–6,301
33,407
31,141
–453,900
–498,700
–135
341
–3,376
–1,624
15,922
14,655
–104
–13,300
2022
2021
2022
2021
2022
2021
2022
2021
232
Shareholding
Shareholders’
equity
(according to
local regulation)
in € thousand
Result
(according to
local regulation)
in € thousand
in %
10
10
20.0
16.7
13.51
13.51
20
20
20
20
20
20
20
20
10
10
5.1
5.1
2022
2021
2022
2021
2022
2021
2022
2007
2022
2007
2022
2007
2022
2007
2022
2021
2022
2021
187,244
279,540
840
295
0
0
0
0
0
0
0
0
–575
–1,282
871
1,642
2,824
–44,527 6)
–75,105 6)
545
22
0 1)
0 1)
0 1) 7) 8)
–786 1) 8) 9)
0 1) 7) 8)
–2,604 1) 8) 9)
0 1) 7) 8)
270 1) 8) 9)
0 1) 7) 8)
–762 1) 8) 9)
1,821
0 9)
0 9)
The Squaire GmbH & Co. KG, Frankfurt am Main
–645,351
–20,298
3) In the shareholders’ equity of commercial partnerships, capital shares as well as shares in profit and loss of the limited partners are recognized
Delhi International Airport Private Ltd., Neu Delhi/India
Flughafen Parken GmbH, Frankfurt am Main
Gateways for India Airports Private Ltd., Bangalore/India
Ineuropa Handling Alicante, U.T.E., Madrid/Spain
Ineuropa Handling Madrid, U.T.E., Madrid/Spain
Ineuropa Handling Mallorca, U.T.E., Madrid/Spain
Ineuropa Handling Teneriffa, U.T.E., Madrid/Spain
Perishable-Center Verwaltungs-GmbH Zentrum für verderbliche Güter Frankfurt,
Frankfurt am Main
1) Company inactive or in liquidation.
2) IFRS result before consolidation.
(according to IAS 32, these represent debt).
4) Additions to the consolidated companies in 2022
5) 51% capital shares, 50% dividend rights.
6) Fiscal year of the company ends on March 31.
7) There is no influence on financial and business policies.
8) Shareholders’ equity has been largely or wholly repaid.
9) Current financial statements not yet available.
Frankfurt/Main, February 24, 2023
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof. Dr. Matthias Zieschang
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
AirITSystems GmbH, Hanover
FCS Frankfurt Cargo Services GmbH, Frankfurt am Main
FraAlliance GmbH, Frankfurt am Main
Frankfurt Airport Retail GmbH & Co. KG, Hamburg
Frankfurt Airport Retail Verwaltungs GmbH, Frankfurt am Main
Fraport TAV Antalya Terminal Isletmeciligi A.S., Antalya/ Türkiye
Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya, Türkiye
Grundstücksgesellschaft Gateway Gardens GmbH, Frankfurt am Main
Medical Airport Service GmbH, Mörfelden-Walldorf
M-Port GmbH & Co. KG, Neu-Isenburg
M-Port Verwaltungs GmbH, Neu-Isenburg
N*ICE Aircraft Services & Support GmbH, Frankfurt am Main
Pantares Tradeport Asia Ltd., Hong Kong/China
PEG Europa Real Estate GmbH, Neu-Isenburg
Shanghai Frankfurt Airport Consulting Services Co., Ltd., Shanghai/China
Terminal for Kids gGmbH, Frankfurt am Main
Associated companies
Name and registered office
Airmail Center Frankfurt GmbH, Frankfurt am Main
ASG Airport Service Gesellschaft mbH, Frankfurt am Main
operational services GmbH & Co. KG, Frankfurt am Main
Thalita Trading Ltd., Lakatamia/Zypern;
Northern Capital Gateway LLC, St. Petersburg/Russia
2022
2021
2022
2021
2022
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2022
2021
2022
2021
51/50
51/50
33.33
33.33
50
50
49
49
50
50
50
50
50
49
49
50
50
50
50
50
50
52
52
50
50
50
50
50
50
50
5,695
5,279
12,202
5,310
1,218
42,113
20,381
22
21
92,924
–4,321
727,973
1
4,155
5,906
18,075
17,798
25
25
24
24
9,119
8,092
6,924
7,157
2,949
180
220
3,966
3,919
1,551
2,027
6,820
11,584
193 4)
21,733
6,922
1
1
125,362 5)
39,169 5)
–22,577
0
–1,750
2,040
2,175
3,795
2,306
12,215
0
–1
1,512
451
1,767
2,350
–1 4)
–36
–95
47
28
Shareholding
Shareholders’
Result
in %
equity
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
40
40
49
49
50
50
25
25
5,363
5,498
–9,677
–6,301
33,407
31,141
–453,900
–498,700
–135
341
–3,376
–1,624
15,922
14,655
–104
–13,300
2022
2021
2022
2021
2022
2021
2022
2021
218
Group Notes / Other Disclosures
Fraport Annual Report 2022
Fraport Annual Report 2022
Group Notes / Other Disclosures
219
Joint ventures
Name and registered office
Shareholding
Shareholders’
Result
in %
equity
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
Other investments
Name and registered office
Delhi International Airport Private Ltd., Neu Delhi/India
Flughafen Parken GmbH, Frankfurt am Main
Gateways for India Airports Private Ltd., Bangalore/India
Ineuropa Handling Alicante, U.T.E., Madrid/Spain
Ineuropa Handling Madrid, U.T.E., Madrid/Spain
Ineuropa Handling Mallorca, U.T.E., Madrid/Spain
Ineuropa Handling Teneriffa, U.T.E., Madrid/Spain
Perishable-Center Verwaltungs-GmbH Zentrum für verderbliche Güter Frankfurt,
Frankfurt am Main
The Squaire GmbH & Co. KG, Frankfurt am Main
Shareholding
in %
Shareholders’
equity
(according to
local regulation)
in € thousand
Result
(according to
local regulation)
in € thousand
10
10
20.0
16.7
13.51
13.51
20
20
20
20
20
20
20
20
10
10
5.1
5.1
187,244
279,540
840
295
0
0
0
–575
0
–1,282
0
871
0
1,642
0
2,824
0
–645,351
–44,527 6)
–75,105 6)
545
22
0 1)
0 1)
0 1) 7) 8)
–786 1) 8) 9)
0 1) 7) 8)
–2,604 1) 8) 9)
0 1) 7) 8)
270 1) 8) 9)
0 1) 7) 8)
–762 1) 8) 9)
0 9)
1,821
0 9)
–20,298
2022
2021
2022
2021
2022
2021
2022
2007
2022
2007
2022
2007
2022
2007
2022
2021
2022
2021
1) Company inactive or in liquidation.
2) IFRS result before consolidation.
3) In the shareholders’ equity of commercial partnerships, capital shares as well as shares in profit and loss of the limited partners are recognized
(according to IAS 32, these represent debt).
4) Additions to the consolidated companies in 2022
5) 51% capital shares, 50% dividend rights.
6) Fiscal year of the company ends on March 31.
7) There is no influence on financial and business policies.
8) Shareholders’ equity has been largely or wholly repaid.
9) Current financial statements not yet available.
Frankfurt/Main, February 24, 2023
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof. Dr. Matthias Zieschang
233
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther InformationTo OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
The Airport Brand
You Trust – Progress
Terminal 3
To serve the expected long-term growth in traffic, Fraport is
expanding capacity at Frankfurt Airport by constructing a third
passenger terminal.
The construction of Terminal 3 is already well advanced. The roof
of the main terminal building has been fully installed and the facade
work including glazing is progressing well. Numerous technical
installations are in progress inside the terminal. Solutions for the
installation of photovoltaic systems on the roof and other areas are
being worked on. The aim is to generate part of the energy required
directly on site. The opening of the new terminal is unchanged and
still planned for the start of the summer flight schedule in 2026.
Road link with Zeppelinheim freeway junction on the
A5 completed.
Further Information
235
Responsibility Statement
236
Independent Auditor´s Report
243
Independent Practitioner’s Report
246
Ten-Year Overview
248 Glossary
250
Financial Calendar 2023
250
Traffic Calendar 2023
250
Imprint
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information 220
Further Information / Responsibility Statement
Fraport Annual Report 2022
Responsibility Statement
To the best of our knowledge and in accordance with the applicable accounting principles, the consolidated financial statements
give a true and fair view of the asset, financial, and earnings position and profit or loss of the Group. Furthermore, the combined
management report includes a fair review of the development and performance of the business and the position of the Group,
together with a description of the principal opportunities and risks associated with the expected development of the Group.
Frankfurt/Main, February 24, 2023
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof. Dr. Matthias Zieschang
235
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Further Information / Independent Auditor’s Report
221
Independent Auditor´s Report
To Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main
Report on the Audit of the Consolidated Financial Statements and of the
Group Management Report
Audit Opinions
We have audited the consolidated financial statements of Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main,
and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2022, and
the consolidated statement of comprehensive income, consolidated statement of profit or loss, consolidated statement of changes
in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2022, and notes to the
consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the group
management report of Fraport AG Frankfurt Airport Services Worldwide, which is combined with the Company’s management
report, for the financial year from 1 January to 31 December 2022. In accordance with the German legal requirements, we have
not audited the content of those parts of the group management report listed in the “Other Information” section of our auditor’s
report.
In our opinion, on the basis of the knowledge obtained in the audit,
•
•
the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the
EU, and the additional requirements of German commercial law pursuant to [Article] § 315e Abs. [paragraph] 1 HGB
[Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view
of the assets, liabilities, and financial position of the Group as at 31 December 2022, and of its financial performance for
the financial year from 1 January to 31 December 2022, and
the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all
material respects, this group management report is consistent with the consolidated financial statements, complies with
German legal requirements and appropriately presents the opportunities and risks of future development. Our audit
opinion on the group management report does not cover the content of those parts of the group management report
listed in the “Other Information” section of our auditor’s report.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal
compliance of the consolidated financial statements and of the group management report.
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the group management report in accordance with § 317
HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Regulation”) in compliance with German
Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public
Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report” section of our
auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German
commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these
requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not
provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the
group management report.
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Independent Auditor´s Report
To Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main
Key Audit Matters in the Audit of the Consolidated Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements for the financial year from 1 January to 31 December 2022. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not provide a
separate audit opinion on these matters.
Report on the Audit of the Consolidated Financial Statements and of the
Group Management Report
Audit Opinions
We have audited the consolidated financial statements of Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main,
and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2022, and
the consolidated statement of comprehensive income, consolidated statement of profit or loss, consolidated statement of changes
in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2022, and notes to the
consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the group
management report of Fraport AG Frankfurt Airport Services Worldwide, which is combined with the Company’s management
report, for the financial year from 1 January to 31 December 2022. In accordance with the German legal requirements, we have
not audited the content of those parts of the group management report listed in the “Other Information” section of our auditor’s
report.
•
•
In our opinion, on the basis of the knowledge obtained in the audit,
the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the
EU, and the additional requirements of German commercial law pursuant to [Article] § 315e Abs. [paragraph] 1 HGB
[Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view
of the assets, liabilities, and financial position of the Group as at 31 December 2022, and of its financial performance for
the financial year from 1 January to 31 December 2022, and
the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all
material respects, this group management report is consistent with the consolidated financial statements, complies with
German legal requirements and appropriately presents the opportunities and risks of future development. Our audit
opinion on the group management report does not cover the content of those parts of the group management report
listed in the “Other Information” section of our auditor’s report.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal
compliance of the consolidated financial statements and of the group management report.
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the group management report in accordance with § 317
HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Regulation”) in compliance with German
Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public
Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report” section of our
auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German
commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these
requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not
provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the
group management report.
In our view, the matter of most significance in our audit was as follows:
Recoverability of goodwill and non-current assets
❶
Our presentation of this key audit matters has been structured as follows:
Matter and issue
①
Audit approach and findings
②
Reference to further information
③
Hereinafter we present the key audit matter:
Recoverability of goodwill and non-current assets
❶
In the Company's consolidated financial statements non-current assets in a total amount of EUR 12.8 billion (72,8 % of total
assets) are reported under the balance sheet items "Goodwill", "Investments in airport operating projects", “Other intangible
①
assets”, “Property, plant and equipment”, “Investment property” and “Investment in companies accounted for using the equity
method” . While goodwill must be tested for impairment ("impairment test") on an annual basis and if there are indications that
goodwill may be impaired, such a test needs only to be carried out for other non-current assets if there are indications that these
assets may be impaired ("triggering events"). The impairment test is performed at the level of the cash-generating units. The
carrying amount of the relevant cash-generating unit is compared with the corresponding recoverable amount for the purposes of
the impairment test. The calculation of the recoverable amount generally employs the value in use. The present value of the future
cash flows from the respective cash-generating unit normally serves as the basis of measurement. The present values are calcu-
lated using discounted cash flow models. Within the Fraport Group, this is generally based on the approved medium-term plan
(for the 2023 to 2028 financial years). Due to the long-term investment plans at the Frankfurt location, the plans for the cash-
generating units in this location are projected on an aggregated level from 2028 to 2030 and then based on assumptions about
long-term rates of growth. In cases involving cash-generating units with fixed-term airport concessions, the plans are taken as a
basis in line with the term of the respective concession agreements. Expectations relating to future market developments and
assumptions about the development of macroeconomic factors on the business activities of the Group are also taken into account.
The discount rate used is the weighted average cost of capital for the relevant cash-generating unit. The impairment test deter-
mined that write-downs in a total amount of EUR 6.8 million were necessary.
The outcome of this valuation is dependent on the estimates made by the executive directors with respect to the future cash flows
of the respective cash-generating unit, the discount rate used, the rate of growth and other assumptions and is therefore subject
to corresponding uncertainty. Against this background and due to the complex nature of the valuation, these matters were of
particular significance in the context of our audit.
As part of our audit, we evaluated, among other things, the methodology used for the purposes of testing the recoverability of
goodwill and non-current assets. After matching the future cash flows used for the calculation against the adopted business plan
②
of the Group, we assessed the appropriateness of the calculation, in particular by agreeing it to general and sector-specific market
expectations. We discussed supplementary adjustments to the plan for the purposes of the impairment tests with the departments
responsible and evaluated their appropriateness. We also assessed the appropriate consideration of the costs of Group functions.
In the knowledge that even relatively small changes in the discount rate applied can have a material impact on the value calculated
using this method, we focused our testing in particular on the parameters used to determine the discount rate applied, and as-
sessed the calculation model. In order to reflect the uncertainty inherent in the projections, we evaluated the sensitivity analyses
performed by the Company and carried out our own additional sensitivity analyses with respect to those cash-generating units
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with low headroom (recoverable amount compared with the carrying amount). We verified that the necessary disclosures were
made in the notes to the consolidated financial statements relating to cash-generating units for which a reasonably possible
change in an assumption would result in the recoverable amount falling below the carrying amount of the cash-generating units
including the allocated goodwill.
Overall, the measurement parameters and assumptions used by the executive directors are in line with our expectations and are
within the ranges considered by us to be reasonable.
The Company's disclosures pertaining to impairment testing are contained in sections 4, 10, 13, 17 to 22 of the notes to the
consolidated financial statements.
③
Other Information
The executive directors are responsible for the other information. The other information comprises the following non-audited parts
of the group management report, which we obtained prior to the date of our auditor’s report:
•
•
the non-financial statement to comply with §§ 289b to 289e HGB and §§ 315b to 315c HGB included in section „combined
non-financial statement“ of the group management report
the section “Information on the central internal control system” of the group management report
The other information comprises further:
•
•
the statement on corporate governance pursuant to § 289f HGB and § 315d HGB, which we obtained prior to the date
of our auditor’s report
all remaining parts of the annual report, which are expected to be made available to us after the date of the auditor’s
report, – excluding cross-references to external information – with the exception of the audited consolidated financial
statements, the audited group management report and our auditor’s report
Our audit opinions on the consolidated financial statements and on the group management report do not cover the other
information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned above and, in so doing, to consider
whether the other information
•
•
is materially inconsistent with the consolidated financial statements, with the group management report disclosures
audited in terms of content or with our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated Financial State-
ments and the Group Management Report
The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material
respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e Abs. 1
HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets,
liabilities, financial position, and financial performance of the Group. In addition the executive directors are responsible for such
internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.
In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group’s ability to
continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In
addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention
to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.
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Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole, provides
an appropriate view of the Group’s position and is, in all material respects, consistent with the consolidated financial statements,
complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addi-
tion, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary
to enable the preparation of a group management report that is in accordance with the applicable German legal requirements,
and to be able to provide sufficient appropriate evidence for the assertions in the group management report.
The supervisory board is responsible for overseeing the Group’s financial reporting process for the preparation of the consolidated
financial statements and of the group management report.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Man-
agement Report
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appro-
priate view of the Group’s position and, in all material respects, is consistent with the consolidated financial statements and the
knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and
risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the consolidated financial
statements and on the group management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB
and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements and this group management report.
all remaining parts of the annual report, which are expected to be made available to us after the date of the auditor’s
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements and of the group
management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrange-
ments and measures (systems) relevant to the audit of the group management report in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of
these systems.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates
made by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and
in the group management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclo-
sures, and whether the consolidated financial statements present the underlying transactions and events in a manner
that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial
performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German
commercial law pursuant to § 315e Abs. 1 HGB.
239
with low headroom (recoverable amount compared with the carrying amount). We verified that the necessary disclosures were
made in the notes to the consolidated financial statements relating to cash-generating units for which a reasonably possible
change in an assumption would result in the recoverable amount falling below the carrying amount of the cash-generating units
including the allocated goodwill.
Overall, the measurement parameters and assumptions used by the executive directors are in line with our expectations and are
within the ranges considered by us to be reasonable.
The Company's disclosures pertaining to impairment testing are contained in sections 4, 10, 13, 17 to 22 of the notes to the
consolidated financial statements.
③
Other Information
The executive directors are responsible for the other information. The other information comprises the following non-audited parts
of the group management report, which we obtained prior to the date of our auditor’s report:
the non-financial statement to comply with §§ 289b to 289e HGB and §§ 315b to 315c HGB included in section „combined
non-financial statement“ of the group management report
the section “Information on the central internal control system” of the group management report
The other information comprises further:
the statement on corporate governance pursuant to § 289f HGB and § 315d HGB, which we obtained prior to the date
of our auditor’s report
report, – excluding cross-references to external information – with the exception of the audited consolidated financial
statements, the audited group management report and our auditor’s report
Our audit opinions on the consolidated financial statements and on the group management report do not cover the other
information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned above and, in so doing, to consider
whether the other information
is materially inconsistent with the consolidated financial statements, with the group management report disclosures
audited in terms of content or with our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated Financial State-
ments and the Group Management Report
The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material
respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e Abs. 1
HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets,
liabilities, financial position, and financial performance of the Group. In addition the executive directors are responsible for such
internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.
In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group’s ability to
continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In
addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention
to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.
•
•
•
•
•
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• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express audit opinions on the consolidated financial statements and on the group management report.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for
our audit opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with
German law, and the view of the Group’s position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the group management
report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used
by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective
information from these assumptions. We do not express a separate audit opinion on the prospective information and on
the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant independence require-
ments and communicate with them all relationships and other matters that may reasonably be thought to bear on our independ-
ence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
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• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express audit opinions on the consolidated financial statements and on the group management report.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for
our audit opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with
German law, and the view of the Group’s position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the group management
report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used
by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective
information from these assumptions. We do not express a separate audit opinion on the prospective information and on
the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant independence require-
ments and communicate with them all relationships and other matters that may reasonably be thought to bear on our independ-
ence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the
Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance as to whether the
rendering of the consolidated financial statements and the group management report (hereinafter the “ESEF documents”)
contained in the electronic file “Fraport_AG_KA_LB_ESEF-2022-12-31.zip” and prepared for publication purposes complies in all
material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format (“ESEF format”). In accordance
with German legal requirements, this assurance work extends only to the conversion of the information contained in the consoli-
dated financial statements and the group management report into the ESEF format and therefore relates neither to the information
contained within these renderings nor to any other information contained in the electronic file identified above.
In our opinion, the rendering of the consolidated financial statements and the group management report contained in the electronic
file identified above and prepared for publication purposes complies in all material respects with the requirements of § 328 Abs.
1 HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated
financial statements and the accompanying group management report for the financial year from 1 January to 31 December 2022
contained in the “Report on the Audit of the Consolidated Financial Statements and on the Group Management Report” above,
we do not express any assurance opinion on the information contained within these renderings or on the other information
contained in the electronic file identified above.
Basis for the Assurance Opinion
We conducted our assurance work on the rendering of the consolidated financial statements and the group management report
contained in the electronic file identified above in accordance with § 317 Abs. 3a HGB and the IDW Assurance Standard:
Assurance Work on the Electronic Rendering, of Financial Statements and Management Reports, Prepared for Publication
Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (06.2022)) and the International Standard on Assurance En-
gagements 3000 (Revised). Our responsibility in accordance therewith is further described in the “Group Auditor’s Responsibilities
for the Assurance Work on the ESEF Documents” section. Our audit firm applies the IDW Standard on Quality Management 1:
Requirements for Quality Management in the Audit Firm (IDW QS 1).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic
renderings of the consolidated financial statements and the group management report in accordance with § 328 Abs. 1 Satz 4 Nr.
[number] 1 HGB and for the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr. 2 HGB.
In addition, the executive directors of the Company are responsible for such internal control as they have considered necessary
to enable the preparation of ESEF documents that are free from material non-compliance with the requirements of § 328 Abs. 1
HGB for the electronic reporting format, whether due to fraud or error.
The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial
reporting process.
Group Auditor’s Responsibilities for the Assurance Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material non-compliance with
the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain professional
skepticism throughout the assurance work. We also:
•
Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to
fraud or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that
is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance work on the ESEF documents in order to design
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance
opinion on the effectiveness of these controls.
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• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents
meets the requirements of the Delegated Regulation (EU) 2019/815 in the version in force at the date of the consolidated
financial statements on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated
financial statements and to the audited group management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the
requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the
consolidated financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML
rendering.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the annual general meeting on 24 May 2022. We were engaged by the supervisory board
on 15 December 2022. We have been the group auditor of the Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am
Main, without interruption since the financial year 2013.
We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit committee
pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
Reference to an other matter – use of the Auditor’s Report
Our auditor’s report must always be read together with the audited consolidated financial statements and the audited group
management report as well as the assured ESEF documents. The consolidated financial statements and the group management
report converted to the ESEF format – including the versions to be filed in the company register – are merely electronic renderings
of the audited consolidated financial statements and the audited group management report and do not take their place. In partic-
ular, the “Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Group
Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance opinion
contained therein are to be used solely together with the assured ESEF documents made available in electronic form.
German Public Auditor responsible for the engagement
The German Public Auditor responsible for the engagement is Guido Tamm.
Frankfurt am Main, February, 24, 2023
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Rainer Kroker
Wirtschaftsprüfer
[German public auditor]
Guido Tamm
Wirtschaftsprüfer
[German public auditor]
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• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents
meets the requirements of the Delegated Regulation (EU) 2019/815 in the version in force at the date of the consolidated
financial statements on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated
financial statements and to the audited group management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the
requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the
consolidated financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML
rendering.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the annual general meeting on 24 May 2022. We were engaged by the supervisory board
on 15 December 2022. We have been the group auditor of the Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am
Main, without interruption since the financial year 2013.
We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit committee
pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
Reference to an other matter – use of the Auditor’s Report
Our auditor’s report must always be read together with the audited consolidated financial statements and the audited group
management report as well as the assured ESEF documents. The consolidated financial statements and the group management
report converted to the ESEF format – including the versions to be filed in the company register – are merely electronic renderings
of the audited consolidated financial statements and the audited group management report and do not take their place. In partic-
ular, the “Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Group
Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance opinion
contained therein are to be used solely together with the assured ESEF documents made available in electronic form.
German Public Auditor responsible for the engagement
The German Public Auditor responsible for the engagement is Guido Tamm.
Frankfurt am Main, February, 24, 2023
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Rainer Kroker
Wirtschaftsprüfer
[German public auditor]
Guido Tamm
Wirtschaftsprüfer
[German public auditor]
Independent Practitioner’s Report on a Limited Assurance
Engagement on Non-financial Reporting
To Fraport AG, Frankfurt am Main
We have performed a limited assurance engagement on the combined non-financial statement of Fraport AG, Frankfurt am Main,
(hereinafter the “Company”) for the period from 1 January to 31 December 2022 (hereinafter the “Combined Non-financial
Statement”) included in section “Combined Non-financial Statement” of the combined management report.
Not subject to our assurance engagement are the external sources of documentation or expert opinions mentioned in the
Combined Non-financial Statement.
Responsibility of the Executive Directors
The executive directors of the Company are responsible for the preparation of the Combined Non-financial Statement in accord-
ance with §§ (Articles) 315c in conjunction with 289c to 289e HGB ("Handelsgesetzbuch": "German Commercial Code") and
Article 8 of REGULATION (EU) 2020/852 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18. June 2020 on
establishing a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 (hereinafter the "EU Tax-
onomy Regulation”) and the Delegated Acts adopted thereunder, as well as for making their own interpretation of the wording and
terms contained in the EU Taxonomy Regulation and the Delegated Acts adopted thereunder, as set out in section ‘Information
on the EU Taxonomy Regulation’ of the Combined Non-financial Statement.
This responsibility includes the selection and application of appropriate non-financial reporting methods and making assumptions
and estimates about individual non-financial disclosures of the Group that are reasonable in the circumstances. Furthermore, the
executive directors are responsible for such internal controls as the executive directors consider necessary to enable the
preparation of a Combined Non-financial Statement that is free from material misstatement whether due to fraud or error.
The EU Taxonomy Regulation and the Delegated Acts issued thereunder contain wording and terms that are still subject to
considerable interpretation uncertainties and for which clarifications have not yet been published in every case. Therefore, the
executive directors have disclosed their interpretation of the EU Taxonomy Regulation and the Delegated Acts adopted thereunder
in section ‘Information on the EU Taxonomy Regulation’ of the Combined Non-financial Statement. They are responsible for the
defensibility of this interpretation. Due to the immanent risk that indeterminate legal terms may be interpreted differently, the legal
conformity of the interpretation is subject to uncertainties.
Independence and Quality Control of the Audit Firm
We have complied with the German professional provisions regarding independence as well as other ethical requirements.
Our audit firm applies the national legal requirements and professional standards – in particular the Professional Code for German
Public Auditors and German Chartered Auditors (“Berufssatzung für Wirtschaftsprüfer und vereidigte Buchprüfer“: “BS WP/vBP”)
as well as the Standard on Quality Control 1 published by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany;
IDW): Requirements to quality control for audit firms (IDW Qualitätssicherungsstandard 1: Anforderungen an die Qualitätssicher-
ung in der Wirtschaftsprüferpraxis - IDW QS 1) – and accordingly maintains a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
243
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Fraport Annual Report 2022
Further Information / Independent Auditor’s Report
229
Responsibility of the Assurance Practitioner
Our responsibility is to express a conclusion with limited assurance on the Combined Non-financial Statement based on our
assurance engagement.
We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
(Revised): Assurance Engagements other than Audits or Reviews of Historical Financial Information, issued by the IAASB. This
Standard requires that we plan and perform the assurance engagement to obtain limited assurance about whether any matters
have come to our attention that cause us to believe that the Company’s Combined Non-financial Statement, other than the external
sources of documentation or expert opinions mentioned in the Combined Non-financial Statement, are not prepared, in all material
respects, in accordance with §§ 315c in conjunction with 289c to 289e HGB and the EU Taxonomy Regulation and the Delegated
Acts issued thereunder as well as the interpretation by the executive directors disclosed in section ‘Information on the EU Taxon-
omy Regulation’ of the Combined Non-financial Statement.
In a limited assurance engagement, the procedures performed are less extensive than in a reasonable assurance engagement,
and accordingly a substantially lower level of assurance is obtained. The selection of the assurance procedures is subject to the
professional judgement of the assurance practitioner.
In the course of our assurance engagement, we have, amongst other things, performed the following assurance procedures and
other activities:
• Gain an understanding of the structure of the Group’s sustainability organisation and stakeholder engagement
•
•
•
Inquiries of the executive directors and relevant employees involved in the preparation of the Combined Non-financial
Statement about the preparation process, about the internal control
system relating to this process and about disclosures in the Combined Non-financial Statement
Identification of likely risks of material misstatement in the Combined Non-financial Statement
• Analytical procedures on selected disclosures in the Combined Non-financial Statement
• Reconciliation of selected disclosures with the corresponding data in the consolidated financial statements and the
combined management report
• Evaluation of the presentation of the Combined Non-financial Statement
• Evaluation of the process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding
disclosures in the Combined Non-financial Statement
•
Inquiries on the relevance of climate-risks
In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation, the executive directors are required
to interpret undefined legal terms. Due to the immanent risk that undefined legal terms may be interpreted differently, the legal
conformity of their interpretation and, accordingly, our assurance engagement thereon are subject to uncertainties.
244
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Fraport Annual Report 2022
Further Information / Independent Auditor’s Report
229
230
Further Information / Auditor’s Report
Fraport Annual Report 2022
Responsibility of the Assurance Practitioner
Our responsibility is to express a conclusion with limited assurance on the Combined Non-financial Statement based on our
assurance engagement.
We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
(Revised): Assurance Engagements other than Audits or Reviews of Historical Financial Information, issued by the IAASB. This
Standard requires that we plan and perform the assurance engagement to obtain limited assurance about whether any matters
have come to our attention that cause us to believe that the Company’s Combined Non-financial Statement, other than the external
sources of documentation or expert opinions mentioned in the Combined Non-financial Statement, are not prepared, in all material
respects, in accordance with §§ 315c in conjunction with 289c to 289e HGB and the EU Taxonomy Regulation and the Delegated
Acts issued thereunder as well as the interpretation by the executive directors disclosed in section ‘Information on the EU Taxon-
omy Regulation’ of the Combined Non-financial Statement.
In a limited assurance engagement, the procedures performed are less extensive than in a reasonable assurance engagement,
and accordingly a substantially lower level of assurance is obtained. The selection of the assurance procedures is subject to the
professional judgement of the assurance practitioner.
In the course of our assurance engagement, we have, amongst other things, performed the following assurance procedures and
other activities:
• Gain an understanding of the structure of the Group’s sustainability organisation and stakeholder engagement
Inquiries of the executive directors and relevant employees involved in the preparation of the Combined Non-financial
Statement about the preparation process, about the internal control
system relating to this process and about disclosures in the Combined Non-financial Statement
Identification of likely risks of material misstatement in the Combined Non-financial Statement
• Analytical procedures on selected disclosures in the Combined Non-financial Statement
• Reconciliation of selected disclosures with the corresponding data in the consolidated financial statements and the
combined management report
• Evaluation of the presentation of the Combined Non-financial Statement
• Evaluation of the process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding
disclosures in the Combined Non-financial Statement
•
Inquiries on the relevance of climate-risks
In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation, the executive directors are required
to interpret undefined legal terms. Due to the immanent risk that undefined legal terms may be interpreted differently, the legal
conformity of their interpretation and, accordingly, our assurance engagement thereon are subject to uncertainties.
•
•
•
Assurance Opinion
Based on the assurance procedures performed and evidence obtained, nothing has come to our attention that causes us to
believe that the Combined Non-financial Statement of the Company for the period from 1 January to 31 December 2022 is not
prepared, in all material respects, in accordance with §§ 315c in conjunction with 289c to 289e HGB and the EU Taxonomy
Regulation and the Delegated Acts issued thereunder as well as the interpretation by the executive directors disclosed in section
‘Information on the EU Taxonomy Regulation’ of the Combined Non-financial Statement.
We do not express an assurance opinion on the external sources of documentation or expert opinions mentioned in the Combined
Non-financial Statement.
Restriction of Use
We draw attention to the fact that the assurance engagement was conducted for the Company’s purposes and that the report is
intended solely to inform the Company about the result of the assurance engagement. Consequently, it may not be suitable for
any other purpose than the aforementioned. Accordingly, the report is not intended to be used by third parties for making (financial)
decisions based on it. Our responsibility is to the Company. We do not accept any responsibility to third parties. Our assurance
opinion is not modified in this respect.
Frankfurt am Main, 24 February, 2023
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Guido Tamm
Wirtschaftsprüfer
[German public auditor]
Nicolette Behncke
Wirtschaftsprüfer
[German public auditor]
245
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Further Information / Ten-Year Overview
231
Ten-Year Overview
Consolidated income statement1)
€ million
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Revenues
Change in work-in-process
Other internal work capitalized
Other operating income
Total revenue
Cost of materials
Personnel expenses
Other operating expenses
EBITDA
Depreciation and amortization
Operating result/EBIT
Interest result
Result from companies accounted for using
the equity method
Other financial result
Financial result
Result from ordinary operations/EBT
Taxes on income
Group result
thereof profit attributable to
non-controlling interests
thereof profit attributable to
shareholders of Fraport AG
Earnings per €10 share in € (basic)
Earnings per €10 share in € (diluted)
3,194.4
0.0
39.9
139.3
2,143.3
0.0
38.0
354.6
1,677.0
0.0
3,705.8
0.4
3,478.3
0.3
2,934.8
0.4
37.9
81.8
37.9
40.9
35.9
88.2
36.3
38.9
2,586.2
0.4
34.9
332.9
2,598.9
0.5
2,394.6
0.6
29.9
49.8
28.3
42.5
2,375.7
0.6
32.3
32.5
3,373.6
2,535.9
1,796.7
3,785.0
3,602.7
3,010.4
2,954.4
2,679.1
2,466.0
2,441.1
–1,101.6
–1,036.7
–205.5
1,029.8
–465.3
564.5
–260.5
77.0
–147.1
–330.6
233.9
–67.3
166.6
–750.7
–884.3
–143.9
757.0
–443.3
313.7
–224.9
18.8
8.8
–197.3
116.4
–24.6
91.8
–688.6
–1,212.1
–1,197.4
–1,222.8
–1,089.1
–1,182.3
–720.4
–1,092.9
–621.9
–1,066.7
–610.4
–1,026.7
–146.6
-250.6
–457.5
–708.1
–165.8
–55.0
–4.3
–225.1
–933.2
242.8
–690.4
–184.5
–202.3
–193.9
–211.7
1,180.3
1,129.0
1,003.2
1,054.1
–475.3
705.0
–165.0
46.1
3.9
–115.0
590.0
–135.7
454.3
–398.5
730.5
–168.4
98.8
9.5
–60.1
670.4
–164.7
505.7
–360.2
643.0
–157.5
30.9
–10.3
–136.9
506.1
–146.4
359.7
–360.4
693.7
–106.9
–4.6
–0.8
–112.3
581.4
–181.1
400.3
–193.2
848.8
–328.3
520.5
–125.6
37.6
1.3
–86.7
433.8
–136.8
297.0
–533.3
–970.4
–172.2
790.1
–307.3
482.8
–141.1
43.5
–10.5
–108.1
374.7
–122.9
251.8
–595.2
–928.9
–184.1
732.9
–294.3
438.6
–136.0
18.5
10.4
–107.1
331.5
–95.8
235.7
34.2
9.0
–32.8
33.6
31.8
29.5
24.9
20.5
17.1
14.7
132.4
1.43
1.43
82.8
0.90
0.89
–657.6
–7.12
–7.09
420.7
4.55
4.54
473.9
5.13
5.11
330.2
3.57
3.56
375.4
4.07
4.06
276.5
3.00
2.99
234.7
2.54
2.54
221.0
2.40
2.39
Key figures
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Operating cash flow in € million
787.3
392.6
–236.2
952.3
802.3
818.7
583.2
652.2
506.2
454.2
Free cash flow in € million
EBITDA margin in %
EBIT margin in %
Return on revenue in %
Fraport assets in € million
ROFRA in %
Year-end closing price of the Fraport share in €
Dividend per share in €
Passenger numbers Frankfurt
Average number of employees
–772.3
35.3
14.6
5.4
10,208.6
3.4
59.18
0.00
–741.0
32.2
17.7
7.3
11,383.8
6.0
38.05
0.00
34.3
30.8
18.5
14.0
5,061.7
8.7
54.39
1.25
48,918,482 24,812,849 18,768,601 70,556,072 69,510,269 64,500,386 60,786,937 61,032,022 59,566,132 58,036,948
20,481
–1,400.0
–14.9
–42.2
–55.6
9,249.3
–8.3
49.36
0.00
393.1
34.2
21.9
17.2
6,965.8
10.0
91.86
1.50
–373.5
31.9
19.0
15.9
8,952.4
8.8
75.78
0.00
6.8
32.5
21.0
19.3
7,688.8
11.1
62.46
2.00
301.7
40.8
26.8
22.5
6,069.2
11.4
56.17
1.50
246.8
33.0
20.2
15.6
5,830.5
9.2
48.04
1.35
393.6
32.7
20.0
16.7
6,071.0
9.4
58.94
1.35
18,850
21,164
21,961
22,514
20,673
20,322
20,720
18,419
20,395
Financial position key figures
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Dec. 31,
2019
Dec. 31,
2018
Dec. 31,
2017
Dec. 31,
2016
Dec. 31,
2015
Dec. 31,
2014
Dec. 31,
2013
Profit earmarked for distribution in € million
Net financial debt in € million
Capital employed in € million
Net debt/EBITDA
Gearing ratio in %
Debt-to-equity ratio in %
Dynamic debt ratio in %
Working capital in € million
Group Liquidity in € million
0.0
7,058.7
10,968.1
6.9
180.6
40.1
896.6
2,432.6
3,866.9
0.0
6,369.7
10,122.8
8.4
169.7
39.2
1,622.4
2,608.3
3,564.3
0.0
5,533.5
9,152.3
–22.1
152.9
39.3
-2,342.7
1,675.6
2,213.7
184.9
4,147.0
8,590.1
3.5
93.3
32.8
435.5
558.4
1,156.3
184.9
3,545.4
7,540.8
3.1
88.7
31.0
441.9
717.9
1,163.2
138.7
3,512.4
7,241.8
3.5
94.2
32.4
444.2
575.1
1,018.6
138.7
2,355.9
5,957.5
2.2
65.4
26.6
404.0
840.9
1,247.5
124.7
2,774.3
6,086.9
3.3
83.8
31.4
425.4
606.0
1,043.1
124.7
3,012.8
6,109.2
3.8
97.3
33.4
595.2
626.6
1,179.6
115.4
2,870.6
5,808.3
3.9
97.7
32.6
632.0
797.6
1,368.1
1) Due to new accounting policies, and shifts in Group definitions, figures reported in previous years may differ. No retroactive adjustment of
the previous year's figures was carried out.
246
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Fraport Annual Report 2022
Further Information / Ten-Year Overview
231
232
Further Information / Ten-Year Overview
Fraport Annual Report 2022
Ten-Year Overview
Consolidated income statement1)
€ million
Revenues
Change in work-in-process
Other internal work capitalized
Other operating income
Total revenue
Cost of materials
Personnel expenses
Other operating expenses
EBITDA
Depreciation and amortization
Operating result/EBIT
Interest result
Result from companies accounted for using
the equity method
Other financial result
Financial result
Result from ordinary operations/EBT
Taxes on income
Group result
thereof profit attributable to
non-controlling interests
thereof profit attributable to
shareholders of Fraport AG
Earnings per €10 share in € (basic)
Earnings per €10 share in € (diluted)
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
€ million
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Dec. 31,
2019
Dec. 31,
2018
Dec. 31,
2017
Dec. 31,
2016
Dec. 31,
2015
Dec. 31,
2014
Dec. 31,
2013
Consolidated statement of financial position1)
3,194.4
2,143.3
1,677.0
3,705.8
3,478.3
2,934.8
2,586.2
2,598.9
2,394.6
2,375.7
3,373.6
2,535.9
1,796.7
3,785.0
3,602.7
3,010.4
2,954.4
2,679.1
2,466.0
2,441.1
0.0
39.9
139.3
–1,101.6
–1,036.7
–205.5
1,029.8
–465.3
564.5
–260.5
77.0
–147.1
–330.6
233.9
–67.3
166.6
0.0
38.0
354.6
–750.7
–884.3
–143.9
757.0
–443.3
313.7
–224.9
18.8
8.8
–197.3
116.4
–24.6
91.8
0.0
37.9
81.8
0.4
37.9
40.9
0.3
35.9
88.2
0.4
36.3
38.9
0.4
34.9
332.9
0.5
29.9
49.8
–688.6
–1,197.4
–1,089.1
–720.4
–621.9
–610.4
–1,212.1
–1,222.8
–1,182.3
–1,092.9
–1,066.7
–1,026.7
–146.6
-250.6
–457.5
–708.1
–165.8
–55.0
–4.3
–225.1
–933.2
242.8
–690.4
–184.5
–202.3
–193.9
–211.7
1,180.3
1,129.0
1,003.2
1,054.1
–475.3
705.0
–165.0
46.1
3.9
–115.0
590.0
–135.7
454.3
–398.5
730.5
–168.4
98.8
9.5
–60.1
670.4
–164.7
505.7
–360.2
643.0
–157.5
30.9
–10.3
–136.9
506.1
–146.4
359.7
–360.4
693.7
–106.9
–4.6
–0.8
–112.3
581.4
–181.1
400.3
–193.2
848.8
–328.3
520.5
–125.6
37.6
1.3
–86.7
433.8
–136.8
297.0
0.6
28.3
42.5
–533.3
–970.4
–172.2
790.1
–307.3
482.8
–141.1
43.5
–10.5
–108.1
374.7
–122.9
251.8
0.6
32.3
32.5
–595.2
–928.9
–184.1
732.9
–294.3
438.6
–136.0
18.5
10.4
–107.1
331.5
–95.8
235.7
Goodwill
Investments in airport operating projects
Other intangible assets
Property, plant, and equipment
Investment property
Investments in companies accounted for
using the equity method
Other financial assets
Other receivables and financial assets
Income tax receivables
Deferred tax assets
Non-current assets
Inventories
Trade accounts receivable
Other receivables and financial assets
Income tax receivables
Cash and cash equivalents
Current assets
Non-current assets held for sale
34.2
9.0
–32.8
33.6
31.8
29.5
24.9
20.5
17.1
14.7
132.4
1.43
1.43
82.8
0.90
0.89
–657.6
–7.12
–7.09
420.7
4.55
4.54
473.9
5.13
5.11
330.2
3.57
3.56
375.4
4.07
4.06
276.5
3.00
2.99
234.7
2.54
2.54
221.0
2.40
2.39
Issued capital
Capital reserve
Revenue reserves
Equity attributable to shareholders of Fraport AG
Non-controlling interests
19.3
3,769.1
95.9
8,371.8
69.1
491.4
1,173.4
216.6
0.0
159.5
19.3
3,416.4
105.8
7,898.4
88.6
71.3
932.3
276.6
0.0
182.6
19.3
3,221.2
119.1
7,330.3
123.3
165.5
350.3
233.2
0.0
175.8
19.3
3,284.1
131.1
6,837.9
93.3
242.2
503.0
193.7
0.0
78.6
19.3
2,844.3
134.5
6,081.7
88.8
260.0
426.1
195.0
0.0
56.7
19.3
2,621.1
132.4
5,921.5
96.4
268.1
488.6
190.9
0.0
41.0
19.3
516.1
146.7
5,954.2
79.6
209.7
561.7
173.3
0.2
36.9
41.7
500.9
161.2
6,045.4
74.5
237.6
659.2
167.0
5.4
33.4
41.7
479.2
157.1
6,127.7
63.0
216.9
773.3
181.1
10.2
31.1
22.7
458.1
51.1
5,962.3
47.7
194.9
728.6
172.2
20.3
27.9
14,366.1
12,991.3
11,971.2
11,576.9
10,106.4
9,779.3
7,697.7
7,926.3
8,081.3
7,685.8
25.5
177.1
409.0
33.3
2,585.2
3,230.1
11.4
923.9
598.5
2,387.0
3,909.4
222.5
20.3
152.3
272.7
20.9
2,662.8
3,129.0
119.7
923.9
598.5
2,230.7
3,753.1
155.9
22.3
125.4
321.0
10.1
1,864.4
2,664.2
0.0
923.9
598.5
2,096.4
3,675.8
139.9
23.6
203.1
203.3
25.2
788.9
28.9
177.9
304.3
13.1
801.3
29.3
143.5
245.5
5.4
629.4
37.9
129.6
259.7
11.9
736.0
1,447.4
1,325.5
1,053.1
1,175.1
0.0
17.2
923.9
598.5
2,920.7
4,443.1
180.1
923.9
598.5
2,657.9
4,180.3
187.7
0.0
923.9
598.5
2,345.7
3,868.1
160.6
0.0
923.6
596.3
2,220.4
3,740.3
101.1
42.8
154.0
310.8
7.4
406.0
921.0
0.0
923.1
594.3
1,919.9
3,437.3
74.4
43.7
174.7
297.6
7.7
401.1
924.8
7.1
922.7
592.3
1,706.1
3,221.1
64.9
42.3
174.4
426.4
1.0
486.9
1,131.0
0.0
922.1
590.2
1,540.8
3,053.1
45.7
Key figures
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Operating cash flow in € million
Free cash flow in € million
EBITDA margin in %
EBIT margin in %
Return on revenue in %
Fraport assets in € million
ROFRA in %
Dividend per share in €
Passenger numbers Frankfurt
Average number of employees
Year-end closing price of the Fraport share in €
787.3
–741.0
32.2
17.7
7.3
6.0
38.05
0.00
392.6
–236.2
–772.3
–1,400.0
35.3
14.6
5.4
3.4
59.18
0.00
–14.9
–42.2
–55.6
–8.3
49.36
0.00
952.3
–373.5
31.9
19.0
15.9
8.8
75.78
0.00
802.3
6.8
32.5
21.0
19.3
11.1
62.46
2.00
818.7
393.1
34.2
21.9
17.2
10.0
91.86
1.50
583.2
301.7
40.8
26.8
22.5
11.4
56.17
1.50
652.2
393.6
32.7
20.0
16.7
9.4
58.94
1.35
506.2
246.8
33.0
20.2
15.6
9.2
48.04
1.35
11,383.8
10,208.6
9,249.3
8,952.4
7,688.8
6,965.8
6,069.2
6,071.0
5,830.5
5,061.7
454.2
34.3
30.8
18.5
14.0
8.7
54.39
1.25
48,918,482 24,812,849 18,768,601 70,556,072 69,510,269 64,500,386 60,786,937 61,032,022 59,566,132 58,036,948
18,850
18,419
21,164
22,514
21,961
20,673
20,322
20,720
20,395
20,481
Financial position key figures
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Profit earmarked for distribution in € million
0.0
0.0
Net financial debt in € million
Capital employed in € million
Net debt/EBITDA
Gearing ratio in %
Debt-to-equity ratio in %
Dynamic debt ratio in %
Working capital in € million
Group Liquidity in € million
7,058.7
6,369.7
10,968.1
10,122.8
6.9
180.6
40.1
896.6
2,432.6
3,866.9
8.4
169.7
39.2
1,622.4
2,608.3
3,564.3
0.0
5,533.5
9,152.3
–22.1
152.9
39.3
-2,342.7
1,675.6
2,213.7
184.9
4,147.0
8,590.1
3.5
93.3
32.8
435.5
558.4
184.9
3,545.4
7,540.8
3.1
88.7
31.0
441.9
717.9
138.7
3,512.4
7,241.8
3.5
94.2
32.4
444.2
575.1
138.7
2,355.9
5,957.5
2.2
65.4
26.6
404.0
840.9
124.7
2,774.3
6,086.9
3.3
83.8
31.4
425.4
606.0
124.7
3,012.8
6,109.2
3.8
97.3
33.4
595.2
626.6
115.4
2,870.6
5,808.3
3.9
97.7
32.6
632.0
797.6
1,156.3
1,163.2
1,018.6
1,247.5
1,043.1
1,179.6
1,368.1
1) Due to new accounting policies, and shifts in Group definitions, figures reported in previous years may differ. No retroactive adjustment of
the previous year's figures was carried out.
Shareholders’ equity
4,131.9
3,909.0
3,758.7
4,623.2
4,368.0
4,028.7
3,841.4
3,511.7
3,286.0
3,098.8
Financial liabilities
Trade accounts payable
Other liabilities
Deferred tax liabilities
Provisions for pensions and similar obligations
Provisions for income taxes
Other provisions
Non-current liabilities
Financial liabilities
Trade accounts payable
Other liabilities
Provisions for income taxes
Other provisions
Current liabilities
9,716.0
62.3
1,168.0
41.3
31.7
77.0
136.3
9,306.4
71.8
1,193.4
37.7
41.7
83.7
160.7
6,936.5
42.6
1,147.7
39.7
46.7
51.0
196.5
4,746.8
41.4
1,279.4
212.7
40.2
69.7
158.7
4,100.3
45.5
1,016.7
228.3
31.7
74.2
160.2
3,955.6
42.4
1,090.1
203.8
34.2
70.3
147.2
3,236.9
41.8
408.0
173.6
33.2
71.8
147.2
3,273.8
42.5
447.7
172.2
30.7
62.1
201.6
3,874.3
47.1
497.5
158.7
33.7
68.8
228.0
3,948.1
50.8
491.7
107.2
26.7
54.1
223.9
11,232.6
10,895.4
9,631.7
7,828.3
5,656.9
5,543.6
4,112.5
4,230.6
4,908.1
4,902.5
1,209.6
444.4
353.1
24.7
199.2
627.6
298.8
282.2
29.4
189.5
810.7
294.6
330.4
43.1
383.0
556.5
297.3
347.0
59.7
194.7
608.3
286.5
275.6
43.9
201.1
575.4
185.9
249.7
33.1
216.0
2,231.0
1,427.5
2,192.2
1,802.2
1,415.4
1,260.1
366.5
146.7
145.7
42.9
217.1
918.9
543.6
143.1
129.4
56.0
232.9
1,105.0
318.1
134.5
123.7
14.7
223.8
814.8
290.6
159.6
123.0
7.7
234.6
815.5
Liabilities in the context of non-current assets
held for sale
12.1
8.1
0.0
0.0
8.8
0.0
0.0
0.0
4.3
0.0
Total assets
17,607.6
16,240.0
15,582.6
14,253.7
11,440.3
10,832.4
8,872.8
8,847.3
9,008.9
8,816.8
Change over the previous year in %
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Dec. 31,
2019
Dec. 31,
2018
Dec. 31,
2017
Dec. 31,
2016
Dec. 31,
2015
Dec. 31,
2014
Dec. 31,
2013
Non-current assets
Shareholders’ equity (less non-controlling interests
and profit earmarked for distribution)
Share of total assets in %
Non-current assets
Shareholders’ equity ratio
+10.6
+8.5
+3.4
+14.6
+3.3
+27.0
–2.9
0.0
0.0
+4.2
+3.7
–18.6
+11.2
+7.1
+3.5
+8.7
+7.0
+5.4
81.6
22.2
80.0
23.1
76.8
25.7
81.2
35.2
88.3
34.9
90.3
34.4
86.8
40.6
89.6
37.4
89.7
34.4
0.0
0.0
87.2
33.3
247
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Further Information / Financial Calendar 2020 / Traffic Calendar 2020 / Imprint
233
Glossary
Adjusted EBIT
EBIT + Earnings before taxes of the Group companies accounted for using the equity method
Annual performance of the Fraport share
(Year-end closing price of the Fraport share - previous year-end closing price + dividend per share) /
previous year-end closing price
Capital Employed
Net financial debt + shareholders’ equity1)
Debt-to-equity ratio
Net financial debt/total assets
Dividend yield
Dividend per share/year-end closing price of the share
Dynamic debt ratio
Net financial debt/cash flow from operating activities (operating cash flow)
Earnings per Share (EPS)
Profit attributable to shareholders of Fraport AG/ weighted number of shares
EBIT
Abbreviation for: earnings before interest and taxes
EBIT margin
EBIT/revenue
EBITDA
Abbreviation for: earnings before interest, taxes, depreciation and amortization
EBITDA margin
EBITDA/revenue
EBT
Abbreviation for: earnings before taxes
Euribor
Abbreviation for: European Interbank Offered Rate = Interest rate used by European banks when trading fixed-term deposits with
each other. It is one of the most important reference interest rates, among European bonds, bearing floating interest payments.
Fraport Assets
Goodwill + other intangible assets at cost/2 + investments in airport operating projects at cost/2 + construction in progress and
lands at cost + other property, plant and equipment at cost/2 + carrying amounts of the group companies accounted for using the
equity method and other investments + inventories + trade accounts receivable – current trade accounts payable
Free cash flow
Cash flow from operating activities – effects resulting from the application of IFRS 16 – investments in airport operating projects
(excluding payments to acquire Group companies and concessions) – capital expenditure for other intangible assets – capital
1) Shareholders’ equity less non-controlling interests and profit earmarked for distribution.
248
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Glossary
Adjusted EBIT
Annual performance of the Fraport share
previous year-end closing price
Capital Employed
Net financial debt + shareholders’ equity1)
Debt-to-equity ratio
Net financial debt/total assets
Dividend yield
Dividend per share/year-end closing price of the share
Dynamic debt ratio
Net financial debt/cash flow from operating activities (operating cash flow)
Earnings per Share (EPS)
Abbreviation for: earnings before interest and taxes
Abbreviation for: earnings before interest, taxes, depreciation and amortization
EBIT
EBIT margin
EBIT/revenue
EBITDA
EBITDA margin
EBITDA/revenue
EBT
Euribor
Fraport Assets
Free cash flow
Fraport Annual Report 2022
Further Information / Financial Calendar 2020 / Traffic Calendar 2020 / Imprint
233
234
Further Information / Financial Calendar 2018 / Traffic Calendar 2018 / Imprint
Fraport Annual Report 2022
EBIT + Earnings before taxes of the Group companies accounted for using the equity method
Gearing ratio
Net financial debt/shareholders’ equity1)
Liquidity
(Year-end closing price of the Fraport share - previous year-end closing price + dividend per share) /
Cash and cash equivalents (as at the statement of financial position) + short-term realizable items in “other financial assets” and
“other receivables and financial assets”
expenditure in property, plant, and equipment – investments for “investment property” – capital expenditure in companies
accounted for using the equity method + dividends from companies accounted for using the equity method
Profit attributable to shareholders of Fraport AG/ weighted number of shares
Material expenses + personnel expenses + other operating expenses
Lost Time Injury Rate (LTIF)
Number of accidents at work/hours worked (in millions)
Market capitalization
Year-end closing price of the Fraport share × number of shares
Net financial debt
Non-current financial liabilities + current financial liabilities – liquidity
Net financial debt to EBITDA
Net financial debt/EBITDA
Operating expenses
Price-earnings ratio
Year-end closing price of the Fraport share/earnings per share (basic)
Return on revenue
EBT/revenue
Return on shareholders’ equity
Profit attributable to shareholders of Fraport AG/shareholders’ equity1)
Revenue adjusted for IFRIC 12
Revenue according to the consolidated income statement – Contract revenue from construction and expansion services
according to IFRIC 12
Abbreviation for: earnings before taxes
ROFRA
Abbreviation for: return on Fraport assets = adjusted EBIT/Fraport assets
Abbreviation for: European Interbank Offered Rate = Interest rate used by European banks when trading fixed-term deposits with
each other. It is one of the most important reference interest rates, among European bonds, bearing floating interest payments.
Shareholders’ equity ratio
Shareholders’ equity1)/total assets
Goodwill + other intangible assets at cost/2 + investments in airport operating projects at cost/2 + construction in progress and
Sick days/planned days × 100 excluding absences beyond sick pay (so called extended sick leave)
lands at cost + other property, plant and equipment at cost/2 + carrying amounts of the group companies accounted for using the
equity method and other investments + inventories + trade accounts receivable – current trade accounts payable
Total employees
Sickness rate
Cash flow from operating activities – effects resulting from the application of IFRS 16 – investments in airport operating projects
(excluding payments to acquire Group companies and concessions) – capital expenditure for other intangible assets – capital
Working capital
Current assets – trade accounts payable – other current liabilities
Employees of Fraport AG and fully-consolidated Group companies as at the balance sheet date (including temporary staff,
apprentices, and employees on leave)
249
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport Annual Report 2022
Further Information / Financial Calendar 2020 / Traffic Calendar 2020 / Imprint
235
Financial Calendar 2023
Thursday, May 4, 2023
Interim Release Q1 2023, online publication, conference call
with analysts and investors
Tuesday, August 8, 2023
Interim Report Q2/6M 2023, online publication, conference
call with analysts and investors
Tuesday, May 23, 2023
Annual General Meeting 2023
Tuesday, November 7, 2023
Interim Release Q3/9M 2023, online publication, annual press
conference, conference call with analysts and investors
Traffic Calendar 2023
(Online publication)
Monday, April 17, 2023
March 2023/3M 2023
Friday, May 12, 2023
April 2023
Friday, August 11, 2023
July 2023
Wednesday, December 13, 2023
November 2023
Wednesday, September 13, 2023
August 2023
Tuesday, January 16, 2024
December 2023/FY 2023
Wednesday, June 14, 2023
May 2023
Friday, October 13, 2023
September 2023/9M 2023
Thursday, July 13, 2023
June 2023/6M 2023
Monday, November 13, 2023
October 2023
Imprint
Publisher
Fraport AG Frankfurt Airport Services Worldwide
60547 Frankfurt am Main
Germany
www.fraport.com
Contact Investor Relations
Fraport AG
Christoph Nanke
Finance & Investor Relations
Phone: + 49 69 690-74840
Fax: + 49 69 690-74843
E-Mail: investor.relations@fraport.de
www.meet-ir.com
250250
Photography/Design
Stefan Rebscher, Fraport AG / Frank Blümler, Frankfurt /
Oliver Rösler / Rödermark.
The report was compiled with the system SmartNotes.
Editorial Deadline & Publication Date
February 24, 2023/ March 14, 2023
Disclaimer
In case of any uncertainties which arise due to errors in trans-
lation, the German version of the Annual Report is the binding
one.
Rounding
The use of rounded amounts and percentages means slight
discrepancies may occur due to commercial rounding.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
conference, conference call with analysts and investors
Fraport Annual Report 2022
Further Information / Financial Calendar 2020 / Traffic Calendar 2020 / Imprint
235
Financial Calendar 2023
Thursday, May 4, 2023
Tuesday, August 8, 2023
Interim Release Q1 2023, online publication, conference call
Interim Report Q2/6M 2023, online publication, conference
with analysts and investors
call with analysts and investors
Tuesday, May 23, 2023
Annual General Meeting 2023
Tuesday, November 7, 2023
Interim Release Q3/9M 2023, online publication, annual press
Traffic Calendar 2023
(Online publication)
Monday, April 17, 2023
March 2023/3M 2023
Friday, May 12, 2023
April 2023
Wednesday, June 14, 2023
May 2023
Friday, October 13, 2023
September 2023/9M 2023
Thursday, July 13, 2023
June 2023/6M 2023
Monday, November 13, 2023
October 2023
Friday, August 11, 2023
Wednesday, December 13, 2023
July 2023
November 2023
Wednesday, September 13, 2023
Tuesday, January 16, 2024
August 2023
December 2023/FY 2023
Imprint
Publisher
60547 Frankfurt am Main
Germany
www.fraport.com
Fraport AG Frankfurt Airport Services Worldwide
Stefan Rebscher, Fraport AG / Frank Blümler, Frankfurt /
Photography/Design
Oliver Rösler / Rödermark.
The report was compiled with the system SmartNotes.
Editorial Deadline & Publication Date
February 24, 2023/ March 14, 2023
Contact Investor Relations
Disclaimer
Fraport AG
Christoph Nanke
Finance & Investor Relations
Phone: + 49 69 690-74840
Fax: + 49 69 690-74843
E-Mail: investor.relations@fraport.de
www.meet-ir.com
In case of any uncertainties which arise due to errors in trans-
lation, the German version of the Annual Report is the binding
one.
Rounding
The use of rounded amounts and percentages means slight
discrepancies may occur due to commercial rounding.
Fraport Annual Report 2022To OurShareholdersCombined Management ReportConsolidated Financial StatementsGroup NotesFurther Information
Fraport AG
Frankfurt Airport Services Worldwide
Finanzen & Investor Relations
60547 Frankfurt am Main
www.fraport.com